Business news

• Questor: at barely 12 times earnings, risk-tolerant investors could get a bargain with Anexo

  14-09-2020 23:31 via uk.finance.yahoo.com
  
  Smaller companies are inherently riskier as they tend to depend more on one key line of products or services, have a narrower geographic reach and perhaps rely more heavily on one or two important executives. Yet the rewards can be considerable too and any company that generates operating margins north of 30pc and returns on capital of more than 20pc when things are going well must be worth at least a second look. Anexo is just such a firm. The Liverpool-headquartered company provides credit and
  
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• Coronavirus: Keir Starmer calls on Boris Johnson to back Labour's 'national plan' on jobs

  14-09-2020 23:17 via uk.finance.yahoo.com
  
  Sir Keir Starmer is calling on Boris Johnson to put party differences aside and work with Labour on a jobs crusade during the coronavirus pandemic.
  
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• Gove says EU not always constructive in trade talks

  14-09-2020 23:16 via uk.finance.yahoo.com
  
  Senior British minister Michael Gove accused the European Union of not always being constructive in talks over post-Brexit trade relations, as he urged legislators to back a government bill that would breach the divorce deal between London and Brussels."The EU has not always been the constructive partner that all of us might have hoped," Gove said in closing remarks at the end of a House of Commons debate on the controversial Internal Market bill.
  
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• Britain wants EU trade talks to succeed - senior minister Gove

  14-09-2020 23:11 via uk.finance.yahoo.com
  
  Britain wants trade negotiations with the European Union to succeed and is not walking away from talks, Cabinet Office minister Michael Gove said on Monday, as the government tabled a bill designed to break the Brexit divorce agreement."What this bill is not doing, is not walking away from negotiations with the European Union ... We're committed to making a success of these negotiations," Gove told lawmakers.
  
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• Domino’s hires 5,000 new workers as pizza delivery firm continues to benefit from Covid-19 pandemic

  14-09-2020 22:39 via uk.finance.yahoo.com
  
  Domino’s Pizza is creating 5,000 jobs as it continues to benefit from the Covid-19 pandemic and households turn to its deliveries in droves.The new positions will include pizza chefs, customer service workers and delivery drivers, and are on top of the 6,000 jobs Domino’s said it had created since the start of the pandemic.
  
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• Trump-backed new chief of Latin American bank vows to expand unity in region

  14-09-2020 22:34 via uk.finance.yahoo.com
  
  Mauricio Claver-Carone, the first U.S. citizen elected to lead Latin America's main development bank in its 61-year history, on Monday vowed to focus on strengthening the bank's funding base and increase unity in the region after a contentious election.In his first interview since Saturday's election, Claver-Carone, a Trump loyalist and Cuba hard-liner, said his 67% victory gave him a strong mandate to lead the Inter-American Development Bank (IDB) at a time when Latin America and the Caribbean
  
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• New Trump-backed chief of Latin American bank vows push for regional unity

  14-09-2020 22:34 via uk.finance.yahoo.com
  
  Mauricio Claver-Carone, the first U.S. citizen elected to lead Latin America's main development bank, vowed on Monday to focus on strengthening its funding base and building more unity in the region after a contentious election.In his first interview since Saturday's election, Claver-Carone, a Trump loyalist and Cuba hard-liner, said his 67% victory gave him a strong mandate to lead the Inter-American Development Bank (IDB).
  
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• TikTok rescue deal casts plans for new London HQ into doubt

  14-09-2020 22:07 via uk.finance.yahoo.com
  
  British hopes of attracting TikTok's global headquarters to London have been cast in doubt after Donald Trump's government said the social media company had promised to invest heavily in the US to secure backing for a tie-up with Californian technology giant Oracle. Steven Mnuchin, the US Treasury Secretary, said he had received a "commitment" from the embattled Chinese video app "to create TikTok Global as a US headquartered company with 20,000 new jobs". TikTok's Beijing-based parent company,
  
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• Fiat Chrysler, Peugeot maker PSA revise merger terms due to COVID-19 crisis

  14-09-2020 21:59 via uk.finance.yahoo.com
  
  Peugeot maker PSAand Fiat Chrysler (FCA) said on Monday they had restructured the terms of their planned merger to conserve cash, and also stepped up the promised levels of cost cutting during the continuing pandemic.The two companies, which are set to merge into Stellantis, the world's fourth-largest carmaker, said in a joint statement that FCAwould cut to 2.9 billion euros (2.6 billion pounds) the cash portion of a 5.5 billion euro special dividend its shareholders will receive under the terms
  
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• FCA, PSA revise merger terms due to COVID-19 - source

  14-09-2020 21:59 via uk.finance.yahoo.com
  
  Carmakers PSA and Fiat Chrysler (FCA) have revised the terms of their planned merger, a source said on Monday, adding PSA would hold onto parts maker Faurecia and FCA would cut the cash portion of a 5.5 billion euro (5.08 billion pounds) special dividend."The aim of those changes is to reinforce the balance sheet structure of both companies after the COVID-19 crisis and ensure that the merger plan is concluded as soon as possible," the source said.FCAwill cut to 3 billion euros the cas
  
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• Lawyer to be named interim competition watchdog chief

  14-09-2020 21:36 via uk.finance.yahoo.com
  
  A former City lawyer will become the interim head of the competition watchdog after Lord Tyrie resigned in the summer. Jonathan Scott, who is already a board member of the Competition and Markets Authority, is expected to become its new chairman on a temporary basis. He set up the Brussels office of the law firm Herbert Smith and subsequently lead its competition practice for 12 years. Alok Sharma, the Business Secretary, could confirm the decision as soon as Tuesday. Mr Scott will replace Lord
  
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• Former City lawyer to be named interim head of competition watchdog

  14-09-2020 21:36 via uk.finance.yahoo.com
  
  A former City lawyer will become the head of Britain’s competition watchdog, after Lord Tyrie stood down from the role in the summer. Jonathan Scott, who is already a board member of the Competition and Markets Authority, is expected to become its new chairman on an interim basis. Mr Scott set up the Brussels office of the law firm Herbert Smith, and subsequently lead their competition group for 12 years. Alok Sharma, the Business Secretary, could confirm the decision as soon as Tuesday. M
  
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• DRC illegal mining the dangerous first link in gold supply chain

  14-09-2020 21:20 via uk.finance.yahoo.com
  
  Illegal small-scale gold miners in DR Congo, such as those who were killed when their makeshift mine collapsed last week, are the often-exploited first link in a supply chain that extends to Dubai, according to experts.
  
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• Exclusive: AstraZeneca COVID-19 vaccine trial in U.S. on hold until at least midweek - sources

  14-09-2020 20:58 via uk.finance.yahoo.com
  
  AstraZeneca'sCOVID-19 vaccine trial remains on hold in the United States pending a U.S. investigation into a serious side effect in Britain even as other trials of the vaccine resume, sources familiar with the details told Reuters.AstraZeneca on Saturday said it had restarted its trial in Britain after regulators completed their review of a serious side effect in one trial participant there.This was the first indication that the U.S. trial will remain on hold until the U.S. Food and Drug Adminis
  
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• Sturgeon calls for greater clarity on coronavirus testing backlog

  14-09-2020 20:26
  Scotland’s first minister says massive reduction in positive cases is probably because of testing problems
  
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• UK car industry faces ‘catastrophic’ £100bn hit from no-deal Brexit, says trade body

  14-09-2020 20:22 via uk.finance.yahoo.com
  
  Production of three million EU and UK-built cars and vans would be put at risk if World Trade Organisation tariffs are introduced
  
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• Warwickshire firm that made the 2012 Olympic Games torch goes bust

  14-09-2020 20:13 via bbc.co.uk
  
  The West Midlands car parts firm blames conditions in the automotive sector and Covid-19.
  
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• UK government under pressure to intervene in Arm sale to Nvidia

  14-09-2020 20:01 via uk.finance.yahoo.com
  
  UK government under pressure to intervene in Arm sale to Nvidia. Labour, unions and co-founder express concern about deal for Britain’s biggest tech company
  
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• Oracle confirms it will partner with TikTok after Microsoft's bid rejected

  14-09-2020 19:57 via uk.finance.yahoo.com
  
  Oracle confirms it will partner with TikTok after Microsoft's bid rejected. Tech company confirmed reports after Trump set deadline for US firms to stop dealing with app owner ByteDance
  
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• Arm's sale to Nvidia makes sense but we need binding guarantees

  14-09-2020 19:57 via uk.finance.yahoo.com
  
  Arm's sale to Nvidia makes sense but we need binding guarantees. The US graphics firm is a better fit for the Cambridge-based chip-maker than the profligate Softbank
  
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• Arm's £30bn sale to US buyer faces government investigation

  14-09-2020 19:48 via uk.finance.yahoo.com
  
  Nvidia’s blockbuster takeover of UK chip designer Arm is facing growing opposition after Downing Street officials announced plans to investigate the deal amid calls for it to be blocked by the company’s founder and other industry heavyweights. There were also signs the Chinese government was examining the implications of the deal. The Silicon Valley chip giant swooped for the Cambridge company, which makes microprocessor technology that appears in billions of smartphones, in a $40bn
  
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• Nvidia chief: ARM is a technology jewel

  14-09-2020 19:47 via bbc.co.uk
  
  The chief executive of Nvidia explains why he is buying UK chip designer ARM in a $40bn deal.
  
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• NVIDIA out to be a giant in an AI age

  14-09-2020 19:44 via uk.finance.yahoo.com
  
  US graphics chip maker NVIDIA aims to be a powerhouse in an era of artificial intelligence with the big-ticket buy of Britain-based Arm, whose microprocessors are in many smartphones.
  
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• Amazon workforce to hit one million after pandemic hiring spree

  14-09-2020 19:34 via uk.finance.yahoo.com
  
  Amazon is hiring another 100,000 permanent workers in the United States and Canada to meet soaring demand for online shopping, almost certainly taking its overall headcount over 1m. The online shopping titan said it would open 100 new operations buildings this month as it prepares for a logistical double whammy from both the Christmas holidays and its delayed Prime Day sale, which will now take place this autumn. New employees will get a starting wage of at least $15 (£11.65) per hour, as
  
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• Nikola, CNH say building electric truck prototypes, target end 2021 launch

  14-09-2020 19:31 via uk.finance.yahoo.com
  
  Hindenburg had also alleged that a seemingly functional truck, Nikola One, was "simply filmed rolling down a big hill" in 2017.Nikola said on Monday it never stated the truck was driving "under its own propulsion" and investors at that time were aware of its technical capabilities.Nikola, which had accused Hindenburg of manipulating the stock to benefit short-sellers, said it approached the U.S. Securities and Exchange Commission on the matter.
  
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• Nikola, CNH building electric truck prototypes for 2021 end launch

  14-09-2020 19:31 via uk.finance.yahoo.com
  
  Meanwhile, the U.S. Securities and Exchange Commission (SEC) is probing Nikola to assess the merits of Hindenburg's allegations that the EV maker misled investors about its business prospects, Bloomberg News reported https://bloom.bg/3kk4HT4.Nikola, which had accused Hindenburg of manipulating the stock to benefit short-sellers, said its counsel had contacted and briefed the SEC on its concerns regarding the short-seller's report.Hindenburg had also alleged that a seemingly functional truck, Nik
  
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• Wishing for the public sector to shrink is wishing for less economic activity when it's most needed

  14-09-2020 19:30 via uk.finance.yahoo.com
  
  Wishing for the public sector to shrink is wishing for less economic activity when it's most needed. Do we really want fewer healthcare workers right now? Implementing public sector cuts because the private sector is suffering would be folly
  
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• Cut to jobseeker payment estimated to cost Australian economy $31bn

  14-09-2020 19:30 via uk.finance.yahoo.com
  
  Cut to jobseeker payment estimated to cost Australian economy $31bnDeloitte report says reducing coronavirus supplement will harm economic recovery and decrease employment
  
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• Asia import ban adds to German pork woes

  14-09-2020 19:30 via uk.finance.yahoo.com
  
  The discovery of African swine fever in a German boar is the latest blow to the country's meat industry that is already struggling from the impact of the coronavirus.
  
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• Why Walmart still wants in on the TikTok deal

  14-09-2020 19:27 via uk.finance.yahoo.com
  
  Walmart Inc said it is pressing ahead with its goal to invest in TikTok as Oracle Corp takes the lead in a partnership with the Chinese video-sharing app.On Sunday, Oracle beat Microsoft Corp in the battle for the U.S. arm of TikTok with a deal structured as a partnership rather than an outright sale to try to navigate geopolitical tensions between Beijing and Washington.Walmart had teamed up with Microsoft on the unsuccessful bid.
  
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• Arm deal is drawing UK into damaging US-China tech war

  14-09-2020 19:18
  Britain needs firm commitments from American buyer
  
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• BP can thrive without oil, boss vows

  14-09-2020 19:13 via uk.finance.yahoo.com
  
  BP’s top brass tried to persuade investors that its plans to quit fossil fuels were credible as they warned that the days of oil were numbered. Chief executive Bernard Looney told shareholders and fund managers that the oil giant would begin weaning itself off hydrocarbons and intensifying its focus on renewable energy. He acknowledged that many of them were sceptical that the 111-year-old business could reinvent itself so radically. “Trust and confidence comes from transparency &nda
  
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• Customs agents not ready for Brexit trade with EU, survey shows

  14-09-2020 19:01
  UK logistics trade association points to falling capacity due to Covid and lack of clear guidance from government
  
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• EU urges China to grant Xinjiang access, warns on trade

  14-09-2020 18:58 via uk.finance.yahoo.com
  
  The EU urged China on Monday to let independent observers into its troubled Xinjiang region and warned Beijing it must make concessions if it wants to agree a major investment deal with the bloc.
  
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• Tech leads crisis-driven M&A boom with $350 billion deal rush

  14-09-2020 18:56 via uk.finance.yahoo.com
  
  Dealmaking has stepped up a gear in September, with Nvidia Corpon Monday announcing the purchase of Arm from Japan's SoftBank .Others are coming thick and fast, with Verizonbuying Mexican mobile phones provider Tracfonefor $6.25 billion and Gilead Sciencesto acquire biotech firm Immunomedicsfor $21 billion.Such waves are characteristic after downturns, but Refinitiv data shows 2020's $1.97 trillion total of deals announced so far exceeds $1.26 trillion and $1.6 trillion during the same period in
  
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• Wetherspoon says 66 staff tested positive for Covid-19 but none of its pubs closed for deep clean

  14-09-2020 18:47 via uk.finance.yahoo.com
  
  Founder Tim Martin says 40 pubs have reported one case, six pubs have reported two, two pubs have reported three and two pubs have reported four
  
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• UK retailers look to challenge scrapping of VAT relief for overseas visitors

  14-09-2020 18:42
  West End business group taking legal advice over Treasury’s ‘devastating’ decision
  
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• TikTok takeover: Oracle beats Microsoft to buy app’s US operation

  14-09-2020 18:40 via uk.finance.yahoo.com
  
  The company beat Microsoft, Triller, and others to partner with the viral video app
  
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• Facebook leaks new Oculus Quest 2 virtual reality headset in promotional videos

  14-09-2020 18:21 via uk.finance.yahoo.com
  
  The Oculus Quest 2 is likely to launch this month, lighter and more powerful than its previous incarnation
  
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• Dutchman gathers support to replace Mersch on ECB board

  14-09-2020 18:21 via uk.finance.yahoo.com
  
  Dutchman Frank Elderson appeared on Monday to be the front runner for a seat on the European Central Bank's executive board as central and eastern European countries, who also want the job, have so far not agreed on a single candidate, euro zone officials said.Euro zone governments have until Sept. 25 to submit candidates to succeed Yves Mersch, whose term on the ECB's executive board ends in December along with his mandate as the deputy chair of the ECB's bank supervision arm.The Netherlands pr
  
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• Coronavirus: How do I find a new job and which sectors are hiring?

  14-09-2020 18:21 via bbc.co.uk
  
  Jobseekers are having a tough time at the moment but support is available.
  
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• Elon Musk tells Bill Gates he ‘has no clue’ about electric cars after Microsoft founder played down Tesla’s future

  14-09-2020 18:16 via uk.finance.yahoo.com
  
  Gates pushed for biofuels instead of electric vehicles for long-haul transportation
  
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• Apple expected to unveil updates to Watches, iPads

  14-09-2020 17:48 via uk.finance.yahoo.com
  
  Despite pandemic-related disruptions that Apple executives have said will push the release of the iPhone into October, Apple has posted earnings that beat expectations for the past two quarters powered in part by strong sales of work-from-home items such as iPads and laptops and accessories that pair with its flagship smart phones.While analysts expect an October event for iPhones, Apple teased at new watches with a "Time Flies" caption for its Tuesday event invite sent last week, and analysts e
  
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• $100,000 reward announced for man who shot police officers in Los Angeles

  14-09-2020 17:41 via ibtimes.co.uk
  
  The two deputies were in critical condition after the unprovoked attack on them while they sat in their patrol vehicle.
  
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• Oil industry sounds alarm on coronavirus dent in demand

  14-09-2020 17:40 via uk.finance.yahoo.com
  
  Persistent damage to the global economy from the coronavirus pandemic will hollow out demand for oil more than previously thought, major industry figures said on Monday.OPEC said in its monthly report that world oil demand would fall by 9.46 million barrels per day (bpd) this year, a decline sharper by 400,000 bpd than predicted in August.The producer club bumped up its forecast slightly for developed countries, but cut its outlook for Asian countries beyond China "on the back of a slowdown in e
  
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• EU-China summit inches trade deal forward amid human-rights tensions

  14-09-2020 17:38 via uk.finance.yahoo.com
  
  The conference touched on trade, climate action, coronavirus vaccine cooperation, and the big issue of human rights in China.
  
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• Why a second wave may mean a double dip downturn

  14-09-2020 17:30 via uk.finance.yahoo.com
  
  The UK economy could just be in the eye of the Covid storm. The spike in infections seen in the past two weeks is concerning economists as well as health experts. A record-breaking rebound in GDP expected in the third quarter could be a brief respite rather than the start to a roaring recovery, forecasters fear. A second wave of infections and restrictions threatens to send the recovery into reverse this autumn with experts warning the UK is again more vulnerable than most. “A second full
  
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• Alphabet's YouTube to launch TikTok-like product

  14-09-2020 17:29 via uk.finance.yahoo.com
  
  YouTube will first test the feature in India over the next few days and then expand to more countries in the coming months, it said in a blog post on Monday.YouTube's new product, which will compete with Facebook Inc's Reels and TikTok, will let users record short mobile-friendly vertical videos and then add special effects and soundtracks pulled from a music library.The announcement also comes as Oracle Corp and China's ByteDance team up to keep TikTok operating in the United States, beating Mi
  
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• Market report: Lockheed deal gives BAE a lift

  14-09-2020 17:25 via uk.finance.yahoo.com
  
  A contract win lifted BAE Systems on Monday, sending its shares up 12.2p to 520.2p. The FTSE 100 group won a contract with Lockheed Martin, the US defence giant, to produce additional electronic warfare system parts for the F-35 Lightning II aircraft. BAE has already delivered more than 500 EW systems for the fighter jets, matching Lockheed’s airframe production. Deborah Norton, BAE’s vice-president for F-35 solutions, said: “This contract underscores our partnership with Lockh
  
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• Sleeping 13-year-old shredded alive by corn harvester

  14-09-2020 17:15 via ibtimes.co.uk
  
  A farmworker was unaware that the teen had fallen asleep in the field while hunting deer in the area.
  
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