Business news

• Nike shares surge as earnings top expectations

  22-09-2020 23:15 via uk.finance.yahoo.com
  
  Nike reported better-than-expected quarterly earnings Tuesday on big growth in digital sales, lifting shares and bouncing back from a loss in the prior period caused by the coronavirus pandemic.
  
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• Surge in U.S. pork exports to China led by Brazil's JBS, China's WH Group

  22-09-2020 23:01 via uk.finance.yahoo.com
  
  JBS may have shipped 370% more U.S. pork to China this year through Aug. 31 than at the same period in 2017, while exports linked to WH Group rose 90.1%, Panjiva said Tuesday.Meanwhile, Springdale, Arkansas-based Tyson Foods Incshipped 7.3% less pork to China compared to the same period in 2017.
  
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• Tesla promises $25,000 car in three years and plans to halve the cost of batteries

  22-09-2020 22:51 via uk.finance.yahoo.com
  
  Tesla has promised a $25,000 electric car in the next three years as it halves the cost of its batteries. Chief executive Elon Musk unveiled a plan to make electric cars accessible to the masses, conceding that the company does not yet have "a truly affordable car". "The rate of improvement of the affordability of cars is just not fast enough," Mr Musk said in a presentation which opened with the apocalyptic red skies seen in California as a result of wildfires earlier this month. The company's
  
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• Former YouTube content moderator sues site and accuses it of failing to protect employees

  22-09-2020 22:50 via uk.finance.yahoo.com
  
  Plaintiff alleges that high turnover of employees has left video sharing platform 'chronically understaffed’
  
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• Lufthansa plans rapid COVID-19 testing starting October - executive

  22-09-2020 22:41 via uk.finance.yahoo.com
  
  The move comes as airlines and airports globally have urged countries to accept a passenger's negative COVID-19 test as an alternative to travel restrictions and quarantines that have battered demand for travel.While the aviation industry has largely backed the use of Polymerase Chain Reaction (PCR) tests which take several hours to process in a lab, airline trade group IATA on Tuesday toutedantigen tests that can be processed on site and typically give results within about 15 minutes.Abbott Lab
  
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• Nike smashes revenue, profit estimates on China demand, online boom

  22-09-2020 22:27 via uk.finance.yahoo.com
  
  The Nike brand's digital sales surged 82% in the first quarter ended Aug. 31, with at least double-digit rises recorded in all regions.Overall, sales in China, where the economy opened from lockdowns much earlier than in other parts of the world, rose 6%."Nike is recovering faster based on accelerating brand momentum and digital growth," Chief Financial Officer Matt Friend said in a statement.
  
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• Ashworth: We could’ve avoided these restrictions

  22-09-2020 22:22 via uk.finance.yahoo.com
  
  Shadow Health Secretary, Jon Ashworth has said the new restrictions brought in by Boris Johnson could’ve been avoided. The Labour MP urged the government to put local health experts back in control of testing.
  
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• Facebook says fake accounts from China aimed at US politics

  22-09-2020 21:46 via uk.finance.yahoo.com
  
  Facebook said Tuesday it derailed a network of fakes accounts out of China that had recently taken aim at the US presidential race.
  
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• Former Blair adviser Mendelsohn lands top job at gambling firm 888

  22-09-2020 21:45 via uk.finance.yahoo.com
  
  A former lobbyist who played an influential role in Tony Blair's rise to power is close to being unveiled as the next chairman of 888 Holdings, the online gambling giant.
  
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• Argentina economy plunges record 19.1% in second quarter on pandemic impact

  22-09-2020 21:39 via uk.finance.yahoo.com
  
  Argentina's economy contracted a record 19.1% in the second quarter versus the same period a year earlier as the coronavirus pandemic crippled production and demand, though was slightly better than analyst forecasts.The steep fall, deeper than a 16.3% drop during Argentina's major 2002 crisis, came as the South American country imposed a strict lockdown in mid-March to stem the virus.Argentina, a major grains producer, has been in recession since 2018 and is just emerging from default on its sov
  
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• Glencore says Kamoto Copper Company ramping up to full production

  22-09-2020 21:27 via uk.finance.yahoo.com
  
  KCC is also expected to produce 25,000 tonnes of cobalt hydroxide, Glencore's Mark Davis said.In remarks made after a meeting with Congo's prime minister, Mark Davis said Glencore was also continuing to weigh options for a potential restart of its Mutanda Mining operation, which the company shuttered in November due to falling cobalt prices, increased costs and higher taxes."The Kamoto Copper operation is very successfully ramping up to full production levels during this current year ... and the
  
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• Climate crisis: China pledges to become carbon neutral by 2060

  22-09-2020 21:22 via uk.finance.yahoo.com
  
  China, the world's worst polluter, has pledged to become carbon neutral by 2060.
  
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• Mark Drakeford announces new Covid-19 restrictions

  22-09-2020 21:02 via uk.finance.yahoo.com
  
  First Minister of Wales, Mark Drakeford, has outlined new Covid-19 measures for the public in an attempt to stop the rise in cases. The 10pm curfew set out by Prime Minister Boris Johnson has been extended to the sale of alcohol in supermarkets and off licences in Wales.
  
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• Disney appeal to California: 'It's time' to let Disneyland reopen

  22-09-2020 20:59 via uk.finance.yahoo.com
  
  Walt Disney Courged California officials on Tuesday to let the company reopen the Disneyland theme park, which remains shuttered six months after closing down to help curb the spread of coronavirus.With approval from local authorities, Disney has reopened its parks in Shanghai, Paris and Florida with limited attendance, face mask requirements and other measures to prevent COVID-19 infections.Hong Kong Disneyland is set to reopen on Friday.
  
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• U.S. airlines to make urgent call for new bailout ahead of Oct. 1 job cuts

  22-09-2020 20:56 via uk.finance.yahoo.com
  
  Major U.S. airlines plan to make a last-ditch bid to persuade Congress to grant them a new $25 billion (£19.63 billion) bailout to help avert thousands of employee furloughs set to begin Oct. 1, even as a separate $25 billion in government loans for the sector sits untapped.The chief executives of American Airlines , United Airlinesand JetBlue Airwaysand major aviation unions were scheduled to hold a news conference on Capitol Hill on Tuesday afternoon calling for a six-month extension of
  
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• U.S. airlines make urgent call for new bailout ahead of Oct. 1 job cuts

  22-09-2020 20:56 via uk.finance.yahoo.com
  
  Major U.S. airlines launched a last-ditch bid to persuade Congress to grant them a new $25 billion bailout to help avert tens of thousands of employee furloughs set to begin Oct. 1.The chief executives of American Airlines , United Airlinesand JetBlue Airwaysand major aviation unions held a news conference on Capitol Hill on Tuesday afternoon calling for a six-month extension of a payroll support program that consisted primarily of grants in exchange for keeping workers on the payroll."We're not
  
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• Bezos charity to open first preschool in US

  22-09-2020 20:52 via uk.finance.yahoo.com
  
  Amazon chief Jeff Bezos said Tuesday that the first free preschool backed by his philanthropic fund will open next month to disadvantaged children in the US internet giant's home state.
  
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• NatWest unveils savings account offering 3% interest

  22-09-2020 20:50 via uk.finance.yahoo.com
  
  NatWest unveils savings account offering 3% interest. Up to £50 a month can be put into account designed to help people with little or no savings
  
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• Venezuela launches London appeal in battle for $1 billion in gold

  22-09-2020 20:43 via uk.finance.yahoo.com
  
  The Nicolas Maduro-backed Venezuelan central bank launched a landmark appeal in London on Tuesday over $1 billion (£785.21 billion) of gold reserves held in the Bank of England's underground vaults.The Banco Central de Venezuela (BCV) board controlled by the Maduro government is challenging a High Court ruling in July that the UK government "unequivocally" recognised opposition leader Juan Guaido as the interim president, therefore giving him control over the gold.Lawyers representing the
  
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• Facebook warns of restrictions in case of US post-election turmoil

  22-09-2020 20:39 via uk.finance.yahoo.com
  
  Facebook has contingency plans to block some content on its platform if civil unrest breaks out after the November US election, a top executive said.
  
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• The financial watchdog may have finally brought insurers to heel

  22-09-2020 20:33 via uk.finance.yahoo.com
  
  The financial watchdog may have finally brought insurers to heel. The FCA’s honest, simple ban on ‘price walking’ could end a long-running business model that punishes customer loyalty
  
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• Russia's Yandex in talks to buy online bank Tinkoff for $5.5 billion

  22-09-2020 20:29 via uk.finance.yahoo.com
  
  Russian bank TCS Group Holding is in talks to sell its online bank Tinkoff to Russian internet giant Yandexfor $5.48 billion (£4.30 billion), the two companies said on Tuesday.The idea was first publicly floated last year when Oleg Tinkov, founder of Russia's TCS group, suggested https://uk.reuters.com/article/idUKL8N23E2JS to Yandex's chief executive that they combine his bank with Yandex, known as Russia’s answer to Google."The parties have come to an agreement in principle on a tr
  
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• Johnson treads fine line to make Covid crackdown work

  22-09-2020 20:23
  PM grapples with need to combat virus and protecting freedoms and the economy
  
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• Covid crackdown stirs anger as Johnson walks fine line

  22-09-2020 20:23
  Critics fear new UK measures go too far, not far enough or are muddled
  
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• Johnson unveils winter of Covid-19 restrictions

  22-09-2020 20:14
  People urged to work from home, stricter fines over masks and army set to back police as PM points to ‘perilous turning point’
  
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• Nike expected to return to profit as online sales, demand from China pick up

  22-09-2020 20:05 via uk.finance.yahoo.com
  
  Strong online sales and demand from Chinese shoppers and students heading back to school are expected to have helped Nikeswing back to a profit in the first quarter, a sequential improvement from the surprise loss it posted in July, according to Refinitiv.Shares in Nike were up about 1.8% in afternoon trading, ahead of the company's earnings report after the market closes on Tuesday.In the fiscal fourth quarter, Nike reported a 75% rise in online sales and Wall Street analysts expect this to con
  
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• Holiday firm Tui cuts winter schedule amid 83% fall in bookings

  22-09-2020 20:03 via uk.finance.yahoo.com
  
  Holiday firm Tui cuts winter schedule amid 83% fall in bookingsEurope’s biggest holiday company says changing travel restrictions are behind losses
  
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• UN warns of lost decade without Covid economic recovery plan

  22-09-2020 20:00 via uk.finance.yahoo.com
  
  UN warns of lost decade without Covid economic recovery planAusterity policies will choke off recovery and risk a double-dip recession, says Unctad
  
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• Ams and Osram conclude domination agreement

  22-09-2020 19:50 via uk.finance.yahoo.com
  
  Austrian sensor maker amssaid on Tuesday it had signed a so-called domination and profit and loss transfer agreement (DPLTA) with Osram , in a key step towards closing out its 4.6 billion euro ($5.4 billion) takeover of the German firm.Implementing the agreement "will enable the swift and successful integration of ams and Osram into a combined company that offers profitable growth for the long term", ams CEO Alexander Everke said in a statement.Ams already owns 71% of Osram.
  
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• Fast Take: U.S. housing boom good for some voters, leaves others in the cold

  22-09-2020 19:43 via uk.finance.yahoo.com
  
  The National Association of Realtors report released on Tuesday shows that the housing market, revived by lower mortgage rates thanks in part to the Federal Reserve's easing of monetary policy, continues to serve as a bright spot, one that President Donald Trump can point to as proof the economy is healing after coronavirus-related lockdowns put millions out of work.The home ownership rate rose to 67.9% in the second quarter, up 3.8 percentage points from a year earlier and reaching its highest
  
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• 7,000 trucks could face two-day Brexit delays at Dover, Gove warns

  22-09-2020 19:42 via uk.finance.yahoo.com
  
  Up to 70pc of trucks travelling to the European Union might not be ready for new post-Brexit border controls by January, according to a leaked letter from Michael Gove to trade groups. The Cabinet Secretary warned that in a “reasonable worst-case scenario”, queues of 7,000 port-bound trucks could face two-day delays in Kent. Officials calculate that up to half of lorries crossing from Dover across the short straits – about 20,000 – might not be border-ready. They “e
  
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• Coalition to announce $3.5bn NBN upgrade to roll out fibre 'deeper and closer to homes'

  22-09-2020 19:30 via uk.finance.yahoo.com
  
  Coalition to announce $3.5bn NBN upgrade to roll out fibre 'deeper and closer to homes'. Communications minister Paul Fletcher will defend the government’s approach during a National Press Club appearance
  
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• New computer can read your mind and turn what you're thinking of into images

  22-09-2020 19:15 via uk.finance.yahoo.com
  
  The computer was able to come up with images that had never been seen before by predicting what the participant was thinking of
  
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• iOS 14 widgets: New iPhone update lets you completely change your home screen – here’s how to do it

  22-09-2020 19:12 via uk.finance.yahoo.com
  
  Apple’s iOS 14 has arrived, and people are using it to change the look of their iPhone in ways that were never possible before.Until now, the iPhone’s home screen has been largely static.It includes fundamental alterations to the way the iPhone’s home screen works – and with it, whole new ways of customising the look of your iPhone.
  
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• 10 best computer monitors

  22-09-2020 19:11 via uk.finance.yahoo.com
  
  Whether it’s for gaming, video editing or watching movies, it’s time to upgrade your setup
  
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• 10 best computer monitors for working from home or gaming

  22-09-2020 19:08 via uk.finance.yahoo.com
  
  Treat your eyes to one of these smart PC accessories, from superb-value FHD options to detail-rich UHD
  
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• New Covid-19 restrictions mean UK unemployment will get much worse

  22-09-2020 19:00 via uk.finance.yahoo.com
  
  New Covid-19 restrictions mean UK unemployment will get much worseBank of England forecasts for 7.5% unemployment this winter may have to be revised up considerably
  
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• ECB shouldn't be 'shy' in virus fightback: board member

  22-09-2020 18:57 via uk.finance.yahoo.com
  
  The European Central Bank shouldn't worry about being too proactive in its monetary policies to combat the economic impact of the coronavirus pandemic, executive board member Fabio Panetta said Tuesday.
  
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• British pubs' loss from COVID-19 curbs is supermarkets' gain

  22-09-2020 18:55 via uk.finance.yahoo.com
  
  Britain's supermarket sector will be a beneficiary of new curbs on the opening hours of bars and restaurants to tackle a fast-spreading second wave of COVID-19, analysts said on Tuesday.Prime Minister Boris Johnson ordered England's hospitality venues to start closing at 10 pm from Thursday and restricted them to table service only, warning the measures could last six months.
  
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• Facebook challenges hate-speech hearing summons in India's top court

  22-09-2020 18:53 via uk.finance.yahoo.com
  
  Facebook India's chief has lodged a petition with India's top court challenging a summons to appear before a panel probing allegations the social media giant failed to take action against hate speech.
  
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• Wells Fargo CEO ruffles feathers with comments about diverse talent

  22-09-2020 18:48 via uk.finance.yahoo.com
  
  "While it might sound like an excuse, the unfortunate reality is that there is a very limited pool of black talent to recruit from," Scharf said in the memo, seen by Reuters.Scharf spent more time listening than speaking during the 90-minute call which he initiated and has not been previously reported.
  
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• Exclusive: Wells Fargo CEO ruffles feathers with comments about diverse talent

  22-09-2020 18:48 via uk.finance.yahoo.com
  
  "While it might sound like an excuse, the unfortunate reality is that there is a very limited pool of black talent to recruit from," Scharf said in the memo, seen by Reuters.Scharf spent more time listening than speaking during the previously unreported 90-minute call which he initiated.
  
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• Barclays among City companies telling staff to work from home again

  22-09-2020 18:48 via uk.finance.yahoo.com
  
  Barclays has told hundreds of its bankers to log in from their living rooms again after Prime Minister Boris Johnson said office staff across the country should work from home if they can. Most of Barclays’ office-based staff had continued to work from home in recent weeks but hundreds of workers who had returned to the office will be among those working from home once again under new restrictions that could last for six months. Other employers are expected to take similar action after the
  
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• Brussels renews legal threat over UK internal market bill

  22-09-2020 18:43
  EU says it will keep talking but vows not to renegotiate Brexit deal
  
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• Xbox Series X and S: Microsoft reveals new accessories as pre-orders open for new console

  22-09-2020 18:39 via uk.finance.yahoo.com
  
  Microsoft has revealed a host of new accessories for its upcoming Xbox Series X and S.The new controllers and battery were revealed just as pre-orders for the new consoles opened, ahead of the 10 November release date.Microsoft has been keen to stress throughout the roll out of the new Xboxes that they will be very backwards-compatible, and as such players who already have the Xbox One might not need to buy any new accessories at all.
  
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• Despite aid impasse, Mnuchin sees strong US rebound in Q3

  22-09-2020 18:39 via uk.finance.yahoo.com
  
  The United States is set for a strong economic rebound in the third quarter but additional spending is still needed, Treasury Secretary Steven Munchin said on Tuesday.
  
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• European stocks in timid rebound bid after heavy sell-off

  22-09-2020 18:34 via uk.finance.yahoo.com
  
  European equities closed with mixed results Tuesday after a hefty sell-off the previous day rooted in fears of a deadly second coronavirus wave, dealers said.
  
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• Ford to invest $1.46 billion in Canada plants as part of Unifor union deal

  22-09-2020 18:33 via uk.finance.yahoo.com
  
  The deal includes retooling the Oakville plant to build five electric vehicle (EV) models between 2025 and 2028, with the first EV rolling off the assembly line in 2025, Dias said.The federal government, along with the Ontario government, is willing to invest in turning the Oakville plant over to the production of EVs, an investment that could keep the facility open for years, a government source confirmed on Tuesday."We're in the midst of negotiation" of how much money the Ontario government wo
  
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• New COVID-19 rules could spell last orders for some British pubs

  22-09-2020 18:16 via uk.finance.yahoo.com
  
  Some pubs and restaurants already reeling from the pandemic face ruin, owners warned on Tuesday, after British Prime Minister Boris Johnson ordered them to close early for the next six months to help curb rapidly rising COVID-19 infections."We may as well not open some of our bars," said Martin Wolstencroft, CEO of Arc Inspirations, which runs 17 bars and restaurants in northern England."I am sorry this will hurt many businesses just getting back on their feet, but we must act to stop the virus
  
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• The new 10pm curfew is a disaster, say owners of Michelin-starred restaurants

  22-09-2020 18:11 via uk.finance.yahoo.com
  
  Not since their school days have the members of London’s social set been expected to be tucked up so early. Curfew at ten? Why, the evening’s only just beginning! At ten o’clock, while everybody else is warming milk for cocoa, the beautiful people in the city’s restaurants and bars are still only half way through their omakase sushi menu and debating where to go on to afterwards. That’s all set to change from this Thursday, however, when the new rule, announced toda
  
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