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2020-10-27 11:29:09| Guardian Unlimited Business - more business news

Whitbread reports huge first-half profits slump after Covid crisis forces hotel closures Coronavirus latest updatesSee all our coronavirus coverageWhitbread, the owner of Premier Inn, has slumped to a loss of 725m in the first half of its financial year and warned that bookings had slowed since regional lockdowns were imposed in October.The UKs biggest hotel operator, which also owns the Beefeater and Brewers Fayre pub-restaurant chains, has been hard hit by the Covid-19 pandemic, which triggered a 99% collapse in sales during the national lockdown in the spring. Continue reading...


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2020-10-27 10:44:11| Guardian Unlimited Business - more business news

Ofcom says companies must allow customers to switch networks freely Mobile phone companies are to be banned from selling devices that are locked into specific networks, the UK communications regulator has ruled.Ofcom said BT/EE, Tesco Mobile and Vodafone would be told to follow other big-name rivals in only supplying phones that allow customers to switch from one network to another while keeping their existing handset. The rules will come into effect from December 2021. Continue reading...


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2020-10-27 10:11:41| Guardian Unlimited Business - more business news

Oil firm beats forecasts but cuts asset values as it predicts prices will remain lowCoronavirus latest updatesSee all our coronavirus coverageBP has reported better-than-expected financial results for the third quarter after making a modest profit of $100m (76.8m), as oil markets begin to recover from the impact of the coronavirus pandemic.The oil companys underlying profit, which is most keenly watched by the market, has exceeded the $120m loss predicted by equity analysts before the results announcement. But the sum was a fraction of the $2.3bn reported for the same quarter last year. Continue reading...


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2020-10-27 09:28:06| Guardian Unlimited Business - more business news

Lender to accelerate restructuring and signals it could start charging for bank accountsCoronavirus latest updatesSee all our coronavirus coverageHSBC is planning further cost cuts, despite a sharp fall in provisions to cover bad debts linked to the Covid crisis and better-than-expected third-quarter profits.The lender also signalled that it could start charging for bank accounts in markets such as the UK, where the service is currently free. Continue reading...


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2020-10-27 09:00:51| Guardian Unlimited Business - more business news

Rolling coverage of the latest economic and financial news 8.00am GMT Berenberg Bank has predicted that Europes economy could shrink again in the current quarter if tighter measure are imposed to combat the pandemic.In a new report, they warn that the situation has worsened considerably since late August. Economic stagnation in October-December already looks likely - with near-term risks ever more tilted to the downside in the coming weeks.As the days are getting shorter and colder, the Eurozone and the UK are reporting record numbers of confirmed SARS-CoV-2 infections and a much slower but still serious rise in medical complications and deaths. In response to renewed restrictions and rising nervousness, forward looking surveys and some concurrent indicators of economic activity have started to come down, ending the rebound that had commenced in May..... 7.29am GMT Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. Related: Coronavirus live news: 'We cannot give up' warns WHO chief; protests flare in Italy The surge in Covid-19 cases around the world, notably Europe, has also sapped confidence, increasing fears of a double-dip scenario.... Exploding Covid-19 infections across the country could yet dent the American fourth-quarter comeback. Looked at in conjunction with Europes situation, there are severe threats to the consumption side of the global recovery.For all the talk about China, it is essential to remember when America gets Covid-19, the rest of the world gets sent to the isolation facility.European Opening Calls:#FTSE 5802 +0.18%#DAX 12225 +0.39%#CAC 4819 +0.06%#AEX 547 +0.24%#MIB 19018 +0.38%#IBEX 6844 +0.69%#OMX 1779 +0.20%#STOXX 3112 +0.22%#IGOpeningCallIts risk-off because Covid cases are rising and with curfews across Europe meaning economic dangers now lurk in the dark.So, with the governments worldwide under pressure to tighten social mobility restrictions after a pick-up in new daily covid-19 cases, an effective vaccine candidate and even a partial stimulus bill and then topped up post-election cannot come quickly enough. Continue reading...


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