Business news

• Cautious equities mired on virus, Brexit, US stimulus worries

  14-10-2020 23:39 via uk.finance.yahoo.com
  
  Global markets found little inspiration Wednesday as they weighed fading US stimulus hopes, stubborn coronavirus worries and growing uncertainty over Britain's post-Brexit trade with the European Union.
  
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• Amazon workers say Prime Day rush breaks virus safety vows - Bloomberg News

  14-10-2020 23:32 via uk.finance.yahoo.com
  
  The employees at a warehouse in Staten Island, New York claimed that Amazon had not been honest and forthcoming with plaintiffs or the court about not disciplining workers for falling short of the company's quotas for the number of tasks they complete each hour, Bloomberg reported.Amazon says worker safety is its top priority, but employees at several facilities in different states claim their well-being takes a back seat to quickly shipping customers' orders, Bloomberg reported."We have reinsta
  
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• EG Group appoints KPMG as auditor after Deloitte's exit

  14-10-2020 23:20 via uk.finance.yahoo.com
  
  "We are pleased to be working with KPMG going forward, and remain committed to making continued progress with our internal processes, controls and governance," EG Group said in an emailed statement to Reuters.The Financial Times newspaper had reported earlier on Wednesday that Deloitte had resigned as auditor of EG Group because of concerns over its governance and internal controls.
  
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• FTSE set to slide as Europe tightens restrictions – live updates

  14-10-2020 23:15 via uk.finance.yahoo.com
  
  Asos fears recession could dent demand FTSE 100 set to slide Asian markets in the red Ben Marlow: Bumper Asos profits show consumers don’t care about industry ethics Sign up here for our daily business briefing newsletter
  
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• United Airlines posts steep loss; prepares for travel rebound

  14-10-2020 23:11 via uk.finance.yahoo.com
  
  United Airlines' revenues plunged nearly 80 percent in the third quarter compared to last year's levels, but it signaled preparations for a potential rebound in air travel in its earnings report Wednesday.
  
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• US hits Brazil's J&F with $256 mln corruption fine

  14-10-2020 22:48 via uk.finance.yahoo.com
  
  US authorities hit Brazilian conglomerate J&F; Investimentos with a fine of more than $256 million after the company plead guilty in a wide-reaching corruption case, the US Justice Department announced Wednesday.
  
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• US stimulus hopes dim as Mnuchin says negotiators 'far apart'

  14-10-2020 22:15 via uk.finance.yahoo.com
  
  US Treasury Secretary Steven Mnuchin on Wednesday said despite some progress, he still has not reached an agreement with Democratic lawmakers on a stimulus package, dampening hopes the US economy would get a new injection of cash before the presidential election.
  
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• National Grid warns of short supply of electricity over next few days

  14-10-2020 22:10 via uk.finance.yahoo.com
  
  National Grid warns of short supply of electricity over next few days. System operating at reduced capacity due to low wind speeds and unplanned power plant outages
  
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• U.S. State Department issues sanctions warning to banks over Hong Kong crackdown

  14-10-2020 21:49 via uk.finance.yahoo.com
  
  The U.S. State Department on Wednesday warned international financial institutions doing business with individuals deemed responsible for China's crackdown in Hong Kong that they could soon face tough sanctions.In a report to Congress, the State Department named 10 people, including Hong Kong's chief executive Carrie Lam, all of whom have already been sanctioned, and said within 60 days it would identify financial institutions that conduct significant transactions with them.It was the latest U.S
  
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• Tesla's back-to-back price cuts put sticker on U.S. Model S below $70,000

  14-10-2020 21:32 via uk.finance.yahoo.com
  
  The anticipated drop marks the second time this week Tesla has cut the price for the high-end sedan, following a 4% cut of the Model S's price in the United States on Tuesday to $71,990.Tesla shares were up 3.6% at $462.72 late on Wednesday afternoon.The company also on Tuesday reduced by 3% the price of its Model S in China, where it had previously cut the starting price of its Model 3 sedan.
  
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• Tesla's back-to-back price cuts bring sticker on U.S. Model S below $70,000

  14-10-2020 21:32 via uk.finance.yahoo.com
  
  The anticipated drop marks the second time this week Tesla has cut the price for the high-end sedan, following a 4% cut of the Model S's price in the United States on Tuesday to $71,990.Tesla shares closed 3.3% higher at $461.30 on Wednesday and were little changed after hours.The company also on Tuesday reduced by 3% the price of its Model S in China, where it had previously cut the starting price of its Model 3 sedan.
  
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• Deloitte quits as auditor of Issa brothers' petrol station chain EG Group

  14-10-2020 21:16 via uk.finance.yahoo.com
  
  Deloitte has quit as auditor of EG Group, the petrol forecourt operator whose billionaire brother owners have just agreed a £6.8bn takeover of Asda. The Big Four accountant is said to have resigned from the position with immediate effect due to concerns over governance and internal controls at EG Group, with rival KPMG having been appointed in its place. EG Group informed its bondholders of Deloitte’s resignation in a private notice this week, the FT reported, which is said to have b
  
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• Hedge fund Marshall Wace takes stake in British Airways-owner IAG

  14-10-2020 20:43 via uk.finance.yahoo.com
  
  The hedge fund's bet on IAG is a sign that the fund "believes there is value in UK stocks", the Financial Times earlier reported, citing a person familiar with its thinking.The disclosure of the stake, as at Oct. 8, also comes days after the Anglo-Spanish airline group promoted Aer Lingus boss Sean Doyle to lead British Airways.London-based Marshall Wace was founded in 1997, with U.S.-based private-equity firm KKR & Coowning a near 40% stake in the company as of Nov. 2019, according to the h
  
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• Exclusive: Trump administration to consider adding China's Ant Group to trade blacklist - sources

  14-10-2020 20:32 via uk.finance.yahoo.com
  
  The U.S. State Department has submitted a proposal for the Trump administration to add China's Ant Group to a trade blacklist, according to two people familiar with the matter, before the fintech arm of e-commerce giant Alibaba is slated to go public.State Department did not immediately respond to a request for comment.The entity list, which makes it more difficult for U.S. firms to sell high-tech items to blacklisted companies, has become the tool of choice for the Trump administration to punis
  
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• IMF urges governments to borrow to fight impact of Covid-19

  14-10-2020 20:25 via uk.finance.yahoo.com
  
  IMF urges governments to borrow to fight impact of Covid-19IMF says more must be done to tackle rising poverty, unemployment and inequality despite record public debts* Coronavirus – latest updates* See all our coronavirus coverage
  
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• IMF right about keeping Covid support going but on debt relief it's crumbs

  14-10-2020 20:07 via uk.finance.yahoo.com
  
  IMF right about keeping Covid support going but on debt relief it's crumbs. Ultra-low interest rates mean wealthy countries can continue to spend, a luxury the poorest cannot afford
  
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• ECB policymakers set out wish list for strategic rethink

  14-10-2020 20:07 via uk.finance.yahoo.com
  
  Five European Central Bank policymakers, including President Christine Lagarde, floated proposals on Wednesday for changing how the ECB goes about the business of steering price growth in the euro zone.With the ECB in the middle of its first strategic review in nearly two decades, proposals ranged from buying more green bonds to letting inflation overshoot the symbolic 2% threshold -- to doing nothing at all.The ECB has undershot its goal of keeping price growth "below but close to" 2% for nearl
  
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• YouTube to remove Covid vaccine misinformation

  14-10-2020 20:06 via uk.finance.yahoo.com
  
  YouTube said Wednesday it would take down content which contradicts expert consensus about Covid-19 vaccines, updating its policies on misinformation about the pandemic.
  
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• Zoom opens platform for paid events, following Facebook

  14-10-2020 20:05 via uk.finance.yahoo.com
  
  The fast-growing online video app Zoom said Wednesday it would open its platform to paid events to help performers, teachers and others monetize their activity.
  
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• Ocado depot plan in London derailed by locals' intervention

  14-10-2020 19:57 via uk.finance.yahoo.com
  
  Ocado has lost the right to open a new depot in north London after the local council ruled that a planning application was misleading. The news emerged after Labour councillors in the area welcomed the move by the authorities in Islington. The decision could be a major setback for Ocado’s ambitions to have depots closer to shoppers to cut delivery times. Other supermarkets, such as Tesco, have also begun building urban warehouses to dispatch online orders from. The council has withdrawn th
  
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• Astronauts smash record to reach ISS in just three hours

  14-10-2020 19:55 via uk.finance.yahoo.com
  
  Roscosmos says it is the ‘first time in history’ such a journey has taken place
  
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• Welsh First Minister threatens to close UK-Wales border

  14-10-2020 19:38 via uk.finance.yahoo.com
  
  The First Minister of Wales Mark Drakeford has threatened to close the border to the English coming from coronavirus hot spots if Boris Johnson refuses to impose UK-wide travel restrictions. He said: "It's a simple matter of trying to make sure we don't take coronavirus into parts of wales where there isn't much of it about at the moment". He added that this needs to be done on a "whole UK basis"..
  
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• Nokia gives Google nod for IT infrastructure

  14-10-2020 19:25 via uk.finance.yahoo.com
  
  Finnish telecoms equipment maker Nokia on Wednesday unveiled a five-year strategic tie-up with Google for the US giant to run its data centres and servers as well as numerous software applications through the latter's Google Cloud.
  
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• EU should press ahead with digital tax plans, France says

  14-10-2020 19:15 via uk.finance.yahoo.com
  
  The European Union should press ahead with plans for a bloc-wide digital tax in case global talks at the OECD to rewrite international tax rules fail, French Finance Minister Bruno Le Maire said on Wednesday.G20 finance ministers gave their support on Wednesday to extending until mid-2021 negotiations to update cross-border tax rules for the digital age after talks ground to a halt following the COVID-19 pandemic outbreak, and in the face of reticence from Washington as the U.S. presidential ele
  
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• Former Facebook executive says social media giants are ‘threat to democracy’

  14-10-2020 19:13 via uk.finance.yahoo.com
  
  Tim Kendall supports stronger regulation of tech industry
  
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• Canada's oil patch seeks government green aid to produce cleaner crude

  14-10-2020 19:13 via uk.finance.yahoo.com
  
  Canada's struggling oil patch is seeking government aid to clean up its impact on the environment after the industry cut spending on green initiatives to weather the COVID-19 downturn.Canada, the world's fourth-largest oil producer, pumps out the highest emissions per barrel among major oil nations, according to Rystad Energy.Most Canadian crude comes from hydrocarbon-soaked sands in the province of Alberta and extracting it comes at a high environmental cost.
  
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• Gourmet Burger King to close restaurants and cut 326 jobs despite rescue deal

  14-10-2020 19:12 via uk.finance.yahoo.com
  
  Casual dining chain says 35 sites will remain open, with 669 jobs saved
  
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• How Amazon can avoid UK’s new tax on technology companies, but small businesses will pay

  14-10-2020 19:05 via uk.finance.yahoo.com
  
  The new ‘Google tax’ will have very little impact on companies it is supposed to target — only an international agreement can do that
  
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• Creativity makes the UK great – it’s needed now more than ever

  14-10-2020 18:59 via uk.finance.yahoo.com
  
  We must find a way to help people who want to progress doing the thing they love – regardless of the pandemic
  
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• BoE's Haldane confident that UK recovery will persist

  14-10-2020 18:59 via uk.finance.yahoo.com
  
  Bank of England chief economist Andy Haldane said he was hopeful that Britain's economic recovery from the initial impact of coronavirus would persist, despite risks on the horizon, due to the adaptability of businesses and households.Haldane, speaking online to the Engaging Business Summit, said he had been struck by how readily British households had changed their consumption patterns and work practices following the initial lockdown that began in March.
  
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• Exclusive: EU antitrust regulators may narrow Amazon investigation - sources

  14-10-2020 18:57 via uk.finance.yahoo.com
  
  EU antitrust regulators may narrow the scope of their year-long investigation into Amazonto speed up the case against the U.S. online retail giant, people familiar with the matter told Reuters.Splitting up the Amazon case could address complaints by rivals that antitrust enforcers take too long to address harm done to them through anti-competitive practices and that rulings fail to keep pace with evolving markets.EU regulators adopted a similar tactic against Alphabet Inc'sGoogle by first addres
  
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• Tony Mason obituary

  14-10-2020 18:54 via uk.finance.yahoo.com
  
  Tony Mason obituary
  
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• Lagardere boss gets seven-month reprieve over possible board reshuffle

  14-10-2020 18:54 via uk.finance.yahoo.com
  
  Lagardere'schief has won a seven-month delay over a possible board reshuffle at the Paris Match publisher after a French court said there was no need for an early shareholder meeting.The court's decision is a win for Arnaud Lagardere, head ofthe media conglomerate, which has become the target of a proxy battle between some of France's top businessmen after Lagardere's managers sought to fend off a campaign by activist investor Amber Capital to shake up the company's governance.New investors came
  
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• Austria boosts climate spending despite virus hit

  14-10-2020 18:53 via uk.finance.yahoo.com
  
  Austria will devote 17 billion euros ($20bn) to greening its rail network despite a historic budget deficit caused by the coronavirus pandemic, the government announced Wednesday in its 2021 budget.
  
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• G20 pledges to do 'whatever it takes' to support global economy

  14-10-2020 18:52 via uk.finance.yahoo.com
  
  Financial leaders from the Group of 20 major economies on Wednesday underscored the urgent need to bring the spread of the coronavirus pandemic under control, and vowed to "do whatever it takes" to support the global economy and financial stability.In a lengthy communique, G20 finance ministers and central bank governors also agreed in principle for the first time on a "Common Framework" to deal on a case-by-case basis with the rising number of low-income countries facing debt distress.G20 offic
  
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• Mnuchin says sides remain 'far apart' in US stimulus talks

  14-10-2020 18:49 via uk.finance.yahoo.com
  
  US Treasury Secretary Steven Mnuchin on Wednesday said despite some progress, he still has not reached an agreement with Democratic lawmakers on a new stimulus package for the US economy.
  
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• World Bank and IMF must spearhead a green and inclusive recovery

  14-10-2020 18:42 via uk.finance.yahoo.com
  
  World Bank and IMF must spearhead a green and inclusive recoveryA group of European ministers and the EC’s commissioner for international partnerships call for measures to foster long-term resilience in the global economy and environment
  
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• YouTube bans misinformation about Covid vaccinations

  14-10-2020 18:40 via uk.finance.yahoo.com
  
  YouTube bans misinformation about Covid vaccinations. Any claims about Covid vaccinations that contradict the WHO will be removed, says YouTube
  
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• Pound rebounds after reports of Brexit talks extension

  14-10-2020 18:37 via uk.finance.yahoo.com
  
  The pound rose by 0.66% versus the US dollar at 1.302 and was up 0.57% against the euro at 1.107.
  
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• More Australian social housing is the obvious answer to more than one question

  14-10-2020 18:30 via uk.finance.yahoo.com
  
  More Australian social housing is the obvious answer to more than one question. Building public housing in the GFC turned out to be good economic and social policy. Amid the Covid recession, what are we waiting for?
  
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• Inside the bold new mental health centre attracting the ultra rich

  14-10-2020 18:30 via uk.finance.yahoo.com
  
  Through a subtle door just off Fulham Road, opposite de Gournay wallpapers and Sokol Books, is The Soke, a new mental health and wellness clinic serving the locals of Chelsea and Kensington. The venture strikes a different path from the typical occupants of this sought-after street - jewellers and antique dealers among them - but where it chimes perfectly with the specialist local purveyors is in its attention to detail. From a starting price of £250 per session, clients of this luxurious
  
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• BHP bosses defend company's decision to stay in gas and oil 'for the medium term'

  14-10-2020 18:30 via uk.finance.yahoo.com
  
  BHP bosses defend company's decision to stay in gas and oil 'for the medium term'. Chairman Ken MacKenzie tells AGM that fossil fuels will be part of the energy mix for decades
  
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• Apple's iPhone 12 Mini could mark the end of the giant smartphone era

  14-10-2020 18:30 via uk.finance.yahoo.com
  
  Apple's iPhone 12 Mini could mark the end of the giant smartphone era. Analysts expect rivals to follow as Apple addresses gender-bias cricitisms with smaller handset
  
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• Lack of wind sparks National Grid energy alert

  14-10-2020 18:21 via uk.finance.yahoo.com
  
  The operator of Britain's electricity network warned late on Wednesday afternoon that low wind levels had forced it to search for emergency sources of power. In a statement, the National Grid Electricity Systems Operator (ESO) said: "Unusually low wind output coinciding with a number of generator outages means the cushion of spare capacity we operate the system with has been reduced." It added that it was exploring measures to ensure that there was enough generation available to increase its cap
  
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• UK’s largest nightclub operator Deltic to face the music as it seeks buyer

  14-10-2020 18:19 via uk.finance.yahoo.com
  
  Deltic Group has hired accounting firm BDO to explore emergency funding options to help shore up its finances.
  
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• BlackRock invests £90m in UK electric vehicle startup

  14-10-2020 18:09 via uk.finance.yahoo.com
  
  BlackRock joins other strategic investors in the company including Hyundai, Kia and UPS.
  
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• Forget a cash ISA! I think this is one of the best UK shares to buy now

  14-10-2020 18:08 via uk.finance.yahoo.com
  
  When it comes to the best UK shares to buy now, this FTSE 100 company impresses me with the resilience of the underlying business.
  The post Forget a cash ISA! I think this is one of the best UK shares to buy now appeared first on The Motley Fool UK.
  
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• IMF, World Bank marshall forces to push for aid for poorest

  14-10-2020 18:06 via uk.finance.yahoo.com
  
  The world's two dominant emergency lenders opened their annual meetings on Wednesday with a renewed call for the wealthy to help the poorest deal with the ravages of the coronavirus pandemic, within national borders and globally.
  
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• Best investments for 2020: I’d buy these 2 FTSE 100 shares for great returns

  14-10-2020 18:03 via uk.finance.yahoo.com
  
  The best investments for 2020 are stocks that haven’t just bounced back from the stock market crash but also have great prospects for 2021.
  The post Best investments for 2020: I’d buy these 2 FTSE 100 shares for great returns  appeared first on The Motley Fool UK.
  
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• Google Pixel 5 and 4A with 5G review: Humble upgrades make for a grand phone

  14-10-2020 18:02 via uk.finance.yahoo.com
  
  Get Google’s Pixel phones out of their box and there’s nothing much new you can do.The new phones have no spicy new features, no novelty that marks them out, and even the 5G connection that gives them their name is largely useless given the infrastructure is not yet ready to take full advantage of it.Google’s Pixel phones have occasionally felt like an experiment, which has made them both exciting and sometimes alienating; the new phones, despite being the first with 5G, feel l
  
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