cityam--2020-05-19--£500m Future Fund launch mired by fears startups will miss out

Future Fund , the government ’ s £500m answer to startups ’ need for cash to survive coronavirus , is set to launch today – but risks freezing out a swathe of British firms , entrepreneurs and investors have warned .
That many startups can not yet demonstrate a turnover , and that they typically rely on equity investment for cash flow , excludes most from the Coronavirus Business Interruption Loans Scheme ( CBILS ) .
After an open letter from British startups including Darktrace and Deliveroo demanding support during lockdown , the government announced the Future Fund .
It @ @ @ @ @ @ @ through government loans ranging from £125,000 to £5m , subject to match-funding from private investors .
UK startups can then repay these loans or convert them into equity at the next funding round , or after three years .
Read more : Startups ’ coronavirus Future Fund is a ‘ bad deal ’ for founders But while take-up is expected to be high , critics fear the terms favour investment from venture capital funds and freeze out private investors who play a crucial role within the investment landscape .
The fund is also @ @ @ @ @ @ @ EIS ) and the Seed Enterprise Investment Scheme ( SEIS ) , which offer tax breaks to early-stage investors .
As such , a large number of British startups may receive little to no help from the government during the coronavirus pandemic , sources told City A.M. Venture capitalists will be ‘ over the moon ’ The Future Fund was launched to support the UK ’ s startups sector .
However , critics of the Future Fund have said it only caters to venture capital funds , only one part of the overall @ @ @ @ @ @ @ loans hit £22bn , but just 50 per cent of CBILS lending approved The headline terms are structured along the lines of a normal VC-type term sheet , Glafkos Tombolis , partner at tech law firm Kemp Little , tells City A.M. “ The government has obviously taken the advice of City law firms that focus on VCs.
” Unlike CBILS and other government support schemes that resemble state aid , Tombolis thinks it has been structured more like a commercial arrangement .
This , he said , “ is not the right @ @ @ @ @ @ @ dented by the outbreak of coronavirus .
That means venture capitalists are turning their back on new investments and prioritising their own portfolio companies .
And , given VC funds tend to have more cash at their disposal than the average early stage investor , the Future Fund merely reduces VCs ’ risk .
“ The Future Fund is going to probably be used by a core number of VCs that will most likely invest into their existing companies , ” Stephen Page , co-founder and chief executive of seed investor Startup Funding @ @ @ @ @ @ @ means they can reduce their risk .
The VCs are over the moon.
” Additionally critics worry that VCs who do use the fund to support new investments will push startups to accept onerous terms .
Page says the VCs will have the power to implement the terms because startups will be desperate .
Adam Dodds , founder and chief executive of stock investing app Freetrade , said : “ The programme seems designed to support venture capitalists and will give them ample opportunity to take advantage of startups in desperate need of @ @ @ @ @ @ @ EIS-compliant The convertible loan note structure of the fund means it is not ( S ) EIS eligible .
EIS is a form of tax relief to encourage investment into startups and early-stage businesses .
It allows startups to raise up to £5m a year , capped at £12m overall , through private investors who receive tax breaks .
SEIS , being seed funding , has a lower ceiling of £150,000 .
Therefore the majority of startups , which are powered by EIS funding , will not be successful in securing matched funding @ @ @ @ @ @ @ VCTs ) .
Most startup funding in the UK comes from angels , private investors and family offices .
But the reluctance to make the fund EIS-compliant means VCs are better-placed to co-invest .
“ EIS relief is critical for angel investors , ” Tombolis says .
“ Angel investors take a measured approach in that they know a large proportion of investments will fail , and they ’ re banking on 10 per cent becoming successful.
” Without the tax relief , investors will be unlikely to put money in alongside the @ @ @ @ @ @ @ startups particularly badly hit by the coronavirus crisis .
While overlooking the role of EIS , the government has also not announced any additional support for the scheme , says Bruce Macfarlane , managing partner of VC fund MMC Ventures .
“ Understandably , high levels of uncertainty have meant flows of capital into EIS have fallen sharply and as a result , investment for the UK ’ s early stage companies , ” he adds .
Read more : British startups call on Treasury to change terms of Future Fund British startups @ @ @ @ @ @ @ the Future Fund Some of Britain ’ s brightest startups also face being locked out of the Future Fund because they do not have UK parent companies .
All UK startups that participated in US accelerator programmes , and therefore have a US parent company , will be excluded from the fund .
A requirement of such accelerator programmes is that the startup creates a US parent company .
It has usually not been an issue , with companies using a UK subsidiary to support employees .
However , the Future Fund ’ @ @ @ @ @ @ @ a UK parent company to be eligible for government support .
These startups have returned to the UK from the US , having secured funding and expertise in their fields , but are now excluded from both governments ’ support packages .
Read more : British startups call on Treasury to change terms of Future Fund Last week , a group of more than 30 chief executives wrote to the Treasury asking for a revision of the terms .
Kieran O ’ Neill , a signatory and chief executive of men ’ s @ @ @ @ @ @ @ that the Future Fund , as it stands , “ will be missing out some of the most innovative and fastest-growing startups ” .
“ Many of them are biotech and artificial intelligence startups , which this government has said they will be working hard specifically to support , ” he adds .
More tax relief for investors could help startups So what next for British startups unable to access CBILS and the Future Fund ?
There have been calls to introduce a temporary increase in the tax relief available through EIS .
@ @ @ @ @ @ @ 50 per cent could “ help overcome investor caution and restore capital flows ” .
Rather than relying on debt , “ startups would be gaining equity investment ” , says Macfarlane .
“ If we want to ensure the innovative UK technology sector continues to thrive after the crisis , it is more equity-based solutions that we need.
” Page echoes this temporary relief , but also calls on an increase on the SEIS relief to seven per cent .
Otherwise , he argues , it risks a similar situation with the @ @ @ @ @ @ @ benefit .
Page , whose company Startup Funding Club provides early investment for British startups , has also suggested a second Future Fund to support startups .
He explains there is a distinct difference between startups and scale-ups , which is what VCs focus on .
As such , a second Future Fund “ should be tax relief-centric so it is matching people like us and other funds and angels ” .

£500m Future Fund launch mired by fears startups will miss out
Future Fund, the government’s £500m answer to startups’ need for cash to survive coronavirus, is set to launch today – but risks freezing out a swathe of British firms, entrepreneurs and investors have warned.
That many startups cannot yet demonstrate a turnover, and that they typically rely on equity investment for cash flow, excludes most from the Coronavirus Business Interruption Loans Scheme (CBILS).
After an open letter from British startups including Darktrace and Deliveroo demanding support during lockdown, the government announced the Future Fund.
It was designed to provide support to startups through government loans ranging from £125,000 to £5m, subject to match-funding from private investors.
UK startups can then repay these loans or convert them into equity at the next funding round, or after three years.
But while take-up is expected to be high, critics fear the terms favour investment from venture capital funds and freeze out private investors who play a crucial role within the investment landscape.
The fund is also incompatible with the Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS), which offer tax breaks to early-stage investors.
As such, a large number of British startups may receive little to no help from the government during the coronavirus pandemic, sources told City A.M.
Venture capitalists will be ‘over the moon’
The Future Fund was launched to support the UK’s startups sector. However, critics of the Future Fund have said it only caters to venture capital funds, only one part of the overall investment landscape.
The headline terms are structured along the lines of a normal VC-type term sheet, Glafkos Tombolis, partner at tech law firm Kemp Little, tells City A.M. “The government has obviously taken the advice of City law firms that focus on VCs.”
Unlike CBILS and other government support schemes that resemble state aid, Tombolis thinks it has been structured more like a commercial arrangement. This, he said, “is not the right approach”.
Investor confidence has been dented by the outbreak of coronavirus. That means venture capitalists are turning their back on new investments and prioritising their own portfolio companies.
And, given VC funds tend to have more cash at their disposal than the average early stage investor, the Future Fund merely reduces VCs’ risk.
“The Future Fund is going to probably be used by a core number of VCs that will most likely invest into their existing companies,” Stephen Page, co-founder and chief executive of seed investor Startup Funding Club, tells City A.M. “It means they can reduce their risk. The VCs are over the moon.”
Additionally critics worry that VCs who do use the fund to support new investments will push startups to accept onerous terms. Page says the VCs will have the power to implement the terms because startups will be desperate.
Adam Dodds, founder and chief executive of stock investing app Freetrade, said: “The programme seems designed to support venture capitalists and will give them ample opportunity to take advantage of startups in desperate need of funding.”
Future Fund will not be EIS-compliant
The convertible loan note structure of the fund means it is not (S)EIS eligible.
EIS is a form of tax relief to encourage investment into startups and early-stage businesses. It allows startups to raise up to £5m a year, capped at £12m overall, through private investors who receive tax breaks. SEIS, being seed funding, has a lower ceiling of £150,000.
Therefore the majority of startups, which are powered by EIS funding, will not be successful in securing matched funding from investors or venture capital trusts (VCTs).
Most startup funding in the UK comes from angels, private investors and family offices. But the reluctance to make the fund EIS-compliant means VCs are better-placed to co-invest.
“EIS relief is critical for angel investors,” Tombolis says. “Angel investors take a measured approach in that they know a large proportion of investments will fail, and they’re banking on 10 per cent becoming successful.”
Without the tax relief, investors will be unlikely to put money in alongside the government, risking the future of British startups particularly badly hit by the coronavirus crisis.
While overlooking the role of EIS, the government has also not announced any additional support for the scheme, says Bruce Macfarlane, managing partner of VC fund MMC Ventures.
“Understandably, high levels of uncertainty have meant flows of capital into EIS have fallen sharply and as a result, investment for the UK’s early stage companies,” he adds.
British startups with US backers will be ineligible for the Future Fund
Some of Britain’s brightest startups also face being locked out of the Future Fund because they do not have UK parent companies.
All UK startups that participated in US accelerator programmes, and therefore have a US parent company, will be excluded from the fund.
A requirement of such accelerator programmes is that the startup creates a US parent company. It has usually not been an issue, with companies using a UK subsidiary to support employees. However, the Future Fund’s terms state a company must have a UK parent company to be eligible for government support.
These startups have returned to the UK from the US, having secured funding and expertise in their fields, but are now excluded from both governments’ support packages.
Last week, a group of more than 30 chief executives wrote to the Treasury asking for a revision of the terms. Kieran O’Neill, a signatory and chief executive of men’s styling service Thread, tells City A.M. that the Future Fund, as it stands, “will be missing out some of the most innovative and fastest-growing startups”.
“Many of them are biotech and artificial intelligence startups, which this government has said they will be working hard specifically to support,” he adds.
More tax relief for investors could help startups
So what next for British startups unable to access CBILS and the Future Fund?
There have been calls to introduce a temporary increase in the tax relief available through EIS. Macfarlane suggests an increase from 30 to 50 per cent could “help overcome investor caution and restore capital flows”.
Rather than relying on debt, “startups would be gaining equity investment”, says Macfarlane. “If we want to ensure the innovative UK technology sector continues to thrive after the crisis, it is more equity-based solutions that we need.”
Page echoes this temporary relief, but also calls on an increase on the SEIS relief to 70 per cent. Otherwise, he argues, it risks a similar situation with the Future Fund where those being scaled up benefit.
Page, whose company Startup Funding Club provides early investment for British startups, has also suggested a second Future Fund to support startups.
He explains there is a distinct difference between startups and scale-ups, which is what VCs focus on. As such, a second Future Fund “should be tax relief-centric so it is matching people like us and other funds and angels”.


cityam--2020-05-19--Coronavirus: Government launches £500m Future Fund for startups

Startups that have been impacted by the coronavirus outbreak will now be able to apply for emergency support under the government ’ s £500m Future Fund scheme .
The fund , which opened for applications today , will offer UK-based startups convertible loans of between £125,000 and £5m to support continued growth and innovation across a range of sectors .
Read more : British startups call on Treasury to change terms of Future Fund The government has made an initial £250m available for investment through the scheme and will consider increasing this if needed .
To be eligible for the @ @ @ @ @ @ @ least £250,000 in the last five years .
The loan must be at least matched by private investors and will automatically convert into an equity stake in the majority of cases .
“ Our startups and innovative firms are one of our great economic strengths , and they will help spur our recovery from the pandemic , ” said chancellor Rishi Sunak .
“ The Future Fund will support firms across the UK to get through the pandemic by stimulating investment , so that they can continue to break new ground in technology @ @ @ @ @ @ @ part of a wider £1.25bn support package for startups — was initially welcomed by the sector , it has come under fire amid concerns the terms of the loans are locking out some firms .
More than 30 British startups have penned a letter to the Treasury calling for firms that do not have a UK parent company but have the majority of their employees working in Britain to be made eligible .
Under the current terms , startups that have taken part in US accelerator programmes such as Y Combinator or Techstars @ @ @ @ @ @ @ Future Fund .
Meanwhile one of the UK ’ s leading tech entrepreneurs has described the scheme as “ simply not good enough ” .
Priya Lakhani , founder and chief executive of education technology company Century , told City A.M. ’ s City View podcast the terms of the Future Fund were so bad that “ our lawyers would tell us not to accept.
” The government has not addressed these concerns , but said it will amend the rules of the Enterprise Investment Scheme , which provides tax relief to investors @ @ @ @ @ @ @ ensure Future Fund investors do not lose relief on their previous investments made prior to any investment through the Future Fund .
The scheme , which will be delivered with the British Business Bank , will be open for applications until September .
Read more : Startups ’ coronavirus Future Fund is a ‘ bad deal ’ for founders “ The UK is a global tech and creative hub and we are committed to supporting high-growth businesses through this challenging period so they can prosper and succeed , ” said Oliver Dowden , @ @ @ @ @ @ @ , Media and Sport .
“ The tech sector has played a crucial role throughout the pandemic and these innovative firms will be key to driving growth through our recovery .
”

Coronavirus: Government launches £500m Future Fund for startups
Startups that have been impacted by the coronavirus outbreak will now be able to apply for emergency support under the government’s £500m Future Fund scheme.
The fund, which opened for applications today, will offer UK-based startups convertible loans of between £125,000 and £5m to support continued growth and innovation across a range of sectors.
The government has made an initial £250m available for investment through the scheme and will consider increasing this if needed.
To be eligible for the loans, companies must have raised at least £250,000 in the last five years.
The loan must be at least matched by private investors and will automatically convert into an equity stake in the majority of cases.
“Our startups and innovative firms are one of our great economic strengths, and they will help spur our recovery from the pandemic,” said chancellor Rishi Sunak.
“The Future Fund will support firms across the UK to get through the pandemic by stimulating investment, so that they can continue to break new ground in technology and innovation.”
While the fund — part of a wider £1.25bn support package for startups — was initially welcomed by the sector, it has come under fire amid concerns the terms of the loans are locking out some firms.
More than 30 British startups have penned a letter to the Treasury calling for firms that do not have a UK parent company but have the majority of their employees working in Britain to be made eligible.
Under the current terms, startups that have taken part in US accelerator programmes such as Y Combinator or Techstars will not be able to access the Future Fund.
Meanwhile one of the UK’s leading tech entrepreneurs has described the scheme as “simply not good enough”.
Priya Lakhani, founder and chief executive of education technology company Century, told City A.M.’s City View podcast the terms of the Future Fund were so bad that “our lawyers would tell us not to accept.”
The government has not addressed these concerns, but said it will amend the rules of the Enterprise Investment Scheme, which provides tax relief to investors in high growth firms.
This will ensure Future Fund investors do not lose relief on their previous investments made prior to any investment through the Future Fund.
The scheme, which will be delivered with the British Business Bank, will be open for applications until September.
“The UK is a global tech and creative hub and we are committed to supporting high-growth businesses through this challenging period so they can prosper and succeed,” said Oliver Dowden, secretary of state for Digital, Culture, Media and Sport.
“The tech sector has played a crucial role throughout the pandemic and these innovative firms will be key to driving growth through our recovery.”


cityam--2020-05-19--Arise Sir Tom: Colonel Tom Moore to get knighthood

Colonel Tom Moore will be awarded a knighthood after being nominated for the honour by Boris Johnson in light of his fundraising efforts .
Moore , who has become a much loved national figure after raising £33m for the NHS , will be honoured in the coming months , after the knighthood was approved by the Queen .
Read more : Captain Tom Moore to be honoured with City of London award The 100-year-old raised money for the NHS by walking 100 laps of his garden on his walking frame in time for his 100th birthday this month .
The @ @ @ @ @ @ @ raise raise £1,000 as a part of his Walk for the NHS , but soon captured the nation ’ s heart and appeared on many television shows and news bulletins .
He received 150,000 birthday cards from across the nation on his 100th birthday and was made an honorary colonel by the Army Foundation College .
He was also awarded the Freedom of the City of London award for his charitable work .
“ Colonel Tom ’ s fantastic fundraising broke records , inspired the whole country and provided us all with a @ @ @ @ @ @ @ coronavirus , ” Johnson said .
“ On behalf of everyone who has been moved by his incredible story , I want to say a huge thank you .
He ’ s a true national treasure.
” A Downing Street spokesperson added that the government was also looking at ways to honour frontline NHS and social care staff for their efforts during the coronavirus crisis .
Read more : UK government scientists looking at how to ease coronavirus lockdown faster for remote areas “ We know there is huge appetite to say thank @ @ @ @ @ @ @ during this emergency and doing incredible things day in , day out , up and down the country , ” they said .
“ We will ensure these unsung heroes are recognised in the right way , at the right time .
”

Arise Sir Tom: Colonel Tom Moore to get knighthood
Colonel Tom Moore and his daughter Hannah celebrate his 100th birthday, with an RAF flypast
Colonel Tom Moore will be awarded a knighthood after being nominated for the honour by Boris Johnson in light of his fundraising efforts.
Moore, who has become a much loved national figure after raising £33m for the NHS, will be honoured in the coming months, after the knighthood was approved by the Queen.
The 100-year-old raised money for the NHS by walking 100 laps of his garden on his walking frame in time for his 100th birthday this month.
The World War II veteran only aimed to raise raise £1,000 as a part of his Walk for the NHS, but soon captured the nation’s heart and appeared on many television shows and news bulletins.
He received 150,000 birthday cards from across the nation on his 100th birthday and was made an honorary colonel by the Army Foundation College.
He was also awarded the Freedom of the City of London award for his charitable work.
“Colonel Tom’s fantastic fundraising broke records, inspired the whole country and provided us all with a beacon of light through the fog of coronavirus,” Johnson said.
“On behalf of everyone who has been moved by his incredible story, I want to say a huge thank you. He’s a true national treasure.”
A Downing Street spokesperson added that the government was also looking at ways to honour frontline NHS and social care staff for their efforts during the coronavirus crisis.
“We know there is huge appetite to say thank you to all those supporting the nation during this emergency and doing incredible things day in, day out, up and down the country,” they said.
“We will ensure these unsung heroes are recognised in the right way, at the right time.”


cityam--2020-05-19--HS2's new west London mega-hub gets planning go-ahead

HS2 ’ s west London rail hub at Old Oak Common has this evening received planning approval from the Old Oak Common and Park Royal Development Corporation .
The green light means that work can progress on building what will be the largest new railway station ever built in the UK .
Read more : HS2 : MPs say controversial rail project ‘ badly off course ’ The station will have 14 platforms , a mix of six high speed and eight conventional service platforms , with a 850m long station box , with a volume to fit 6,300 Routemaster @ @ @ @ @ @ @ will be used by up to an estimated 250,000 passengers each day and is set to become one of the busiest railway stations in the country .
The HS2 rail link will connect with mainline rail services at Old Oak Common , as well as Crossrail ’ s Elizabeth Line and the Heathrow Express .
Matthew Botelle , HS2 ’ s stations director said : “ The planning approval for the Old Oak Common super-hub station is an important milestone in the delivery of Britain ’ s new world-class low carbon railway .
@ @ @ @ @ @ @ as we chart the economic fallout and business impact of the coronavirus pandemic .
“ Building a new railway station for the UK on this scale and size will be an incredible achievement for British engineering ” .
A joint venture of Balfour Beatty , Vinci and Systra were awarded the contract to build the station in September last year and are set to begin work on site next month .
The station will form the centre of plans to redevelop the whole neighbourhood , with the hope of creating tens of thousands @ @ @ @ @ @ @ planning permission comes after the Public Accounts Committee found that the controversial project , which only got final approval from the government in February , was “ badly off course ” .
Read more : HS2 : New controllers needed on the nation ’ s biggest train set MPs expressed serious concerns over the transparency of the project ’ s executives , both at HS2 itself and the Department for Transport .
The project is significantly behind its initial timescale and over budget , with estimates in the Oakervee review pricing in at @ @ @

HS2’s new west London mega-hub gets planning go-ahead
The West Orbital Line will connect with the new HS2 mega-hub at Old Oak Common, which is currently under construction.
HS2’s west London rail hub at Old Oak Common has this evening received planning approval from the Old Oak and Park Royal Development Corporation.
The green light means that work can progress on building what will be the largest new railway station ever built in the UK.
The station will have 14 platforms, a mix of six high speed and eight conventional service platforms, with a 850m long station box, with a volume to fit 6,300 Routemaster buses.
When operational, the station will be used by up to an estimated 250,000 passengers each day and is set to become one of the busiest railway stations in the country.
The HS2 rail link will connect with mainline rail services at Old Oak Common, as well as Crossrail’s Elizabeth Line and the Heathrow Express.
Matthew Botelle, HS2’s stations director said: “The planning approval for the Old Oak Common super-hub station is an important milestone in the delivery of Britain’s new world-class low carbon railway.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
“Building a new railway station for the UK on this scale and size will be an incredible achievement for British engineering”.
A joint venture of Balfour Beatty, Vinci and Systra were awarded the contract to build the station in September last year and are set to begin work on site next month.
The station will form the centre of plans to redevelop the whole neighbourhood, with the hope of creating tens of thousands of new homes and jobs.
The planning permission comes after the Public Accounts Committee found that the controversial project, which only got final approval from the government in February, was “badly off course”.
MPs expressed serious concerns over the transparency of the project’s executives, both at HS2 itself and the Department for Transport.
The project is significantly behind its initial timescale and over budget, with estimates in the Oakervee review pricing in at above £100bn.


cityam--2020-05-19--Facebook launches new shopping feature to help small firms move online

Small businesses will be able to open a single online store selling products through Facebook and Instagram thanks to a new feature launched by the tech giant today .
Facebook Shops , which will be rolled out over the coming months , allows customers to buy products through a firm ’ s business Facebook page or Instagram profile , or through stories and ads .
Read more : Facebook and Instagram launch digital gift cards for small businesses The social media firm said the free tool , one of a string of new features to be introduced this year , @ @ @ @ @ @ @ have been impacted by store closures during the Covid-19 crisis .
Facebook said it will expand its ads engineering team to support the new shopping tool , which was built at the tech giant ’ s London engineering hub .
Facebook Shops will allow businesses to choose the products they want to sell and then customise the look and feel of the virtual shop front .
Customers will also be able to message a business through Whatsapp , Messenger or Instagram Direct to get support and track deliveries .
It comes after Facebook @ @ @ @ @ @ @ its platforms to support small businesses during the Covid-19 crisis .
Other new features in the pipeline include Instagram Shop , a new tool allowing users to discover and buy products through the social media platform ’ s explore tab .
Instagram Shop will initially be launched in the US this summer , while later in the year it will be added to the navigation bar .
Facebook is also set to roll out new live shopping features that will enable brands and influencers to tag products displayed in live videos .
Read @ @ @ @ @ @ @ despite lowest growth since 2012 “ Right now many small businesses are struggling , and with stores closing , more are looking to bring their business online , ” Facebook said in a statement .
“ Our goal is to make shopping seamless and empower anyone from a small business owner to a global brand to use our apps to connect with customers .
”

Facebook launches new shopping feature to help small firms move online
Small businesses will be able to open a single online store selling products through Facebook and Instagram thanks to a new feature launched by the tech giant today.
Facebook Shops, which will be rolled out over the coming months, allows customers to buy products through a firm’s business Facebook page or Instagram profile, or through stories and ads.
The social media firm said the free tool, one of a string of new features to be introduced this year, is aimed at supporting small retailers that have been impacted by store closures during the Covid-19 crisis.
Facebook said it will expand its ads engineering team to support the new shopping tool, which was built at the tech giant’s London engineering hub.
Facebook Shops will allow businesses to choose the products they want to sell and then customise the look and feel of the virtual shop front.
Customers will also be able to message a business through Whatsapp, Messenger or Instagram Direct to get support and track deliveries.
It comes after Facebook launched digital gift cards allowing users of its platforms to support small businesses during the Covid-19 crisis.
Other new features in the pipeline include Instagram Shop, a new tool allowing users to discover and buy products through the social media platform’s explore tab.
Instagram Shop will initially be launched in the US this summer, while later in the year it will be added to the navigation bar.
Facebook is also set to roll out new live shopping features that will enable brands and influencers to tag products displayed in live videos.
“Right now many small businesses are struggling, and with stores closing, more are looking to bring their business online,” Facebook said in a statement.
“Our goal is to make shopping seamless and empower anyone from a small business owner to a global brand to use our apps to connect with customers.”
Main image credit: Facebook


cityam--2020-05-19--Brexit: Minister won't rule out prospect of City losing EU access over fishing policy row

A senior minister has refused to rule out the prospect of the UK ’ s financial services industry losing access to EU markets over a row with Brussels over fishing policy .
Environment secretary George Eustice at today ’ s press briefing said the government would not “ get into saying you have to sacrifice one industry in order to give a leg up to another ” as Brexit trade talks continue to stall over EU access to UK waters and competition regulations .
Read more : Michael Gove : Brexit deal can be struck if EU loses its ‘ @ @ @ @ @ @ @ finished the third round of Brexit trade talks on Friday , with both sides saying there had been little progress made .
Brussels is demanding to maintain the same fishing access to British waters for its member states as when the UK was in the EU .
The EU is also demanding the UK signs up to a so-called level playing field of regulations to ensure British businesses do not have a long-term competitive advantage .
In return , the UK would be able to trade with the EU on a zero-tariff basis @ @ @ @ @ @ @ Frost has said the position of the EU on these two areas is not tenable .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
UK officials have said they would walk away from negotiations if no movement is made on these issues by next month and today Cabinet Office minister Michael Gove said Brussels needed to be more flexible if a deal is to be struck .
If no deal is ratified by 31 December , the UK will leave @ @ @ @ @ @ @ immediately experience barriers to trade with EU nations .
Eustice was asked today at the daily press briefing if it was right that the Square Mile , which makes up 7 per cent of UK GDP , could lose EU access due largely to a dispute around the fishing industry , which makes up 0.1 per cent to UK GDP .
“ I think in this approach it is important to be clear about your priorities and one of ours is to become an independent coastal state in control of our own waters @ @ @ @ @ @ @ waters , ” he said .
“ I think it ’ s not something to get into saying you have to sacrifice one industry in order to give a leg up to another – that ’ s not the way to approach this negotiation .
“ The way to approach it is to stand up to our interests as an independent country and that ’ s the approach we are taking.
” Brussels only grants access to its markets if they agree to an equivalence regime with its trading partner .
This means @ @ @ @ @ @ @ set similar financial services regulations as the EU .
It is crucial the City of London retains access to the EU as almost half of all debt and equity issuance for non-financial Eurozone firms between 2012 and 2018 came from London-based banks .
Read more : Exclusive : EU accused of ‘ politicising ’ City of London in Brexit trade talks A senior EU official told City A.M. last week that the Square Mile ’ s access to EU markets could be used as a bargaining chip in Brexit trade negotiations .
This @ @ @ @ @ @ @ by accusing Brussels of “ politicising ” the City of London .

Brexit: Minister won’t rule out prospect of City losing EU access over fishing policy row
The UK’s financial services industry makes up 7 per cent of UK annual GDP
A senior minister has refused to rule out the prospect of the UK’s financial services industry losing access to EU markets over a row with Brussels over fishing policy.
Environment secretary George Eustice at today’s press briefing said the government would not “get into saying you have to sacrifice one industry in order to give a leg up to another” as Brexit trade talks continue to stall over EU access to UK waters and competition regulations.
The UK and EU finished the third round of Brexit trade talks on Friday, with both sides saying there had been little progress made.
Brussels is demanding to maintain the same fishing access to British waters for its member states as when the UK was in the EU.
The EU is also demanding the UK signs up to a so-called level playing field of regulations to ensure British businesses do not have a long-term competitive advantage.
In return, the UK would be able to trade with the EU on a zero-tariff basis.
However, UK chief negotiator David Frost has said the position of the EU on these two areas is not tenable.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
UK officials have said they would walk away from negotiations if no movement is made on these issues by next month and today Cabinet Office minister Michael Gove said Brussels needed to be more flexible if a deal is to be struck.
If no deal is ratified by 31 December, the UK will leave the customs union and single market and immediately experience barriers to trade with EU nations.
Eustice was asked today at the daily press briefing if it was right that the Square Mile, which makes up 7 per cent of UK GDP, could lose EU access due largely to a dispute around the fishing industry, which makes up 0.1 per cent to UK GDP.
“I think in this approach it is important to be clear about your priorities and one of ours is to become an independent coastal state in control of our own waters, managing and controlling access to our waters,” he said.
“I think it’s not something to get into saying you have to sacrifice one industry in order to give a leg up to another – that’s not the way to approach this negotiation.
“The way to approach it is to stand up to our interests as an independent country and that’s the approach we are taking.”
Brussels only grants access to its markets if they agree to an equivalence regime with its trading partner.
This means the country seeking a trade deal must set similar financial services regulations as the EU.
It is crucial the City of London retains access to the EU as almost half of all debt and equity issuance for non-financial Eurozone firms between 2012 and 2018 came from London-based banks.
A senior EU official told City A.M. last week that the Square Mile’s access to EU markets could be used as a bargaining chip in Brexit trade negotiations.
This saw the UK negotiating team hit back by accusing Brussels of “politicising” the City of London.


cityam--2020-05-19--UK government scientists looking at how to ease coronavirus lockdown faster for remote areas

The government ’ s top scientists are looking at ways of lifting the lockdown at a faster rate in remote parts of the UK that have very few or no coronavirus cases .
The chief scientific adviser to the Ministry of Defence Dame Angela Maclean today said location “ was a huge focus ” for government scientists when looking at lockdown restrictions and that the UK ’ s islands were “ particularly interesting ” .
Read more : UK lockdown : Pedestrian activity soars 25 per cent as Londoners get back to work Boris Johnson eased the government ’ s @ @ @ @ @ @ @ of a three-stage easing of restrictions .
The lockdown was eased for the whole of England , however Johnson said the government would consider making decisions on a regional basis in the future .
Restrictions have been lifted for more than a week now , however a further 545 people died in the UK from Covid-19 today bringing the total to 35,341 .
When asked at today ’ s press briefing if the lockdown could be lifted for Britain ’ s islands or remote areas without Covid-19 cases , Maclean said : “ @ @ @ @ @ @ @ is a huge focus of ours at the moment .
“ Islands are a very special case , which are particularly interesting , but there are also other parts of the country .
“ The spread of infection across the country is quite diverse , quite heterogenous and that does of course raise interesting questions particularly as we get into this right down to what we should do about that.
” The government ’ s next phase of easing the coronavirus lockdown will see primary schools open and “ non-essential retail stores ” @ @ @ @ @ @ @ .
This could be implemented as early as 1 June .
Read more : Coronavirus loans hit £22bn , but just 50 per cent of CBILS lending approved The next stage , which will be no earlier than 4 July , will see some parts of the hospitality sector re-open .
Johnson was clear when the road map was announced that if infections spiked then the government would act to re-enact parts of lockdown if necessary .

UK government scientists looking at how to ease coronavirus lockdown faster for remote areas
A couple walk on the causeway leading to the Corbiere lighthouse in Jersey, Channel Islands
The government’s top scientists are looking at ways of lifting the lockdown at a faster rate in remote parts of the UK that have very few or no coronavirus cases.
The chief scientific adviser to the Ministry of Defence Dame Angela Maclean today said location “was a huge focus” for government scientists when looking at lockdown restrictions and that the UK’s islands were “particularly interesting”.
Boris Johnson eased the government’s lockdown earlier this month as a part of a three-stage easing of restrictions.
The lockdown was eased for the whole of England, however Johnson said the government would consider making decisions on a regional basis in the future.
Restrictions have been lifted for more than a week now, however a further 545 people died in the UK from Covid-19 today bringing the total to 35,341.
When asked at today’s press briefing if the lockdown could be lifted for Britain’s islands or remote areas without Covid-19 cases, Maclean said: “I can tell you for sure location is a huge focus of ours at the moment.
“Islands are a very special case, which are particularly interesting, but there are also other parts of the country.
“The spread of infection across the country is quite diverse, quite heterogenous and that does of course raise interesting questions particularly as we get into this right down to what we should do about that.”
The government’s next phase of easing the coronavirus lockdown will see primary schools open and “non-essential retail stores” opened in England with social distancing restrictions.
This could be implemented as early as 1 June.
The next stage, which will be no earlier than 4 July, will see some parts of the hospitality sector re-open.
Johnson was clear when the road map was announced that if infections spiked then the government would act to re-enact parts of lockdown if necessary.


cityam--2020-05-19--Lufthansa says hundreds of planes will remain grounded until 2023

German state airline Lufthansa has said that hundreds of its aircraft will remain grounded until 2023 due to the prolonged impact of coronavirus on global aviation .
In a letter to staff seen by Reuters , the flag carrier said that next year would see 300 of its 763 planes grounded , with the number falling to 200 in 2021 .
Read more : Lufthansa books €1.2bn first quarter loss as carrier seeks state-backed loan It said : “ In the summer of 2023 , when we will hopefully will have put this crisis behind us , we will still @ @ @ @ @ @ @ aircraft smaller ” .
Lufthansa is currently negotiating a €10bn bailout from German authorities , who are set to take a 25.1 per cent stake in the firm in return .
The airline is currently flying around one per cent of its normal schedule , but has announced plans to begin flights to destinations including Los Angeles , Toronto and Mumbai from next month .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Chief executive Carsten Spohr said last month @ @ @ @ @ @ @ a rate of €1m an hour .
In the first quarter , Lufthansa fell to a €1.2bn loss as a result of the pandemic , which has grounded planes around the world .
A series of stringent travel bans and border closures , along with passengers reticent to fly due to health concerns , have crashed demand for airlines .
Read more : Lufthansa to close budget carrier Germanwings as coronavirus forces overhaul Lufthansa is in negotiations with multiple European states , including Switzerland , Belgium , and Austria , where it has @ @ @ @ @ @

Lufthansa says hundreds of planes will remain grounded until 2023
German state airline Lufthansa has said that hundreds of its aircraft will remain grounded until 2023 due to the prolonged impact of coronavirus on global aviation.
In a letter to staff seen by Reuters, the flag carrier said that next year would see 300 of its 763 planes grounded, with the number falling to 200 in 2021.
It said: “In the summer of 2023, when we will hopefully will have put this crisis behind us, we will still likely have a fleet that is 100 aircraft smaller”.
Lufthansa is currently negotiating a €10bn bailout from German authorities, who are set to take a 25.1 per cent stake in the firm in return.
The airline is currently flying around one per cent of its normal schedule, but has announced plans to begin flights to destinations including Los Angeles, Toronto and Mumbai from next month.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Chief executive Carsten Spohr said last month that the airline was burning cash at a rate of €1m an hour.
In the first quarter, Lufthansa fell to a €1.2bn loss as a result of the pandemic, which has grounded planes around the world.
A series of stringent travel bans and border closures, along with passengers reticent to fly due to health concerns, have crashed demand for airlines.
Lufthansa is in negotiations with multiple European states, including Switzerland, Belgium, and Austria, where it has hubs, over state aid.


cityam--2020-05-19--UK coronavirus death toll rises by 545 as official total passes 35,000

A further 545 people have died from coronavirus in the UK as the official total death toll passed 35,000 .
Speaking at the government ’ s daily briefing , environment secretary George Eustice said the country ’ s death toll now stood at 35,341 .
Read more : Almost 40,000 people have died with coronavirus in England and Wales Another 2,412 people have tested positive for coronavirus since yesterday , he added .
The figure is a sharp increase on the 160 deaths reported yesterday , which was the lowest daily total since the lockdown began in March .
However @ @ @ @ @ @ @ and higher on Tuesday due to a lag in reporting over the weekend .
Moreover , the true number of victims in the UK is likely to be 10,000 higher than the health department ’ s official figures .
Data released this morning by the Office for National Statistics ( ONS ) revealed that there have now been more than 44,000 coronavirus-related deaths in the UK .
Almost 10,000 of these deaths took place in care homes in England and Wales , according to the statistics .
Read more : Coronavirus testing expanded @ @ @ @ @ @ @ are facing growing pressure over whether they have done enough to protect those in care homes .
A leaked study by Public Health England , seen by the Guardian , found temporary workers had spread coronavirus across care homes .
Yesterday health secretary Matt Hancock announced that the government was expanding coronavirus testing to anyone over the age of five with symptoms .

UK coronavirus death toll rises by 545 as official total passes 35,000
A further 545 people have died from coronavirus in the UK as the official total death toll passed 35,000.
Speaking at the government’s daily briefing, environment secretary George Eustice said the country’s death toll now stood at 35,341.
Another 2,412 people have tested positive for coronavirus since yesterday, he added.
The figure is a sharp increase on the 160 deaths reported yesterday, which was the lowest daily total since the lockdown began in March.
However, figures are often lower on Monday and higher on Tuesday due to a lag in reporting over the weekend.
Moreover, the true number of victims in the UK is likely to be 10,000 higher than the health department’s official figures.
Data released this morning by the Office for National Statistics (ONS) revealed that there have now been more than 44,000 coronavirus-related deaths in the UK.
Almost 10,000 of these deaths took place in care homes in England and Wales, according to the statistics.
Ministers are facing growing pressure over whether they have done enough to protect those in care homes. A leaked study by Public Health England, seen by the Guardian, found temporary workers had spread coronavirus across care homes.
Yesterday health secretary Matt Hancock announced that the government was expanding coronavirus testing to anyone over the age of five with symptoms.


cityam--2020-05-20--Johnson & Johnson stops selling Baby Powder talc in US amid cancer claims

Johnson & Johnson last night said it would stop selling its talc Baby Powder in the US and Canada , saying demand had dropped in the wake of what it called “ misinformation ” about the product ’ s safety amid a barrage of legal challenges .
Johnson & Johnson faces more than 19,000 lawsuits from consumers and their survivors claiming its talc products caused cancer due to contamination with asbestos .
Read more : Johnson & Johnson defies baby powder asbestos concerns to beat first quarter forecasts “ I wish my mother could be here to see this day @ @ @ @ @ @ @ mother Darlene Coker alleged Baby Powder caused her mesothelioma .
She dropped the suit filed in 1999 after losing her fight to compel Johnson & Johnson to divulge internal records .
Coker died of mesothelioma in 2009 .
In its statement , Johnson & Johnson said it “ remains steadfastly confident in the safety of talc-based Johnson ’ s Baby Powder , ” citing “ decades of scientific studies.
” Johnson & Johnson has faced intense scrutiny of the safety of its baby powder following an investigative report by news agency Reuters in @ @ @ @ @ @ @ decades that asbestos lurked in its talc .
Internal company records , trial testimony and other evidence show that from at least 1971 to the early 2000s , the company ’ s raw talc and finished powders sometimes tested positive for small amounts of asbestos .
The Reuters article prompted a stock selloff that erased about $ 40bn from Johnson & Johnson ’ s market value in one day and created a public relations crisis as the blue-chip healthcare conglomerate faced widespread questions about the possible health effects of one of its most @ @ @ @ @ @ @ also been the target of a federal criminal investigation into how forthright it has been about its talc products ’ safety , an investigation by 41 states into its baby powder sales , which it disclosed in April , and an investigation into health risks of asbestos in talc-containing consumer products by a Congressional subcommittee .
US Representative Raja Krishnamoorthi , who led the Congressional inquiry , described Johnson & Johnson ’ s decision to stop selling talc baby powder as “ a major victory for public health ” , adding : “ @ @ @ @ @ @ @ that Johnson & Johnson knew for decades that its product contains asbestos.
” In response to evidence of asbestos contamination presented in media reports , in the court room and on Capitol Hill , Johnson & Johnson has repeatedly said its talc products are safe , and do not cause cancer .
Johnson & Johnson on Tuesday said it had stopped shipping talc baby powder when the covid-19 crisis led to limits on shopping and manufacturing , and that now it would wind down North American sales .

Johnson & Johnson stops selling Baby Powder talc in US amid cancer claims
(Photo by Justin Sullivan/Getty Images)
Johnson & Johnson last night said it would stop selling its talc Baby Powder in the US and Canada, saying demand had dropped in the wake of what it called “misinformation” about the product’s safety amid a barrage of legal challenges.
Johnson & Johnson faces more than 19,000 lawsuits from consumers and their survivors claiming its talc products caused cancer due to contamination with asbestos.
“I wish my mother could be here to see this day,” said Crystal Deckard, whose mother Darlene Coker alleged Baby Powder caused her mesothelioma. She dropped the suit filed in 1999 after losing her fight to compel Johnson & Johnson to divulge internal records. Coker died of mesothelioma in 2009.
In its statement, Johnson & Johnson said it “remains steadfastly confident in the safety of talc-based Johnson’s Baby Powder,” citing “decades of scientific studies.”
Johnson & Johnson has faced intense scrutiny of the safety of its baby powder following an investigative report by news agency Reuters in 2018 that found the company knew for decades that asbestos lurked in its talc.
Internal company records, trial testimony and other evidence show that from at least 1971 to the early 2000s, the company’s raw talc and finished powders sometimes tested positive for small amounts of asbestos.
The Reuters article prompted a stock selloff that erased about $40bn from Johnson & Johnson’s market value in one day and created a public relations crisis as the blue-chip healthcare conglomerate faced widespread questions about the possible health effects of one of its most iconic products.
Johnson & Johnson has also been the target of a federal criminal investigation into how forthright it has been about its talc products’ safety, an investigation by 41 states into its baby powder sales, which it disclosed in April, and an investigation into health risks of asbestos in talc-containing consumer products by a Congressional subcommittee.
US Representative Raja Krishnamoorthi, who led the Congressional inquiry, described Johnson & Johnson’s decision to stop selling talc baby powder as “a major victory for public health”, adding: “My Subcommittee’s 14-month investigation revealed that Johnson & Johnson knew for decades that its product contains asbestos.”
In response to evidence of asbestos contamination presented in media reports, in the court room and on Capitol Hill, Johnson & Johnson has repeatedly said its talc products are safe, and do not cause cancer.
Johnson & Johnson on Tuesday said it had stopped shipping talc baby powder when the covid-19 crisis led to limits on shopping and manufacturing, and that now it would wind down North American sales.


cityam--2020-05-20--David Attenborough documentary spurred on appetite for ESG investment

British investors have opted for ESG funds over the last three years more than any other category of investment fund , according to Calastone ’ s latest figures .
The appetite for a more sustainable and ethical approach to investing came in the autumn of 2017 , which coincided with the release of David Attenborough ’ s Blue Planet 2 documentary .
Little to no new money had been invested in ESG funds between 2015 and 2017 , according to a special edition of Calastone ’ s Fund Flow Index .
The data suggests the change in mood was due @ @ @ @ @ @ @ or social ones .
In the 31 months to July 2017 , just £107m was invested in ESG funds , the result of £6.4bn in two-way trading .
Between then and April 2020 , the total volume of trading more than doubled to £16.5bn , with net inflows rising to £3.9bn .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Calastone ’ s ESG Fund Flow Index has averaged 61.9 , meaning that buying was almost two thirds larger than @ @ @ @ @ @ @ most positive reading for any of the fund categories Calastone measures , including passive equity funds , which have a reading of 59 .
January 2020 saw record inflows to ESG funds with £395m invested – almost as much new money as 2015 , 2016 and 2017 put together .
Even in March , which prompted a flood of outflows , ESG funds only saw £17m in outflows .
Inflows returned in April to reach £334m .
Read more : Investors flee UK funds for cash with bond funds the worst hit Edward @ @ @ @ @ @ @ Calastone , said : “ Fund management groups are investing heavily in the category in response to growing investor demand .
This higher profile for ESG funds and a growing focus on managing non- financial operating risk is driving demand higher too from institutional investors.
” “ It ’ s surely no coincidence that the growth in ethical funds took off in the autumn of 2017 when [ David Attenborough documentary ] Blue Planet II shocked the world by revealing the extent of the ocean plastic pollution problem.
” Get the news as @ @ @ @ @ @ @ Twitter .

David Attenborough documentary spurred on appetite for ESG investment
British investors have opted for ESG funds over the last three years more than any other category of investment fund, according to Calastone’s latest figures.
The appetite for a more sustainable and ethical approach to investing came in the autumn of 2017, which coincided with the release of David Attenborough’s Blue Planet 2 documentary.
Little to no new money had been invested in ESG funds between 2015 and 2017, according to a special edition of Calastone’s Fund Flow Index.
The data suggests the change in mood was due to environmental concerns, rather than moral or social ones.
In the 31 months to July 2017, just £107m was invested in ESG funds, the result of £6.4bn in two-way trading. Between then and April 2020, the total volume of trading more than doubled to £16.5bn, with net inflows rising to £3.9bn.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Calastone’s ESG Fund Flow Index has averaged 61.9, meaning that buying was almost two thirds larger than selling activity. It is comfortably the most positive reading for any of the fund categories Calastone measures, including passive equity funds, which have a reading of 59.
January 2020 saw record inflows to ESG funds with £395m invested – almost as much new money as 2015, 2016 and 2017 put together. Even in March, which prompted a flood of outflows, ESG funds only saw £17m in outflows. Inflows returned in April to reach £334m.
Edward Glyn, head of global markets at Calastone, said: “Fund management groups are investing heavily in the category in response to growing investor demand. This higher profile for ESG funds and a growing focus on managing non- financial operating risk is driving demand higher too from institutional investors.”
“It’s surely no coincidence that the growth in ethical funds took off in the autumn of 2017 when [David Attenborough documentary] Blue Planet II shocked the world by revealing the extent of the ocean plastic pollution problem.”
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-05-20--Public trust in airlines and travel firms at record low, says Which?

Public trust in the UK ’ s airlines and travel companies has dropped to a record low as passengers struggle to get refunds due to the coronavirus pandemic , new research from Which ?
has found .
According to a survey of 2,000 people , just 22 per cent of the public trust travel firms and airlines at the moment , with 58 per cent of respondents saying they were still waiting for refunds .
Read more : Travel industry calls on government to extend refund payment timetable Nearly half of those are owed at least £500 , and nearly @ @ @ @ @ @ @ £1,000 .
As a result in the slump in trust , the consumer group ’ s Consumer Insight Tracker has fallen to a record low of -9 .
It is only the second time that the measure has ever gone into the negative , the first being when travel operator Thomas Cook collapsed in September .
Under the law , customers are entitled to a cash refund within 14 days for a package holiday , and within seven days for for flights-only bookings .
However , due to the near complete collapse in @ @ @ @ @ @ @ have been totally overwhelmed by requests for refunds .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Travel industry body ABTA has pleaded with customers for patience , saying that many firms would go bust if they were forced to pay out all the refunds at once .
A spokesperson for the association said : “ Many travel agents and tour operators have a loyal customer base , who are being incredibly supportive during this crisis and are either rebooking @ @ @ @ @ @ @ accepting refund credit notes , which are financially protected according to the payment policy of the ATOL scheme .
“ If a customer requests a refund for a cancelled package holiday , ABTA expects its members to provide these as quickly as they are able to .
“ The majority are doing this , however , the long delays in getting money back from airlines and the sheer volume of enquiries is making it virtually impossible to do so in 14 days ” .
The association has been urging the government to provide @ @ @ @ @ @ @ notes in order to assure customers that they are fully financially protected .

Public trust in airlines and travel firms at record low, says Which?
(Getty Images).
Public trust in the UK’s airlines and travel companies has dropped to a record low as passengers struggle to get refunds due to the coronavirus pandemic, new research from Which? has found.
According to a survey of 2,000 people, just 22 per cent of the public trust travel firms and airlines at the moment, with 58 per cent of respondents saying they were still waiting for refunds.
Nearly half of those are owed at least £500, and nearly three in 10 are owed more than £1,000.
As a result in the slump in trust, the consumer group’s Consumer Insight Tracker has fallen to a record low of -9.
It is only the second time that the measure has ever gone into the negative, the first being when travel operator Thomas Cook collapsed in September.
Under the law, customers are entitled to a cash refund within 14 days for a package holiday, and within seven days for for flights-only bookings.
However, due to the near complete collapse in international travel, airlines and travel firms have been totally overwhelmed by requests for refunds.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Travel industry body ABTA has pleaded with customers for patience, saying that many firms would go bust if they were forced to pay out all the refunds at once.
A spokesperson for the association said: “Many travel agents and tour operators have a loyal customer base, who are being incredibly supportive during this crisis and are either rebooking cancelled holidays for a later date or accepting refund credit notes, which are financially protected according to the payment policy of the ATOL scheme.
“If a customer requests a refund for a cancelled package holiday, ABTA expects its members to provide these as quickly as they are able to.
“The majority are doing this, however, the long delays in getting money back from airlines and the sheer volume of enquiries is making it virtually impossible to do so in 14 days”.
The association has been urging the government to provide clarity over the issue of refund credit notes in order to assure customers that they are fully financially protected.


cityam--2020-05-20--BBC Three could return as on-air channel after Normal People and Fleabag success

BBC Three could be brought back on air as the broadcaster looks to capitalise on a string of recent hits that have resonated with its vital youth audience .
The channel was taken off linear TV and became online-only four years ago to save £30m , with the BBC arguing that young people were increasingly watching shows online .
Read more : Party crasher : BBC launches new co-watching feature to rival Netflix But after the success of programmes such as Normal People , Fleabag and Killing Eve , the corporation is now considering reviving the broadcast channel .
“ @ @ @ @ @ @ @ a big available audience on linear television and the BBC could reach them if we move decisively , ” the broadcaster said in its annual plan published today .
“ So there is potentially a strong case for restoring BBC Three as a linear channel as well as an online destination.
” Regardless of the decision , BBC Three will have its programming budget doubled .
The move comes as the public service broadcaster looks to double down on its youth audience , which has been in steady decline over recent years .
@ @ @ @ @ @ @ watchdog Ofcom warned the BBC was at risk of a “ lost generation ” as 16 to 24-year-olds increasingly turn to streaming services at the broadcaster ’ s expense .
But the ramping up of youth programming will lead to cuts to other BBC services .
Last week it emerged that BBC Four could be closed down as part of the broadcaster ’ s plans to revamp its output and plug a £125m black hole in its finances caused by Covid-19 .
The highbrow channel , which has an average viewer age of @ @ @ @ @ @ @ £44m but accounts for less than two per cent of the nation ’ s viewing .
However , the BBC has said it has no plans to close the arts channel .
In its annual plan the corporation said it was considering launching BBC Four as a commercial streaming service outside the UK .
Read more : BBC Four faces closure as TV bosses battle £125m Covid-19 shortfall Youth-focused BBC Three was launched in 2003 and made its name through hit series such as Gavin & Stacey and Little Britain .
Its recent @ @ @ @ @ @ @ — the hit drama adapted from Sally Rooney ’ s novel — which racked up more than 16m views on BBC iPlayer in its first week , driving BBC Three to its best week ever .

BBC Three could return as on-air channel after Normal People and Fleabag success
BBC Three could be brought back on air as the broadcaster looks to capitalise on a string of recent hits that have resonated with its vital youth audience.
The channel was taken off linear TV and became online-only four years ago to save £30m, with the BBC arguing that young people were increasingly watching shows online.
But after the success of programmes such as Normal People, Fleabag and Killing Eve, the corporation is now considering reviving the broadcast channel.
“Our research evidence shows that there is a big available audience on linear television and the BBC could reach them if we move decisively,” the broadcaster said in its annual plan published today.
“So there is potentially a strong case for restoring BBC Three as a linear channel as well as an online destination.”
Regardless of the decision, BBC Three will have its programming budget doubled.
The move comes as the public service broadcaster looks to double down on its youth audience, which has been in steady decline over recent years.
In a damning report last year media watchdog Ofcom warned the BBC was at risk of a “lost generation” as 16 to 24-year-olds increasingly turn to streaming services at the broadcaster’s expense.
But the ramping up of youth programming will lead to cuts to other BBC services.
Last week it emerged that BBC Four could be closed down as part of the broadcaster’s plans to revamp its output and plug a £125m black hole in its finances caused by Covid-19.
The highbrow channel, which has an average viewer age of 62, has a content budget of £44m but accounts for less than two per cent of the nation’s viewing.
However, the BBC has said it has no plans to close the arts channel. In its annual plan the corporation said it was considering launching BBC Four as a commercial streaming service outside the UK.
Youth-focused BBC Three was launched in 2003 and made its name through hit series such as Gavin & Stacey and Little Britain.
Its recent run of success culminated in Normal People — the hit drama adapted from Sally Rooney’s novel — which racked up more than 16m views on BBC iPlayer in its first week, driving BBC Three to its best week ever.


cityam--2020-05-20--Matalan founder sues PwC over tax haven advice

The founder of budget fashion retailer Matalan is suing PwC , claiming the accounting giant gave him bad advice on how to avoid paying taxes in the UK when he moved to Monaco .
Multimillionare John Hargreaves said PwC had been negligent in its advice on his relocation from England to Monaco , which would have enabled him to avoid paying capital gains and income tax when he offloaded £237m of Matalan shares in 2000 .
Read more : Matalan suffers sales and profit drop in challenging retail environment Hargreaves , who founded Matalan in 1975 , said he followed @ @ @ @ @ @ @ the tax haven and sold the shares in one bulk transaction .
The family still own a £250m stake in the firm , and Hargreaves ’ son Jason is now the retailer ’ s chief executive .
However , HM Revenue & Customs ruled that Hargreaves had not given up his status as a UK resident .
Hargreaves was ordered to pay £35m in 2018 , and HMRC has continued to probe his tax affairs , pursuing him for a further £135m .
He is now suing the Big Four professional services firm @ @ @ @ @ @ @ reportedly claimed that PwC had advised him that he was able to continue working at Matalan ’ s head office and live in the UK for “ two to three nights a week ” , the newspaper reported .
Read more : Matalan warns on margins after ‘ tough ’ May PwC , which is attempting to strike out some of the proceedings on the basis of the amount of time that has passed since it gave the advice , told the FT : “ We believe this claim will ultimately fail and @ @ @ @ @ @ @ the claim.
” Matalan declined to comment on behalf of Hargreaves .
City A.M. has contacted PwC for comment .

Matalan founder sues PwC over tax haven advice
Matalan have secured a deal which will radically reduce the firm’s debt pile
The founder of budget fashion retailer Matalan is suing PwC, claiming the accounting giant gave him bad advice on how to avoid paying taxes in the UK when he moved to Monaco.
Multimillionare John Hargreaves said PwC had been negligent in its advice on his relocation from England to Monaco, which would have enabled him to avoid paying capital gains and income tax when he offloaded £237m of Matalan shares in 2000.
Hargreaves, who founded Matalan in 1975, said he followed PwC advice on how to move to the tax haven and sold the shares in one bulk transaction. The family still own a £250m stake in the firm, and Hargreaves’ son Jason is now the retailer’s chief executive.
However, HM Revenue & Customs ruled that Hargreaves had not given up his status as a UK resident.
Hargreaves was ordered to pay £35m in 2018, and HMRC has continued to probe his tax affairs, pursuing him for a further £135m.
He is now suing the Big Four professional services firm, the Financial Times reported.
Hargreaves reportedly claimed that PwC had advised him that he was able to continue working at Matalan’s head office and live in the UK for “two to three nights a week”, the newspaper reported.
PwC, which is attempting to strike out some of the proceedings on the basis of the amount of time that has passed since it gave the advice, told the FT: “We believe this claim will ultimately fail and are seeking to strike out aspects of the claim.”
Matalan declined to comment on behalf of Hargreaves. City A.M. has contacted PwC for comment.


cityam--2020-05-20--Boris Johnson hints at NHS worker pay rise in fiery PMQs

Boris Johnson has hinted that NHS workers will be given a pay increase in a heated back-and-forth with Sir Keir Starmer at today ’ s Prime Minister ’ s Questions ( PMQs ) .
Johnson said he wanted “ to see our NHS staff paid properly , the NHS supported ” and that it would “ be warmly welcomed across the whole of our establishment of the NHS ” .
Starmer also pushed the Prime Minister on why immigrant NHS and care workers will continue have to pay an NHS surcharge and if he would overturn the policy .
Johnson @ @ @ @ @ @ @ policy , despite the great outpouring of support for care workers over the past three months .
“ We must look at the realities – this is a great national service , national institution , ” Johnson said .
“ Those contributions help us raise £900m pounds and it ’ s very difficult to find alternative sources [ of funding ] …I do think that is the right way forward.
” The atmosphere at PMQs was more animated than in previous weeks as the exchange between Johnson and Starmer got a little personal @ @ @ @ @ @ @ podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Johnson , with more Tory MPs back in the chamber this week yelling in support , at one point mocked Starmer for using one of his six questions to ask about when the government ’ s trace and trace system will be set up , which the Prime Minister had already answered .
“ The honourable gentleman seems to be in the unhappy position of having rehearsed his third of fourth question without having listened to my previous @ @ @ @ @ @ @ is , ” Johnson said .
“ What he has heard is we having a growing confidence that we will have a test .
track and trace operation that is world beating and yes it will be in place by 1 June.
” Johnson on a previous response also said Starmer was being negative on the government ’ s approach to care homes .
Read more : UK house prices jumped before coronavirus lockdown brought market to standstill In a sombre tone , the former Director of Public Prosecutions answered : “ Thirty-four-thousand @ @ @ @ @ @ @ ’ m going to ask about that and quite right too.
” Speaker of the House Sir Lindsay Hoyle also became animated at one stage after health secretary Matt Hancock kept intervening during Starmer ’ s questions .
Addressing Hancock , he said : “ Sorry , do you want to leave the chamber ?
“ We ’ re on maximum numbers , if you want to give way for somebody else i ’ m more than happy .
”

Boris Johnson hints at NHS worker pay rise in fiery PMQs
Prime Minister Boris Johnson leaves 10 Downing Street May 20, 2020 to attend Prime Minister’s Questions (PMQs)
Boris Johnson has hinted that NHS workers will be given a pay increase in a heated back-and-forth with Sir Keir Starmer at today’s Prime Minister’s Questions (PMQs).
Johnson said he wanted “to see our NHS staff paid properly, the NHS supported” and that it would “be warmly welcomed across the whole of our establishment of the NHS”.
Starmer also pushed the Prime Minister on why immigrant NHS and care workers will continue have to pay an NHS surcharge and if he would overturn the policy.
Johnson said there would be no change in policy, despite the great outpouring of support for care workers over the past three months.
“We must look at the realities – this is a great national service, national institution,” Johnson said.
“Those contributions help us raise £900m pounds and it’s very difficult to find alternative sources [of funding]…I do think that is the right way forward.”
The atmosphere at PMQs was more animated than in previous weeks as the exchange between Johnson and Starmer got a little personal.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Johnson, with more Tory MPs back in the chamber this week yelling in support, at one point mocked Starmer for using one of his six questions to ask about when the government’s trace and trace system will be set up, which the Prime Minister had already answered.
“The honourable gentleman seems to be in the unhappy position of having rehearsed his third of fourth question without having listened to my previous answer – brilliant forensic mind that his is,” Johnson said.
“What he has heard is we having a growing confidence that we will have a test. track and trace operation that is world beating and yes it will be in place by 1 June.”
"Do you want to leave the chamber?" Sir Lindsay Hoyle tells off Matt Hancock for speaking over Sir Keir Starmer at #PMQs
"I don't mind you advising the prime minister, but you don't need to advise the opposition"
Live updates: https://t.co/0eyTaZMxb6 pic.twitter.com/0S3iQT7rVn — BBC Politics (@BBCPolitics) May 20, 2020
Johnson on a previous response also said Starmer was being negative on the government’s approach to care homes.
In a sombre tone, the former Director of Public Prosecutions answered: “Thirty-four-thousand deaths…is negative.
“Of course I’m going to ask about that and quite right too.”
Speaker of the House Sir Lindsay Hoyle also became animated at one stage after health secretary Matt Hancock kept intervening during Starmer’s questions.
Addressing Hancock, he said: “Sorry, do you want to leave the chamber?
“We’re on maximum numbers, if you want to give way for somebody else i’m more than happy.”


cityam--2020-05-20--Markets live: FTSE 100 rises but investors remain nervy over vaccine

The UK ’ s FTSE 100 has risen on a choppy day of trading after a report cast doubt on the Moderna coronavirus drug that spurred Monday ’ s sharp rally .
The blue-chip index was up 0.2 per cent at 6,016 points by midday .
It was aided by a surge in data firm Experian , which posted strong results .
Read more : UK inflation rate plunges to lowest level since 2016 amid coronavirus European markets also climbed into the green after earlier falls .
The continent-wide Stoxx 600 was up 0.1 per cent .
Germany ’ s @ @ @ @ @ @ @ .
Global stocks had rallied on Monday on hopes over a a vaccine .
The rally was driven by Pharmaceutical firm Moderna saying its coronavirus drug had shown positive results .
However , new data from an early-stage trial is not conclusive enough to yet show it is effective , according to medical experts cited by news website Stat .
The report suggests that any effective treatment for coronavirus is a long way off .
The virus has now killed more than 320,000 people around the world .
In the US , the @ @ @ @ @ @ @ yesterday .
The S & P 500 fell 1.1 per cent .
But they are set to rise today , according to futures contracts .
“ The larger driver behind equity markets have been optimism surrounding easing of lockdown measures , ” said Fawad Razaqzada , market analyst at Think Markets .
He said the “ recent actions of governments and central banks ” had also helped sentiment .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
“ Still , @ @ @ @ @ @ @ a reminder that these markets are still very much headline-driven and you will see sharp moves on any future vaccine news.
” David Madden , market analyst at CMC Markets , pointed out that “ the losses that were witnessed yesterday were small in comparison with the gains that were racked up on Monday ” .
“ So equity benchmarks remain in their recent upward trends , ” he added .
The FTSE 100 was pulled in different directions by positivity about the reopening of the economy and dire economic data .
It @ @ @ @ @ @ @ inflation data , which prices growing just 0.8 per cent in April .
That is well below the Bank of England ’ s two per cent target and reflects plunging oil prices and demand amid coronavirus .
Yet credit data firm Experian surged more than eight per cent on the FTSE 100 .
It posted strong annual results , reflecting high demand for its analytics products in the US .
On the corporate front , jet engine-maker Rolls Royce announced it would slash around 9,000 jobs .
Yet its shares have risen more @ @ @ @ @ @ @ the cost-cutting .
Read more : Experian says coronavirus lockdowns could hit first quarter revenue The UK ’ s FTSE 250 was up 0.2 per cent .
Marks & Spencer rose more than eight per cent after it said it was closing stores and reducing fashion lines to improve its outlook .
On the currency front , the pound was up 0.2 per cent at $ 1.227 .
This reflected a weaker dollar as risk sentiment returned to markets .

Markets live: FTSE 100 rises as recovery hopes boost global stocks
The UK’s FTSE 100 has closed higher after a choppy day of trading as hopes of a recovery from the coronavirus downturn offset dire economic data and doubts about a new vaccine.
The blue-chip index rose 1.08 per cent to 6,067 points, aided by a surge in data firm Experian, which posted strong results.
European markets also climbed into the green after earlier falls. The continent-wide Stoxx 600 was up just over per cent. Germany’s Dax index closed 1.5 per cent higher.
Global stocks had rallied on Monday on hopes over a a vaccine. The rally was driven by pharmaceutical firm Moderna saying its coronavirus drug had shown positive results.
However, new data from an early-stage trial is not conclusive enough to yet show it is effective, according to medical experts cited by news website Stat.
The report suggests that any effective treatment for coronavirus is a long way off. The virus has now killed more than 320,000 people around the world.
But markets soon overcame these jitters as investors regained hopes of an economic recovery and oil prices strengthened.
“The caution of this morning is a distant memory, as the march higher for indices resumes,” said Chris Beauchamp, chief market analyst at IG.
“Data from various countries and parts of the US still do not suggest a second wave of infections, a theme that is key for further gains in the market.
“Yesterday’s doubts about new infections and caution surrounding the Moderna vaccine has been shrugged aside.”
The FTSE was likely also boosted by comments from Bank of England governor Andrew Bailey, who refused to rule out negative interest rates.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
US stocks rise on upbeat outlook
It was a positive start to trading on Wall Street as well this afternoon. The S&P 500 was trading 1.9 per cent higher, while the Dow Jones and Nasdaq rose 1.7 per cent and 2.2 per cent respectively.
US stocks were pushed up by upbeat earnings reports from retailers as states begin to reopen their economies.
A survey by Bank of America revealed two-thirds of 223 fund managers believed recent gains were a bear-market rally.
“Rising close to 400 points, the Dow returned to 24,600, pretty much reversing the losses incurred last night thanks to some solid earnings, persistent optimism regarding a vaccine and the hopes of some more Fed stimulus down the line,” said Connor Campbell at Spreadex.
“That meant the Dow ignored Donald Trump’s latest inflammatory comments towards China, the President claiming it was the ‘incompetence’ of Beijing that caused the virus to spread.”
FTSE 100 choppy after Monday’s surge
The FTSE 100 was pulled in different directions by positivity about the reopening of the economy and dire economic data.
It was weighed down earlier today by weak inflation data, which prices growing just 0.8 per cent in April. That is well below the Bank of England’s two per cent target and reflects plunging oil prices and demand amid coronavirus.
Yet credit data firm Experian surged more than eight per cent on the FTSE 100. It posted strong annual results, reflecting high demand for its analytics products in the US.
On the corporate front, jet engine-maker Rolls Royce announced it would slash around 9,000 jobs. Yet its shares rose more than two per cent as investors cheer the cost-cutting.
Marks & Spencer closed more than 10 per cent higher after it said it was closing stores and reducing fashion lines to improve its outlook.
On the currency front, the pound was up 0.2 per cent at $1.227. This reflected a weaker dollar as risk sentiment returned to markets.
IG’s Beauchamp said that while markets would likely face further challenges throughout the summer, the “wall of worry is there to be climbed”.
“If recent price action is any guide stock markets will continue to opt for the positive narratives, even as investors wait for this summer’s dire earning season, expected to be one of the worst on record,” he said.


cityam--2020-05-20--Government doubles investment for coronavirus startups

The government has doubled its investment to support startups borne out of the coronavirus crisis .
Business secretary Alok Sharma has today announced the government is doubling investment in the Fast Start Competition to £40m .
The programme was launched in April and is being managed by Innovate UK .
It is part of a £211m investment package to encourage innovation .
Its main aim is to fast track the development of innovative businesses that have developed amid the pandemic .
Projects to benefit from the funding include I3d Robotics , a virtual reality training platform for surgeons .
Elchies @ @ @ @ @ @ @ markets to replace traditional markets which have had to close due to Covid-19 .
Sharma said : “ The coronavirus crisis has created challenges that impact the way we live , work and travel but has also prompted a wave of new innovations as businesses look at ways to solve some of the challenges facing our world today .
“ This funding will support UK start-ups to deliver potential solutions , services and ways of working and help ensure the long term sustainability of these businesses.
” Innovate UK received a record number @ @ @ @ @ @ @ will distribute investment to more than 800 projects .
Dr. Ian Campbell , executive chair of Innovate UK , said : “ The ideas we have seen can truly make a significant impact on society , improve the lives of individuals , especially those in vulnerable groups and enable businesses to prosper in challenging circumstances.
” Read more : £500m Future Fund launch mired by fears startups will miss out The government also launched its £500m Future Fund today , to help startups excluded from the Coronavirus Business Interruption Loan Scheme ( CBILS @ @ @ @ @ @ @ support through government loans ranging from £125,000 to £5m , subject to match-funding from private investors .
However entrepreneurs and investors have raised concerns it will freeze out startups as the terms favour VCs over private investors .
Get the news as it happens by following City A.M. on Twitter .

Government doubles investment for coronavirus startups
London is Europe’s leading tech hub after a near-record year of investment despite the pandemic.
The government has doubled its investment to support startups borne out of the coronavirus crisis.
Business secretary Alok Sharma has today announced the government is doubling investment in the Fast Start Competition to £40m.
The programme was launched in April and is being managed by Innovate UK. It is part of a £211m investment package to encourage innovation.
Its main aim is to fast track the development of innovative businesses that have developed amid the pandemic.
Projects to benefit from the funding include I3d Robotics, a virtual reality training platform for surgeons. Elchies Estates is setting up virtual farmers’ markets to replace traditional markets which have had to close due to Covid-19.
Sharma said: “The coronavirus crisis has created challenges that impact the way we live, work and travel but has also prompted a wave of new innovations as businesses look at ways to solve some of the challenges facing our world today.
“This funding will support UK start-ups to deliver potential solutions, services and ways of working and help ensure the long term sustainability of these businesses.”
Innovate UK received a record number of applications – over 8,600 – and will distribute investment to more than 800 projects.
Dr. Ian Campbell, executive chair of Innovate UK, said: “The ideas we have seen can truly make a significant impact on society, improve the lives of individuals, especially those in vulnerable groups and enable businesses to prosper in challenging circumstances.”
The government also launched its £500m Future Fund today, to help startups excluded from the Coronavirus Business Interruption Loan Scheme (CBILS).
It is designed to provide support through government loans ranging from £125,000 to £5m, subject to match-funding from private investors. However entrepreneurs and investors have raised concerns it will freeze out startups as the terms favour VCs over private investors.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-05-20--McDonald's reveals which drive-thru restaurants have reopened today

McDonald ’ s has revealed which restaurants have reopened today as the fast food giant aims to be operating all drive-thru sites by early June .
The company said it has a total of 33 UK restaurants open for drive-thru orders from today , with some also offering a delivery service .
Read more : McDonald ’ s set to reopen all drive-thrus by June A further five UK sites are open for delivery only .
McDonald ’ s Ireland has also opened six drive-thrus in Dublin .
The burger chain has implemented social distancing measures , which means employee @ @ @ @ @ @ @ menu will be on offer .
The drive-thru restaurants will be open between 11am and 10pm , with a capped spend of £25 per car .
Customers have been urged to pay with contactless card methods when possible .
The company has installed perspex screens at drive-thru windows and employees will wear protective equipment .
All workers will have their temperatures taken before each shift and be asked to confirm they are fit and able to work .
McDonald ’ s said last week that it is aiming to reopen all drive-thru restaurants @ @ @ @ @ @ @ UK and Ireland chief executive Paul Pomroy said last week : “ When your local drive thru does reopen , it will be different .
Read more : McDonald ’ s to reopen for delivery this month “ Our service will not be as quick as you might be used to , as we adjust to smaller teams and social distancing in our kitchens .
“ We expect there will be some queues for some of our busier sites and our restaurants will look different , with Perspex screens at our drive thru @ @ @ @ @ @ @ ”

McDonald’s reveals which drive-thru restaurants have reopened today
McDonald’s has revealed which restaurants have reopened today as the fast food giant aims to be operating all drive-thru sites by early June.
The company said it has a total of 33 UK restaurants open for drive-thru orders from today, with some also offering a delivery service.
A further five UK sites are open for delivery only. McDonald’s Ireland has also opened six drive-thrus in Dublin.
The burger chain has implemented social distancing measures, which means employee numbers will be lower and a reduced menu will be on offer.
The drive-thru restaurants will be open between 11am and 10pm, with a capped spend of £25 per car. Customers have been urged to pay with contactless card methods when possible.
The company has installed perspex screens at drive-thru windows and employees will wear protective equipment. All workers will have their temperatures taken before each shift and be asked to confirm they are fit and able to work.
McDonald’s said last week that it is aiming to reopen all drive-thru restaurants by early June.
McDonald’s UK and Ireland chief executive Paul Pomroy said last week: “When your local drive thru does reopen, it will be different.
“Our service will not be as quick as you might be used to, as we adjust to smaller teams and social distancing in our kitchens.
“We expect there will be some queues for some of our busier sites and our restaurants will look different, with Perspex screens at our drive thru windows and employees wearing protective equipment.”
Which McDonald’s restaurants are open?
Drive-thru only
Restaurant IPSWICH RANELAGH RD IPSWICH – RAVENSWOOD IPSWICH WHITEHOUSE CHELMSFORD – REGIMENT BUSINESS PARK TRAVELLERS FRIEND OLDFIELDS ROAD DT NORTH CHEAM STROOD MEDWAY VALLEY PARK BUSHEY STAINES DT STAINES – ASHFORD BOURGES BOULEVARD BOONGATE PETERBOROUGH PETERBOROUGH – HAMPTON PETERBOROUGH – MORRISONS EYE GREEN PETERBOROUGH – GLINTON MEDWAY CITY ESTATE BOBBING – SHEPPEY WAY DUNSTABLE – LUTON ROAD LUTON RETAIL PARK GIPSY LANE GARSTON (WATFORD)
McDonald’s open for delivery and drive-thru
CHELMSFORD RIVERSIDE CHELMSFORD WESTWAY IPSWICH CARDINAL PARK BOREHAM INTERCHANGE LUTON LEAGRAVE WATFORD HERTFORDSHIRE ARMS LUTON – CHAUL END LANE BEECHINGS WAY SITTINGBOURNE RETAIL PARK GILLINGHAM – BOWATERS
Dublin Drive-Thru
NUTGROVE KYLEMORE ROAD EAST WALL ARTAINE MALAHIDE ROAD TALLAGHT DRIVE THRU
Open for Delivery


cityam--2020-05-20--World Trade Organization: Global trade to drop ‘precipitously’

The World Trade Organization ( WTO ) has said international trade is set to drop “ precipitously ” in the first half of 2020 as coronavirus wreaks havoc on global supply chains and consumer demand .
The WTO ’ s gauge of the health of global trade fell to 87.6 , its lowest reading since the goods trade barometer was launched in 2016 .
In a report , the international organisation said the reading only captures the initial phase of global coronavirus lockdowns , and “ shows no sign of the trade decline bottoming out yet ” .
Global trade @ @ @ @ @ @ @ and 32 per cent this year , the WTO said , depending on how long the pandemic lasts and how effective government measures are .
Trade in cars is set to suffer the most in the first half of the year , as lockdowns cause both production and demand to plunge .
Agricultural trade has been the least affected as essential food shops have remind open .
But it is still below trend .
The World Trade Organization , which promotes free trade and lays down trade rules , said trade had already @ @ @ @ @ @ @ .
“ The volume of world merchandise trade shrank by 0.1 per cent in 2019 , marking the first annual decline since 2009 , during the global financial crisis , ” the report said .
At the heart of the 2019 slowdown was the US-China trade war .
It saw the world ’ s two biggest economies ramp up tariffs on each others ’ goods and dent economic confidence around the world .
Investors fear that another flare-up in US-China trade tensions could damage the recovery from the coronavirus crash .
The US @ @ @ @ @ @ @ the pandemic .
It has even accused China of releasing coronavirus from a lab , without providing any evidence .
Read more : UK-US trade negotiations set for advanced talks in June At the end of April , markets were spooked when US President Donald Trump raised the prospect of more tariffs on Chinese goods .
However , the two sides have said they are working cooperatively to implement the phase one trade deal signed at the start of the year .

World Trade Organization: Global trade to drop ‘precipitously’
Trade has fallen dramatically amid the coronavirus pandemic
The World Trade Organization (WTO) has said international trade is set to drop “precipitously” in the first half of 2020 as coronavirus wreaks havoc on global supply chains and consumer demand.
The WTO’s gauge of the health of global trade fell to 87.6, its lowest reading since the goods trade barometer was launched in 2016.
In a report, the international organisation said the reading only captures the initial phase of global coronavirus lockdowns, and “shows no sign of the trade decline bottoming out yet”.
Global trade is set to drop by between 13 and 32 per cent this year, the WTO said, depending on how long the pandemic lasts and how effective government measures are.
Trade in cars is set to suffer the most in the first half of the year, as lockdowns cause both production and demand to plunge.
Agricultural trade has been the least affected as essential food shops have remind open. But it is still below trend.
The World Trade Organization, which promotes free trade and lays down trade rules, said trade had already slowed in 2019 going into the pandemic.
“The volume of world merchandise trade shrank by 0.1 per cent in 2019, marking the first annual decline since 2009, during the global financial crisis,” the report said.
At the heart of the 2019 slowdown was the US-China trade war. It saw the world’s two biggest economies ramp up tariffs on each others’ goods and dent economic confidence around the world.
Investors fear that another flare-up in US-China trade tensions could damage the recovery from the coronavirus crash.
The US has dialled up the anti-China rhetoric throughout the pandemic. It has even accused China of releasing coronavirus from a lab, without providing any evidence.
At the end of April, markets were spooked when US President Donald Trump raised the prospect of more tariffs on Chinese goods.
However, the two sides have said they are working cooperatively to implement the phase one trade deal signed at the start of the year.