Greece, France, Palestine Report Record Coronavirus Cases: Live

The UK government has threatened to take over Transport for London unless mayor Sadiq Khan accepts

higher taxes and fares in return for rescue funding. The mayor is seeking a £4.9bn bailout after passenger numbers and revenues have shrunk due to Covid-19 restrictions.

The European Fiscal Board, an independent advisory body to the European Commission, urged an overhaul of EU budget rules, as the pandemic

pushes public debt in a host of member states beyond mandated levels. Its report said weaknesses need to be addressed before reapplying suspended fiscal rules.

The first coronavirus testing at UK airports has run into immediate problems after confusion over whether

Italian authorities would accept the results of the £80 Lamp test, which uses genetic swab or saliva samples and delivers a result in 20 minutes.

The EU met with huge demand for an issue of new

coronavirus-related bonds on Tuesday. Investors placed bids for more than €233bn, far exceeding the €17bn of bonds on offer, according to one of the banks arranging the deal. Buyers were drawn by relatively high yields.

A BHP iron ore mine in Western Australia

BHP, the world’s biggest miner, said its flagship iron ore business had made a strong start to its new financial year. The Anglo-Australian group said it had churned out 74m tonnes of the raw material in the three months to September 30, putting it on course to

beat full-year targets of 276m to 286m tonnes.

Procter & Gamble has lifted its full-year sales and profit forecasts after a global boom in house cleaning extended into the autumn.

Changes in customer behaviour during the pandemic enabled the consumer goods bellwether to generate $19.3bn in net sales in the three months to September 30 — 9 per cent more than a year ago.

Netflix added only 2.2m subscribers in the September quarter, as its boost from

lockdown life faded. This was much slower than the 16m and 10m viewers added in the first and second quarters, respectively. The company warned subscriber additions are “likely to be down” in the first half of 2021.

Brazilian miner Vale reported a sharp increase in production of iron ore, digging up more than 88.6m tonnes of the commodity in the quarter ending September 30, up

more than 30 per cent on the previous quarter and its strongest output since a deadly dam collapse in 2019 that killed 270 people.

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