China cuts banks’ reserve ratios to spur economy January 1, 2020 China’s central bank will cut the amount of cash the country’s lenders have to hold as reserves, releasing over $100bn (£75bn) into the economy in the government’s latest bid to shore up slowing economic growth. The People’s Bank of China said it will cut banks’ reserve requirement ratio by 0.5 percentage points, bringing the requirement [...]
Lloyds, Halifax and Bank of Scotland customers locked out of accounts January 1, 2020 Some customers of Lloyds, Halifax and Bank of Scotland were left unable to access their accounts on New Year’s day after Lloyds Bank suffered an outage. The issue left many customers exasperated, coming on New Year’s Day, a public holiday when bank branches are closed. Across its platforms, Lloyds group has around nine million online [...]
Google to end ‘double Irish’ tax scheme January 1, 2020 Google will stop using an intellectual property licensing scheme that let it delay paying US taxes, marking a major change in international tax practices. “We’re now simplifying our corporate structure and will license our IP (intellectual property) from the US, not Bermuda,” a spokesman said in a statement. Read more: France fines Google over anti-competitive [...]
Hong Kong police fire tear gas during mass New Year protest January 1, 2020 Hong Kong began 2020 with yet more clashes between protesters and police, with the latter firing several rounds of tear gas at crowds during a march that drew tens of thousands of people. The semi-autonomous city has been embroiled in protests for more than six months. What were originally demonstrations against an extradition law have [...]
Survive a Tier 4 January with these 34 amazing lockdown delivery kits January 1, 2020 With more lockdowns annoucned up and down the country, January is set to be a rather miserable time, especially for those of us who are gastronomically-inclined. Thankfully, you can kill two birds with one stone – supporting your favourite chefs and getting your fix of restaurant-quality food – by ordering some of these amazing home [...]
Chilango CVA: investors back burrito bond bailout measures December 31, 2019 Investors who ploughed £5.8m into Chilango’s burrito bonds are set to have their investments converted into shares as the struggling Mexican chain fights to stay afloat. Under company voluntary agreement proposals (CVA) launched earlier this month, shareholders were offered the choice between cashing out bondholders’ investments at a rate of 10p per pound or transferring [...]
Vivendi sells Universal Music Group stake to Tencent consortium December 31, 2019 Vivendi has sold a 10 per cent stake in Universal Music Group to a Tencent-led consortium, in a deal valuing the label housing Lady Gaga, The Beatles, and Taylor Swift at €30bn (£25.5bn). The deal allows both companies to expand in the recovering global music market, giving Chinese conglomerate Tencent more access to US artists, [...]
Huawei predicts ‘difficult’ 2020 as US sanctions bite December 31, 2019 Huawei has cut its full-year revenue forecasts, with the Chinese tech giant’s chairman saying 2020 is likely to be a “difficult year” for the company after US trade blacklisting disrupted growth and its ability to source key parts. The world’s biggest maker of telecom network equipment and second largest smartphone manufacturer said its full-year revenue [...]
National living wage set to rise over six per cent in 2020 December 31, 2019 Almost three million workers are set to receive a 6.2 per cent pay rise from April, after the government announced plans to raise the national living wage. The raise, which the government says will be “the biggest cash increase ever”, comes as prime minister Boris Johnson seeks yo shore up support from the working class [...]
Going, going, Ghosn: Ex-Nissan boss flees Japanese justice system to Lebanon December 31, 2019 Carlos Ghosn has fled what he described as “injustice and political persecution” in Japan to Lebanon, months before the ousted Nissan boss was due to stand trial over alleged financial misconduct. Ghosn’s abrupt departure from Japan for his native Lebanon, in breach of his strict bail conditions, marks the latest dramatic twist in a saga [...]