Business news

• US stocks rally, shrugging off unfinished presidential contest

  04-11-2020 23:59 via uk.finance.yahoo.com
  
  Wall Street stocks powered higher Wednesday, shrugging off uncertainty over the still-unresolved US presidential election and embracing the positives of the likelihood of divided government in Washington.
  
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• Bank of England said to be considering a move into negative rates -Telegraph

  04-11-2020 23:41 via uk.finance.yahoo.com
  
  The report comes ahead of the British central bank's scheduled announcement of its November monetary policy decision at 0700 GMT on Thursday.The BoE is in the midst of a review of how negative interest rates would work in Britain if necessary.None of the economists polled by Reuters expect an imminent move into negative rates.
  
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• Virgin Media rolls out gigabit broadband to London and Northern Ireland

  04-11-2020 23:30 via uk.finance.yahoo.com
  
  The hyper-fast broadband service will be available to almost three million homes.
  
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• Denmark to cull up to 17 million mink amid coronavirus fears

  04-11-2020 23:28 via bbc.co.uk
  
  Cases of a mutated strain of Covid-19 have been detected that may undermine future vaccines.
  
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• Stocks news live: Markets soar as Biden edges closer to victory - latest updates

  04-11-2020 23:13 via uk.finance.yahoo.com
  
  European stocks rose on Tuesday as path to Biden victory edges closer US market surged across the board, boosted by big tech Ambrose Evans-Pritchard: Trump has committed sacrilege and set in motion a fateful chain of events Sign up here for our daily business briefing newsletter
  
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• Stocks news live: Biden edging closer to victory after markets soar - latest updates

  04-11-2020 23:13 via uk.finance.yahoo.com
  
  European stocks rose on Tuesday as path to Biden victory edges closer US market surged across the board, boosted by big tech Ambrose Evans-Pritchard: Trump has committed sacrilege and set in motion a fateful chain of events Sign up here for our daily business briefing newsletter
  
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• Markets news live: Stocks soar as Biden edges closer to victory – latest updates

  04-11-2020 23:13 via uk.finance.yahoo.com
  
  European stocks rose on Tuesday as path to Biden victory edges closer US market surged across the board, boosted by big tech Dollar drops against Asian currencies Ambrose Evans-Pritchard: Trump has committed sacrilege and set in motion a fateful chain of events Sign up here for our daily business briefing newsletter
  
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• Markets news live: Europe set for calm open as Biden edges closer to victory – latest updates

  04-11-2020 23:13 via uk.finance.yahoo.com
  
  European stocks set to moderately rise as votes trickle in Joe Biden is on cusp of victory, but nothing guaranteed Dollar remains flat as markets play wait-and-see Ambrose Evans-Pritchard: Trump has committed sacrilege and set in motion a fateful chain of events Sign up here for our daily business briefing newsletter
  
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• Sainsbury’s to cut more than 3,000 jobs – reports

  04-11-2020 22:56 via uk.finance.yahoo.com
  
  Sainsbury's had in April warned over a coronavirus hit to profits of more than £500 million.
  
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• Markets report: Investors eye safe bets amid US battle

  04-11-2020 22:52 via uk.finance.yahoo.com
  
  Health stocks got a shot in the arm as investors flocked to safe bets amid uncertainty over the outcome of the US presidential election. Money also poured into tech, helping to lift markets despite Donald Trump and Joe Biden both expressing confidence that they would emerge victorious after polling closed across the Atlantic. London stocks slipped as trading opened before mounting a recovery. The momentum in British markets was supported by a fall in the pound, which traded at more than $1.31 bu
  
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• Qualcomm forecasts strong first quarter as Apple ramps up 5G iPhone models

  04-11-2020 22:07 via uk.finance.yahoo.com
  
  Qualcomm's shares were up 14% in extended trading.The San Diego-based company is the biggest supplier of processors for smartphones and modem chips that connect phones to wireless data networks.Revenue from the company's chip segment, its largest by sales, was $4.97 billion (£3.82 billion) in the fiscal fourth quarter, compared with FactSet estimates of $4.59 billion.
  
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• Qualcomm forecasts strong first quarter as Apple, others ramp up 5G phones

  04-11-2020 22:07 via uk.finance.yahoo.com
  
  Qualcomm's shares were up 14% in extended trading.The San Diego-based company is the biggest supplier of processors for smartphones and modem chips that connect phones to wireless data networks.It has invested heavily in developing lucrative 5G technology hoping to profit as it becomes mainstream in mobile phones, a trend poised to ramp up with the introduction of Apple's first 5G phones last month.
  
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• Qualcomm forecasts first-quarter sales above estimates

  04-11-2020 22:07 via uk.finance.yahoo.com
  
  Qualcomm's shares were up 5% in extended trading.The San Diego-based company is the biggest supplier of processors for smartphones and modem chips that connect phones to wireless data networks.Qualcomm, which makes the bulk of profits from its licensing business, said revenue from the unit was $1.51 billion (£1.16 billion), above FactSet estimates of $1.30 billion.
  
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• Analysis: Trump or Biden, new U.S. president faces troubled economy

  04-11-2020 21:51 via uk.finance.yahoo.com
  
  It has wiped away more than a year of economic output and more than five years of jobs growth.The workforce is now smaller than it was a year before Trump first took office.Housing prices are on the rise, which is a great thing for U.S. homeowners but at the same time is worsening the affordability crisis for aspiring home buyers renters.
  
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• Sainsbury to cut 3,000 jobs - The Times

  04-11-2020 21:26 via uk.finance.yahoo.com
  
  A large number of the jobs will go from the group's Argos business and there will be layoffs in Sainsbury's stores with the closure of delicatessens and fresh fish and meat counters, the newspaper reported https://bit.ly/3jVHVQv on Wednesday.The news comes after several other British groups such as retailer John Lewis and domestic bank Lloyds Banking Grouplaunched redundancy plans on the eve of the second national lockdown in England.Sainsbury earlier in the day announced that its veteran commer
  
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• Twitter, Facebook flag Trump posts, battle spills to social media

  04-11-2020 21:08 via uk.finance.yahoo.com
  
  Twitter and Facebook moved Wednesday to curb the reach of President Donald Trump's posts questioning the vote-counting process as a battle over the knife-edge US election spilled into social media.
  
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• Beware markets' elation about a US election result still unknown

  04-11-2020 21:04 via uk.finance.yahoo.com
  
  Beware markets' elation about a US election result still unknown. Investors are banking on little real change whatever the outcome, but they have been wrong before
  
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• Sainsbury's commercial director to depart in leadership shakeup

  04-11-2020 20:52 via uk.finance.yahoo.com
  
  Sainsbury'ssaid on Wednesday its veteran commercial director Paul Mills-Hicks will leave the British supermarket group as part of a revamp of its leadership team by new Chief Executive Simon Roberts.Roberts, who succeeded Mike Coupe in June, has created two new commercial posts, separating the food and non-food functions.Rhian Bartlett has been promoted to food commercial director and Mike Luck promoted to general merchandise and clothing commercial director.
  
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• Analysis: No White House result? Wall Street's 'fear gauge' shows less panic

  04-11-2020 20:46 via uk.finance.yahoo.com
  
  Wall Street's "fear gauge" plummeted as U.S. stocks surged on Wednesday, which investors attributed to near-certainty of a divided Congress.Several analysts had pointed to a drawn-out election process - including the possibility of a challenge before the Supreme Court - as a dire scenario for U.S. equities.A divided Congress would counterbalance the White House's agenda whether Republican President Donald Trump or Democrat Joe Biden won the election, they said.
  
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• 'Divergences' bog down EU-UK talks

  04-11-2020 20:24 via uk.finance.yahoo.com
  
  Two weeks of intensive talks between the EU and UK have failed to break an impasse towards an accord on post-Brexit ties, with chief negotiators from both sides saying Wednesday that major "divergences" remain.
  
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• Analysis: Wall Street cheers U.S. election removing major tax-hike threat

  04-11-2020 19:58 via uk.finance.yahoo.com
  
  Biden has proposed raising the capital gains tax rate from 20% to 39.6% for those making over $1 million (£769,230), which would represent a big blow to the asset management industry.Other tax hikes he has put forward include increasing the statutory corporate income tax rate from 21% to 28%.Biden was leading in key Midwestern states in the race for the White House as votes were being counted on Wednesday afternoon, but President Donald Trump's Republican Party was poised to keep control o
  
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• 'Creepy' robocalls told 2.7m swing state voters to 'stay home' on US election day

  04-11-2020 19:51 via uk.finance.yahoo.com
  
  Mysterious robocalls telling people to “stay safe and stay home” were made to 2.7m voters in critical swing states on election day, sparking concerns that they have impacted turnout. An estimated 8.7m Americans in total may have received a call in which a female voice says: “Hello this is just a test call time to stay home, stay safe and stay home”, according to RoboKiller, an app that blocks automated calls. Politicians across the country warned people to ignore the call
  
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• Shares in London and New York rise as US election concerns fade

  04-11-2020 19:49 via uk.finance.yahoo.com
  
  Shares in London and New York rise as US election concerns fadeFTSE 100 closes 1.7% higher while Dow Jones, S&P 500 and Nasdaq all post gains in early trading* Business live – stock markets gripped by US election race* US election live – follow all the latest updates* Biden v Trump: live results
  
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• Northern Research Group: Business leaders call for powers for mayors to take northern regions out of Covid restrictions

  04-11-2020 19:44 via uk.finance.yahoo.com
  
  Letter to Boris Johnson says Covid crisis in north is ‘deepening’
  
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• Spain's scandal-hit former king faces credit card probe

  04-11-2020 19:42 via uk.finance.yahoo.com
  
  Spanish prosecutors have opened an investigation into whether former king Juan Carlos I used credit cards linked to accounts not registered in his name in a possible money-laundering offence, judicial sources said Wednesday.
  
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• 'Divergences' bogging down EU-UK talks: negotiators

  04-11-2020 19:24 via uk.finance.yahoo.com
  
  Major persistent "divergences" are dogging talks between the EU and Britain meant to work out a post-Brexit relationship, the chief negotiators from both sides said Wednesday.
  
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• Park Lane casino has licence revoked amid money laundering allegations

  04-11-2020 19:15 via uk.finance.yahoo.com
  
  A high-rolling Park Lane casino popular with multi-millionaires has had its licence revoked by the Gambling Commission amid allegations over money laundering. The Commission announced yesterday it was taking action against the Park Lane Club because it was "not satisfied as to the source of funds" used to acquire and support the licensee. The Club is believed to be owned by businessman Vasilijis Melniks who has been accused of embezzling and laundering 54 million Euros as part of a deal with the
  
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• Park Lane casino has licence revoked amid money launder allegations

  04-11-2020 19:15 via uk.finance.yahoo.com
  
  A high-rolling Park Lane casino popular with multi-millionaires has had its licence revoked by the Gambling Commission amid allegations over money laundering. The Commission announced yesterday it was taking action against the Park Lane Club because it was "not satisfied as to the source of funds" used to acquire and support the licensee. The Club is believed to be owned by businessman Vasilijis Melniks who has been accused of embezzling and laundering 54 million Euros as part of a deal with the
  
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• Markets hopeful of a Biden presidency and Republican senate

  04-11-2020 19:07 via uk.finance.yahoo.com
  
  The FTSE 100 closed up although the US election uncertainty caused falls in early trading.
  
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• French court rejects UK extradition request for convicted ex Barclays trader

  04-11-2020 19:01 via uk.finance.yahoo.com
  
  A former Barclaystrader, who fled to his native France before being convicted in London of helping rig Euribor interest rates, has won a court battle against extradition to Britain to serve an eight-year jail sentence, his lawyer said.The Paris Court of Appeal on Wednesday refused a European Arrest Warrant issued by Britain for Philippe Moryoussef, because the conduct he was accused of was not a crime in France at the time, his lawyer Francois de Castro said in an email.
  
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• Whately 'in tears' over care home Covid experiences

  04-11-2020 18:52 via uk.finance.yahoo.com
  
  Health Minister Helen Whately says she had been "in tears" over the stories she'd heard from staff and residents from care homes throughout the pandemic.The government today updated its guidance for care homes, clarifying residents should be able "to receive visits from their family and friends in a Covid-secure way".
  
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• Eyes turn to Fed as US presidency remains in limbo

  04-11-2020 18:46 via uk.finance.yahoo.com
  
  With no clear winner in the US presidential election and hopes for more economic stimulus in limbo, all eyes will be on the Federal Reserve's policy meeting beginning Wednesday for signs of whether the central bank will step up and do more.
  
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• Black Friday: watch out for these scams

  04-11-2020 18:46 via uk.finance.yahoo.com
  
  Here's a list of 5 common Black Friday scams you should be on the watch out for to protect yourself from losing money.
  The post Black Friday: watch out for these scams appeared first on The Motley Fool UK.
  
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• Banks must act responsibly when collecting Covid loans from businesses – FCA

  04-11-2020 18:43 via uk.finance.yahoo.com
  
  The head of the Financial Conduct Authority Nikhil Rathi told MPs he expects banks to act responsibly to avoid scandals of the 2008 crisis.
  
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• Cash rewards fail to convince employers to take on trainees

  04-11-2020 18:40
  Government incentives too low to cover costs of new apprentices, say UK tradespeople
  
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• High street meltdown as M&S sinks to loss and John Lewis cuts 1,500 jobs

  04-11-2020 18:37 via uk.finance.yahoo.com
  
  The scale of the crisis on Britain’s high streets was laid bare on Wednesday as Marks & Spencer swung to an unprecedented loss, John Lewis axed another 1,500 jobs and experts warned of a near-£7bn plunge in sales as shops are forced to shut again. M&S; posted its first pre-tax loss in 94 years as a listed company, plunging £87.6m into the red for the six months to September as sales of clothing floundered - down from a £159m profit a year earlier. Chief executive
  
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• FCA threatens to ditch EU's Mifid rules without full market access

  04-11-2020 18:27 via uk.finance.yahoo.com
  
  The financial watchdog hit out at the EU as it announced that British investors will be allowed to keep trading shares on European exchanges even if the UK does not strike a deal with the bloc before the end of the year. The Financial Conduct Authority (FCA) threatened to ditch the EU’s financial rulebook, known as Mifid, if Brussels does not allow UK firms to retain full access to its markets. The watchdog said the temporary transitional permission, which will apply until March 31 2022, w
  
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• BAE Systems sets its sights on new Japanese stealth fighter

  04-11-2020 18:24 via uk.finance.yahoo.com
  
  British technology could be taking to the skies aboard Japan’s next-generation fighter, with BAE Systems offering its expertise for the planned stealth jet. BAE has responded to the Japanese Ministry of Defence’s “request for information” about how it could provide technical assistance in the new jet, known as the F-X. The FTSE 100 company will up against US defence contractors Boeing and Lockheed Martin who have also applied, Japan’s defence minister said. BAE is d
  
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• Coronavirus: £100m rescue deal for Clarks will see Hong Kong firm take control

  04-11-2020 18:20 via uk.finance.yahoo.com
  
  Footwear retailer Clarks has been rescued with a £100m investment by a Hong Kong private equity firm - in a deal that will also involve a restructuring of its UK and Ireland store network.
  
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• Political ads on Facebook were listed as 'active' on election day despite being banned

  04-11-2020 18:15 via uk.finance.yahoo.com
  
  Changes to political adverts in the company’s library take a day to process, the social media giant says
  
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• Stocks rally despite US vote uncertainty

  04-11-2020 18:14 via uk.finance.yahoo.com
  
  Stocks rallied on Wednesday despite the US election outcome being clouded in uncertainty with the possibility that it could end up in court.
  
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• Lockdown 2.0: What I bought before the shops closed

  04-11-2020 18:13 via bbc.co.uk
  
  On the last day before shops close in England, we asked people in Milton Keynes what they bought.
  
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• WhatsApp update adds new 'storage management' tool to stop it taking up so much space on phones

  04-11-2020 18:12 via uk.finance.yahoo.com
  
  A new WhatsApp update is intended to stop it taking up quite so much space on your phone.Because it is so easy to send pictures and videos over WhatsApp, and because those files are automatically saved when they are sent, the app can very quickly fill up a phone’s storage without its user even necessarily realising it.The “storage management tool” allows users to find the unnecessary files that are clogging up the app – and the phone it is installed on – and delete
  
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• Coronavirus: Shoppers flock to stores as lockdown looms

  04-11-2020 18:06 via bbc.co.uk
  
  Shoppers report lengthy queues as demand surges ahead of England's month-long lockdown from Thursday.
  
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• British watchdog expects market disruption if no two-way EU access

  04-11-2020 18:02 via uk.finance.yahoo.com
  
  Markets face some disruption in January if Britain and the European Union fail to agree on continued two-way cross-border access, top British regulators said on Wednesday.Britain has left the EU and continued full access to the bloc under a transition arrangement expires on Dec. 31, with the City of London facing patchy access to the bloc in future.The EU is still deciding on how much direct financial market access it can give Britain under a system whereby Brussels deems British rules to be "eq
  
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• How I’d grow a passive income to retire on with just £30 a week

  04-11-2020 17:59 via uk.finance.yahoo.com
  
  With as little as £30 a week, I can build up an investment fund capable of paying me a meaningful passive income later. Here’s how I’d proceed.
  The post How I’d grow a passive income to retire on with just £30 a week appeared first on The Motley Fool UK.
  
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• UK's Johnson insists new lockdown will end on Dec 2

  04-11-2020 17:53 via uk.finance.yahoo.com
  
  Prime Minister Boris Johnson insisted Wednesday that a looming new coronavirus lockdown for England would end "automatically" in four weeks, as he tried to placate party critics over the spiralling economic fallout.
  
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• Analysis: Wall Street worries tight U.S. election clouds pandemic fight, stimulus

  04-11-2020 17:45 via uk.finance.yahoo.com
  
  With the U.S. presidential election result a nail-biter, bankers, traders and financial analysts on Wednesday said Wall Street was worried the ultimate presidential winner could struggle to work with a divided Congress to fight the coronavirus pandemic and pass a quick economic stimulus package.The results so far, however, suggest Congress likely will remain divided.Democrats were maintaining a firm grip on the House of Representatives, which could hinder Trump if he wins a second term.
  
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• Analysis: Wall Street firms crave certainty about U.S. election, hope for quick stimulus

  04-11-2020 17:45 via uk.finance.yahoo.com
  
  With the U.S. presidential election turning into a nail-biter, bankers, traders and financial analysts told Reuters on Wednesday that Wall Street was worried the ultimate winner could have tough sledding working with a divided Congress to fight the coronavirus pandemic and pass a quick economic stimulus package.Meanwhile, Congress looked to remain divided.Democrats maintained a firm grip on the House of Representatives which means Trump would probably have to compromise to pass legislation.
  
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• Debit card spending jumps as England prepares for lockdown 2.0, figures show

  04-11-2020 17:43 via uk.finance.yahoo.com
  
  Nationwide Building Society's debit card figures show that November 1 and 2 were the busiest Sunday and Monday shopping days by volume in 2020 so far.
  
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