Business news

• John Lewis wins permission to turn 45% of Oxford Street store into office space

  27-10-2020 23:49 via uk.finance.yahoo.com
  
  Westminster City Council granted planning permission for the move to the struggling retail giant, citing 'exceptional circumstances'.
  
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• Young and minorities hardest hit after UK job support schemes end

  27-10-2020 23:45
  Resolution Foundation survey finds one in five young people who have been furloughed are later made unemployed
  
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• Post-furlough unemployment hits young and BAME workers, research says

  27-10-2020 23:30 via uk.finance.yahoo.com
  
  About 22% of BAME workers who had been supported by the subsidies were unemployed in September, in contrast to 9% for the general population.
  
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• Furloughed ethnic minorities and young hit hardest by job losses

  27-10-2020 23:30 via uk.finance.yahoo.com
  
  Furloughed ethnic minorities and young hit hardest by job lossesReport reveals groups with highest rates of unemployment as job support scheme ends* Coronavirus – latest updates* See all our coronavirus coverage
  
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• Pfizer says Covid-19 vaccine still possible in 2020 despite data lag

  27-10-2020 23:10 via uk.finance.yahoo.com
  
  Pfizer executives expressed measured optimism Tuesday over the prospect of providing a coronavirus vaccine in 2020 even as they signaled key data on the vaccine would not be released before the US election.
  
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• Virus worries hit European shares, Dow also falls

  27-10-2020 22:56 via uk.finance.yahoo.com
  
  Stock markets failed to mount a rebound Tuesday, after dropping sharply the day before on fears that a coronavirus resurgence will force fresh economically painful containment measures.
  
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• John Lewis set to turn half of Oxford Street store into offices

  27-10-2020 22:54 via uk.finance.yahoo.com
  
  John Lewis has been granted permission to turn almost half of its flagship store on London’s Oxford Street into office space, as it tries to turn the business around to profitability. The loss-making department store branch, which has had a presence in the capital since 1864, was given the nod by Westminster City Council on Tuesday evening, having drawn up plans for its iconic shopping street site in September. The council’s planning sub-committee voted unanimously “on the basi
  
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• John Lewis given permission to turn almost half of flagship Oxford Street store into offices

  27-10-2020 22:54 via uk.finance.yahoo.com
  
  John Lewis has been granted permission to turn almost half of its flagship store on London’s Oxford Street into office space, as it tries to turn the business around to profitability. The loss-making department store branch, which has had a presence in the capital since 1864, was given the nod by Westminster City Council on Tuesday evening, having drawn up plans for its iconic shopping street site in September. The council’s planning sub-committee voted unanimously “on the basi
  
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• US senators to quiz Big Tech CEOs on legal protections

  27-10-2020 22:28 via uk.finance.yahoo.com
  
  Tech platform CEOs on Tuesday defended a US law making them immune from liability for third-party content ahead of a hearing where senators are expected to rebuke the Silicon Valley firms over their handling of social media.
  
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• Microsoft boosted by pandemic as cloud and video game sales soar

  27-10-2020 22:14 via uk.finance.yahoo.com
  
  Growing demand for cloud computing, tablet and video games has pushed Microsoft to a leap in sales as more people work, play and socialise remotely during the pandemic. The software giant said revenues rose 12pc to $37.2bn (£28.5bn) in the quarter to the end of September. Profits were up 30pc to $13.9bn. Among the biggest sources of growth were areas that have boomed thanks to virus-induced shifts to digital services and the work from home trend. Microsoft's Azure cloud division, its answe
  
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• Microsoft rides cloud to higher earnings

  27-10-2020 21:58 via uk.finance.yahoo.com
  
  Microsoft on Tuesday said its profit in the recently ended quarter continued to soar as the pandemic boosted a trend toward business being taken care of in the internet cloud.
  
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• Musk's SpaceX pegs initial Starlink internet price at $99 per month - email 

  27-10-2020 21:46 via uk.finance.yahoo.com
  
  People in states like Washington, Wisconsin and Idaho who signed up to test Starlink internet received invitations from SpaceX Monday night to join its "Better Than Nothing Beta" test.SpaceX did not respond to a request for comment.SpaceX has launched to orbit more than 800 satellites of the several thousand needed to offer broadband internet globally, a $10 billion investment it estimates could generate $30 billion annually to help fund Musk’s interplanetary rocket program dubbed Starship
  
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• Used car exports drive pollution to developing world: UN study

  27-10-2020 21:39 via uk.finance.yahoo.com
  
  Getting rid of old cars is helping clean the skies over developed nations, but many clunkers are ending up in developing countries where they are add significantly to air pollution, a UN report warns.
  
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• Meat plant to see disruption after 144 Covid cases

  27-10-2020 21:34 via bbc.co.uk
  
  Some 144 members of staff test positive for the virus, and all 1,000 staff will get checked.
  
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• Turkey lira tumble evokes echoes of 2018 meltdown

  27-10-2020 21:32 via uk.finance.yahoo.com
  
  The Turkish lira's rapid decline in recent days has rung echoes of tumbles past such as the 2018 meltdown which pushed the country into an economic crisis and sent ripples through other emerging markets."It now feels very 2018 and the questions are now how low the lira can sink and when the CBRT will be forced to go, tail between its legs, to ask (President Tayyip) Erdogan for an emergency rate hike," said Tim Ash at BlueBay Asset Management.Below are three charts illustrating economic and marke
  
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• Aston Martin: Mercedes to take 20% stake in luxury brand

  27-10-2020 21:25 via bbc.co.uk
  
  The German company will also provide the struggling British luxury marque with electric car technology.
  
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• TikTok to hire 3,000 engineers as it expands globally

  27-10-2020 21:24 via uk.finance.yahoo.com
  
  The move shows that the popular short-video app has not given up on its expansion plans despite lingering uncertainty over its ownership.President Donald Trump has ordered China's ByteDance to divest TikTok amid concerns over the safety of the personal data it handles."To support our rapid global growth, we plan to continue expanding TikTok's global engineering team, including adding approximately 3,000 engineers in Canada, Europe, Singapore, as well as the U.S., over the next three years," a Ti
  
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• Microsoft cloud business gathers steam as pandemic boosts growth

  27-10-2020 21:19 via uk.finance.yahoo.com
  
  COVID-19 has speeded up a move toward cloud-based computing, helping companies such as Microsoft, Amazon.com Inc'scloud unit and Alphabet Inc'sGoogle Cloud.For Microsoft, it has also boosted demand for its Windows operating systems for laptops and its Xbox gaming services as families work, learn and play from home, leading to profit that was about 30% above expectations.Daily users of its Teams messaging and collaboration software have risen to 115 million from 75 million in April, the company s
  
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• Microsoft beats sales estimates as Azure growth ticks upward

  27-10-2020 21:19 via uk.finance.yahoo.com
  
  The pandemic has accelerated a shift already under way toward cloud-based computing, helping companies such as Microsoft, Amazon.com Inc'scloud unit and Alphabet Inc'sGoogle Cloud.Revenue growth for Azure, the company's flagship cloud computing business, was 48%, up from 47% in the previous quarter and ahead of Wall Street estimates of 43.45%, according to consensus data from Visible Alpha.Microsoft has shifted to selling many of its products via recurring subscriptions, which investors like bec
  
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• Facebook derails deception campaign ahead of US election

  27-10-2020 20:52 via uk.finance.yahoo.com
  
  Facebook on Tuesday said it derailed a fledgling deception campaign aimed at the US that was trying to gain momentum ahead of the presidential election next week.
  
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• Aston Martin hopes £1.3bn investment will revive its fortunes

  27-10-2020 20:40 via uk.finance.yahoo.com
  
  Aston Martin hopes £1.3bn investment will revive its fortunes. Luxury carmaker to expand partnership with Mercedes and could mean fully electric models by 2026
  
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• Online liability reform would make internet worse: Twitter CEO

  27-10-2020 20:26 via uk.finance.yahoo.com
  
  Twitter chief executive Jack Dorsey said in remarks prepared for Congress Tuesday that proposals to reform a law providing online liability protection could lead to more "harmful content" by limiting the ability of platforms to remove abusive material.
  
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• 'Assassin's Creed' takes to Netflix in Ubisoft alliance

  27-10-2020 20:10 via uk.finance.yahoo.com
  
  Video game titan Ubisoft on Tuesday announced a deal with Netflix to create shows based on its hit "Assassin's Creed" franchise.
  
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• UK farmers to need 'thousands of foreign workers' next summer

  27-10-2020 19:56 via bbc.co.uk
  
  Despite trying to recruit domestic workers, foreign labour will be vital for next year's harvest, farmers say.
  
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• Scotland to target 50 global companies under new investment strategy

  27-10-2020 19:52
  Nine priority sectors include digital services, health technology and space sector
  
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• Used car exports drives pollution to developing world

  27-10-2020 19:47 via uk.finance.yahoo.com
  
  Getting rid of old cars is helping clean the skies over developing nations, but many clunkers are ending up in developing countries where they are add significantly to air pollution, a UN report warns.
  
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• Visa's deal to buy fintech startup Plaid faces antitrust scrutiny - WSJ

  27-10-2020 19:39 via uk.finance.yahoo.com
  
  The Justice Department could decide soon whether it will sue to block the deal, the report said.The Justice Department is also preparing for potential litigation, including lining up witnesses for a trial, according to the WSJ report.Visa and the Department of Justice did not immediately respond to Reuters' requests for comment.
  
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• Visa's deal to buy fintech startup Plaid faces antitrust scrutiny

  27-10-2020 19:39 via uk.finance.yahoo.com
  
  The Justice Department is reviewing the proposed transaction to determine if it is in violation of antitrust law.The Wall Street Journal had reported on Tuesday that the department could decide soon whether it will sue to block the deal.The government on Tuesday filed a petition with a U.S. district court in Massachusetts, asking it to require consulting firm Bain & Co to turn over documents wanted as part of the antitrust review, including some that discuss Visa’s strategies around pr
  
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• Markets report: Plus500’s growth dip spreads gloom

  27-10-2020 19:33 via uk.finance.yahoo.com
  
  Plus500 led fallers on the FTSE 250 on Tuesday after saying its stellar growth record lost pace in the third quarter. It stuck to existing guidance for the full year after reporting “significant year-on-year growth” in revenues amid high market volatility. The group – which sells contracts for difference – said its underlying profit (Ebitda) for the three months to the end of September was 91pc higher than in 2019, at $134.2m (£103m), while revenues jumped 96pc. It
  
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• Mercedes seals deal to take up to 20% stake in Aston Martin

  27-10-2020 19:17 via uk.finance.yahoo.com
  
  The deal is aimed at rapidly growing Aston Martin’s trade to sell around 10,000 vehicles by 2025.
  
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• Amazon and UPS ramp up hiring for holiday shopping blitz

  27-10-2020 19:13 via uk.finance.yahoo.com
  
  Amazon and UPS on Tuesday said they are boosting hiring as pressure mounts for them to deliver with the pandemic fueling an online shopping surge this holiday season.
  
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• Mercedes takes 20pc stake in Aston Martin

  27-10-2020 18:55 via uk.finance.yahoo.com
  
  Aston Martin has unveiled a “transformational” that will give Mercedes-Benz a 20pc stake in the embattled British sport car manufacturer. Lawrence Stroll, the billionaire Formula 1 fan who took control of Aston earlier this year, has announced a £1.25bn deal bringing in new investors and issuing new debt. Under the terms of the deal Mercedes will supply technology such as engines and electric power trains valued at £286m, which will eventually give it control of a fifth o
  
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• Sony seeing 'very considerable' PS5 demand ahead of launch

  27-10-2020 18:53 via uk.finance.yahoo.com
  
  Sony Corpis seeing "very considerable" demand for its PlayStation 5 (PS5) console via pre-orders, its gaming chief said on Wednesday, as users rush to secure the next-generation device ahead of its Nov. 12 launch."The demand as expressed by the level of pre-order has been has been very, very considerable," Ryan told Reuters.The launch comes in the midst of the COVID-19 pandemic that has boosted gaming companies' revenues but also disrupted retail networks, games development and manufacturing sup
  
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• London markets slide again as rising Covid-19 cases weigh on trading

  27-10-2020 18:49 via uk.finance.yahoo.com
  
  The FTSE 100 closed 63.02 points lower at 5,728.99 at the end of trading on Tuesday.
  
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• BP shares now yield 8%! Are they too cheap to ignore?

  27-10-2020 18:49 via uk.finance.yahoo.com
  
  The BP share price is now at its lowest level for 25 years. Roland Head asks whether the shares now offer value for long-term investors.
  The post BP shares now yield 8%! Are they too cheap to ignore? appeared first on The Motley Fool UK.
  
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• Hotly-anticipated Cyberpunk 2077 game delayed again, to December 10

  27-10-2020 18:47 via uk.finance.yahoo.com
  
  The Polish developers behind hotly-anticipated PC and console game Cyberpunk 2077 said Tuesday they would have to delay its release for a third time, pushing it back to December 10.
  
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• Pfizer says it could still deliver a Covid-19 vaccine in 2020

  27-10-2020 18:46 via uk.finance.yahoo.com
  
  Pfizer reported lower third-quarter profits Tuesday as Covid-19 dented demand for some medicines from patients whose regular health care patterns were disrupted.
  
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• NHS Covid-19 app: Why does coronavirus contact-tracing tool keep giving me two notifications at same time?

  27-10-2020 18:43 via uk.finance.yahoo.com
  
  The NHS Covid-19 app is continuing to confuse users who are being sent a flurry of notifications.The app now sends two notifications each time a potential exposure is found, even if it is then checked and found to be not significant enough to require action.The initial problems arrived when users kept receiving a message that they had been subject to a “possible Covid-19 exposure”.
  
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• England’s water regulator warns of higher bills over profit proposal

  27-10-2020 18:35
  Ofwat criticises CMA for suggesting companies should be allowed to make higher profits
  
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• Mercedes-Benz to lift Aston Martin stake to up to 20% by 2023

  27-10-2020 18:25 via uk.finance.yahoo.com
  
  Aston Martin, popular for being James Bond's carmaker of choice, has suffered a torrid time since it floated two years ago, with its shares losing two-thirds of their value this year.The 107-year-old firm hired Tobias Moers, former CEO of Mercedes-AMG, as its new boss from August.Aston said the increase in Mercedes-Benz's stake, from 2.6% currently, would take place in several stages as part of a wider issue of 250 million shares at 50 pence each.
  
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• Aston Martin expands deal with Mercedes-Benz in exchange for stake

  27-10-2020 18:25 via uk.finance.yahoo.com
  
  The company will place 250 million new shares with new and existing institutional investors at 50 pence a share, said the 107-year car maker that hired Tobias Moers, former CEO of Mercedes-AMG, to become its boss from August.The new shares issued would increase the size of Mercedes-Benz'sstake to no more than 20% by 2023 from the current 2.6% in several stages."We take another major step forward as our long-term partnership with Mercedes-Benz AG moves to another level with them becoming one of t
  
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• LVMH, Tiffany resume talks to try to save merger: source

  27-10-2020 18:22 via uk.finance.yahoo.com
  
  LVMH and Tiffany have revived talks to try to resuscitate their merger, which has been on shaky ground since late summer, a person close to the talks said Tuesday.
  
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• Despite weathering Covid, HSBC shouldn't be paying dividends now

  27-10-2020 18:14 via uk.finance.yahoo.com
  
  Despite weathering Covid, HSBC shouldn't be paying dividends now. With a big presence in Asia, where economies haven’t been hit as hard, the bank is feeling optimistic
  
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• Three top UK stocks I’d invest in for 2020 and beyond

  27-10-2020 18:09 via uk.finance.yahoo.com
  
  As high-growth shares with plenty of potential tend to catch my eye, I think these are some of the best UK shares to buy in 2020 and hold well into the next decade.
  The post Three top UK stocks I’d invest in for 2020 and beyond appeared first on The Motley Fool UK.
  
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• Virus worries confine stocks

  27-10-2020 17:59 via uk.finance.yahoo.com
  
  Stock markets failed to mount a rebound Tuesday, after dropping sharply the day before on fears that a coronavirus resurgence will force fresh economically painful containment measures.
  
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• This coronavirus stock is up over 1,000% since the market crash, but is it still worth buying?

  27-10-2020 17:51 via uk.finance.yahoo.com
  
  Jabran Khan explores whether this coronavirus stock is still worth buying after its 1,000% increase since the market crash.
  The post This coronavirus stock is up over 1,000% since the market crash, but is it still worth buying? appeared first on The Motley Fool UK.
  
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• Threadbare sick pay is a false economy

  27-10-2020 17:46
  Support for workers in quarantine is a crucial part of reducing the spread of Covid
  
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• UK retail recovery slows sharply as Covid rise deters shoppers

  27-10-2020 17:45 via uk.finance.yahoo.com
  
  UK retail recovery slows sharply as Covid rise deters shoppers. Consumer spending’s loss of momentum in October signals flatlining of broader economy
  
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• Airline revenues forecast at half 2019 levels in 2021: IATA

  27-10-2020 17:44 via uk.finance.yahoo.com
  
  Airline industry revenues are expected to remain 46 percent lower in 2021 than the $838 billion booked in the last pre-coronavirus year of 2019, industry body IATA said Tuesday in a marked worsening of its forecasts.
  
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• The HSBC share price is climbing. Is it finally time to buy bank shares again?

  27-10-2020 17:41 via uk.finance.yahoo.com
  
  The HSBC share price (LON: HSBA) is up nearly 20% in a month, and Q3 figures are looking good. Here's why I see HSBC as a buy today.
  The post The HSBC share price is climbing. Is it finally time to buy bank shares again? appeared first on The Motley Fool UK.
  
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