Wall Street closes higher on hopes that stimulus deal is close October 22, 2020 Wall Street closed higher tonight after a day of topsy-turvy trading as investors bet on the prospect of a new stimulus deal being agreed between Congress and the White House. The Dow Jones rose 0.5 per cent to close at 28,364 points, the S&P 500 shut up the same margin at 3,453 points and the [...]
US airlines continue to bleed cash as wait for stimulus package goes on October 22, 2020 US airlines laid out the continued cost of the coronavirus pandemic today as the wait for a new stimulus package from federal authorities went on. American Airlines fell to a loss of $2.4bn (£1.8bn) in the period from July to September, its third consecutive quarterly loss. The Texas-headquartered carrier revenue fell 73 per cent compared [...]
Hotel giant Accor sees revenue plunge two-thirds as recovery stalls October 22, 2020 Hotel giant Accor, which owns the Mercure, Ibis and Novotel chains, said its revenue slumped nearly two-thirds in the third quarter compared to last year. Europe’s biggest hotel group posted revenue €329m (£297m), down 63.7 per cent on the same period last year. Accor said that it had seen recovery across all of its businesses [...]
US Senate committee votes to subpoena Twitter and Facebook bosses October 22, 2020 Top US lawmakers today voted to subpoena the chief executives of Twitter and Facebook after both platforms blocked controversial tabloid stories about Joe Biden’s son. Republicans on the US Senate judiciary committee approved the motion to haul in Jack Dorsey and Mark Zuckerberg unopposed today. Democrats on the committee had boycotted the meeting over the [...]
Mark’s Bar reopens in the basement of 1 Lombard Street October 22, 2020 Mark Hix made a surprise return to London this summer, joining Soren Jessen at 1 Lombard Street as the City institution’s new Director of Food and Drink. But that isn’t the only surprise Hix had up his sleeve. This month another of his ventures has reappeared: the speak-easy-style Mark’s Bar, which was once a staple [...]
Boris Johnson on the backfoot on local government rows, funding delays October 22, 2020 Boris Johnson has been forced to defend the government’s efforts in providing support for businesses under new Covid restrictions and its dealings with regional governments. Rishi Sunak was forced today to extend its support for businesses under Tier 2 restrictions, with more than £10bn spent to support the private sector. Businesses will only need to [...]
Goldman Sachs to pay $3bn to settle charges over role in 1MDB scandal October 22, 2020 Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) to settle a probe into its role in Malaysia’s 1MDB corruption scandal, drawing a line under a saga that has dogged the bank for years. The settlement resolves a probe led by US authorities into the bank’s role in underwriting three bond offerings in 2012 and [...]
KPMG considering sale of UK restructuring business October 22, 2020 KPMG is considering selling its UK restructuring business as the accounting giant looks to shore up its finances after delaying its annual results amid the disruption caused by Covid-19. The firm is exploring options for the division including a possible sale as the Big Four accountants prepare for extensive reforms of their business to comply [...]
Travel quarantine: Germany and Sweden in line to be added to ‘red list’ October 22, 2020 Germany and Sweden could be added to the UK’s travel quarantine list this afternoon, with both reporting rising numbers of new coronavirus cases. The two countries are among the last places in Europe to which travellers can go without needing to self-isolate for 14 days on their return to the UK. However, both are now [...]
Shell makes surprise bid for Post Office broadband division October 22, 2020 Oil giant Shell is said to have made a surprise entry into the race to snap up the Post Office’s telecoms division, paving the way for a potential shake-up of the UK broadband market. The FTSE 100 company already has a presence in the telecoms market after taking control of energy and broadband provider First [...]
