Business news

• Apple's coming iPhone launch drives Wall Street surge

  12-10-2020 23:58 via uk.finance.yahoo.com
  
  Anticipation over the launch of the new iPhone drove US tech stocks higher on Monday, capping a mostly buoyant day in global markets.
  
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• Disney revamps itself to emphasize streaming

  12-10-2020 23:44 via uk.finance.yahoo.com
  
  Disney announced Monday a reorganization of its media and entertainment business that aims to further boost its streaming service, which has boomed during the coronavirus pandemic.
  
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• Boris Johnson defends restrictions on hospitality sector

  12-10-2020 23:23 via uk.finance.yahoo.com
  
  The British Beer and Pub Association said new local lockdown restrictions will result in permanent closures.
  
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• Boohoo cuts ties with another Leicester supplier

  12-10-2020 22:48 via uk.finance.yahoo.com
  
  Boohoo has cut ties with a clothing supplier in Leicester after it emerged that a director was involved in money laundering. The fast-fashion firm, which is seeking to move on from controversy about its suppliers in Leicester, said it no longer works with Rose Fashion Leicester Limited. The manufacturer produced clothes for PrettyLittleThing (PLT), the brand co-founded by Umar Kamani, the son of Boohoo co-founder Mahmud Kamani. PLT is now owned by Boohoo. A civil court case involving a dispute b
  
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• Walt Disney restructures entertainment businesses to boost streaming

  12-10-2020 22:29 via uk.finance.yahoo.com
  
  Disney said it would manage media and entertainment programming under three separate groups - studios, general entertainment and sports -- and concentrate distribution and commercialization under a global unit.The move came days after activist investor Daniel Loeb urged Disney to forgo a dividend payment and double its programming investment in streaming.Disney shares rose nearly 5 percent in after-hours trading to $130.76.
  
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• Balfour Beatty chairman prepares to leave, search starts for successor - Sky News

  12-10-2020 22:22 via uk.finance.yahoo.com
  
  Balfour, one of the contractors on the HS2 high-speed rail link, has appointed Egon Zehnder, a global management consulting and executive search firm, to begin looking for a new chairman, the report said.Balfour Beatty company declined to comment.
  
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• G20 eyeing six-month debt relief extension: World Bank's Malpass

  12-10-2020 22:05 via uk.finance.yahoo.com
  
  G20 countries may only approve a six-month debt relief extension amid lagging committment to the pact meant to help poor nations weather the pandemic, World Bank President David Malpass said on Monday.
  
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• ‘There’s no plan, no strategy’: Business owners outraged after government’s latest rule changes

  12-10-2020 21:25 via uk.finance.yahoo.com
  
  ‘People are trying to run businesses and save livelihoods,’ says Matt Farrell, founder of Graffiti Spirits Group, which runs bars and restaurants in Liverpool. ‘We can’t do that when we don’t know what’s happening.'
  
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• U.N. chief urges development banks to stop financing fossil fuel projects

  12-10-2020 21:23 via uk.finance.yahoo.com
  
  United Nations Secretary-General Antonio Guterres on Monday urged development banks to stop backing fossil fuel projects, raising the pressure on the state-backed lenders ahead of a climate change summit France is hosting next month.Environmental campaigners have for years been demanding publicly-listed commercial banks in Europe, the United States and Asia stop financing new coal-fired power stations, oil exploration or natural gas infrastructure.Guterres urged a virtual meeting of a coalition
  
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• As World Bank faces scrutiny, U.N. chief warns lenders over fossil fuels

  12-10-2020 21:23 via uk.finance.yahoo.com
  
  United Nations Secretary-General Antonio Guterres on Monday urged development banks to stop backing fossil fuel projects, after a report found the World Bank had invested $12 billion in the sector since the 2015 Paris Agreement to combat climate change.Environmental campaigners have for years tried to prevent the oil, coal and natural gas industry from producing dangerous levels of the greenhouse gases that cause climate change by persuading commercial banks to stop lending them money.
  
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• French Airbus workers sign key restructuring deal

  12-10-2020 21:18 via uk.finance.yahoo.com
  
  Major French unions on Monday signed a keenly awaited labour deal with Europe's Airbus covering job reductions and furloughs for production workers affected by coronavirus-blighted demand for passenger jets.After three months of talks, unions representing a majority of the planemaker's French workers signed an agreement paving the way for 4,200 job reductions in France, including 3,400 in Toulouse, Europe's aerospace capital where Airbus is based.Unions say the agreement will prevent compulsory
  
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• UK prime minister seeks friends in the north to tackle Covid

  12-10-2020 21:15
  Johnson tries to make a success of local lockdowns by enlisting support of mayors
  
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• PM seeks friends in the north to tackle virus

  12-10-2020 21:15
  Johnson tries to make a success of local lockdowns by enlisting support of mayors
  
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• Johnson seeks friends in the north to tackle virus

  12-10-2020 21:15
  PM tries to make a success of local lockdowns by enlisting support of mayors
  
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• Elon Musk’s space internet gives Native American tribe access to high-speed broadband for first time

  12-10-2020 20:58 via uk.finance.yahoo.com
  
  Starlink network ‘catapulted us into the 21st century,’ tribe leader says
  
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• Analysis: New Apple 'iPhone 12' to offer 5G speeds U.S. networks can't deliver

  12-10-2020 20:40 via uk.finance.yahoo.com
  
  The device, dubbed the iPhone 12 by analysts, can tap into 5G, or fifth generation wireless technology, that theoretically operates as much as 10 to 20 times faster than current 4G wireless networks.Using the next iPhone or any 5G enabled device on today's network, however, will be "like having a Ferrari ... but using it in your local village and you can't drive to up to 200 miles per hour, simply because the roads cannot maintain those speeds," explained Boris Metodiev, associate director of re
  
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• Harvester owner consulting on job cuts

  12-10-2020 20:29 via bbc.co.uk
  
  Mitchells & Butlers, the pubs and restaurants group, has not disclosed how many jobs are at risk.
  
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• Cryptocurrency has the power to revolutionise a corrupt banking system

  12-10-2020 20:26 via uk.finance.yahoo.com
  
  More countries are adopting blockchain technologies and smart contracts in order to make dirty money a thing of the past
  
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• Climate change poses 'profound threat' to global growth - IMF chief

  12-10-2020 20:17 via uk.finance.yahoo.com
  
  Climate change poses a serious threat to global growth, the head of the International Monetary Fund said on Monday, urging the world's top emitters to agree on a floor for carbon prices.IMF Managing Director Kristalina Georgieva told finance ministers meeting on climate change that countries should also ensure that green investments are included in the money they are spending to contain the COVID-19 pandemic and mitigate its economic impact."Even while we are in the midst of the COVID crisis, we
  
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• Microsoft takes down massive cyber crime network over fears it will be used to meddle in US election

  12-10-2020 20:14 via uk.finance.yahoo.com
  
  Microsoft has temporarily pulled the plug on one of the world’s largest cyber criminal networks amid fears it will be used to sow chaos and distrust ahead of the US election. The technology company said on Monday that it had worked with telecommunications providers across the world to cut off the command-and-control servers for Trickbot, which is used to infect computers with malware. Microsoft and its partners were able to pinpoint and disable Trickbot’s digital backbone using a cou
  
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• Barclays and Staveley enter bitter war of words as legal showdown enters final week

  12-10-2020 20:11 via uk.finance.yahoo.com
  
  Lawyers acting for Barclays and financier Amanda Staveley entered into a bitter war of words on Monday as a court case which has gripped the City entered its final week. The legal battle, launched by Ms Staveley, concerns a blockbuster deal that took place at the height of the financial crisis when Barclays avoided a government bailout by raising billions from Qatar and Abu Dhabi. Staveley is suing Barclays over claims that her firm PCP Capital Partners was treated unfairly because it did not re
  
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• More synchronized action needed to tackle COVID economic crisis: IMF's Georgieva

  12-10-2020 20:08 via uk.finance.yahoo.com
  
  The international community must do more to tackle the economic fallout of the COVID-19 crisis, the head of the International Monetary Fund said on Monday, publicly calling on the World Bank to accelerate its lending to hard-hit African countries."We are going to continue to push to do even more," IMF Managing Director Kristalina Georgieva said during an online FT Africa summit.The World Bank has grant-giving capacity.
  
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• More synchronized action needed to tackle COVID crisis - IMF's Georgieva

  12-10-2020 20:08 via uk.finance.yahoo.com
  
  The international community must do more to tackle the economic fallout of the COVID-19 crisis, the head of the International Monetary Fund said on Monday, publicly calling on the World Bank to accelerate its lending to hard-hit African countries."We are going to continue to push to do even more," IMF Managing Director Kristalina Georgieva said during an online FT Africa summit.The World Bank has grant-giving capacity.
  
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• Bars and restaurants 'reaching point of no return'

  12-10-2020 20:06 via bbc.co.uk
  
  Hospitality venues across the UK say they will struggle under the new restrictions.
  
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• Facebook finally bans Holocaust denial after years of resistance

  12-10-2020 19:36 via uk.finance.yahoo.com
  
  Facebook has banned Holocaust denial, reversing a years-long policy that had come to symbolise the social media giant's reluctance to be an "arbiter of truth". The social media giant's chief executive Mark Zuckerberg caused alarm among civil rights advocates in 2018 when he insisted that the company would not censor Holocaust deniers simply because they "get things wrong". But on Monday, Facebook's content policy chief Monika Bickert said it would now forbid any content that "denies or distorts"
  
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• £40bn a year tax rises needed to stop debt spiralling, IFS warns

  12-10-2020 19:28 via uk.finance.yahoo.com
  
  Taxes may have to rise more than £40bn a year to stop Government borrowing spiralling out of control, the Institute for Fiscal Studies has warned. The think-tank said the deficit this year was set to reach levels not seen outside the two world wars due to Covid-19. In its annual Green Budget, the IFS said over the medium term, taxes would almost certainly have to rise, noting that the Government had increased spending on day-to-day public services by £70bn in response to the pandemic
  
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• Jaguar Land Rover facing fines as it lags behind in pollution reduction

  12-10-2020 19:22 via uk.finance.yahoo.com
  
  Jaguar Land Rover is lagging behind the rest of the car industry when it comes to reducing pollution and is the manufacturer most likely to face huge fines for failing to hit tough new environmental targets. The claim comes in new research from environmental group Transport & Environment (T&E;) which said that Britain’s biggest car-maker is 10pc behind the CO2 cut it is required to make under European Union rules. Moves to clean up the industry require manufacturers to hit a fleet
  
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• Facebook bans Holocaust denial following ‘rise in antisemitism and alarming level of ignorance’

  12-10-2020 19:17 via uk.finance.yahoo.com
  
  The social media site had been criticised for not taking stronger action on hate speech
  
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• BoE's Bailey sees little intrinsic value in Bitcoin

  12-10-2020 19:10 via uk.finance.yahoo.com
  
  Bank of England Governor Andrew Bailey said on Monday it was hard to see how Bitcoinhad any intrinsic value and he cautioned over its use as a means of payment."I have to be honest, it is hard to see that Bitcoin has what we tend to call intrinsic value," Bailey said during a BoE question and answer session with members of the public."It may have extrinsic value in the sense that people want it."
  
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• £10bn Covid contracts without competitive tender come under scrutiny

  12-10-2020 19:01
  Most of 843 deals were signed by government to secure goods and services at speed
  
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• Act now to prevent a tragic economic ending

  12-10-2020 18:42
  The recovery from lockdowns is stalling and more fiscal stimulus is needed
  
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• Unilever shareholders approve move to the UK

  12-10-2020 18:33 via uk.finance.yahoo.com
  
  Unilever’s UK shareholders have voted overwhelmingly in favour of plans to move its legal base to London despite warnings that a vote on a proposed Dutch exit tax could go down to the wire. At a shareholder meeting held online on Monday, a total 99.5pc of investors who cast their vote were in favour of Unilever’s unification, bringing the firm one step closer to abandoning its dual-headed structure after 90 years. Dutch investors in Unilever, which owns Dove soap and Ben & Jerry&
  
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• PM’s statement, commodity stocks and strong pound drag FTSE lower

  12-10-2020 18:32 via uk.finance.yahoo.com
  
  London’s top flight closed 15.27 points lower at 6,001.38 at the end of trading on Monday.
  
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• Facebook to ban Holocaust denial content

  12-10-2020 18:32 via uk.finance.yahoo.com
  
  Facebook announced Monday that it will ban content that denies or distorts the Holocaust, describing the move as its latest effort to free the platform of hate.
  
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• World Bank's Malpass says G20 may agree to only six-month debt relief extension

  12-10-2020 18:18 via uk.finance.yahoo.com
  
  Some G20 creditor countries are reluctant to broaden and extend another year of coronavirus debt service relief to the world's poorest countries, so a six-month compromise may emerge this week, World Bank President David Malpass said on Monday.Malpass, speaking to reporters as the World Bank's and International Monetary Fund's virtual annual meetings get under way, said G20 debt working groups have not reached agreement on the two institutions' push for a year-long extension of the G20 Debt Serv
  
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• World Bank's Malpass says G20 may agree to only 6-month debt relief extension

  12-10-2020 18:18 via uk.finance.yahoo.com
  
  Some G20 creditor countries are reluctant to broaden and extend another year of coronavirus debt service relief to the world's poorest countries, so a six-month compromise may emerge this week, World Bank President David Malpass said on Monday.Malpass, speaking to reporters as the World Bank's and International Monetary Fund's virtual annual meetings get underway, said G20 debt working groups have not reached agreement on the two institutions' push for a year-long extension of the G20 Debt Servi
  
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• I’m not tempted by the Cineworld share price and would buy Sumo stock instead

  12-10-2020 18:09 via uk.finance.yahoo.com
  
  The Cineworld share price was hammered in the last market crash and things do not look to be getting any better for the company. Although Cineworld shares look cheap, I think they are a trap, and would consider Sumo instead.
  The post I’m not tempted by the Cineworld share price and would buy Sumo stock instead appeared first on The Motley Fool UK.
  
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• The Bank of England will struggle to make the case for negative rates

  12-10-2020 18:05 via uk.finance.yahoo.com
  
  Speculation that the Bank of England may be contemplating a move to negative interest rates has been further stoked.
  
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• Exclusive: ECB policymakers wary of following Fed's route on inflation target - sources

  12-10-2020 18:03 via uk.finance.yahoo.com
  
  There is reluctance among European Central Bank policymakers to follow the U.S. Federal Reserve's move to target an average inflation rate, fearing this could tie their hands, sources involved in a revamp of ECB policy told Reuters.The four central bank sources, including members of both the hawkish and dovish wings of the ECB's policymaking governing council, also expressed doubts about whether orthodox inflation theory still applied in economies where prices have long stagnated despite interes
  
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• Euro zone economy losing momentum, ECB's de Guindos says

  12-10-2020 18:01 via uk.finance.yahoo.com
  
  The euro zone economy is losing momentum and the European Central Bank will react accordingly, ECB Vice President Luis de Guindos said on Monday, citing December's macro-economic projections as a key guide for future policy moves."High-frequency indicators point to (the economy) losing a certain momentum," de Guindos told a live interview with the Institute for International Finance.
  
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• Spending £50k on a handbag at this auction could pay off

  12-10-2020 18:00 via uk.finance.yahoo.com
  
  If you think dropping tens of thousands of pounds on a handbag is frivolous, the numbers will soon prove otherwise. Earlier this summer Art Market Research found that certain bags by Hermès, Chanel and Louis Vuitton have soared in value by an average of 83% globally over the last decade, with headline sales to rival those of jewels and motors at the most prestigious of auction houses. One such event comes to Bonhams Knightsbridge tomorrow, on Tuesday 13 October. The Bags of Style and Subs
  
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• Covid: 'I don't want them to take my cab'

  12-10-2020 17:57 via bbc.co.uk
  
  Taxi drivers with new electric cabs are struggling to meet loan payments and say they need more help.
  
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• Bot posing as human fooled people on Reddit for an entire week

  12-10-2020 17:55 via uk.finance.yahoo.com
  
  ‘The quality was incredibly good, no machine could have written these even a few years ago’
  
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• Downing Street joins criticism of 'crass' job ad

  12-10-2020 17:54 via bbc.co.uk
  
  Downing Street and the culture secretary disown an ad suggesting a ballerina retrain in cyber security.
  
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• EU watchdog to clarify share trading after full Brexit

  12-10-2020 17:52 via uk.finance.yahoo.com
  
  The European Union's securities watchdog said it expects to make a statement soon on where shares listed in the bloc must be traded after Britain's full departure from the European Union in December.It was important for market participants to have clarity on where they can trade shares, Steven Maijoor, chair of the European Securities and Markets Authority (ESMA), told the European Parliament.Brussels is assessing whether to grant "equivalence," or continued full access for UK share trading plat
  
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• Electric cars to triple market share in Europe amid COVID-19, researchers say

  12-10-2020 17:49 via uk.finance.yahoo.com
  
  Electric vehicles made up 8% of car sales in Europe in the first half of 2020, putting them on track to triple their market share this year, according to analysis by the NGO Transport & Environment (T&E).While the novel coronavirus pandemic has seen overall car sales plummet, sales of electric cars - which T&E defined as both battery and plug-in hybrid models - have increased.This saw electric cars more than triple their market share in the European Economic Area (EEA), compared with
  
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• We won't survive: Liverpool pubs say new UK lockdown will wipe them out

  12-10-2020 17:46 via uk.finance.yahoo.com
  
  The last pints could be pulled in some pubs across northern England this week as furious bosses warn new coronavirus restrictions will wipe out their businesses, which are already reeling from a national lockdown earlier this year.With COVID-19 cases and hospital admissions surging, British Prime Minister Boris Johnson on Monday unveiled a new three-tier system of local lockdowns to curb its spread, with pubs and bars closed down in "very high" alert areas.Liverpool, birthplace of the Beatles an
  
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• Have £5k to invest? Here are 3 stocks I’d buy for an FTSE starter portfolio

  12-10-2020 17:46 via uk.finance.yahoo.com
  
  Three shares for a starter portfolio in defensive, steady sectors backed by businesses with the potential to provide both income from dividends and growth.
  The post Have £5k to invest? Here are 3 stocks I’d buy for an FTSE starter portfolio appeared first on The Motley Fool UK.
  
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• Minister eyes raising housing deposits from pension savings

  12-10-2020 17:43
  Opperman says his ‘door is open’ to schemes that help first-time buyers
  
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• Britain on trade tightrope as fresh tariffs loom in aircraft spat

  12-10-2020 17:37 via uk.finance.yahoo.com
  
  Britain's push away from Europe and its courting of closer trade ties with the United States have landed London in a growing dilemma over billions of dollars in looming Brussels tariffs in response to U.S. subsidies for Boeing , trade sources say.The World Trade Organization (WTO) on Tuesday is expected to publish a confidential ruling allowing Europe to impose tariffs on U.S. goods worth $4 billion a year, confirming a decision first reported by Reuters.
  
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