Business news

• Global stocks slump amid continued tech selloff

  04-09-2020 23:22 via uk.finance.yahoo.com
  
  Stocks went into a skid worldwide on Friday, as Wall Street kicked off another round of tech bashing in what analysts say was an overdue correction.
  
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• Ex-World Bank head Robert Zoellick: ‘The world could look like 1900 again’

  04-09-2020 22:53 via bbc.co.uk
  
  Former World Bank head Robert Zoellick warns countries need to work together to emerge from recession.
  
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• Karma time for tenants as apartments lie vacant and rents plummet

  04-09-2020 22:00 via uk.finance.yahoo.com
  
  Karma time for tenants as apartments lie vacant and rents plummetRents have dropped 19.6% in Sydney CBD and 17.5% in Melbourne CBD over the past year, studies find
  
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• Nazanin Zaghari-Ratcliffe: Defence secretary trying to pay off Iran tank debt to speed up release

  04-09-2020 21:42 via uk.finance.yahoo.com
  
  The government is seeking ways to pay off a 40-year-old debt to Iran over tanks that were never delivered in a bid to pave the way for Nazanin Zaghari-Ratcliffe’s release from prison.Ben Wallace, the defence secretary, made the admission for the first time in a letter sent to Ms Zaghari-Ratcliffe’s lawyers and seen by The Guardian.
  
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• Tech stock volatility rocks Wall Street despite leap in jobs as economy recovers

  04-09-2020 20:33 via uk.finance.yahoo.com
  
  US technology stocks endured a rollercoaster ride as Wall Street was hit by intense volatility despite better than expected employment figures in the world’s biggest economy. American employers added another 1.4m jobs in August as the recovery got under way, but the underlying strength of the nation was not enough to stop markets tumbling. Later in the afternoon it emerged that Japanese investment titan SoftBank has been making large derivatives bets that may have stoked the recent market
  
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• Shapps says UK is examining an airport testing regime

  04-09-2020 20:25
  But transport secretary says arrangement would not negate the need for quarantine
  
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• Workers at Chile's Codelco threaten action in job conditions row

  04-09-2020 20:15 via uk.finance.yahoo.com
  
  Workers at Chile's state-owned miner Codelco, the world's largest copper producer, said on Friday that they would take "action" against what they describe as threats to their jobs.The Federation of Copper Workers (FTC), which represents the mining company's unions, said the company was in "violation of rights that were legitimately won."Codelco, which has been undertaking a cost cutting plan in recent years, did not immediately respond to a request for comment.
  
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• U.S. rural telecom networks need $1.8 billion to remove Huawei, ZTE equipment - FCC

  04-09-2020 20:07 via uk.finance.yahoo.com
  
  U.S. rural telecommunications networks, which have relied on inexpensive network equipment from China's Huawei Technologies Co [HWT.UL] and ZTE Corp, have told the government that it would cost $1.83 billion (1.39 billion pounds) to replace those switches and routers, the Federal Communications Commission said on Friday.In June, the FCC formally designated Huawei and ZTE as threats to U.S. national security, a declaration that bars U.S. firms from tapping an $8.3 billion government fund to purch
  
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• Johnson stokes controversy by appointing Abbott trade adviser

  04-09-2020 20:07
  Former Australian PM joins UK’s Board of Trade despite criticism of his views on climate change and gay marriage
  
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• No cause yet for ECB alarm over euro strength

  04-09-2020 19:53 via uk.finance.yahoo.com
  
  How concerned should policymakers be by the euro's rapid rise to 28-month highs?On a trade-weighted basis , the gauge watched by the European Central Bank, the euro is up nearly 5%.ECB chief economist Philip Lane delivered the first salvo, saying the exchange rate "does matter" for monetary policy, while the Financial Times quoted unnamed ECB sources as saying euro strength was concerning.
  
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• Exclusive: J&J seeking one-third of COVID-19 vaccine trial volunteers in hard-hit Latin America

  04-09-2020 19:46 via uk.finance.yahoo.com
  
  Johnson & Johnsonwill seek 20,000 volunteers for late-stage human trials of its experimental coronavirus vaccine in hard-hit Latin America, one-third of the planned global total, one of its public health chiefs in the region said.Josue Bacaltchuk, vice president of medical affairs for Latin America for Janssen, J&J's Belgian unit developing the vaccine prototype, said countries hosting the trials would also likely get preferential access to vaccines once ready."We expect the majority in
  
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• Exclusive: Tiny increase in borrowing costs would create bill size of entire defence budget, Government warned

  04-09-2020 19:39 via uk.finance.yahoo.com
  
  The Treasury has warned that even a modest rise in the cost of Government borrowing would be the equivalent of the UK's entire annual defence budget. Secret "stress tests" by Treasury officials in recent weeks found that a hike in interest rates from 0.2 per cent to 1 per cent would increase the Government's borrowing costs by between £30billion and £40billion a year. The figure equates to the £41billion which the Ministry of Defence spends every year on the Armed Forces and ot
  
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• Exclusive: Secret stress tests reveal small interest rate rise could cost UK dear

  04-09-2020 19:39 via uk.finance.yahoo.com
  
  The Treasury has warned that even a modest rise in the cost of Government borrowing would be the equivalent of the UK's entire annual defence budget. Secret "stress tests" by Treasury officials in recent weeks found that a hike in interest rates from 0.2 per cent to 1 per cent would increase the Government's borrowing costs by between £30billion and £40billion a year. The figure equates to the £41billion which the Ministry of Defence spends every year on the Armed Forces and ot
  
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• Fast take: The jobs report and the U.S. presidential race

  04-09-2020 19:36 via uk.finance.yahoo.com
  
  Trump was quick off the draw with his take: "Great Jobs Numbers!" he tweeted, adding that the unemployment rate had fallen below 10%, the peak during the Great Recession, sinking "faster and deeper than thought possible."Biden, meanwhile, is scheduled to hammer Trump on the economy in a speech later on Friday.
  
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• Market report: European shares lose that Friday feeling after Wall Street’s plunge

  04-09-2020 19:25 via uk.finance.yahoo.com
  
  European markets found their Friday spirits knocked by wobbles across the pond, dropping for a second day as Wall Street plunged. With US shares solidly in the red again at the European close, the FTSE 100 fell 0.9pc to 5,799.1, a comparatively gentle drop that was eased by a fall in the pound. The continent’s stock indices have underperformed global rivals since the market ructions of February and March. The benchmark Stoxx 600 has lagged the MSCI world index by 15pc since March, and 10pc
  
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• Johnson claims UK would ‘prosper’ in no-deal Brexit

  04-09-2020 19:25
  Scottish Tory jitters grow as prime minister says he is ready for any eventuality
  
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• Boris Johnson claims UK would ‘prosper’ in no-deal Brexit

  04-09-2020 19:25
  Scottish Tory jitters grow as prime minister says he is ready for any eventuality
  
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• U.S. judge rejects Ghosn's accused escape plotters' extradition challenge

  04-09-2020 19:08 via uk.finance.yahoo.com
  
  A U.S. judge on Friday ruled that two Massachusetts men can be legally extradited to Japan to face charges they helped former Nissan Motor Co Chairman Carlos Ghosn flee the country in a box and on a private jet.U.S. Magistrate Judge Donald Cabell in Boston rejected the arguments against extradition by U.S. Army Special Forces veteran Michael Taylor and his son, Peter Taylor, and certified the case for the U.S. secretary of state to evaluate.
  
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• Carlos Ghosn's accused escape plotters can be extradited to Japan, U.S. judge says

  04-09-2020 19:08 via uk.finance.yahoo.com
  
  A U.S. judge on Friday ruled two Massachusetts men can be extradited to Japan to face charges that they helped smuggle former Nissan Motor Co Chairman Carlos Ghosn out of the country while he was awaiting trial on financial crimes.U.S. Magistrate Judge Donald Cabell in Boston rejected the arguments against extradition by U.S. Army Special Forces veteran Michael Taylor and his son, Peter Taylor, clearing the way for the U.S. State Department to consider turning them over.Paul Kelly, the Taylors'
  
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• Hut Group cancelled 2011 flotation after multimillion-pound fraud was uncovered

  04-09-2020 19:05 via uk.finance.yahoo.com
  
  Hut Group cancelled 2011 flotation after multimillion-pound fraud was uncoveredDetails of 2014 judgment come to light as e-commerce firm prepares new £4.5bn listing
  
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• US stock markets fall for the second day amid tech selloff

  04-09-2020 18:56 via uk.finance.yahoo.com
  
  US stock markets fall for the second day amid tech selloffSelloff appears to be driven by profit-taking as investors cashed in some gains they made on tech stocks during pandemic
  
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• Paris gourmet grocer Fauchon faces COVID crunch from lack of tourists

  04-09-2020 18:44 via uk.finance.yahoo.com
  
  Since its start as a grocery pushcart, the Fauchon delicatessen has been on the same spot in central Paris for 134 years where it was buffeted by two World Wars, countless mass demonstrations, strikes and riots.Now Fauchon, famous for its eclairs, foie gras, truffles, and fine wines, is grappling with the coronavirus pandemic which has robbed Paris of most of its tourism trade and struck when the store's footfall was already weakened by months of social unrest.In June, Fauchon put its two flagsh
  
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• Elon Musk says he will use ‘space lasers’ to beam 100Mbps internet from Starlink satellites

  04-09-2020 18:34 via uk.finance.yahoo.com
  
  Elon Musk's plan to beam high-speed internet to all areas on Earth from the Starlink satellite constellation will make use of "space lasers", according to his company SpaceX.During the latest launch of Starlink satellites on Thursday, senior SpaceX engineer Kate Tice revealed that the firm had successfully tested inter-satellite lasers to transfer data at speeds greater than 100 megabytes per second (Mbps).
  
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• Britain names former Australian PM Abbott as trade adviser

  04-09-2020 18:31 via uk.finance.yahoo.com
  
  Britain named former Australian Prime Minister, Tony Abbott, as an adviser to its Board of Trade on Friday, rejecting complaints from critics that his conservative views about women and gay people made him unfit to represent the United Kingdom."The new Board of Trade will play an important role in helping Britain make the case for free and fair trade across the UK and around the world," Secretary of State for International Trade, Liz Truss, said in a statement.Britain's Board of Trade was relaun
  
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• White House warns more China-based apps 'could be banned'

  04-09-2020 18:27 via uk.finance.yahoo.com
  
  The Trump administration is looking to ban more Chinese apps that it believes could pose a national security threat, according to reports.The news comes from White House chief of staff Mark Meadows, who reportedly made the comment to reporters aboard Air Force One.
  
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• Stock markets slump again as tech correction arrives

  04-09-2020 18:16 via uk.finance.yahoo.com
  
  Major European stock markets slumped in late trading Friday, mirroring losses in Asia as Wall Street kicked off another round of tech bashing in what analysts say is an overdue correction.
  
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• The age of the deepfake is here – and it's more terrifying than you think

  04-09-2020 18:00 via uk.finance.yahoo.com
  
  President Trump straightens his tie, glares into the camera and takes a deep breath. “We will strike back against Russia with our full military force,” he says slowly, puffing out his chest. “As of today, we are at war.” Almost instantly, the video is shared on thousands of Twitter feeds, WhatsApp groups, and Facebook pages, causing mass panic and confusion. Within minutes, it is outed as a deepfake: an AI-generated clip created by a group of hackers who have also infiltr
  
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• Ryanair CEO bonus challenged as crisis sparks pay scrutiny

  04-09-2020 17:49 via uk.finance.yahoo.com
  
  Ryanairboss Michael O'Leary's proposed 458,000 euro(409,490 pounds) annual bonus came under fire on Friday, as an influential investor advisory firm urged shareholders to oppose the package in a non-binding vote later this month.Proxy advisor ISS said the pay award for the financial year ended in March "raises concerns" and was hard to justify amid the unprecedented aviation crisis sparked by COVID-19.Ryanair declined to comment on the ISS recommendation, reported earlier by the Financial Times.
  
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• US unemployment rate drops to 8.4 percent but recovery slows

  04-09-2020 17:45 via uk.finance.yahoo.com
  
  The US economy added 1.4 million jobs in August and the unemployment rate fell to 8.4 percent as the country emerged from pandemic lockdowns, but the data shows the recovery is losing steam.
  
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• Coronavirus: Virgin Atlantic to cut 1,150 more jobs

  04-09-2020 17:41 via bbc.co.uk
  
  The airline, which has just completed a rescue deal, says it has to make cuts in order to survive.
  
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• Amazon to add 10,000 jobs in Seattle suburb

  04-09-2020 17:40 via uk.finance.yahoo.com
  
  Amazon plans to add 10,000 permanent jobs to a suburb of the west coast US city of Seattle in the coming years in the growing tech behemoth's latest expansion near its headquarters, the company said Friday.
  
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• Q&A – get going and create your business continuity plan

  04-09-2020 17:36 via s17026.pcdn.co
  
  Originally written by Partner Content on Growth Business
  As a business owner, you have to prepare yourself for a number of eventualities, COVID-19 being one such example. One thing the pandemic has taught us is the importance of planning for situations that could have a sufficient impact on your business. This is where business continuity comes in, a type of planning and preparation
  
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• Brits take up to four years to save deposit for first home

  04-09-2020 17:32 via uk.finance.yahoo.com
  
  Brits are up against a long wait to own their first home.
  
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• Britons go back to work in biggest numbers since lockdown

  04-09-2020 17:27
  Office for National Statistics survey shows half of workers returned in last week of August
  
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• Imagination needed to build a new UK economy

  04-09-2020 17:22 via uk.finance.yahoo.com
  
  Imagination needed to build a new UK economyGreg Delaney, Richard Tudway and Jacqueline Darby respond to an article by Larry Elliott
  
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• Brexit: UK 'sleepwalking into disaster' over border plans, hauliers warn

  04-09-2020 17:22 via bbc.co.uk
  
  Haulage companies warn supply chains could be "severely disrupted" when the Brexit transition period ends.
  
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• Tesla CEO met VW CEO during Germany visit - source

  04-09-2020 17:12 via uk.finance.yahoo.com
  
  TeslaChief Executive Elon Musk met Volkswagen's Chief Executive Herbert Diess for a courtesy visit during which Musk took a test drive in Volkswagen's new electric car, a source familiar with the matter said on Friday.A spokewoman for Volkswagen declined to comment on the meeting.
  
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• German man drinks seven pints of his own urine a day to stay healthy

  04-09-2020 16:54 via ibtimes.co.uk
  
  He says since he started the practice of Shivambu Kalpa the only time he gets sick is from consuming "rubbish" food
  
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• Housebuilders threatened with court action over leasehold scandal after watchdog finds ‘troubling evidence’ of misselling

  04-09-2020 16:45 via uk.finance.yahoo.com
  
  Four of the UK’s biggest house builders could face court action by the competition watchdog over “troubling evidence” that they mistreated buyers of leasehold properties.The Competition and Markets Authority (CMA) has launched enforcement action against into Barratt Developments, Countryside Properties, Persimmon Homes and Taylor Wimpey.
  
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• European stock markets welcome mooted Spanish banking merger

  04-09-2020 16:40 via uk.finance.yahoo.com
  
  Most European stock markets edged higher Friday despite steep losses in Asia, as the financial sector was boosted by news that Spanish banks Bankia and CaixaBank were mulling a merger.
  
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• How the Government plans to build technology champions after Brexit

  04-09-2020 16:37 via uk.finance.yahoo.com
  
  With just a few months left to agree a new trade relationship, the UK and EU appear no closer to striking a deal than they did at the start of the year. If anything, they may be further away. Reports overnight claimed that Number 10 believed the chances of avoiding a no deal to now be somewhere between 30pc and 40pc. James Forsyth, the political editor of The Spectator, said, above all else, one issue was proving particularly contentious. It wasn’t fishing rights or EU passporting. Instead
  
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• Savings app sees record growth as Brits strive for financial security during pandemic

  04-09-2020 16:36 via uk.finance.yahoo.com
  
  Savers put aside over 100% more in July, as Brit's prioritise financial security after lockdown.
  
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• Leaseholds/CMA: baron debate

  04-09-2020 16:36
  Phasing out England’s inequitable leasehold system would require political action, not empty talk
  
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• Fresh measures needed to prop up UK economy, Bank official says

  04-09-2020 16:29 via uk.finance.yahoo.com
  
  Fresh measures needed to prop up UK economy, Bank official saysMichael Saunders warns ‘sweet spot’ caused by massive fiscal support is coming to an end* Coronavirus – latest updates* See all our coronavirus coverage
  
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• Seven timepieces that represent 200 years of women's watchmaking

  04-09-2020 16:28 via uk.finance.yahoo.com
  
  When Vacheron Constantin needs inspiration for its contemporary women’s watches, it needs look no further than its own archive, which boasts more than 1,300 pieces spanning two centuries of watchmaking. And, with the resounding success of the house’s recent launches – both the 2020 Égérie collection and this year’s Traditionnelle Tourbillon – the brand’s style and heritage director Christian Selmoni, took the decision to curate a small selection
  
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• Canada adds 246,000 jobs in August as rebound continues

  04-09-2020 16:21 via uk.finance.yahoo.com
  
  Canada added 246,000 jobs in August as most coronavirus restrictions eased and businesses reopened, cutting the unemployment rate to 10.2 percent, the national statistics agency said Friday.
  
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• The global coffee market has had a rollercoaster year amid Covid crisis

  04-09-2020 16:15 via uk.finance.yahoo.com
  
  The global coffee market has had a rollercoaster year amid Covid crisis. Coffee sales around the world have fallen, risen and fallen again, hitting producers hard
  
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• Rishi Sunak poised to reject banks' appeal for help collecting Covid debts

  04-09-2020 16:13 via uk.finance.yahoo.com
  
  Rishi Sunak is set to snub a post-Covid action plan put forward by a group of bankers that calls for the government to take responsibility for tens of billions of pounds of toxic business loans. The City had proposed the creation of a state-backed organisation that would refinance soured coronavirus loans. But sources have told the Financial Times that the Treasury thinks banks should be the ones dealing with the cost and reputational risk of chasing borrowers that default. Financiers including
  
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• US unemployment rate falls below 10% as firms rehire staff

  04-09-2020 16:03 via bbc.co.uk
  
  It is the fourth month in a row that America's jobs picture has improved, as the economy begins to rebound.
  
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• PM Johnson defends former Australian PM Abbott; no confirmation yet of trade job

  04-09-2020 16:02 via uk.finance.yahoo.com
  
  British Prime Minister Boris Johnson responded to criticism of former Australian prime minister Tony Abbott, reported to be in line for a job promoting British trade, by saying that Australia was a liberal country and had previously elected him.Abbott, who led Australia from 2013-2015, has attracted criticism from some British opposition politicians and media outlets over his views on homosexuality and gender following reports he was due to be appointed to Britain's Board of Trade.
  
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