Business news

• UK Finance Minister Sunak to announce local furlough scheme on Friday - The Times

  08-10-2020 23:59 via uk.finance.yahoo.com
  
  "Employers will be able to access the scheme for as long as pubs, restaurants and other businesses are closed," the newspaper's deputy political editor, Steven Swinford, said on Twitter.The Times quoted an unidentified minister as saying there was frustration in government at the failure of the Treasury to bring forward the measures sooner.The Daily Mail newspaper reported earlier that Sunak was putting together a new support package for jobs in a furlough-style bailout for coronavirus hotspots
  
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• Finance Minister Sunak to announce local furlough scheme on Friday - The Times

  08-10-2020 23:59 via uk.finance.yahoo.com
  
  "Employers will be able to access the scheme for as long as pubs, restaurants and other businesses are closed," the newspaper's deputy political editor, Steven Swinford, said on Twitter.The Times quoted an unidentified minister as saying there was frustration in government at the failure of the Treasury to bring forward the measures sooner.The Daily Mail newspaper reported earlier that Sunak was putting together a new support package for jobs in a furlough-style bailout for coronavirus hotspots
  
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• Economy's recovery slows sharply despite Eat Out to Help Out boost

  08-10-2020 23:57 via uk.finance.yahoo.com
  
  The economy’s recovery slipped in August even as Rishi Sunak’s dining discount provided much-needed relief for restaurants. GDP rose by a much slower-than-expected 2.1pc compared to July, a fourth consecutive month of expansion following the record collapse in output during lockdown, according to the Office for National Statistics. The economy is still almost a tenth smaller than its pre-virus levels but the outlook has deteriorated in recent weeks as a second wave strikes the UK. It
  
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• Gilead's remdesivir shaved five days off COVID-19 recovery time, reduced risk of death in some

  08-10-2020 23:38 via uk.finance.yahoo.com
  
  Final data from Gilead Sciences Inc'santiviral drug remdesivir showed the treatment cut COVID-19 recovery time by five days compared with patients who got a placebo, one day faster than indicated in preliminary data, the company and researchers said on Thursday.In patients who were on oxygen when they first got the drug, remdesivir - sold under the brand Veklury - reduced recovery time by seven days compared with placebo after 29 days, according to the 1,062-patient study, published in the New E
  
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• Confusion and uncertainty reign as pubs and bars grapple with the prospect of more local lockdowns

  08-10-2020 23:24 via uk.finance.yahoo.com
  
  Large areas of northern England and the Midlands look set to join central Scotland in facing new restrictions to halt a second wave of coronavirus.Manchester, Liverpool and Newcastle – cities famed for their vibrant pubs, bars and music venues – are among those that could go quiet next week if government plans are confirmed.Reports of those plans are fuelling a growing sense of unfairness in many areas, particularly those that have already been subjected to tougher restrictions while
  
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• Global stocks gain as markets eye US stimulus talks

  08-10-2020 23:22 via uk.finance.yahoo.com
  
  Global stocks rose Thursday on revived hopes for US stimulus despite mixed signs on the state of negotiations in Washington and rising worries about the coronavirus in Europe that have prompted fresh restrictions.
  
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• Chancellor faces fresh pressure to extend furlough if businesses closed

  08-10-2020 23:00 via uk.finance.yahoo.com
  
  Christine Jardine said the 'fundamental premise for ending the furlough scheme no longer holds'.
  
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• Market report: CMC proves safe bet as investors cash in

  08-10-2020 22:41 via uk.finance.yahoo.com
  
  Investors in CMC Markets took a deep breath after the stock’s mighty climb this year as the spread-betting company posted another bullish update. The group’s shares succumbed to profit taking today even though CMC said it expects trading performance “towards the upper end” of market consensus while also warning of higher operating costs. The FTSE 250 group said its momentum continued over the six months to the end of September, adding client retention had been “well
  
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• Fiscal drag, viral carousel, and another stalled week in U.S. recovery

  08-10-2020 22:39 via uk.finance.yahoo.com
  
  U.S. hiring last week remained sluggish, retail foot traffic dipped, and a surge in coronavirus cases across the Upper Midwest even dented what had been a carefree rush back to restaurants.The outbreaks in states like South Dakota, Montana and Wisconsin are the latest in the country's carousel battle with the pandemic as hotspots rotate from one region to another, preventing any broad recovery of confidence or the economy.Since an early summer jump in U.S. economic activity, data across a broad
  
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• Labour claims Government is 'clawing back' £1bn in funding allocated to support businesses in Covid pandemic

  08-10-2020 22:30 via uk.finance.yahoo.com
  
  Labour has claimed that the Government is "clawing back" more than £1 billion of funding that had been allocated to support businesses through the coronavirus pandemic.Local authorities are being told to hand back £1.3 billion of unspent emergency grants to the Government, the Opposition said.
  
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• Brooklyn law firm in coronavirus hotspot sues Cuomo and de Blasio for forcing it to close

  08-10-2020 22:21 via uk.news.yahoo.com
  
  A law firm in Brooklyn is suing New York Governor Andrew Cuomo and New York City Mayor Bill de Blasio over state-mandated restrictions on Covid-19 hotspots that the firm claims has forced it to close its doors.Tuturro Law filed the suit in federal court in Brooklyn on Thursday, according to The Real Deal, a New York real estate news publication.
  
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• Canada announces Can$590 mn investment in Ford electric car plant

  08-10-2020 21:57 via uk.finance.yahoo.com
  
  Prime Minister Justin Trudeau's government and the province of Ontario announced Thursday investments of Can$295 million (US$223 million) each in a Ford factory billed as the largest electric vehicle plant in North America.
  
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• NHS Covid app sends concerning messages to users - what you need to know

  08-10-2020 21:20 via uk.finance.yahoo.com
  The notification only means that the system is looking at a possible exposure, not that the system has definitely been triggered.The app's official Twitter account confirmed that users will be sent a specific notification if they are judged to be at high enough risk to need to self-isolate, and that message will be separate from the one indicating that they have been subject to a possible exposure.Many users of the app – which was released last week – have reported receiving concerni
  
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• EU lawmakers break off talks with states on European recovery plan

  08-10-2020 21:13 via uk.finance.yahoo.com
  
  European Union lawmakers broke off talks on Thursday with EU government representatives over the bloc's budget and a 1.8 trillion euro coronavirus recovery package.A deal between the European Parliament and governments is required to adopt the EU's largest-ever financial stimulus, which EU leaders agreed at a July summit to help lift Europe's economy from its deepest recession on record.Delays in reaching a deal could further damage the EU economy, as many sectors rely on the EU funds.
  
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• There's no harm in asking but easyJet shouldn't bet on a bailout

  08-10-2020 21:00 via uk.finance.yahoo.com
  
  There's no harm in asking but easyJet shouldn't bet on a bailoutThe airline has time to act, and a reasonable base from which to assemble a self-help package
  
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• MPs call for clarity over Government plans to protect Arm after takeover

  08-10-2020 20:58 via uk.finance.yahoo.com
  
  MPs have piled fresh pressure on the Government to lay out plans to protect British tech leader Arm's UK operations once a takeover by US titan Nvidia has completed. The chair of the Business, Energy & Industrial Strategy Select Committee, Darren Jones, has written to Alok Sharma urging him to "provide some clarity" on what the Government is doing to protect UK jobs, and ensure roles are not scrapped in the country following the planned takeover. He called for the Business Secretary to "offe
  
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• Italy wants new ideas from Atlantia to break deadlock over licence - sources

  08-10-2020 20:49 via uk.finance.yahoo.com
  
  In the latest twist in a long dispute with Atlantiaover its motorway concession, Italy on Thursday opened the door to renewed talks with the infrastructure group, two government source said.Rome has been threatening to revoke Atlantia's motorway unit licence since the deadly collapse of a bridge in Genoa run by the unit in 2018.The dispute seemed to have been resolved in July, when the government approved a plan that would see Atlantia cede control of its Autostrade per l'Italia unit to state le
  
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• Pubs and restaurants take blame for UK’s Covid spike

  08-10-2020 20:34
  Hospitality sector says there is little evidence to prove it is responsible for resurgence of the virus
  
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• Johnson faces northern backlash over new Covid-19 measures

  08-10-2020 20:34
  Civic leaders say PM has failed to consult them on restrictions and many Tory MPs only partially convinced
  
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• Boris Johnson faces northern backlash over new Covid-19 measures

  08-10-2020 20:34
  Civic leaders say UK prime minister failed to consult them on curbs and many Tory MPs only partially convinced
  
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• Exclusive: Orange venture in Belgium to replace Huawei mobile gear with Nokia kit - sources

  08-10-2020 20:19 via uk.finance.yahoo.com
  
  Telecoms operators Orange Belgiumand Proximusare poised to progressively replace Huawei-made mobile equipment in Belgium and Luxembourg with Nokia gear, two sources close to the matter said.Orange's Belgian division and Proximus, which is majority-owned by the Belgian state, face heavy political pressure to shift from China's Huawei for the next generation of mobile internet, or 5G, following U.S. accusations that Huawei's gear could be used for spying by Beijing, the sources said.Orange Belgium
  
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• Exclusive: Boeing in talks with Alaska Airlines for potential 737 MAX order - sources

  08-10-2020 20:10 via uk.finance.yahoo.com
  
  Boeing Cois in discussions to sell 737 MAX jets to Alaska Airlines once the plane returns to service following a lengthy grounding, three people familiar with the matter said.The talks are part of a series of negotiations between Boeing and several airlines over jet orders or compensation after the 737 MAX was banned worldwide following two fatal crashes.Boeing and Alaska Airlines, which is part of Alaska Air Group Inc , declined to comment.
  
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• Exclusive: Boeing in talks with Alaska Air for potential 737 MAX order after jet's return to service - sources

  08-10-2020 20:10 via uk.finance.yahoo.com
  
  Boeing Cois in discussions to sell 737 MAX jets to Alaska Air Group Inconce the plane returns to service following a lengthy grounding, three people familiar with the matter said.The talks are part of a series of negotiations between Boeing and several airlines over jet orders or compensation after the 737 MAX was banned worldwide following two fatal crashes.Boeing and Alaska Air declined to comment.
  
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• U.S. imposes new Iran sanctions that may spook European banks

  08-10-2020 20:02 via uk.finance.yahoo.com
  
  The United States on Thursday slapped fresh sanctions on Iran's financial sector, targeting 18 banks in an effort to further choke off Iranian revenues as Washington ramps up pressure on Tehran weeks ahead of the U.S. election.The move freezes any U.S. assets of those blacklisted and generally bars Americans from dealing with them, while extending secondary sanctions to those who do business with them.The Treasury Department said in a statement the prohibitions did not apply to transactions to s
  
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• UK's Centrica signs deal with unions over worker terms and conditions

  08-10-2020 19:32 via uk.finance.yahoo.com
  
  British Gas owner Centricasaid on Thursday it has agreed with trade unions not to force through changes to terms and conditions via legal a process this year, in return for unions agreeing not to ballot for industrial action this month."Our negotiations have been progressing and we remain focused on getting a negotiated settlement through continued discussions," a Centrica spokesperson said."As a demonstration of our good faith in these talks, we have committed that we will not use the legal pro
  
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• MPs ask for details about guaranteeing UK jobs after Arm takeover

  08-10-2020 19:32 via uk.finance.yahoo.com
  
  MPs ask for details about guaranteeing UK jobs after Arm takeoverAlok Sharma asked to explain what plans US buyer Nvidia has to keep jobs in Cambridge
  
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• Covid crisis pushes working age benefit payouts towards £140bn

  08-10-2020 19:22 via uk.finance.yahoo.com
  
  Working age benefits payments are poised to spike to almost £140bn this year as soaring unemployment, falling pay and hikes to universal credit push the Government’s costs to a record high. In total, they will amount to 7pc of gross domestic product (GDP), the Institute for Fiscal Studies predicts, up from 5pc before the crisis. This is the highest share of GDP since records began in the Seventies, jumping from £104bn last year to around £139bn this year. It comes after R
  
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• EU looks at new migration pact amid divisions, aims for December deal

  08-10-2020 19:19 via uk.finance.yahoo.com
  
  EU governments began talks on Thursday on a proposed overhaul of migration rules to resolve years of bitter divisions as Germany, chairing the discussions, expressed optimism a deal might be possible by December.The video-conference of EU interior ministers was the first chance to exchange views on the scheme proposed by the European Commission last month, and especially on its most sensitive part which de facto obliges each EU country to host some refugees.The right-wing nationalist governments
  
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• UK rail usage fell during lockdown to lowest level since mid-19th century

  08-10-2020 19:17 via uk.finance.yahoo.com
  
  UK rail usage fell during lockdown to lowest level since mid-19th century. 35m journeys taken between April and June was just 8% of total in same period last year
  
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• Questor: this property firm has worked wonders in the pandemic

  08-10-2020 19:15 via uk.finance.yahoo.com
  
  Many of our Income Portfolio’s property holdings were chosen after the start of the pandemic when we were able to see their resilience in the face of the economic storm that had begun. It is therefore no surprise to us that these funds have indeed continued to pay the income we had hoped for. In the case of our German property company, Sirius Real Estate, it was more a case of good fortune because we bought it long before anyone had heard of coronavirus – in November last year. The c
  
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• Woman reveals horror of being conned by fake soldier as romance fraud cases surge in lockdown

  08-10-2020 19:00 via uk.finance.yahoo.com
  
  ‘It seemed like a light at long last. Something was going right. Somebody liked me. I felt good about myself. We seemed to have things in common. There was the possibility of a future and of happiness,’ says victim
  
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• British Gas retreat in jobs dispute, says GMB

  08-10-2020 19:00 via uk.finance.yahoo.com
  
  The threat of industrial action has been eased after the company delays a 'fire and rehire' plan, according to the GMB union.
  
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• British Airways' last two 747s make final flights from Heathrow

  08-10-2020 19:00 via uk.finance.yahoo.com
  
  British Airways' last two 747s make final flights from HeathrowNational carrier is retiring its two remaining jumbo jets early due to impact of coronavirus
  
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• Traders hoping Trump’s latest U-turn on Covid-19 bailout will stick

  08-10-2020 18:53 via uk.finance.yahoo.com
  
  The FTSE 100 leading index closed up 31.78 points, or 0.5%, at 5,978.03 as signs of a possible US stimulus package re-emerged.
  
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• Facebook bars deceptive campaign from pro-Trump group

  08-10-2020 18:52 via uk.finance.yahoo.com
  
  Facebook on Thursday said it removed posts from campaign using fake accounts to praise US President Donald Trump as part of its latest crackdown on orchestrated deception.
  
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• Thousands of UK businesses not prepared for Brexit, MPs told

  08-10-2020 18:45
  No extension to transition coming despite third of companies expecting one, says senior civil servant
  
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• Domino's quarterly profit misses on higher COVID-19 costs

  08-10-2020 18:38 via uk.finance.yahoo.com
  
  Chief Executive Officer Ritch Allison told analysts he expects elevated costs to continue during the pandemic, adding that international market growth continues to be challenging amid a slower pace of store additions.General and administrative costs rose 9.5% to $91.7 million in the third quarter, the company said."The extent of margin pressure was surprisingly high," Bernstein analyst Sara Senatore said.
  
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• Waymo opens driverless robo-taxi service to the public in Phoenix

  08-10-2020 18:30 via uk.finance.yahoo.com
  
  Waymo on Thursday will relaunch and expand its fully automated, robo-taxi ride hailing service in Phoenix, rebooting its effort to transform years of autonomous vehicle research into a revenue-producing business.Waymo, the self-driving vehicle technology unit of Google parent Alphabet, Inc , said it will start offering rides in minivans with no human attendant on board to current members of its Waymo One service in Phoenix.Within a few weeks, Waymo plans to open access to anyone who downloads it
  
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• Maersk to stop using Myanmar military ports: rights group

  08-10-2020 18:28 via uk.finance.yahoo.com
  
  Global shipping giant Maersk will stop using military-owned ports in Myanmar, a lobby group said Thursday after leading a campaign against international companies with links to the armed forces.
  
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• Dominic Chappell evaded tax liability in £1 BHS deal, court told

  08-10-2020 18:27
  Businessman who bought failed UK retailer alleged to have spent cash on a Bentley and yacht
  
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• UK regulator calls on companies to make reports more accessible

  08-10-2020 18:23
  FRC sets out radical plan for businesses to provide extra information tailored to non-experts
  
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• Billions of pieces of Venus could be lying on the Moon, scientists say

  08-10-2020 18:14 via uk.finance.yahoo.com
  
  Billions of piece of Venus could be waiting to be discovered on the Moon, scientists have said.Venus has long been of interest to researchers, who suggested that billions of years ago it could have had an environment like Earth’s, with a thin atmosphere and the presence of water.A new solution proposed by Yale researchers, however, suggests that such complicated work might not be necessary.
  
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• Meeting Sharon White 'life changing' for Barratt managers, says chairman

  08-10-2020 18:11 via uk.finance.yahoo.com
  
  Meeting Sharon White 'life changing' for Barratt managers, says chairman‘They’ve probably never been asked searching questions by a black woman before,’ says John Allan
  
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• Qanon products including neck warmers and earrings available on eBay as conspiracy theory spreads

  08-10-2020 18:07 via uk.finance.yahoo.com
  
  Other shopping sites like Etsy and Facebook Marketplace have banned merchandise related to the conspiracy theory
  
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• Israel's second lockdown carries a hefty economic price

  08-10-2020 18:01 via uk.finance.yahoo.com
  
  Restaurateur Tamir Barelko has had enough.Israel's decision last month to impose a second nationwide lockdown after a resurgence in coronavirus infections has dealt a hammer blow to the economy and the livelihoods of small business owners, Barelko says.The finance ministry and central bank support reopening offices of companies that can avoid face-to-face contact with customers, or employ less than 10 workers - highlighting growing tensions over Prime Minister Benjamin Netanyahu's handling of th
  
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• Why Britain could soon be building mini nuclear reactors

  08-10-2020 17:54 via uk.finance.yahoo.com
  
  The idea of cheap, emission-free energy from a fleet of British-designed and built mini nuclear reactors that are cheaper and faster to build than their conventional counterparts is something of a no-brainer for the Government. When these so-called “Small Modular Reactors” (SMRs) come with prospect of creating a huge new industry with strong export potential, it’s no wonder ministers are considering injecting up to £2bn of taxpayer money to get the concept off the ground.
  
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• EasyJet calls for more UK state support for airline industry

  08-10-2020 17:54 via uk.finance.yahoo.com
  
  EasyJet calls for more UK state support for airline industrySector facing ‘worst threat in its history’ as carrier forecasts losses of up to £845m, its first ever loss* Coronavirus – latest updates* See all our coronavirus coverage
  
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• Pandora raises profit guidance after improved sales

  08-10-2020 17:48 via uk.finance.yahoo.com
  
  Danish jewellery-maker Pandoraon Thursday upwardly revised its profit guidance after seeing stronger sales and a big boost to its online business in the third quarter, it said in a statement released after the market closed.Online organic sales growth increased by 89% in the third quarter compared to the same period last year, largely offsetting a drop in customers in physical stores, Pandora said, but temporary store closures continued to dent performance.
  
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• BMW says Brexit could cost auto industry 10-11 billion euros

  08-10-2020 17:38 via uk.finance.yahoo.com
  
  BMWChief Financial Officer Nicolas Peter on Thursday said Britain's separation from the European Union could cost carmakers and suppliers up to 11 billion euros unless cross-border trade remains tariff-free and unbureaucratic.BMW has spent a low double-digit million euro amount this year to prepare for Brexit, Peter told journalists during a virtual roundtable discussion on Thursday."The auto industry association ACEA has estimated that it could cost carmakers and suppliers 10 to 11 billion euro
  
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• Theresa May joins rebellion against Boris Johnson’s planning reforms

  08-10-2020 17:35
  Former PM argues not enough homes will be built where they are needed most, in northern England
  
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