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Finance Minister Sunak to announce local furlough scheme on Friday – The Times

October 10, 2020

FILE PHOTO: Britain’s Chancellor of the Exchequer, Rishi Sunak, leaves a television studio in London, Britain, October 6, 2020. REUTERS/Toby Melville

(Reuters) – British Finance Minister Rishi Sunak will announce a local furlough scheme on Friday in which the government will subsidise two thirds of the wages of workers in pubs, restaurants and other businesses that are forced to close to stop the spread of the coronavirus, The Times newspaper reported bit.ly/33FH8yg.

“Employers will be able to access the scheme for as long as pubs, restaurants and other businesses are closed,” the newspaper’s deputy political editor, Steven Swinford, said on Twitter.

The Times quoted an unidentified minister as saying there was frustration in government at the failure of the Treasury to bring forward the measures sooner.

The Daily Mail newspaper reported earlier that Sunak was putting together a new support package for jobs in a furlough-style bailout for coronavirus hotspots

UK Finance Minister Sunak to announce local furlough scheme on Friday – The Times

October 9, 2020

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Adds COVID-19 background, remarks from minister cited by The Times

Oct 9 (Reuters) – British Finance Minister Rishi Sunak will announce a local furlough scheme on Friday in which the government will subsidise two thirds of the wages of workers in pubs, restaurants and other businesses that are forced to close to stop the spread of the coronavirus, The Times newspaper reported.

“Employers will be able to access the scheme for as long as pubs, restaurants and other businesses are closed,” the newspaper’s deputy political editor, Steven Swinford, said on Twitter.

The Times quoted an unidentified minister as saying there was frustration in government at the failure of the Treasury to bring forward the measures sooner.

The Daily Mail newspaper reported earlier that Sunak was putting together a new support package for jobs in a furlough-style bailout for coronavirus hotspots plunged into local lockdowns next week.

Britain has

UK Launches Scheme to Help New COVID Jobless Back Into Work | Investing News

October 4, 2020

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LONDON (Reuters) – The British government launched a new employment programme on Monday aimed at helping those left jobless due to the COVID-19 pandemic to get back into work.

The Department for Work and Pensions said the Job Entry Targeted Support (JETS) scheme would be backed by a 238 million pound ($308 million) investment.

The ministry said jobseekers put forward for the scheme would have access to tailored, flexible support to quickly get back into employment. This could involve specialist advice on how people could move into growing sectors, as well as coaching on CVs and interviews.

“JETS will give recently unemployed people the helping hand they need to get back into work, boosting the prospects of more than a quarter of a million people across Britain,” said Secretary of State for Work and Pensions Therese Coffey.

A government subsidy scheme for workers on furlough is due to expire on

U.K. Producers Await Insurance Scheme But It Still Needs E.U. Approval

October 1, 2020

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The U.K.’s film and TV production restart scheme won’t be open to applications until it’s secured State Aid approval from the European Union — a process that’s still ongoing, with no clear end date in sight.

“I was hoping it would be several weeks ago, I hope it’s tomorrow, but I just don’t know,” John McVay, CEO of U.K. producers trade org Pact, told Variety on Thursday.

As the scheme remains in limbo, the European Union Commission is planning legal proceedings against the U.K. for breaching its obligations under the Withdrawal Agreement from the European Union. However, it’s unclear whether that initiative will impact the fund in any way.

The £500 million ($644 million) scheme is designed to help U.K. productions that have been suspended and aren’t able to secure insurance going forward, or are yet to shoot due to lack of insurance but can begin principal photography before the

Former Amazon finance manager and family charged with $1.4m insider trading scheme

September 29, 2020

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The US Securities and Exchange Commission (SEC) has charged a former Amazon finance manager with insider trading.

On Monday, the regulatory watchdog said that from at least January 2016 to July 2018, Laksha Bohra conducted securities trading based on confidential information she had access to as a member of the e-commerce giant’s tax department.

The senior manager was involved in preparing and reviewing financial statements included in Amazon’s quarterly earnings. Bohra allegedly leveraged this knowledge to play the market in what is known as insider trading in order to reap “illicit profits,” according to SEC.

See also: Shopin founder charged by SEC for running $42 million scam cryptocurrency ICO

36-year-old Bohra not only played this game herself but also allegedly tipped off members of her family, including her father-in-law and husband.

“Bohra disregarded quarterly reminders prohibiting her from passing material nonpublic information or recommending the purchase or sale of Amazon

‘Safe Harbour’ scheme launched to save UK auto sector jobs

September 29, 2020

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The auto industry and its supply chains have been hit hard by the coronavirus pandemic. Photo: Joe Giddens/PA via Getty Images

Efforts to save jobs in the hard-hit auto sector are being ramped up, as a trade body launched its “Safe Harbour scheme” to help protect against further damage from the fallout of the coronavirus pandemic.

Trade association Society of Motor Manufacturers and Traders (SMMT) has said the scheme, which is supported by the Automotive Council and the government, provides a mechanism for automotive businesses to engage with their customers, lenders, creditors and other stakeholders to find ways to minimise the risk of insolvencies.

The new industry initiative allows multiple companies to come together to support critical suppliers without falling foul of anti-competition rules.

It is available to any company operating in the UK automotive sector, including in the supply chain.

The automotive industry in the UK accounts for £82bn

OneCoin investors accuse BNY Mellon of playing role in $4 billion Ponzi scheme

September 28, 2020

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The Bank of New York Mellon (BNY Mellon) is being taken to court over its alleged involvement in the $4 billion Ponzi scheme OneCoin, according to court documents published by CoinDesk earlier today.

The class-action lawsuit has been amended by investors Donald Berdeaux and Christine Grablis to include the major U.S. bank.

Berdeaux and Grablis are seeking damages against OneCoin and its leadership days after an explosive investigation by Buzzfeed News and the International Consortium of Investigative Journalists found BNY Mellon had processed some $137 million in funds connected to the OneCoin scam.

According to the report, the investors put in about $1 million into the company and allege that the bank processed the payments four years ago and flagged it as a possible Ponzi scheme through an internal investigation in December 2016. However, the investors claim the bank did not file a suspicious activity report (SAR) with the Financial

China grants fresh quota under outbound QDII scheme amid yuan strength

September 27, 2020

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SHANGHAI, Sept 24 (Reuters) – China’s foreign exchange regulator granted fresh quotas under its outbound QDII scheme for the first time since April 2019, official data showed.

The $3.36 billion worth of quotas was granted to 18 institutions under the Qualified Domestic Institutional Investor (QDII) scheme, which channels domestic money into offshore financial markets, data from the foreign exchange regulator showed late Wednesday.

The move by the State Administration of Foreign Exchange (SAFE) comes as the yuan has strengthened against the dollar over the past weeks amid accelerating foreign money inflows.

The Chinese currency could trend higher over a period of time, so China can appropriately loosen its grip on outbound flows and guide overseas asset allocation by domestic institutions in an orderly manner, the official Securities Journal reported on Thursday.

China’s total QDII quota stood at $107.34 billion as of Sept. 23, compared with $103.98 billion the previous month.