Thursday, 21 January 2021

Business

BoE asks banks how ready they are for sub-zero rates

LONDON: The Bank of England asked banks on Monday how ready they are for zero or negative interest rates, following up its announcement last month that it was considering how to take rates below zero if necessary. Other central banks have pushed rates into negative territory in an attempt to spur ...

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British Airways chief executive steps down

LONDON: British Airways, slammed by the coronavirus pandemic, said that CEO Alex Cruz is stepping down “with immediate effect” but gave no reason for his departure. Parent group IAG added in a statement that Cruz, who has been BA chief executive for four and half years, will be replaced by ...

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PressUp claims €20m in losses over Covid restrictions

LONDON: One of the country’s biggest leisure and hospitality groups has claimed in a High Court action against the Government it could suffer losses of more than €20m if the current Covid-19 lockdown measures continue until year end. Press Up Ltd, which runs 55 businesses including five hotels, 11 bars, ...

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Microsoft to let employees work from home permanently

WASHINGTON: Software giant Microsoft will let employees work from home permanently if they choose to, US media reported on Friday, becoming the latest employer to expand work-from-home provisions prompted by the Covid-19 pandemic. The Verge said most Microsoft employees are still at home as the health crisis drags on, and ...

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U.S imposed sanctions on Iran’s banking sector

WASHINGTON: Donald Trump’s administration imposed sweeping sanctions on Iran’s banking sector, taking a major new step to cripple the arch-rival’s already struggling economy weeks ahead of US elections. The Treasury Department said it was designating 18 major Iranian banks, a move that could largely cut off the nation of 80 ...

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Huawei ousted from heart of EU as Nokia wins Belgian 5G contracts

STOCKHOLM/PARIS: Orange and Proximus have picked Nokia to help build 5G networks in Belgium as they drop Huawei amid U.S. pressure to exclude the Chinese firm from supplying key telecoms equipment. The moves are among the first by commercial operators in Europe to drop Huawei from next-generation networks and come ...

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Ruby Tuesday, hit by COVID, files for bankruptcy

WASHINGTON: Ruby Tuesday is filing for bankruptcy protection, the latest casual restaurant chain to suffer from coronavirus-related closures and changing consumer habits. The Maryville, Tennessee-based company, which was founded in 1972, said on Wednesday that its restaurants will remain open throughout the bankruptcy process. Ruby Tuesday has 250 company-owned and franchised ...

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U.S. Govt probes Microsoft’s effort to boost diversity

NEW YORK: Microsoft says the U.S. Labor Department is scrutinizing its efforts to boost Black employment and leadership at the tech company. Microsoft disclosed in a blog post that it received a letter from the agency last week asking about the company’s June pledge to double the number of Black ...

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UK faces one million job cuts in 2020 due to virus

LONDON: Coronavirus could potentially cost one million jobs in Britain this year, with most losses anticipated during the current third quarter, according to a study published. Job losses could hit 450,000 between July and September, the Institute for Employment Studies forecast in a report, warning this could worsen to 690,000 ...

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