Business news

• Market report: Sterling goes on a rollercoaster ride

  01-10-2020 23:55 via uk.finance.yahoo.com
  
  Fears the year could end without a Brexit trade deal set sterling on a rollercoaster ride yesterday. First the pound was down about 0.6pc against the dollar after the EU indicated it would start legal proceedings against the UK over Boris Johnson’s plan to breach terms of its Brexit divorce deal and break international law. Then sterling clawed back its losses, rising to be up 0.4pc against the dollar at $1.2978, after a Financial Times reporter tweeted that officials in London saw the cha
  
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• Tech shares lead Wall Street up ahead of jobs data, oil prices fall

  01-10-2020 23:52 via uk.finance.yahoo.com
  
  Tech shares led Wall Street higher Thursday as markets weighed mixed economic data and ongoing talks over fiscal stimulus, while oil prices retreated on worries about weak demand.
  
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• Former coal magnate who battled mining health rules files for black lung benefits

  01-10-2020 23:49 via uk.finance.yahoo.com
  
  Robert Murray once ran biggest private underground operation in US
  
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• U.S. Treasury warns cyber insurers payments to hackers may violate sanctions

  01-10-2020 23:46 via uk.finance.yahoo.com
  
  The warnings, which referenced malicious programs known as ransomware, came in advisories from Treasury's Office of Foreign Assets Control (OFAC)and Financial Crimes Enforcement Network (FinCEN)."Will victims who are insured still decide to make the payments?" Dantiki said.
  
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• First deep coal mine for 30 years set to be approved

  01-10-2020 23:45 via uk.finance.yahoo.com
  
  The first deep coal mine to be dug in the UK in 30 years is likely to secure planning permission today in a move campaigners claim would undermine the Government’s pledge to be carbon neutral by 2050. A meeting of Cumbria county council is set to approve plans for the project at a site near Whitehaven in the North West, despite green activists’ attempts to block them. Planning officers at the council have recommended giving the green light to the mine, which would create 500 jobs in
  
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• UK firms not seeing 'V'-shaped recovery - British Chambers of Commerce

  01-10-2020 23:36 via uk.finance.yahoo.com
  
  Many more British companies reported a fall in sales over the past three months than experienced an upswing, despite the lifting of lockdown restrictions for most parts of the economy, the British Chambers of Commerce (BCC) said on Thursday."Economic conditions remained exceptionally weak in the third quarter," BCC economist Suren Thiru said."While the declines in indicators of activity slowed as the UK economy gradually reopened, they remain well short of pre-pandemic levels with little sign of
  
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• Coronavirus: Sales slump for nearly half of UK firms in third quarter

  01-10-2020 23:30 via uk.finance.yahoo.com
  
  Key survey finds business conditions remain weak in the third quarter of 2020, despite much of the economy reopening.
  
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• 'Eat out to help out' did not boost hospitality sector finances – poll

  01-10-2020 23:30 via uk.finance.yahoo.com
  
  'Eat out to help out' did not boost hospitality sector finances – pollBusinesses report falls in quarterly sales and bookings despite UK’s £500m scheme * Coronavirus – latest updates* See all our coronavirus coverage
  
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• Facebook steps up promotion of groups content in feeds, around the web

  01-10-2020 23:24 via uk.finance.yahoo.com
  
  Facebook Incsaid on Thursday it would start promoting content from public Facebook Groups in users' news feeds and in search engine results, defying calls by watchdog groups to limit algorithmic recommendations ahead of U.S. elections next month.In a blog post, Facebook app chief Fidji Simo said the company would surface recommendations in news feeds by showing "related discussions" from public groups next to a link or post.Facebook Groups are communities that form around shared interests, and p
  
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• Amazon reports over 19,000 U.S. frontline employees had COVID-19

  01-10-2020 23:21 via uk.finance.yahoo.com
  
  Amazon said its rate of infection was 42% lower than expected when considering the virus' spread in the general population.Amazon in a blog post encouraged other businesses to report comparable figures.It said it will expand virus testing to 50,000 U.S. employees per day by November through internally built capacity.
  
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• Amazon reports over 19,000, or 1.44%, of U.S. frontline employees had COVID-19

  01-10-2020 23:21 via uk.finance.yahoo.com
  
  Amazon said its rate of infection was 42% lower than expected when considering the virus' spread in the general population.Amazon in a blog post https://blog.aboutamazon.com/operations/update-on-covid-19-testing encouraged other businesses to report comparable figures.It said it will expand virus testing to 50,000 U.S. employees per day by November through internally built capacity.
  
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• Amazon discloses virus count: 19,000, or 1.44%, of U.S. frontline workforce

  01-10-2020 23:21 via uk.finance.yahoo.com
  
  Amazon said the number is far lower than expected, given the infection rate for the general population.The company, which encouraged other companies to report comparable figures, expects it will ramp to testing 50,000 U.S. employees per day for the virus by November.The online retailer's news offered a rare look at the disease's impact on a major U.S. employer, under pressure from elected officials and unions for months to close warehouses with outbreaks.
  
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• Facebook encourages groups in time of division

  01-10-2020 22:58 via uk.finance.yahoo.com
  
  Facebook on Thursday said it is raising the profile of member groups, hoping people with different views will find common ground on the leading social network.
  
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• Like Trump, I cheated on my taxes. I got audited. He got elected

  01-10-2020 22:43 via uk.finance.yahoo.com
  
  Unlike rich people, I was terrified when I got the note. I was sure I was going to jail. But no, I didn’t hire Michael Cohen
  
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• Coronavirus: Major UK testing company broke health and safety laws at height of pandemic

  01-10-2020 22:16 via uk.finance.yahoo.com
  
  One of the biggest coronavirus testing companies in the UK broke health and safety law multiple times at the height of the pandemic, Sky News can reveal.
  
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• US auto sales drop less than expected in Q3

  01-10-2020 22:14 via uk.finance.yahoo.com
  
  Automakers reported better-than-expected third-quarter US auto sales Thursday, pointing to strong demand for trucks and a boost from low interest rates.
  
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• Twitter bots have limited success spreading anti-vaccination messages

  01-10-2020 22:00 via uk.finance.yahoo.com
  
  Twitter bots have limited success spreading anti-vaccination messagesA study of millions of tweets finds Twitter users rarely see or retweet vaccine misinformation generated by bots
  
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• Major US firms roll out parade of layoffs over virus crisis

  01-10-2020 21:49 via uk.finance.yahoo.com
  
  Hit hard by the coronavirus crisis and with new government stimulus funding in limbo, Disney, American Airlines and United Airlines announced 60,000 layoffs in just 24 hours -- leading a barrage of job losses a month before US elections.
  
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• Covid-19 testing company committed multiple health and safety breaches, inspectors find

  01-10-2020 21:25 via uk.finance.yahoo.com
  
  The Doctor’s Laboratory put its couriers at risk of infection by failing to properly train them to use PPE
  
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• Hope for new US aid fades as data show consumer stress

  01-10-2020 21:23 via uk.finance.yahoo.com
  
  Downbeat statements by US lawmakers dampened expectations for the passage of more fiscal stimulus as government data released Thursday showed continuing strain on consumers impacted by the coronavirus downturn.
  
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• Shareholders in BA owner IAG back rights issue

  01-10-2020 21:12 via uk.finance.yahoo.com
  
  British Airways owner IAGannounced the results of its 2.74-billion-euro capital increase, saying on Thursday that it sold 100% of the new shares in its plan to help strengthen its pandemic-hit finances.The funds will be used to reduce debt and help IAG withstand a prolonged downturn in travel, chalking up a first success for new CEO Luis Gallego who took over from Willie Walsh in September.The airline group, which also owns Iberia, had already said that its largest shareholder, Qatar Airways Gro
  
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• Rolls-Royce's rights issue is emergency button it should have pressed sooner

  01-10-2020 21:06 via uk.finance.yahoo.com
  
  Rolls-Royce's rights issue is emergency button it should have pressed soonerAssuming the financial package is completed, collapse or a full-blown state bailout should be off the table for a while
  
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• Andy Haldane: the funnyman central banker who's not great at maths

  01-10-2020 20:58 via uk.finance.yahoo.com
  
  Andy Haldane: the funnyman central banker who's not great at mathsBank chief economist attracted attention with a quirky speech this week, but not for the first time * Coronavirus – latest updates* See all our coronavirus coverage
  
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• Atlantia lodges complaints with market watchdog, EU over ministers' comments

  01-10-2020 20:45 via uk.finance.yahoo.com
  
  Italian infrastructure group Atlantiasaid on Thursday it had presented new complaints to market regulator Consob and the European Commission over comments by two ministers that led to volatility of its shares in the stock market.Atlantia, controlled by the Benetton family, has been locked in a legal battle with the state over its motorway concession since the deadly collapse of a bridge operated by its Autostrade per l'Italia toll-road unit in 2018.The government has been threatening to strip Au
  
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• Covid in Wales: Lockdown tourism businesses fear closure

  01-10-2020 20:43 via bbc.co.uk
  
  Lockdown restrictions came into force for Wrexham, Denbighshire, Flintshire and Conwy on Thursday.
  
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• Goldman to buy GM's credit card unit for $2.5 billion - WSJ

  01-10-2020 20:36 via uk.finance.yahoo.com
  
  The Wall Street bank won the bidding for the deal over Barclays Plc , according to the report.GM's credit card issuer Capital One Financial Corpand Goldman have agreed upon the purchase price and expect to finalize the deal in the coming weeks, the report said.The acquisition will enhance Goldman's focus on its consumer banking business, which it is expanding to even out volatile results from segments such as trading and investment banking.
  
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• Britain's youngest billionaire and Bitcoin exchange co-founder charged over money laundering in US

  01-10-2020 20:32 via uk.finance.yahoo.com
  
  Britain's youngest self-made billionaire and Bitcoin exchange founder has been charged in the US with wilfully failing to prevent money laundering. Oxford graduate Ben Delo, 36, is accused along with three other co-founders of BitMEX of conspiring to violate the Bank Secrecy Act, according to an indictment lodged with the Southern District of New York on Thursday. Mr Delo, Arthur Hayes and Samuel Reed, who jointly founded the cryptocurrency derivatives trading platform in 2014, were required to
  
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• End of third-quarter shows bright spots, holes in U.S. economic recovery

  01-10-2020 20:21 via uk.finance.yahoo.com
  
  The U.S. economic recovery continued to advance at a slow pace over the past week, with signs that businesses were still rehiring workers but also that a gusher of government assistance earlier in the year may have run its course.Shifts worked at a variety of industries increased, and the pace of weekly shift growth through September moved back to 1% after falling over the summer, according to data from time management firm UKG https://www.kronos.com/about-us/newsroom/update-us-workforce-activit
  
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• Boeing to consolidate US 787 production in cost-saving move

  01-10-2020 20:21 via uk.finance.yahoo.com
  
  Boeing will consolidate manufacturing of the 787 Dreamliner plane to one plant in the US, ending production of the wide-body jet in Washington state, the company announced Thursday.
  
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• Government's own figures at odds with PM's PPE claim

  01-10-2020 20:03 via bbc.co.uk
  
  Boris Johnson says 70% of personal protective equipment is UK made, but official data says it is much lower.
  
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• Apple working on foldable iPhone with ‘self-healing’ screen, patent reveals

  01-10-2020 20:03 via uk.finance.yahoo.com
  
  Device would ‘heal’ itself automatically when damaged
  
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• Covid: Poland and Turkey added to UK's quarantine list as fines rise

  01-10-2020 19:49 via bbc.co.uk
  
  There will also be tougher fines of up to £10,000 for those who fail to self-isolate as required.
  
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• British WTO candidate woos Europe with job promise

  01-10-2020 19:47 via uk.finance.yahoo.com
  
  A Briton seeking to lead the World Trade Organization vowed Thursday to hand a top WTO post to a European, even though lingering Brexit resentment is likely to deny him much EU support.
  
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• HSBC halts new bounce back loan applications due to huge demand

  01-10-2020 19:43 via uk.finance.yahoo.com
  
  HSBC has pulled up the drawbridge on pandemic lending to new business customers as it struggles to meet demand for Government-backed emergency loans. The troubled bank stopped accepting applications for new business bank accounts on Wednesday so it can fight a backlog of existing applications for bounce back loans for small firms. Lenders have handed out about £38bn of bounce back loans, which are worth up to £50,000 each and are 100pc guaranteed by the exchequer, to 1.3m businesses
  
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• U.S. airlines face grim winter, with or without a bailout

  01-10-2020 19:23 via uk.finance.yahoo.com
  
  U.S. airlines face a winter test of their finances and question marks over the reach of their domestic flight networks after failing, for now, to win fresh federal aid.American Airlinesand United Airlinesbegan laying off 32,000 workers after a deadline passed with no new help from Washington, but told staff they would reverse this if lawmakers reach a deal on COVID-19 relief.U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin were expected to continue negotiations on Thursday.
  
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• Rolls-Royce shares hit 17-year low after it reveals £2bn cash-call

  01-10-2020 19:19 via uk.finance.yahoo.com
  
  Rolls-Royce shares hit 17-year low after it reveals £2bn cash-callEngine-maker hit hard by Covid-19 crisis also announces plans for further £3bn of loans * Coronavirus – latest updates* See all our coronavirus coverage
  
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• UK’s first new deep coal mine for 30 years likely to be approved

  01-10-2020 19:12
  Cumbria county council expected to give go-ahead to £160m project on Friday
  
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• Exclusive: German market watchdog bans staff from trades in wake of Wirecard

  01-10-2020 19:10 via uk.finance.yahoo.com
  
  Germany's financial watchdog BaFin is banning its staff from trading shares and other securities of the companies that it oversees in the wake of the Wirecardaccounting scandal, a senior finance ministry official told Reuters.German regulatory officials bought and sold Wirecard shares in ever higher volumes as the payments company edged towards collapse, the German government has revealed, prompting criticism of the agency that polices finance.Deputy finance minister Joerg Kukies said the aim wa
  
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• Pub groups prepare steep job cuts as UK curfew hurts sales

  01-10-2020 19:06
  Young’s adds to rising tally of staff losses as operators say 10pm closing puts even more at risk
  
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• Apple brings new, entirely redesigned maps to the UK and Ireland

  01-10-2020 18:59 via uk.finance.yahoo.com
  
  Apple has brought its redesigned maps to the UK and Ireland in a new update.Apple has been working to improve the function and reputation of Apple Maps following a disastrous launch in 2012, with iOS 6.Since then, Apple has worked to add a range of new features to Maps, as well as improving the underlying maps.
  
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• Marks & Spencer hopes eco-fashion brand will help boost clothing arm

  01-10-2020 18:55 via uk.finance.yahoo.com
  
  Marks & Spencer hopes eco-fashion brand will help boost clothing armNobody’s Child label begins sales on retailer’s website as part of plan to increase appeal
  
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• Marks & Spencer hopes eco-fashion brand will boost clothing arm

  01-10-2020 18:55 via uk.finance.yahoo.com
  
  Marks & Spencer hopes eco-fashion brand will boost clothing armNobody’s Child label begins sales on retailer’s website as part of plan to widen appeal
  
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• Canada spends on infrastructure to boost jobs, cut CO2 emissions

  01-10-2020 18:54 via uk.finance.yahoo.com
  
  Canada announced billions of dollars in spending on infrastructure projects Thursday that will support a transition to a low-carbon economy during pandemic recovery and create 60,000 jobs over three years.
  
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• SoftBank-backed used-car startup Kavak becomes first Mexican unicorn

  01-10-2020 18:31 via uk.finance.yahoo.com
  
  SoftBank-backed used-car platform Kavak has become Mexico's first tech "unicorn" after reaching a $1.15 billion valuation in its latest funding round last month, Chief Executive Carlos Garcia told Reuters.The Mexico City-based startup has raised over $400 million in total funding since its founding four years ago, with Japan's SoftBank, Hong Kong's DST Global and U.S.-based Greenoaks Capital leading the recent round, Garcia said in an interview on Wednesday.The company is SoftBank's most recent
  
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• H&M to close 250 stores as shoppers move online during pandemic

  01-10-2020 18:29 via uk.finance.yahoo.com
  
  Fashion chain accelerates online transformation as sales slump
  
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• GM, FCA US sales drop less than expected in Q3

  01-10-2020 18:26 via uk.finance.yahoo.com
  
  General Motors and Fiat Chrysler reported better-than-expected third-quarter US auto sales Thursday, pointing to strong demand for trucks and a boost from low interest rates.
  
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• Pandemic shows need to rework bank capital buffers, says EU

  01-10-2020 18:18 via uk.finance.yahoo.com
  
  The COVID-19 pandemic has highlighted flaws in the process by which banks can draw down from their capital buffers in a crisis to avoid crimping the flow of credit, a senior European Union official said on Thursday.When economies went into lockdown in March to fight the pandemic, lenders were encouraged by European regulators to tap their capital buffers to help struggling businesses ride the storm.Banks, however, found this would mean breaching other minimum requirements that act as a backstop
  
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• Apple kills the last iPod nano, as music player is officially marked as 'vintage'

  01-10-2020 18:14 via uk.finance.yahoo.com
  
  Last iPod Nano has been marked as ‘vintage’ because it had not been updated for five years
  
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• Hope for new US aid fades as data shows consumer stress

  01-10-2020 18:12 via uk.finance.yahoo.com
  
  Downbeat statements by US lawmakers dampened expectations for the passage of more fiscal stimulus as government data released Thursday showed continuing strain on consumers impacted by the coronavirus downturn.
  
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• I.Coast hikes cacao minimum price by 21 percent

  01-10-2020 18:11 via uk.finance.yahoo.com
  
  Ivory Coast, the world's biggest cacao exporter, said Thursday it would hike the guaranteed minimum price for farmers by 21 percent for the 2020-2021 growing season.
  
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