Business news

• Local lockdown business grants 'not enough', warn lobby groups

  09-09-2020 23:47 via bbc.co.uk
  
  Firms forced to close will get cash grants, but the British Chambers of Commerce wants more help.
  
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• Tech shares regain mojo but LVMH tiff takes Tiffany down

  09-09-2020 23:19 via uk.finance.yahoo.com
  
  Markets rose on both sides of the Atlantic on Wednesday, brushing aside falls in Asia and an overnight rout on Wall Street, but US jeweller Tiffany slumped on news its buyout by France's LVMH was off.
  
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• Newcastle take issue with Premier League over 'rejected' Saudi bid

  09-09-2020 23:13 via uk.finance.yahoo.com
  
  Newcastle United took issue with the Premier League on Wednesday by accusing the body of acting inappropriately in rejecting a Saudi Arabian-backed takeover bid based on an owners and directors' test.The club, whose version appeared to contradict the league's, issued a statement saying they would be "considering all relevant options available".The proposed 300 million-pound takeover of the club owned by British businessman Mike Ashley collapsed in July.
  
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• Saliva-based coronavirus tests come to market

  09-09-2020 23:01
  Two UK companies target businesses seeking to rapid tests for employees
  
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• JC Penney: Landlords plot rescue for department store

  09-09-2020 22:44 via bbc.co.uk
  
  The deal for the 118-year-old company could save more than 70,000 jobs.
  
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• Venezuela gasoline queues grow as Iranian tankers take long route

  09-09-2020 22:36 via uk.finance.yahoo.com
  
  SAN ANTONIO DE LOS ALTOS, Venezuela/LONDON (Reuters) - Angry Venezuelans are once again stuck in long service station lines due to rationing by President Nicolas Maduro's government, which is awaiting fuel tankers on their way from Iran to the oil-rich but fuel-starved South American nation.Venezuela's refineries have nearly halted operations due to years of underinvestment while U.S. sanctions meant to force the ruling Socialist Party from power have severely restricted fuel imports, leaving Ma
  
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• Xbox Series X pricing strategy could disrupt the entire gaming industry

  09-09-2020 22:33 via uk.finance.yahoo.com
  
  With the promised Autumn release dates of next-generation consoles Xbox Series X and PlayStation 5 creeping ever closer, it seemed that Microsoft and its great gaming rival Sony were playing chicken over who would reveal the cost of their new box first. Plenty of speculation filled social media over the months since the pair's summer showcases, but the firms remained resolutely quiet on the pricing issue, perhaps in the hope that the other would go first and last minute tweaks could be considere
  
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• Facebook to be ordered to halt data transfers from Europe to America

  09-09-2020 21:57 via uk.finance.yahoo.com
  
  Ireland's privacy watchdog has warned Facebook that it plans to block the social network from sending data about its users in the European Union back to the United States. The Irish Data Protection Commission (DPC) has reportedly given the company until the end of September to contest a provisional ruling that the transfers are illegal under EU data laws. Sir Nick Clegg, Facebook's global head of communications, confirmed the DPC's preliminary order, which he described as a "suggestion". If enfo
  
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• Johnson defends new Covid restrictions for England

  09-09-2020 21:37
  UK PM says steps needed to keep schools and businesses open as coronavirus cases surge
  
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• Goldman Sachs announces return to work after coronavirus office closures

  09-09-2020 21:00 via uk.finance.yahoo.com
  
  Goldman Sachs announces return to work after coronavirus office closures* CEO David Solomon sends memo stressing ‘rotational approach’* Most of banking giant’s offices were shut down in March
  
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• Johnson under fire over plans to reshape Brexit deal

  09-09-2020 20:41
  UK-EU trade deal talks continue even as new bill threatens to undermine Irish border agreement
  
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• Petrol and diesel cars could cost up to £1,500 more under proposals

  09-09-2020 20:30 via uk.finance.yahoo.com
  
  Petrol and diesel cars could cost up to £1,500 more under proposals. Report suggests buyers of polluting vehicles should subsidise electric cars
  
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• UK will not finalise state aid plan until 2021

  09-09-2020 20:15
  Brussels angry at UK timetable for completing subsidy regime for companies
  
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• Almost 125,000 UK retail jobs lost so far this year, study estimates

  09-09-2020 20:15 via uk.finance.yahoo.com
  
  Almost 125,000 UK retail jobs lost so far this year, study estimates. Research group says high street chains account for more than 92,900 of the job losses
  
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• Italy to use golden power over Milan bourse, wants Euronext merger

  09-09-2020 20:07 via uk.finance.yahoo.com
  
  Italy is ready to use its vetting "golden" powers over strategic assets to ensure the Milan stock exchange, Borsa Italiana, is not sold to an unacceptable bidder, Economy Minister Roberto Gualtieri said on Wednesday.The London Stock Exchange (LSE), which bought Borsa Italiana for 1.6 billion euros (1.45 billion pounds) in 2007, has put it on sale to win European Union approval for its $27 billion takeover of data company Refinitiv.Gualtieri said in a statement he hoped Borsa Italiana, which cont
  
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• France says U.S. blocking global digital tax talks

  09-09-2020 20:05 via uk.finance.yahoo.com
  
  The U.S. government is blocking international talks on cross-border taxation of digital giants and Europe should prepare to go ahead with a European tax if there is no global deal by year end, French Finance Minister Bruno Le Maire said on Wednesday."If the U.S. blockage is confirmed by year end, we are counting on the European Union to make a formal proposal to tax digital activities in the first quarter of 2021," Le Maire added.
  
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• Boris Johnson’s one-legged economic strategy is tripping up Tories

  09-09-2020 20:04
  Lack of coherent vision risks making the UK government seem directionless
  
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• Vodafone CEO warns Italy single broadband network could be step back - press

  09-09-2020 19:48 via uk.finance.yahoo.com
  
  The head of Vodafone Groupsaid Italy's plan to create a single fast broadband network in which Telecom Italiawould hold a majority stake could be a step backwards since it effectively amounted to renationalisation and re-monopolisation.In an article in Politico on Wednesday, Nick Read said Rome was looking to recreate the fixed-line monopoly that previous Italian governments and EU institutions had dismantled."This would leave would-be fixed broadband providers with only one seller of wholesale
  
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• The Morrison government's decision to cut jobseeker does not square with the slow recovery

  09-09-2020 19:30 via uk.finance.yahoo.com
  
  The Morrison government's decision to cut jobseeker does not square with the slow recovery. For most people, the chances of getting a job are little better than they were two months ago
  
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• UK sets out controversial plans for internal market after Brexit

  09-09-2020 19:24
  Legislation published on Wednesday unites Brussels, Edinburgh and Cardiff in anger at Boris Johnson’s government
  
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• J.C. Penney reaches tentative rescue deal, averting liquidation

  09-09-2020 19:24 via uk.finance.yahoo.com
  
  J.C. Penney Co Increached a tentative deal with landlords and lenders valued at $1.75 billion to rescue the beleaguered department store chain from bankruptcy proceedings, averting a liquidation that would have threatened roughly 70,000 jobs and represented one of the most significant business collapses following the coronavirus pandemic, a company lawyer said.Mall owners Simon Property Group Incand Brookfield Property Partners LPhave teamed up to acquire J.C. Penney’s retail operations an
  
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• J.C. Penney on cusp of rescue deal with landlords

  09-09-2020 19:24 via uk.finance.yahoo.com
  
  J.C. Penney Co Inc'slandlords reached a tentative deal to rescue the beleaguered department store chain from bankruptcy proceedings, averting a liquidation that would have threatened roughly 70,000 jobs and represented one of the most significant business collapses following the coronavirus pandemic, a company lawyer said during a brief court hearing Wednesday.Mall owners Simon Property Group Incand Brookfield Property Partners LPhave teamed up to acquire J.C. Penney’s retail operations an
  
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• Exclusive: J.C. Penney on cusp of rescue deal with landlords - sources

  09-09-2020 19:24 via uk.finance.yahoo.com
  
  J.C. Penney Co Inc'slandlords are nearing a deal to rescue the beleaguered department store chain from bankruptcy proceedings, averting a liquidation that would have threatened roughly 70,000 jobs and represented one of the most significant business collapses following the coronavirus pandemic, people familiar with the matter said.Mall owners Simon Property Group Incand Brookfield Property Partners LPhave teamed up to acquire J.C. Penney’s retail operations, and they were putting the finis
  
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• City warns no-deal Brexit is most likely outcome of trade talks

  09-09-2020 19:14 via uk.finance.yahoo.com
  
  A string of City analysts are predicting a no-deal Brexit amid growing fears talks with the European Union will collapse. Credit rating agency Fitch expects the UK to deal with the EU on World Trade Organisation (WTO) terms from Jan 1 as a row grows over changes to the Withdrawal Agreement which would violate international law. Fitch expects a sizeable economic hit from the disruption this would cause as businesses are hit by tariffs and red tape as result. Its chief economist Brian Coulton has
  
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• City analysts say no-deal Brexit is most likely outcome of trade talks

  09-09-2020 19:14 via uk.finance.yahoo.com
  
  Brexit trade talks are more likely than not to end without a deal, City analysts predict. Brian Coulton, chief economist at Fitch, the credit rating agency, said he expected the UK to trade with the EU on World Trade Organisation (WTO) Terms from Jan 1, meaning growth would be 2pc slower next year, by his sums. It comes after the Government published plans to follow WTO subsidy rules and confirmed its intention to annul key provisions of the Withdrawal Agreement with Brussels by publishing its I
  
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• David Marsden obituary

  09-09-2020 19:07 via uk.finance.yahoo.com
  
  David Marsden obituary
  
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• Exclusive: French government request that LVMH delay Tiffany deal was only advice - source

  09-09-2020 19:06 via uk.finance.yahoo.com
  
  A letter sent to luxury goods group LVMHby the French foreign ministry requesting it delay its $16 billion(12.37 billion pounds) purchase of U.S. jeweller Tiffanyto early January was not binding, a French government source said.Earlier on Wednesday, LVMH said it was walking away from the acquisition following the French official request to complete the deal after Jan. 6 instead of by Nov. 24, adding it was obliged to comply with the demand and had no desire to extend the negotiations.The letter,
  
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• Questor: coronavirus has hit these four trusts hard. Is it time to cut our losses and sell?

  09-09-2020 19:05 via uk.finance.yahoo.com
  
  Shares in smaller British companies have been among those hardest hit during the pandemic. How have Questor’s four investment trusts in this sector fared – and should we now discard some of them? It turns out that the trusts, Aberforth Smaller Companies, Henderson Smaller Companies, BlackRock Smaller Companies and Montanaro UK Smaller Companies, vary widely in their performance. Throughout the pandemic, Montanaro has been the pick of the bunch. Its maximum loss at the very trough of
  
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• U.S. job openings push higher; more workers quitting

  09-09-2020 19:03 via uk.finance.yahoo.com
  
  U.S. job openings increased further in July, though more workers quit their jobs in the retail as well as professional and business services industries likely because of fears of exposure to COVID-19 and problems with childcare.Despite the surge in vacancies reported by the Labor Department on Wednesday in its monthly Job Openings and Labor Turnover Survey, or JOLTS, the number of unemployed people competing for a new job remained relatively high in July.Job openings were led by the retail secto
  
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• LVMH, Tiffany tie-up called off

  09-09-2020 18:37 via uk.finance.yahoo.com
  
  Luxury giant LVMH called off its planned $16.2-billion acquisition of US jeweller Tiffany on Wednesday and the once sparkling tie-up threatened to become a bitter legal battle.
  
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• Tesco to trial drone deliveries

  09-09-2020 18:28 via uk.finance.yahoo.com
  
  Tesco , Britain's biggest retailer, said on Wednesday it would next month trial grocery home deliveries with drones as it experiments with different ways to reach more customers.Chief Executive Dave Lewis said the pilot would take place in Ireland, where partner Manna already has a license to operate.Food retailers across the globe have rapidly expanded their pick-up and delivery services in the face of the COVID-19 pandemic and several are following U.S. giant Amazonin trialing drones.
  
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• Social media companies could be banned from blocking content under new rules

  09-09-2020 18:15 via uk.finance.yahoo.com
  
  Republicans in the United States congress have proposed a new bill aimed at removing protections for websites with regards to how they moderate their platforms.The bill, called the Online Freedom and Viewpoint Diversity Act, would attempt to diminish the power of Section 230 – American legislation that stops Facebook, Twitter, and all other websites from being held legally responsible for anything posted by their users.The new bill also adds guidance to content moderation, focusing on &ldq
  
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• Mind-reading dress changes shape and colour through your brainwaves

  09-09-2020 18:14 via uk.finance.yahoo.com
  The Pangolin dress was designed by Anouk Wipprecht for the Ars Electronica festival in Austria
  
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• PS5: PlayStation fans plead with Sony for new announcement as Xbox reveals price and release date of Series X and S

  09-09-2020 18:13 via uk.finance.yahoo.com
  
  PlayStation fans are asking Sony to reveal more details about the PlayStation 5 in the wake of a series of major Xbox announcements.Microsoft has in recent days revealed both the existence of the Xbox Series S, a cheaper version of its next-generation console, and a host of other information about both that and the more premium Series X.Microsoft also confirmed that the consoles would open for pre-orders later this month.
  
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• Tesco trials grocery delivery by drone in innovation push

  09-09-2020 18:03 via uk.finance.yahoo.com
  
  Tesco boss Dave Lewis admitted the business was too slow to keep up with change as the grocer prepares to launch grocery delivery by drone. The chief executive said the search for smaller businesses that could help modernise Tesco was the last step of his revival strategy. He is stepping down next month after he declared the turnaround complete. Mr Lewis said: “We are a big business, so trying to put innovation through [corporate] governance can be very slow sometimes. You don’t need
  
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• Tesco trials grocery delivery by drone

  09-09-2020 18:03 via uk.finance.yahoo.com
  
  Tesco is preparing to test grocery delivery by drone after boss Dave Lewis admitted the business has been too slow to embrace the online revolution. The supermarket has teamed up with drone delivery start-up Manna to trial shopping air-drops next month at a store in Ireland. It revealed the scheme as Mr Lewis announced a search for tech start-ups which can help modernise Tesco, the final step of a revival strategy launched when he took charge six years ago. Mr Lewis is stepping down next month a
  
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• Robot carers are an insult to our most vulnerable

  09-09-2020 17:54 via uk.finance.yahoo.com
  
  Robot carers are an insult to our most vulnerable. Readers respond to news that robots are to be deployed in some UK care homes to reduce loneliness
  
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• Firms forced to shut by local lockdowns can claim up to £500 a week

  09-09-2020 17:43 via uk.finance.yahoo.com
  
  Firms forced to shut by local lockdowns can claim up to £500 a weekGrant scheme in England comes as concerns grow about fresh wave of business failures * Coronavirus – latest updates* See all our coronavirus coverage
  
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• Market report: Avon jumps after rubber-stamped deal

  09-09-2020 17:39 via uk.finance.yahoo.com
  
  Shares in Wiltshire-headquartered military equipment manufacturer Avon Rubber jumped after it signed an agreement to buy helmet maker Team Wendy for $130m (£100m), on a cash-free and debt-free basis. The move accelerates the group’s transformation into a pure-play defence and security business, with its third acquisition in just over a year. Its board said the takeover was an “important step in the strategic development of Avon Rubber as a leading provider of life critical pers
  
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• Boris Johnson faces anger over plans to rewrite Brexit deal

  09-09-2020 17:35
  UK-EU trade deal talks continue even as new bill threatens Irish border agreement
  
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• Lloyds Bank and Pizza Hut cut more than 1,000 jobs

  09-09-2020 17:33 via bbc.co.uk
  
  The bank will cut 865 jobs, while the pizza chain shuts 29 restaurants and closes 450 roles.
  
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• Boris Johnson warns venues face fines for social distancing breaches

  09-09-2020 17:23 via uk.finance.yahoo.com
  
  The prime minister said the measures could stop another national lockdown, but firms and investors fear more strict rules could follow.
  
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• Boris Johnson warns venues face fines for failing to enforce social distancing

  09-09-2020 17:23 via uk.finance.yahoo.com
  
  The prime minister's speech as firms' and investors' fears grow of further coronavirus lockdown measures that could hurt the economy.
  
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• Tiffany suing LVMH over stalled takeover talks

  09-09-2020 17:19 via bbc.co.uk
  
  The French luxury goods giant had planned to buy the US-based jeweller for more than $16bn.
  
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• Woman causes rush hour delay after forgetting baby on train

  09-09-2020 17:16 via ibtimes.co.uk
  
  The mother and child were reunited at the following stop after the woman realised that she had left the baby behind.
  
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• Mark Zuckerberg: Facebook is not 'a rightwing echo chamber'

  09-09-2020 17:16 via uk.finance.yahoo.com
  
  Mark Zuckerberg: Facebook is not 'a rightwing echo chamber'Social media chief says it’s ‘wrong’ to think site is driven by conservatives, though he says they post its most engaged content
  
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• Companies caught in local lockdowns in England allowed to claim compensation

  09-09-2020 17:16
  Businesses forced to shut because of Covid-19 restrictions can receive at least £1,000 every three weeks
  
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• Microsoft confirms price and launch date for Xbox Series X

  09-09-2020 17:12 via uk.finance.yahoo.com
  
  Microsoft confirms price and launch date for Xbox Series XNext-generation console will go on sale in November alongside the lower-priced Xbox Series S
  
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• Bank of Canada maintains key lending rate at 0.25%

  09-09-2020 17:05 via uk.finance.yahoo.com
  
  Canada's central bank held its key lending rate at 0.25 percent on Wednesday, saying it expects a "slow and choppy" recovery from pandemic woes.
  
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• Robot dog used to remotely monitor coronavirus patients goes on sale in the UK

  09-09-2020 17:01 via uk.finance.yahoo.com
  
  A robot dog being used in the US to help doctors assess coronavirus patients remotely is set to go on sale in the UK. Boston Dynamics, a US robotics firm owned by SoftBank, has launched the sales of its robot dog known as Spot in the UK, the European Union and Canada following a limited commercial rollout in 2019. The four-legged robot has seen a surge in demand since the pandemic, with companies globally looking to buy or lease Spot. A sale price has yet to be given for interest buyers in Brita
  
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