Business

Gupta steel firm pauses some UK production while debt deal sought

Liberty Steel, the UK’s third largest steel maker, will pause some production at its UK plants on Monday as workers prepare to be furloughed for as long as a month while the business tries to conserve cash. About 180 workers at Liberty’s plant in Rotherham, South Yorkshire, were put on furlough on Friday evening under […]

Business

Burberry upgrades forecast as sales in China and South Korea rebound

Burberry has upgraded its full-year profit forecast after a rebound in sales since December, driven by a strong recovery in demand for its luxury goods in China and South Korea. In a rare piece of positive news from a fashion retail sector battered by the coronavirus crisis, Burberry said on Friday that like-for-like store retail […]

Business

Former Gatwick owner outbids Blackstone for Signature Aviation

An investment fund that used to own London’s Gatwick Airport has struck a $4.63 billion deal to buy Bill Gates-backed private jet services firm Signature Aviation, trumping rival suitors private equity giants Blackstone and Carlyle. Shares in Signature Aviation, which runs bases used by private jets around the world, jumped 9% to top the UK […]

Business

U.S. Capitol siege heralds tougher social media curbs, says EU commissioner

The storming of the U.S. Capitol will herald an era of tougher social media regulation, European Union Commissioner Thierry Breton said, comparing the violence with the attacks of Sept. 11, 2001, that led to a global crackdown on terrorism. “Just as 9/11 marked a paradigm shift for global security, 20 years later we are witnessing […]

Business

Smartphone shipments in China fell 20.4% in 2020: government data

Domestic smartphone shipments in China in 2020 fell 20.4% from the previous year, government data released on Monday showed, as the number of handsets delivered to consumers dropped to 296 million from 372 million in 2019. The figures China Academy of Information and Communications (CAICT), a state-backed think tank, reflected both the impact of the […]

Business

Sanofi buys Kymab for up to $1.5 billion to expand in immunotherapy

French drugmaker Sanofi has agreed to buy British immunotherapy firm Kymab for up to $1.45 billion, the latest in a string of deals as it belatedly expands in a fast-growing medical area. The deal, which will see Sanofi pay $1.1 billion upfront, will give it full rights to Kymab’s KY1005, an antibody therapy viewed as […]

Business

Ladbrokes owner Entain CEO quits days after snubbing MGM approach

Ladbrokes owner Entain said on Monday its Chief Executive Officer Shay Segev was leaving the gambling firm after just seven months in the role, a surprise move after the company last week rejected an $11 billion approach from MGM Resorts International Segev, who will remain in his current role for six months or until a […]