US Federal Reserve sets out capital ratios for major banks August 10, 2020 The US Federal Reserve today set out capital requirements for major banks following a round of stress tests. It marks the first time the Fed has mandated custom capital requirements for each bank under its new so-called stress capital buffer. The new requirements take effect from 1 october. Goldman Sachs and Morgan Stanley were ordered [...]
FTSE 100 climbs on economic recovery hopes August 10, 2020 The FTSE 100 pushed higher today as investors shrugged off concerns about ongoing tensions between China and the US and focused on positive signs of economic recovery. The blue-chip index was up 0.93 per cent at 6,087 points in early trading, before dipping to a 0.42 per cent rise shortly before 3pm. The positive start [...]
Unilever may abandon HQ unification over €11bn Dutch tax bill August 10, 2020 Unilever has said it may scrap plans to unify its London and Dutch headquarters, if parliament in the Netherlands passes a law which would demand an €11bn exit tax over the deal. The legislation, which was proposed by the opposition Green Left political party, is currently being assessed by the Netherlands’ Council of State as [...]
Clear Channel to track mobile data for advertising billboards August 10, 2020 Outdoor advertising giant Clear Channel today announced the launch of a new platform that will use mobile data technology to track the behaviour of people who walk past its billboards. The company’s Radar platform uses anonymised mobile data to give advertisers better insights into consumer behaviour around its portfolio of billboards, bus shelters and street [...]
Downing Street calls EU asylum seeker agreement ‘rigid and inflexible’ August 10, 2020 Downing Street has criticised the EU’s asylum seekers agreement, adding that it may need to be revised as the number of migrants arriving to the UK illegally by boat continues to rise. About 4,000 asylum seekers have crossed the channel this year, including 235 in just one day last week. The EU’s Dublin Agreement states [...]
Bezos accused of ‘wilful blindness’ over use of unlicensed music on Twitch August 10, 2020 Amazon founder Jeff Bezos has found himself under fire by the music industry for an “apparent unwillingness” to counteract use of unlicensed music on streaming platform Twitch. In a letter, seen by City A.M., non-profit organisation the Artist Rights Alliance (ARA) accused Bezos of being ignorant of copyright issues on Twitch, having submitted more than [...]
MPs urge watchdog to probe BBC jobs cuts amid fears over local output August 10, 2020 A group of MPs has urged Ofcom to probe the BBC’s plans to cut hundreds of jobs in its local news division amid concerns the broadcaster is failing in its public service obligations. In a letter to Ofcom chief executive Dame Melanie Dawes, the MPs called for an urgent response to the proposed cuts before [...]
Government urged to pay £5bn of retailers’ rents after lockdown August 10, 2020 Retail, hospitality and leisure firms have urged the government to pay up to £5bn to cover a proportion of rents for struggling businesses to avoid further high street job losses. Trade bodies, including the British Property Federation (BPF), British Retail Consortium (BRC) and UK Hospitality, have called on the government to launch a Property Bounceback [...]
Equinor picks new chief executive as oil giant prepares for green pivot August 10, 2020 Norwegian oil giant Equinor has today announced a new chief executive as it seeks to accelerate the transition to becoming a renewable energy focused business. Company insider Anders Opedal, executive vice president for technology, projects and drilling, will replace Elder Saetre, a 40-year veteran of the company, in November. The appointment comes at a time [...]
Jeremy Corbyn trying to ‘wreck’ Sir Keir Starmer’s Labour, says David Miliband August 10, 2020 Former Labour foreign secretary David Miliband has accused Jeremy Corbyn of trying to “wreck” Sir Keir Starmer’s leadership as the party descends into a factional civil war. Members of the far-left faction have been vocal over the past week in blaming party moderates for Labour’s 2017 election defeat, with Corbyn accusing officials of sabotaging the [...]
