Mike Pompeo warned of Huawei risk ahead of Raab meeting January 29, 2020 Foreign secretary Dominic Raab met with Pompeo this evening to discuss co-operation between the two countries but Huawei did not feature in their discussion. The US Secretary of State Mike Pompeo called for the UK to “relook” at the decision to allow Huawei to have a role in its 5G infrastructure earlier today. The “special [...]
Tesla shares hit record high after beating revenue and profit estimates January 29, 2020 Tesla shares soared after reporting fourth quarter revenue and profit which beat analysts’ estimates. The company said its Model 3 and Model Y electric sport utility vehicle capacity should reach 500,000 units per year in the Fremont factory, sending it shares up 13 per cent in after hours trading above $655. Tesla’s stock has more [...]
Javid and Johnson order Cabinet to cut back departments January 29, 2020 Sajid Javid and Boris Johnson have ordered all Cabinet ministers to draw up cuts to their budgets of up to 5 per cent. Despite promising to end austerity, the chancellor has called on departments to come up with options to deliver more cash. Each Cabinet minister has been asked to come up with “radical” options, [...]
Investors in Neil Woodford’s frozen fund to incur £10m in charges January 29, 2020 Investors trapped in Woodford Equity Income face charges of £10m from the wind-up of the fund. In a letter to investors, administrator Link Fund Solutions detailed costs of £5m accrued since mid-October when it sacked Neil Woodford and announced liquidation plans. Provision for a further £5.3m of costs has also been made. The charges will [...]
Coronavirus: Lufthansa suspends flights to China January 29, 2020 Lufthansa has suspended all flights to mainland China until 9 February amid the coronavirus outbreaks. The decision follows similar moves by other airlines in a bid to curb the spread of infection. The cancellation of flights also affects flights run by Lufthansa’s subsidiaries Swiss and Australian Airlines. The airline said it would continue to fly [...]
Apple shares soar after beating Wall Street estimates January 29, 2020 Apple hit an all-time high of $327.25 per share in morning trading after strong iPhone sales drove record revenues. The technology giant surpassed Wall Street’s estimates last night, reporting a nine per cent increase in revenue to $91.8bn while the consensus estimate was $88.5bn. It also marked a record profit of $22.2bn. Apple reported earnings [...]
Deliveroo and Amazon hit back at CMA probe January 29, 2020 Amazon and Deliveroo have hit back at the Competition and Markets Authority (CMA), calling its investigation flawed. They have complained that the CMA has failed to “produce any credible evidence of existing competition between Amazon and Deliveroo”. The watchdog referred the deal to a full investigation in late December, casting doubt on whether the investment [...]
Lloyds Bank announces 56 branch closures this year January 29, 2020 Lloyds Banking Group has announced today that it will close 56 branches across the UK. The bank will close 31 Lloyds, 10 Halifax and 15 Bank of Scotland branches between April and October of this year. The financial services union Accord said in a statement: “We fully appreciate that the demand for high street branch [...]
London investors brace themselves for a volatile 2020 January 29, 2020 The majority of London investors feel that the international political landscape is making the markets more volatile, according to new research. A survey commissioned by trading broker HYCM found that 71 per cent of London investors felt that international politics was increasing volatility. It compares to 57 per cent of all respondents. As a result, [...]
Gig economy leaves some workers on the fringes, says think tank January 29, 2020 The gig economy offers flexibility and freedom for some but it has left some workers on the fringes, according to new research. A new report by technology think tank Doteveryone shows that gig work strips some workers of financial security and dignity in their work. It has urged a rethink of the gig economy to [...]
