Business news

• Households face £4.5m bill for collapse of Solarplicity

  04-10-2020 23:54 via uk.finance.yahoo.com
  
  The collapse of failed electricity supplier Solarplicity Supply is expected to cost households £4.5m – fuelling long-standing frustration about fairness in the market. French state-owned giant EDF took on Solarplicity’s customers after the minnow collapsed in August 2019, and has now asked for Ofgem’s help with the costs of doing so. When an energy supplier goes bust, Ofgem’s procedure is for a stronger rival to be found to take on the customers; that company can th
  
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• Law firms hit with big increases in professional indemnity insurance

  04-10-2020 23:42 via uk.finance.yahoo.com
  
  Law firms have been hit with huge increases in the cost of professional indemnity insurance as the economic downturn fuels fears of a spike in claims. Most firms were forced to accept increases of 20-30pc last week as the October renewal date for their professional cover passed, insurance brokers said. Professional indemnity policies cover the cost of claims made against lawyers for mistakes or negligence in their work. The increases add to the strain on the profession as some staff face redunda
  
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• UK business research links to Europe plunge after Brexit vote

  04-10-2020 23:00
  Fall in collaborations under EU scheme raises concerns over British industry’s ability to work globally
  
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• Debt cancellation needed to help poorest countries - World Bank president

  04-10-2020 22:53 via uk.finance.yahoo.com
  
  The COVID-19 pandemic could trigger a debt crisis in some countries, so investors must be ready for granting some form of relief that could also include debt cancellation, World Bank President David Malpass was quoted as saying on Sunday.Rich countries last month backed an extension of the G20's Debt Service Suspension Initiative (DSSI), approved in April to help developing nations survive the coronavirus pandemic, which has seen 43 of a potential 73 eligible countries defer $5 billion in "offic
  
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• New York seeks virus shutdowns in nine neighborhoods

  04-10-2020 22:31 via uk.finance.yahoo.com
  
  New York City Mayor Bill de Blasio said Sunday he planned to reimpose restrictions on nine neighborhoods as Covid-19 cases rise in parts of the city, which had largely controlled the virus after a catastrophic outbreak.
  
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• Ola: London Uber rival Ola faces ban over safety issues

  04-10-2020 22:18 via bbc.co.uk
  
  Transport for London has not renewed Ola's licence, but the firm will continue to operate while it appeals.
  
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• Ola: London bans Uber rival over safety concerns

  04-10-2020 22:18 via bbc.co.uk
  
  Transport for London said the firm made more than 1,000 trips made by unlicensed drivers.
  
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• Uber rival Ola banned from operating in London

  04-10-2020 21:11 via uk.finance.yahoo.com
  
  London's transport regulator has banned taxi app Ola from working in the capital over what it says are the company's "safety failings". Transport for London (TfL) told Ola, an emerging rival to Uber which has only operated in the UK since February, that it had been deemed not "fit and proper" to hold a licence. Helen Chapman, TfL's director of licensing, regulation and charging, said: "Our duty as a regulator is to ensure passenger safety. "Through our investigations we discovered that flaws in
  
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• London transport regulator strips Ola's operating licence over public safety failings

  04-10-2020 20:58 via uk.finance.yahoo.com
  
  Bengaluru-based Ola entered the London taxi market in February this year.Transport for London (TfL) said in a statement that it refused to grant Ola, a Softbank-backedoperator, a new London private hire vehicle (PHV) operator's licence as it "cannot find it fit and proper to hold one after discovering a number of failures that could have risked public safety."
  
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• OneWeb exits Russian joint venture ahead of $500m UK Government deal

  04-10-2020 19:43 via uk.finance.yahoo.com
  
  The taxpayer-rescued satellite company OneWeb is shutting down a Russian joint venture backed by the Kremlin as the deal to buy it out of bankruptcy faces approval from the US government. OneWeb said it would transfer its 49pc stake to majority owner Gonets, a subsidiary of Moscow’s space agency Roscosmos. Gonets and OneWeb set up the joint venture in 2015 as a potential way to bring OneWeb’s internet satellite service to Russia, a major potential market since large parts of the worl
  
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• Exposure to tech stocks: Scottish Mortgage Investment Trust vs Allianz Technology Trust

  04-10-2020 19:30 via uk.finance.yahoo.com
  
  Are you looking for investing exposure to tech stocks in your portfolio? Ben Watson looks at two top performing UK trusts.
  The post Exposure to tech stocks: Scottish Mortgage Investment Trust vs Allianz Technology Trust appeared first on The Motley Fool UK.
  
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• Kenzo Takada, first Japanese designer to conquer Paris fashion, dies aged 81

  04-10-2020 19:23 via uk.finance.yahoo.com
  
  Japan's most famous fashion designer Kenzo Takada, founder of the global Kenzo brand, died in Paris on Sunday aged 81 after contracting Covid-19, his spokesman said.
  
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• Placating US and China holds no fear for me, says WTO candidate

  04-10-2020 19:16 via uk.finance.yahoo.com
  
  Ending the US-China trade war will be nothing compared to the experience of her mother being kidnapped, according to one of the frontrunners to lead the World Trade Organization. Ngozi Okonjo-Iweala, 66, said the reforms she spearheaded as Nigerian finance minister led to her octogenarian mother Kamene Okonjo being abducted from her home for five days in 2012, but equipped her to replace Roberto Azevedo as director-general of the ailing trade body. The second of three rounds of “confession
  
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• TikTok staff in row over bonus payments

  04-10-2020 19:02 via uk.finance.yahoo.com
  
  TikTok owner ByteDance is facing a row over bonuses within its ranks as employees say a payout meant to compensate them for recent stress and uncertainty has been applied unevenly. Staff at the viral video app have lodged complaints with managers after some divisions within TikTok received extra bonuses in addition to a company-wide reward announced last month. Employees say the app’s bosses have not been forthcoming about why some staff were later told their bonuses would be doubled, a bl
  
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• TikTok staff bonus backfires as workers revolt over uneven payouts

  04-10-2020 19:02 via uk.finance.yahoo.com
  
  TikTok owner ByteDance is facing a row over bonuses within its ranks as employees say a payout meant to compensate them for recent stress and uncertainty has been applied unevenly. Staff at the viral video app have lodged complaints with managers after some divisions within TikTok received extra bonuses in addition to a company-wide reward announced last month. Employees say the app’s bosses have not been forthcoming about why some staff were later told their bonuses would be doubled, a bl
  
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• US invests in British miner to fight Chinese control of rare metals

  04-10-2020 18:56 via uk.finance.yahoo.com
  
  The US government has sunk $25m in to a London-based mining group that specialises in producing rare earth metals, as it attempts to loosen China's stranglehold on the global flow of minerals like cobalt and lithium. The investment in TechMet will go towards developing a mine in Brazil that produces nickel and cobalt – both essential ingredients for mobile phones, electric vehicles, and batteries. Some in Washington fear that China's dominance of the production of rare earths could be used
  
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• Chinese chipmaker SMIC in preliminary talks with US over export restrictions

  04-10-2020 18:51 via uk.finance.yahoo.com
  
  China’s biggest chip manufacturer said it operates in accordance with relevant laws and regulations in all the areas where it performs its business.
  
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• James Packer to appear at NSW inquiry into Crown casino from luxury super yacht

  04-10-2020 18:30 via uk.finance.yahoo.com
  
  James Packer to appear at NSW inquiry into Crown casino from luxury super yacht. All eyes will be on the reclusive billionaire when he appears via video link at gaming authority inquiry into Barangaroo casino licence
  
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• More than 1,000 UK pubs urge the government to rethink 10pm curfews

  04-10-2020 17:31 via uk.finance.yahoo.com
  
  In a letter organised by grassroots organisation Campaign for Pubs, owners accused Sunak of “ignoring the needs of pubs, publicans, staff and their families” in his Winter Economy Plan.
  
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• More than 1,000 UK publicans urge the government to rethink 10pm curfews

  04-10-2020 17:31 via uk.finance.yahoo.com
  
  In a letter organised by grassroots organisation Campaign for Pubs, owners accused Sunak of “ignoring the needs of pubs, publicans, staff and their families” in his Winter Economy Plan.
  
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• Johnson says next UK laws to look beyond Brexit and COVID-19

  04-10-2020 17:31 via uk.finance.yahoo.com
  
  Key pledges included leaving the EU early on in 2020, and getting Brexit “done” in good time.
  
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• Cineworld considering temporary closure of all its UK and US venues

  04-10-2020 17:30 via uk.finance.yahoo.com
  
  Cineworld considering temporary closure of all its UK and US venues. Thousands of jobs at risk as cinema chain warns Covid-19 crisis has made sector ‘unviable’
  
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• Veolia pledges to keep it friendly on Suez bid

  04-10-2020 17:24 via uk.finance.yahoo.com
  
  French water, waste and energy giant Veolia said on  Sunday it would not resort to a hostile approach as it seeks to take over rival Suez.
  
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• Kevin Durant looks forward to "fun culture" with Steve Nash in Brooklyn Nets

  04-10-2020 16:28 via ibtimes.co.uk
  
  Durant is looking forward to working with their new head coach.
  
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• NBA Finals: Miami Heat vows to fight back and win from 0-2 down

  04-10-2020 15:59 via ibtimes.co.uk
  
  The Miami Heat are planning to stage a comeback against the LA Lakers.
  
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• Have £100 to invest each month? I’d buy UK shares in an ISA to get rich and retire early

  04-10-2020 15:42 via uk.finance.yahoo.com
  
  Buying UK shares regularly in a Stocks and Shares ISA could lead to high returns, in my view. It may even help you to retire early.
  The post Have £100 to invest each month? I’d buy UK shares in an ISA to get rich and retire early appeared first on The Motley Fool UK.
  
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• Italy's Nexi to merge with smaller rival SIA

  04-10-2020 15:35 via uk.finance.yahoo.com
  
  Italian payment group Nexisaid on Sunday it would merge with smaller rival SIA to create a digital payments company with a capitalization of over 15 billion euros (13.60 billion pounds).Nexi and SIA, which is controlled by Italian state lender Cassa Depositi e Prestiti (CDP), have been in merger talks for more than a year-and-a-half, but differences over pricing and governance have proved a sticking point.
  
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• Italy's Nexi and SIA set to agree merger on Sunday - sources

  04-10-2020 15:35 via uk.finance.yahoo.com
  
  The boards of Italian payment group Nexiand smaller rival SIA will meet later on Sunday and are expected to agree terms for a long-discussed merger, two sources with knowledge of the deal said.Nexi and SIA, which is controlled by Italian state lender Cassa Depositi e Prestiti (CDP), have been talking about a merger for more than a year and a half, but differences over pricing and governance have proved a sticking point.The sources said the accord would be an all share deal, with Nexi getting abo
  
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• NBA 2020: The race for Finals MVP

  04-10-2020 15:32 via ibtimes.co.uk
  
  There are two likely candidates to take the prestigious award.
  
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• How the US-Sino trade war is impacting global companies

  04-10-2020 15:23 via uk.finance.yahoo.com
  
  While China and the US signed a preliminary trade deal in January 2020, some of the thorniest issues remain unsolved.
  
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• SMIC has had 'preliminary exchanges' with U.S. over export restrictions

  04-10-2020 15:21 via uk.finance.yahoo.com
  
  Chinese chipmaker Semiconductor Manufacturing International Corporationhas undertaken "preliminary exchanges" with the U.S. Bureau of Industry and Security regarding export restrictions, the company said on Sunday in a filing.“The Company is conducting assessments on the relevant impact of such export restrictions on the company’s production and operation activities," the filing to the Hong Kong Stock Exchange said.SMIC also said it has been operating in compliance with the relevant
  
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• Here’s how £500 a month could become £1m when invested in UK shares

  04-10-2020 14:56 via uk.finance.yahoo.com
  
  Buying UK shares on a monthly basis could lead to a surprisingly large portfolio value, in my view. It may even produce a nest egg valued at over a million.
  The post Here’s how £500 a month could become £1m when invested in UK shares appeared first on The Motley Fool UK.
  
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• Veolia says it won't launch hostile bid for Suez

  04-10-2020 14:36 via uk.finance.yahoo.com
  
  French utility Veoliapledged on Sunday it would not launch a hostile bid for the remaining shares of rival Suezafter the acquisition of the 29.9% Suez stake owned by power group Engie.Veolia closed in this week on an agreement to buy Engie's stake in Suez, in a prelude to a full takeover bid and marking a breakthrough after weeks of hostilities between the parties.Veolia "unconditionally commits not to file a hostile takeover bid following the sale of the shares held by Engie in Suez," the group
  
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• Suez rebuffs Veolia's assurances it will not make hostile bid

  04-10-2020 14:36 via uk.finance.yahoo.com
  
  French utility Suezon Sunday rejected assurances from rival Veoliathat it will not make a hostile bid for the whole company after closing in on a deal to buy a 29.2% stake from power group Engie .Veoliasaid it would not launch a hostile bid for the remaining shares in Suez and that any bid for the rest of the shares would require approval from Suez's board.Veolia had moved closer to a deal to buy Engie's 29.9% stake in Suez on Wednesday, in a prelude to a full takeover bid and marking a breakthr
  
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• Forget the Bitcoin price! Buying UK shares after market crashes is a better way to make millions

  04-10-2020 14:15 via uk.finance.yahoo.com
  
  If you're looking to make a packet you can forget Bitcoin! Here I explain why buying UK shares is a much better way to try and get rich.
  The post Forget the Bitcoin price! Buying UK shares after market crashes is a better way to make millions appeared first on The Motley Fool UK.
  
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• Coronavirus: Future of airline industry in governments' hands

  04-10-2020 13:48 via uk.finance.yahoo.com
  
  As some sectors of the economy have enjoyed a modest rebound, air travel is still at a faction of normal levels. Airlines have delayed deliveries of new aircraft.
  
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• Covid-19 hits profits at mining giant Vedanta as Agarwal delisting plans continue

  04-10-2020 13:45 via uk.finance.yahoo.com
  
  Mining conglomerate Vedanta saw its profit slip by almost a quarter in the three months to the end of June after demand took a beating during the pandemic. Vedanta, the oil-to-aluminium conglomerate backed by billionaire Anil Agarwal, said revenue dropped 25pc on a year earlier to 156.9bn rupees (£1.65bn). Net profit was down 23pc year on year, at 10.33bn rupees, according to the filing posted over the weekend. Vedanta said it struggled with lower workforce availability during the three mo
  
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• Stock market crash: 3 reasons why I’d buy cheap shares today to get rich

  04-10-2020 13:37 via uk.finance.yahoo.com
  
  Buying cheap shares after the market crash could lead to high returns in the long run in my view. They could offer greater potential than other assets.
  The post Stock market crash: 3 reasons why I’d buy cheap shares today to get rich appeared first on The Motley Fool UK.
  
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• Forget your State Pension worries! I’d buy UK shares in a Stocks and Shares ISA to retire rich

  04-10-2020 12:58 via uk.finance.yahoo.com
  
  Buying UK shares in a Stocks and Shares ISA could lead to a surprisingly large nest egg, in my view. It may help you to overcome State Pension concerns.
  The post Forget your State Pension worries! I’d buy UK shares in a Stocks and Shares ISA to retire rich appeared first on The Motley Fool UK.
  
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• Monte dei Paschi shareholders approve bad loan clean-up

  04-10-2020 12:51 via uk.finance.yahoo.com
  
  Shareholders in Monte dei Paschi di Sienaapproved on Sunday a long-awaited bad loan clean-up plan aimed at easing the sale of the state-owned bank to a healthier rival.Italy has worked for two years on the plan, which gained final approval from the European Central Bank in September and must be completed by Dec. 1.Rome bailed out Monte dei Paschi in 2017, acquiring a 68% stake for 5.4 billion euros (4.89 billion pounds).
  
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• How I’d double my State Pension with just £2 per day

  04-10-2020 12:43 via uk.finance.yahoo.com
  
  Rupert Hargreaves explains how he is planning to beat the State Pension by using a simple regular investing and savings plan.The post How I’d double my State Pension with just £2 per day appeared first on The Motley Fool UK.
  
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• Quiet change to duty-free ‘a catastrophe for West End’

  04-10-2020 12:41 via uk.finance.yahoo.com
  
  Late on the afternoon of Sept 11, as Boris Johnson prepared his latest attack on the EU, the Treasury quietly snuck out an announcement on their website. With the Prime Minister preparing his response to a threat from Brussels to impose a food “blockade” in the Irish Sea, Rishi Sunak, the Chancellor, with very little fanfare, revealed a major shake-up of duty-free rules. Duty on cigarettes and alcohol, currently charged on passengers heading to the EU, would be abolished. The news go
  
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• £10k to invest? I’d sell gold and Bitcoin to buy cheap shares after the stock market crash

  04-10-2020 12:40 via uk.finance.yahoo.com
  
  Buying cheap shares after the stock market crash could lead to higher returns than those available from gold and Bitcoin, in my opinion.
  The post £10k to invest? I’d sell gold and Bitcoin to buy cheap shares after the stock market crash appeared first on The Motley Fool UK.
  
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• Creditors must wake up fast to threat of emerging market debt crisis

  04-10-2020 12:37 via uk.finance.yahoo.com
  
  Creditors must wake up fast to threat of emerging market debt crisisZambia could become the first country to default on its debts amid the fallout from Covid-19, but it won’t be the last
  
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• Conflict of interest rules cause headaches for Big Four auditors

  04-10-2020 12:36 via uk.finance.yahoo.com
  
  The 99 UK offices of the Big Four lie almost silent after the Government’s drive to get commuters back to city centres came to a screeching halt last month. While the firms’ 75,000 employees quietly beaver away on laptops from their living rooms, it is not quite business as usual for their bosses. Deloitte, EY, KPMG and PwC must submit plans to their regulator this month for the ring fencing of their audit practices from their consulting arms. The move is designed to eradicate confli
  
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• How I’m making a passive income with just £25 a week

  04-10-2020 12:29 via uk.finance.yahoo.com
  
  Rupert Hargreaves explains how a simple deposit of just £25 a month could turn into a considerable passive income stream.
  The post How I’m making a passive income with just £25 a week appeared first on The Motley Fool UK.
  
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• My election advice to small businesses? Let your people vote

  04-10-2020 12:00 via uk.finance.yahoo.com
  
  My election advice to small businesses? Let your people voteAbout 100m registered voters did not cast a ballot in 2016, many citing lack of time. We can help
  
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• Deliveroo 'appoints bankers' for London listing

  04-10-2020 12:00 via uk.finance.yahoo.com
  
  Food delivery services have been among the winners of the coronavirus lockdown, as large swathes of the economy ground to a halt.
  
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• Cineworld to close all UK and US venues putting thousands of jobs at risk

  04-10-2020 11:59 via uk.finance.yahoo.com
  
  Cineworld to close all UK and US venues putting thousands of jobs at riskWorld’s second-biggest cinema chain to close 536 US theatres and up to 130 UK sites amid Covid-19 crisis
  
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• Cineworld to close all its UK cinemas putting 5,500 jobs at risk

  04-10-2020 11:59 via uk.finance.yahoo.com
  
  Cineworld to close all its UK cinemas putting 5,500 jobs at riskWorld’s second-biggest cinema chain also set to close 536 US movie theatres amid Covid-19 crisis
  
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