Friday newspaper round-up: Arm, furlough scheme, Deloitte
Hotels and restaurants have been hit by a wave of cancellations as new coronavirus restrictions throw the country’s Christmas celebrations into doubt and raise the prospect of a fresh setback for the high street. If new rules banning gatherings of more than six people remain in place over the festive season, analysts say, the absence of Christmas parties and big family get-togethers could cost retailers billions of pounds in lost clothing and food sales. - Guardian
The Labour party has called on the government to intervene to prevent parts of the microchip designer Arm from being moved out of the UK if it is bought by the US chipmaker Nvidia. Ed Miliband, the shadow business secretary, said the government should seek “legally binding assurances” from Nvidia that it would not move Arm’s headquarters out of Cambridge. - Guardian
Rishi Sunak has been urged by MPs to extend the taxpayer-funded furlough scheme for businesses with a chance of surviving the Covid storm. The Chancellor should "show flexibility" and target companies that are still viable when the existing programme ends in October, members of the Treasury select committee said. - Telegraph
A British electronics company is to manufacture a potentially “ground-breaking” experimental saliva swab test designed to detect coronavirus within 20 seconds, sending its shares up 40 per cent. TT Electronics has been appointed as the exclusive manufacturing partner for the launch of Virolens, a “non-intrusive” coronavirus test that does not need to be administered by healthcare professionals and if approved by regulators could get the “world moving again”. - The Times
Deloitte has become the first of the Big Four accountancy firms to devise plans for a new governance structure to comply with its regulator’s demands for a break-up of their operations. The firm will establish an audit governance board in January that will provide independent oversight of the UK audit practice. The board will ensure that the firm complies with a plan by the Financial Reporting Council for the operational separation of the audit divisions in Deloitte, KPMG, PWC and EY. - The Times