Business news

• US stocks resume slide while European equities gain

  23-09-2020 23:50 via uk.finance.yahoo.com
  
  Wall Street stocks resumed their selloff Wednesday, while European equities advanced despite worries over increased coronavirus cases in the region that are sparking fresh restrictions.
  
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• Oil-trading bribery probe widens with new U.S. charges, guilty pleas

  23-09-2020 23:50 via uk.finance.yahoo.com
  
  U.S. prosecutors charged a former U.S. employee of a Swiss energy trading firm with bribery and a Florida company pleaded guilty to bribery as a probe into corruption in energy trading widened in the United States.Authorities in the United States and Brazil are investigating improper payments to officials at Petrobras, Brazil's state-run oil company, as part of Brazil's far-reaching corruption probe, known as Car Wash. The latest U.S. court filings shed new light on the role of energy traders in
  
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• California to ban sale of new gasoline-powered passenger vehicles starting 2035

  23-09-2020 23:28 via uk.finance.yahoo.com
  
  California plans to ban the sale of new gasoline powered passenger cars and trucks starting in 2035 as the top U.S. auto market shifts to electric vehicles to reduce climate-warming emissions, Governor Gavin Newsom said on Wednesday.The move is the most significant yet by a U.S. state aimed at ending the use of fossil fuel-burning internal combustion engines, and clashes with the pro-fossil fuel policies of the Trump White House.Newsom declared earlier this month he would step up the state's alr
  
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• California sets goal to ban sale of new gasoline-powered passenger vehicles starting in 2035

  23-09-2020 23:28 via uk.finance.yahoo.com
  
  California plans to ban the sale of new gasoline-powered passenger cars and trucks starting in 2035 as the top U.S. auto market shifts to electric vehicles to reduce climate-warming emissions, Governor Gavin Newsom said on Wednesday.The move is the most significant yet by a U.S. state aimed at ending the use of fossil fuel-burning internal combustion engines, and clashes with the pro-fossil fuel policies of President Donald Trump's White House.Newsom declared earlier this month he would step up
  
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• California plans ban on sale of new gasoline-powered passenger vehicles in 2035

  23-09-2020 23:28 via uk.finance.yahoo.com
  
  California plans to ban the sale of new gasoline powered passenger cars and trucks starting in 2035 as the top U.S. auto market shifts to electric vehicles to reduce climate-warming emissions, Governor Gavin Newsom said on Wednesday.The dramatic move is the most significant yet by a U.S. state aimed at ending the use of fossil fuel-burning internal combustion engines, and clashes with the pro-fossil fuel policies of the Trump White House.Newsom had declared earlier this month he would step up th
  
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• World Bank's IFC adopts new climate rules to deter lenders from backing coal

  23-09-2020 23:21 via uk.finance.yahoo.com
  
  The World Bank's private-sector arm has introduced new climate change conditions for its investments in commercial banks to encourage the lenders to wind down support for coal projects in Africa and Asia.The International Finance Corporation (IFC), which owns equity stakes in many large commercial banks in emerging markets, hopes the restrictions will trigger other investors toexit the coal sector.
  
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• California to ban sale of gasoline-powered cars by 2035

  23-09-2020 23:07 via uk.finance.yahoo.com
  
  California Governor Gavin Newsom on Wednesday ordered all passenger vehicles sold in the state to be zero-emission by 2035 to fight climate change and smog-fouled air.
  
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• Brazil's meat giant JBS launches anti-deforestation plan

  23-09-2020 22:45 via uk.finance.yahoo.com
  
  The world's biggest meat processing company, Brazil's JBS, announced a plan Wednesday to ensure by 2025 that cows it purchases are not raised on deforested land, after facing accusations of fueling destruction of the Amazon.
  
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• Fed policymakers vow to keep interest rates near zero, call for more fiscal help

  23-09-2020 22:16 via uk.finance.yahoo.com
  
  Federal Reserve officials on Wednesday doubled down on efforts to convince investors they will keep monetary policy easy for years to allow unemployment to fall, emphasizing that interest rates will stay near zero until inflation gets to 2% and stays there.The Fed's governing board made that vow last week at its regularly scheduled policy meeting, promising to leave rates at their current near-zero levels until the economy reaches full employment, inflation has risen to 2%, and is on track to mo
  
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• Fed policymakers double down on vow to keep interest rates near zero

  23-09-2020 22:16 via uk.finance.yahoo.com
  
  Hoping to convince investors they will keep monetary policy super easy for years, two Federal Reserve officials on Wednesday explicitly pledged no rate hikes until inflation gets to 2% and stays there.The Fed's governing board made that vow last week at its regularly scheduled policy meeting, promising to leave rates at their current near-zero levels until the economy reaches full employment, inflation has risen to 2%, and is on track to moderately exceed that level.Both Fed Vice Chair Richard C
  
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• Gilead to pay $97 million to settle U.S. kickback probe

  23-09-2020 22:12 via uk.finance.yahoo.com
  
  Gilead Sciences Inchas agreed to pay $97 million (£76.3 million) to resolve U.S. government claims it used a purportedly independent charity to pay illegal kickbacks to cover Medicare patients' out-of-pocket costs for its pulmonary arterial hypertension drug Letairis.The U.S. Department of Justice said on Wednesday the settlement resolves allegations that Gilead improperly used the Caring Voice Coalition as a conduit to cover thousands of patients' co-payment obligations."Gilead used data
  
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• TikTok asks judge to block U.S. from barring app for download

  23-09-2020 21:13 via uk.finance.yahoo.com
  
  A federal judge in San Francisco on Saturday issued a preliminary injunction blocking a similar Commerce Department order from taking effect on Sunday on Tencent HoldingsWeChat app.On Saturday, the department announced a one-week delay in the TikTok order, citing "recent positive developments" in talks over the fate of its U.S. operations.
  
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• ‘Garden of England’ set to grow own borders under plan for Kent ports

  23-09-2020 21:12
  Outrage at projected access permits and fines for lorry drivers without documents under post-Brexit controls
  
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• Furious backlash over UK access permits plan for lorry drivers

  23-09-2020 21:12
  Government hopes scheme will keep Kent roads clear when customs controls are reimposed next year
  
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• Ryanair says winter bookings have collapsed to a tenth of normal levels

  23-09-2020 21:03 via uk.finance.yahoo.com
  
  Ryanair is predicting a near-collapse of the winter ski season as boss Michael O’Leary warned that bookings have collapsed to a tenth of normal levels. Mr O’Leary issued a sharp rebuke of Boris Johnson’s resistance to implement a testing regime, accusing the Government of “mismanaging the situation” and failing the industry. Europe’s biggest carrier expects to operate just 40pc of its normal schedule next month due to travel restrictions and a Covid second wav
  
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• Brexit: Lorry drivers will need a permit to enter Kent after transition period

  23-09-2020 21:03 via bbc.co.uk
  
  The government plans to create an internal border to prevent gridlock on the county's motorways.
  
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• £40k for two days work a month: Eye-popping sum as PFA advertises for non-exec directors in restructuring process

  23-09-2020 20:56 via uk.finance.yahoo.com
  
  The Professional Footballers’ Association is advertising for new non-executive directors to appoint chief executive Gordon Taylor’s successor, with candidates to be offered £40,000 a year for between one and two days work a month. With Taylor again earning more than £2 million in salary, bonus and benefits in the most recent accounts, and football facing an unprecedented financial crisis, there is currently huge scrutiny on the PFA’s spending and entire financial mo
  
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• Gove’s plans for Kent access permits to avoid jams spark outrage

  23-09-2020 20:54
  Lorry drivers without documents face £300 fines under post-Brexit customs controls
  
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• Sunak scraps Budget to focus on jobs and business support

  23-09-2020 20:44
  UK chancellor expected to unveil new wage subsidies and extend loan schemes as Covid restrictions tighten
  
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• Rishi Sunak needs to urgently rethink his plans to get UK through winter

  23-09-2020 20:40 via uk.finance.yahoo.com
  
  Rishi Sunak needs to urgently rethink his plans to get UK through winterThe chancellor has left it late to act and financial support must go where it is most needed
  
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• Tech giants strike deal with advertisers over hate speech

  23-09-2020 20:39 via uk.finance.yahoo.com
  
  Web giants including Facebook struck a deal Wednesday with global advertisers to get on the same page on defining hate speech, a move aimed at helping companies steer clear of being associated with vile content.
  
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• UK supermarkets urge shoppers not to panic over lockdown fears

  23-09-2020 20:38 via uk.finance.yahoo.com
  
  UK supermarkets urge shoppers not to panic over lockdown fearsMajor grocery chains caution against stockpiling as Asda brings in 1,000 safety marshals* Coronavirus – latest updates* See all our coronavirus coverage
  
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• UK supermarkets urge shoppers not to panic buy over lockdown fears

  23-09-2020 20:38 via uk.finance.yahoo.com
  
  UK supermarkets urge shoppers not to panic buy over lockdown fearsBosses of major grocery chains caution against stockpiling as Asda brings in 1000 safety marshals* Coronavirus – latest updates* See all our coronavirus coverage
  
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• Wanted: £40,000 per year burglar sought by security firm

  23-09-2020 20:35 via uk.finance.yahoo.com
  
  A security firm is searching for a new £40,000 per year consultant - but only convicted burglars need apply. Boundary Technologies has said it wanted to find someone who could spot “flaws” in its new alarm system, and has launched a search for a reformed criminal which bosses believe will bring a “unique level of insight” to the role. And while most employers might see a criminal record, and particularly a crime of dishonesty, as a red flag, the Edinburgh-based firm
  
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• Playboy nears $425 million deal to return to the stock market - sources

  23-09-2020 20:08 via uk.finance.yahoo.com
  
  A tie-up with Mountain Crest would result in Playboy's return to the stock market, nine years after it went private in a $207 million deal led by its late founder Hugh Hefner and private equity firm Rizvi Traverse Management.Mountain Crest, a special purpose acquisition company (SPAC), could announce a deal with Playboy by the end of this month, the sources said on Wednesday, cautioning that talks could still collapse.Mountain Crest is in discussions with investors who would contribute around $1
  
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• Police step up action on people not wearing face coverings

  23-09-2020 20:03 via uk.finance.yahoo.com
  
  Among the measures announced by Prime Minister Boris Johnson yesterday, were increased fines for those not wearing a face covering. Enforcing that, and restrictions like the Rule of Six, will largely fall to police officers.
  
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• Uncle Ben's rice changes name to more 'equitable' brand

  23-09-2020 20:02 via bbc.co.uk
  
  Products will be labelled Ben's Original and will no longer show the bow-tied black man on packaging.
  
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• JPMorgan set to pay nearly $1 bln in spoofing penalty -source

  23-09-2020 20:01 via uk.finance.yahoo.com
  
  The large fine would lift a regulatory shadow that has hung over the bank for several years and mark a signature victory for the government's efforts to clamp down on illegal trading techniques, such as spoofing, especially in the precious metals markets.JPMorgan has said in public filings https://jpmorganchaseco.gcs-web.com/node/338201/html that it was in discussions with authorities about resolving the investigations.The settlement with the Department of Justice, the Securities and Exchange Co
  
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• JPMorgan set to pay nearly $1 billion in spoofing penalty - source

  23-09-2020 20:01 via uk.finance.yahoo.com
  
  The bank's previous public filings had showed that authorities, including the Department of Justice's Criminal Division, were conducting investigations "relating to trading practices in the metals markets and related conduct."The settlement, first reported by Bloomberg News, could come as soon as this week and is not expected to result in any restrictions on the bank's business, the person said.
  
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• JPMorgan set to pay $1 billion in spoofing penalty - Bloomberg News

  23-09-2020 20:01 via uk.finance.yahoo.com
  
  A JPMorgan spokesman declined to comment, but pointed to previous public filings in which the bank had disclosed that authorities, including the Department of Justice’s Criminal Division, were conducting investigations "relating to trading practices in the metals markets and related conduct."
  
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• Germany's eastern trade starts recovery from pandemic-linked damage

  23-09-2020 19:55 via uk.finance.yahoo.com
  
  German trade with its eastern neighbours began recovering in July after the devastation the coronavirus pandemic caused to ties between the highly integrated economies of central Europe, but only in the case of Poland was there a return to growth.According to German Eastern Business Association figures seen by Reuters, both exports to and imports from Poland grew 1% in July compared to the previous year, though month-on-month improvements could also be seen in trade with Czechia and Hungary.The
  
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• Former eBay employees admit guilt in alleged cyberstalking plot against bloggers

  23-09-2020 19:55 via uk.finance.yahoo.com
  
  Four former eBay employees will plead guilty to taking part in a cyberstalking campaign that targeted a middle-aged couple who published critical reviews of the online shopping website, a district attorney has said. Brian Gilbert, Stephanie Popp, Stephanie Stockwell and Veronica Zea will appear in a federal court in Boston on October 8, Massachusetts prosecutors confirmed on Wednesday. The four are alleged to have sent “disturbing” packages and threats to a couple from Natick, Massac
  
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• Sunak strategy blown off course by resurgent coronavirus

  23-09-2020 19:46
  Treasury forced back into firefighting mode, cancelling Budget and re-examining business and job support
  
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• US administration unveils bill to limit online liability shield

  23-09-2020 19:45 via uk.finance.yahoo.com
  
  The Trump administration unveiled legislation Wednesday aimed at limiting the liability shield of online services for content they host, the latest in a series of proposals motivated by a backlash against Big Tech platforms.
  
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• Avoiding post-Brexit chaos on the UK border

  23-09-2020 19:42
  Trust and communication is vital between government and business
  
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• Further restrictions needed to halt Covid, UK scientists warn

  23-09-2020 19:40
  Country has two weeks to prevent number of cases soaring out of control, advisers say
  
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• What's in the law protecting internet companies - and can Trump change it?

  23-09-2020 19:36 via uk.finance.yahoo.com
  
  The U.S. Justice Department on Wednesday unveiled a proposal to reform a legal immunity for internet companies and follows through on President Donald Trump's bid from earlier this year to crack down on tech giants.The proposal aims to curb Section 230 of the Communications Decency Act, which offers big tech platforms like Alphabet’s Google and Facebook protections from liability over content posted by users.WHAT IS SECTION 230?
  
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• Nearly a quarter of UK pubs and restaurants 'fear collapse' by Christmas

  23-09-2020 19:34 via uk.finance.yahoo.com
  
  Nearly a quarter of UK pubs and restaurants 'fear collapse' by ChristmasSurvey finds nearly 23% of bars and restaurants may fold within three months without support* Coronavirus – latest updates* See all our coronavirus coverage
  
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• Nearly a quarter of pubs and restaurants 'fear collapse' by Christmas

  23-09-2020 19:34 via uk.finance.yahoo.com
  
  Nearly a quarter of pubs and restaurants 'fear collapse' by ChristmasSurvey finds nearly 23% of bars and restaurants may fold within three months due to 10pm curfew* Coronavirus – latest updates* See all our coronavirus coverage
  
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• Cancelling the Budget is right – but Rishi Sunak should have seen the writing on the wall sooner

  23-09-2020 19:33 via uk.finance.yahoo.com
  
  This is plainly a time for an extension of emergency support for UK workers and businesses, not for efforts to consolidate the public finances or to engage in the conventional political games of chess over tax increases, says Ben Chu
  
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• TikTok hits back at 'misinformation' about its ties to China in submission to Senate inquiry

  23-09-2020 19:30 via uk.finance.yahoo.com
  
  TikTok hits back at 'misinformation' about its ties to China in submission to Senate inquiryThe social media platform says it has ‘strict controls’ around its data security and has never censored Australian content at China’s request
  
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• Owners to retain control of businesses in financial distress under Coalition pandemic plan

  23-09-2020 19:30 via uk.finance.yahoo.com
  
  Owners to retain control of businesses in financial distress under Coalition pandemic planThe government is proposing a ‘debtor in possession’ model that will leave the owner in charge rather than an administrator
  
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• Hospitality jobs have taken a hammering. Opening Australia's state borders will not be enough

  23-09-2020 19:30 via uk.finance.yahoo.com
  
  Hospitality jobs have taken a hammering. Opening Australia's state borders will not be enoughThe industry will only recover once international restrictions are eased and people’s confidence in their safety returns
  
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• JP Morgan set to pay record $1bn spoofing fine

  23-09-2020 19:27 via uk.finance.yahoo.com
  
  JP Morgan Chase is poised to pay a record almost $1bn to settle investigations into alleged market manipulation through ’spoofing', according to reports. The banking giant has been under investigation in the US over whether its precious metals and treasuries traders used the tactic to rig markets, sources told Bloomberg. 'Spoofing' involves traders flooding the market with orders and then cancelling them just before execution, to trick rivals as to which way the market is heading. The prac
  
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• Italy tells Atlantia to quickly pass motorway assets to state lender - source

  23-09-2020 19:24 via uk.finance.yahoo.com
  
  Italy is pressing infrastructure group Atlantiato quickly wrap up a deal giving control of its motorway unit Autostrade to state lender Cassa Depositi e Prestiti (CDP), a government source told Reuters on Wednesday.Atlantia, controlled by the Benetton family with a 30% stake, agreed in July to pull out of Autostrade following a 2018 bridge collapse, in which 43 people died.
  
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• Italy grows impatient over Atlantia motorway assets - source

  23-09-2020 19:24 via uk.finance.yahoo.com
  
  Italy is pressing infrastructure group Atlantiato iron out remaining disagreements and commit to ceding control of its motorway unit to state lender Cassa Depositi e Prestiti (CDP), a government source told Reuters on Wednesday.Atlantia, in which the Benetton family has a 30% stake, agreed in July to pull out of Autostrade per l'Italia following a 2018 bridge collapse, in which 43 people died.Atlantia, which owns 88% in Autostrade and is expected to hold a board meeting on Thursday to discuss th
  
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• Coronavirus: Autumn Budget to be scrapped this year

  23-09-2020 19:23 via bbc.co.uk
  
  "Now is not the right time to outline long-term plans," the Treasury says.
  
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• Bank of England says it could have identified security breach sooner

  23-09-2020 19:16 via uk.finance.yahoo.com
  
  Bank of England says it could have identified security breach soonerBackup audio feed for market-moving press conferences was ‘misused by third-party supplier’
  
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• Coronavirus: How can Rishi Sunak protect jobs when furlough scheme ends?

  23-09-2020 19:08 via uk.finance.yahoo.com
  
  The chancellor is said to be weighing up options for additional support to prevent hundreds of thousands of people potentially losing their jobs - but what are they and how might they work?
  
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• Eight more VW employees charged in diesel scandal

  23-09-2020 19:01 via uk.finance.yahoo.com
  
  German prosecutors said on Wednesday they had charged another eight employees of auto maker Volkswagenover the scandal surrounding cheating on diesel engine emission tests.The eight are accused of fraud, false certification and violation of the law against unfair competition, the prosecutor's office in the northern town of Braunschweig said in a statement.Volkswagen admitted in September 2015 to having used illegal engine control software to cheat U.S. pollution tests, triggering a global backla
  
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