cityam--2020-07-18--Porsche Cayman GTS 4.0 review: The joy of six

I was blissfully ignorant at the time , but this would be my final fling .
A few days later , the UK entered lockdown , and the freedom to simply go for a drive was abruptly revoked .
In the weeks and months that followed , I often thought about that afternoon .
Confined to Croydon , sealed off from friends and family , roaring through the Cotswolds in a red Porsche felt like a distant dream .
Had my last pre-lockdown blast been in a Toyota Yaris , I wouldn ’ t have reminisced so regularly .
But @ @ @ @ @ @ @ a bit special ( even , I suspect , a government-mandated trip to Asda ) .
Defying the trend for downsizing , it loses the turbocharged 2.5-litre four of the old GTS in favour of a free-breathing 4.0-litre flat-six .
The result comes tantalisingly close to the flagship Cayman GT4 , with fewer of that car ’ s compromises .
GT4 excepted , the 718 Cayman and its open-top Boxster sibling have always felt like outstanding cars with mediocre motors .
The flat-four ( still fitted to entry-level and ‘ S ’ models @ @ @ @ @ @ @ , but it sounds ordinary and doesn ’ t relish revs like a sports car should .
No such quandaries in the new GTS .
Its limiter cuts in at 7,800rpm , some 200rpm lower than the GT4 , but the engine is otherwise identical – and a fitting foil for that sublime chassis .
With 400hp and 310lb ft of torque , the GTS hits 62mph in 4.5 seconds .
The forthcoming PDK paddle-shift gearbox will likely make it even quicker , but my car had the six-speed manual .
Notchy and @ @ @ @ @ @ @ for downshifts , it ’ s well worth the added effort .
Only the long ratios – which feel optimised for German autobahns , not British B-roads – take the edge off a little .
Like many 911s of old , the flat-six sounds lumpen at idle , then coalesces and intensifies into a piercing howl .
Beyond 5,000rpm , it ’ s utterly explosive – an addictive rush that gets under your skin like a hungry mosquito .
Frankly , you ’ d have to drive it back-to-back with a GT4 to @ @ @ @ @ @ @ the engine this third-generation Cayman has long deserved .
The GTS changes direction like a startled cat , too .
The super-sticky Michelin Cup 2 tyres of the GT4 have been swapped for longer-lasting Pirellis , but feathery steering and nuanced damping help you exploit every last grain of grip .
PCCB ceramic-composite brakes ( a pricey £5,177 option ) also scrub off speed without breaking sweat .
Where some mid-engined cars feel edgy and intimidating , the Cayman fills you with confidence .
Some elements of the £64,088 GTS feel dated , @ @ @ @ @ @ @ find no digital dials or widescreen infotainment here .
Yet for me , its sheer breadth of talent wins out over newer rivals .
Certainly , the £10,000 premium over a four-pot Cayman S is money well spent .
But paying £11,000 extra for the stiffer , shoutier GT4 offers diminishing returns .
Unless you take part in track days , or simply want the ultimate Cayman , I ’ d save the cash .
It ’ s also worth noting that a fully-loaded GTS comes within a few thousand pounds of an @ @ @ @ @ @ @ though , the two are very different : the 911 a luxurious , driver-focused GT , the Cayman a straightforward sports car .
This back-to-basics purity is core to the Cayman ’ s appeal .
It doesn ’ t muddy the waters with four-wheel drive , rear-wheel steering or hybrid assistance .
The manual ’ box – a rarity in 2020 – is the Kirsche on the Torte .
More than tedious Zoom meetings or toilet roll rationing , it made me long for the end of lockdown , and the joy of @ @ @ @ @ @ @ car , what greater compliment could there be ?

Porsche Cayman GTS 4.0 review: The joy of six
I was blissfully ignorant at the time, but this would be my final fling. A few days later, the UK entered lockdown, and the freedom to simply go for a drive was abruptly revoked.
In the weeks and months that followed, I often thought about that afternoon. Confined to Croydon, sealed off from friends and family, roaring through the Cotswolds in a red Porsche felt like a distant dream.
Had my last pre-lockdown blast been in a Toyota Yaris, I wouldn’t have reminisced so regularly. But the Cayman GTS 4.0 makes every journey a bit special (even, I suspect, a government-mandated trip to Asda). Defying the trend for downsizing, it loses the turbocharged 2.5-litre four of the old GTS in favour of a free-breathing 4.0-litre flat-six. The result comes tantalisingly close to the flagship Cayman GT4, with fewer of that car’s compromises.
GT4 excepted, the 718 Cayman and its open-top Boxster sibling have always felt like outstanding cars with mediocre motors. The flat-four (still fitted to entry-level and ‘S’ models) isn’t short on power, but it sounds ordinary and doesn’t relish revs like a sports car should. No such quandaries in the new GTS. Its limiter cuts in at 7,800rpm, some 200rpm lower than the GT4, but the engine is otherwise identical – and a fitting foil for that sublime chassis.
With 400hp and 310lb ft of torque, the GTS hits 62mph in 4.5 seconds. The forthcoming PDK paddle-shift gearbox will likely make it even quicker, but my car had the six-speed manual. Notchy and deliciously precise, with a throttle-blip function for downshifts, it’s well worth the added effort. Only the long ratios – which feel optimised for German autobahns, not British B-roads – take the edge off a little.
Like many 911s of old, the flat-six sounds lumpen at idle, then coalesces and intensifies into a piercing howl. Beyond 5,000rpm, it’s utterly explosive – an addictive rush that gets under your skin like a hungry mosquito. Frankly, you’d have to drive it back-to-back with a GT4 to notice any difference. It’s the engine this third-generation Cayman has long deserved.
The GTS changes direction like a startled cat, too. The super-sticky Michelin Cup 2 tyres of the GT4 have been swapped for longer-lasting Pirellis, but feathery steering and nuanced damping help you exploit every last grain of grip. PCCB ceramic-composite brakes (a pricey £5,177 option) also scrub off speed without breaking sweat. Where some mid-engined cars feel edgy and intimidating, the Cayman fills you with confidence.
Some elements of the £64,088 GTS feel dated, particularly its interior; you’ll find no digital dials or widescreen infotainment here. Yet for me, its sheer breadth of talent wins out over newer rivals. Certainly, the £10,000 premium over a four-pot Cayman S is money well spent. But paying £11,000 extra for the stiffer, shoutier GT4 offers diminishing returns. Unless you take part in track days, or simply want the ultimate Cayman, I’d save the cash.
It’s also worth noting that a fully-loaded GTS comes within a few thousand pounds of an entry-level 911 Carrera. In reality, though, the two are very different: the 911 a luxurious, driver-focused GT, the Cayman a straightforward sports car.
This back-to-basics purity is core to the Cayman’s appeal. It doesn’t muddy the waters with four-wheel drive, rear-wheel steering or hybrid assistance. The manual ’box – a rarity in 2020 – is the Kirsche on the Torte. More than tedious Zoom meetings or toilet roll rationing, it made me long for the end of lockdown, and the joy of just driving again. For a sports car, what greater compliment could there be?
• Tim Pitt works for motoringresearch.com


cityam--2020-07-19--Chinese ambassador slammed for denying 'chilling' ethnic cleansing claims

China ’ s ambassador to the UK has been widely criticised by MPs this morning for denying claims of ethnic cleansing against Uyghur Muslims in Northern China and instead drawing attention to the “ beautiful ” scenery in the region .
Liu Xiaoming was shown footage during a BBC interview of hundreds of chained Uyhurs being loaded onto trains headed for internment camps in the province of Xinjiang in scenes widely described as resembling trains headed for Auschwitz in World War II .
Read more : China threatens to sanction Lockheed Martin over Taiwan arms sales After a long pause @ @ @ @ @ @ @ Xinjiang was the most beautiful place in China , before saying that the video was just a “ transfer of prisoners ” .
He added that Uyghur Muslims have a “ harmonious ” life in the northern province , despite growing evidence that a million are in concentration camps , women are being forcibly sterilised and the rate of death among the minority is far higher than the rest of the population .
Xiamong said these were lies propagated by an “ anti-Chinese element ” and that “ the majority of Xinjiang people @ @ @ @ @ @ @ with Xinjiang – in the past three years there is not one single terrorist attack in Xinjiang ” .
Conservative MP Nus Ghani took to twitter to strongly denounce the Chinese ambassador for his performance and accuse China of carrying out genocide .
“ The chilling truth is that this is an ongoing genocide according to the United Nations ’ definition , yet the UN isn ’ t putting a stop to this , ” she said .
“ The UK must follow our American allies and impose Magnitsky sanctions on those responsible.
@ @ @ @ @ @ @ interview showed the UK was right to ban Huawei this week from helping build the UK ’ s 5G infrastructure .
“ Any lingering thought that Huawei is independent of the Chinese Communist Party is being utterly shredded by the Chinese ambassador , ” he said .
In a wide ranging interview Xiaoming also criticised the UK ’ s Huawei decision , saying it was a “ dark day ” for the UK .
He also said China would impose sanctions on the UK if it targets Chinese nationals through its new Magnitsky @ @ @ @ @ @ @ UK impose sanctions , such as freeing assets and disallowing entry into the country , on people accused of violating human rights .
Read more : Trump on UK ’ s Huawei U-turn : ‘ I did this myself ’ “ You ’ ve seen what happens in the United States , they sanction Chinese officials , we sanction their senators , their officials – I do not want to see this tit-for-tat happen in…China-UK relations.
” “ We never believe in unilateral sanctions , we believe that the UN is the authority @ @ @ @ @ @ @ sanctions and if the UK government go that far to impose sanctions on any individuals in China , China will certainly make a resolute response to it .
”

Chinese ambassador slammed for denying ‘chilling’ ethnic cleansing claims
China’s ambassador to Britain Liu Xiaoming takes questions from members of the media at the Chinese Embassy in London on February 6, 2020
China’s ambassador to the UK has been widely criticised by MPs this morning for denying claims of ethnic cleansing against Uyghur Muslims in Northern China and instead drawing attention to the “beautiful” scenery in the region.
Liu Xiaoming was shown footage during a BBC interview of hundreds of chained Uyhurs being loaded onto trains headed for internment camps in the province of Xinjiang in scenes widely described as resembling trains headed for Auschwitz in World War II.
After a long pause, Xiaoming began to speak about how Xinjiang was the most beautiful place in China, before saying that the video was just a “transfer of prisoners”.
He added that Uyghur Muslims have a “harmonious” life in the northern province, despite growing evidence that a million are in concentration camps, women are being forcibly sterilised and the rate of death among the minority is far higher than the rest of the population.
Xiamong said these were lies propagated by an “anti-Chinese element” and that “the majority of Xinjiang people are happy with what is going on with Xinjiang – in the past three years there is not one single terrorist attack in Xinjiang”.
Conservative MP Nus Ghani took to twitter to strongly denounce the Chinese ambassador for his performance and accuse China of carrying out genocide.
“The chilling truth is that this is an ongoing genocide according to the United Nations’ definition, yet the UN isn’t putting a stop to this,” she said.
“The UK must follow our American allies and impose Magnitsky sanctions on those responsible.”
SNP MP Stewart McDonald said the interview showed the UK was right to ban Huawei this week from helping build the UK’s 5G infrastructure.
“Any lingering thought that Huawei is independent of the Chinese Communist Party is being utterly shredded by the Chinese ambassador,” he said.
In a wide ranging interview Xiaoming also criticised the UK’s Huawei decision, saying it was a “dark day” for the UK.
He also said China would impose sanctions on the UK if it targets Chinese nationals through its new Magnitsky act.
The act will see the UK impose sanctions, such as freeing assets and disallowing entry into the country, on people accused of violating human rights.
“You’ve seen what happens in the United States, they sanction Chinese officials, we sanction their senators, their officials – I do not want to see this tit-for-tat happen in…China-UK relations.”
“We never believe in unilateral sanctions, we believe that the UN is the authority, has the authority, to impose sanctions and if the UK government go that far to impose sanctions on any individuals in China, China will certainly make a resolute response to it.”


cityam--2020-07-19--Steve Coogan’s ‘perfect’ Jaguar E-Type up for sale

As Alan Partridge , Steve Coogan refused to drive a Rover 100 ( “ They ’ ve rebadged it , you fool !
” ) and lusted after a Lexus ( “ the Japanese Mercedes ” ) .
Later , as Tommy Saxondale , he cherished his Ford Mustang Mach 1 , but drove a Renault Kangoo ( “ Grab a pew in the Kangoo ” ) for work .
In real life , Coogan has rather more refined taste .
His car history includes a Ferrari 328 and F355 , two air-cooled Porsche 911s , an Aston Martin DBS @ @ @ @ @ @ @ He ’ s also custodian of the rare Jaguar E-Type seen here , which is now up for sale .
If you have between £300,000 and £350,000 to spare , this concours-winning Jaguar is a wonderful – and blue-chip investible – classic car .
So what makes it so special ?
Coogan ’ s E-Type roadster is chassis number 62 , a very early example and one of 56 originally used by Jaguar dealers as demonstration cars .
It ’ s also a sought-after ‘ flat floor ’ model , plus one of @ @ @ @ @ @ @ .
Nerdy details , perhaps – but for serious Jaguar collectors , this stuff matters .
The car was registered to its first owner on 8 September 1961 and spent most of its life in Scotland .
Steve Coogan added his name to the V5 in 2016 and swiftly commissioned a nut-and-bolt restoration .
This task , taken on by XK Engineering , took two years and was fully documented in Classic Cars magazine .
The result is one of the best E-Types… in the world ( “ Not my words , Carol @ @ @ @ @ @ @ Gear Magazine ” ) .
The Jaguar was repainted in its original colour of Sherwood Green , with green leather upholstery and a French Grey roof .
Period details such as the bonnet louvres and split throttle linkage were also restored to as-new condition , along with those all-important bonnet latches .
Crucially , the car retains ‘ matching numbers ’ – meaning it has the same body , engine , gearbox and differential as when it left the factory .
A full service history and Jaguar Heritage Certificate are also included as @ @ @ @ @ @ @ will be sold by Silverstone Auctions in a forthcoming online auction .
Prospective buyers can arrange a viewing beforehand : call 01926 691141 or email enquiries @ silverstoneauctions.com .
Nick Whale , MD of Silverstone Auctions , said : “ This really is a fabulous car of the highest quality .
The history that accompanies it is just perfect , the restoration speaks for itself and has been fully documented .
Steve has kept this car in pristine condition in his own personal collection .
“ This is a very special opportunity to @ @ @ @ @ @ @ of Jaguar E-Types with the external bonnet locks .
A real collector ’ s car.
” If you fancy recreating Coogan ’ s driving and culinary adventures in The Trip ( “ Duck fat lolly ?
Well , why not ?
” ) , we can ’ t imagine a more stylish or pleasurable way to do it .

Steve Coogan’s ‘perfect’ Jaguar E-Type up for sale
As Alan Partridge, Steve Coogan refused to drive a Rover 100 (“They’ve rebadged it, you fool!”) and lusted after a Lexus (“the Japanese Mercedes”). Later, as Tommy Saxondale, he cherished his Ford Mustang Mach 1, but drove a Renault Kangoo (“Grab a pew in the Kangoo”) for work.
In real life, Coogan has rather more refined taste. His car history includes a Ferrari 328 and F355, two air-cooled Porsche 911s, an Aston Martin DBS V8 and a tuned Mazda MX-5. He’s also custodian of the rare Jaguar E-Type seen here, which is now up for sale.
If you have between £300,000 and £350,000 to spare, this concours-winning Jaguar is a wonderful – and blue-chip investible – classic car. So what makes it so special?
Knowing me, knowing you
Coogan’s E-Type roadster is chassis number 62, a very early example and one of 56 originally used by Jaguar dealers as demonstration cars.
It’s also a sought-after ‘flat floor’ model, plus one of only 92 E-Types with outside bonnet locks. Nerdy details, perhaps – but for serious Jaguar collectors, this stuff matters.
The car was registered to its first owner on 8 September 1961 and spent most of its life in Scotland. Steve Coogan added his name to the V5 in 2016 and swiftly commissioned a nut-and-bolt restoration.
This task, taken on by XK Engineering, took two years and was fully documented in Classic Cars magazine. The result is one of the best E-Types… in the world (“Not my words, Carol, those are the words of Top Gear Magazine”).
Life in the past lane
The Jaguar was repainted in its original colour of Sherwood Green, with green leather upholstery and a French Grey roof.
Period details such as the bonnet louvres and split throttle linkage were also restored to as-new condition, along with those all-important bonnet latches.
Crucially, the car retains ‘matching numbers’ – meaning it has the same body, engine, gearbox and differential as when it left the factory. A full service history and Jaguar Heritage Certificate are also included as part of the sale.
Taking a trip
The E-Type will be sold by Silverstone Auctions in a forthcoming online auction. Prospective buyers can arrange a viewing beforehand: call 01926 691141 or email enquiries@silverstoneauctions.com.
Nick Whale, MD of Silverstone Auctions, said: “This really is a fabulous car of the highest quality. The history that accompanies it is just perfect, the restoration speaks for itself and has been fully documented. Steve has kept this car in pristine condition in his own personal collection.
“This is a very special opportunity to own one of the earliest and rarest of Jaguar E-Types with the external bonnet locks. A real collector’s car.”
If you fancy recreating Coogan’s driving and culinary adventures in The Trip (“Duck fat lolly? Well, why not?”), we can’t imagine a more stylish or pleasurable way to do it.
• Tim Pitt works for motoringresearch.com


cityam--2020-07-19--Fast fashion firms Asos and Missguided call for action on UK worker exploitation

Fast fashion retailers Asos and Missguided have called for urgent government action over the exploitation at UK clothing factories , after rival e-commerce firm Boohoo was embroiled in a scandal over the treatment of workers in Leicester .
In a letter to home secretary Priti Patel , a group of retailers , MPs and investors , including Allianz Global Investors , Schroders , Fidelity International and Columbia Threadneedle , called for the introduction of statutory licensing of garment factories .
Read more : Boohoo ‘ aware of poor working practices ’ in Leicester since 2018 , MPs say High street @ @ @ @ @ @ @ and River Island also signed the letter following allegations of poor conditions and underpayment of workers in Boohoo ’ s supply chain .
“ Unless action is taken now , thousands more people will likely face exploitation , ” the letter said .
Boohoo launched an independent review of its UK supply chain following the allegations .
The retailer ’ s share price has fallen more than 40 per cent since the Sunday Times report was published two weeks ago .
The scheme called for today would protect workers from forced labour , @ @ @ @ @ @ @ Minimum Wage , holiday pay and health and safety conditions .
The letter also said it would “ prevent rogue businesses from undercutting compliant manufacturers ” and encourage retailers to source their clothing from the UK .
British Retail Consortium chief executive Helen Dickinson said : “ Recent reports in the media demonstrate the urgent need for action before more workers are needlessly taken advantage of .
While there is no silver bullet , licensing is a critical step toward resolving this issue .
“ The public want to know that the clothes @ @ @ @ @ @ @ who are respected , valued and protected by the law .
”

Fast fashion firms Asos and Missguided call for action on UK worker exploitation
Fast fashion retailers Asos and Missguided have called for urgent government action over the exploitation at UK clothing factories, after rival e-commerce firm Boohoo was embroiled in a scandal over the treatment of workers in Leicester.
In a letter to home secretary Priti Patel, a group of retailers, MPs and investors, including Allianz Global Investors, Schroders, Fidelity International and Columbia Threadneedle, called for the introduction of statutory licensing of garment factories.
High street names including Next, M&S and River Island also signed the letter following allegations of poor conditions and underpayment of workers in Boohoo’s supply chain.
“Unless action is taken now, thousands more people will likely face exploitation,” the letter said.
Boohoo launched an independent review of its UK supply chain following the allegations. The retailer’s share price has fallen more than 40 per cent since the Sunday Times report was published two weeks ago.
The scheme called for today would protect workers from forced labour, and would ensure the payment of National Minimum Wage, holiday pay and health and safety conditions.
The letter also said it would “prevent rogue businesses from undercutting compliant manufacturers” and encourage retailers to source their clothing from the UK.
British Retail Consortium chief executive Helen Dickinson said: “Recent reports in the media demonstrate the urgent need for action before more workers are needlessly taken advantage of. While there is no silver bullet, licensing is a critical step toward resolving this issue.
“The public want to know that the clothes they buy have been made by workers who are respected, valued and protected by the law.”


cityam--2020-07-19--Dividend recovery 'could take six years' after record-breaking fall

Shareholder payouts could take up to six years to recover to pre-coronavirus pandemic levels , the latest research has shown , after companies were forced to slash dividends during the crisis .
Dividends were down £22bn to £16.1bn in the second quarter of the year , a record fall of 57.2 per cent year on year .
Read more : RBS chairman calls on Bank of England to lift dividend curbs Underlying dividends , excluding special dividends , fell by £16.4bn , with half of the impact coming from the financial sector after the Bank of England ordered lenders to @ @ @ @ @ @ @ Many insurers also followed suit .
Oil sector cuts totalled £2.2bn during the second quarter , with Shell slashing its payout by two-thirds , followed by a £2bn cull from the diverse industrials sector , including aviation , construction and engineering .
Meanwhile , £1.7bn was pulled from consumer discretionary sector dividends .
In total 176 companies cancelled payments and 30 cut them , representing three quarters of firms that usually pay out during the period , according to analysis by Link Group , which warned it could take until 2026 for payouts @ @ @ @ @ @ @ the next twelve months Link Group said it expects UK equities to yield 3.6 per cent on a best-case scenario or 3.3 per cent on a worst-case scenario .
Susan Ring , corporate markets chief executive at Link Group said : “ The second quarter was truly a record breaker .
Not by a whisker , nor by a nose , but by a mile .
The whole of 2020 will , without doubt , see the biggest hit to dividends in generations.
” “ But to some extent , companies in 2020 @ @ @ @ @ @ @ waste a good crisis , ” she added .
“ Dividend cover , a measure of affordability that relates payouts to profits , has been far lower in the UK than the global average .
“ 2020 has provided an opportunity for many companies to reset their dividends at a lower , more sustainable level from which they can again start to rebuild .
“ In the short term this is painful for investors , but in the long run it helps create healthier companies .
“ This resetting , together with the @ @ @ @ @ @ @ it could take until 2026 for dividends to return to their 2019 level .
”

Dividend recovery ‘could take six years’ after record-breaking fall
Shareholder payouts could take up to six years to recover to pre-coronavirus pandemic levels, the latest research has shown, after companies were forced to slash dividends during the crisis.
Dividends were down £22bn to £16.1bn in the second quarter of the year, a record fall of 57.2 per cent year on year.
Underlying dividends, excluding special dividends, fell by £16.4bn, with half of the impact coming from the financial sector after the Bank of England ordered lenders to cancel all shareholder payouts for 2020. Many insurers also followed suit.
Oil sector cuts totalled £2.2bn during the second quarter, with Shell slashing its payout by two-thirds, followed by a £2bn cull from the diverse industrials sector, including aviation, construction and engineering.
Meanwhile, £1.7bn was pulled from consumer discretionary sector dividends.
In total 176 companies cancelled payments and 30 cut them, representing three quarters of firms that usually pay out during the period, according to analysis by Link Group, which warned it could take until 2026 for payouts to return to 2019 levels.
Over the next twelve months Link Group said it expects UK equities to yield 3.6 per cent on a best-case scenario or 3.3 per cent on a worst-case scenario.
Susan Ring, corporate markets chief executive at Link Group said: “The second quarter was truly a record breaker. Not by a whisker, nor by a nose, but by a mile. The whole of 2020 will, without doubt, see the biggest hit to dividends in generations.”
“But to some extent, companies in 2020 are also ensuring they don’t waste a good crisis,” she added.
“Dividend cover, a measure of affordability that relates payouts to profits, has been far lower in the UK than the global average.
“2020 has provided an opportunity for many companies to reset their dividends at a lower, more sustainable level from which they can again start to rebuild.
“In the short term this is painful for investors, but in the long run it helps create healthier companies.
“This resetting, together with the economic legacy of the pandemic, means it could take until 2026 for dividends to return to their 2019 level.”


cityam--2020-07-19--Finance chiefs expect slow business recovery from coronavirus pandemic

Finance bosses do not expect business to bounce back quickly after the coronavirus pandemic , with many forecasting that demand will not recover until the second half of next year .
Research by Deloitte found that 49 per cent of chief financial officers do not believe that demand for their business will return to pre-pandemic levels until after the second quarter in 2021 .
Read more : Coronavirus roadmap : When will England ’ s lockdown end ?
In total , 78 per cent of the finance chiefs surveyed expected UK corporates ’ revenue to decrease in the next 12 @ @ @ @ @ @ @ .
In the first quarter , a record 97 per cent anticipated that revenue would drop .
The research showed that 80 per cent of finance chiefs felt there is a high or very high level of uncertainty facing their business , slightly lower than the 89 per cent recorded in the first quarter .
Meanwhile , 82 per cent said they were unlikely to take risk onto their balance sheets and 86 per cent said dividend issuance and share buybacks by UK businesses will decrease over the next year .
Almost two @ @ @ @ @ @ @ expenditure to decrease over the next three years due to the coronavirus crisis or Brexit , while a quarter attributed the reduction to both factors .
Finance chiefs ranked the effects of the pandemic as the greatest risk facing their business , followed by geopolitics , Brexit and economic weakness in the US .
Deloitte chief executive Ian Stewart said : “ Major corporates are expecting a long haul back to pre-Covid levels of revenue .
“ Almost half of them believe their own revenues will not recover for at least a year @ @ @ @ @ @ @ risk for UK CFOs , and by a wide margin.
” The survey also found that 61 per cent said reducing costs and 52 per cent said increasing cash flow were strong priorities over the next 12 months .
Separate research by accountancy firm BDO also reflected business leaders ’ shifting priorities due to the coronavirus pandemic .
Respondents to the survey said the reducing overheads and business costs were the most important aims , compared to six months ago when the top concern was attracting and retaining high quality talent .
In @ @ @ @ @ @ @ reducing overheads would be important for their future survival and success .
“ Unsurprisingly , some businesses have reined in their growth ambitions in order to focus on business resilience , ” BDO managing director Paul Eagland said .
Read more : More SMEs eligible for coronavirus loans under rule change “ The pandemic has also forced many to rethink and adapt their operating models .
“ As we emerge more fully from lockdown , business leaders will need to continue to act with agility and creativity to ensure their businesses are in @ @ @ @ @ @ @ the recovery .
”

Finance chiefs expect slow business recovery from coronavirus pandemic
The City of London remains quiet as parts of the coronavirus lockdown continue
Finance bosses do not expect business to bounce back quickly after the coronavirus pandemic, with many forecasting that demand will not recover until the second half of next year.
Research by Deloitte found that 49 per cent of chief financial officers do not believe that demand for their business will return to pre-pandemic levels until after the second quarter in 2021.
In total, 78 per cent of the finance chiefs surveyed expected UK corporates’ revenue to decrease in the next 12 months, the second-highest reading on record. In the first quarter, a record 97 per cent anticipated that revenue would drop.
The research showed that 80 per cent of finance chiefs felt there is a high or very high level of uncertainty facing their business, slightly lower than the 89 per cent recorded in the first quarter.
Meanwhile, 82 per cent said they were unlikely to take risk onto their balance sheets and 86 per cent said dividend issuance and share buybacks by UK businesses will decrease over the next year.
Almost two thirds of CFOs said they expect capital expenditure to decrease over the next three years due to the coronavirus crisis or Brexit, while a quarter attributed the reduction to both factors.
Finance chiefs ranked the effects of the pandemic as the greatest risk facing their business, followed by geopolitics, Brexit and economic weakness in the US.
Deloitte chief executive Ian Stewart said: “Major corporates are expecting a long haul back to pre-Covid levels of revenue.
“Almost half of them believe their own revenues will not recover for at least a year. Covid-19 overshadows all other sources of risk for UK CFOs, and by a wide margin.”
The survey also found that 61 per cent said reducing costs and 52 per cent said increasing cash flow were strong priorities over the next 12 months.
Separate research by accountancy firm BDO also reflected business leaders’ shifting priorities due to the coronavirus pandemic. Respondents to the survey said the reducing overheads and business costs were the most important aims, compared to six months ago when the top concern was attracting and retaining high quality talent.
In total, 92 per cent said that reducing overheads would be important for their future survival and success.
“Unsurprisingly, some businesses have reined in their growth ambitions in order to focus on business resilience,” BDO managing director Paul Eagland said.
“The pandemic has also forced many to rethink and adapt their operating models.
“As we emerge more fully from lockdown, business leaders will need to continue to act with agility and creativity to ensure their businesses are in the best shape to take advantage of the recovery.”


cityam--2020-07-19--The City View: Jo Tanner on the Downing Street spin machine

In today ’ s episode , Andy Silvester is joined by Jo Tanner , Chief Executive of iNHouse Communications , one of the capital ’ s most effective campaigning operations .
Andy and Jo talk about the government ’ s communications strategy around Covid-19 , whether ‘ work from home ’ is all it ’ s cracked up to be and what certainty Downing Street need to give employers to make sure the economy gets up and running again .
Andy also looks at relationships between the UK and China and the economic implications of the rows between the two @ @ @ @ @ @ @ to the CBIL scheme .
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ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind .
Any instruments that are mentioned throughout are cited only for illustrative and educational purposes .

The City View: Jo Tanner on the Downing Street spin machine
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In today’s episode, Andy Silvester is joined by Jo Tanner, Chief Executive of iNHouse Communications, one of the capital’s most effective campaigning operations.
Andy and Jo talk about the government’s communications strategy around Covid-19, whether ‘work from home’ is all it’s cracked up to be and what certainty Downing Street need to give employers to make sure the economy gets up and running again.
Andy also looks at relationships between the UK and China and the economic implications of the rows between the two, the UK housing market and changes to the CBIL scheme.
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cityam--2020-07-19--UK housing market enjoys 'mini-boom' as asking prices soar in July

Residential property asking prices soared in July as coronavirus lockdown restrictions were lifted , sparking a “ mini-boom ” in the UK housing market .
The average asking price of property coming to market in July was up 2.4 per cent compared to March , before the coronavirus lockdown was announced .
Read more : Buyers return to UK housing market as lockdown lifts The 3.7 per cent annual rate of increase recorded in July is the highest since 2016 , according to the latest analysis by property platform Rightmove .
Year-on-year buyer enquiries were up 75 per cent in @ @ @ @ @ @ @ , and 44 per cent of new listings that came up for sale in the first month after restrictions were eased in May have been marked as sale agreed .
The property market was brought to a standstill during the UK coronavirus lockdown , as estate agents closed , construction work was paused and prospective buyers were unable to view houses .
The government opened the English property market on 13 May , and has since announced a stamp duty holiday to reignite the market .
The number of monthly sales agreed jumped @ @ @ @ @ @ @ last year and soared 35 per cent in the five days after the government increased the stamp duty threshold from £125,000 to £500,000 .
Rightmove housing market analyst Miles Shipside said : “ The unexpected mini-boom continues to gather momentum as more nations reopen .
Read more : Stamp duty holiday : What does it mean for the UK housing market ?
“ Overall buyer enquiries are up by an incredible 75 per cent year-on-year in Britain and we expect activity will increase even further as Scotland has not yet been open for @ @ @ @ @ @ @ has some housing market restrictions in place .
“ The busy until interrupted spring market has now picked up where it left off and has been accelerated by both time-limited stamp duty holidays and by homeowners reappraising their homes and lifestyles because of the lockdown .
”

UK housing market enjoys ‘mini-boom’ as asking prices soar in July, says Rightmove
LSL Property Services abandoned a merger with rival firm Countrywide last year
Residential property asking prices soared in July as coronavirus lockdown restrictions were lifted, sparking a “mini-boom” in the UK housing market.
The average asking price of property coming to market in July was up 2.4 per cent compared to March, before the coronavirus lockdown was announced.
The 3.7 per cent annual rate of increase recorded in July is the highest since 2016, according to the latest analysis by property platform Rightmove.
Year-on-year buyer enquiries were up 75 per cent in Britain since the beginning of the month, and 44 per cent of new listings that came up for sale in the first month after restrictions were eased in May have been marked as sale agreed.
Estate agents hailed the figures, saying that such levels of activity were “unheard of” within the UK market, saying that they expected prices to rise further.
The property market was brought to a standstill during the UK coronavirus lockdown, as estate agents closed, construction work was paused and prospective buyers were unable to view houses.
The government opened the English property market on 13 May, and has since announced a stamp duty holiday to reignite the market.
The number of monthly sales agreed jumped 15 per cent in England compared to last year and soared 35 per cent in the five days after the government increased the stamp duty threshold from £125,000 to £500,000.
Before the Open newsletter: Start your day with the City View podcast and key market data
Rightmove housing market analyst Miles Shipside said: “The unexpected mini-boom continues to gather momentum as more nations reopen.
“The busy until interrupted spring market has now picked up where it left off and has been accelerated by both time-limited stamp duty holidays and by homeowners reappraising their homes and lifestyles because of the lockdown.”
James Forester, managing director of Barrows and Forester, said: “Such significant levels of buyer activity are unheard of within the UK market and should ensure a nitrous-oxide fuelled return to form for the UK property market.
“While the market will return to a more familiar form of ‘normality’ as this demand levels out, it has truly defibrillated any fears of a downturn in home values”.
However, former RICS chairman Jeremy Leaf said that the signs were that many expected this surge to be a brief one.
“We get the impression too that many recognise this may be a relatively short-term surge as government support schemes start to fall away and news about the economy is not very encouraging”, he said.
“Looking forward, we don’t expect prices to increase particularly strongly as the number of new listings is also rising, providing more balance between supply and demand. The market remains price-sensitive.”


cityam--2020-07-19--Tiktok shelves London HQ plans as tensions mount

Bytedance , the Chinese owner of video app Tiktok , has had its plans to create a new international headquarters in London thrown into doubt by a growing diplomatic crisis and fears it could be blocked in the US .
Tiktok has been in discussions with the UK government over the past few months to locate its headquarters in the capital as part of a strategy to distance itself from its Chinese ownership , Reuters reported .
Read more : White House pushes ahead with plans to ban Tiktok ‘ in weeks ’ However , talks have reportedly broken down @ @ @ @ @ @ @ app , which is popular among teenagers , could pose a security risk due to its links to the Chinese state .
Tiktok is facing heavy scrutiny in Washington over suspicions China could force the company to turn over user data .
Meanwhile , tensions between the UK and China have mounted after the government ordered the removal of Huawei ’ s equipment from the UK ’ s 5G network by 2027 .
A source told Reuters that the company is largely focused on its issues in the United States over the last @ @ @ @ @ @ @ out London as a potential location for its new headquarters .
TikTok is expected to “ significantly ” increase the size of its workforce in London and other key locations outside of China over the next several years .
Read more : Tiktok removed more than 49m videos for content violations in six months A Bytedance spokesperson said : “ The UK is one of our most important markets globally , with a talented and diverse team in London , including senior leadership .
UK employees have quadrupled over the last year and @ @ @ @ @ @ @

Tiktok shelves London HQ plans as tensions mount
TikTok is awash with gurus offering investment advice.
Bytedance, the Chinese owner of video app Tiktok, has had its plans to create a new international headquarters in London thrown into doubt by a growing diplomatic crisis and fears it could be blocked in the US.
Tiktok has been in discussions with the UK government over the past few months to locate its headquarters in the capital as part of a strategy to distance itself from its Chinese ownership, Reuters reported.
However, talks have reportedly broken down.
Critics have warned that the video-sharing app, which is popular among teenagers, could pose a security risk due to its links to the Chinese state.
Tiktok is facing heavy scrutiny in Washington over suspicions China could force the company to turn over user data.
Meanwhile, tensions between the UK and China have mounted after the government ordered the removal of Huawei’s equipment from the UK’s 5G network by 2027.
A source told Reuters that the company is largely focused on its issues in the United States over the last few weeks, but has not ruled out London as a potential location for its new headquarters.
TikTok is expected to “significantly” increase the size of its workforce in London and other key locations outside of China over the next several years.
A Bytedance spokesperson said: “The UK is one of our most important markets globally, with a talented and diverse team in London, including senior leadership. UK employees have quadrupled over the last year and we expect continued strong growth.”


cityam--2020-07-19--Grant Thornton faces legal action over Patisserie Valerie audit

Grant Thornton is reportedly facing legal action over its auditing of cafe chain Patisserie Valerie , which collapsed last year following allegations of suspected fraud .
Liquidator FRP Advisory has hired law firm Mishcon de Reya to explore a claim , potentially worth tens of millions of pounds , against Grant Thornton , which audited the cake shop ’ s accounts for 12 years before its collapse .
FRP has reportedly recently commissioned a report from Smith & Williamson into Grant Thornton ’ s audit of Patisserie Valerie , which suggested significant failings in its work .
A decision on @ @ @ @ @ @ @ is expected to be made in the next few weeks , the Sunday Times reported .
Patisserie Valerie collapsed into administration in January last year following the shock revelation of “ significant fraud ” at the company and the discovery of a £40m hole in its finances .
However , KPMG , which was originally appointed as liquidator , later announced that the missing money actually totalled £94m .
FRP replaced KPMG in September after the Big Four firm said it could not investigate Grant Thornton due to a conflict of interest .
@ @ @ @ @ @ @ would explore legal claims in an attempt to return money to investors who lost funds when the business collapsed .
KPMG had previously said “ there may be sufficient grounds to establish potential legal claims against a number of parties .
Read more : Grant Thornton set for scrutiny as Patisserie Valerie handed to liquidators “ These parties may include Grant Thornton , who were the auditors to the Patisserie Valerie Group.
” However , KPMG added that it could not probe the situation itself because “ Grant Thornton are also auditors to @ @ @

Grant Thornton faces legal action over Patisserie Valerie audit
Grant Thornton is reportedly facing legal action over its auditing of cafe chain Patisserie Valerie, which collapsed last year following allegations of suspected fraud.
Liquidator FRP Advisory has hired law firm Mishcon de Reya to explore a claim, potentially worth tens of millions of pounds, against Grant Thornton, which audited the cake shop’s accounts for 12 years before its collapse.
FRP has reportedly recently commissioned a report from Smith & Williamson into Grant Thornton’s audit of Patisserie Valerie, which suggested significant failings in its work.
A decision on whether to take Grant Thornton to court is expected to be made in the next few weeks, the Sunday Times reported.
Patisserie Valerie collapsed into administration in January last year following the shock revelation of “significant fraud” at the company and the discovery of a £40m hole in its finances.
However, KPMG, which was originally appointed as liquidator, later announced that the missing money actually totalled £94m.
FRP replaced KPMG in September after the Big Four firm said it could not investigate Grant Thornton due to a conflict of interest.
At the time, FRP said it would explore legal claims in an attempt to return money to investors who lost funds when the business collapsed.
KPMG had previously said “there may be sufficient grounds to establish potential legal claims against a number of parties.
“These parties may include Grant Thornton, who were the auditors to the Patisserie Valerie Group.”
However, KPMG added that it could not probe the situation itself because “Grant Thornton are also auditors to KPMG”.


cityam--2020-07-19--Coronavirus: EU leaders struggle to make progress on €750bn fund plan

EU leaders are still trying to reach an agreement on a proposed €750bn ( £680bn ) coronavirus emergency fund , with the acrimonious talks yielding little on the first two days of the Brussels summit .
Talks are deadlocked on the summit ’ s third day , with the more fiscally conservative EU countries – such as the Netherlands , Austria , Denmark and Sweden – wanting the package to be administered in loans and not grants .
Read more : FTSE 100 inches up as EU begins €750bn fund discussion This has sparked a number of heated conflicts , @ @ @ @ @ @ @ accusing the fiscally conservative countries of being “ misers ” , while German Chancellor Angela Merkel and French President Emmanuel Macron walked away from talks in frustration at one point .
Italian Prime Minister Giuseppe Conte said the EU was “ under the blackmail of the frugals ” , while Hungarian strongman Prime Minister Viktor Orban has accused Dutch Prime Minister Mark Rutte of trying to use the talks to blackmail his country into making democratic reforms .
Orban has said he would veto the package if it is linked with conditions that @ @ @ @ @ @ @ in Hungary .
Conte said the talks had been “ more complicated than expected ” .
Merkel added : “ I still can not say whether we will find a solution .
“ There is a lot of goodwill but also many different positions.
” The proposed plan would see the EU countries collectively take on €750bn of debt through issuing so-called coronabonds in what would be a large step toward further financial integration for the bloc .
Read more : Angela Merkel lowers hopes as talks start over €750bn EU Covid fund @ @ @ @ @ @ @ on the basis of need , with the debt split between the countries .
Many of the northern European countries are unhappy at the prospect of taking on debt for funds that could disproportionately go to southern and eastern countries that have not fared as well during the pandemic .

Coronavirus: EU leaders struggle to make progress on €750bn fund plan
President of the European Council Charles Michel (L), Germany’s Chancellor Angela Merkel (C), France’s President Emmanuel Macron (2nd – R) and President of the European Commission Ursula von der Leyen pose during a bilateral meeting at the EU summit on a coronavirus recovery package at the European Council building in Brussels on July 19, 2020 – An acrimonious EU summit headed into a third day as leaders remained deadlocked over a huge post-coronavirus economic recovery plan, unable to overcome fierce resistance from the Netherlands and its “frugal” allies. (Photo by François WALSCHAERTS / POOL / AFP) (Photo by FRANCOIS WALSCHAERTS/POOL/AFP via Getty Images)
EU leaders are still trying to reach an agreement on a proposed €750bn (£680bn) coronavirus emergency fund, with the acrimonious talks yielding little on the first two days of the Brussels summit.
Talks are deadlocked on the summit’s third day, with the more fiscally conservative EU countries – such as the Netherlands, Austria, Denmark and Sweden – wanting the package to be administered in loans and not grants.
This has sparked a number of heated conflicts, with Polish Prime Minister Mateusz Morawiecki yesterday accusing the fiscally conservative countries of being “misers”, while German Chancellor Angela Merkel and French President Emmanuel Macron walked away from talks in frustration at one point.
Italian Prime Minister Giuseppe Conte said the EU was “under the blackmail of the frugals”, while Hungarian strongman Prime Minister Viktor Orban has accused Dutch Prime Minister Mark Rutte of trying to use the talks to blackmail his country into making democratic reforms.
Orban has said he would veto the package if it is linked with conditions that would force him to impose liberal reforms in Hungary.
Conte said the talks had been “more complicated than expected”.
Merkel added: “I still cannot say whether we will find a solution.
“There is a lot of goodwill but also many different positions.”
The proposed plan would see the EU countries collectively take on €750bn of debt through issuing so-called coronabonds in what would be a large step toward further financial integration for the bloc.
The funds would be handed to countries on the basis of need, with the debt split between the countries.
Many of the northern European countries are unhappy at the prospect of taking on debt for funds that could disproportionately go to southern and eastern countries that have not fared as well during the pandemic.


cityam--2020-07-19--UK looks at ditching Hong Kong extradition treaty

The UK is prepared to tear up its Hong Kong extradition treaty after the imposition of new security laws by Beijing , according to foreign secretary Dominic Raab .
Raab said he would outline the UK ’ s further plan to deal with Hong Kong tomorrow , but said the UK had enough international clout to get rid of the extradition treaty when pushed on the issue .
Read more : US , Canada , Australia and New Zealand may copy UK Hong Kong visa , says Patel Australia and Canada have also binned their respective treaties with Hong Kong @ @ @ @ @ @ @ offered long-term visas , with routes to citizenship , to 2.9m Hong Kongers with British National ( Overseas ) passports , and their dependents , after the Chinese government imposed new draconian security legislation on the region .
The new laws effectively ended freedom of speech in Hong Kong , with criticism of the Communist Party of China made illegal .
When told in a BBC interview that the UK did not have enough international strength to cancel its Hong Kong extradition treaty , Raab said : “ People said that about the @ @ @ @ @ @ @ ’ ve said that about lots of things .
“ I ’ m the one with this government , this is the prime minister who introduced the Magnitsky sanctions precisely because we are going to target the individuals responsible for the greatest human rights abuses.
” He added : “ When I set out on 1 July the approach we ’ re taking on BNOs , but also on other measures , I said we would conduct a review of our extradition arrangements but also a range of other measures we might want @ @ @ @ @ @ @ now , with the home secretary and the rest of government concluded that review , I will update the House of commons on what further measures we ’ re taking tomorrow.
” The UK ’ s relations with China are already at a low point , after the government announced it was banning Huawei from its 5G network this week .
The government has also introduced new Magnitsky sanctions , that could target Chinese nationals .
The act will see the UK impose sanctions , such as freezing assets and disallowing entry into @ @ @ @ @ @ @ violating human rights .
Chinese ambassador Liu Xiaoming said it was prepared to hit the UK with sanctions in retaliation to British actions .
“ You ’ ve seen what happens in the United States , they sanction Chinese officials , we sanction their senators , their officials – I do not want to see this tit-for-tat happen in…China-UK relations , ” he said .
“ We never believe in unilateral sanctions , we believe that the UN is the authority , has the authority , to impose sanctions and if the UK @ @ @ @ @ @ @ on any individuals in China , China will certainly make a resolute response to it .
”

UK looks at ditching Hong Kong extradition treaty
Pedestrians walk past a government-sponsored advertisement promoting a new national security law on July 15, 2020 in Hong Kong
The UK is prepared to tear up its Hong Kong extradition treaty after the imposition of new security laws by Beijing, according to foreign secretary Dominic Raab.
Raab said he would outline the UK’s further plan to deal with Hong Kong tomorrow, but said the UK had enough international clout to get rid of the extradition treaty when pushed on the issue.
Australia and Canada have also binned their respective treaties with Hong Kong in recent weeks.
The UK has offered long-term visas, with routes to citizenship, to 2.9m Hong Kongers with British National (Overseas) passports, and their dependents, after the Chinese government imposed new draconian security legislation on the region.
The new laws effectively ended freedom of speech in Hong Kong, with criticism of the Communist Party of China made illegal.
When told in a BBC interview that the UK did not have enough international strength to cancel its Hong Kong extradition treaty, Raab said: “People said that about the offer we made on BNOs, they’ve said that about lots of things.
“I’m the one with this government, this is the prime minister who introduced the Magnitsky sanctions precisely because we are going to target the individuals responsible for the greatest human rights abuses.”
He added: “When I set out on 1 July the approach we’re taking on BNOs, but also on other measures, I said we would conduct a review of our extradition arrangements but also a range of other measures we might want to take.
“I’ve now, with the home secretary and the rest of government concluded that review, I will update the House of commons on what further measures we’re taking tomorrow.”
The UK’s relations with China are already at a low point, after the government announced it was banning Huawei from its 5G network this week.
The government has also introduced new Magnitsky sanctions, that could target Chinese nationals.
The act will see the UK impose sanctions, such as freezing assets and disallowing entry into the country, on people accused of violating human rights.
Chinese ambassador Liu Xiaoming said it was prepared to hit the UK with sanctions in retaliation to British actions.
“You’ve seen what happens in the United States, they sanction Chinese officials, we sanction their senators, their officials – I do not want to see this tit-for-tat happen in…China-UK relations,” he said.
“We never believe in unilateral sanctions, we believe that the UN is the authority, has the authority, to impose sanctions and if the UK government go that far to impose sanctions on any individuals in China, China will certainly make a resolute response to it.”


cityam--2020-07-19--Smiles all round at Happy Valley after record fixture

Racing may have been a different proposition in much of the world this year , with good news at a premium during the Covid-19 pandemic .
But in Hong Kong , there ’ s plenty around – with the finale of this season ’ s racing at Happy Valley seeing a turnover record for a fixture at the inner city track .
The last fixture of the season on July 15 saw turnover of HK $ 1.6 billion ( £160 million ) .
Overall , despite the Covid-19 pandemic and demonstrations related to the Beijing government ’ s imposition of @ @ @ @ @ @ @ dissent , turnover was down by only 2.6 per cent year on year for the 2019/20 season .
Winfried Engelbrecht-Bresges , Chief Executive Officer at the Hong Kong Jockey Club , said : “ While we recognise that the Coronavirus situation is an ongoing battle , and we must remain vigilant , I can say that it has been heartening to see the Hong Kong community pull together and play a crucial part in combatting its effects ; the Hong Kong Jockey Club has been quick to reflect and enact those safeguarding measures @ @ @ @ @ @ @ “ We are pleased to have been able to complete a full season but of course our prime focus throughout , and a real challenge , was to act responsibly to protect the public health and safety of our staff , customers and the wider community , at every turn , while at the same time balancing that with the desire for our sport to continue.
” The Jockey Club is Hong Kong ’ s largest taxpayer , with a bill of more than £1bn paid this year .

Smiles all round at Happy Valley after record fixture
Racing may have been a different proposition in much of the world this year, with good news at a premium during the Covid-19 pandemic.
But in Hong Kong, there’s plenty around – with the finale of this season’s racing at Happy Valley seeing a turnover record for a fixture at the inner city track.
Read more: Chinese Ambassador slammed after denying “chilling” revelations
The last fixture of the season on July 15 saw turnover of HK$1.6 billion (£160 million).
Overall, despite the Covid-19 pandemic and demonstrations related to the Beijing government’s imposition of draconian curbs on freedom of protest and dissent, turnover was down by only 2.6 per cent year on year for the 2019/20 season.
Winfried Engelbrecht-Bresges, Chief Executive Officer at the Hong Kong Jockey Club, said: “While we recognise that the Coronavirus situation is an ongoing battle, and we must remain vigilant, I can say that it has been heartening to see the Hong Kong community pull together and play a crucial part in combatting its effects; the Hong Kong Jockey Club has been quick to reflect and enact those safeguarding measures and policies while continuing to race.
“We are pleased to have been able to complete a full season but of course our prime focus throughout, and a real challenge, was to act responsibly to protect the public health and safety of our staff, customers and the wider community, at every turn, while at the same time balancing that with the desire for our sport to continue.”
The Jockey Club is Hong Kong’s largest taxpayer, with a bill of more than £1bn paid this year.


cityam--2020-07-20--Keep shopping like you did during lockdown

No , not stockpiling .
Nobody wants more stockpiling .
But in other ways , lockdown has changed how we shop for the better — and there are valuable lessons we should all learn from this period of disruption .
Over the years we ’ ve grown accustomed to easy access to a huge variety of food .
We ’ re not typically too concerned with where it comes from , and are largely unaware of the impact that our food choices have on the world .
Read more : Green fingers : How cannabis can fuel a British agri-tech @ @ @ @ @ @ @ cupboards but fancy something else , we pop to the shop and buy it .
If our food is past its “ best before date ” , we often throw it away even if it ’ s still safe to eat .
We know we can easily get whatever we want .
Or we did .
But Covid-19 changed that .
When lockdown began , our access to food was reduced .
Since March , we ’ ve all grown a little bit more aware of what ’ s on the shelves , @ @ @ @ @ @ @ this , many of us have changed how we shop , and reconsidered what we value when it comes to food .
Frequent and ad-hoc trips to the supermarket have been replaced by larger weekly shops .
We ’ ve had to plan our cupboards more thoughtfully , ensuring that we know what we have and use what we ’ ve got .
We focus on what we really need from a shop , not just what we ’ d like on a whim .
But gaps on the shelves matter .
Seeing @ @ @ @ @ @ @ restock quickly ( flour and pasta both come to mind ) , has made us think harder about where our food comes from .
According to some estimates , Britain imports as much as 80 per cent of our food from abroad .
While the efforts of supermarkets to respond to shortages has been impressive , it ’ s not surprising that when demand soars , we ’ ve not been able to instantly ship more food in .
As big supply chains have failed , many Brits have started looking closer to @ @ @ @ @ @ @ with local producers , whose food travels shorter distances to reach us , meaning reduced environmental impact from transportation .
And when we ’ ve not been able to get what we want , we ’ ve become inventive .
Many of us have improved our diets by taking up home cooking , so that we ’ re fully aware of what goes into our bodies .
Finally , we ’ ve begun to see our food system as one that has a social responsibility element .
Millions of people looked to supermarkets @ @ @ @ @ @ @ we ’ d never considered before .
Those who keep us fed have had to consider how they keep us — and themselves — healthy .
These aren ’ t changes that we ’ d expect in any other circumstances .
But the total lifestyle and societal shift has made us more considerate shoppers , and that ’ s an approach we shouldn ’ t discard just because lockdown is starting to be eased .
As we begin to chart a way out of the pandemic , we want people to embrace the @ @ @ @ @ @ @ time — but for entirely positive reasons .
Read more : DEBATE : Is Rishi Sunak ’ s job retention bonus scheme the right strategy for supporting the retail sector ?

Keep shopping like you did during lockdown
Since March, we’ve all grown a little bit more aware of what’s on the shelves
No, not stockpiling. Nobody wants more stockpiling.
But in other ways, lockdown has changed how we shop for the better — and there are valuable lessons we should all learn from this period of disruption.
Over the years we’ve grown accustomed to easy access to a huge variety of food. We’re not typically too concerned with where it comes from, and are largely unaware of the impact that our food choices have on the world.
If we have food in the cupboards but fancy something else, we pop to the shop and buy it. If our food is past its “best before date”, we often throw it away even if it’s still safe to eat. We know we can easily get whatever we want.
Or we did. But Covid-19 changed that.
When lockdown began, our access to food was reduced. Since March, we’ve all grown a little bit more aware of what’s on the shelves, and how important it is. With this, many of us have changed how we shop, and reconsidered what we value when it comes to food.
Frequent and ad-hoc trips to the supermarket have been replaced by larger weekly shops. We’ve had to plan our cupboards more thoughtfully, ensuring that we know what we have and use what we’ve got. We focus on what we really need from a shop, not just what we’d like on a whim.
But gaps on the shelves matter. Seeing items disappear, with shops unable to restock quickly (flour and pasta both come to mind), has made us think harder about where our food comes from.
According to some estimates, Britain imports as much as 80 per cent of our food from abroad. While the efforts of supermarkets to respond to shortages has been impressive, it’s not surprising that when demand soars, we’ve not been able to instantly ship more food in.
As big supply chains have failed, many Brits have started looking closer to home. We’ve reacquainted ourselves with local producers, whose food travels shorter distances to reach us, meaning reduced environmental impact from transportation.
And when we’ve not been able to get what we want, we’ve become inventive. Many of us have improved our diets by taking up home cooking, so that we’re fully aware of what goes into our bodies.
Finally, we’ve begun to see our food system as one that has a social responsibility element. Millions of people looked to supermarkets to help keep us safe in ways we’d never considered before. Those who keep us fed have had to consider how they keep us — and themselves — healthy.
These aren’t changes that we’d expect in any other circumstances. But the total lifestyle and societal shift has made us more considerate shoppers, and that’s an approach we shouldn’t discard just because lockdown is starting to be eased.
As we begin to chart a way out of the pandemic, we want people to embrace the changes they’ve made during this time — but for entirely positive reasons.
Main image credit: Getty


cityam--2020-07-20--Marks & Spencer cuts 950 jobs as pandemic accelerates transformation plan

Marks & Spencer ( M & S ) announced this morning that it will cut 950 jobs as it accelerates its transformation plan during the coronavirus pandemic .
The retailer announced today that it will create a new retail management structure , which will affect 950 roles across central support functions and property and store management , in the latest blow for the struggling UK high street .
M & S has started a collective consultation with employees , saying it intends to offer voluntary redundancy to affected members of staff .
In May the retailer announced that the coronavirus @ @ @ @ @ @ @ it set out its “ Never the Same Again ” programme .
Today , M & S said it expects the aftershocks of the crisis to continue into next year and beyond .
The retailer is aiming to become more “ digitally focused ” as it seeks to keep up with consumer demand for online shopping , which has also been accelerated by the pandemic .
M & S is the latest in a string of major high street retailers to slash jobs due to the Covid-19 crisis .
John Lewis announced last @ @ @ @ @ @ @ sites , including department stores in Watford and Birmingham , resulting in the loss of 1,300 jobs .
Boots has also announced 4,000 redundancies and the closure of 48 opticians stores , and department store Harrods said earlier this month that 700 jobs would be cut .
Sacha Berendji , director of retail , operations and property at M & S said : “ Our proposals reflect an important next step in our Never the Same Again programme to accelerate our transformation and become a stronger , leaner and more resilient business .
@ @ @ @ @ @ @ rise on coronavirus revamp , despite blow to profit “ Through the crisis we have seen how we can work faster and more flexibly by empowering store teams and it ’ s essential that we embed that way of working .
“ Our priority now is to support all those affected through the consultation process and beyond .
”

Marks & Spencer cuts 950 jobs as pandemic accelerates transformation plan
Marks & Spencer (M&S) announced this morning that it will cut 950 jobs as it accelerates its transformation plan during the coronavirus pandemic.
The retailer announced today that it will create a new retail management structure, which will affect 950 roles across central support functions and property and store management, in the latest blow for the struggling UK high street.
M&S has started a collective consultation with employees, saying it intends to offer voluntary redundancy to affected members of staff.
In May the retailer announced that the coronavirus crisis had accelerated its transformation plan as it set out its “Never the Same Again” programme.
Today, M&S said it expects the aftershocks of the crisis to continue into next year and beyond.
The retailer is aiming to become more “digitally focused” as it seeks to keep up with consumer demand for online shopping, which has also been accelerated by the pandemic.
M&S is the latest in a string of major high street retailers to slash jobs due to the Covid-19 crisis.
John Lewis announced last week that it will permanently close eight sites, including department stores in Watford and Birmingham, resulting in the loss of 1,300 jobs.
Boots has also announced 4,000 redundancies and the closure of 48 opticians stores, and department store Harrods said earlier this month that 700 jobs would be cut.
Sacha Berendji, director of retail, operations and property at M&S said: “Our proposals reflect an important next step in our Never the Same Again programme to accelerate our transformation and become a stronger, leaner and more resilient business.
“Through the crisis we have seen how we can work faster and more flexibly by empowering store teams and it’s essential that we embed that way of working.
“Our priority now is to support all those affected through the consultation process and beyond.”


cityam--2020-07-20--Ant Financial to float in dual Shanghai-Hong Kong listing

Alibaba ’ s payments arm Ant Financial has started the process of a concurrent initial public offering in Shanghai and Hong Kong .
The world ’ s most valuable tech unicorn said it would list its shares on both the Shanghai ’ s Nasdaq-style Star Market and the Hong Kong stock exchange .
Read more : Softbank boss steps down from Alibaba board In a statement Ant Financial , which provides the digital payment service Alipay , said the listings will “ help the company accelerate its goal of digitising the service industry in China and driving domestic demand ” @ @ @ @ @ @ @ enhance transparency to our stakeholders , including customers , business partners , employees , shareholders and regulators .
Through our commitment to serving the under-served , we make it possible for the whole of society to share our growth , ” executive chairman Eric Jing said .
Ant did not disclose how much it was seeking to raise in the float or when it was looking to go public .
In 2018 the firm was valued at $ 150bn in a 2018 fundraising round .
It could become the world ’ s biggest @ @ @ @ @ @ @ and one of the largest floats ever of an Asian company .
“ The innovative measures implemented by SSE STAR market and the SEHK have opened the doors for global investors to access leading edge technology companies from the most dynamic economies in the world and for those companies to have greater access to the capital markets , ” said Jing .
Alipay is the world ’ s biggest payments provider , overtaking PayPal , and accounts for the majority of Chinese payments .
Its services include providing payments for e-commerce sites and @ @ @ @ @ @ @ originally launched in 2004 as part of technology giant Alibaba , before it was spun off in 2014 .
Get the news as it happens by following City A.M. on Twitter .

Ant Financial to float in dual Shanghai-Hong Kong listing
(Photo: ANTONY DICKSON/AFP via Getty Images)
Alibaba’s payments arm Ant Financial has started the process of a concurrent initial public offering in Shanghai and Hong Kong.
The world’s most valuable tech unicorn said it would list its shares on both the Shanghai’s Nasdaq-style Star Market and the Hong Kong stock exchange.
In a statement Ant Financial, which provides the digital payment service Alipay, said the listings will “help the company accelerate its goal of digitising the service industry in China and driving domestic demand”.
“Becoming a public company will enhance transparency to our stakeholders, including customers, business partners, employees, shareholders and regulators. Through our commitment to serving the under-served, we make it possible for the whole of society to share our growth,” executive chairman Eric Jing said.
Ant did not disclose how much it was seeking to raise in the float or when it was looking to go public. In 2018 the firm was valued at $150bn in a 2018 fundraising round.
It could become the world’s biggest public offerings since the outbreak of coronavirus and one of the largest floats ever of an Asian company.
“The innovative measures implemented by SSE STAR market and the SEHK have opened the doors for global investors to access leading edge technology companies from the most dynamic economies in the world and for those companies to have greater access to the capital markets,” said Jing.
Alipay is the world’s biggest payments provider, overtaking PayPal, and accounts for the majority of Chinese payments. Its services include providing payments for e-commerce sites and a digital wallet app.
It was originally launched in 2004 as part of technology giant Alibaba, before it was spun off in 2014.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-07-20--The road towards a greener, cleaner Square Mile

As the UK starts to rebuild its economy in the wake of the Covid-19 crisis , it is crucial that the plan is developed with tackling climate change at its heart .
We need to shape a greener , fairer and more resilient City .
And we want the whole Square Mile to play its part .
That ’ s why last week we launched an online survey asking City residents , workers and businesses for their views on climate change .
We ’ re inviting people to say what the City of London Corporation should do to counter the @ @ @ @ @ @ @ what action they would like to see taken to make City buildings more environmentally friendly .
It ’ s part of our plan to launch a Climate Action Strategy later this year which will outline what we will do to make sure the Square Mile becomes net-zero emission and climate resilient in the future .
We want to reduce the City ’ s carbon emissions and to lead others to take similar measures .
As the governing body of the Square Mile , we have a leading role to play in ensuring that @ @ @ @ @ @ @ to risks presented by climate change and able to capture the opportunities in the transition to a low carbon economy .
We have already taken some major steps to reduce our carbon footprint .
These include protecting and conserving 11,000 acres of green space in London and south east England , running on 100 per cent renewable electricity since October 2018 , and offsetting carbon emissions from business travel flights .
One of our top priorities is tackling air pollution in the City .
And thanks to our efforts , air quality is @ @ @ @ @ @ @ UK ’ s first 24/7 zero emission street at Beech Street and we will turn other parts of the Square Mile into zero-emissions zones by 2022 .
We have already banned the purchase of diesel vehicles from our own vehicle fleet , where there is a clean market alternative , and we are leading a London-wide crackdown on drivers who leave their engines idling when parked .
And our CityAir app provides over 30,000 Londoners with low pollution travel routes across the capital , while our Emissions Reduction Bill aims to give the @ @ @ @ @ @ @ powers to tackle air pollution caused by boilers , construction machinery and diesel generators .
Overall , we want to make sure that 90 per cent of the City will meet World Health Organisation guidelines for nitrogen dioxide by 2025 .
More generally , we are driving forward the green finance business agenda by establishing the Green Finance Institute alongside the government , the principal forum for public and private sector collaboration in this burgeoning sector .
All of these actions will help make a difference .
But we need to do more @ @ @ @ @ @ @ Climate Action Strategy will be crucial .
Radical action is needed if we are to make Square Mile more climate resilient .
I ’ m urging all Square Mile residents and businesses to get involved in this important survey , and have their say on how to ensure a cleaner , greener City .
Read more : Confession of an ESG sceptic : How I learned to stop worrying and love ESG

The road towards a greener, cleaner Square Mile
A warm day in the City
As the UK starts to rebuild its economy in the wake of the Covid-19 crisis, it is crucial that the plan is developed with tackling climate change at its heart.
We need to shape a greener, fairer and more resilient City. And we want the whole Square Mile to play its part.
That’s why last week we launched an online survey asking City residents, workers and businesses for their views on climate change.
We’re inviting people to say what the City of London Corporation should do to counter the threat of future weather conditions, and what action they would like to see taken to make City buildings more environmentally friendly.
It’s part of our plan to launch a Climate Action Strategy later this year which will outline what we will do to make sure the Square Mile becomes net-zero emission and climate resilient in the future.
We want to reduce the City’s carbon emissions and to lead others to take similar measures.
As the governing body of the Square Mile, we have a leading role to play in ensuring that London and the UK are both resilient to risks presented by climate change and able to capture the opportunities in the transition to a low carbon economy.
We have already taken some major steps to reduce our carbon footprint. These include protecting and conserving 11,000 acres of green space in London and south east England, running on 100 per cent renewable electricity since October 2018, and offsetting carbon emissions from business travel flights.
One of our top priorities is tackling air pollution in the City. And thanks to our efforts, air quality is already improving.
We are piloting the UK’s first 24/7 zero emission street at Beech Street and we will turn other parts of the Square Mile into zero-emissions zones by 2022.
We have already banned the purchase of diesel vehicles from our own vehicle fleet, where there is a clean market alternative, and we are leading a London-wide crackdown on drivers who leave their engines idling when parked.
And our CityAir app provides over 30,000 Londoners with low pollution travel routes across the capital, while our Emissions Reduction Bill aims to give the capital’s local authorities tough new powers to tackle air pollution caused by boilers, construction machinery and diesel generators. Overall, we want to make sure that 90 per cent of the City will meet World Health Organisation guidelines for nitrogen dioxide by 2025.
More generally, we are driving forward the green finance business agenda by establishing the Green Finance Institute alongside the government, the principal forum for public and private sector collaboration in this burgeoning sector.
All of these actions will help make a difference. But we need to do more — and that’s why our Climate Action Strategy will be crucial. Radical action is needed if we are to make Square Mile more climate resilient. I’m urging all Square Mile residents and businesses to get involved in this important survey, and have their say on how to ensure a cleaner, greener City.
Main image credit: Getty


cityam--2020-07-20--FTSE 100 falls as rising coronavirus cases dent optimism

The FTSE 100 slipped in morning trading as investors weighed rising coronavirus cases in the US and Hong Kong against hopes that a vaccine may soon be found .
London ’ s main stock index dropped 0.7 per cent to 6,246 points .
The FTSE 250 index of slightly smaller companies fell 0.2 per cent .
Germany ’ s Dax rose 0.4 per cent as talks over an EU coronavirus recovery fund made headway .
The continent-wide Stoxx 600 was flat but France ’ s CAC 40 was 0.2 per cent lower .
Markets were mixed overnight in Asia .
@ @ @ @ @ @ @ per cent but Hong Kong ’ s Hang Seng fell 0.2 per cent .
Japan ’ s Nikkei rose 0.1 per cent .
Coronavirus continued to tear through the US at the weekend , with more than 67,000 new cases on Sunday .
Deaths are rising quickly too , with 877 yesterday .
Eric Garcetti , mayor of Los Angeles on the US ’ s west coast , warned the city may have to reinstate stay-at-home orders .
Hong Kong cases rose by a record 108 .
The semi-autonomous city will now require @ @ @ @ @ @ @ make everyone wear a mask in shared indoor areas .
Investors are worried that rising cases and new lockdowns could derail the nascent global economic recovery .
Jim Reid of Deutsche Bank said the weekly US initial jobless claims would be a “ data highlight of note ” this week .
It will show whether the reimposition of lockdowns in some parts of the country are having an economic effect .
FTSE 100 could be lifted by vaccine The euro rose 0.3 per cent against the dollar to $ 1.146 after the talks @ @ @ @ @ @ @ made headway this morning .
The four “ frugal ” countries of the Netherlands , Austria , Denmark and Sweden have agreed to have €390bn of a huge bailout fund disbursed as grants to countries most in need , Bloomberg reported .
Yet that was not enough to boost all European stocks .
David Madden , market analyst at CMC Markets , said : “ Traders shrugged off the fact that things appear to be heading in the right direction as the gulf between the two sides has narrowed.
” “ Some progress @ @ @ @ @ @ @ , and negotiations are expected to carry on this afternoon .
The EU has a track record of a lot of in-house haggling .
But in the end a deal is usually struck.
” FTSE 100 investors eagerly await the results of an early trial of Astrazeneca ’ s coronavirus vaccine .
They should be published in the Lancet journal today .
Reports last week suggested it had shown positive results .
Stocks could be further boosted by confirmation today .
Fiona Cincotta , market analyst at City Index , said the trial @ @ @ @ @ @ @ ” given there is “ little on the economic calendar to keep investors entertained today ” .
Oil prices slipped slightly as investor sentiment dipped .
Brent crude was down 0.8 per cent at $ 42.70 .
WTI crude was also 0.8 per cent lower at $ 40.30 Jeffrey Halley , senior market analyst at currency firm Oanda , said : “ The risks of a second Covid-19 torpedo to world growth grow increasingly likely by the day .
”

FTSE 100 falls as rising coronavirus cases dent optimism
The FTSE 100 slipped in morning trading as investors weighed rising coronavirus cases in the US and Hong Kong against hopes that a vaccine may soon be found.
London’s main stock index dropped 0.7 per cent to 6,246 points. The FTSE 250 index of slightly smaller companies fell 0.2 per cent.
Germany’s Dax rose 0.4 per cent as talks over an EU coronavirus recovery fund made headway. The continent-wide Stoxx 600 was flat but France’s CAC 40 was 0.2 per cent lower.
Markets were mixed overnight in Asia. China’s CSI 300 jumped three per cent but Hong Kong’s Hang Seng fell 0.2 per cent. Japan’s Nikkei rose 0.1 per cent.
Coronavirus continued to tear through the US at the weekend, with more than 67,000 new cases on Sunday. Deaths are rising quickly too, with 877 yesterday.
Eric Garcetti, mayor of Los Angeles on the US’s west coast, warned the city may have to reinstate stay-at-home orders.
Hong Kong cases rose by a record 108. The semi-autonomous city will now require civil servants to work from home and make everyone wear a mask in shared indoor areas.
Investors are worried that rising cases and new lockdowns could derail the nascent global economic recovery.
Jim Reid of Deutsche Bank said the weekly US initial jobless claims would be a “data highlight of note” this week. It will show whether the reimposition of lockdowns in some parts of the country are having an economic effect.
FTSE 100 could be lifted by vaccine
The euro rose 0.3 per cent against the dollar to $1.146 after the talks of a European Union coronavirus bailout funds made headway this morning.
The four “frugal” countries of the Netherlands, Austria, Denmark and Sweden have agreed to have €390bn of a huge bailout fund disbursed as grants to countries most in need, Bloomberg reported.
Yet that was not enough to boost all European stocks. David Madden, market analyst at CMC Markets, said: “Traders shrugged off the fact that things appear to be heading in the right direction as the gulf between the two sides has narrowed.”
“Some progress has been made, which is encouraging, and negotiations are expected to carry on this afternoon. The EU has a track record of a lot of in-house haggling. But in the end a deal is usually struck.”
FTSE 100 investors eagerly await the results of an early trial of Astrazeneca’s coronavirus vaccine. They should be published in the Lancet journal today.
Reports last week suggested it had shown positive results. Stocks could be further boosted by confirmation today.
Fiona Cincotta, market analyst at City Index, said the trial “could drive sentiment and the market” given there is “little on the economic calendar to keep investors entertained today”.
Oil prices slipped slightly as investor sentiment dipped. Brent crude was down 0.8 per cent at $42.70. WTI crude was also 0.8 per cent lower at $40.30
Jeffrey Halley, senior market analyst at currency firm Oanda, said: “The risks of a second Covid-19 torpedo to world growth grow increasingly likely by the day.”


cityam--2020-07-20--Carlos Ghosn labels Renault 'pathetic' as sales tumble 35 per cent

Carmaker Renault revealed that worldwide sales of its vehicles had fallen 34.9 per cent in the first half after disgraced boss Carlos Ghosn labelled the recent performance of the Renault-Nissan partnership as “ pathetic ” .
The French auto giant said that the fall in sales was due to its “ high exposure to countries that have undergone a strict lockdown ” due to coronavirus .
Read more : Renault to cut 15,000 jobs in Covid-19 restructuring plan Despite the drop , the company said that it had seen a “ strong recovery ” in June as lockdown measures began @ @ @ @ @ @ @ that sales of its electric model the Zoe had risen 50 per cent in the first half to 37,540 units , making it the best selling car in Europe .
In total , Renault sold 1.3m vehicles in the first half , making it the biggest brand in Europe , but the decline sales put it behn .
The new figures came after former Nissan boss Ghosn hit out at his former employers in an interview with French media .
“ There is a market confidence problem in the alliance .
Personally , @ @ @ @ @ @ @ Renault pathetic ” , he said .
Before the Open newsletter : Start your day with the City View podcast and key market data “ The two companies are looking inwards .
There is no longer any real mix of management between Renault and Nissan , but a distrustful distance ” .
Since Ghosn departed the Japanese automaker , the relationship between the two firms has been strained , though both have committed towards the future of the arrangement .
Last week new Renault chief executive Luca de Meo said that the alliance @ @ @ @ @ @ @ s “ great strengths ” .
Commenting on this morning ’ s results , sales vice president Denis le Vot said : The world is going through an unprecedented crisis with a major impact on our business .
Read more : Nissan : Sunderland plant still under threat from no-deal Brexit “ As soon as the recovery began , our plants and sales network quickly mobilized to meet our customers ’ needs , with demand sustained in June by government aid measures in Europe .
“ We are starting the second half of @ @ @ @ @ @ @ of orders , a satisfactory level of inventory , and a rising price positioning across the entire range ” .

Carlos Ghosn labels Renault ‘pathetic’ as sales tumble 35 per cent
Carmaker Renault revealed that worldwide sales of its vehicles had fallen 34.9 per cent in the first half after disgraced boss Carlos Ghosn labelled the recent performance of the Renault-Nissan partnership as “pathetic”.
The French auto giant said that the fall in sales was due to its “high exposure to countries that have undergone a strict lockdown” due to coronavirus.
Despite the drop, the company said that it had seen a “strong recovery” in June as lockdown measures began to be lifted.
It also revealed that sales of its electric model the Zoe had risen 50 per cent in the first half to 37,540 units, making it the best selling car in Europe.
In total, Renault sold 1.3m vehicles in the first half, making it the biggest brand in Europe, but the decline sales put it behn.
The new figures came after former Nissan boss Ghosn hit out at his former employers in an interview with French media.
“There is a market confidence problem in the alliance. Personally, I find the results of Nissan and Renault pathetic”, he said.
Before the Open newsletter: Start your day with the City View podcast and key market data
“The two companies are looking inwards. There is no longer any real mix of management between Renault and Nissan, but a distrustful distance”.
Since Ghosn departed the Japanese automaker, the relationship between the two firms has been strained, though both have committed towards the future of the arrangement.
Last week new Renault chief executive Luca de Meo said that the alliance was one of the French firm’s “great strengths”.
Commenting on this morning’s results, sales vice president Denis le Vot said: The world is going through an unprecedented crisis with a major impact on our business.
“As soon as the recovery began, our plants and sales network quickly mobilized to meet our customers’ needs, with demand sustained in June by government aid measures in Europe.
“We are starting the second half of the year with a very high level of orders, a satisfactory level of inventory, and a rising price positioning across the entire range”.


cityam--2020-07-20--Airlines call on Rishi Sunak to waive passenger tax for 12 months

The UK ’ s airlines have renewed calls for a 12-month waiver from paying Air Passenger Duty ( APD ) in a bid to protect the industry from damage from the coronavirus crisis .
A new survey from industry body Airlines UK has found that without such a waiver , 600 air routes will be lost in the short-term , as well as 8,000 jobs .
In 12 months time , the survey , which was carried about by York Aviation , said that 130 routes would be lost if airlines had to continue paying APD , 80 per cent @ @ @ @ @ @ @ .
However , if they are exempted from the tax for a year , 56 of these could be saved , it found .
Two weeks ago a group of 24 Tory MPs wrote to chancellor Rishi Sunak to ask for the exemption from the passenger tax .
The UK ’ s aviation industry has already been devastated by the coronavirus pandemic , but the government has stopped short of putting in place a sector specific package to protect it from the devastation wrought by a 98 per cent fall in flights .
@ @ @ @ @ @ @ see 21m take to the skies over the next year , an increase of about 12 per cent .
It called for the exemption to be announced no later than in the autumn ’ s budget .
Before the Open newsletter : Start your day with the City View podcast and key market data Despite the lifting of mandatory quarantine measures for about 60 countries , passenger numbers are still about 70 per cent down year-on-year .
Chief executive Tim Alderslade said the consequences for the industry could be tragic unless the government @ @ @ @ @ @ @ in danger of losing many valuable routes over the coming months unless the Government steps in with a support package for our sector – starting with an emergency APD waiver to get us through the winter and into the recovery ” , he said .
“ The UK came into this crisis as the third best connected country in the world – it would be a tragedy if through government inaction and neglect we needlessly forfeited this position to our closest rivals ” .
Prominent Tory backbencher Sir Graham Brady , who chairs @ @ @ @ @ @ @ government was “ in grave danger of causing real and lasting damage ” to airlines unless such routes are protected .
“ Almost alone within Europe we have been slow to appreciate the importance of aviation – not only as an industry that supports a million jobs – but as an enabler of the outward facing trading nation we wish to be ” , he added .
A HM Treasury spokesperson said : “ The aviation sector is important to the UK economy , and will be able to draw upon the unprecedented @ @ @ @ @ @ @ , including paying people ’ s wages through the furlough scheme , the Covid Corporate Financing Facility , Time to Pay flexibilities with tax bills including APD , and VAT deferrals .
“ We are continuing to work closely with the sector .
”

Airlines call on Rishi Sunak to waive passenger tax for 12 months
The UK’s airlines have renewed calls for a 12-month waiver from paying Air Passenger Duty (APD) in a bid to protect the industry from damage from the coronavirus crisis.
A new survey from industry body Airlines UK has found that without such a waiver, 600 air routes will be lost in the short-term, as well as 8,000 jobs.
In 12 months time, the survey, which was carried about by York Aviation, said that 130 routes would be lost if airlines had to continue paying APD, 80 per cent of which would be in the UK.
However, if they are exempted from the tax for a year, 56 of these could be saved, it found.
Two weeks ago a group of 24 Tory MPs wrote to chancellor Rishi Sunak to ask for the exemption from the passenger tax.
The UK’s aviation industry has already been devastated by the coronavirus pandemic, but the government has stopped short of putting in place a sector specific package to protect it from the devastation wrought by a 98 per cent fall in flights.
Airlines UK said that waiving APD would see 21m take to the skies over the next year, an increase of about 12 per cent.
It called for the exemption to be announced no later than in the autumn’s budget.
Before the Open newsletter: Start your day with the City View podcast and key market data
Despite the lifting of mandatory quarantine measures for about 60 countries, passenger numbers are still about 70 per cent down year-on-year.
Chief executive Tim Alderslade said the consequences for the industry could be tragic unless the government stepped in.
“UK airports are in danger of losing many valuable routes over the coming months unless the Government steps in with a support package for our sector – starting with an emergency APD waiver to get us through the winter and into the recovery”, he said.
“The UK came into this crisis as the third best connected country in the world – it would be a tragedy if through government inaction and neglect we needlessly forfeited this position to our closest rivals”.
Prominent Tory backbencher Sir Graham Brady, who chairs the 1922 committee, said that the government was “in grave danger of causing real and lasting damage” to airlines unless such routes are protected.
“Almost alone within Europe we have been slow to appreciate the importance of aviation – not only as an industry that supports a million jobs – but as an enabler of the outward facing trading nation we wish to be”, he added.
A HM Treasury spokesperson said:“The aviation sector is important to the UK economy, and will be able to draw upon the unprecedented package of measures announced by the chancellor, including paying people’s wages through the furlough scheme, the Covid Corporate Financing Facility, Time to Pay flexibilities with tax bills including APD, and VAT deferrals.
“We are continuing to work closely with the sector.”