Business news

• White House official says next 48 hours key for stimulus deal

  21-10-2020 23:45 via uk.finance.yahoo.com
  
  A White House official on Wednesday said the next two days of talks over a new US stimulus package will be critical, as Washington policymakers touted only incremental progress in negotiations.
  
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• Government ‘must extend company director protections to avoid more insolvencies’

  21-10-2020 23:30 via uk.finance.yahoo.com
  
  The Institute of Directors also called on ministers to offer support to supply chain businesses affected by falling sales to firms in local lockdowns.
  
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• Google is facing the biggest antitrust case in a generation. What could happen?

  21-10-2020 22:57 via uk.finance.yahoo.com
  
  Google is facing the biggest antitrust case in a generation. What could happen?Filing is first step in a battle that could take years, and experts say it will likely move forward even if Biden wins the election
  
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• Australia plans world's biggest solar farm

  21-10-2020 22:57 via uk.finance.yahoo.com
  
  An Australian outback cattle farm is to host the world’s largest solar farm that will supply power to more than a million people in Singapore. The 10 gigawatt farm in the Northern Territory will span 12,000 hectares and be visible from space by the time it is generating electricity in 2027. It will supply up to a fifth of Singapore’s electricity needs via the world’s longest undersea cable nearly 2,300 miles long from a giant solar battery on the Darwin coast. The A$20bn (&poun
  
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• Markets report: Brexit deal optimism boosts sterling

  21-10-2020 22:51 via uk.finance.yahoo.com
  
  Sterling hit its highest level in six weeks against the US dollar yesterday, gaining 1.7pc to $1.3157 over mounting optimism that an EU deal will be done. The jump was the largest since March 27, when it shot up 2.2pc. Brexit negotiations are due to start again after coming to a halt last week, reported Bloomberg, with the two sides aiming to reach a trade deal by mid-November. The FTSE 100 came under pressure from a rising pound and dropped almost 2pc to its lowest level since May 14. The FTSE
  
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• Tesla profit doubles as car deliveries surge

  21-10-2020 22:46 via uk.finance.yahoo.com
  
  Tesla on Wednesday said profits in the past quarter more than doubled as the electric car giant forecast deliveries hitting 500,000 this year.
  
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• PayPal bitcoin acceptance sees cryptocurrency price shoot up $1,000

  21-10-2020 22:46 via uk.finance.yahoo.com
  
  Cryptocurrency’s price hits $12,800 as PayPal stock also surges
  
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• OxyContin maker Purdue to plead guilty over opioid practices, deal sparks opposition

  21-10-2020 22:27 via uk.finance.yahoo.com
  
  Purdue Pharma LP agreed to plead guilty to criminal charges over the handling of its addictive prescription opioid OxyContin, in a deal with U.S. prosecutors that effectively sidestepped paying billions of dollars in penalties and stopped short of criminally charging its executives or wealthy Sackler family owners.In a far-reaching agreement unveiled on Wednesday, Purdue formally admitted to criminal conduct related to distribution of its painkillers and agreed to pay $225 million to resolve U.S
  
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• Hollywood-backed streaming service Quibi to shut down after just seven months

  21-10-2020 22:26 via uk.finance.yahoo.com
  
  Quibi, the well-funded short video app that billed itself as Hollywood's answer to TikTok and YouTube, is shutting down just seven months after launching to the public, according to reports. Founded by the legendary former Disney and Dreamworks executive Jeffrey Katzenberg in 2018, and boasting bite-sized serials with stars such as Laurence Fishburne and Anna Kendrick, Quibi's promise to give traditional studios an edge in the streaming wars attracted $1.75bn (£1.3bn) in funding. But on We
  
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• Inflation rises as Rishi Sunak’s Eat Out to Help Out scheme ends

  21-10-2020 22:23 via uk.finance.yahoo.com
  
  Prices at restaurant and hotels rebounded 3 per cent in September after the scheme ended
  
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• Tesla sets revenue record, makes profit thanks to pollution credit sales to rivals

  21-10-2020 22:17 via uk.finance.yahoo.com
  
  The electric car maker also affirmed its target to deliver half a million vehicles by the end of this year, a goal that will require it to significantly ramp up vehicle sales in the fourth quarter.Tesla said it had the capacity installed to produce and deliver 500,000 vehicles this year, but added that achieving its goal has become more difficult.Earlier this month, Tesla said it delivered 139,300 vehicles in the third quarter, a quarterly record for the electric carmaker, yet some analysts ques
  
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• Tesla cracks revenue record and beats estimates, shares take off

  21-10-2020 22:17 via uk.finance.yahoo.com
  
  The electric car maker also affirmed its target to deliver half a million vehicles by the end of this year, a goal that will require it to significantly ramp up vehicle sales in the fourth quarter.Tesla said it had the capacity installed to produce and deliver 500,000 vehicles this year, but added that achieving its goal has become more difficult.Earlier this month, Tesla said it delivered 139,300 vehicles in the third quarter, a quarterly record for the electric carmaker, yet some analysts ques
  
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• Tesla beats quarterly revenue estimates, shares take off

  21-10-2020 22:17 via uk.finance.yahoo.com
  
  Earlier this month, Tesla said it delivered 139,300 vehicles in the third quarter, a quarterly record for the electric carmaker, yet some analysts questioned whether the company could hit its ambitious year-end target.Tesla on Wednesday said it has the capacity installed to produce and deliver 500,000 vehicles this year.Excluding items, Tesla posted a profit of 76 cents per share.
  
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• Euronext says still battling to resolve glitches after outage earlier this week

  21-10-2020 22:08 via uk.finance.yahoo.com
  
  "It has been identified that some of the 19/10 trades sent yesterday to the CCPs (central counterparty clearing house) had the wrong buy/sell direction", Euronext said."Reverse trades will be sent after trading hours in order to neutralize the error", it added.A series of glitches on Monday disrupted several of Western Europe's major stock exchanges and raised concerns about the risk of one operator hosting so many bourses.
  
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• Euronext resolves mix up of buy and sell orders on trades struck on Tuesday

  21-10-2020 22:08 via uk.finance.yahoo.com
  
  "It has been identified that some of the 19/10 trades sent yesterday to the CCPs (central counterparty clearing house) had the wrong buy/sell direction", Euronext said earlier on Wednesday."Reverse trades will be sent after trading hours in order to neutralize the error", it added.The outage was at least the fifth major one globally this year and one of the most widespread as exchange operator Euronext hosts stocks exchanges from Dublin and Amsterdam to Paris and Lisbon.
  
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• Google's 'free' business model put to test in US antitrust suit

  21-10-2020 21:41 via uk.finance.yahoo.com
  
  Google's long-running business model based on free services and advertising will be put to the test in the landmark antitrust lawsuit filed this week by the US Justice Department.
  
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• Up to 100 jobs could go at Mayfair brasserie earmarking possible administrator

  21-10-2020 21:37 via uk.finance.yahoo.com
  
  Up to 100 jobs could go at Mayfair brasserie earmarking possible administrator. Langan’s Brasserie in London, famed as celebrity haunt from 1976, takes legal step in wake of Covid-19 measures
  
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• Up to 100 jobs at risk as Langan’s Brasserie teeters on brink

  21-10-2020 21:37 via uk.finance.yahoo.com
  
  Up to 100 jobs at risk as Langan’s Brasserie teeters on brink. London restaurant famed as 80s celebrity haunt has been battered by Covid pandemic
  
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• US firms more optimistic amid uncertainty: Fed report

  21-10-2020 21:25 via uk.finance.yahoo.com
  
  Businesses around the country were a bit more upbeat about their prospects coming out of the worst months of the pandemic, but worries remain, including about jobs and retail, the Federal Reserve said Wednesday.
  
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• Purdue Pharma to plead guilty in $8bn opioid settlement

  21-10-2020 21:16 via bbc.co.uk
  
  The deal with the US Department of Justice settles some of the most serious claims against the OxyContin-maker.
  
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• Rishi Sunak to pledge extra help for pubs and restaurants in Tier 2 areas

  21-10-2020 21:14 via uk.finance.yahoo.com
  
  Rishi Sunak is poised to announce extra help for pubs and restaurants struggling to survive in areas under Tier 2 coronavirus restrictions. The Chancellor is understood to be working on a compensation package for thousands of businesses whose trade is restricted by Government regulations after they complained of being left in limbo without support. While firms such as pubs in Tier 3 that are forced to close by law can access business grants and the two-thirds wage subsidy, those in the next tier
  
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• Rishi Sunak set to announce new help for pubs and restaurants in Tier 2 areas

  21-10-2020 21:14 via uk.finance.yahoo.com
  
  Rishi Sunak is poised to announce extra help for pubs and restaurants struggling to survive in areas under Tier 2 coronavirus restrictions. The Chancellor is understood to be working on a compensation package for thousands of businesses whose trade is restricted by Government regulations after they complained of being left in limbo without support. While firms such as pubs in Tier 3 that are forced to close by law can access business grants and the two-thirds wage subsidy, those in the next tier
  
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• Coronavirus: Untrained staff take on contact-tracing jobs as Test and Trace struggles to cope with rise in cases

  21-10-2020 21:13 via uk.finance.yahoo.com
  
  The sharp rise in coronavirus cases is stretching the capacity of the Test and Trace service, forcing untrained staff to take on contact-tracing jobs, according to a leaked internal email seen by Sky News..
  
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• Sunak set to provide more help for hospitality businesses

  21-10-2020 21:00
  Chancellor examining ways to assist companies under tier 2 restrictions
  
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• Rishi Sunak set to provide more help for hospitality businesses

  21-10-2020 21:00
  UK chancellor examines ways to assist companies under tier-2 restrictions
  
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• Rishi Sunak to unveil fourth Covid support package for ailing firms

  21-10-2020 20:34 via uk.finance.yahoo.com
  
  Rishi Sunak to unveil fourth Covid support package for ailing firms. Chancellor to meet employers groups and unions amid pressure from lockdown-hit areas
  
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• Tobias Weller raises £150,000 for Sheffield charities

  21-10-2020 20:33 via uk.finance.yahoo.com
  
  A nine-year-old boy from Sheffield has raised more than £150,000 for local charities since lockdown began, 300 times more than his initial goal. Tobias Weller, who has cerebral palsy, was only walking a few metres at the beginning of lockdown but was inspired by the efforts of Captain Tom Moore.
  
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• Coronavirus: Spain becomes first country in western Europe to record one million cases

  21-10-2020 20:28 via uk.finance.yahoo.com
  
  Spain has become the first country in western Europe to record one million coronavirus cases - marking a doubling of its tally in just six weeks.
  
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• Shelved UK spending review provokes cabinet unrest

  21-10-2020 20:21
  Plans for new government funding cycle sparked tensions between chancellor and prime minister
  
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• BP market value at 26-year low as investor confidence shaken

  21-10-2020 19:58 via uk.finance.yahoo.com
  
  BP market value at 26-year low as investor confidence shaken. Oil firm slumps to value of £40.5bn, well below that of offshore wind developer Orsted
  
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• BP market value at 26-year low amid shaken investor confidence

  21-10-2020 19:58 via uk.finance.yahoo.com
  
  BP market value at 26-year low amid shaken investor confidenceCentury-old oil firm slumps below offshore wind developer Orsted to worth of £40.5bn
  
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• BP's greener vision has failed to excite shareholders

  21-10-2020 19:56 via uk.finance.yahoo.com
  
  BP's greener vision has failed to excite shareholdersThe oil firm’s tumbling share price shows investors need more than a loose assertion of confidence
  
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• Will Covid crisis push UK nations even further apart?

  21-10-2020 19:55
  FT investigates tensions at heart of British government’s pandemic response
  
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• UK government borrowing soars to record high during Covid pandemic

  21-10-2020 19:43 via uk.finance.yahoo.com
  
  UK government borrowing soars to record high during Covid pandemicCovid government borrowing results in highest debt-to-GDP ratio since 1960* Borrowing on course to exceed £1bn a day but markets unfazed* Coronavirus – latest updates* See all our coronavirus coverage
  
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• UK and EU to resume talks in final push for post-Brexit trade deal

  21-10-2020 19:40
  London agrees to lift block on negotiations following comments from EU chief negotiator Michel Barnier
  
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• Private rents in London plunge by up to 34% amid Covid crisis

  21-10-2020 19:40 via uk.finance.yahoo.com
  
  Private rents in London plunge by up to 34% amid Covid crisisOther cities across Britain have also reported large year-on-year falls, says SpareRoom* Coronavirus – latest updates* See all our coronavirus coverage
  
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• TikTok cracks down on hate of religions and races

  21-10-2020 19:24 via uk.finance.yahoo.com
  
  Video snippet sharing sensation TikTok on Wednesday said it is cracking down on hateful content, banning anti-Semitic stereotypes and white nationalism posts.
  
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• Purdue Pharma pleads guilty to criminal charges over opioid sales

  21-10-2020 19:08 via uk.finance.yahoo.com
  
  US drugmaker Purdue Pharma pleaded guilty to three criminal charges over its intense drive to push sales of the prescription opioid OxyContin, which stoked a nationwide addiction crisis, the Justice Department announced Wednesday.
  
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• Amazon expands coronavirus testing pilot to frontline staff in the UK

  21-10-2020 19:06 via uk.finance.yahoo.com
  
  Amazon has expanded its coronavirus testing regime to frontline staff in the UK, the company has announced. It follows the launch of a testing pilot in the US in March after Covid-19 was reported at more than 50 Amazon facilities. At the time, the company said it had ambitions of reaching 50,000 tests a day by November. The tests in the UK, which will be analysed at a new lab in Manchester, will be provided to employees delivering goods and working in warehouses throughout the pandemic. The test
  
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• New urgency as UK reopens stalled Brexit talks with EU

  21-10-2020 18:57 via uk.finance.yahoo.com
  
  Britain said Wednesday it was resuming trade negotiations with the European Union, accelerating the fraught process to round-the-clock meetings in a bid to salvage a deal within weeks.
  
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• Explainer: Tesla's self-driving ambitions get a reboot

  21-10-2020 18:55 via uk.finance.yahoo.com
  
  Tesla IncChief Executive Elon Musk on Tuesday evening tweeted that the electric car maker will be rolling out a new version of its Full Self Driving software, the latest attempt by the California-based company to tout autonomous driving.Tesla's "Full Self Driving" software would be an important source of revenue, once it is fully deployed.Tesla owners have paid $8,000 up front in hopes of eventually receiving the upgrade.
  
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• Elon Musk's Starlink space internet attached to Microsoft system in breakthrough that could power computers all over the world

  21-10-2020 18:55 via uk.finance.yahoo.com
  
  Microsoft says that it will supply a ‘multi-orbit, multi-band, multi-vendor, cloud-enabled’ service
  
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• Asteroid unlikely to hit Earth on election day, and won’t do any damage even if it does – despite social media excitement

  21-10-2020 18:54 via uk.finance.yahoo.com
  
  An asteroid is heading towards Earth ahead of election day – but is almost certain to skip actually paying a visit, let alone posing any danger.The asteroid will pass by on 2 November, the day before the presidential election in the US.If it did, it would barely register at all, disintegrating in the atmosphere before it got a chance to get close to Earth.
  
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• UK farmers call for EU workers to bypass Covid quarantine

  21-10-2020 18:52 via uk.finance.yahoo.com
  
  UK farmers call for EU workers to bypass Covid quarantinePoultry industry warns of Christmas turkey shortage if EU workers not allowed in* Coronavirus – latest updates* See all our coronavirus coverage
  
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• Ant Group to launch $35 billion IPO after final nod from China regulator

  21-10-2020 18:46 via uk.finance.yahoo.com
  
  China's Ant Group has won the final nod from the country's top securities watchdog for the registration of its Shanghai offering, the regulator said on Wednesday, clearing the last regulatory hurdle for its $35 billion dual-listing.Ant, the fintech company backed by Chinese e-commerce group Alibaba Group Holding , plans to list simultaneously in Hong Kong and Shanghai in the coming weeks, sources have said.The listing could be the world's largest initial public offering, surpassing the record se
  
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• Cheap shares: I’d buy this FTSE 100 star inside a tax-free ISA for a passive income!

  21-10-2020 18:37 via uk.finance.yahoo.com
  
  Despite the Covid nightmare, some firms are thriving. Excellent trading by this FTSE 100 giant makes it one of my favourite cheap shares for passive income.
  The post Cheap shares: I’d buy this FTSE 100 star inside a tax-free ISA for a passive income! appeared first on The Motley Fool UK.
  
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• Australia will need economic stimulus for far longer than the treasurer thinks

  21-10-2020 18:30 via uk.finance.yahoo.com
  
  Australia will need economic stimulus for far longer than the treasurer thinks. Neither the budget, the IMF, nor the RBA suggest full employment is anywhere close – not even in the next five years
  
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• Philip Green gave BHS assurances ‘as knight of the realm’

  21-10-2020 18:29
  Dominic Chappell, on trial for tax evasion, said retailer had pledged to resolve pension hole
  
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• Covid rules in London: Met ditches 'despotic' demand for venues to check ID

  21-10-2020 18:27 via uk.finance.yahoo.com
  
  Covid rules in London: Met ditches 'despotic' demand for venues to check ID. Police U-turn on advice issued in letter after backlash from hospitality sector
  
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• Pound rallies on hopes of a Brexit deal

  21-10-2020 18:26 via uk.finance.yahoo.com
  
  Sterling added 1.5% against the dollar on Wednesday.
  
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