Business news

• PizzaExpress to permanently close 73 UK outlets, impacting 1,100 jobs

  18-08-2020 23:09 via uk.finance.yahoo.com
  
  The UK-based restaurant chain said it has launched a company voluntary arrangement (CVA) to improve its finances by reducing rental agreements and temporarily moving from quarterly to monthly rents."Hard as this process is, it will protect the jobs of over 9,000 of our colleagues," Zoe Bowley, the company's UK and Ireland managing director, said in a statement.PizzaExpress said it would seek approval for the CVA proposals from its creditors by way of a virtual meeting on Sept. 4.
  
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• PizzaExpress to close down 73 UK outlets as rental costs turn unviable

  18-08-2020 23:09 via uk.finance.yahoo.com
  
  The company said rental costs have become unsustainable and launched a company voluntary arrangement (CVA) to improve its finances by cutting rental agreements and temporarily moving from quarterly to monthly rents."Hard as this process is, it will protect the jobs of over 9,000 of our colleagues," Zoe Bowley, the company's UK and Ireland managing director, said in a statement.The company joins a long list of UK's High Street restaurants chains that have closed outlets and cut thousands of jobs,
  
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• Wall Street claws back last of pandemic losses as S&P finishes at record high

  18-08-2020 23:08 via uk.finance.yahoo.com
  
  Wall Street has reclaimed the last of its losses from the sell-off caused by the coronavirus pandemic, as the S&P; 500 closed the day at an all-time high.The benchmark index finished with a gain of 0.2 per cent, to put it above the record set on 19 February, just before the pandemic shut down businesses worldwide and caused multiple countries’ economies to fall into recession.
  
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• US stocks hit new high after coronavirus crash

  18-08-2020 22:33 via bbc.co.uk
  
  Wall Street's S&P 500 index is now higher than it was in February before a historic 34% collapse.
  
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• Brexit trade talks set to stall again over British truckers’ EU access

  18-08-2020 22:30
  Brussels warns that UK demands on haulage are too close to single-market rights
  
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• Marks & Spencer job cuts highlight how slow it has been to change

  18-08-2020 20:56 via uk.finance.yahoo.com
  
  Marks & Spencer job cuts highlight how slow it has been to change. Coronavirus crisis shows retailer was already behind in schedule in its recovery plan
  
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• Marks & Spencer job cuts highlight how slow company has been to change

  18-08-2020 20:56 via uk.finance.yahoo.com
  
  Marks & Spencer job cuts highlight how slow company has been to change. Coronavirus crisis shows retailer was already behind schedule in its recovery plan
  
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• Eat Out to Help Out: Restaurants serve up 35 million half-price meals in two weeks under government scheme

  18-08-2020 20:22 via uk.finance.yahoo.com
  
  Restaurants and pubs have served up more than 35 million half-price meals under the Eat Out to Help Out scheme, the Treasury reported on Tuesday.The 85,000 outlets that are cooperating with the programme have sent in millions of requests to be reimbursed by the government so far, at a cost of £180m.
  
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• NBCUniversal Vice Chairman Ron Meyer departs company after disclosing affair

  18-08-2020 20:11 via uk.finance.yahoo.com
  
  In a statement, Meyer said he had been the target of an extortion effort from people who learned of the settlement, which he said he had made under threat.Meyer, who had been with the company for 25 years and is one of the most powerful figures in Hollywood, said "parties learned of the settlement and have continuously attempted to extort me into paying them money or else they intended to falsely implicate NBCUniversal, which had nothing to do with this matter, and to publish false allegations a
  
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• As Germany extends furlough, Rishi Sunak wants UK to embrace change

  18-08-2020 20:06 via uk.finance.yahoo.com
  
  As Germany extends furlough, Rishi Sunak wants UK to embrace change. UK unemployment expected to double but chancellor argues against continued state support
  
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• Five reasons Marks & Spencer is struggling against its competitors

  18-08-2020 20:02 via uk.finance.yahoo.com
  
  Five reasons Marks & Spencer is struggling against its competitors. The coronavirus has had a big impact on the retailer, but that cannot hide other shortcomings
  
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• Pizza Express to shut 73 restaurants

  18-08-2020 20:00 via uk.finance.yahoo.com
  
  The chain said up to 1,100 jobs were at risk as it tries to stabilise its business in the wake of the Covid-19 shutdown.
  
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• Self-driving cars could be allowed on UK motorways next year

  18-08-2020 19:56 via uk.finance.yahoo.com
  
  Self-driving cars could be allowed on UK motorways next yearIndustry welcomes consultation for use of technology in slow lane but risk concerns some
  
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• Citigroup wins freeze on funds mistakenly sent to Revlon creditors

  18-08-2020 19:34 via uk.finance.yahoo.com
  
  A U.S. judge blocked a hedge fund from doing anything with its nearly $175 million portion of the payout while he considers a preliminary injunction that could eventually require the firm to repay Citigroup.In a large blunder, Citigroup last week erroneously repaid a nearly $900 million loan made to Revlon, a day after lenders sued the cosmetic company over its restructuring tactics.Citi quickly caught the payment error and was taking steps to recover the funds, the bank has said.
  
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• Citigroup asks judge to freeze funds it mistakenly sent to Revlon creditors

  18-08-2020 19:34 via uk.finance.yahoo.com
  
  Last week, Citi repaid a nearly $900 million (£686.73 million) loan made to Revlon, a day after lenders sued the cosmetic company over its restructuring tactics, but the repayment was made in error.Citi quickly caught the payment error and was taking steps to recover the funds, the bank has said.Citi had been acting as agent on the loan, meaning it collected payments from Revlon to distribute to the creditors, but the accidental payment came from the bank's own funds.
  
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• The full list of Pizza Express restaurants closing in the UK

  18-08-2020 19:24 via uk.finance.yahoo.com
  
  Earlier this evening Pizza Express announced it will close 73 restaurants and cut 1,100 jobs after being hit hard by coronavirus.Here is the full list:
  
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• Pizza Express closures: The full list of chain's restaurants shutting down in the UK

  18-08-2020 19:24 via uk.finance.yahoo.com
  
  Earlier this evening Pizza Express announced it will close 73 restaurants and cut 1,100 jobs after being hit hard by the coronavirus pandemic and lockdown.The company, which currently has around 454 restaurants in the UK, said on Tuesday it has finalised a proposal to reduce its restaurant and rental costs via a company voluntary arrangement (CVA).
  
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• Pizza Express to shut 73 restaurants and cut 1,100 jobs

  18-08-2020 19:15 via uk.finance.yahoo.com
  
  Pizza Express has confirmed it will shut 73 outlets and axe 1,100 jobs as restaurant chains buckle under the pressure of Covid-19. The chain said it had been forced to make “incredibly tough” decisions to ensure the future of the business and protect more than 9,000 jobs. It comes after the company was put up for sale by its Chinese owners, Hony Capital, earlier this month and said it was considering the closure of 15pc of its 449 UK sites. Pizza Express has now launched a company vo
  
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• RWE launches 2 billion euro share issue to fund renewables drive

  18-08-2020 19:03 via uk.finance.yahoo.com
  
  German utility group RWE launched a bumper share issue to back its expansion into renewable energy, with part of the proceeds to pay for its $480 million (362.6 million pounds) purchase of wind turbine maker Nordex's project development pipeline.The capital increase, representing an increase of 10% in RWE's equity, will be placed with institutional investors via an accelerated bookbuilding process, RWE said in a statement issued after the Frankfurt market close.The bookrunner on the deal said in
  
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• Germany's RWE rakes in $2.4 billion to fund renewable energy expansion

  18-08-2020 19:03 via uk.finance.yahoo.com
  
  German utility RWEon Tuesday completed a 2 billion euro (£2.16 billion) share issue to back its expansion into renewable energy, including its $480 million purchase of wind turbine maker Nordex'sproject development pipeline.The move increases RWE's share capital by 10% and was successfully placed with institutional investors via an accelerated bookbuilding process, RWE said in a statement issued after the Frankfurt market close.The 61,474,549 new common bearer shares were placed at 32.55 e
  
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• Asda beefs up grocery delivery service as online sales double

  18-08-2020 19:00 via uk.finance.yahoo.com
  
  Asda beefs up grocery delivery service as online sales doubleRetailer to increase capacity by 40% as it extends partnership with courier Uber Eats
  
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• Gold miners eye London, New York listings as Toronto loses shine

  18-08-2020 18:59 via uk.finance.yahoo.com
  
  Gold miners in Canada keen to tap new investors are eyeing secondary listings in London and New York, underscoring pent-up demand for the precious metal from generalist funds.A listing in New York or London opens the door for miners' shares to be included in many more exchange-traded funds (ETFs) - guaranteeing substantial liquidity and broadening their investor basis further."There is a lot of dumb money sloshing around in London in the mining space, and the gold miners want to soak it up," sai
  
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• London markets slide into red after strong pound hits stocks

  18-08-2020 18:58 via uk.finance.yahoo.com
  
  The FTSE 100 closed 50.82 points lower at 6,076.62 at the end of trading on Tuesday.
  
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• Big Tech drives S&P 500 to record high in coronavirus rally

  18-08-2020 18:57 via uk.finance.yahoo.com
  
  The widely followed index's most valuable companies have surged this year, with Apple, Microsoft and Amazon each up between 33% and 72% year to date.ABIOMED, Regeneron Pharmaceuticals and West Pharmaceutical Services, all involved in developing and selling therapies for the coronavirus, have risen over 50% since the S&P 500's previous record high in February.
  
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• Bluetooth update to turn smartwatches and fitness trackers into coronavirus contact tracing devices

  18-08-2020 18:52 via uk.finance.yahoo.com
  
  Wireless contact tracing could be extended to wearable devices such as smartwatches and fitness bands under an effort from the consortium that operates Bluetooth technology. The Bluetooth Special Interest Group, the body that oversees development of the technology and which has more than 36,000 members, expects a blueprint for the technology to be available within months. It means that primary school pupils and elderly people who do not own smartphones may be able to take part in contact tracing
  
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• Pizza Express to close 73 restaurants and cull 1,100 jobs

  18-08-2020 18:48 via uk.finance.yahoo.com
  
  Pizza Express will permanently shut 73 restaurants at a cost of 1,110 jobs as the fallout from the coronavirus pandemic continues to hit the restaurant chain.The company had warned at the start of August that it was considering such a move, but had not given precise details.
  
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• Mike Ashley's chairman buys shares during closed period 'in error'

  18-08-2020 18:40 via uk.finance.yahoo.com
  
  Mike Ashley’s Frasers Group has said that its chairman David Daly “accidentally” breached rules by buying shares during its closed period. City executives with direct managerial responsibilities are banned from trading shares in their own firms 30 days before financial results are due. This is to prevent them from profiting from inside information after accounts are finalised but yet to be published. However, Mr Daly purchased 3,912 shares on Monday, worth more than £11,0
  
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• Farmer attempts to extort £1.4 million from Tesco by stuffing baby food jars with metal blades

  18-08-2020 18:34 via ibtimes.co.uk
  
  Tesco issued a product recall for 47,000 jars of Heinz baby food and 140,000 jars of Cow and Gate baby food.
  
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• Software firm Oracle in talks to buy TikTok and challenge Microsoft bid

  18-08-2020 18:32 via uk.finance.yahoo.com
  
  Software firm Oracle in talks to buy TikTok and challenge Microsoft bidTech group becomes latest to enter the race to acquire the Chinese social media app
  
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• Oracle in talks with TikTok that could hijack Microsoft bid

  18-08-2020 18:32 via uk.finance.yahoo.com
  
  Oracle in talks with TikTok that could hijack Microsoft bidSoftware multinational is latest to enter race to buy US operations of Chinese social media app
  
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• London Stock Exchange sets deadlines for Borsa Italiana indicative bids

  18-08-2020 18:26 via uk.finance.yahoo.com
  
  The London Stock Exchange (LSE) has set deadlines for this week and mid-September for indicative bids for all or parts of Borsa Italiana to help win European Union approval for its $27 billion takeover of data company Refinitiv, sources said on Tuesday.A month later, LSE CEO David Schwimmer said the London exchange might sell off MTS or the entire Borsa Italiana group.The LSE has set an Aug. 21 deadline for non-binding bids for MTS, sources familiar with the matter said.
  
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• Market report: Persimmon profits fall but orders build

  18-08-2020 18:23 via uk.finance.yahoo.com
  
  A bullish set of results for Persimmon lifted construction stocks on Tuesday, though their gains weren’t enough to stop the FTSE 100 slipping into the red. Profits at the housebuilder dropped 43pc in the first half, but it offered an upbeat assessment of the coming months and announced a dividend. The group said it is in an “excellent position” to grow despite looming challenges. Citi’s Ami Galla said the results were stronger than expected at a profit level, with Persimm
  
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• Eat out to help out: Britons claim 35m discounted meals

  18-08-2020 18:23 via uk.finance.yahoo.com
  
  Eat out to help out: Britons claim 35m discounted meals. Treasury says figures for first three weeks of restaurant scheme are expected to rise
  
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• North Korean asylum seeker claims neighbour has been harassing her family

  18-08-2020 18:16 via ibtimes.co.uk
  
  The woman took to social media to find assistance after she was allegedly assaulted by the neighbour on multiple occasions.
  
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• Five times M&S tried to reinvent itself

  18-08-2020 18:14 via uk.finance.yahoo.com
  
  When Steve Rowe vowed in June that Marks & Spencer would “never be the same again”, the chief executive’s seemingly radical statement struck a remarkably familiar tone. Marks & Spencer has a long and troubled history of striving to reinvent itself, many of which have ultimately failed as the latest jobs blow proves. Here we chart some of Marks & Spencer’s turnaround attempts by chief executives over the years. ‘Never the same again’ Coronavirus was
  
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• US Open: Simona Halep skips New York as Kei Nishikori tests positive for COVID-19

  18-08-2020 18:08 via ibtimes.co.uk
  
  The world number two is the latest star to join a growing list of players who decided to pull out of the US Open.
  
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• Camping gear sales jump amid staycation boom

  18-08-2020 18:08 via bbc.co.uk
  
  Asda, John Lewis and Halfords have all seen surging demand for equipment as pitch bookings rise.
  
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• Barcelona sacks Setien after humiliation against Bayern, Koeman eyed as new coach

  18-08-2020 18:05 via ibtimes.co.uk
  
  FC Barcelona is determined to make major changes after being thrashed 2-8 by Bayern Munich.
  
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• Here’s my verdict on this well-known FTSE retailer

  18-08-2020 18:02 via uk.finance.yahoo.com
  
  Jabran Khan gives his verdict on this well-known FTSE fashion retailer during the current pandemic and market crash.The post Here’s my verdict on this well-known FTSE retailer appeared first on The Motley Fool UK.
  
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• Sports Direct chairman 'accidentally' buys shares in closed period

  18-08-2020 17:58 via uk.finance.yahoo.com
  
  Frasers Group, which owns Sports Direct, said it had 'robust procedures' that were 'accidentally not followed.'
  
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• Tech firms offer carbon tracking software to meet oil-investor demands

  18-08-2020 17:54 via uk.finance.yahoo.com
  
  More tech companies are launching software that oil and gas producers can use to measure their carbon emissions due to mounting investor pressure to curb greenhouse gases.Top investors, including BlackRock, have put climate change on their agendas, encouraging energy producers to evaluate programs to help track emissions and report on results.Tracking can show investors they are serious about controlling emissions, said developers.
  
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• Jihadist's sister who practised knife fights with brother as he plotted London terror attack spared jail

  18-08-2020 17:45 via uk.finance.yahoo.com
  
  A woman who practised knife fights with her jihadist brother as he plotted a terrorist attack has been spared jail after a judge said she acted out of "misguided loyalty".
  
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• How Covid convinced M&S to cut another 7,000 staff

  18-08-2020 17:43 via uk.finance.yahoo.com
  
  The pandemic has given Marks & Spencer a much needed kick up the backside. While a chunk of its employees were unable to turn up for work as coronavirus spread, it forced some of their colleagues to juggle new tasks simultaneously. Inadvertently, this shook the retailer's prescriptive approach to jobs — often inflexible, with niche responsibilities — to the core. Multi-tasking by staff has given it enough agency to slash around one in 10 roles over the next three months, predomin
  
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• The ‘Mickey Mouse’ degrees and universities that could reduce your earning potential

  18-08-2020 17:42 via uk.finance.yahoo.com
  
  It used to be that a university degree was a fast track to a good career. But recently, graduates are increasingly finding themselves struggling to find work to match their qualifications and saddled with huge debts. As Britain enters what looks set to be one of the toughest jobs markets in a generation, choice of degree is more important than ever. Research shows that, rather than boosting your salary prospects, graduating in some subjects actually leaves you earning less on average than someon
  
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• Diners claim Sunak discounts on 35m meals

  18-08-2020 17:41 via uk.finance.yahoo.com
  
  Britons claimed discounts on 35m meals in the first two weeks of August under the Government’s ‘Eat Out to Help Out’ meal voucher scheme, the Treasury said. Over 85,000 restaurants are taking part in the scheme, with almost 50,000 meal claims at some restaurants. The full number may be higher, because some businesses have not yet claimed back money. Under the scheme, which is running between Mondays and Wednesdays this month, the Government is paying for up to half of the cost
  
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• Eat Out to Help Out dishes out 35m meals in two weeks

  18-08-2020 17:29 via bbc.co.uk
  
  The government set aside £500m for Eat Out to Help Out in order to support the hospitality sector.
  
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• Why I think the Capita share price could be one of the top recovery buys in 2020

  18-08-2020 17:24 via uk.finance.yahoo.com
  
  The Capita share price makes me think the company is priced to go bust. But its balance sheet convinces me it won't. I'm seeing a recovery bargain.The post Why I think the Capita share price could be one of the top recovery buys in 2020 appeared first on The Motley Fool UK.
  
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• Asda to offer 1m delivery slots a week as online sales double

  18-08-2020 17:08 via uk.finance.yahoo.com
  
  Asda plans to expand its online delivery capacity to 1m weekly slots by next year after online sales doubled in the second quarter. The supermarket reported a 3.8pc rise in like-for-like sales for the three months to June, driven by a surge in online deliveries and click-and-collect orders, with the latter quadrupling during the period. Since March, Asda has increased its online capacity by two thirds to 700,000 weekly slots, with plans to hit the 1m mark by 2021. Asda said the the pandemic caus
  
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• What is a recession?

  18-08-2020 17:07 via uk.finance.yahoo.com
  
  Like pretty much every country that entered a coronavirus lockdown, the UK is now officially in a recession.
  But what is a recession and how are they measured?
  
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• Nasa investigating earth's mysteriously weakening magnetic field amid concerns over satellites and spacecraft

  18-08-2020 17:07 via uk.finance.yahoo.com
  
  Nasa is monitoring a "small but evolving dent" in the Earth's magnetic field that could cause major problems for satellites and spacecraft.The Earth's magnetic field wraps around our planet, bouncing away charged particles that come to us from the Sun. But there is an unexplained gap in it, where the magnetic field is weak, hovering over South America and the southern Atlantic Ocean.
  
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