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Regulators have blocked the merger of ticket resale websites Viagogo and StubHub in the UK.
The Competition and Markets Authority said its in-depth investigation has provisionally concluded that Viagogo will need to sell all or part of StubHub in order to complete the £3.2bn deal.

The CMA said Viagogo ‘s takeover of StubHub could see a “substantial lessening of competition” in the sector for fans who resell and buy tickets to live events.
The competition watchdog said it was concerned that consumers could see a rise in fees collected, lower quality of service and innovation in the sector dampened if the merger went ahead.
The two websites control 90% of the market share and were the only companies of “material size in the UK’s secondary ticketing market”, according to the CMA.

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Stuart McIntosh, chair of the CMA inquiry group, said: “The evidence we’ve seen so far consistently points in the same direction – that Viagogo and StubHub have a market share of more than 90% combined and compete closely with each other.

“We are therefore concerned that their merger could lead to secondary ticketing customers facing higher fees and lower quality services.”

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The CMA launched its probe into the deal after London-based Viagogo acquired the San Francisco headquartered firm StubHub for £3.2bn in February just as the COVID-19 pandemic halted ticket sales around the world.
The markets authority said in a statement: “The CMA is mindful of the significant impact that the coronavirus is currently having on the live events industry.
“However, the evidence is that Viagogo and StubHub would remain important competitors for the foreseeable future without the merger.”
“Whilst we disagree with the provisional conclusion that the deal would reduce competition, we look forward to working with the CMA to deliver a comprehensive solution which addresses their concerns,” a Viagogo spokesperson said.
StubHub and Viagogo have continued to run as two distinct brands during the CMA’s merger investigation, according to the California based company.
“We will continue to work cooperatively with the CMA through their review of the transaction.,” a StubHub spokeswoman said.
According the financial services firm Fitch Ratings, revenue linked to exhibitions and events with large audiences have seen declines of 80% this year.
It added that recovery will be slow while social-distancing measures remain in place and is only expected to return to pre-pandemic levels by the end of 2022.

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2019: Viagogo now a ‘leader in consumer protection’

Viagogo has previously run into the enforcement action led by the CMA over the way it presents key ticketing information to customers.
The company agreed to “overhaul” the way it does business in November after a High Court order, amid concerns customers could be turned away at venues because of restrictions on some resold tickets.

Shell, the FTSE-100 oil behemoth, is among the bidders vying to gain control of the Post Office’s telecoms arm in a deal that would transform the size of its broadband customer base.
Sky News has learnt that Shell, which took control of the retail energy and broadband supplier First Utility in 2018, is one of three remaining bidders for the Post Office business.

Sky, the immediate parent company of Sky News, and TalkTalk Telecom Group, which is in the process of agreeing a takeover led by one of its largest shareholders, are also said to be competing in the auction.
The Post Office’s telecoms arm has roughly 500,000 customers, and is expected to command a price-tag of close to £100m.
Sources close to the process insisted on Thursday that Nick Read, the Post Office chief executive, would not sell the division unless it secured an attractive price for it.

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The bid from Shell Energy Retail – the new name of First Utility – adds an unexpected presence to the auction.

Shell has roughly 130,000 UK broadband customers, as well as 870,000 domestic energy accounts, by virtue of the 2018 takeover deal.

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It also provides a range of smart home services such as electric vehicle charging, and appears to have set its sights on becoming a significant player in the residential utilities market.
The Post Office, which is conducting the telecoms auction through PJT Partners, is also exploring options for its insurance business.
Shell, the Post Office, Sky and TalkTalk declined to comment.

Chancellor Rishi Sunak has vowed to “go further” as he announced three new measures to help workers and businesses get through the winter and a coronavirus second spike.
Speaking in the House of Commons, he said cash grants of up to £2,100 a month will be given to firms in Tier 2 areas – enough for all affected hospitality, accommodation and leisure premises.

They will be retrospective, so any region which has been under enhanced restrictions can backdate their claim to August.

Image: More help is being pledged for hospitality, accommodation and leisure firms
For self-employed people, the size of the grant they can access will also be doubled to £3,750 – with the amount of average profits they can claim for rising from 20% to 40%.
And there will be changes to the Job Support Scheme, which is for companies experiencing lower demand due to the COVID-19 outbreak.

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Which tier is my area – and what are the new rules?

Employees will only need to work 20% of their normal hours – instead of the original 33% – to be eligible.

And the government will significantly reduce the amount employers have to contribute – from 33% to 5%.

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Image: How much employers have to pay to the Job Support Scheme has been cut
“The scheme will apply to eligible businesses in all alert levels,” Mr Sunak confirmed.
“So businesses that are not closed but face higher restrictions – in places like Liverpool, Lancashire, South Yorkshire and Greater Manchester as well as the devolved nations – will be able to access greater support.”
Mr Sunak explained he was making the changes because: “It is clear that even businesses that can stay open are facing profound uncertainty.”
He continued: “This is our plan. A plan for jobs, for businesses, for the regions, for the economy, for the country. A plan to support the British people.”

Image: The chancellor said he wanted to help firms in Tier 2 overcome ‘profound uncertainty’
But Anneliese Dodds, Labour’s shadow chancellor, said she had been calling for the government to “get ahead of the looming unemployment crisis and act to save jobs” for months.
“Instead, we’ve had a patchwork of poor ideas rushed out at the last minute,” she added, suggesting some people had already lost their jobs because of the chancellor’s “inaction”.
The wrath of mayors representing regions which are going into Tier 3 – the highest band of coronavirus restrictions in England – was also stirred.
Andy Burnham, mayor of Greater Manchester, said he could “barely believe what I’m reading”.

Image: Andy Burnham said he could ‘barely believe’ the news
“Why on earth was this not put on the table on Tuesday to reach an agreement with us?” he asked, referencing the breakdown in talks between local leaders and the government earlier this week.
“I said directly to the PM that a deal was there to be done if it took into account the effects on GM businesses of three months in Tier 2.”
Sir Richard Leese, leader of Manchester City Council, tweeted: “Looks like Rishi Sunak is agreeing with Greater Manchester Leaders. Pity he couldn’t have done it two weeks ago.”
And Liverpool City Region mayor said: “It’s a shame that it took London coming under further measures for the chancellor to take action to support jobs and businesses.”
Though the moves were welcomed by Dame Carolyn Fairbairn, chair of the Confederation of British Industry.
She said they would “do even more to protect people’s livelihoods” and that firms will be “relieved to see that anomaly” of hospitality firms in Tier 2 which were getting “little extra support” coming to an end.
“This is a big step towards a more standardised approach of support for areas going into Tiers 2 and 3 and those businesses that face tough times who operate within them,” she added.
Analysis: By Sky News political correspondent Joe Pike
More government cash is always welcome, especially by businesses under Tier 2 restrictions which feel they have been starved of custom but received little financial support.
Yet Labour’s problem is the timing: arguing jobs would have been saved if Rishi Sunak had acted faster.
Among the announcements, the chancellor is overhauling his Job Support Scheme by reducing employer contributions from 33% to just 5%. This is significant and the Resolution Foundation think tank argues it could transform the programme from being flawed to being workable.
If the announcement tells us anything, it’s that it is impossible for Rishi Sunak to plan in the medium or long term.
He is beholden to the virus and the economic mess it leaves in its wake.
This was the chancellor’s third economic support package in a month.
It may not be his last.

Cineworld Group has drafted in a team of City advisers to help steer it through talks about a restructuring of its vast debt mountain amid doubts about its survival prospects.
Sky News understands that the stricken multiplex operator, which has mothballed hundreds of cinemas in the UK and US, has in recent days appointed AlixPartners to work with the company.

The move comes weeks after a syndicate of Cineworld’s lenders appointed FTI Consulting and Houlihan Lokey to negotiate with the company over its $8bn (£6.1bn) of debt.

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Cineworld boss: ‘We had no alternative’

PJT Partners is also working with Cineworld on options to see it through the coronavirus pandemic.
The company’s shares were sent plummeting by confirmation of the temporary closure of roughly 660 sites in the UK and US.

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Lenders are expected to raise the prospect of a company voluntary arrangement, an insolvency mechanism that would pave the way for some permanent cinema closures.

The survival of Cineworld and other cinema operators has been cast into doubt by the duration and intensity of the coronavirus crisis, with the delay to key film releases seen as a tipping point for the industry’s finances.

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Image: Cineworld has 127 sites in the UK
No Time To Die, Daniel Craig’s final outing as James Bond, was due to open next month but has been pushed back by MGM, the studio behind it, until next April.
45,000 employees are affected by the mothballing plan, although the number of permanent redundancies remains unclear.
The chain has seen its balance sheet particularly hard-hit because of the debt-fuelled acquisition spree which has transformed it into one of the world’s largest cinema operators over the last decade.
Cineworld and AlixPartners declined to comment on Thursday.

Chancellor Rishi Sunak has broadened government support for businesses and workers as coronavirus restrictions are tightened ahead of a tough winter.
The Treasury had come under pressure from business groups, local leaders and unions to expand grants and wage support to companies forced to limit or close their operations amid warnings of a surge of unemployment when the Job Retention Scheme ends next week.

Mr Sunak acted as official data showed 9% of the UK workforce remained on furlough or working part-time in early October ahead of the introduction of the new Job Support Scheme that is designed to support “viable” businesses.

Job Support Scheme Open will protect jobs in businesses facing lower demand due to Covid-19- Government pays at least 62% for hours not worked- Employer contribution cut from 33% to 5%- Employees take home at least 73% of pay for working 20% of hours pic.twitter.com/X0MrQdNANz
— HM Treasury (@hmtreasury) October 22, 2020

That takes over on 1 November, with the added incentive for companies to retain staff through a Job Retention Bonus of £1,000 for each employee returned from furlough and kept on until February.
Here, we explain what businesses can claim for themselves and their staff following the chancellor’s update to MPs in the Commons and where it leaves companies in England under the tier structure.

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The big announcements today

There are two main UK elements and one covering England only.
The successor to the furlough scheme, the Job Support Scheme, which begins next month will only require employees in open businesses to work one day a week to be eligible for support, with employer contributions for unworked hours falling to 5%.
An example provided by the Treasury said that under the improved conditions for employers, a full-time member of staff paid an average £1,100 a month would still take home at least £807 – with employers contributing £283.
Grants for the self-employed are doubled to 40% of pre-crisis earnings. It means that the maximum grant will increase from £1,875 to £3,750 under the two looming schemes which will cover November to January and February to April.
The other main change reflects pressure on many businesses under Tier 2 restrictions in England. More on that in a minute.

There is no change to the support on offer from the Job Support Scheme for businesses forced to close because of the highest level of restrictions UK-wide. The government will pay 67% of wages with no employer contributions.
Under England’s tiered approach, companies can claim up to £3,000 per month under the Local Restrictions Support Grant scheme if they fall within a Tier 3 lockdown.
Firms are eligible for payment after two weeks of closure and the sums are determined by the rateable value of their premises.

Tier 2 businesses are also eligible for self-employed grants and to claim under the new Job Support Scheme.
The big change today is that the chancellor said he recognised that businesses within the “high” category of restrictions cannot all operate as normal.
He confirmed that cash grants worth up £2,100 a month could be claimed via local authorities – helping an estimated 150,000 hospitality and leisure firms in England.

He said the grants would be retrospective – backdated from the introduction of Tier 2 restrictions – and the support was equivalent to 70% of the closed grants available to businesses in Tier 3.
There was no additional help offered to those operating under the mildest measures beyond the changes to the Job Support Scheme and self-employed grants.

The parent company of British Airways (BA) has revealed further losses and downgraded its outlook as renewed coronavirus restrictions knock demand for travel.
International Airlines Group, which includes Iberia and Aer Lingus in its stable of airlines, reported a €1.3bn (£1.17bn) loss for the third quarter of the year to the end of September in an unexpected update to the market.

The figure compares to a profit of almost €1.4bn in the same period last year and came in far worse than the €920m loss that City analysts had expected.

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Heathrow introduces airport testing

IAG, which implemented a management shake-up after the departure of chief executive Willie Walsh in September that saw BA’s boss Alex Cruz ousted, warned it would fly no more than 30% of the capacity it flew in the same period last year in the current fourth quarter.
The company said: “Recent overall bookings have not developed as previously expected due to additional measures implemented by many European governments in response to a second wave of COVID-19 infections, including an increase in local lockdowns and extension of quarantine requirements to travellers from an increasing number of countries.

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“At the same time, initiatives designed to replace quarantine periods and increase customer confidence to book and travel, such as pre-departure testing and air corridor arrangements, have not been adopted by governments as quickly as anticipated.”

IAG said that the continuing disruption meant it would no longer meet a key breakeven net cash flow target in the fourth quarter.

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Its shares, which have lost almost three quarters of their value so far this year, fell 5% at the open.

Aviation and retail worst hit in jobs crisis

Coronavirus lockdowns globally and shifting national restrictions have taken a heavy toll on the aviation sector.
A Sky News jobs tracker shows the industry has suffered most in terms of lost employment, with BA alone expecting to have cut up to 13,000 roles once its downsizing has been completed.

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BA 747s leave Heathrow for final time

Its own cost-cutting plans also included scrapping its fleet of 747 jumbo jets.
The sector has demanded a testing regime that can replace quarantine demands placed on passengers travelling back to the UK from so-called ‘red list’ countries.
In an interview with Sky News this week, Heathrow’s chief executive said the government had made progress towards meeting that ambition through the launch of a new taskforce.
The UK’s largest airport has introduced “rapid” tests this week – at a cost of £80 – for people who want to travel to Italy and Hong Kong.

Businesses in parts of England under Tier 2 coronavirus restrictions will get further financial support in a package unveiled by the chancellor today, according to reports.
Rishi Sunak will announce the new measures – aimed particularly at pubs, bars and restaurants – in the Commons later, according to The Daily Telegraph.

Currently, hospitality premises in “high risk” areas such as London and Birmingham are only allowed to take customers from the same household, unless mixed groups sit outside, resulting in a considerable drop in footfall.
Although they are allowed to stay open, unlike those in Tier 3, they are entitled to lesser financial support.
They can apply for a scheme that pays 55% of staff wages, but companies in “very high risk” areas forced to close can get 66% of wages paid for – as well as £3,000 a month in business grants.

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Mr Sunak’s new plans come after complaints from industry leaders that the tiered lockdown system is putting thousands of hospitality jobs at risk in the run-up to Christmas.

With Coventry expected to move into Tier 2 this weekend, West Midlands mayor Andy Street said the new rules will present a “serious economic challenge”.

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Image: Rishi Sunak (R) will make the announcement on Thursday
He tweeted: “Currently, there’s no extra financial support available for our hospitality sector in Tier 2 which cannot possibly be right.
“I will continue to press Govt on this & I’m confident we will get a breakthrough soon.”
Greater Manchester mayor Andy Burnham said he would be “looking closely” at the Tier 2 proposals – after nearly two weeks of tension with ministers over his Tier 3 financial support deal.
On Wednesday, Boris Johnson confirmed Greater Manchester would get £60m in support.
But Mr Burnham said: “Greater Manchester has been in ‘high’ alert for three months but our hospitality businesses haven’t had any emergency support.
“We asked for this to be taken into account in Tier 3 negotiations. The government refused.”

Which tier are you in?

Policing minister Kit Malthouse told Sky News’ Kay Burley show the chancellor had a strong track-record of “flexing the support that’s required of the economy to make sure that we stay in as best shape as we possibly can”.
It comes after South Yorkshire leaders secured £41m in funding for “businesses and people” ahead of them going into Tier 3 on Saturday.
Sheffield City Region mayor Dan Jarvis led the discussions with Westminster and said he “moved heaven and earth to secure the maximum amount of resource that we could”.
Mr Burnham’s lengthy debate with the government could now trigger further tensions as other regions are placed under stricter measures.
The chancellor’s spokesperson said of Thursday’s announcement: “The chancellor is due to update the House of Commons on the economic situation, in particular, and so far as it relates to the new restrictions.
“And what we have always said is that our package of support is always flexible and always up for review to make sure that it is dealing with the situation as it evolves.”

Facebook has launched its own dating feature to rival existing apps such as Tinder.
Facebook Dating will appear on the social network’s mobile app and website for users in the UK and Europe from Wednesday.

It will allow people to explore potential romantic relationships with users who are interested in the same groups and events as them.

Image: The in-app feature is already available in the US and 19 other countries
Daters can share their Facebook and Instagram stories to their profiles to give possible matches a better idea of who they are and how they live their life, a spokesman said.
A “secret crush” feature also enables users to select existing Facebook and Instagram friends they may want to date – but this will only materialise if both parties match – otherwise the selection remains anonymous.

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Image: It includes a ‘secret crush’ feature. Pic: Facebook
Once a couple have matched, as with traditional dating apps, they can start an instant messaging chat.

But as a result of the coronavirus pandemic, Facebook has also included a video chat feature, giving people the option of a “virtual date” if restrictions mean it is difficult for them to meet in person.

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Image: Shared interests, groups and events will help bring daters together. Pic: Facebook
Privacy settings will allow daters to conceal their surname and block and report inappropriate users and content, the social network added.
Facebook dating is already available in 20 countries – including the US and Thailand – where 1.5 billion people have matched through the feature.

New lockdowns are predicted to have a significant impact on emissions caused by staying at home this winter.
The Energy and Climate Intelligence Unit (ECIU) says whilst emissions have dropped this year because we’ve been travelling less and doing less, the expected use of gas boilers to provide heating and hot water could rise by more than half.

Jess Ralston, author of the analysis for the ECIU, said: “This trajectory of working from home and having increased gas use in the home could be really critical for air pollution and also climate change. The way we heat our homes needs to change if we are to get to net zero by 2050.”
Houses across England are predominantly heated by burning natural gas, which releases nitrous oxide (NOx) alongside CO2.
There are 21 million gas boilers across the country and currently less than 5% of homes are heated by low carbon sources.

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COVID will not stop climate change

Jake Oldershaw and his daughter Mollie from Birmingham have asthma. Mollie, 11, has required hospital treatment several times and uses an inhaler while Jake says he always finds breathing more difficult when there is heavy traffic.

Air quality has an enormous impact on their lives and both noticed a marked improvement during the spring lockdown.

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Jake said: “During lockdown there was a noticeable difference in air quality. I didn’t suffer any asthmatic affects during that period. These days you can feel the effects.
“Obviously we don’t want lockdown again but if people considered the environmental and health benefits that were definitely there, then tried to continue those and make a change it would be better than returning to hold habits.”

Image: Asthma sufferer Mollie says she feels it in her lungs when there is more traffic pollution
Mollie has also noticed a change on her bike rides to school. “When I’m cycling now and there’s more cars, I feel it in my lungs. It blocks my lungs up a bit more, and makes it harder to breathe. It’s not a very nice feeling.”
Heating accounts for nearly 37% of the UK’s total carbon emissions. Modelling by the ECIU suggests a 56% increase in boiler usage this winter resulting in a 12% increase in emissions of NOx. The ECIU estimates that’s enough to offset the last two years’ worth of progress on reducing traffic emissions.
Environmentalists say strategies to reduce emissions from transport are being implemented but not enough is being done to decarbonise the significant impact of heating.
Jess Ralston said: “The increase in pollution from gas boilers expected this winter provides a graphic illustration of their forgotten role in air pollution. And it is a role set to continue without practical policies to decarbonise home heating.
“Furthermore, future years could see elevated pollution from both homes and traffic if more people work from home and those going into their workplace do so by car rather than public transport.”
The government is set to publish its Heat and Buildings Decarbonisation Strategy in November which is expected to give details on plans to try to switch British homes to cleaner sources of heat.

Shares in Tesla have risen after the electric car maker reported its fifth consecutive quarterly profit.
The California-headquartered company has overcome disruptions caused by the COVID-19 pandemic to post a 39.2% increase in third-quarter revenues to $8.77bn (£6.68bn) from a year ago.

Tesla said it was on track to deliver half a million vehicles in 2020, but has admitted that the goal had “become more difficult” because of the impact of coronavirus.

Image: Tesla shares in 2020
The Nasdaq-listed firm reported a 215% jump in pre-tax profit of $555m from the same period last year.
Earlier this month, Tesla said it produced a record 145,036 vehicles in the third quarter and delivered 139,300 vehicles.

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The company said it can achieve its targets by ramping up production of its mid-size seven seater Model Y – as well as its four-seater sedan Model 3 – at its Shanghai factory.

Tesla has defied the downward trend of the wider auto industry this calendar year with a 44% increase in global deliveries for the quarter.

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The company bucked an economic upheaval, even as US auto sales overall fell 9.7% from a year ago due to consumer fears about the economy hit hard by the pandemic.
Tesla also overtook Toyota to become the world’s most valuable car company, despite the Japanese company manufacturing and producing more vehicles.
And its fifth consecutive quarterly profit puts it on track to report its only annual profit since its founding in 2003.
Tesla’s stock has been one of the market’s best performers this year, up nearly 400% year-to-date.

Image: Tesla chief executive Elon Musk
Despite the meteoric rally, Tesla, although eligible, was excluded from being listed in the prestigious S&P 500 stock index.
Questions have been raised about the way Telsa achieves profitability, as a major portion of it comes from selling regulatory credits to other carmakers.
Tesla earns regulatory credits from governments around the world for manufacturing zero-emissions vehicles and sells these to other car manufacturers that produce vehicles that run on petrol and diesel. Telsa reported that $397m of its revenues were derived in this manner for the third quarter.
Its share price had been on a downward trajectory since chief executive Elon Musk presented the company’s new battery technologies and manufacturing strategies at the company’s battery day event.
The outlook from carmaker’s senior executives at the event was cautious – explaining that the new developments wouldn’t be ready for a number of years.
Rival General Motors has also announced the launch of its battery-powered Hummer pickup truck that it plans to begin selling in about 12 months.
The Hummer EV is expected to go 350 miles or more on a full charge – in line with Tesla’s top models.