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Amazon close to swallowing slice of Deliveroo

Amazon close to swallowing slice of Deliveroo

Business
By Mark Kleinman, City editor Amazon, the internet retailing behemoth, is in talks to invest hundreds of millions of pounds in the British food delivery app Deliveroo, giving it a huge boost in its international battle with rival Uber Eats. Sky News can exclusively reveal that Amazon is close to announcing a deal to back Deliveroo as part of a $ 575m (£450m) fundraising. Sources said late on Thursday night that the deal was likely to be unveiled by Deliveroo in the coming days.If confirmed, Amazon is likely to invest a substantial proportion of the funds being raised by the British-based group, which has become one of the biggest players in the so-called 'gig economy'.The deal will come just days after Uber Technologies - which has been frequently
Labour unveils National Grid takeover plan

Labour unveils National Grid takeover plan

Business
The Labour Party is unveiling plans to take the National Grid into public ownership.It wants to create a National Energy Agency to own and maintain transmission infrastructure.Labour said its nationalisation pledge would "usher in a Green Industrial Revolution" and tackle climate change.But National Grid - the largest transmitter of electricity and gas in Britain - said the proposal was the "last thing" that was needed.The firm, which does not operate in Northern Ireland, said the Labour plan would hinder the shift to green energy.Labour also set out plans to put solar panels on nearly two million homes.Its proposals are contained in a document entitled Bringing Energy Home, due to be presented on Thursday by leader Jeremy Corbyn and Rebecca Long Bailey, ...
Trump declares national emergency over IT threats

Trump declares national emergency over IT threats

Business
President Donald Trump has declared a national emergency to protect US computer networks from "foreign adversaries".The president signed an executive order which effectively bars US companies from using foreign telecoms believed to pose a security risk to the country.Mr Trump does not name any company specifically in the order.However, analysts suggest it is mainly directed at Chinese telecommunications giant Huawei.A number of countries - including the US - have raised concerns that the company's products could be used by China for surveillance. Huawei has said its work does not pose any threat.According to a White House statement, Mr Trump's order aims to "protect America from foreign adversaries who are actively and increasing...
TUI losses widen to £261m as Brexit weighs on demand

TUI losses widen to £261m as Brexit weighs on demand

Business
By John-Paul Ford Rojas, business reporter Travel operator TUI has reported widening half-year losses and a fall in summer bookings as it counts the cost of weak consumer confidence and Brexit uncertainty.The group reported an underlying loss of €301m (£261m) for the six months to the end of March, up from €170m (£148m) in the same period a year ago. It has also been knocked by the grounding of Boeing's 737 MAX aircraft, which it has previously warned could cost up to €300m (£261m) as it leases more aircraft to cover its routes.TUI said the decline in its first-half performance was partly due to the knock-on impact of last summer's heatwave holding back bookings and because it had too much capacity in Spain as holidaymakers opted for cheaper destinations such
British Steel begs for taxpayer funds to avert collapse

British Steel begs for taxpayer funds to avert collapse

Business
Ministers are drawing up secret contingency plans for the collapse of British Steel amid a fresh funding crisis that could trigger thousands of job losses at its plant in Scunthorpe and intensify fears about the entire industry's future.Sky News has learnt that ‎insolvency experts have been placed on standby in case the UK's second-largest steel producer cannot secure tens of millions of pounds to see it through the coming months. The contingency plans are being drawn up as the company seeks a further loan of up to £75m from the government.A financial support loan on commercial terms was agreed in outline with Whitehall as part of a broader package announced earlier this month, insiders claimed on Tuesday.However, the second part of the deal was supposed to have been finalised by the end o