Business news

• Teenager apologises for hosting illegal house party after £10,000 fine

  13-09-2020 23:46 via uk.finance.yahoo.com
  
  The 19-year-old sent a handwritten note to neighbours in Nottingham
  
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• Johnson faces mounting resistance to Brexit move

  13-09-2020 23:40
  Tony Blair and John Major attack ‘dangerous’ proposal to renege on parts of EU divorce deal
  
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• Renewables growing faster than any fuel in history, says BP

  13-09-2020 22:45 via uk.finance.yahoo.com
  
  Oil titan BP has said that renewable power is growing faster than any other fuel in history, ahead of a crunch investor meeting today. The company made the striking admission in its 2020 edition of the BP Energy Outlook, which explores the possible paths for how big oil companies might reduce their emissions. This week, BP will host investors from around the world at its capital markets days in an attempt to convince some of the largest funds in the world that it is committed to going green. In
  
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• Spain to extend coronavirus job protection measure until year-end - source

  13-09-2020 22:21 via uk.finance.yahoo.com
  
  Spain plans to extend until the end of the year a measure preventing employers from using the coronavirus pandemic as an excuse to fire staff, a source with knowledge of the matter said on Sunday.Ministers are currently negotiating with unions and business groups to extend a furlough scheme, known as ERTE, beyond September when it was due to expire.Currently, there are about 800,000 workers in Spain who are on the furlough scheme, compared to 2.5 million when the government declared a state of e
  
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• Government set to step in on $40bn sale of Britain's Arm to Nvidia

  13-09-2020 22:17 via uk.finance.yahoo.com
  
  The Government is set to attach strict requirements to the takeover of British microchip company Arm by the American tech giant Nvidia, amid fears the sale could lead to a hollowing out of Arm’s Cambridge base. Nvidia and Arm’s Japanese owner SoftBank are due to announce a cash and shares deal worth more than $40bn (£31bn) as soon as this morning, in one of the biggest deals ever involving a British technology company. However, ministers are believed to be pushing for condition
  
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• YouTube faces legal battle over British children's privacy

  13-09-2020 21:43 via bbc.co.uk
  
  Google, YouTube's parent company, is facing a landmark claim over the use of children's data in the UK.
  
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• Gilead to buy Immunomedics in $21 billion deal

  13-09-2020 21:30 via uk.finance.yahoo.com
  
  The deal provides Gilead access to Immunomedics' breast cancer treatment drug, Trodelvy, which was granted an accelerated FDA approval in April.Gilead said it would issue a tender offer to buy all the outstanding shares of Immunomedics for $88 per share in cash.
  
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• Gilead to buy cancer drugmaker Immunomedics for $21 billion

  13-09-2020 21:30 via uk.finance.yahoo.com
  
  The deal provides Gilead access to Immunomedics' breast cancer treatment drug, Trodelvy, which was granted an accelerated FDA approval in April.Gilead said it would issue a tender offer to buy all the outstanding shares of Immunomedics for $88 per share, representing a premium of about 110% over their last closing price of $41.93 on Sept 11.
  
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• Jordan's Capital Bank begins due diligence to buy Lebanon's Audi's units in Jordan, Iraq

  13-09-2020 20:33 via uk.finance.yahoo.com
  
  Jordan's Capital Bankhas begun due diligence on buying Lebanese Bank Audi's > Iraq and Jordan units in an acquisition that will help the Jordanian bank to diversify and expand domestically and regionally, its chairman said.Capital Bank said on Sunday in a bourse disclosure that both sides signed a letter of intent to acquire assets and liabilities of Lebanon's major lender Audi Bank and that it obtained initial approval from both monetary authorities.
  
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• A host of interested parties want a slice of the Hovis action

  13-09-2020 20:12 via uk.finance.yahoo.com
  
  Private equity funds and food groups are after a slice of Hovis, one of Britain’s best known breadmakers, in a potential £100m deal. Buyout firms including Bella Italia owner-Epris, Endless and Aurelius are among a dozen suitors that have lodged indicative offers for the 134-year-old company, Sky News first reported. Hovis was put up for sale earlier this summer by The Gores Group, a US private equity firm. Premier Foods, the London listed company that owns brands including Mr Kiplin
  
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• Calls for all fishermen to land catch in UK

  13-09-2020 20:09 via uk.finance.yahoo.com
  
  A win in the Brexit trade talks on fisheries would be meaningless without new legislation to encourage fishermen to land their catches in the UK, according to the British Ports Association. Richard Ballantyne, chief executive of the BPA, said unless more fish was caught and landed in UK – even if by EU vessels – deprived coastal communities that depend on businesses offering services such as processing and packaging would not benefit, undermining government policies such as free port
  
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• The coronavirus diagnostics kit made in South Africa

  13-09-2020 19:35 via bbc.co.uk
  
  A South African genomics firm has made a diagnostics kit that tests for coronavirus in 65 minutes.
  
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• Greens may back forcing Facebook and Google to pay for news if ABC is included

  13-09-2020 19:30 via uk.finance.yahoo.com
  
  Greens may back forcing Facebook and Google to pay for news if ABC is includedSarah Hanson-Young says Coalition needs to fix the draft code to save public interest journalism and if it did Greens could back it
  
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• Japan trade deal commits UK to stricter state aid curbs than in EU talks

  13-09-2020 19:27
  Contrasting positions could undermine negotiating stance with Brussels
  
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• SoftBank executives renew talks on taking the group private - FT

  13-09-2020 19:09 via uk.finance.yahoo.com
  
  The discussions are driven by frustrations over the continuous discount in SoftBank's equity valuation compared with the value of its individual holdings, which continues even after an asset sale programme tried to close that gap, the newspaper said.The talks on taking the company private have also been speeded up due to number of fundamental changes to SoftBank's long-term business strategy, FT reported citing people close to the company's senior management.On Saturday, Reuters reported that Nv
  
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• Embattled SoftBank renews talks on taking the group private - source

  13-09-2020 19:09 via uk.finance.yahoo.com
  
  The discussions are driven by frustrations over the persistent discount in SoftBank's equity valuation compared with the value of its individual holdings, which continues even after an asset sale programme tried to close that gap, the source said, requesting anonymity as the discussions are private.The deliberations are at a very preliminary stage and SoftBank management is divided about whether or not move ahead with the deal, the source cautioned, adding it is not the first time SoftBank execu
  
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• Embattled SoftBank renews talks on taking the group private - FT

  13-09-2020 19:09 via uk.finance.yahoo.com
  
  The discussions are driven by frustrations over the continuous discount in SoftBank's equity valuation compared with the value of its individual holdings, which continues even after an asset sale programme tried to close that gap, the FT said, citing people familiar with the matter.A SoftBank spokeswoman declined to comment on the FT report when contacted by Reuters.Shares in SoftBank, which is led by billionaire Masayoshi Son, on the Tokyo Stock Exchange are down a little over 10% so far in 202
  
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• Carling boss pleads for aid from government to save ‘beer nation’

  13-09-2020 18:49 via uk.finance.yahoo.com
  
  The boss of the brewer behind Britain’s favourite pint is urging Rishi Sunak to slash beer duty by a quarter amid fears the industry will be crushed by coronavirus this winter. Carling chief Phil Whitehead said a permanent cut of 14p-a-pint was crucial for “beer nation” Britain to avoid a “bleak winter”. He said: “[We are] at a really pivotal point. If we don’t get the long-term support, I think this industry could go through a very bleak winter. “
  
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• Restaurants at 'critical risk' of eviction

  13-09-2020 18:40 via bbc.co.uk
  
  Bosses of firms including Deliveroo call on Boris Johnson to extend the commercial rent moratorium.
  
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• Lufthansa's Swiss unit could cut 15% of jobs - Sonntagszeitung

  13-09-2020 18:39 via uk.finance.yahoo.com
  
  Lufthansa'sSwiss unit could cut up to 15% of its 9,500 jobs if it cannot agree salary cuts with staff as it seeks to meet strict savings targets in the wake of the coronavirus crisis, Swiss weekly Sonntagszeitung said on Sunday.Swiss did not immediately reply to a Reuters request for comment.Swiss parent Lufthansa has pledged a restructure ranging from thousands of job cuts to asset sales, as it seeks to repay a 9 billion euro ($11 billion) state bailout and navigate deepening losses in the face
  
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• NBA prefers live games with limited fans for 2020-2021 season

  13-09-2020 18:35 via ibtimes.co.uk
  
  Ticket sales account for most of the income for NBA teams.
  
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• Rajon Rondo's brother ejected from NBA-Disney bubble for heckling Russell Westbrook

  13-09-2020 18:26 via ibtimes.co.uk
  
  NBA players have been allowed to invite a limited number of family members and close friends to join them in the bubble.
  
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• Dutch government to press ahead with controversial CO2 tax for industry

  13-09-2020 18:26 via uk.finance.yahoo.com
  
  Under the plans, firms will be given some exemption for a certain amount of CO2 emission, but they will have to pay for everything they emit on top of that amount.
  
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• Arcadia: Sir Philip Green's company U-turns to pay full salaries for staff facing redundancy

  13-09-2020 18:25 via uk.finance.yahoo.com
  
  Bosses ‘extremely sorry … for the distress we caused and apologise unreservedly’, they say in grovelling apology
  
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• Shell halts offshore drilling as U.S. Gulf Coast braces for hurricane

  13-09-2020 18:21 via uk.finance.yahoo.com
  
  Royal Dutch Shell Plcbegan shutting some of its offshore drilling operations on Sunday in preparation for Tropical Storm Sally, forecast to become a dangerous hurricane before making landfall on Tuesday, the company said.Shell's offshore production was unchanged and all personnel remained on production platforms, company spokeswoman Cynthia Babski said.Energy producers and communities along the U.S. Gulf Coast organized evacuations of residents and offshore workers on Sunday as they prepared for
  
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• Oil companies idle production as U.S. Gulf Coast braces for hurricane

  13-09-2020 18:21 via uk.finance.yahoo.com
  
  Energy producers and communities along the U.S. Gulf Coast organized evacuations of residents and offshore workers on Sunday as they prepared for the second hurricane strike in less than a month.Royal Dutch Shell Plcbegan shutting some of its offshore drilling operations on Sunday in preparation for Tropical Storm Sally, forecast to become a hurricane before making landfall on Tuesday, the company said.Shell's offshore production was unchanged and all personnel remained on production platforms,
  
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• UK-Japan trade deal shows need for EU pact

  13-09-2020 18:13
  Accord is an important stepping stone for Britain to join TPP
  
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• Black Lives Matter protesters block entrance to NBA-Disney bubble in Orlando

  13-09-2020 18:13 via ibtimes.co.uk
  
  Protesters have been calling for justice since the shooting of Slaythis Melvin.
  
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• Union lauds 'amazing victory' after Arcadia redundancy payment apology

  13-09-2020 17:45 via uk.finance.yahoo.com
  
  Union lauds 'amazing victory' after Arcadia redundancy payment apologySir Philip Green’s group to pay full salaries to head office staff facing Covid-19 job losses* Coronavirus – latest updates* See all our coronavirus coverage
  
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• Reopening UK offices risks excluding women and minorities, says business chief

  13-09-2020 17:25 via uk.finance.yahoo.com
  
  Reopening UK offices risks excluding women and minorities, says business chiefExclusive: CMI chief warns women without sufficient childcare could be left out of key decisions* Coronavirus – latest updates* See all our coronavirus coverage
  
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• Google accused of allowing scammers to display fake adverts for debt help online

  13-09-2020 17:21 via uk.finance.yahoo.com
  
  Google is not clamping down hard enough on scam adverts appearing in their searches, according to a new investigation. Consumer group Which? claimed it had found fake adverts for debt help charities and financial firms. The group says it found search results for common saving terms such as "top Isa", "best bonds" and "best fixed rate bonds" contained dubious adverts for "investment finder" services encouraging people to fill in their details. One victim lost £160,000 after clicking on an a
  
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• Luxury holiday park boss could be made bankrupt over debts

  13-09-2020 17:14 via uk.finance.yahoo.com
  
  A businessman who promised caravan enthusiasts a “guaranteed return” on their holiday sites could be forced into bankruptcy after leaving investors millions of pounds out of pocket. Upmarket holiday park operator Dream Lodge collapsed in January 2019, threatening to wipe out individuals who had handed over up to £200,000 in return for fixed rental income or a guaranteed profit after three years. Around 80 jobs were lost across eight sites after parent company Walsham Chalet Par
  
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• Dutch minister says survival of Air France-KLM 'not a given'

  13-09-2020 17:13 via uk.finance.yahoo.com
  
  The survival of the Air France-KLM group is not guaranteed if the economic crisis caused by the coronavirus pandemic continues, Dutch Finance Minister Wopke Hoekstra warned Sunday.
  
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• Christmas air deliveries hit by Covid

  13-09-2020 16:55 via uk.finance.yahoo.com
  
  Christmas deliveries are likely to be delayed this year because of the pandemic’s impact on air travel, according to cargo experts. The warning of present problems comes on the heels of the new ‘rule of six’ limit on people meeting up, which threatens to outlaw many family gatherings over the festival season. The plunge in traveller numbers due to Covid-19 restrictions has sent air freight rates soaring and slashed cargo capacity, according to freight forwarding company Flexpor
  
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• Exclusive: Canada looks set for a fight over C$1 billion compensation for Huawei gear

  13-09-2020 16:37 via uk.finance.yahoo.com
  
  Canada is signaling it might not compensate major telecommunications providers if the federal government bans equipment made by China's Huawei from 5G networks, setting up a potential fight over a bill that could hit C$1 billion (593.5 million pounds).Canada, under pressure from the United States to ban Huawei Technologies Co Ltd gear on security grounds, is studying whether to allow the firm into the country's next-generation 5G networks.If Ottawa does announce a formal ban, the affected compan
  
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• Celebrity haunts Gusto and Wild by Tart file for CVAs

  13-09-2020 16:27 via uk.finance.yahoo.com
  
  Two restaurant outlets favoured by footballers and celebrities are the latest to start restructuring proceedings after being hammered by the pandemic. Gusto Restaurants, which has 18 sites in the north and the Midlands, including in Liverpool, Manchester and Birmingham, is applying for a creditors’ voluntary arrangement (CVA) to help it pay off debts. Gusto, whose high-profile clients have included Liverpool manager Jurgen Klopp and footballer Wayne Rooney’s wife Coleen, has been own
  
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• Business groups call for urgent action on leases to save hospitality sector

  13-09-2020 16:22 via uk.finance.yahoo.com
  
  In a letter sent to Rishi Sunak and Robert Jenrick UKHospitality called for these protections to be extended to 31 March 2021.
  
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• New Look relying on landlords to prevent it from going into administration

  13-09-2020 16:05 via uk.finance.yahoo.com
  
  It does not bode well for New Look that online peer Boohoo is ready to pounce on the ailing retailer ahead of a crunch vote with landlords on Tuesday. The move itself is not surprising. Boohoo has been on an acquisition spree of distressed brands over the past year. But it implies that New Look will go bust. So far, Boohoo has only bought the name and websites of Karen Millen, Coast, Oasis and Warehouse after they collapsed, and not the stores. New Look has 496 branches and more than 11,000 staf
  
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• Justice Secretary defends the need for Internal Markets Bill

  13-09-2020 15:26 via uk.finance.yahoo.com
  
  Justice Secretary Robert Buckland has defended the need for the controversial Internal Markets Bill as a "break glass in emergency provision" to ensure the integrity of the United Kingdom is maintained.
  
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• Sir Philip Green's Arcadia 'sorry' after notice pay row

  13-09-2020 15:25 via bbc.co.uk
  
  The group agrees to pay full salaries for head office staff facing redundancy after legal threat.
  
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• SoftBank closes in on $40bn deal with Nvidia for UK’s Arm Holdings

  13-09-2020 14:43 via uk.finance.yahoo.com
  
  It comes four years after billionaire Masayoshi Son, SoftBank’s founder, bought Arm Holdings for $32bn.
  
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• 700,000 jobs cuts feared as furlough scheme ends

  13-09-2020 14:35 via uk.finance.yahoo.com
  
  The country is heading for the highest level of redundancies since the Nineties, fresh data have shown, as the furlough scheme draws to a close. The Institute for Employment Studies estimated there will be 450,000 job losses in the coming months and warned the toll could exceed 700,000 if employers continue to slash jobs. Some of the country’s largest companies have announced thousands of cuts since the pandemic hit including Marks & Spencer, John Lewis, British Airways and Pizza Expre
  
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• Former UK leaders unite to condemn Boris Johnson’s Brexit move

  13-09-2020 14:23
  Tony Blair and John Major attack ‘dangerous’ proposal to renege on parts of EU divorce deal
  
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• Boris Johnson faces mounting resistance to Brexit move

  13-09-2020 14:23
  Tony Blair and John Major attack ‘dangerous’ proposal to renege on parts of EU divorce deal
  
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• Reeves: We need to focus on health and economic challenges

  13-09-2020 14:13 via uk.finance.yahoo.com
  
  Rachel Reeves has said the government needs to focus on the health and economic challenges the UK is facing rather than ‘unpicking deals’. The Shadow Cabinet Office Minister went on to urge the UK and EU to ‘stop posturing’ and start negotiating.
  
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• Air France-KLM's future in doubt without cost cuts - Dutch minister

  13-09-2020 13:54 via uk.finance.yahoo.com
  
  Air France-KLMmight not survive its current crisis if the airline group cannot lower its costs, Dutch Finance minister Wopke Hoekstra said on Sunday."The survival of Air France-KLM is not a given," Hoekstra said in an interview on Dutch public television.Air France-KLM's immediate future was secured by the French and Dutch governments in July, as they provided a total of 10.4 billion euros ($12.3 billion) in bailout loans and guarantees to help the group survive the disastrous effects of the COV
  
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• Wales' remote work message at odds with calls to return to offices

  13-09-2020 13:50 via uk.finance.yahoo.com
  
  Welsh first minister Mark Drakeford concluded the move could drive regeneration and economic activity through people spending money in their communities.
  
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• Why the Bank of England’s message on monetary financing needs clarity

  13-09-2020 13:00
  The central bank’s gilt purchases have been justified but could pose long-term risks for financial stability
  
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• The Bank of England’s message on monetary financing needs clarity

  13-09-2020 13:00
  The central bank’s gilt purchases have been justified but could pose long-term risks for financial stability
  
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• Amateur astronomer spots potentially dangerous asteroid just days before it flies past Earth

  13-09-2020 12:58 via uk.finance.yahoo.com
  
  An amateur astronomer spotted a potentially dangerous asteroid heading towards Earth just days before it flew past us.The object would have created global devastation if it smashed into Earth.The object – officially known as Asteroid 2020 QU6 – was first spotted by Leonardo Amaral at the Campo dos Amarais observatory in Brazil, on 27 August.
  
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