Business

Pinterest shares soar in stock market debut

[ad_1] Image copyright Pinterest Shares in online scrapbook company Pinterest have surged 25% after it floated on the New York Stock Exchange.The shares opened at $23.75 and rose to $24.89, after being priced at $19.This was above the expected range of $15 and $17, and raised $1.4bn in net proceeds.Meanwhile, video-conferencing firm Zoom Video Communications opened on its Nasdaq debut at $65, more than 80% above its initial public offering
Business

Debenhams boss Sergio Bucher steps down

[ad_1] Image caption Sergio Bucher joined Debenhams from Amazon Debenhams boss Sergio Bucher has stepped down following the recent takeover of the struggling department store chain by its lenders.The retailer was taken over earlier this month as part of an administration process.Mr Bucher's departure had been signalled over the weekend and he said on Friday that "it is time to move on, knowing the company is in good hands".Terry Duddy,
Business

ConocoPhillips sells off UK North Sea assets for £2bn

[ad_1] Image copyright Conocophillips ConocoPhillips is pulling out of UK exploration and production after selling its North Sea oil and gas assets to Chrysaor for $2.68bn (£2bn).The sale will boost Chrysaor's production by about 72,000 barrels a day to 177,000 - making it one of the UK's biggest operators.The deal, expected to complete in late 2019, requires regulatory approval.ConocoPhillips said it would retain its London‐based commercial trading business.It will also
Business

Retail sales boosted by mild March weather

[ad_1] Image copyright Getty Images Retail sales unexpectedly jumped in March as mild weather enticed shoppers to UK stores.The Office for National Statistics (ONS) said sales rose 1.1% compared with the month before, whereas economists had been expecting a fall.The ONS said the milder weather this year had helped to boost sales in comparison with the "Beast from the East" affecting sales in March 2018.Year-on-year growth was 6.7% in March
Business

Amazon plans to shut online store in China

[ad_1] Image copyright Getty Images Amazon plans to shut its online store in China that allows shoppers to buy from local sellers as it downsizes operations in the country. The firm said it would no longer run the domestic marketplace from July, but Chinese shoppers will still be able to order goods from Amazon's global store. It will also continue to operate its cloud business in China. The retail retreat
Business

Pinterest valued at $10bn ahead of float

[ad_1] Image copyright Pinterest Pinterest, the online scrapbook company, has priced its shares at the top end of its range as it becomes the latest "unicorn" to make its stock market debut.It will start selling its shares at $19 (£14.50) each, giving the loss-making firm a market value of $10bn.Pinterest is yet to make a profit and admitted in its flotation documents it may never report income.It is expected to
Business

‘I will fight tooth and nail to make sure I still work’

[ad_1] Two women share their stories of juggling senior jobs with unpaid caring responsibilities. As people in the UK live longer but also work longer, more people aged over 50 care for a partner or relative while still working - especially women. This can have a financial impact if they have to go part-time or give up work. Almost two-thirds of people who provide care for their parents also have
Business

Will AI kill developing world growth?

[ad_1] Image copyright Getty Images Image caption Could AI mean fewer opportunities for work in Africa? Artificial intelligence (AI) could displace millions of jobs in the future, damaging growth in developing regions such as Africa, says Ian Goldin, professor of globalisation and development at Oxford University.I have spent my career in international development, and in recent years have established a research group at Oxford University looking at the impact of
Business

Competition watchdog recommends accountancy market overhaul

[ad_1] Image copyright AFP The UK's competition regulator has recommended a major shake-up of the UK's accountancy market.But it has stopped short of calling for the Big Four accountancy firms to be broken up.The Competition and Markets Authority (CMA) said auditing and consultancy services should be entirely separate.However, industry bodies criticised the proposals, with one saying there was no evidence that they would lead to better audits.The CMA's recommendations follow
Business

‘Crossrail could be delayed until 2021’

[ad_1] Image copyright Reuters Image caption The Elizabeth Line had been due to open in December 2018 Crossrail could be delayed until 2021, according to a senior source associated with the project to build a new railway east-to-west, underneath central London.The route, called the Elizabeth Line, had been due to open in December 2018.Crossrail said testing of the trains and signalling was "progressing well". But sources have told the BBC
Business

JP Morgan: Is Wall Street’s first female boss a step closer?

[ad_1] Image copyright Getty Images Wall Street could soon welcome its first-ever female chief executive after JP Morgan announced that finance boss Marianne Lake will take over running its consumer lending business.The promotion means that Ms Lake could be a potential successor to chief executive Jamie Dimon.At the same time, she will be replaced as finance chief by Jennifer Piepszak. Ms Lake has been seen as a contender to lead
Business

Nordea boss says climate protests are ‘just the beginning’

[ad_1] Image copyright Nordea Image caption Nordea Bank's Sasja Beslik said the climate change protests were "just the beginning" Climate change protests will become much more commonplace, according to the head of one of Europe's biggest ethical investment funds. The warning coincides with the arrest of nearly 300 people in London this week amid huge protests against climate change.Nordea Bank's Sasja Beslik told the BBC the protests were "just the
Business

Climate change: Central banks warn of financial risks in open letter

[ad_1] Image copyright PA Image caption Governor of the Bank of England Mark Carney contributed to the open letter The heads of two major central banks have written a stark warning about the financial risks of climate change.Bank of England governor Mark Carney and France's François Villeroy de Galhau set out the dangers to the global economy in an open letter."If some companies and industries fail to adjust to this
Business

Jet Airways extends flight suspensions until next week

[ad_1] Image copyright Reuters Troubled Indian airline Jet Airways has cancelled its international flights until Monday as it struggles to secure fresh financing.The move extends a suspension of international operations - which run out of cities including London, Paris and Amsterdam - that was due to end on Thursday.With 123 planes, Jet Airways is India's biggest private airline.However, reports say just five planes are in use.Indian regulations require it to
Business

EU proposes tariffs on £15bn of US products in Boeing row

[ad_1] Image copyright Reuters The EU has proposed tariffs on $20bn (£15bn) of US goods in a long-running dispute over Boeing aircraft subsidies.The proposal comes after the WTO said earlier this month that the US had failed to remove some Boeing subsidies.The EU move comes after the US said it was considering tariffs on about $11bn (£8.4bn) worth of EU goods in response to Airbus subsidies. And it comes after
Business

Juventus shares slump after Champions League defeat

[ad_1] Image copyright Getty Images Shares in Italian football giant Juventus fell by nearly 22% at the open of the Milan stock market on Wednesday, after the club was knocked out of the Champions League by Ajax Amsterdam.They recovered slightly but were down 17% at €1.40 (£1.21) in early trade.The Dutch club triumphed 2-1 in Turin, in the quarter-final, second-leg tie, to take them through 3-2 on aggregate.Juventus has won
Business

China economy: First quarter growth beats expectations at 6.4%

[ad_1] Image copyright Getty Images China's economy grew slightly faster than expected in the three months to March, official figures released Wednesday showed. The economy expanded at 6.4% in the first quarter from a year earlier, ahead of a Reuters forecast of 6.3%. Beijing has taken steps to boost its slowing economy, including tax cuts, while trying not to inflate debt. The world's second-largest economy also faces softer global demand
Business

The robot that tidies up bedrooms

[ad_1] It's a simple job for a human, but surprisingly tricky for a robot. A company in Japan is trying to teach a pair of machines to bring order to the chaos of child's bedroom, using the same artificial intelligence it uses for self-driving cars and smart factories. This is part of the BBC's Disruptors series. You can read the full article here.Camera: Jiro Akiba; Producer: Ben King; Video editor:
Business

Warning over holiday deposit rules

[ad_1] Image copyright Getty Images Travel companies have been warned against mistreating unfortunate customers by relying on unenforceable deposit and payment demands.A lack of awareness over how much can be retained when a traveller cancels a booking is widespread, according to the Competition and Markets Authority.A company cannot automatically keep a large deposit if the customer cancels owing to unforeseen circumstances.Such a contract may be unfair, even if written into