Trump on UK’s Huawei U-turn: ‘I did this myself’ July 15, 2020 US President Donald Trump has said he is responsible for the UK’s reversal on an earlier policy decision regarding Chinese tech firm Huawei. The government said yesterday Huawei equipment must be purged completely from the UK’s 5G network by the end of 2027. “We convinced many countries, many countries — I did this myself for [...]
Apple wins appeal against EU’s €13bn Irish tax fine July 15, 2020 Apple has won an appeal against the European Commission over €13.1bn in back taxes it was ordered to pay the Irish government in 2016. The tech firm was fighting alongside Ireland to challenge the EU’s ruling, which said the pair violated state aid rules in a tax deal that permitted Apple to record its sales [...]
Furnishings retailer Dunelm predicts £21m fall in profit July 15, 2020 Dunelm said profit for this year could drop by as much as £21m, as the home furnishings retailer assesses the impact of coronavirus on sales. The company, which sells furnishings ranging from cushions and bedding to kitchen equipment, was forced to close its store network for several months under lockdown rules — relying on its [...]
McCarthy & Stone swings to a loss as completed projects halve July 15, 2020 McCarthy & Stone posted a £25m loss for the first half of 2020 this morning, and warned of further difficulties as the pandemic continues. The retirement-home builder said coronavirus had dampened housing transactions, affecting the number of sales it was able to complete in the six months to the end of April. McCarthy & Stone [...]
Citigroup tops profit estimates on trading bounce July 14, 2020 Citigroup beat analysts’ estimates for profit in the second quarter as its trading desks cashed in on the market volatility caused by the coronavirus outbreak. The uptick allowed it to set aside $5.6bn for a potential surge in loan defaults. The New York-based bank reported a profit of $1.32bn for the three months to the [...]
Former BP boss Lord Browne to step down as Huawei UK chair July 14, 2020 Lord John Browne has resigned as UK chairman of Huawei, ahead of an expected ban on the telecoms provider to be announced later today. He will step down from the board in September, ending his tenure seven months early. Culture secretary Oliver Dowden is expected to tell MPs this afternoon that the government will ban [...]
Fever-Tree shares fall as bar closures impact sales July 14, 2020 Fever-Tree’s share price fell more than five per cent this morning, as investors took stock of its trading update amid the coronavirus pandemic. While the first two months of this year were in line with the company’s expectations, the drinks maker said trading had been “dominated” by coronavirus from March onwards. Its so-called on-trade division [...]
Revenue soars at Ocado during lockdown July 14, 2020 Retail sales for the first half of 2020 for online grocer Ocado jumped 27 per cent to £1bn, as Brits did their supermarket shopping from home. The group reported a loss before tax of £40.6m in the six months to the end of May, citing an increase in investment to handle increased demand as a [...]
China retaliates with sanctions in US row over Uighur Muslims July 13, 2020 China will levy “corresponding sanctions” against the US, it said today, after Washington penalised senior Chinese officials over the treatment of minority Uighur Muslims. The sanctions targeted US senators Ted Cruz and Marco Rubio, US representative Chris Smith, ambassador at large for international religious freedom Sam Brownback and the US Congressional-Executive Commission on China. Rubio and Cruz [...]
Manchester City’s two-year ban from Champions League lifted July 13, 2020 Manchester City’s two-year ban from European football has been overturned by the Court of Arbitration of Sport (CAS), it said this morning. The decision means it will compete in next season’s Champions League, providing a major financial boon for the team’s by Abu Dhabi-controlled owner City Football Group. CAS ruled that Manchester City did not [...]