Business news

• Virus surge and new restrictions batter markets

  28-10-2020 23:26 via uk.finance.yahoo.com
  
  European and US stock markets tanked Wednesday while oil prices plunged over five percent as investors braced for tighter lockdown measures to combat soaring coronavirus infection rates, dealers said.
  
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• Political ad confusion at Facebook as US election nears

  28-10-2020 23:16 via uk.finance.yahoo.com
  
  Confusion over political ads at Facebook marred the onset of what was supposed to be a cooling period ahead of the US presidential election.
  
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• Gilead Sciences reports almost $900 mn in Q3 remdesivir sales

  28-10-2020 22:58 via uk.finance.yahoo.com
  
  Remdesivir, a therapeutic to treat Covid-19, boosted third-quarter sales for pharmaceutical company Gilead Sciences by nearly $900 million, according to results released Wednesday by the drugmaker.
  
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• Markets report: Kaz exit could see rival miner move in

  28-10-2020 22:41 via uk.finance.yahoo.com
  
  Copper miner Kaz Minerals’ shares jumped after it recommended a $2.4bn deal masterminded by its chairman and top shareholder, which would take the group private after its expansion plans drew the ire of investors. Under the deal, Nova Resources BV, a vehicle controlled by Vladimir Kim and Oleg Novachuk, would purchase the 60.6pc of the Kazakh-focused group it doesn’t already own at 640p per share. The offer at 640p per share represents a 12pc premium to Kaz’s closing price on T
  
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• Ford shares jump after strong 3Q profits

  28-10-2020 22:40 via uk.finance.yahoo.com
  
  Ford reported a big jump in third-quarter profits Wednesday, pointing to strong sales in North America where large vehicles commanded generous prices amid tight inventories.
  
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• Poorest nations face 'lost decade' post-pandemic: IFC official

  28-10-2020 22:34 via uk.finance.yahoo.com
  
  The Covid-19 pandemic has drained the resources of the world's poorest countries, which now face 10 years eroding economic growth and job creation, a top development finance official warned.
  
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• Vote and virus: volatile markets bring reminder of March turmoil

  28-10-2020 22:33 via uk.finance.yahoo.com
  
  "In the case of a very chaotic U.S. election outcome this might even come to or close to the level we saw in spring."Concerns were most strongly reflected in currency markets, especially in the implied volatility contracts derivatives traders use to protect investments against sudden swings in the exchange rate.The euro also came under pressure in cash markets, falling 0.42% against the greenback , while U.S. and European stocks fell by 3% or more .
  
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• US tries to block Ngozi Okonjo-Iweala, who would be first African WTO head

  28-10-2020 22:30 via bbc.co.uk
  
  The World Trade Organization's nominations team says member countries should back Ngozi Okonjo-Iweala.
  
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• Mexico's Pemex returns to profit despite low oil price

  28-10-2020 22:05 via uk.finance.yahoo.com
  
  Mexican state energy giant Pemex on Wednesday reported its first quarterly profit in two years despite a plunge in world oil prices due to the coronavirus pandemic.
  
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• BOJ set to keep massive stimulus, ready to act if pandemic causes more economic damage

  28-10-2020 22:04 via uk.finance.yahoo.com
  
  The Bank of Japan is set to maintain its massive stimulus programme on Thursday and vow to take further action if the economic fallout from the coronavirus shock threatens a return to deflation.Given the need to keep in place some restraints to economic activity to prevent the spread of the virus, the BOJ is not in a position now to push prices higher with further easing, said Naoya Oshikubo, senior economist at SuMi TRUST."As a result, the key policy drivers under Prime Minister (Yoshihide) Sug
  
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• Ford sees full-year pretax profit, posts stronger than expected quarterly earnings

  28-10-2020 21:24 via uk.finance.yahoo.com
  
  Ford Motor Coon Wednesday posted a better-than-expected quarterly profit on strong U.S. demand for pickups and SUVs, and forecast a full-year pretax profit instead of a loss, boosting shares in after-hours trading.Ford CEO Jim Farley, who took over on Oct. 1, is tasked with completing the No. 2 U.S. automaker's $11 billion(8.44 billion pounds) restructuring begun under his predecessor, Jim Hackett, and has promised greater urgency.Ford reported net income in the third quarter of $2.4 billion, or
  
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• Ford posts stronger-than-expected quarterly profit, forecasts full-year profit

  28-10-2020 21:24 via uk.finance.yahoo.com
  
  Ford Motor Coon Wednesday posted a better-than-expected quarterly profit on strong U.S. demand for pickups and SUVs, and forecast a full-year profit instead of a loss, sending shares up nearly 6% in after-hours trading.Ford reported net income in the third quarter of $2.4 billion, or 60 cents a share, compared with $400 million, or 11 cents a share, a year earlier.Excluding items, Ford's profit was $3.6 billion, or 65 cents a share, topping the 19 cents analysts polled by Refinitiv had expected.
  
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• Ford posts stronger-than-expected quarterly profit, expects full-year pretax profit

  28-10-2020 21:24 via uk.finance.yahoo.com
  
  Ford Motor Coon Wednesday posted a better-than-expected quarterly profit on strong U.S. demand for pickups and SUVs, and forecast a full-year pretax profit instead of a loss, sending shares up nearly 6% in after-hours trading.Ford reported net income in the third quarter of $2.4 billion, or 60 cents a share, compared with $400 million, or 11 cents a share, a year earlier.Excluding items, Ford's profit was $3.6 billion, or 65 cents a share, topping the 19 cents analysts polled by Refinitiv had ex
  
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• Diversification and tech sector defend against the October effect

  28-10-2020 21:24 via uk.finance.yahoo.com
  
  Diversification and tech sector defend against the October effect. Tech holdings have helped pension investors withstand the impact of the coronavirus pandemic
  
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• Stock markets sink amid alarm at Covid surge

  28-10-2020 21:21 via bbc.co.uk
  
  Financial markets in the US and Europe fall as concerns rise about the coronavirus impact on economic growth.
  
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• Gilead cuts 2020 sales outlook as COVID-19 drug remdesivir falls short

  28-10-2020 21:11 via uk.finance.yahoo.com
  
  Remdesivir brought in $873 million in the quarter, below analysts' estimates of $960 million, according to Refinitiv IBES data.Gilead Chief Commercial Officer Johanna Mercier said that although the United States saw a surge in COVID-19 cases over the summer, many were younger people and hospitalization rates actually dropped."Our assumption is in light of the surge this fall both in Europe and the U.S., those numbers will pop back up," she said.
  
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• COVID-19 drug boosts Gilead quarterly revenue, but 2020 sales outlook cut

  28-10-2020 21:11 via uk.finance.yahoo.com
  
  Gilead lowered the top end of its full-year sales outlook, saying it now expects revenue of $23 billion to $23.5 billion, which is below Wall Street estimates of $24.1 billion.Gilead, during a conference call, said a portion of those sales are being held in inventory for use in the fourth quarter, adding that projecting remdesivir sales was difficult at this point.Gilead shares, which closed down 2%, fell another 1% in extended trading.
  
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• Pinterest projects 60% sales growth in fourth quarter as ad sales rebound

  28-10-2020 21:10 via uk.finance.yahoo.com
  
  The forecast, which the company termed an 'informal' one, compares to a 35% growth modeled by Wall Street analysts, according to Refinitiv data.Shares of the company, which also beat third-quarter sales estimates, jumped 28% to $63.05 in extended trading.Pinterest said it benefited as advertisers redirected spending to its platform following a social media ad boycott campaign that began in July.
  
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• SoftBank attempted to delay WeWork's $3 bln share purchase - court filing

  28-10-2020 21:05 via uk.finance.yahoo.com
  
  The transcript, part of a Delaware court filing, provides new details on the decision by SoftBank to scrap a $3 billion tender offer to repurchase stock from existing shareholders, including founder Adam Neumann and employees.A WeWork board committee that negotiated the tender offer sued SoftBank in April over that decision, accusing the Japanese company of "buyer's remorse" amid the coronavirus outbreak.The transcript includes an undated text exchange between Son and Marcelo Claure, who he inst
  
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• SoftBank attempted to delay WeWork's $3 billion share purchase - court filing

  28-10-2020 21:05 via uk.finance.yahoo.com
  
  The transcript, part of a Delaware court filing, provides new details on the decision by SoftBank to scrap a $3 billion tender offer to repurchase stock from existing shareholders, including founder Adam Neumann and employees.A WeWork board committee that negotiated the tender offer sued SoftBank in April over that decision, accusing the Japanese company of "buyer's remorse" amid the coronavirus outbreak.The transcript includes an undated text exchange between Son and Marcelo Claure, who he inst
  
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• UK facing 'flood' of bankruptcies over coming months, says ONS

  28-10-2020 21:00 via uk.finance.yahoo.com
  
  UK facing 'flood' of bankruptcies over coming months, says ONS. Two-thirds of UK businesses were at risk of insolvency last month, according to official figures
  
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• Huawei lawyer alleges delay in CFO arrest was intentional in U.S. extradition case

  28-10-2020 20:47 via uk.finance.yahoo.com
  
  Defence attorney Richard Peck wrapped up two days of cross-examination of Royal Canadian Mounted Police (RCMP) Constable Winston Yep, needling him on the intentions behind Meng's initial detainment by Canada Border Services Agency (CBSA) officials and then her arrest by the RCMP.Peck alleged that the order of events was to take advantage of the extended leeway CBSA officers have in questioning and investigating individuals crossing into Canada.
  
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• Google steps up campaign against EU push for tough new tech rules

  28-10-2020 20:47 via uk.finance.yahoo.com
  
  Alphabet Incunit Google has launched a 60-day strategy to counter the European Union's push for tough new tech rules by getting U.S. allies to push back against the EU's digital chief and spelling out the costs of new regulations, according to a Google internal document.The European Commission will publish rules called the Digital Services Act (DSA) on December 2, after which they will need to be reconciled with proposals from EU countries and the European Parliament before they become legislati
  
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• Canada border officer had concerns about interviewing Huawei CFO ahead of arrest

  28-10-2020 20:47 via uk.finance.yahoo.com
  
  A Canadian border officer told a court on Wednesday he had concerns about intercepting and interviewing Huawei Chief Financial Officer Meng Wanzhou before police arrested her on a warrant from the United States almost two years ago.Scott Kirkland was one of the Canada Border Services Agency (CBSA) officers to intercept Meng when she disembarked at Vancouver International Airport in December 2018.Kirkland told the court he was worried that "our examination would be argued as a delay in due proces
  
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• Opening a new barbershop during the pandemic

  28-10-2020 20:42 via bbc.co.uk
  
  Sheldon Tatchell of Legends Barbershop is preparing a new store to open in Midrand, South Africa.
  
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• US senators spar with Big Tech over legal immunity, politics

  28-10-2020 20:36 via uk.finance.yahoo.com
  
  Capitol Hill clashed with Silicon Valley Wednesday over legal protections and censorship on social media during a fiery hearing a week before Election Day in which Twitter's Jack Dorsey acknowledged that platforms need to do more to "earn trust."
  
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• LVMH, Tiffany near agreement to reaffirm merger: sources

  28-10-2020 19:59 via uk.finance.yahoo.com
  
  Tiffany has agreed to accept a lower price from LVMH in order to seal a merger that had been close to collapsing, two sources involved in the talks told AFP on Wednesday.
  
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• German watchdog launches new investigation into Amazon - report

  28-10-2020 19:57 via uk.finance.yahoo.com
  
  Germany's anti-trust authority has launched an investigation into Amazonand Appleover possible anticompetitive behaviour, German Frankfurter Allgemeine Zeitung daily reported.Amazon bans some third-party traders on its e-commerce platform from offering certain branded products, and Germany's Federal Cartel Office is investigating whether this complies with German law."For some brands all merchants with the exception of Amazon itself and the respective brand manufacturer are excluded," the paper
  
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• Sixth-form student revealed to be behind 'Woolworths reopening' fake news

  28-10-2020 19:55 via uk.finance.yahoo.com
  
  Sixth-form student revealed to be behind 'Woolworths reopening' fake news. Dozens of news sites ran articles saying chain was back based on a typo-strewn Twitter page
  
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• Is the Monzo Premium card right for me?

  28-10-2020 19:40 via uk.finance.yahoo.com
  
  Monzo Premium is a white metal card with a long list of benefits including a range of insurances. But is it worth its hefty annual fee?
  The post Is the Monzo Premium card right for me? appeared first on The Motley Fool UK.
  
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• Facebook sued over Cambridge Analytica data scandal

  28-10-2020 19:32 via bbc.co.uk
  
  The company is accused of misusing almost one million users' data in England and Wales.
  
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• Can Liberty Oil maverick's corporate culture survive the U.S. shale bust?

  28-10-2020 19:29 via uk.finance.yahoo.com
  
  Chris Wright stands out as an oilman who might be more at home in Silicon Valley than the shale fields of North Dakota.A mountain climber and Massachusetts Institute of Technology graduate who stationed his oilfield firm in Denver, he saw opportunity in the high employee turnover at hydraulic fracturing providers.Nine years later, Wright is running the second-biggest fracking company in North America and preparing for a battle to keep the unconventional culture he has built at Liberty Oilfield S
  
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• Technology bosses accused of bias by US Republicans

  28-10-2020 19:28 via uk.finance.yahoo.com
  
  Republicans attacked Google, Facebook and Twitter for being “biased” against President Donald Trump during a tense virtual Senate hearing on Wednesday. The politicians repeatedly accused chief executives at the technology companies of double standards for editing, deleting or fact-checking Mr Trump’s posts, while allowing harmful hate speech to remain on their services. Mr Dorsey, who appeared sporting a long, wispy beard, sparked wrath after claiming that Twitter did not have
  
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• Economic cost of new EU tech rules could top $100.5 billion, study says

  28-10-2020 19:28 via uk.finance.yahoo.com
  
  The European Union's plan to rein in U.S. tech giants with new rules could cost the 27-country bloc as much as 85 billion euros (77.08 billion pounds)in economic growth, Brussels-based think tank ECIPE warned.Under the proposed rules, Facebook , Alphabetunit Google, Amazonand Apple could be forced to share data and banned from favouring their own services.In a study sponsored by Google, due to be published this week and seen by Reuters, the European Centre for International Political Economy (EC
  
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• Trump tries to block first African candidate for WTO chief

  28-10-2020 19:26 via uk.finance.yahoo.com
  
  Donald Trump has dealt a blow to the first female, African candidate with a chance to run the World Trade Organization. The US said it would not back Ngozi Okonjo-Iweala, the former Nigerian finance minister, to replace Roberto Azevedo as the next director-general of the WTO. Washington has already paralysed the organisation’s role as global arbiter on trade by blocking appointments to its appeals panel. Now it threatens to render it leaderless for weeks or months. Despite having secured t
  
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• Apple developing search engine to compete with Google: report

  28-10-2020 19:24 via uk.finance.yahoo.com
  
  Apple has accelerated work to develop its own search engine that would allow the iPhone maker to  offer an alternative to Google, a Financial Times report said Wednesday.
  
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• Deutsche Boerse quarterly net profit down 9%, misses forecasts

  28-10-2020 19:19 via uk.finance.yahoo.com
  
  German exchange operator Deutsche Boerseon Wednesday posted a 9% fall in third-quarter net profit, a greater decline than expected, but left its guidance for the year unchanged.Net profit attributable to shareholders was 227.1 million euros ($268.4 million), down from 248.6 million a year ago, the company said.Forecasts were for a 5% drop in net profit and a 2% drop in revenue, based on a consensus forecast published on Deutsche Boerse's investor relations website.
  
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• Markets tumble in another day of Covid turmoil

  28-10-2020 19:07 via uk.finance.yahoo.com
  
  Nerves over Covid-19’s growing second wave battered stock markets once again on Wednesday, wiping almost £40bn off the value of London’s blue-chip companies. The US dollar rallied as fear once again gripped traders, prompting a widespread rout that hit mining and financial firms particularly hard. The FTSE 100 closed 2.5pc lower , shedding almost 150 points to 5,582, while France’s Cac 40 fell 3.4pc and Germany’s Dax sank 4.2pc - the worst declines for Paris and Fra
  
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• Nigeria's Okonjo-Iweala proposed as WTO chief, US opposed

  28-10-2020 19:00 via uk.finance.yahoo.com
  
  Key WTO ambassadors tapped Nigeria's Ngozi Okonjo-Iweala Wednesday as the best pick to lead the organisation, but she was opposed by Washington, who said it supported South Korean Trade Minister Yoo Myung-hee instead.
  
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• Facebook, Twitter and Google face questions from US senators

  28-10-2020 18:59 via bbc.co.uk
  
  Heads of Facebook, Google and Twitter defend a key piece of internet law, in front of senators.
  
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• 5 ways implementing HR software can help streamline your business

  28-10-2020 18:59 via s17026.pcdn.co
  
  Originally written by Partner Content on Growth Business
  As technology continues to propel us forward, business practices now have the potential to become more efficient and streamlined than ever before. Companies are moving on from outdated HR practices by implementing software designed to automate repetitive admin tasks and free up valuable time and resources that can be used on other projects. Whether you’re
  
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• Stock market crash: FTSE 100 falls to a 6-month low. I’d buy these UK shares now

  28-10-2020 18:55 via uk.finance.yahoo.com
  
  The stock market crash times are back again, as the FTSE 100 falls fast. But past investing lessons can help pick the best stocks to buy now.
  The post Stock market crash: FTSE 100 falls to a 6-month low. I’d buy these UK shares now appeared first on The Motley Fool UK.
  
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• Joe Rogan hosts Alex Jones on Spotify podcast despite ban

  28-10-2020 18:53 via uk.finance.yahoo.com
  
  Joe Rogan hosts Alex Jones on Spotify podcast despite banInterview with conspiracy theorist leaves streaming service in awkward position
  
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• 2 reasons why I think the FTSE 100 is still a great long-term investment

  28-10-2020 18:49 via uk.finance.yahoo.com
  
  Motley Fool contributor Jay Yao writes why he thinks the FTSE 100 is a great long-term investment as a result of these two factors.
  The post 2 reasons why I think the FTSE 100 is still a great long-term investment appeared first on The Motley Fool UK.
  
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• Stock market crash: I’d buy these cheap shares for their 6.1% dividend yield!

  28-10-2020 18:29 via uk.finance.yahoo.com
  
  As the FTSE 100 suffers one of its worst days since the March meltdown, these cheap shares have become crazily mispriced. I'd happily buy more today.
  The post Stock market crash: I’d buy these cheap shares for their 6.1% dividend yield! appeared first on The Motley Fool UK.
  
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• Nottingham start-up that turns CO2 emissions into animal feed raises £2.2m

  28-10-2020 18:26 via uk.finance.yahoo.com
  
  A British company which has developed technology that can turn CO2 emissions into sustainable animal feed has raised £2.2m in new funding. Nottingham-headquartered Deep Branch is hoping to develop eco-friendly animal feed through recycling industrial emissions and waste CO2 to develop protein that can be fed to livestock. The start-up received the backing from the European Innovation Council and will use the funding to open a new facility in the Netherlands. Deep Branch’s protein sou
  
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• How Unilever’s dividend benefits from this megatrend

  28-10-2020 18:23 via uk.finance.yahoo.com
  
  Motley Fool contributor Jay Yao covers how Unilever’s dividend benefits from this growing trend that many believe will continue for decades to come.
  The post How Unilever’s dividend benefits from this megatrend  appeared first on The Motley Fool UK.
  
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• Global markets plunge as virus fears drag FTSE to six-month low

  28-10-2020 18:23 via uk.finance.yahoo.com
  
  London’s top flight closed 146.19 points lower at 5,582.8 at the end of trading on Wednesday.
  
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• A closer look at BP’s pivotal green push

  28-10-2020 18:18 via uk.finance.yahoo.com
  
  Motley Fool contributor Jay Yao takes a closer look at how BP plans to grow in the giant and growing renewable energy sector.
  The post A closer look at BP’s pivotal green push appeared first on The Motley Fool UK.
  
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• Virus surge and restrictions batter markets

  28-10-2020 18:08 via uk.finance.yahoo.com
  
  European and US stock markets tanked Wednesday while oil prices plunged over 5 percent as investors braced for the apparently imminent introduction of tighter lockdown measures to combat soaring coronavirus infection rates, dealers said.
  
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