Business news

• Pret a Manger cuts almost 2,900 UK jobs as sales plummet

  27-08-2020 22:39 via uk.finance.yahoo.com
  
  Pret a Manger cuts almost 2,900 UK jobs as sales plummetChain hit by loss of passing trade, with Covid driving more people to work from home* Coronavirus – latest updates* See all our coronavirus coverage
  
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• Dell quarterly revenue edges past estimates on remote work boost

  27-08-2020 22:31 via uk.finance.yahoo.com
  
  Orders for Dell from the education sector jumped 24% in the second quarter ended July 31, and government orders rose 16%.Revenue from the company's biggest segment that includes desktop PCs, notebooks and tablets fell 4.6% to $11.20 billion (8.48 billion pounds), and data center sales dropped 4.8% to $8.21 billion as companies directed their spending towards remote work, Dell said.
  
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• Walmart joins Microsoft in bid for TikTok's US operations

  27-08-2020 22:28 via bbc.co.uk
  
  US retail giant Walmart is the latest firm to bid for the Chinese video sharing app's US operations.
  
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• Bayer-Roundup $11 billion deal at risk of collapse, judge says - Bloomberg News

  27-08-2020 22:08 via uk.finance.yahoo.com
  
  Bayer is battling a slew of lawsuits stemming from its $63 billion takeover of seed and chemical company Monsanto in 2018.U.S. District Judge Vince Chabbria threatened to lift a pause on the litigation and let it move forward, according to the report.Chabbria forcefully criticized the company's description of the settlement in June and said during a hearing on Thursday he's inclined to make public several confidential letters from consumer lawyers complaining that Bayer's Monsanto unit is renegi
  
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• Bayer acknowledges 'bumps' in $11 billion Roundup deal after judge raises doubts

  27-08-2020 22:08 via uk.finance.yahoo.com
  
  Bayer is battling a slew of lawsuits stemming from its $63 billion takeover of seed and chemical company Monsanto in 2018.U.S. District Judge Vince Chhabria threatened to restart the litigation and let it move forward after questioning if Bayer was going back on the settlement, according to a Bloomberg News report."There are often some bumps in the road in implementing a resolution of this magnitude, but we remain confident that a comprehensive settlement will be finalized and executed," said a
  
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• Second ex-UAW chief charged in union embezzlement scandal

  27-08-2020 21:58 via uk.finance.yahoo.com
  
  A second former president of the once-mighty United Auto Workers (UAW) was charged Thursday in a scandal involving embezzling more than $1 million in union funds.
  
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• Tesla shares surge to record high, leaving rivals behind

  27-08-2020 21:55 via uk.finance.yahoo.com
  
  Tesla shares rose to $2,290 in mid-day trading before leveling out at $2,240, the highest price since the company went public at $17 a share in 2010.Tesla's shares have risen more than 420% since the beginning of this year, turning some retail investors into millionaires.While other carmakers are forced to invest billions to overhaul their internal combustion engine operations to produce battery-powered cars, investors are confident that Tesla can make the shift from a niche carmaker into a glob
  
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• Trump to announce deal to buy 150 mn rapid COVID tests

  27-08-2020 21:45 via uk.finance.yahoo.com
  
  US President Donald Trump will announce on Thursday a deal for 150 million rapid COVID-19 tests as he eyes a return to normal life ahead of November's elections, White House officials told AFP.
  
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• Bill Gates' nuclear venture plans reactor to complement solar, wind power boom

  27-08-2020 21:44 via uk.finance.yahoo.com
  
  A nuclear energy venture founded by Bill Gates said Thursday it hopes to build small advanced nuclear power stations that can store electricity to supplement grids increasingly supplied by intermittent sources like solar and wind power.TerraPower LLC, which Gates founded 14 years ago, and its partner GE Hitachi Nuclear Energy, plan to commercialize stations called Natrium in the United States later this decade, TerraPower's President and Chief Executive Chris Levesque said.Levesque said the comp
  
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• The challenges of returning to school for children with SEND

  27-08-2020 21:41 via uk.finance.yahoo.com
  
  Preparing schools for the return of children with special educational needs and disability (SEND) brings with it extra challenges. There is the tricky balance of creating a safe physical space for pupils to learn as well as helping them feel comfortable in what will be a very different school environment. The uncertainty around further Covid-19 outbreaks also adds to worries for families.
  
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• United Airlines to cut 2,850 pilot jobs without more U.S. government aid

  27-08-2020 20:58 via uk.finance.yahoo.com
  
  United Airlinessaid on Thursday it will need to cut 2,850 pilot jobs this year if the government does not extend an aid package to help airlines cover employee payroll for another six months while they weather the coronavirus pandemic.The job cuts, released in a memo to employees and shared with the media, would take place between Oct. 1 and Nov. 30 and are significantly higher than those announced earlier this week by rivals Delta Air Linesand American Airlines ."It’s important to note th
  
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• United Airlines announces biggest pilot job cut in its history

  27-08-2020 20:58 via uk.finance.yahoo.com
  
  United Airlinesis preparing for the biggest pilot furloughs of its history after announcing on Thursday the need to cut 2,850 pilot jobs this year, or about 21% of the total, without further U.S. government aid.Airlines, reeling from the devastating impact of the novel coronavirus pandemic on air travel, have asked the U.S. government for another $25 billion (18.93 billion pounds) to cover employee payroll through March.The first tranche, which banned any job cuts until Oct. 1, expires at the en
  
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• Truckers block Chile roads in protest at attacks

  27-08-2020 20:54 via uk.finance.yahoo.com
  
  Truckers in Chile on Thursday partially blocked major roads linking the north and south of the country in protest at an increase in attacks by militant indigenous people.
  
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• Exclusive: Lebanese banks that can't raise capital must leave market - central bank governor to Reuters

  27-08-2020 20:38 via uk.finance.yahoo.com
  
  Lebanese banks that cannot increase their capital by 20% by the end of February 2021 will have to get out of the market, Central Bank Governor Riad Salameh told Reuters on Thursday.The central bank's foreign currency reserves stand at $19.5 billion (14.76 billion pounds) and obligatory reserve at $17.5 billion, he said.Lebanon's cash-strapped banks have frozen savers out of their dollar deposits and largely blocked transfers abroad since late last year as the country sank into a financial meltdo
  
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• Exclusive: Lebanese banks that can't raise capital must leave market, central bank governor says

  27-08-2020 20:38 via uk.finance.yahoo.com
  
  Lebanese banks that cannot increase their capital by 20% by the end of February 2021 will have to get out of the market, Central Bank Governor Riad Salameh told Reuters on Thursday.The central bank's foreign currency reserves stand at $19.5 billion and obligatory reserve at $17.5 billion, he said.Lebanon's cash-strapped banks have frozen savers out of their dollar deposits and largely blocked transfers abroad since late last year as the country sank into a financial meltdown on a scale it has ne
  
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• Exclusive: Glencore puts entire stake in Mopani on the table in talks with Zambia - sources

  27-08-2020 20:32 via uk.finance.yahoo.com
  
  Glencorewill likely sell its entire 73.1% stake in Zambia's Mopani Copper Mines to the government's mining investment arm ZCCM-IH rather than becoming a minority stakeholder, two sources with direct knowledge told Reuters.Zambia and Swiss-based Glencore are at "cross purposes" over Mopani, Zambian Mines Minister Richard Musukwa had said on Tuesday when he announced ZCCM-IH aims to increase its shareholding in Mopani to 51% "or even more", from 10% currently.
  
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• When Rolls-Royce looks more precarious than an online grocer

  27-08-2020 20:22 via uk.finance.yahoo.com
  
  When Rolls-Royce looks more precarious than an online grocerThe pride of Britain’s engineering is struggling badly, but is not a cause for panic – or at least not yet
  
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• Walmart joins Microsoft bid for TikTok takeover in US

  27-08-2020 20:22 via uk.finance.yahoo.com
  
  Walmart joins Microsoft bid for TikTok takeover in USRetailer hopes deal could help target younger consumers and boost its nascent ad business
  
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• French central banker says any 2020 GDP forecast revision would be up

  27-08-2020 20:18 via uk.finance.yahoo.com
  
  France's economy is recovering largely in line with forecasts and any revision would be upward, Bank of France Governor Francois Villeroy de Galhau said on Thursday.Villeroy added the European Central Bank would keep supporting the recovery in the broader euro zone economy by maintaining low interest rates and abundant liquidity.The ECB's inflation objective, which targets a rate of close to but less than 2% over the medium term, is one of the things it is looking at during a strategic review no
  
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• Bouygues Telecom says withdrawing 3,000 Huawei antennae

  27-08-2020 20:16 via uk.finance.yahoo.com
  
  French operator Bouygues Telecom said Thursday it will withdraw 3,000 mobile phone antennae by 2028 in "very dense population areas" at the government's behest over purported 5G security issues.
  
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• U.S. inflation seen rising but still below target after speech by Fed's Powell

  27-08-2020 20:05 via uk.finance.yahoo.com
  
  Investors raised their bets on higher U.S. inflation after Federal Reserve Chair Jerome Powell introduced a new strategy to allow the rate to rise above the 2% target, but market players still saw inflation remaining stubbornly below that level.The Fed will seek to achieve inflation averaging 2% over time, offsetting below-2% periods with higher inflation "for some time," Powell said at the central bank's annual summer symposium, usually held in Jackson Hole, Wyoming, but this year conducted vir
  
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• Pret a Manger cuts nearly 2,900 UK jobs and shuts 30 branches

  27-08-2020 20:04 via uk.finance.yahoo.com
  
  Pret a Manger cuts nearly 2,900 UK jobs and shuts 30 branches. Sales are ravaged by loss of passing trade due to Covid
  
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• Pret A Manger to cut 3,000 jobs in the UK

  27-08-2020 19:50 via bbc.co.uk
  
  The sandwich chain will slash 3,000 jobs as part of a rescue plan for the business.
  
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• Criminal recycling scams 'profit from plastic waste surge'

  27-08-2020 19:49 via uk.finance.yahoo.com
  
  Criminal networks are profiting from an "overwhelming" surge in plastic waste being shipped from rich countries to Asia and stoking pollution by burning and dumping waste that was supposed to be recycled, a report by Interpol said Thursday.
  
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• Google lobbying Labor and crossbench to oppose ACCC news media code

  27-08-2020 19:30 via uk.finance.yahoo.com
  
  Google lobbying Labor and crossbench to oppose ACCC news media codeTech giant urges MPs to ‘carefully consider the proposal to ensure it operates in the best interests of Australians’
  
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• The eight steps firms must take to get Covid-conscious workers back into the office

  27-08-2020 19:25 via uk.finance.yahoo.com
  
  More than two-thirds of Britons are spurning a return to work amid fears over Covid-19 despite appeals from the Government. Leading UK businesses including Schroders, JP Morgan and Linklaters have told their staff they can work from home, trains are running at less than a third full and footfall in city centres has collapsed to just 17 per cent of pre-lockdown levels, leaving some retailers facing financial ruin. Next week’s reopening of schools will be critical in determining how many Bri
  
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• Walmart says teaming with Microsoft in bid for TikTok

  27-08-2020 19:22 via uk.finance.yahoo.com
  
  US retail giant Walmart said Thursday it had teamed with Microsoft in a bid to buy Chinese-owned short-form video app TikTok.
  
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• Best of British for the new 70 registration

  27-08-2020 19:16 via uk.finance.yahoo.com
  
  Is there such a thing as a “British” car any more? With Jaguar and Land Rover owned by the Indians, Aston Martin owned by the Kuwaitis, Bentley and Rolls-Royce owned by the Germans and even plucky little Morgan owned by an investment group headquartered in Luxembourg, it’s difficult to pinpoint any car being made today that can be considered truly “British”. And that’s no bad thing, because the current crop of not-really-British cars being launched in 2020 are
  
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• No bonanza for disabled teenagers barred from accessing child trust funds

  27-08-2020 18:58 via uk.finance.yahoo.com
  
  No bonanza for disabled teenagers barred from accessing child trust fundsFrom September young people turning 18 will start to receive payments from ‘baby bonds’ – but, writes Andrew Turner, those with mental capacity issues will be unable to take control of their money
  
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• Market report: Loan book growth lifts OneSavings

  27-08-2020 18:47 via uk.finance.yahoo.com
  
  Thursday's standout mid-cap performer was OneSavings Bank, which jumped more than 15pc after it reported loan-book growth and a double-digit rise in profit despite heavy impairment costs. The specialist loans group – which is the parent of Kent Reliance, the buy-to-let lender – revealed a 10pc rise in profit before tax to £99.3m for the first six months of 2020, while its loan book grew 2pc to £18.8bn. Andy Golding, the chief executive, said: “We expect to deliver d
  
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• Passenger sues easyJet after crew told her to move seats to satisfy Orthodox Jews

  27-08-2020 18:44 via uk.finance.yahoo.com
  
  Passenger sues easyJet after crew told her to move seats to satisfy Orthodox JewsMelanie Wolfson was asked to move twice because men refused to sit next to a female
  
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• Amazon launches wellness band that can read emotions from your voice

  27-08-2020 18:34 via uk.finance.yahoo.com
  
  The device features a number of sensors, including two microphones to analyse energy and positivity in the wearer's voice.
  
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• US stocks extend rally as Powell says no rush on rate rises

  27-08-2020 18:30 via uk.finance.yahoo.com
  
  US stocks extended a recent rally Thursday after US Federal Reserve chief Jerome Powell took a major step to stimulate the economy by saying he would not rush to raise interest rates and could allow inflation to stay above his two-percent target "for some time."
  
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• Federal Reserve stokes recovery with major policy overhaul

  27-08-2020 18:30 via uk.finance.yahoo.com
  
  Federal Reserve chairman Jay Powell has unveiled the biggest policy overhaul for nearly a decade at the US central bank, as he unleashes yet more firepower to fight off the coronavirus crisis. The Fed will seek to stoke up economic growth even if this means price rises spike higher than its inflation target, in a major break with previous guidance. Policymakers have committed to achieving 2pc inflation since 2012, but will now tolerate overshoots after switching to an “average” targe
  
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• Walmart enters talks to buy TikTok with Microsoft

  27-08-2020 18:29 via uk.finance.yahoo.com
  
  Walmart has entered the race to buy TikTok at the eleventh hour, forming an anti-Amazon alliance with Microsoft that hopes to use the video app as a way to challenge Jeff Bezos’ online retail empire. The US supermarket giant confirmed on Thursday it had joined Microsoft’s bid for TikTok’s US operations, which the Trump administration is forcing its Chinese owners to sell by the middle of next month. Competing bids from Microsoft and a group led by US software company Oracle are
  
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• Fed relaxes inflation target in policy shift

  27-08-2020 18:18 via bbc.co.uk
  
  It will give the central bank more flexibility in how it aids the US recovery, says Chair Jerome Powell.
  
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• Pret A Manger cuts 2,800 jobs due to slump in trade

  27-08-2020 18:12 via uk.finance.yahoo.com
  
  British retailers have cut the most jobs this year since the depths of the financial crisis and expect losses to accelerate, the Confederation of British Industry said on Tuesday, adding to warning signs of an expected sharp rise in unemployment."Although we're now starting to see a steady but slow recovery, the pandemic has taken away almost a decade of growth at Pret," Chief Executive Pano Christou said.Pret's decision to cut jobs is a reflection of shorter opening hours, lower transaction lev
  
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• Coronavirus: Pret A Manger cutting 2,800 jobs as it closes 30 stores

  27-08-2020 18:10 via uk.finance.yahoo.com
  
  Pret said it would close 30 of its outlets and axe around 2,800 roles, almost triple the number of job cuts it had previously flagged.
  
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• Pret slashes 2,800 jobs

  27-08-2020 18:08 via uk.finance.yahoo.com
  
  Pret a Manger has cut 2,800 jobs after completing a restructuring of its UK operations in the wake of a severe downturn in sales despite reopening many stores. The cuts come after the sandwich and coffee chain said last month it was planning a shake-up that would result in 30 shops closing. Although there had been "clear signs of recovery" in footfall since lockdown was eased, sales were still down about 60pc compared with the same time last year. Chief executive Pano Christou said he was "gutte
  
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• Want to make a million in the market crash? I’d listen to Warren Buffett and buy cheap UK shares

  27-08-2020 18:03 via uk.finance.yahoo.com
  
  Ace investor Warren Buffett likes to go shopping for bargain stocks in a market crash, and targeting cheap UK shares could help you make a million.The post Want to make a million in the market crash? I’d listen to Warren Buffett and buy cheap UK shares appeared first on The Motley Fool UK.
  
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• Salt weighs lawsuit against Sunrise over Liberty Global's $7.4 billion offer

  27-08-2020 17:57 via uk.finance.yahoo.com
  
  Salt Mobile SA said on Thursday it may launch legal proceedings against rival Swiss phone company Sunrise Communications over Liberty Global's $7.4 billion takeover offer.Salt Mobile, which is owned by French billionaire Xavier Niel and operates in Switzerland, believes the deal may violate terms of a now-paused $3.1 billion broadband joint venture, called Swiss Open Fibre, that Salt and Sunrise had announced in May.Sunrise's board unanimously approved the Liberty Global takeover announced this
  
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• The Cineworld share price rallies wildly! Here’s what I’d do now

  27-08-2020 17:53 via uk.finance.yahoo.com
  
  The Cineworld share price has been rising for several days. Can this rally continue? Anna Sokolidou thinks she knows the answer.The post The Cineworld share price rallies wildly! Here's what I'd do now appeared first on The Motley Fool UK.
  
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• Pret a Manger axes 2,800 jobs after undergoing complete UK restructure

  27-08-2020 17:53 via uk.finance.yahoo.com
  
  Pret a Manger has announced it axed 2,800 roles from its shops after completing a restructuring of its business in the UK.The coffee and sandwich chain, which once boasted more than 450 sites across the UK with the majority focussed in London, has struggled for footfall in the wake of the coronavirus pandemic with trade across its shops declining 60 per cent year on year.
  
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• Pret A Manger cuts 2,800 jobs as 30 stores close

  27-08-2020 17:52 via uk.finance.yahoo.com
  
  Pret a Manger has axed 2,800 roles from its shops after completing a restructuring of its UK business.The high street stalwart is struggling to survive the coronavirus pandemic and has already cut workers and closed stores.
  
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• Hunterston B nuclear power station to be decommissioned

  27-08-2020 17:49 via uk.finance.yahoo.com
  
  A Scottish nuclear power station that had been forced to reduce output in recent years due to cracks in its core will begin the decommissioning process by 2022. Hunterston B in North Ayrshire previously had an estimated decommissioning date of 2023, with “a plus/minus two years proviso”. EDF Energy said the plant would move into the defuelling phase no later than Jan 7 2022 – subject to an inspection next spring and regulatory approval for the final six months. Construction wor
  
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• I’d buy this FTSE 100 dividend stock for my Stocks and Shares ISA today

  27-08-2020 17:48 via uk.finance.yahoo.com
  
  This company suspended its final 2019 dividend. But dividends are already being reinstated, and I think it could provide a top FTSE 100 income stream.The post I'd buy this FTSE 100 dividend stock for my Stocks and Shares ISA today appeared first on The Motley Fool UK.
  
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• I’d ignore buy-to-let and invest in bargain-priced FTSE 100 shares instead

  27-08-2020 17:45 via uk.finance.yahoo.com
  
  Buy-to-let may look tempting during the stamp duty holiday but I reckon FTSE 100 shares look a much better way of building long-term wealth.The post I'd ignore buy-to-let and invest in bargain-priced FTSE 100 shares instead appeared first on The Motley Fool UK.
  
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• What is the Fed's new policy framework, and why does it matter?

  27-08-2020 17:42 via uk.finance.yahoo.com
  
  The landmark policy shift was announced on Thursday.The new strategy puts more weight on bolstering the labor market and less on worries about inflation that is too high.The new language signals the Fed will continue to combat unemployment that is too high, but that it won't raise the alarm over unemployment falling too fast or too far, as it had done in the past.
  
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• Virgin Atlantic to start Pakistan flights

  27-08-2020 17:40 via uk.finance.yahoo.com
  
  Virgin Atlantic will in December start services between Britain and Pakistan, where local airlines face a ban on flying to most European destinations due to a scandal over unqualified pilots.Virgin, 51% owned by Richard Branson's Virgin Group and 49% by U.S. airline Delta (DAL.N), said its flights will go on sale next month, becoming the second western carrier after British Airwaysto serve destinations in the country."We're thrilled to announce that from December, we'll be flying direct to Pakis
  
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• Combined home insurance premiums at highest rate since 2013

  27-08-2020 17:34 via uk.finance.yahoo.com
  
  The average combined home insurance premium is at its highest price since 2013.
  
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