Business news

• Share prices on the up as traders anticipate undisputed Biden win

  03-11-2020 22:47 via uk.finance.yahoo.com
  
  Global stock markets collectively rallied on Tuesday, as investors bet on an uncontested Democratic victory in the US presidential election. Europe’s main bourses all rose for a second consecutive day, led by the Milan exchange in Italy which gained 3.2pc. Shares in Frankfurt, Madrid, Paris and London followed close behind, each adding between 2.3 and 2.6pc. The continent followed Asia Pacific’s lead, after indices in the East ended trading with a sea of green across all the main bou
  
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• Markets report: Crest Nicholson builds payout hopes

  03-11-2020 22:16 via uk.finance.yahoo.com
  
  Payout promises and a punchy profit prediction sent Crest Nicholson’s shares soaring yesterday. The housebuilder jumped 36p to 253.6p after it said full-year adjusted profit would be “significantly ahead” of expectations, landing at the top of its guidance. The FTSE 250 company said its trading had been “robust” over recent months, and slightly ahead of pre-lockdown levels. It anticipates adjusted profit before tax to come in “at the upper end of the previousl
  
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• Exclusive: Trump administration shelves bid to blacklist China's Ant Group - sources

  03-11-2020 21:39 via uk.finance.yahoo.com
  
  The Trump administration has put on hold an effort to blacklist Ant Group Co Ltd, the Chinese financial technology company affiliated with e-commerce giant Alibaba, following a phone call between a company executive and a top U.S. government official, four people familiar with the matter said.Reuters reported last month that the U.S. State Department had submitted a proposal to add Ant Group to a trade blacklist in order to deter U.S. investors from taking part in its initial public offering, wh
  
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• Broadcasting rule changes proposed to get streamers to fund Canadian storytelling

  03-11-2020 21:38 via uk.finance.yahoo.com
  
  Ottawa on Tuesday proposed changes to Canada's broadcasting regulatory framework that would see it applied to booming online streaming platforms and may require them to contribute cash to support Canadian storytelling.
  
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• Social media firms on alert for Election Day misinformation

  03-11-2020 21:37 via uk.finance.yahoo.com
  
  Social media firms were on high alert Tuesday against Election Day misinformation and manipulation efforts as voters began in-person balloting across the United States following a tumultuous campaign.
  
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• Johnson & Johnson fails to overturn $2.12 billion baby powder verdict, plans Supreme Court appeal

  03-11-2020 21:22 via uk.finance.yahoo.com
  
  The Missouri Supreme Court let stand a June 23 decision by a state appeals court, which upheld a jury's July 2018 finding of liability but reduced J&J's payout from $4.69 billion after dismissing claims by some of the plaintiffs.Johnson & Johnson said it plans to appeal to the U.S. Supreme Court.
  
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• Western Union expects better 2021 after COVID-19 hit, says CFO

  03-11-2020 20:52 via uk.finance.yahoo.com
  
  Western Union Co , the world's largest money transfer firm, expects an improved outlook for 2021 as people adjust to the novel coronavirus and on expectations for additional U.S. government stimulus to help the economy, its chief financial officer said on Tuesday.Remittance flows, a vital source of external financing for developing countries, have tumbled this year as new migration has slowed and some existing migrant workers return to their home countries after losing jobs.Western Union, which
  
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• Deutsche Bank, Trump’s biggest lender, considers dropping him after election

  03-11-2020 20:52 via uk.finance.yahoo.com
  
  Mr Trump and Deutsche Bank have done business together since the 1990s, but it hasn’t been without its ups and downs
  
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• Pubs seeking compensation for pouring away 7.5m pints

  03-11-2020 20:50 via uk.finance.yahoo.com
  
  Pub and brewery chiefs want taxpayers to pay for 7.5 million pints of beer that will be poured down the drain because of the second lockdown. Hospitality leaders are demanding Rishi Sunak offers a fresh round of handouts to the sector amid fears any hopes of a recovery will be skewered by four weeks of restrictions. In a letter to the chancellor they warn: “The sector could not be going into a lockdown in a worse state. “Without an immediate six-month support plan, many of our viable
  
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• Pubs seek compensation for pouring away 7.5m pints

  03-11-2020 20:50 via uk.finance.yahoo.com
  
  Pub and brewery chiefs want taxpayers to pay for 7.5 million pints of beer that will be poured down the drain because of the second lockdown. Hospitality leaders are demanding Rishi Sunak offers a fresh round of handouts to the sector amid fears any hopes of a recovery will be skewered by four weeks of restrictions. In a letter to the chancellor they warn: “The sector could not be going into a lockdown in a worse state. “Without an immediate six-month support plan, many of our viable
  
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• Takeaway beer back on pub menus in England after lockdown U-turn

  03-11-2020 20:49 via uk.finance.yahoo.com
  
  Takeaway beer back on pub menus in England after lockdown U-turn. New government rules state customers must pre-order drinks by phone or online
  
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• BP close to selling London headquarters to cut costs - FT

  03-11-2020 20:46 via uk.finance.yahoo.com
  
  The office, located at St James' Square, which houses about 500 employees is under offer to Lifestyle International Holdings , a Hong Kong-based investor, FT reported https://on.ft.com/3jQ5k5T, citing people familiar with the matter.The London-based company in October announced plans to lay off around 10,000 employees, about 15% of its global workforce, at a cost of around $1.4 billion (£1 billion) spread over the next few quarters.The coronavirus pandemic led to both sharp drops in oil an
  
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• Crispin Odey steps down from his hedge fund in changing of the guard

  03-11-2020 20:04 via uk.finance.yahoo.com
  
  Veteran investor Crispin Odey is bowing out as boss of the Mayfair-based hedge fund he founded almost three decades ago. The multimillionaire Conservative party donor is stepping down as co-chief executive of Odey Asset Management. He will launch a new fund within the company that focuses on the prospect of higher inflation. The firm will also create a unit called Brook Asset Management, bringing together a group of existing funds that will be renamed, reported Bloomberg. Timothy Pearey will bec
  
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• Crispin Odey steps down from his hedge fund helm in changing of the guard

  03-11-2020 20:04 via uk.finance.yahoo.com
  
  Veteran investor Crispin Odey is bowing out as boss of the Mayfair-based hedge fund he founded almost three decades ago. The multimillionaire Conservative party donor is stepping down as co-chief executive of Odey Asset Management. He will launch a new fund within the company that focuses on the prospect of higher inflation. The firm will also create a unit called Brook Asset Management, bringing together a group of existing funds that will be renamed, reported Bloomberg. Timothy Pearey will bec
  
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• Crispin Odey hands over reins of his hedge fund in changing of the guard

  03-11-2020 20:04 via uk.finance.yahoo.com
  
  Veteran investor Crispin Odey is bowing out as boss of the Mayfair-based hedge fund he founded almost three decades ago. The multimillionaire Conservative party donor is stepping down as co-chief executive of Odey Asset Management. He will launch a new fund within the company that focuses on the prospect of higher inflation. The firm will also create a unit called Brook Asset Management, bringing together a group of existing funds that will be renamed, reported Bloomberg. Timothy Pearey will bec
  
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• Crispin Odey steps back from running hedge fund firm

  03-11-2020 19:43 via uk.finance.yahoo.com
  
  Crispin Odey is to step back from running his London-based hedge fund firm as part of an overhaul of the group and instead focus on managing money for clients, the firm said on Tuesday.Odey, one of Britain's highest-profile hedge fund managers and political donors, recently pleaded not guilty to a charge of indecently assaulting a woman in 1998 and remains on bail, with a trial scheduled for early next year.As part of the reorganisation, Odey Asset Management (OAM) said it planned to create a ne
  
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• Cash withdrawals surge in run-up to England lockdown

  03-11-2020 19:42 via uk.finance.yahoo.com
  
  Cash withdrawals surge in run-up to England lockdown. Total of £412m taken out of cash machines within two days of PM announcing new Covid rules
  
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• UK in talks with Palantir over test-and-trace programme

  03-11-2020 19:17
  US tech group’s Foundry software might be used to manage sensitive contact tracing data
  
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• New lockdown, same economic victims: young, low-paid workers

  03-11-2020 19:17 via uk.finance.yahoo.com
  
  New lockdown, same economic victims: young, low-paid workersLow-paid workers are most at risk of losing their jobs or being furloughed on less than the minimum wage
  
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• Furlough effect helps reduce gender pay gap

  03-11-2020 19:13 via uk.finance.yahoo.com
  
  The gender pay gap has fallen by almost 2pc, according to Government data, as more men have been furloughed than women during the pandemic. The Office for National Statistics (ONS) released its annual gender pay gap report on Tuesday and found that the gender pay gap in the UK has been declining gradually. Researchers also found that over the last decade the gap has fallen by approximately a quarter among full-time employees and by just over one-fifth among all employees. However, in 2020, the g
  
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• Abrupt halt of Ant Group's mega-IPO leaves investors guessing

  03-11-2020 19:09 via uk.finance.yahoo.com
  
  Investors were left reeling by the suspension of Ant Group's $37 billion (£28 billion) stock market listing on Tuesday, with many having spent weeks studying the deal and lobbying bankers for shares in what was set to be the world's biggest initial public offering.Ant halted its planned Shanghai and Hong Kong listings less than 48 hours before it was due to go public following a meeting by its billionaire founder Jack Ma and Chinese financial regulators.Ant apologised to investors in a sto
  
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• UK country house prices hit four-year high in 'race for space'

  03-11-2020 19:04 via uk.finance.yahoo.com
  
  UK country house prices hit four-year high in 'race for space'. Shift to working from home drives demand among wealthy buyers for properties in rural areas
  
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• NHS Test and trace boss: 'No silver bullet' in fight against COVID

  03-11-2020 18:59 via uk.finance.yahoo.com
  
  Dido Harding said the fight against COVID-19 would continue to involve multiple interventions, including vaccines, local restrictions, mass testing, and the Test and Trace service.
  
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• School closures 'to cost every pupil £14,000'

  03-11-2020 18:54 via uk.finance.yahoo.com
  
  Children will pay the cost of lockdown for the rest of their lives in lower earnings because the impact on their education of missed lessons in the spring will hold them back permanently, analysts have warned. The average pupil can expect to earn £750 a year less than they would if their classes had not been disrupted, according to the National Institute of Economic and Social Research. In current cash terms, that will amount to a loss of £14,000 over their lives. The impact was wors
  
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• Cancelled flights: Which airlines have reduced services during lockdown?

  03-11-2020 18:53 via uk.finance.yahoo.com
  
  Some carriers are slashing their schedules in response to the travel ban
  
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• Fashion brands 'can't rule out' links to Uighur forced labour

  03-11-2020 18:49 via uk.finance.yahoo.com
  
  Big name retailers including H&M; and Stella McCartney said they cannot guarantee they are not profiting from Uighur forced labour in China to make their wares despite their best efforts. H&M;, the second-largest fashion retailer in the world, said that due to the complexity of the global supply chain “from farm level, via ginners, to spinners of yarn, fabric production and finally manufacturing, there is today no solution available to fully trace the origin of cotton used in final
  
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• Your timeline on the dollar and shares for the night we learn if Donald Trump or Joe Biden will be president

  03-11-2020 18:48 via uk.finance.yahoo.com
  
  The dollar plunged and the FTSE 100 surged with expectations of a comfortable Biden win, but that would make any shock results as the night goes on ever more impactful on the currency
  
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• Eyewear II review: Huawei’s smart glasses sound better than they look

  03-11-2020 18:44 via uk.finance.yahoo.com
  
  The Eyewear II are a pricy, stylish way to get music without headphones - and one that’s not quite worth it
  
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• AI can tell when you have coronavirus just by listening to your cough

  03-11-2020 18:42 via uk.finance.yahoo.com
  
  Researchers from MIT used algorithms they had been developing to detect Alzheimer’s disease
  
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• Spend more wisely, ex-Treasury mandarin tells ministers

  03-11-2020 18:38 via uk.finance.yahoo.com
  
  A former top Treasury official has urged ministers to spend taxpayer money wisely as economists warned the country's Covid borrowing spree will last until 2030. Lord Nicholas Macpherson said “the taps have been opened up to such an extent there is very little focus on the quality of expenditure”, urging the Government to take more care to ensure it is racking up record debts for good reasons. “We can all debate about what is the correct level of support to demand in the economy
  
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• Markets rally as traders bet on clear Biden win

  03-11-2020 18:37 via uk.finance.yahoo.com
  
  The main indices in the US and Europe gained more than 2%.
  
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• Apple event to bring three Macs with new chips, rumours suggest, with radical redesign to follow

  03-11-2020 18:36 via uk.finance.yahoo.com
  
  Apple is preparing three new Macs as part of the transition to its own chips that will be announced at its major event next week, according to a new report.The company will update its 13-inch MacBook Air, 13-inch MacBook Pro and 16-inch MacBook Pro so that they use “Apple Silicon” chips.Bloomberg reported that Apple is working on a redesigned iMac and a new Mac Pro, which will be about half the size of the current computer.
  
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• Apple event to bring three new Macs with new chips, rumours suggest, with radical redesign to follow

  03-11-2020 18:35 via uk.finance.yahoo.com
  
  Apple is preparing three new Macs as part of the transition to its own chips that will be announced at its major event next week, according to a new report.The company will update its 13-inch MacBook Air, 13-inch MacBook Pro and 16-inch MacBook Pro so that they use “Apple Silicon” chips.Bloomberg reported that Apple is working on a redesigned iMac and a new Mac Pro, which will be about half the size of the current computer.
  
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• Facebook and Twitter on alert to stop US election candidates claiming premature victory

  03-11-2020 18:33 via uk.finance.yahoo.com
  
  Facebook and Twitter are on high alert for candidates prematurely claiming victory on Tuesday, amid fears that the drawn-out vote counting process could inspire efforts to disrupt the final result. The social media companies said they would apply warning labels to posts or tweets affirming that a presidential nominee has won in individual states or the overall election. A deluge of postal votes, and rules allowing ballots in some states to be received several days after election day, mean the mo
  
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• Private jet bookings soar as wealthy flee second England lockdown

  03-11-2020 18:15 via uk.finance.yahoo.com
  
  Private jet bookings soar as wealthy flee second England lockdown. Charter firm ‘overwhelmed’ by demand for flights to second homes overseas, with Canary Islands top of the list
  
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• Deal for NHS masks collapses as medical company sues its supplier in US

  03-11-2020 18:13 via uk.finance.yahoo.com
  
  Department for health and social care contract worth £45m at centre of California lawsuit
  
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• US fund circles owner of Newcastle, Leeds-Bradford and Luton airports

  03-11-2020 18:10 via uk.finance.yahoo.com
  
  A Los Angeles private equity fund is closing in on the owner of Newcastle, Leeds-Bradford and Luton airports despite the coronavirus wreaking havoc on the aviation industry. Ares Management, which has £175bn in investments, has made a preliminary approach for Australian financial services firm AMP in a deal worth £3.5bn. Its AMP Capital subsidiary also owns Angel Trains, Britain's biggest rail leasing company. The Ares approach values AMP at $1.85 a share. The stock closed on Tuesday
  
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• Spotify to let artists promote music for cut in royalty rates

  03-11-2020 18:05 via uk.finance.yahoo.com
  
  Spotify to let artists promote music for cut in royalty rates. Musicians condemn payola-style deal to give some songs an algorithmic boost
  
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• Global stocks surge, dollar slumps as Americans head to polls

  03-11-2020 18:01 via uk.finance.yahoo.com
  
  Global stock markets surged and the dollar weakened Tuesday as Americans cast their ballots, with Republican President Donald Trump seeking to defy forecasts and defeat Democrat challenger Joe Biden.
  
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• First look: Major review of FTSE 100 companies' diversity numbers

  03-11-2020 18:01 via uk.finance.yahoo.com
  
  The review is the first of its kind to provide a holistic review of 10 facets of diversity and inclusion in the UK workplace.
  
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• Financial markets rise ahead of US election

  03-11-2020 17:58 via bbc.co.uk
  
  Uncertainty about the outcome of the race has weighed on share prices in recent weeks.
  
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• Ireland cannot rely on corporate tax revenue - minister

  03-11-2020 17:56 via uk.finance.yahoo.com
  
  Ireland cannot rely on "unreliable and unsustainable" corporate tax receipts, Finance Minister Paschal Donohoe said on Tuesday after a rare and large monthly shortfall in company returns hit the country's tax take last month.Tax revenues fell 5.3% in the first 10 months of 2020, declining at the sharpest rate since the COVID-19 pandemic began after the state collected 198 million euros from companies in October, compared with the 1 billion euros (900.96 million pounds) expected.Corporate tax ret
  
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• Facebook removes Shell climate change ads

  03-11-2020 17:56 via uk.finance.yahoo.com
  
  Facebook has taken down some Shell advertisements after they fell foul of its rules over transparency on climate change and environmental politics. Ads promoting the FTSE 100 energy company’s carbon-friendlier work - such as its Greenlots, its US electric vehicle charging business in the US, and Shell Energy, its power supplier in the UK - were removed after Facebook ruled they covered environmental politics, where it is trying to clamp down on misinformation. Since 2018 the social network
  
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• French insurer AXA to bolster capital at corporate-focused XL unit

  03-11-2020 17:53 via uk.finance.yahoo.com
  
  French insurer AXA said on Tuesday it would inject around 1 billion euros (£898 million) into its XL unit to strengthen the capital position of a business hit by coronavirus-related claims and costs stemming from natural catastrophes.The group said its company-focused XL Group, which reported a loss in the first half of the year, had hiked its renewal prices by 20% in insurance contracts and by 10% in reinsurance ones.
  
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• Forget the November premium bond draw! I’d buy FTSE 100 stocks instead to make a million

  03-11-2020 17:53 via uk.finance.yahoo.com
  
  Jonathan Smith argues that although you may get some income from the November premium bond draw, he'd look to stocks to achieve larger returns.
  The post Forget the November premium bond draw! I’d buy FTSE 100 stocks instead to make a million appeared first on The Motley Fool UK.
  
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• Stop making ‘panicked, last-minute’ decisions or we’ll see a 1980s-style jobs crisis, Labour tells Sunak

  03-11-2020 17:52 via uk.finance.yahoo.com
  
  Chancellor accused of ‘lack of any strategic planning by the government to support jobs and businesses’
  
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• Michel Barnier to signal lack of Brexit breakthrough on key issues

  03-11-2020 17:47
  Negotiators take stock of progress after 13 days of intensified talks over UK-EU trade deal
  
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• Barnier to signal lack of Brexit breakthrough on key issues

  03-11-2020 17:47
  Negotiators take stock of progress after 13 days of intensified talks over UK-EU trade deal
  
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• The 1000 companies to Inspire Britain 2020: Annual report highlights how success of SMEs will be ‘crucial’ in rebuilding post-Covid economy

  03-11-2020 17:43 via uk.finance.yahoo.com
  
  Experts behind the latest annual '1000 companies to Inspire Britain' report have highlighted how the success of small and medium-sized enterprises (SMEs) will be crucial in rebuilding the post-Covid UK economy.The London Stock Exchange Group published the seventh edition of its widely-read report on Tuesday.The research piece is an "annual celebration of some of the fastest-growing and most dynamic SMEs in the UK", which also aims to examine the economic environment facing smaller businesses, an
  
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• OPEC's Algeria backs, Russia ponders extended oil output cuts

  03-11-2020 17:43 via uk.finance.yahoo.com
  
  OPEC member Algeria on Tuesday came out in support of deferring a planned increase in OPEC+ oil output from January, a day after Russia's energy minister raised the possibility with the country's oil companies.Algeria, which holds the presidency of the Organization of the Petroleum Exporting Countries (OPEC), supports a possible extension of OPEC+ supply cuts for the first few months of 2021 to avoid another collapse in prices, the country's Energy Minister said.
  
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