Wednesday newspaper round-up: Facebook, Tesla, Asda
By Michele Maatouk
Date: Wednesday 23 Sep 2020
(Sharecast News) - The chancellor, Rishi Sunak, is weighing up plans to replace the furlough scheme with German-style wage subsidies as part of a wider emergency support package to help businesses through a second wave of Covid-19. Sources from business and industry told the Guardian that the Treasury has been consulting on options for the end of the furlough scheme as concerns mount over increasing numbers of job losses, and as rising infections and tougher restrictions risk derailing Britain's economic fightback from the pandemic. - Guardian
Facebook has warned that it may pull out of Europe if the Irish data protection commissioner enforces a ban on sharing data with the US, after a landmark ruling by the European court of justice found in July that there were insufficient safeguards against snooping by US intelligence agencies. In a court filing in Dublin, Facebook's associate general counsel wrote that enforcing the ban would leave the company unable to operate. - Guardian
Tesla has promised a $25,000 electric car in the next three years as it halves the cost of its batteries. Chief executive Elon Musk unveiled a plan to make electric cars accessible to the masses, conceding that the company does not yet have "a truly affordable car". - Telegraph
Wahaca's lenders have agreed to write off millions of pounds of debt to keep the Mexican restaurant chain afloat. Wahaca, co-founded by Masterchef winner Thomasina Miers, has launched a company voluntary arrangement that will see its shareholders and lenders give the business a £5m cash injection to help return it to an even keel, Sky News first reported.- Telegraph
The American private equity firm Apollo Global Management has emerged as the frontrunner to take control of Asda but worries about a legal battle involving the supermarket chain remain an obstacle to a £6.5 billion deal. It emerged yesterday that Lone Star, another private equity group, had pulled out of the race to acquire a majority stake in the chain from Walmart, the American retail giant, after its bid failed to meet the seller's price expectations. - The Times
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN