Business news

• No end to US aid deadlock despite Pelosi, Mnuchin meeting

  30-09-2020 23:53 via uk.finance.yahoo.com
  
  A meeting between US Treasury Secretary Steven Mnuchin and Democratic House Speaker Nancy Pelosi on Wednesday failed to resolve a deadlock on additional aid to the US economy, but the two sides agreed to keep talking.
  
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• US stocks gain on stimulus talks, shrugging off Trump-Biden brawl

  30-09-2020 23:52 via uk.finance.yahoo.com
  
  Wall Street stocks gained Wednesday on good US economic data and revived stimulus hopes as investors shrugged off a contentious presidential debate between President Donald Trump and former Vice President Joe Biden.
  
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• Moderna's Covid-19 vaccine won't be ready by US election: report

  30-09-2020 23:40 via uk.finance.yahoo.com
  
  US biotech firm Moderna won't seek an emergency use authorization for its coronavirus vaccine before November 25, its CEO told the Financial Times on Wednesday.
  
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• Exclusive: FDA widens U.S. safety inquiry into AstraZeneca coronavirus vaccine - sources

  30-09-2020 23:38 via uk.finance.yahoo.com
  
  The U.S. Food and Drug Administration has broadened its investigation of a serious illness in AstraZeneca Plc'sCOVID-19 vaccine study and will look at data from earlier trials of similar vaccines developed by the same scientists, three sources familiar with the details told Reuters.AstraZeneca's large, late-stage U.S. trial has remained on hold since Sept. 6, after a study participant in Britain fell ill with what was believed to be a rare spinal inflammatory disorder called transverse myelitis.
  
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• UK businesses face fines for late payment of suppliers

  30-09-2020 23:30
  Government plans crackdown on large companies that take months to pay smaller partners
  
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• Market report: TP Icap knocked by Liquidnet buyout

  30-09-2020 23:26 via uk.finance.yahoo.com
  
  TP Icap was the FTSE 250’s biggest faller after it set out plans to slash its dividend to fund a takeover of Liquidnet. The interdealer broker is staking growth plans on its $600m (£465m) to $700m purchase of Liquidnet, which facilitates “dark pool” trading – private exchanges in which major investors can trade without revealing their plans in advance. To fund the deal TP Icap will aim to raise $450m from investors in an equity placement, as well as cutting its &pou
  
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• Top U.S. oil refiner Marathon Petroleum to lay off 12% of workforce

  30-09-2020 23:09 via uk.finance.yahoo.com
  
  The workforce reduction plan is a result of indefinite idling of its Martinez, California and Gallup, New Mexico refineries, the company said in the filing https://www.sec.gov/ix?doc=/Archives/edgar/data/1510295/000151029520000098/mpcform8-k9292020.htm.Refiners and oil producers have been cutting staff, slashing spending and reducing production to cope with the slump in crude prices and a global glut of fuel.On Wednesday, Royal Dutch Shellsaid it would dismiss up to 9,000 workers, or 10% of its
  
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• ‘I thought he walked on water’: Patients react with anger and shock to Derek McMinn allegations

  30-09-2020 23:06 via uk.finance.yahoo.com
  
  Patients add to calls for inquiry to be opened into world-renowned hip surgeon
  
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• Goldman Sachs to go ahead with "modest" job cuts after coronavirus pause

  30-09-2020 22:58 via uk.finance.yahoo.com
  
  Bloomberg News, which first reported about the layoffs, said the bank was looking to cut about 400 jobs, or roughly 1% of its workforce, citing people familiar with the matter.Many of the cuts in the current round are tied to back-office roles that had been folded into bigger money-making divisions as part of an earlier reorganization, according to the Bloomberg report Goldman Sachs’ annual cull has long set it apart from Wall Street rivals, which tend to make mass layoffs periodically.In
  
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• Rolls scraps plan for £500m injection of overseas cash

  30-09-2020 22:52 via uk.finance.yahoo.com
  
  Rolls Royce has ditched talks with sovereign investors in Kuwait and Singapore amid a shareholder backlash. Institutional investors were displeased by the jet engine-maker’s plans to dilute their interests by selling a £500m stake in the company as part of a £2bn fundraise to help it weather the pandemic, City insiders told Sky News. The FTSE 100 stalwart, which has been hammered by the collapse in air travel, is expected to announce a plan to shore up its finances today. Awhic
  
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• Google Pixel phone 'designed for economic downturn'

  30-09-2020 22:44 via bbc.co.uk
  
  The Pixel 5 loses several headline features of last year's flagship phone to hit a lower price tag.
  
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• Seattle sets minimum wage for Lyft, Uber drivers

  30-09-2020 22:32 via uk.finance.yahoo.com
  
  The US city of Seattle has announced a minimum wage for Uber and Lyft drivers, a move criticised by the ride-hailing companies as potentially destroying thousands of jobs.
  
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• HP is fined by U.S. SEC over manipulated sales of printing supplies

  30-09-2020 22:29 via uk.finance.yahoo.com
  
  The SEC said some HP regional managers used incentives to accelerate, or "pull in," sales they expected to materialize in later quarters.It also said managers in one region sold steeply discounted supplies to distributors known to resell HP products outside their own territories, "cannibalizing" sales from local distributors and violating company policy.The SEC said HP did not timely disclose to investors how these practices, which occurred in 2015 and 2016, were reducing margins and boosting in
  
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• FCC commissioner calls for new scrutiny of undersea data cables

  30-09-2020 22:25 via uk.finance.yahoo.com
  
  A member of the U.S. Federal Communications Commission on Wednesday called for new scrutiny of undersea cables that transmit nearly all the world's internet data traffic."We must take a closer look at cables with landing locations in adversary countries," FCC Commissioner Geoffrey Starks said Wednesday at a commission meeting."This includes the four existing submarine cables connecting the US and China, most of which are partially owned by Chinese state-owned companies."
  
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• FAA chief pleased with Boeing 737 MAX test flight

  30-09-2020 22:14 via uk.finance.yahoo.com
  
  A top US air safety regulator said Wednesday he was pleased with a 737 MAX test flight he piloted, but that more work was needed to recertify the jet.
  
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• Google unveils new Pixel handsets with 5G wireless

  30-09-2020 22:08 via uk.finance.yahoo.com
  
  Google on Wednesday unveiled two new smartphones with 5G wireless capability under its Pixel brand, which showcases the Android mobile system but has limited market share.
  
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• Rolls-Royce ends talks with sovereign funds ahead of 2 billion pounds fund raise - FT

  30-09-2020 22:06 via uk.finance.yahoo.com
  
  The British aero-engine group is planning to go ahead with the planned equity raise without the participation of sovereign wealth funds including Singapore's GIC, according to the report https://on.ft.com/3ij9O4c.The company had last week stated that no final decision had been made on allotting shares to potential investors, "including any sovereign wealth fund", and it was still reviewing all available funding options.Sky News first reported that the company had called off talks with sovereign
  
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• Elon Musk’s SpaceX adds mysterious October rocket launch

  30-09-2020 21:54 via uk.finance.yahoo.com
  
  Observers speculate it may be covert national security launch
  
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• Google unveils Pixel 5, Chromecast and Nest Audio smart speaker

  30-09-2020 21:07 via uk.finance.yahoo.com
  
  Google unveils Pixel 5, Chromecast and Nest Audio smart speakerNew Chromecast with Google TV alongside Pixel 5 and Pixel 4a 5G smartphones
  
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• Google Chromecast finally gets a menu and remote with Google TV launch

  30-09-2020 21:03 via uk.finance.yahoo.com
  
  Google has launched a new version of its Chromecast, finally adding a menu and a remote.A new service called Google TV will allow the set-top box not just to work as an accessory for the phone but on its own, too.Google TV looks to unite a variety of different apps, allowing users to see films and TV shows from a host of apps – not just YouTube but Netflix and more traditional channels too – all in one bunch on their home screen.
  
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• Google launches Nest Audio, a new smart speaker focused on sound

  30-09-2020 21:01 via uk.finance.yahoo.com
  
  Google has revealed its Nest Audio, a smart speaker for the home.The speaker replaces the Google Home, which first arrived in 2016.The new Nest Audio will sit alongside the much smaller Home Mini, the much larger Home Max, and the Nest Hub and Nest Hub Max, which both have screens.
  
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• Google launches Pixel 5 and Pixel 4a with 5G, its first phones with new network technology

  30-09-2020 20:57 via uk.finance.yahoo.com
  
  Google has launched new phones, its first ever with 5G.The Pixel 4a with 5G and the more expensive Pixel 5 with 5G both add the faster internet speeds as well as a range of other new upgrades and features.The Pixel 5 starts at £599 and comes in black and “Sorta Sage”.
  
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• Exclusive: U.S. oil refiner Marathon Petroleum cuts 12% of staff because of pandemic

  30-09-2020 20:45 via uk.finance.yahoo.com
  
  Marathon Petroleum Corp , the top U.S. oil refiner, is cutting 12% of its workforce amid continued declines in fuel consumption due to the COVID-19 pandemic, it said on Wednesday.Refiners and oil producers have been dismissing staff, slashing spending and reducing production to cope with weak prices and a global glut of fuel.U.S. gasoline futures are down 26% from a year ago and oil is trading down a third from where it began the year.
  
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• Exclusive: Marathon Petroleum cutting at least 6% of refinery staff at nine U.S. plants

  30-09-2020 20:45 via uk.finance.yahoo.com
  
  Marathon Petroleum Corp'soil-refining unit is cutting at least 6% of its staff, according to people familiar with the matter, demonstrating the depth of declining fuel demand during the pandemic.Refiners and oil producers have been cutting staff, slashing spending and reducing production to cope with weak prices and a global glut of fuel.U.S. gasoline futures are down 26% from a year ago and oil futures are trading down a third from where they began the year.
  
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• Johnson tries to stabilise his listing premiership

  30-09-2020 20:39
  PM contends with public anger and Tory rebellion over coronavirus strategy
  
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• Boris Johnson tries to stabilise his listing premiership

  30-09-2020 20:39
  UK prime minister contends with public anger and Tory rebellion over coronavirus strategy
  
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• Climate crisis: Controversial new 850-well gas project given green light by New South Wales government

  30-09-2020 20:25 via uk.finance.yahoo.com
  
  Approval comes after Scott Morrison promises ‘gas-led recovery’ following Coronavirus
  
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• Secretive Big Data firm Palantir makes low-key stocks debut

  30-09-2020 20:23 via uk.finance.yahoo.com
  
  Data analytics firm Palantir, which has drawn fire for its law enforcement and national security work, made a low-key debut Wednesday on Wall Street at a hefty valuation of more than $20 billion
  
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• ‘Contagious pessimism’ hitting recovery, warns Bank of England economist

  30-09-2020 20:07
  Contraction of UK economy marginally better than first estimate, official figures show
  
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• Businesses face longer wait for payouts as insurers appeal to Supreme Court

  30-09-2020 19:54 via uk.finance.yahoo.com
  
  Thousands of struggling businesses face a further wait for Covid payouts after insurers lined up to appeal a landmark judgment to the Supreme Court. Seven insurers are set to ask the High Court on Friday for permission to appeal parts of its decision this month on whether business interruption policies were triggered by the Covid-19 pandemic. The court ruled this month on 21 sample insurance contracts in a test case designed to clear up disputes over whether insurers should pay up. The Financial
  
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• Bayer plans more cost cuts, impairment charges

  30-09-2020 19:47 via uk.finance.yahoo.com
  
  German drugs company Bayer AGannounced plans on Wednesday for more than 1.5 billion euros (£1.36 billion)of cost cuts as of 2024 and said it would take impairment charges on its agricultural business as it battles with low commodity prices.Bayer said that the impact of the coronavirus on the crop science business will be deeper than originally expected due to low commodity prices, intense competition in soy, and reduced biofuel consumption, compounded by negative currency effects.As a resu
  
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• France to test 'flying taxis' from next year: operators

  30-09-2020 19:44 via uk.finance.yahoo.com
  
  "Flying taxis" will start taking off from an aerodrome north of Paris as soon as next June, operators said, in a trial ahead of a vast tourist influx for the 2024 Olympics.
  
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• Silence is a bizarre position for Boohoo's chairman to adopt

  30-09-2020 19:40 via uk.finance.yahoo.com
  
  Silence is a bizarre position for Boohoo's chairman to adoptFirm has accepted conclusions of Alison Levitt’s report, but Mahmud Kamani has said nothing
  
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• Trump official says TikTok must become US firm

  30-09-2020 19:33 via uk.finance.yahoo.com
  
  TikTok must become a "US based company controlled by US investors" or will be banned in the United States, Treasury Secretary Steven Mnuchin said Wednesday.
  
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• Government cracks down on "rabbit hutch homes"

  30-09-2020 19:31 via uk.finance.yahoo.com
  
  The Government is looking to clamp down on so-called "rabbit hutch housing" with new building standards. Homes built using Permitted Development Rights will need to have at least 37m² of floorspace for a new one bed flat with a shower-room, or 39m2 with a bathroom, under new standards announced on Wednesday. It follows concerns that unscrupulous developers were taking advantage of the lower scrutiny of not having to go through the planning process to deliver tiny homes unfit for living. Per
  
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• The Morrison government argues tax cuts will power our recovery. They won't

  30-09-2020 19:30 via uk.finance.yahoo.com
  
  The Morrison government argues tax cuts will power our recovery. They won'tThe evidence is clear that across the world, smaller governments do not lead to a better life for its citizens
  
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• EU financial services chief will cut off City of London if necessary

  30-09-2020 19:17 via uk.finance.yahoo.com
  
  The European Union is ready for every type of Brexit, including granting no further EU access to Britain's financial sector, the bloc's candidate for financial services chief said in a document seen by Reuters.After Dec. 31, when a transition deal ahead of a full-blown Brexit ends, financial services companies in Britain will have to access the EU via its "equivalence" system.The EU has already granted temporary access to UK clearing houses from January under this regulatory regime.
  
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• EU financial services chief says ready to cut off City of London if necessary

  30-09-2020 19:17 via uk.finance.yahoo.com
  
  The European Union is ready for every type of Brexit, including granting no further EU access to Britain's financial sector, the bloc's candidate for financial services chief said in a document seen by Reuters.The EU has already granted access to UK clearing houses from January, when Brexit transition arrangements will have ended, under its so-called regulatory equivalence system."As tensions in the overall EU-UK negotiations have increased, we continue to prepare for all possible scenarios, inc
  
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• Electric truck startup Nikola postpones December event

  30-09-2020 19:10 via uk.finance.yahoo.com
  
  Electric truck startup Nikola said Wednesday it was postponing a December launch event due to Covid-19 as it seeks to reset expectations following recent controversies.
  
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• U.S. airlines await roller coaster aid developments in Washington

  30-09-2020 18:51 via uk.finance.yahoo.com
  
  Hours before mass furloughs of airline workers go into effect, U.S. airlines were still holding out hope for agreement in Washington over a fresh coronavirus aid package, after the House of Representatives delayed a vote to give more time for talks.Earlier, Treasury Secretary Steven Mnuchin said talks with House Speaker Nancy Pelosi had made progress on a bipartisan aid plan although no deal was reached, and Senate Majority Leader Mitch McConnell called a $2.2 trillion proposal "outlandish."The
  
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• U.S. airlines asked to delay furloughs if aid deal in sight

  30-09-2020 18:51 via uk.finance.yahoo.com
  
  U.S. Treasury Secretary Steven Mnuchin urged U.S. airlines to delay tens of thousands of furloughs set to begin on Thursday if a bipartisan deal on a broad coronavirus relief package was in sight.U.S. airlines have been pleading for a second $25 billion bailout that would protect jobs for another six months with the current payroll support package set to expire at midnight.Mnuchin was set to meet with House of Representatives Speaker Nancy Pelosi at 12:45 p.m. EDT (1645 GMT) to discuss the prosp
  
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• Mnuchin, Pelosi to meet, raising hopes of end to US aid deadlock

  30-09-2020 18:44 via uk.finance.yahoo.com
  
  US Treasury Secretary Steven Mnuchin said he was hopeful that a deal on additional aid for the US economy could be reached, ahead of a meeting with House Speaker Nancy Pelosi aimed at breaking weeks of deadlock in Congress.
  
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• GardaWorld turns hostile in £3bn battle to secure G4S

  30-09-2020 18:39 via uk.finance.yahoo.com
  
  A transatlantic war of words has broken out after Canadian security firm Gardaworld formally turned hostile in its £3bn takeover bid for G4S. The company ratcheted up the pressure on the board of G4S, led by City grandee John Connolly, by lodging a firm offer for the FTSE 250 company. Stephan Crétier, chairman of GardaWorld, justified not increasing his company’s 190p-a-share offer for G4S by labelling it a “deeply troubled business”. “G4S needs a committed o
  
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• Trade unions urge EU to investigate Amazon effort to spy on workers

  30-09-2020 18:37 via uk.finance.yahoo.com
  
  Trade unions urge EU to investigate Amazon effort to spy on workersThree UK unions among signatories to letter calling for action against tech firm
  
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• UK regulator, insurers, brace for Supreme Court battle over COVID-19 case

  30-09-2020 18:33 via uk.finance.yahoo.com
  
  Britain's markets regulator said on Wednesday it had failed to strike a deal with major insurers over prompt payouts to small businesses battered by the coronavirus pandemic, dashing 11th-hour hopes that a Supreme Court appeal could be avoided.The Financial Conduct Authority (FCA) had set a late Wednesday deadline for talks with insurers, such as QBEand RSA , to ensure eligible business interruption (BI) claims would be paid speedily, after the High Court ruled that thousands had been wrongly re
  
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• Stock markets mixed after Trump-Biden debate

  30-09-2020 18:28 via uk.finance.yahoo.com
  
  European stock markets fell back Wednesday as investors left the chaotic US presidential debate behind, while strong US jobs data helped the mood on Wall Street.
  
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• British Business Bank was warned about pandemic loans fraud risk

  30-09-2020 18:25 via uk.finance.yahoo.com
  
  The state bank in charge of running emergency business loan schemes during the pandemic warned the Government its Bounceback Loan Scheme could spark a wave of fraud days before the programme launched. Keith Morgan, then chief executive of the British Business Bank, wrote to Alok Sharma, the Business Secretary, that the scheme to support small businesses through the pandemic carried “very significant fraud and credit risks”. The bank’s boss said: “The scheme is vulnerable
  
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• British Business Bank warned about pandemic loans fraud risk

  30-09-2020 18:25 via uk.finance.yahoo.com
  
  The state bank in charge of running emergency business loan schemes during the pandemic warned the Government its Bounceback Loan Scheme could spark a wave of fraud days before the programme launched. Keith Morgan, then chief executive of the British Business Bank, wrote to Alok Sharma, the Business Secretary, that the scheme to support small businesses through the pandemic carried “very significant fraud and credit risks”. The bank’s boss said: “The scheme is vulnerable
  
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• France's 5G spectrum price tag rises to at least 2.65 billion euros

  30-09-2020 18:24 via uk.finance.yahoo.com
  
  The total price of France's 5G spectrum rose to at least 2.65 billion euros (2.42 billion pounds) on Wednesday, the second day of an auction for the airwaves needed for next-generation mobile internet.The sale, overseen by telecoms regulator Arcep, caps a year-long process for mobile carriers Orange , Altice Europe's SFR , Bouygues Telecomand Iliad .The price for a single block rose on Wednesday to 114 million euros, from 90 million the previous day, Arcep said, meaning that the total price for
  
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• G4S/GardaWorld: prisoner’s dilemma

  30-09-2020 18:13
  Higher offer is needed before UK security group should agree to come quietly
  
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