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Household recycling surge raises costs for councils in England | Recycling

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The amount of household recycling collected has nearly doubled in some areas during the pandemic, pushing up the costs of keeping services running, local councils have said.

Eight in 10 English councils reported a rise in the volume of paper, cardboard, plastic and glass being collected since the national lockdown began, according to data from the Local Government Association (LGA).

Half of councils said they were collecting up to 20% more material for recycling than normal, with a third dealing with 50% more and some noting a 100% rise – on a par with levels usually experienced at Christmas.

The surge in the amount of household waste and recycling to collect has increased costs to councils, alongside extra cleaning of vehicles, staff shortages due to Covid-19, and disruption caused by more cars parked on roads.

The LGA warns that councils face a funding gap of more than £5bn by 2024 to maintain services at current levels – a figure that could double amid the economic uncertainty caused by the coronavirus pandemic.

“Councils have kept waste and recycling services running during the Covid-19 outbreak, working hard to keep staff safe and deal with high volumes of household waste normally only seen at Christmas,” said Cllr David Renard, LGA environment spokesman. “This has led to additional cost pressures, which must be met in full for councils to be able to maintain services and cope with the increase.”

Among those buckling under the pressure are Gateshead council, which saw the total tonnage of recycling collected between April and July this year increase by 23% compared with last year, with more cardboard being recycled than ever before – up 250%.

In Devon, recycling rates rose 12% between April and June of this year, with 1,000 tonnes more glass bottles and jars and 1,300 tonnes more card collected than during the same period in 2019. This is despite Devon already having one of the highest recycling rates in the country, at 56%.


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IBM, AMC Entertainment, Logitech, Travelers

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Noam Galai | Getty Images Entertainment | Getty Images

Check out the companies making headlines in midday trading.

IBM – Shares shed more than 6% after IBM’s third-quarter results showed a third straight quarter of declining revenue. The company earned an adjusted $2.58 per share for the quarter, which was in line with Street forecasts, while revenue was slightly above consensus estimates. IBM did not issue current-quarter guidance due to ongoing uncertainty surrounding Covid-19.

AMC Entertainment — Shares of the movie theater chain sank more than 11% after the company warned of a possible bankruptcy in a security filing related to a secondary stock offering. The company said it could burn through its existing cash by the end of 2020 or early 2021 without additional liquidity.

Travelers — The insurance stock gained 3.9% after it reported better-than-expected results for its third quarter. Travelers reported $3.12 in adjusted earnings per share on $8.28 billion of revenue. Analysts surveyed by FactSet were looking for $3.03 per share and $7.59 billion. The company reported growth in its underwriting business and its investment income.

Logitech — Shares of the accessory maker surged more than 18% after beating on the top and bottom lines of its third-quarter earnings. Logitech earned $1.87 per share on revenue of $1.26 billion. Wall Street expected 57 cents per share on revenue of $841 million, according to Refinitiv.

Procter & Gamble – Shares rose 1.5% after the consumer giant reported better-than-expected quarterly results. The company said its earnings per share came in at $1.63 in its fiscal first quarter, versus $1.42 expected per Refinitiv. Its revenue rose 9% as the pandemic fueled higher demand for its household products. P&G also raised its sales outlook for fiscal 2021.

Regions Financial — The stock popped more than 7% after reporting better-than-expected quarterly results. Regions Financial earned 52 cents per share on revenue of $1.64 billion, compared to the 33 cents per share on revenue of $1.49 billion forecast on Wall Street.

Synchrony Financial — Shares fell more than 4% after reporting disappointing sales for the third quarter. The company made $3.46 billion in revenue, missing estimates of $3.49 billion, according to Refinitiv. Earnings came in in line with estimates at 72 cents per share.

Comerica — The bank’s stock rallied more than 7% after reporting earnings that topped analyst expectations. Comerica earned $1.44 per share, above the 83 cents expected on Wall Street. Revenue came in at $710 million, higher than the forecast $696 million.

UBS — Shares of the bank rose more than 6% after reporting its quarterly profit doubled, driven by strong investment banking and a boost in profit from its wealth management division. UBS also set aside $2.5 billion for potential dividends and stock buybacks.

Revlon – The stock price gained about 1% even after its warning to bondholders that they might not get paid if the company’s distressed-bond exchange fails. The embattled cosmetics retailer said that without 95% participation from bondholders, most of the company’s debt will accelerate and become payable next month, in which case the bonds could be worth next to nothing.

PPG Industries – Shares gained more than 1% after the company reported third-quarter earnings. The paint and coatings maker earned $1.93 on an adjusted basis, which topped estimates by one cent. Revenue also came in above forecasts.

— with reporting from CNBC’s Yun Li, Jesse Pound and Pippa Stevens.


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GM’s official run at Tesla starts with electric Hummer debut Tuesday

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AMC warns bankruptcy is on the table as cash runs low

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A medical worker wearing a mask walks near the AMC movie theater in Times Square amid the coronavirus pandemic on May 7, 2020 in New York City.

Alexi Rosenfeld | Getty Images

AMC has agreed to sell as many as 15 million shares of its stock, but equity in the company could soon be worthless if the largest theater chain in the world files for bankruptcy.

On Tuesday, AMC continued to warn investors about its dwindling cash pile and said it may have to file for Chapter 11 bankruptcy if it is unable to secure additional sources of liquidity.

Shares of the company tumbled more than 11% on the news. AMC’s stock, which has a market value of around $387 million, has plunged 56% so far this year.

Chapter 11 bankruptcy would likely allow AMC to stay in business while it reworks its debts and sorts out new lines of liquidity.

Movie theater chains in the U.S. have been slammed by the ongoing coronavirus pandemic, which first shuttered theaters and then drove away customers and major Hollywood blockbusters.

AMC was particularly vulnerable because of the more than $4.75 billion in debt it had amassed before the crisis from outfitting its theaters with luxury seating and from buying competitors such as Carmike and Odeon. AMC has around 1,000 theaters and more than 11,000 screens globally.

“We will require significant amounts of additional liquidity and there is substantial doubt about our ability to continue as a going concern for a reasonable period of time; holders of our Class A common stock could suffer a total loss of their investment,” the company wrote in the SEC filing.

While New York Gov. Andrew Cuomo gave movie theaters hope over the weekend when he announced that theaters outside of New York City could reopen. Studios had told movie theater operators that they would withhold major releases if New York remained closed.

Also on Tuesday, AMC released a preliminary earnings report. The company said it had earned around $119.5 million in revenue during the three-month period ended Sept. 30. That’s a steep fall from the $1.32 billion AMC tallied during the same period last year.

For the first nine months of 2020 AMC took in revenue of $1.08 billion, a fraction of the $4.02 billion it garnered during the same period last year.


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