Business news

• Stock markets slump as Wall Street rally runs out of steam

  03-09-2020 23:22 via uk.finance.yahoo.com
  
  Wall Street's summer-long rally stumbled Thursday with high-flying tech shares leading the market sharply lower as investors cashed in amid worries about a bubble in prices.
  
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• Virgin Atlantic to cut over 1,000 more jobs as demand languishes - Sky News

  03-09-2020 22:58 via uk.finance.yahoo.com
  
  The airline will announce the layoffs as soon as Friday, the report said, adding that the latest round of cuts, if confirmed, would mean that Virgin Atlantic's workforce has almost halved from about 10,000 people before the coronavirus pandemic.Virgin Atlantic declined to comment on the Sky News report.The company, which is 51% owned by Richard Branson's Virgin Group and 49% by U.S.'s Delta Air Lines Inc , has had to close its Gatwick base and cut more than 3,500 jobs to contend with the fallout
  
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• Nokia's largest shareholder Solidium raises stake to over 5%

  03-09-2020 22:56 via uk.finance.yahoo.com
  
  Nokia Oyj'slargest investor, the Finnish government's investment firm Solidium, has increased its stake to just over 5% for the first time, from about 4.8%, according to a regulatory filing.Nokia, which axed its dividend after a profit warning last October, has been scripting a turnaround by keeping a lid on costs and addressing shipment delays in its attempt to compete with rivals such as China's Huawei [HWT.UL] and Sweden's Ericsson .
  
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• Housing industry defends record against claims homes are going unbuilt

  03-09-2020 22:46 via uk.finance.yahoo.com
  
  Housebuilders have rejected claims they are sitting on hundreds of thousands of unbuilt homes. Shelter, a housing charity, claims that 40pc of residences currently granted planning permission remain unbuilt, with more than 380,000 not being completed since 2011. However, the Home Builders Federation said the figures were misleading. The row comes as the Government launches sweeping reforms to the planning system in an attempt to cut red tape and free housebuilders to construct more homes. Shelte
  
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• A vaccine before the US election? Depends on science -- or politics

  03-09-2020 22:34 via uk.finance.yahoo.com
  
  A Covid-19 vaccine by election day in the US? Experts worry that, facing an uphill battle for reelection, President Donald Trump could press for one to be approved before the November 3 vote, but also before tests prove it is effective and safe for the public.
  
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• Tech bubble jitters send Wall Street tumbling into the red

  03-09-2020 22:21 via uk.finance.yahoo.com
  
  Wall Street tumbled on Thursday, with hundreds of billions of dollars wiped off the value of America’s booming tech sector amid worries of a Nineties-style bubble. The tech-heavy Nasdaq dropped nearly 5pc as heavyweights such as Apple, Amazon, Microsoft and Facebook lost ground. The index has notched up a string of record highs in recent weeks. Ann Berry, a partner at US private equity firm Cornell Capital, told Bloomberg TV the sell-off was the product of investors cycling out of tech sto
  
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• France in huge coronavirus recovery plan focusing on green energy

  03-09-2020 21:31 via bbc.co.uk
  
  France unveils a 100bn-euro plan to kick-start the economy, with a promise to invest in green energy.
  
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• German prosecutors drop probe into FT over Wirecard

  03-09-2020 20:51 via uk.finance.yahoo.com
  
  German prosecutors have dropped their investigation into journalists of the Financial Times in connection with its reporting on the corporate fraud at payments firm Wirecard that eventually led to its collapse.The prosecutors launched an investigation into a Financial Times journalist in February 2019, prompting the newspaper to reject any allegations against the newspaper or its journalists of market manipulation or unethical reporting.
  
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• Scottish Mortgage won't be too bothered about the Nasdaq's wobble

  03-09-2020 20:50 via uk.finance.yahoo.com
  
  Scottish Mortgage won't be too bothered about the Nasdaq's wobble. The investment fund understands the value of thinking long-term and backing winners
  
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• Stock markets tumble as investors sell off tech stock amid US job fears

  03-09-2020 20:45 via uk.finance.yahoo.com
  
  Stock markets tumble as investors sell off tech stock amid US job fears. Dow Jones, S&P; 500 and Nasdaq down after weeks of gains while Europe’s markets end day lower
  
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• Stock markets fall as investors sell off tech stock amid US job fears

  03-09-2020 20:45 via uk.finance.yahoo.com
  
  Stock markets fall as investors sell off tech stock amid US job fearsDow Jones, S&P 500 and Nasdaq down after weeks of gains while Europe’s markets end day lower* Coronavirus – latest updates* See all our coronavirus coverage
  
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• Facebook bans India ruling party politician over hate speech

  03-09-2020 20:19 via uk.finance.yahoo.com
  
  Facebook has banned an outspoken right-wing Indian politician for spreading hate speech about Muslims as the social media giant battles accusations of bias over its handling of rival parties in the key market.
  
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• Johnson & Johnson's coronavirus vaccine candidate prevents severe disease in hamsters

  03-09-2020 20:16 via uk.finance.yahoo.com
  
  In the pre-clinical study, vaccinated animals lost less weight and had less virus in their lungs and other organs than unvaccinated animals.The company began early-stage human trials in the United States and Belgium in July, after details of a study in monkeys showed its best-performing vaccine candidate offered strong protection in a single dose.Depending on data from the early-stage trial, J&J plans to begin phase 3 testing in the second half of September.
  
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• GM, Honda announce North America car alliance

  03-09-2020 19:59 via uk.finance.yahoo.com
  
  General Motors and Honda announced Thursday they were establishing a strategic alliance in North America to share vehicle platforms and development costs.
  
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• Ocado stops deliveries to staff as tie-up with Marks & Spencer starts

  03-09-2020 19:36 via uk.finance.yahoo.com
  
  Ocado stops deliveries to staff as tie-up with Marks & Spencer starts. Delivery firm may be experiencing teething problems with ‘incredibly popular’ M&S; launch
  
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• Pharma chiefs vow no 'cut corners' in vaccine race

  03-09-2020 19:34 via uk.finance.yahoo.com
  
  Pharmaceutical company executives insisted Thursday they would not try to bring Covid-19 vaccines or treatments to market that did not meet rigorous safety and efficiency standards.
  
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• Airlines urge UK, U.S. to start London-New York passenger testing trial

  03-09-2020 19:02 via uk.finance.yahoo.com
  
  Major airlines want the U.S. and British governments to launch a passenger testing trial for the coronavirus for flights between London and New York to pave the way for a resumption of more international travel."We believe that in the immediate absence of a vaccine, testing of passengers in aviation provides the best and most effective frontline defense."
  
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• Virgin Atlantic to cut  another 1,000 jobs as Ryanair taps investors for €400m

  03-09-2020 18:58 via uk.finance.yahoo.com
  
  Virgin Atlantic Airways is expected to slash another 1,000 jobs today as part of its £1.2bn rescue deal, as the airline sector continues to reel from the coronavirus pandemic. It comes as Ryanair last night sought to raise €400m (£360m) from investors to bolster its finances ahead of the traditionally loss-making winter months. Sir Richard Branson’s Virgin Atlantic, which he founded in 1984, is battling with slower-than-expected demand for international travel, Sky News re
  
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• Ryanair taps investors for €400m

  03-09-2020 18:58 via uk.finance.yahoo.com
  
  Ryanair is to ask investors for €400m (£360m) to bolster its finances ahead of the traditionally loss-making winter months. Europe’s biggest carrier said it was going through the most challenging period in its history as the fallout of the Covid-19 pandemic continues to wreak havoc on the aviation industry. Ryanair will raise the cash from institutional investors. The money would allow the carrier to “capitalise on significant post-Covid-19 growth opportunities”, str
  
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• Google urges EU to be flexible in setting digital rule book

  03-09-2020 18:55 via uk.finance.yahoo.com
  
  Google urged the European Commission on Thursday to avoid a one-size-fits-all approach to the tech industry in its forthcoming Digital Services Act.The EU executive is drawing up new rules for data-sharing and the digital marketplace as well as boosting competition after concluding that multiple antitrust actions against Google have been ineffectual.In a blog post and 135-page submission, Google encouraged European legislators to provide greater clarity on rules and responsibilities of online pl
  
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• Facebook to bar new political adverts in the week before the US election

  03-09-2020 18:55 via uk.finance.yahoo.com
  
  Facebook will ban all new political adverts during the final week of the United States presidential election as part of a last ditch effort to prevent runaway misinformation. In his most sweeping intervention yet, chief executive Mark Zuckerberg warned that the coronavirus pandemic has put a “free and fair” election in doubt as voters struggle with postal ballot deadlines, social distancing measures and shadowy attempts to meddle with the contest. He vowed to limit message forwarding
  
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• Ahead of U.S. August jobs data, high frequency numbers still show stodgy progress

  03-09-2020 18:53 via uk.finance.yahoo.com
  
  Data released Friday on the August unemployment rate will show just how U.S. labor market repair has proceeded since a surprisingly strong jump in jobs in May and June, followed by more muted job growth in July.Initial claims for unemployment benefits fell to 881,000 last week, a drop of 130,000 from the week before.
  
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• UK confirms plan to extend age when people can access private pensions

  03-09-2020 18:43
  From 2028 individuals will have to be 57 rather than 55 to draw from their retirement savings
  
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• UK confirms plan to extend age for accessing private pensions

  03-09-2020 18:43
  From 2028 individuals will have to be 57 rather than 55 to draw from their retirement savings
  
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• PS5: Price, release date, latest news and how to pre order new PlayStation

  03-09-2020 18:38 via uk.finance.yahoo.com
  
  The PlayStation 5 is coming.We don't know exactly when, and we don't know exactly how much it will cost. We don't even know exactly what it will do.
  
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• Apple to delay privacy change vexing Facebook, mobile ad market

  03-09-2020 18:37 via uk.finance.yahoo.com
  
  The delay could benefit Facebook Inc, which last week said the changes would render one of its mobile advertising tools "so ineffective on iOS 14 that it may not make sense to offer it on iOS 14."Apple announced new privacy rules in June that were slated to take effect with the launch of its iOS 14 operating system this fall.Apple said Thursday that developers will still have the option to use the prompt when iOS 14 arrives.
  
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• Apple to delay privacy change threatening Facebook, mobile ad market

  03-09-2020 18:37 via uk.finance.yahoo.com
  
  The delay could benefit Facebook, which last week said the changes to the iOS 14 operating system would render one of its mobile advertising tools "so ineffective on iOS 14 that it may not make sense to offer it."Apple announced new privacy rules in June that were slated to take effect with the launch of its iOS 14 operating system this fall.Facebook said last week it would quit using the tool that requires a prompt in its own apps but did not immediately respond to a request for comment on Thur
  
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• Apple might delay iOS change vexing mobile ad market - The Information

  03-09-2020 18:37 via uk.finance.yahoo.com
  
  The move could benefit Facebook Inc, which last week said the changes would render one of its mobile advertising tools "so ineffective on iOS 14 that it may not make sense to offer it on iOS 14."Apple did not immediately respond to a Reuters request for comment.Apple announced new privacy rules in June that were slated to take effect with the launch of its iOS 14 operating system this fall.
  
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• Market report: Order backlog puts brakes on Ocado

  03-09-2020 18:32 via uk.finance.yahoo.com
  
  A clogged order backlog has forced Ocado to temporarily halt deliveries to its own staff members, sending the group’s shares down 152p to £23.72. The FTSE 100 delivery group – the best-performing stock among London’s blue-chips this year – said it had experienced a “surge in demand” following its tie-up with high street stalwart Marks & Spencer, ending a previous agreement with Waitrose. Customers expressed disappointment with Ocado on Tuesday after
  
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• Ryanair targets 400 million euros in share placement

  03-09-2020 18:18 via uk.finance.yahoo.com
  
  Ryanairlaunched on Thursday a share placement, aiming to raise 400 million euros (356.42 million pounds)to help it take advantage of lower costs following the COVID-19 pandemic to expand its fleet and other initiatives.The Irish airline, Europe's largest low-cost carrier, said the equity raise, via a"non-pre-emptive placing of new ordinary shares ... to institutional investors and certain others" would begin immediately via an accelerated bookbuild.The COVID-19 pandemic is likely to "create oppo
  
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• Students uncover method to manipulate AI grading algorithm

  03-09-2020 18:17 via uk.finance.yahoo.com
  
  Students in the United States have discovered a way to cheat an algorithm marking their work by simply typing out a list of words relevant to the topic.Edgenuity, an online platform for virtual learning, was found to be using an artificial intelligence that was scanning students’ answers for keywords it expected to see in the answers.
  
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• Stocks markets slump as Wall Street runs out of steam

  03-09-2020 18:17 via uk.finance.yahoo.com
  
  Major European stock markets were lower at the close Thursday as a record-breaking rally on Wall Street ran out of steam, analysts noted.
  
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• ‘Case for pensions tax rise’ to aid Covid recovery

  03-09-2020 18:13
  Think-tank head advises MPs’ committee looking at future tax options
  
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• Tesla retreats for third day as investors cash in on gains

  03-09-2020 18:08 via uk.finance.yahoo.com
  
  Market analysts and traders called it a near-term profit-taking, triggered by the company's plan to raise $5 billion from the market and the stake sale by the second largest shareholder Baillie Gifford, in a stock that has surged fivefold in 2020.Meanwhile, Edinburgh-based Baillie Gifford told Herald Scotland the investment firm remains a "strong supporter" of Tesla, but had to sell its passive stake due to norms that limit the weight of a stock in clients' portfolios.Gifford cut its stake to 4.
  
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• New US jobless claims drop amid fears of throttled recovery

  03-09-2020 18:00 via uk.finance.yahoo.com
  
  New claims for unemployment benefits have dropped below one million in the United States for the second time since the coronavirus pandemic struck, though quirks in the data may account for the decline.
  
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• Facebook to ban new political ads in week before US election

  03-09-2020 17:58 via uk.finance.yahoo.com
  
  Facebook said Thursday it will ban new political advertising the week before the US election, one of its most sweeping moves against disinformation yet as CEO Mark Zuckerberg warned of a "risk of civil unrest" after the vote.
  
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• Germany's Scholz plans 2021 budget with new debt of over 80 bln euros - source

  03-09-2020 17:57 via uk.finance.yahoo.com
  
  German Finance Minister Olaf Scholz is working on a budget for next year that would see Berlin take on net new debt of at least 80 billion euros to fund more measures in the fight against the coronavirus pandemic, a source familiar with the matter said on Thursday.The move underlines Scholz's determination to move Germany further away from its former image as Europe's austerity champion and cement Berlin's new role as the biggest spender in the euro zone's struggle to recover from the COVID-19 p
  
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• UK transport and warehouse chiefs warn of 'severe' Brexit border disruption

  03-09-2020 17:56 via uk.finance.yahoo.com
  
  Lorry, air, and sea freight firms and warehouse chiefs signed a joint letter to minister Michael Gove, worried over government preparedness for the end of Brexit transition.
  
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• U.S. weekly jobless claims below one million; but labor market recovery ebbing

  03-09-2020 17:51 via uk.finance.yahoo.com
  
  The number of Americans filing new claims for unemployment benefits fell below 1 million last week for the second time since the COVID-19 pandemic started in the United States, but that does not signal a strong recovery in the labor market.The drop in initial claims to a five-month low reported by the Labor Department on Thursday largely reflected a change in the methodology it used to address seasonal fluctuations in the data, which economists complained had become less reliable because of the
  
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• Customer served mouldy burger at McDonald's in London

  03-09-2020 17:50 via ibtimes.co.uk
  
  The customer's "Chicken Legend burger" had mould growing on it even though the package claims the food is "freshly made".
  
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• Hong Kong opens its first CBD cafe and boutique in Sheung Wan

  03-09-2020 17:41 via ibtimes.co.uk
  
  Found cafe offers a full menu of CBD infused food and beverages as well as a wide range of wellness products
  
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• Comedian Chris D'Elia accused of habitually exposing himself to women without consent

  03-09-2020 17:29 via ibtimes.co.uk
  
  Claims from multiple women have come up on social media accusing D'Elia of trying to sexually engage with girls as young as 16.
  
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• Bank of England governor: Digital currencies raise ‘fundamental questions’ for central banks

  03-09-2020 17:19 via uk.finance.yahoo.com
  
  Andrew Bailey questioned the extent to which central banks should be involved in the underlying payments infrastructure of digital currencies.
  
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• Man kills wife before also shooting 29 and 12-year-old neighbours

  03-09-2020 17:16 via ibtimes.co.uk
  
  The assailant could face up to 80 years in prison for three second-degree murder charges.
  
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• Musk promises Tesla design overhaul, 'ravecave' at Berlin plant

  03-09-2020 17:11 via uk.finance.yahoo.com
  
  Tesla'swill use its plant in Brandenburg, Germany to demonstrate a radical overhaul of how its cars are built, as well as making electric car battery cells and battery packs, Chief Executive Elon Musk said on Thursday.Tesla plans to manufacture a new version of its Model Y crossover vehicle, and possibly even battery cells at the site.Tesla wanted to help accelerate a transition to sustainable energy, not just build cars, Musk said.
  
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• France puts jobs at heart of economic rescue plan

  03-09-2020 17:11 via uk.finance.yahoo.com
  
  The French government said Thursday that employment would be paramount as it unleashed a colossal spending plan for its virus-hit economy that has been hemorrhaging jobs.
  
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• Renault revamps brand set-up under new CEO De Meo

  03-09-2020 17:04 via uk.finance.yahoo.com
  
  France's Renaultsaid on Thursday it was moving to a new organisational set-up focused on core brands rather than geographies, in the first move by new Chief Executive Luca de Meo to shake up the loss-making carmaker.Renault, which took aid in the form of a state-backed loan from the French government this year, is trying to recover from the coronavirus pandemic while also patching up a strained relationship with Japanese partner Nissan .De Meo, who used to run competitor's Volkswagen'sSeat brand
  
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• Tencent to engage with Indian authorities to ensure continued availability of apps

  03-09-2020 17:03 via uk.finance.yahoo.com
  
  Chinese gaming and social media group Tencent Holdings Ltd said on Thursday it takes the protection of user privacy and data seriously, in response to India's banning of Chinese apps.The company said it would engage with Indian authorities to ensure the continued availability of its apps in India.India has banned another 118 mostly Chinese mobile apps including Tencent Holdings Ltd's popular videogame PUBG, the government said on Wednesday, citing data security concerns.
  
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• Nintendo announces new games for Mario's 35th anniversary

  03-09-2020 16:56 via uk.finance.yahoo.com
  
  Nintendo announces new games for Mario's 35th anniversaryClassics from across the decades will be remastered for Switch console as well as real-life Mario Kart Home Circuit
  
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• Football Leaks hacker Rui Pinto faces 90 charges as trial opens

  03-09-2020 16:54 via uk.finance.yahoo.com
  
  The trial of Rui Pinto, the man behind the "Football Leaks" that exposed shady dealings by leading clubs, players and agents, begins on Friday in Lisbon, with the hacker facing 90 charges.
  
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