Business news

• Wall Street cools as Biden nears finish line

  06-11-2020 23:53 via uk.finance.yahoo.com
  
  World markets lost momentum Friday after four straight days of gains on Wall Street, as vote counting across US battleground states showed Democrat Joe Biden poised for victory.
  
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• Self-healing ‘electronic skin’ could replace smartwatches, researchers claim

  06-11-2020 23:38 via uk.finance.yahoo.com
  
  Thin and flexible circuit board can be worn on any part of the body
  
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• Analysis: High-flying U.S. tech stocks get post-election lift, near new highs

  06-11-2020 23:36 via uk.finance.yahoo.com
  
  A weaker-than-expected election performance by Democrats and fears of new coronavirus restrictions have prompted investors to double down on high-flying technology stocks, which have come roaring back in recent days to put the Nasdaq within striking distance of a record.Since Election Day, the tech-heavy Nasdaq Composite is up 6.6%, easily outpacing the 4.2% gain in the broad S&P 500 over the same time.This was partly driven by investors and traders unwinding trades placed on pre-election as
  
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• Google says it will not file motion to dismiss U.S. lawsuit

  06-11-2020 23:25 via uk.finance.yahoo.com
  
  Alphabet's Googlesaid on Friday it would not file a motion to dismiss a U.S. government lawsuit filed last month but would fight it in federal court.The U.S. Justice Department sued the $1 trillion (£760 billion) search and advertising giant in October, accusing it of illegally using its market muscle to hobble rivals in the biggest challenge to the power and influence of Big Tech in decades.The two sides said in a short court filing on Friday that Google would refrain from filing a motion
  
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• Christmas shopping done with weeks to spare

  06-11-2020 23:01 via bbc.co.uk
  
  There are always a few who have everything wrapped up early, and this year they're feeling especially relieved.
  
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• UK energy plant to use liquid air

  06-11-2020 22:40 via bbc.co.uk
  
  The 50MW facility near Manchester hopes to store enough power for roughly 50,000 homes.
  
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• UK average house price tops £250,000 for first time ever but downturn on the way, Halifax reports

  06-11-2020 21:56 via uk.finance.yahoo.com
  
  Government support including stamp duty holiday and furlough scheme help to keep housing market buoyant
  
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• Nestlé to buy majority stake in recipe box company Mindful Chef

  06-11-2020 21:10 via uk.finance.yahoo.com
  
  Nestlé has agreed to acquire a majority stake in recipe box delivery firm Mindful Chef, after Waitrose fell out of the running, as it boosts its food offerings in the UK and Ireland. Business for the subscription-based recipe box brand has soared during lockdown as people have been forced to stay at home. Mindful Chef said it expects sales of over £50m this year, up from £8m since its series A funding by consumer-focused private equity firm Piper in 2018. Terms of the series B
  
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• Nestlé to acquire majority stake in recipe box firm Mindful Chef

  06-11-2020 21:10 via uk.finance.yahoo.com
  
  Nestlé has agreed to acquire a majority stake in recipe box delivery firm Mindful Chef, after Waitrose fell out of the running, as it boosts its food offerings in the UK and Ireland. Business for the subscription-based recipe box brand has soared during lockdown as people have been forced to stay at home. Mindful Chef said it expects sales of over £50m this year, up from £8m since its series A funding by consumer-focused private equity firm Piper in 2018. Terms of the series B
  
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• Nestlé to acquire majority stake in recipe box company Mindful Chef

  06-11-2020 21:10 via uk.finance.yahoo.com
  
  Nestlé has agreed to acquire a majority stake in recipe box delivery firm Mindful Chef, after Waitrose fell out of the running, as it boosts its food offerings in the UK and Ireland. Business for the subscription-based recipe box brand has soared during lockdown as people have been forced to stay at home. Mindful Chef said it expects sales of over £50m this year, up from £8m since its series A funding by consumer-focused private equity firm Piper in 2018. Terms of the series B
  
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• Goldman Sachs to transfer assets from London to Frankfurt: source

  06-11-2020 20:36 via uk.finance.yahoo.com
  
  Goldman Sachs will shift between $40 and $60 billion in assets from London to Frankfurt in preparation for Britain's divorce from the European Union, a financial source told AFP Friday.
  
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• UAE businessman Sheikh Khaled agrees deal for Derby County

  06-11-2020 20:35
  Relative of Abu Dhabi’s ruling family extends Middle East’s investments in English football
  
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• Video platforms tested as election misinformation runs rampant

  06-11-2020 20:21 via uk.finance.yahoo.com
  
  Amid an intense effort by social media platforms to curb misinformation around the US election, political operatives were finding loopholes in YouTube and other video platforms.
  
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• New York sues Sotheby's over unpaid sales taxes

  06-11-2020 20:19 via uk.finance.yahoo.com
  
  New York's attorney general said on Friday she has sued auction house Sotheby's for allegedly defrauding the state out of millions of dollars in unpaid sales taxes.Letitia James accused Sotheby's of arranging false tax exemption certificates, known as resale certificates, for an art collector and major client though it knew the collector was not eligible for the exemption.
  
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• New York sues Sotheby's for helping important client escape sales taxes on artwork

  06-11-2020 20:19 via uk.finance.yahoo.com
  
  Sotheby's was sued on Friday by New York's attorney general, who accused the auction house of defrauding the state by helping an important client avoid millions of dollars of sales taxes on art he purchased.Attorney General Letitia James said Sotheby's helped the client, a collector of contemporary art, obtain false tax exemption certificates known as resale certificates by letting him portray himself as an art dealer rather than as a collector.James said this enabled the client, who runs a ship
  
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• New York sues Sotheby's for helping important client escape sales taxes

  06-11-2020 20:19 via uk.finance.yahoo.com
  
  Sotheby's was sued on Friday by New York's attorney general, who accused the auction house of defrauding the state by helping an important client avoid millions of dollars of sales taxes on art he purchased.Attorney General Letitia James said Sotheby's helped the client, a collector of contemporary art, obtain false tax exemption certificates known as resale certificates by letting him portray himself as an art dealer rather than as a collector.James said this enabled the client, who runs a ship
  
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• Wall Street Week Ahead: Small caps join market rally but pandemic could derail them

  06-11-2020 20:10 via uk.finance.yahoo.com
  
  Chief among their concerns: that small-caps will bear the brunt of aggressive measures Biden could adopt to combat the pandemic, without benefiting from a large stimulus bill if Senate Republicans block his efforts there.Democrats could still take over the Senate if Georgia's two contested seats go to a January runoff as is now expected.
  
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• Markets report: Codemasters out in front after swoop by rival video game firm

  06-11-2020 20:07 via uk.finance.yahoo.com
  
  Shares of British video game developer Codemasters have rocketed, after it announced a takeover offer from American video game holding company Take-Two Interactive. Take-Two offered to buy all of Codemasters at a price of 485p per share, made up of 120p in cash and 365p in the American firm’s shares. Codemasters’ board is recommending unanimously its shareholders accept the offer. The offer would value the company at £739m. Codemasters - known for its Formula One games for the
  
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• Codemasters: UK games firm to sell to Take-Two

  06-11-2020 20:06 via bbc.co.uk
  
  The veteran UK company has received an offer from industry giant Take-Two.
  
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• Twitter flags 'president-elect Biden' posts as premature

  06-11-2020 19:58 via uk.finance.yahoo.com
  
  Twitter on Friday flagged as premature posts referring to Joe Biden as "president-elect," as the vote count continued in the knife-edge US election with the Democrat leading Donald Trump in several key states.
  
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• Sunak’s abrupt turn on UK furlough scheme draws criticism from sceptics

  06-11-2020 19:57
  Economists warn policy change will be expensive while others say it fails to offer safety net for all
  
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• Fortnite could soon return to Apple iPhones: report

  06-11-2020 19:54 via uk.finance.yahoo.com
  
  The popular Fortnite videogame could be restored to Apple mobile devices through a gaming program that runs on a browser, allowing it to evade a ban by Apple amid a dispute over fees, the BBC reported.
  
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• Investors focus on undecided Senate as Biden edges in on presidency

  06-11-2020 19:53 via uk.finance.yahoo.com
  
  As Democratic nominee Joe Biden edges closer to claiming the presidency, investors are focused on the still-undecided race for control of the Senate and the potential consequences for taxes, regulation and the outlook for more stimulus.The benchmark S&P 500 has jumped nearly 4% since Election Day, driven in part by expectations that divided control over Congress will make it unlikely that a President Biden could pass his calls to increase corporate and capital gains tax rates.Biden took the
  
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• Hundreds of jobs lost, and thousands left at risk, as Edinburgh Woolen Mill fights for survival

  06-11-2020 19:50 via uk.finance.yahoo.com
  
  At least 866 jobs have been lost, and 1,821 more are at risk, as high street clothes retailer Edinburgh Woollen Mill continues to fight for survival.Administrators from FRP confirmed on Friday afternoon that 56 Edinburgh Woolen Mill (EWM)  stores have now permanently closed along with eight Ponden Home stores - a sister brand.Separately, EWM Group – owned by businessman Philip Day – has been granted a further two-week extension by the High Court to continue discussions with pote
  
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• Sunny payday loan customers may get nothing in payouts

  06-11-2020 19:43 via bbc.co.uk
  
  Some 500,000 Sunny customers were mis-sold payday loans by Sunny before it collapsed.
  
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• Transport for London ‘remains vulnerable’ despite £1.8bn bailout

  06-11-2020 19:19 via uk.finance.yahoo.com
  
  Transport for London “remains vulnerable” despite ministers handing the authority a £1.8bn bailout last weekend. Analysts from Moody’s estimate TfL will rack up losses of more than £3bn this financial year. Last weekend the organisation agreed a six-month funding package from Department for Transport amid fears that public transport in the capital could grind to a halt. However, analysts from the ratings agency underline the importance of “a longer-term soluti
  
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• Airbus monthly jet deliveries surge in October to near 2019 level

  06-11-2020 19:10 via uk.finance.yahoo.com
  
  Airbusdelivered 72 aircraft in October, nearly matching its tally in the same month last year, as it focuses on stabilising cash generation to weather the coronavirus crisis.Europe's largest planemaker said deliveries for the first ten months of 2020 reached 413 aircraft, down 36% from the same period a year ago.Airbus sold 11 jets last month, mainly to private jet operators amid a COVID-related slump in demand, and received another three A220 cancellations from Macquarie Financial Holdings, a u
  
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• Airbus delivered 72 aircraft in October, nearing year-ago total

  06-11-2020 19:10 via uk.finance.yahoo.com
  
  Airbusdelivered 72 aircraft in October, almost matching its performance in the same month last year as the European planemaker continues to focus on stabilising cash generation to weather the coronavirus pandemic.The France-based company said deliveries for the first ten months of the year reached 413 aircraft, down 36% from the same period a year ago.October's deliveries were down just 6.5% from 77 aircraft in the same month last year.
  
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• 10 best smartwatches that will make your life much easier

  06-11-2020 19:08 via uk.finance.yahoo.com
  
  Track your heart rate, pay for things, receive messages – and tell the time – with these gadgets
  
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• 10 best smartwatches that do much more than just tell the time

  06-11-2020 19:07 via uk.finance.yahoo.com
  
  To help make your life a little easier, tech experts like Apple and Samsung have the wearables you need to know
  
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• US sees surprise dip in unemployment rate to 6.9% in October

  06-11-2020 19:06 via uk.finance.yahoo.com
  
  The US unemployment rate unexpectedly dropped to 6.9 percent in October, a decline of a full point ahead of the presidential election, though the economy is far from healed and rising coronavirus cases could undo the progress.
  
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• Deal or no deal, Brexit to hit British trade hard: Business

  06-11-2020 18:58 via uk.finance.yahoo.com
  
  Britain's business community has long hoped for a post-Brexit free trade deal -- but government failures mean there will still be "significant" disruption when it is fully free of the European Union next year, an official watchdog warned Friday.
  
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• Edinburgh Woollen Mill and Ponden Home enter administration with loss of 860 jobs

  06-11-2020 18:52 via uk.finance.yahoo.com
  
  Edinburgh Woollen Mill and Ponden Home enter administration with loss of 860 jobs. Further 2,000 jobs at risk as buyer is sought for retail chains, which will continue to trade
  
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• Should you buy… the PlayStation 5?

  06-11-2020 18:48 via uk.finance.yahoo.com
  
  Sony's new console has a new look and plenty of power to go with it.
  
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• FTSE notches up best week since June amid US vote count

  06-11-2020 18:45 via uk.finance.yahoo.com
  
  The index has gained 333 points this week.
  
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• Smart meters: More heat on households as energy firms face fines for missing rollout targets

  06-11-2020 18:32 via uk.finance.yahoo.com
  
  Households could face pressure to get a smart meter, experts have warned because firms face fines for missing their roll out targets. Energy regulator Ofgem launched an investigation on Friday into Scottish Power’s compliance with smart meter targets in 2019. Under the Government’s smart meter programme, firms must take all reasonable steps to give the devices to all homes and small businesses by next June. Suppliers negotiate their own annual targets with the regulator and face enfo
  
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• Households to face smart meter pressure as firms face fines for missing rollout targets

  06-11-2020 18:32 via uk.finance.yahoo.com
  
  Households could face pressure to get a smart meter, experts have warned because firms face fines for missing their roll out targets. Energy regulator Ofgem launched an investigation yesterday [FRI] into Scottish Power’s compliance with smart meter targets in 2019. Under the Government’s smart meter programme, firms must take all reasonable steps to give the devices to all homes and small businesses by next June. Suppliers negotiate their own annual targets with the regulator and fac
  
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• Edinburgh Woollen Mill and Ponden Home stores fall into administration

  06-11-2020 18:28 via uk.finance.yahoo.com
  
  Up to 2,571 jobs face the axe from the stores which are part of the Edinburgh Woollen Mill group.
  
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• Time is running out to enact any trade deal with UK - EU lawmakers

  06-11-2020 18:15 via uk.finance.yahoo.com
  
  European lawmakers said on Friday time was running out to put in place any new trade agreement between London and the European Union before the end of an 11-month transition period following Britain's departure from the bloc.Britain formally left the EU last January but has been following the bloc's rules since then as the two sides try to agree on their future trade relationship.Chief negotiators Michel Barnier and David Frost will resume talks in London on Sunday, but remain divided on the thr
  
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• Edinburgh Woollen Mill collapse puts jobs at risk

  06-11-2020 18:15 via bbc.co.uk
  
  The clothing chain and its sister company, Ponden Home, have been placed into administration.
  
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• Best Boots Black Friday deals 2020: Top offers on electric toothbrushes, beauty gift sets and more

  06-11-2020 18:13 via uk.finance.yahoo.com
  
  Whilst Black Friday 2020 doesn’t officially start until November 27, Boots is ahead of the curve. The retailer released its first round of Black Friday deals on November 3, with some popular items already out of stock. Some of these deals will only be available until Monday, November 9 - so time is of the essence. For many of us, Boots is our one-stop shop for make-up, electrical appliances (from toothbrushes to hairdryers) and Christmas gift sets. And if you’re organised enough, you
  
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• Is Furlough 2.0 the wrong scheme at the wrong time?

  06-11-2020 18:07 via uk.finance.yahoo.com
  
  Rishi Sunak has smashed the Treasury’s piggy bank again, defying the department’s usual caution on borrowing to ramp up the furlough scheme for the winter months. The Chancellor was forced into the decision by the resurgent pandemic, bringing back his initial policy to deal with lockdown, but there are growing signs that the blunt tool might not fully match the economy’s changing circumstances. “It has ended up an entirely necessary step to take, but it is a remarkable tu
  
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• Bayer execs buy 2.9 million euro in battered stock after writedowns

  06-11-2020 18:06 via uk.finance.yahoo.com
  
  Bayer'sCEO and two fellow executive board members purchased a collective 2.9 million euros (2.6 million pounds) worth of the German drugmaker's shares after the stock was battered by billions in writedowns, litigation woes and a bleaker profit outlook.Bayer Chief Executive Werner Baumann and his wife Corinna purchased a combined 2.45 million euros in shares on Wednesday, according to regulatory filings posted by the company on Friday.Finance chief Wolfgang Nickl and consumer health head Heiko Sc
  
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• UK Help-to-Buy hotspots at risk of disappearing due to price caps

  06-11-2020 18:04 via uk.finance.yahoo.com
  
  A third of first-time homebuyer hotspots in England will be negatively impacted by Help-to-Buy price caps.
  
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• Carmaker Bentley plans to go all electric by 2030

  06-11-2020 18:02 via uk.finance.yahoo.com
  
  The move will mean Bentelly will retire its famous 12-cylinder petrol engines, with workers on internal combustion technology to be redeployed within the company.
  
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• Video games, long runs and Riesling: How Wall Streeters calmed election nerves

  06-11-2020 17:57 via uk.finance.yahoo.com
  
  As U.S. election results started trickling in late Tuesday evening, hedge fund manager Eric Jackson stress-ate so much of his kids' Halloween candy that he felt compelled to buy a blood sugar monitor the next day.Jackson, of EMJ Capital, said the treats were a salve for his nerves as he watched MSNBC's Steve Kornacki buzz around the television screen and stock market futures "melt up all night."Over the next few days, Jackson and other fund managers would find ways to deal with anxiety over the
  
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• US seizes $1bn in bitcoin linked to Silk Road site

  06-11-2020 17:55 via uk.finance.yahoo.com
  
  US seizes $1bn in bitcoin linked to Silk Road site. DoJ is suing for formal forfeiture of funds after tracking down their owner
  
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• M&S forced to rope off clothing as Mike Ashley blasts confusing rules

  06-11-2020 17:49 via uk.finance.yahoo.com
  
  Marks & Spencer has been forced to shut half of its clothing and homeware areas, more than it originally thought necessary, under new lockdown rules. Further guidance was released on which shops are essential and what they are allowed to sell as England entered a second lockdown on Thursday. But the British Retail Consortium (BRC), which represents the industry, said the rules created “arbitrary” lines over what was deemed essential. A supermarket can, for example, sell “no
  
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• Luxury group Chanel increases prices for second time this year

  06-11-2020 17:49 via uk.finance.yahoo.com
  
  French luxury house Chanel has increased prices for a second time this year, it said on Friday, as high-end brands seek to protect margins from the fallout of the coronavirus pandemic.In a statement responding to a Reuters query, Chanel said the latest price increases were "the consequence of recent significant exchange rate fluctuations between the euro and certain local currencies," without giving further details."These adjustments are made in all the countries where it is necessary and are th
  
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• EU set to impose tariffs on $4 billion U.S. goods next week

  06-11-2020 17:42 via uk.finance.yahoo.com
  
  The European Union is likely to impose tariffs on $4 billion (£3 billion) of U.S. imports including planes and plane parts next week in retaliation over U.S. subsidies for aircraft maker Boeing , EU diplomats said on Friday.A majority of EU governments have already backed the tariffs, which are expected to be put in place after a meeting of EU trade ministers on Monday."I would expect the tariffs to be imposed next Tuesday or Wednesday," an EU diplomat said.
  
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