Thomas Cook buyer Hays Travel to slash 878 jobs August 3, 2020 Hays Travel, which bought Thomas Cook last year after the holiday firm fell into administration, will cut 878 jobs. Nearly a fifth of its total workforce of 4,500 will be made redundant through the cuts as the travel industry continued to suffer the effects of the coronavirus pandemic. In a statement, owners John and Irene [...]
Fintech review flags sector’s status as one to watch August 3, 2020 Six figures from the business world have set sail on a six-month voyage to investigate and recommend priorities for the financial technology sector. Ron Kalifa is helmsman of the ‘Fintech Strategic Review’, announced in March’s Budget but – until now – stuck in the harbour as the coronavirus pandemic took hold. Sherry Coutu, Anne Glover, [...]
FTSE 100 breaks 6,000 and US stocks rise amid economic optimism August 3, 2020 The FTSE 100 rose sharply, surpassing 6,000 points, as investors looked past rising coronavirus cases and cheered positive economic data. London’s blue-chip index was 2.2 per cent higher in afternoon trading at 6,028 points. The mid-cap FTSE 250 was up 1.2 per cent. Read more: HSBC profit plummets due to coronavirus pandemic On Wall Street, [...]
Gym chain DW Sports collapses into administration, putting 1,700 jobs at risk August 3, 2020 Gym chain and sportswear retailer DW Sports has collapsed into administration, putting 1,700 jobs at risk. DW Sports, which will appoint administrators today, has closed 25 of its 75 stores and has ceased trading through its website immediately. The remaining 50 retail sites will continue to trade, but will move into closing down sales from [...]
German regulator examines EY over Wirecard audits August 3, 2020 The German auditing regulator is reportedly examining EY in connection with its involvement with the disgraced payment services firm Wirecard. A document from the Economic Ministry, seen by German newspaper Handelsblatt, states that regulator Apas is examining all of EY’s audits of Wirecard from 2015. The Big Four firm has been Wirecard’s auditor for over [...]
WHO head warns that there may never be ‘silver bullet’ coronavirus vaccine August 3, 2020 The head of the World Health Organization (WHO) has warned that there may never be a “silver bullet” in the form of a perfect vaccine for coronavirus, imploring countries to “do it all” to beat the virus. Speaking at a news conference in Geneva, WHO Director-General Tedros Adhanom Ghebreyesus urged countries to enforce mask-wearing, social [...]
Chinese AI firm slaps Apple with $1.4bn patent lawsuit August 3, 2020 Chinese artificial intelligence firm Shanghai Zhizhen Network Technology has filed a $1.4bn lawsuit against Apple, claiming the iPhone giant has infringed on a patent for its voice assistant technology. Shanghai Zhizhen, also known as Xiao-i, is calling for 10bn yuan ($1.4bn) in damages and demands that Apple cease “manufacturing, using, promising to sell, selling, and [...]
Government extends Help to Buy scheme due to lockdown delays August 3, 2020 The government has extended the Help to Buy scheme due to construction delays during the coronavirus pandemic. The deadline for homes to have been finished in order to comply with the equity loan scheme has been extended from this December to 28 February next year. The cut-off date for legal completion of the sale is [...]
FCA proposes 180-day wait for property fund withdrawals August 3, 2020 The City regulator is planning to ask investors in open-ended property funds to give 180-day notice before they withdraw money. In a consultation paper released today, the Financial Conduct Authority said there was a “liquidity mismatch” between the underlying property held in the funds and the almost daily basis in which investors buy and sell [...]
Sadiq Khan slams ‘unacceptable’ London lockdown plans August 3, 2020 London mayor Sadiq Khan has hit out at Boris Johnson after the Prime Minister reportedly discussed drastic contingency plans to lockdown London in event of a second coronavirus wave without involving City Hall. One of the options discussed by Johnson as part of a “war gaming” session with chancellor Rishi Sunak was using the M25 [...]
