cityam--2020-08-20--Shuttered Woodford fund to pay out £183m to investors next week

Investors trapped in the failed Woodford Equity Income will receive a £183m payout next week , following the sale of a number of assets .
Link Fund Solutions agreed a £224m deal to sell 18 healthcare stocks , representing around half the remaining fund ’ s assets in June to Acacia Research .
The firm then offloaded the bargain stocks just days after the deal .
Read more : Woodford investors have lost £1bn since fund was frozen Link , which has overseen the suspension and liquidation of the fund , has written to investors telling them they should expect @ @ @ @ @ @ @ 26 August 2020 ” .
The payout adds to the £142m paid in March and the £2.1bn in January , meaning investors have received around £2.4bn of their money back .
Woodford Equity Income fund was suspended last June after becoming overwhelmed by investor redemptions , leading to the industry ’ s biggest crisis in years .
The suspension eventually led to star stockpicker Neil Woodford shuttering the business in October .
The update , published by Link today , has no mention of when the remaining illiquid assets in the fund will @ @ @ @ @ @ @ the fund ’ s administrator , merely said the sale may “ take some time ” .
“ This means the process will drag on for even longer for investors , who just want to get as much of their money back as possible and move on from the sorry saga ” said Laura Suter , personal finance analyst at investment platform AJ Bell .
Investors will also have to wait even longer for the fund ’ s report and accounts , which have been delayed again .
“ It is now expected @ @ @ @ @ @ @ by 30 September 2020 at the latest ” , Link said in a letter to investors .
“ When they finally arrive the accounts will provide a bit more clarity to investors on the sale process and costs involved , but will now be over six months out of date by the time they are published ” added Suter .

Shuttered Woodford fund to pay out £183m to investors next week
Investors trapped in the failed Woodford Equity Income will receive a £183m payout next week, following the sale of a number of assets.
Link Fund Solutions agreed a £224m deal to sell 18 healthcare stocks, representing around half the remaining fund’s assets in June to Acacia Research. The firm then offloaded the bargain stocks just days after the deal.
Link, which has overseen the suspension and liquidation of the fund, has written to investors telling them they should expect to be paid “on or around 26 August 2020”.
The payout adds to the £142m paid in March and the £2.1bn in January, meaning investors have received around £2.4bn of their money back.
Woodford Equity Income fund was suspended last June after becoming overwhelmed by investor redemptions, leading to the industry’s biggest crisis in years. The suspension eventually led to star stockpicker Neil Woodford shuttering the business in October.
The update, published by Link today, has no mention of when the remaining illiquid assets in the fund will be sold. Link Fund Solutions, the fund’s administrator, merely said the sale may “take some time”.
“This means the process will drag on for even longer for investors, who just want to get as much of their money back as possible and move on from the sorry saga” said Laura Suter, personal finance analyst at investment platform AJ Bell.
Investors will also have to wait even longer for the fund’s report and accounts, which have been delayed again. “It is now expected that the annual accounts will be published by 30 September 2020 at the latest”, Link said in a letter to investors.
“When they finally arrive the accounts will provide a bit more clarity to investors on the sale process and costs involved, but will now be over six months out of date by the time they are published” added Suter.


cityam--2020-08-20--Record number of students receive highest GCSE grades

More than one-in-four GCSE students in England received the highest possible grades this year , after the government ’ s U-turn on how grades are assessed .
Ofqual released this year ’ s GCSE results today , with 25.9 per cent awarded a 7 , 8 or 9 – equivalent to A or A* under the old system – which is up from 20.7 per cent last year .
Read more : A-levels debacle : Williamson expects to stay in post ‘ over the coming year ’ This included a 40 per cent increase in people receiving a 9 – @ @ @ @ @ @ @ are also up by 13 per cent , with 76 per cent of students receiving a 4 or higher .
Before the Open newsletter : Start your day with the City View podcast and key market data GCSE students were awarded the higher of their moderated marks , under the government ’ s controversial grading system , or their predicted marks as judged by their teachers .
Education secretary Gavin Williamson U-turned on the original plan to give all students marks based on the algorithm , after a fiasco involving A-level results saw @ @ @ @ @ @ @ Read more : GCSE results in Northern Ireland to be based on predicted grades Every subject saw an increase in the number of students awarded a 7 or higher , with the largest increases in engineering , economics and the performing arts .
Half a million BTEC students who were expecting to receive their grades today have been forced to wait at least another week .

Record number of students receive highest GCSE grades
Linus Sheaff hugs Kai Ogdon (white t-shirt) after opening their GCSE exam results on GCSE results day at the City of London Academy, Hackney on August 22, 2019
More than one-in-four GCSE students in England received the highest possible grades this year, after the government’s U-turn on how grades are assessed.
Ofqual released this year’s GCSE results today, with 25.9 per cent awarded a 7, 8 or 9 – equivalent to A or A* under the old system – which is up from 20.7 per cent last year.
This included a 40 per cent increase in people receiving a 9 – the highest possible mark.
Pass rates are also up by 13 per cent, with 76 per cent of students receiving a 4 or higher.
Before the Open newsletter: Start your day with the City View podcast and key market data
GCSE students were awarded the higher of their moderated marks, under the government’s controversial grading system, or their predicted marks as judged by their teachers.
Education secretary Gavin Williamson U-turned on the original plan to give all students marks based on the algorithm, after a fiasco involving A-level results saw many students’ final scores downgraded.
Every subject saw an increase in the number of students awarded a 7 or higher, with the largest increases in engineering, economics and the performing arts.
Half a million BTEC students who were expecting to receive their grades today have been forced to wait at least another week.


cityam--2020-08-20--Trade secretary Liz Truss under fire for personal think tank meetings

Trade secretary Liz Truss is facing criticism after a series of meetings with a pro-hard Brexit think tank were removed from the public record and reclassified as personal discussions .
Two meetings between Truss and the Institute of Economic Affairs ( IEA ) were originally logged in quarterly transparency data on the government ’ s website and described as discussions about trade .
Read more : Liz Truss blasts ‘ unacceptable ’ US tariffs on Scotch whisky However , they were removed yesterday with a note stating that they were personal meetings .
The Department for International Trade said Truss @ @ @ @ @ @ @ and not as a representative of the department .
It said they were put on the transparency return due to an administrative error , adding they held no further information about them .
The IEA , which is one of the UK ’ s most influential think tanks , promotes free-market economics and has campaigned for a hard Brexit since the 2016 referendum .
But the meetings sparked criticism from the Labour Party , which accused the trade secretary of skirting rules designed to ensure transparency .
“ It makes no sense for @ @ @ @ @ @ @ on those issues had nothing to do with her ministerial role , and suggests instead that she has something to hide , whether in terms of who attended the meetings or what specifically was discussed , ” a spokesman for shadow trade secretary Emily Thornberry told Reuters .
Read more : Liz Truss says UK ’ s Brexit border plans at risk of WTO legal challenge and smuggling The IEA said it regularly hosted events and meetings with ministers , but did not provide details of the discussions with Truss .
“ By @ @ @ @ @ @ @ do not involve the minuting or publication of the full , frank and free exchange of views which we try to ensure takes place , ” a spokesperson said .

Trade secretary Liz Truss under fire for personal think tank meetings
Trade secretary Liz Truss is facing criticism after a series of meetings with a pro-hard Brexit think tank were removed from the public record and reclassified as personal discussions.
Two meetings between Truss and the Institute of Economic Affairs (IEA) were originally logged in quarterly transparency data on the government’s website and described as discussions about trade.
However, they were removed yesterday with a note stating that they were personal meetings.
The Department for International Trade said Truss attended the meetings in a personal capacity and not as a representative of the department.
It said they were put on the transparency return due to an administrative error, adding they held no further information about them.
The IEA, which is one of the UK’s most influential think tanks, promotes free-market economics and has campaigned for a hard Brexit since the 2016 referendum.
But the meetings sparked criticism from the Labour Party, which accused the trade secretary of skirting rules designed to ensure transparency.
“It makes no sense for Liz Truss now to claim that meetings on those issues had nothing to do with her ministerial role, and suggests instead that she has something to hide, whether in terms of who attended the meetings or what specifically was discussed,” a spokesman for shadow trade secretary Emily Thornberry told Reuters.
The IEA said it regularly hosted events and meetings with ministers, but did not provide details of the discussions with Truss.
“By definition, the private events we run do not involve the minuting or publication of the full, frank and free exchange of views which we try to ensure takes place,” a spokesperson said.


cityam--2020-08-20--UK economy: Footfall at highest level since March but job postings fall

The number of Britons venturing out to shops and restaurants rose to its highest level since March , with footfall running at two-thirds of the level seen a year ago , new figures have shown .
However , the Office for National Statistics ’ ( ONS ) said one in ten UK businesses reported they were at “ moderate ” risk of insolvency , indicating the risks to the economy .
And the number of online job adverts fell in the week to 14 August .
The government gradually lifted coronavirus restrictions in May , June and July .
At @ @ @ @ @ @ @ cafes and restaurants were allowed to reopen .
And the Treasury has encouraged the public to spend with discount vouchers .
There have been some green shoots in the economy , with the Bank of England citing positive payments data .
However , many sectors are still struggling and job cuts are picking up speed .
Marks & Spencer , Boots and John Lewis are among the big retailers to have slashed thousands of roles .
Footfall levels – the number of people visiting retail areas – are still well below normal .
@ @ @ @ @ @ @ the latest ONS data showed today .
Retail parks have seen the strongest recovery , with visits in the week ending 16 August running at 85 per cent of the level seen a year ago .
Shopping centres and high streets were less well visited , with footfall at just over 60 per cent of the same time a year ago .
That took total footfall at all locations to 68 per cent of the same time a year ago – down 32 per cent on the year but the highest level since @ @ @ @ @ @ @ , firms remain worried about their future .
One in ten said they were at “ moderate ” risk of insolvency , while one per cent said the risk was “ severe ” , the ONS said .
The ONS also said online job adverts had fallen , indicating that companies are reluctant to hire .
The total volume of job adverts in the two weeks to 14 August fell from 62 per cent to 58 per cent of its 2019 average , the ONS said .
However , the statistics body said @ @ @ @ @ @ @ the large increase of the previous week ” .
Separate ONS data showed that 12 per cent of the UK workforce was on furlough leave in the two week to 9 August .
That was down from 14 per cent in the two weeks to 26 July .
Read more : UK job vacancies rise 50 per cent in July but sectors still suffering The government will wind down the furlough scheme in October .
It pays 80 per cent of the wages of workers that may otherwise be laid off , but @ @ @ @ @ @ @ August .
Opposition parties and business groups have called on the Treasury to extend the scheme or offer targeted support to sectors such as hospitality which have been battered by coronavirus .

UK economy: Footfall at highest level since March but job postings fall
The number of Britons venturing out to shops and restaurants rose to its highest level since March, with footfall running at two-thirds of the level seen a year ago, new figures have shown.
However, the Office for National Statistics’ (ONS) said one in ten UK businesses reported they were at “moderate” risk of insolvency, indicating the risks to the economy. And the number of online job adverts fell in the week to 14 August.
The government gradually lifted coronavirus restrictions in May, June and July. At the start of July, pubs, cafes and restaurants were allowed to reopen. And the Treasury has encouraged the public to spend with discount vouchers.
There have been some green shoots in the economy, with the Bank of England citing positive payments data. However, many sectors are still struggling and job cuts are picking up speed. Marks & Spencer, Boots and John Lewis are among the big retailers to have slashed thousands of roles.
Footfall levels – the number of people visiting retail areas – are still well below normal. But they have been steadily climbing, the latest ONS data showed today.
Retail parks have seen the strongest recovery, with visits in the week ending 16 August running at 85 per cent of the level seen a year ago.
Shopping centres and high streets were less well visited, with footfall at just over 60 per cent of the same time a year ago.
That took total footfall at all locations to 68 per cent of the same time a year ago – down 32 per cent on the year but the highest level since mid-March.
Firms worried for future amid weak UK economy
Despite the increase in activity, firms remain worried about their future. One in ten said they were at “moderate” risk of insolvency, while one per cent said the risk was “severe”, the ONS said.
The ONS also said online job adverts had fallen, indicating that companies are reluctant to hire. The total volume of job adverts in the two weeks to 14 August fell from 62 per cent to 58 per cent of its 2019 average, the ONS said.
However, the statistics body said the fall was only “partially offsetting the large increase of the previous week”.
Separate ONS data showed that 12 per cent of the UK workforce was on furlough leave in the two week to 9 August. That was down from 14 per cent in the two weeks to 26 July.
The government will wind down the furlough scheme in October. It pays 80 per cent of the wages of workers that may otherwise be laid off, but employers have been expected to contribute from August.
Opposition parties and business groups have called on the Treasury to extend the scheme or offer targeted support to sectors such as hospitality which have been battered by coronavirus.


cityam--2020-08-20--Premier Oil shares crash as it swings to first-half loss

Shares in Premier Oil plummeted almost 25 per cent in early trading after the oil giant posted a hefty first-half loss due to weak oil prices .
Premier Oil posted revenue of $ 530.6m ( £406m ) in the first half , down from $ 883.1m in the same period last year .
The company swung to a loss after tax of $ 672m , compared to a profit of $ 121m in 2019 .
Cash flow from operating activities was $ 323.7m , down from $ 544.6m .
Net debt at 30 June was $ 1.97bn , slightly reduced @ @ @ @ @ @ @ Oil ’ s first-half figures lay bare the impact of the Covid-19 crisis on the industry as demand for crude oil collapsed during lockdown .
The North Sea-focused firm said it had taken steps to reduce costs and preserve cash over the period .
Production hit 67.3 thousand barrels of oil equivalent per day ( kboepd ) , down from 84.1 kboepd last year , but the company reiterated its 2020 guidance of 65-70 kboepd .
Premier also said it expected to be free cash flow positive for the full year 2020 .
@ @ @ @ @ @ @ said it had agreed terms for a long-term refinancing of its debt facilities .
The company said it will refinance $ 2.9bn of gross committed debt facilities with non-amortising facilities , extending its credit maturities from May 2021 to March 2025 .
Premier said it will also raise $ 230m to fund the proposed acquisition of some of BP ’ s North Sea fields .
“ With a strengthened balance sheet and strongly rising near-term production , Premier will be well placed to start reinvesting in some of its growth projects to deliver @ @ @ @ @ @ @ ” the firm said in a statement .
Despite this , shares in Premier Oil dropped 24 per cent shortly after markets opened , before recovering slightly to a drop of 18 per cent .
“ The big question for Premier Oil over the past few years has been how it can go about reducing a vast debt pile — particularly at a time of low oil prices , ” said Stuart Lamont , investment manager at Brewin Dolphin .
“ Today ’ s proposed refinancing provides a path towards that aim , @ @ @ @ @ @ @ be lower for longer.
” But Lamont warned the terms still had to be agreed with shareholders , adding : “ Premier has come a long way , but there is still substantial ground to cover ” .
It came as mining giant Antofagasta also posted a fall in earnings in the wake of the coronavirus crisis .
The Chilean company saw its earnings fall 22.4 per cent to $ 1.01bn , while revenue dropped more than 15 per cent to $ 2.1bn .
Antofagasta was hit by a decline in copper prices @ @ @ @ @ @ @ reduced operations at its mines .
But the firm said demand was beginning to pick up again and maintained its dividend of 6.2 cents per share .
‘ We have taken decisive action to safeguard our people and our assets , ” said chief executive Tony Durrant .
“ We have reduced our expenditure which , together with our hedging programme and the continued underlying performance of our assets , resulted in us generating free cash flow for the period , despite the collapse in commodity prices .
The BP acquisitions and our @ @ @ @ @ @ @ benefit from materially rising near-term production , additional free cash flow generation and a strengthening balance sheet , against a backdrop of a recovering oil price .
”

Premier Oil shares crash as it swings to first-half loss
Shares in Premier Oil plummeted almost 25 per cent in early trading after the oil giant posted a hefty first-half loss due to weak oil prices.
The figures
Premier Oil posted revenue of $530.6m (£406m) in the first half, down from $883.1m in the same period last year.
The company swung to a loss after tax of $672m, compared to a profit of $121m in 2019.
Cash flow from operating activities was $323.7m, down from $544.6m.
Net debt at 30 June was $1.97bn, slightly reduced from $1.99bn last year.
Why it’s interesting
Premier Oil’s first-half figures lay bare the impact of the Covid-19 crisis on the industry as demand for crude oil collapsed during lockdown.
The North Sea-focused firm said it had taken steps to reduce costs and preserve cash over the period.
Production hit 67.3 thousand barrels of oil equivalent per day (kboepd), down from 84.1 kboepd last year, but the company reiterated its 2020 guidance of 65-70 kboepd.
Premier also said it expected to be free cash flow positive for the full year 2020.
In a separate announcement today, Premier said it had agreed terms for a long-term refinancing of its debt facilities.
The company said it will refinance $2.9bn of gross committed debt facilities with non-amortising facilities, extending its credit maturities from May 2021 to March 2025.
Premier said it will also raise $230m to fund the proposed acquisition of some of BP’s North Sea fields.
“With a strengthened balance sheet and strongly rising near-term production, Premier will be well placed to start reinvesting in some of its growth projects to deliver value for all of its stakeholders,” the firm said in a statement.
Despite this, shares in Premier Oil dropped 24 per cent shortly after markets opened, before recovering slightly to a drop of 18 per cent.
“The big question for Premier Oil over the past few years has been how it can go about reducing a vast debt pile — particularly at a time of low oil prices,” said Stuart Lamont, investment manager at Brewin Dolphin.
“Today’s proposed refinancing provides a path towards that aim, while acknowledging that the commodity price may be lower for longer.”
But Lamont warned the terms still had to be agreed with shareholders, adding: “Premier has come a long way, but there is still substantial ground to cover”.
It came as mining giant Antofagasta also posted a fall in earnings in the wake of the coronavirus crisis.
The Chilean company saw its earnings fall 22.4 per cent to $1.01bn, while revenue dropped more than 15 per cent to $2.1bn.
Antofagasta was hit by a decline in copper prices and metal sales, as well as reduced operations at its mines.
But the firm said demand was beginning to pick up again and maintained its dividend of 6.2 cents per share.
What Premier Oil said
‘We have taken decisive action to safeguard our people and our assets,” said chief executive Tony Durrant.
“We have reduced our expenditure which, together with our hedging programme and the continued underlying performance of our assets, resulted in us generating free cash flow for the period, despite the collapse in commodity prices.
The BP acquisitions and our proposed long-term refinancing will position Premier to benefit from materially rising near-term production, additional free cash flow generation and a strengthening balance sheet, against a backdrop of a recovering oil price.”


cityam--2020-08-20--Square Mile builder: It's time to get London back up and running

“ I ’ ve been getting on trains for six weeks and not once have I felt uncomfortable because I wasn ’ t able to socially distance , ” says Square Mile construction firm Mace ’ s chief executive Mark Reynolds .
The company , which is headquartered in Moorgate in the heart of the City , is slowly encouraging staff to return to work at the office , and Reynolds has been right at the front of the queue .
Read more : UK workers slowest in Europe to return to the office “ I ’ ve been coming @ @ @ @ @ @ @ a little while , but that will probably go up to four days a week soon ” , he tells City A.M. And for Reynolds , Boris Johnson ’ s announcement that firms would have “ more discretion ” to bring staff back safely from August came not a moment too soon .
“ At the moment the pendulum has swung too far the other way , ” he says .
“ We really need to get the economy back up and running and get London back up and running .
“ We @ @ @ @ @ @ @ from home if they can , but we do need to increase face to face collaboration , so are asking them to find a balance that works for them between both.
” “ Ultimately , if the City is not getting back up and running , that ’ s a real issue for us in the long term , ” he adds .
Reynolds acknowledges that his firm ’ s return to work guidance to employees is a little “ self-contradictory ” .
But he stresses that it has to be in order @ @ @ @ @ @ @ health and safety advice with the desire to get more people back into the office .
Before the Open newsletter : Start your day with the City View podcast and key market data Currently , up to 70 people work in Mace ’ s Square Mile headquarters , which has a capacity of 900 .
But Reynolds expects that number to increase in the coming weeks .
Purely through social distancing , the firm can accommodate 240 staff in its office .
If it adds protective screens as planned it will be able @ @ @ @ @ @ @ its desk arrangements , the CEO explains , that figure will grow again to 600 .
In addition , some 9,500 people are working on Mace ’ s construction sites , down from 11,000 before the pandemic struck .
September was likely to be an “ acid test ” for the firm , Reynolds says , with schools set to return at the beginning of the month .
That potentially frees up parents who have been homeschooling their children for months .
Citing some tech firms , which have said that staff will @ @ @ @ @ @ @ he explains that he can not really see much difference between September and January .
“ Either the office is closed until we have a vaccine , which isn ’ t sustainable really for anybody , or you find a flexible and appropriate way to bring people back when that comes within the guidance so that they ’ re safe , so that as far as we can , we can begin to return to normal.
” According to Reynolds , the encouragement to return to the office has been particularly well-received by @ @ @ @ @ @ @ of whom have been working from crowded flats for nearly six months .
The Square Mile construction company has put in a booking system that allows teams to all be in the office at the same time , to help bring back more of a collaborative approach to work .
In the long term , the majority of Mace staff have expressed a wish to work from the office for at least half the week .
Read more : The return to work : Here ’ s when City firms are going back @ @ @ @ @ @ @ the process of considering how to write this new-found flexibility into employees ’ contracts , a process which Reynolds hopes to be complete by the end of the year .
“ It ’ s all about finding a balance , ” he muses .
“ We need to enable people to come in and do what they need to do face to face , but perhaps in the future they won ’ t travel in two hours just to come and sit at a desk and do their emails all day .
”

Square Mile builder: It’s time to get London back up and running
Mark Reynolds, CEO of Square Mile builder Mace, wants Londoners to embrace the capital once more
“I’ve been getting on trains for six weeks and not once have I felt uncomfortable because I wasn’t able to socially distance,” says Square Mile construction firm Mace’s chief executive Mark Reynolds.
The company, which is headquartered in Moorgate in the heart of the City, is slowly encouraging staff to return to work at the office, and Reynolds has been right at the front of the queue.
“I’ve been coming two or three days a week for a little while, but that will probably go up to four days a week soon”, he tells City A.M.
And for Reynolds, Boris Johnson’s announcement that firms would have “more discretion” to bring staff back safely from August came not a moment too soon.
“At the moment the pendulum has swung too far the other way,” he says. “We really need to get the economy back up and running and get London back up and running.
“We’re saying that staff should work from home if they can, but we do need to increase face to face collaboration, so are asking them to find a balance that works for them between both.”
“Ultimately, if the City is not getting back up and running, that’s a real issue for us in the long term,” he adds.
Return to work is a balancing act
One Crown Place is one of Mace’s City building projects
Reynolds acknowledges that his firm’s return to work guidance to employees is a little “self-contradictory”. But he stresses that it has to be in order to balance the government’s official health and safety advice with the desire to get more people back into the office.
Before the Open newsletter: Start your day with the City View podcast and key market data
Currently, up to 70 people work in Mace’s Square Mile headquarters, which has a capacity of 900. But Reynolds expects that number to increase in the coming weeks.
Purely through social distancing, the firm can accommodate 240 staff in its office. If it adds protective screens as planned it will be able to house 500 safely.
By reconfiguring its desk arrangements, the CEO explains, that figure will grow again to 600.
In addition, some 9,500 people are working on Mace’s construction sites, down from 11,000 before the pandemic struck.
September ‘acid test’ for Square Mile return
Mace employees could have flexible working written into their contracts (Credit: Mace)
September was likely to be an “acid test” for the firm, Reynolds says, with schools set to return at the beginning of the month. That potentially frees up parents who have been homeschooling their children for months.
Citing some tech firms, which have said that staff will not have to return until 2021, he explains that he cannot really see much difference between September and January.
“Either the office is closed until we have a vaccine, which isn’t sustainable really for anybody, or you find a flexible and appropriate way to bring people back when that comes within the guidance so that they’re safe, so that as far as we can, we can begin to return to normal.”
According to Reynolds, the encouragement to return to the office has been particularly well-received by Mace’s younger employees, many of whom have been working from crowded flats for nearly six months.
The Square Mile construction company has put in a booking system that allows teams to all be in the office at the same time, to help bring back more of a collaborative approach to work.
In the long term, the majority of Mace staff have expressed a wish to work from the office for at least half the week.
Mace is currently in the process of considering how to write this new-found flexibility into employees’ contracts, a process which Reynolds hopes to be complete by the end of the year.
“It’s all about finding a balance,” he muses. “We need to enable people to come in and do what they need to do face to face, but perhaps in the future they won’t travel in two hours just to come and sit at a desk and do their emails all day.”


cityam--2020-08-20--The City View: Rachel Cunliffe on the government's competence problem

In this episode Christian is joined by City A.M. ‘ s comment editor , Rachel Cunliffe , who expands on her forthright column from earlier in the week , criticising the education secretary Gavin Williamson .
Rachel talks about the failure of leadership and accountability surrounding the A-level marking fiasco , and considers what the controversy tells us about the caliber of our politicians and the capabilities of agencies and Whitehall departments .
Read more : The City View : Xavier Rees of Havas London on the value of creative ideas in the office Also in this episode , Christian @ @ @ @ @ @ @ bars and music venues being hammered by pandemic restrictions ; construction giant Mace ’ s plans to get staff back in the office ; and Mike Ashley ’ s latest financials .
ETX Capital is one of the UK ’ s leading spread betting and CFD trading providers , offering services to retail , institutional , professional and high net worth customers via an award-winning trading platform .
With over 50 years of experience in the financial markets , customers and service are always put first at ETX , and the company prides @ @ @ @ @ @ @ to every customer .
The multi-device TraderPro platform delivers a fully customisable , award-winning trading technology with customisable charts , instant execution and over 5,000 markets to trade .
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage .
76 % of retail investor accounts lose money when spread betting or trading CFDs with ETX .
You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money.Authorised @ @ @ @ @ @ @ with Financial Services register number 124721.ETX Capital provides an execution-only service and therefore any market analysis , opinion , commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice .
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: Rachel Cunliffe on the government’s competence problem
In this episode Christian is joined by City A.M.‘s comment editor, Rachel Cunliffe, who expands on her forthright column from earlier in the week, criticising the education secretary Gavin Williamson.
Subscribe to The City View Podcast: Apple / Google / Spotify / RSS
Rachel talks about the failure of leadership and accountability surrounding the A-level marking fiasco, and considers what the controversy tells us about the caliber of our politicians and the capabilities of agencies and Whitehall departments.
Also in this episode, Christian looks at dire warnings from clubs, bars and music venues being hammered by pandemic restrictions; construction giant Mace’s plans to get staff back in the office; and Mike Ashley’s latest financials.
In association with ETX Capital
ETX Capital is one of the UK’s leading spread betting and CFD trading providers, offering services to retail, institutional, professional and high net worth customers via an award-winning trading platform. With over 50 years of experience in the financial markets, customers and service are always put first at ETX, and the company prides itself in offering a tailor-made trading experience to every customer. The multi-device TraderPro platform delivers a fully customisable, award-winning trading technology with customisable charts, instant execution and over 5,000 markets to trade.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when spread betting or trading CFDs with ETX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money.Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721.ETX Capital provides an execution-only service and therefore any market analysis, opinion, commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice. 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.


cityam--2020-08-20--Consumer confidence low ahead of 'inevitable' post-furlough job losses

Consumer confidence remained low throughout August ahead of “ inevitable ” redundancies when the government winds down the coronavirus job retention scheme .
According to the latest research , consumer confidence was minus 27 this month , flat compared to July ’ s reading .
Read more : Consumer confidence edges up after hitting record low However , the coronavirus pandemic has seen optimism plummet since August 2019 , when consumer confidence stood at minus 14 .
Consumers were slightly more optimistic about their personal financial situation over the next 12 months , but experts warned this could be reversed @ @ @ @ @ @ @ the next few months .
The government will close its furlough scheme , which partially covered the salary of temporarily laid off staff , on 31 October .
Joe Staton , client strategy director at GfK , which produced the research , said : “ Circumspect consumers report they are more confident about their personal financial situation over the next year but the uptick from zero up to one does not amount to much , and this can change quickly when furlough ends and the inevitable redundancies start .
“ Employment is now @ @ @ @ @ @ @ ended years of job security.
” The Major Purchase Index also ticked up one per cent month-on-month .
However it remained 26 points lower than it was in August last year .
Read more : UK consumer confidence starting to rise as lockdown ends Staton added : “ Yes , discounted dinners have proved a winner with hungry consumers across the country this month , but it ’ s difficult to see any increased appetite for other types of spending for now .
“ While our Major Purchase Index managed to increase by @ @ @ @ @ @ @ headwinds are not favourable as we enter the key retailing months at the end of the year .
”

Consumer confidence low ahead of ‘inevitable’ post-furlough job losses
Consumer confidence remained low throughout August ahead of “inevitable” redundancies when the government winds down the coronavirus job retention scheme.
According to the latest research, consumer confidence was minus 27 this month, flat compared to July’s reading.
However, the coronavirus pandemic has seen optimism plummet since August 2019, when consumer confidence stood at minus 14.
Consumers were slightly more optimistic about their personal financial situation over the next 12 months, but experts warned this could be reversed when unemployment is expected to rise over the next few months.
The government will close its furlough scheme, which partially covered the salary of temporarily laid off staff, on 31 October.
Joe Staton, client strategy director at GfK, which produced the research, said: “Circumspect consumers report they are more confident about their personal financial situation over the next year but the uptick from zero up to one does not amount to much, and this can change quickly when furlough ends and the inevitable redundancies start.
“Employment is now the big issue because the pandemic has ended years of job security.”
The Major Purchase Index also ticked up one per cent month-on-month. However it remained 26 points lower than it was in August last year.
Staton added: “Yes, discounted dinners have proved a winner with hungry consumers across the country this month, but it’s difficult to see any increased appetite for other types of spending for now.
“While our Major Purchase Index managed to increase by one point in August, the economic headwinds are not favourable as we enter the key retailing months at the end of the year.”


cityam--2020-08-20--Portugal added to UK's Covid-19 safe travel list

Britons on holiday in Portugal will no longer need to quarantine when they return after the country was added to the UK ’ s safe travel list .
The rule change , which comes into force at 4am on Saturday , means UK tourists do not have to self-isolate for two weeks after returning from Portugal .
Read more : Government adds five countries to travel corridors list Portugal snubbed Travellers that return from Portugal to the UK before Saturday will still be required to quarantine , the government said .
“ Data shows we can now add Portugal to @ @ @ @ @ @ @ ” transport secretary Grant Shapps said on Twitter .
“ As with all air bridge countries , please be aware that things can change quickly .
Only travel if you are content to unexpectedly 14-day quarantine if required.
” Meanwhile , several countries have been taken off the safe travel list .
Austria , Croatia and Trinidad and Tobago have all been removed from the UK ’ s coronavirus travel corridor list .
Read more : Greece and Croatia could be next on UK quarantine list Anyone returning from those countries after 4am @ @ @ @ @ @ @ home for two weeks .
The move comes after Aruba , France , Malta , Monaco , the Netherlands and Turks and Caicos Islands were removed from the list last week .
Read more : Coronavirus : Plans for Portugal-UK ‘ air bridge ’ going well It was reported this week that Greece , a popular destination for UK holidaygoers , could be taken off the list amid fears over rising coronavirus cases .
However the country currently remains on the list of destinations without a self-isolation requirement .

Portugal added to UK’s Covid-19 safe travel list
There are reports that Portugal could be taken off the ‘green list’ today due to a surge in Covid cases.
Britons on holiday in Portugal will no longer need to quarantine when they return after the country was added to the UK’s safe travel list.
The rule change, which comes into force at 4am on Saturday, means UK tourists do not have to self-isolate for two weeks after returning from Portugal.
Travellers that return from Portugal to the UK before Saturday will still be required to quarantine, the government said.
“Data shows we can now add Portugal to those countries included in travel corridors,” transport secretary Grant Shapps said on Twitter.
“As with all air bridge countries, please be aware that things can change quickly. Only travel if you are content to unexpectedly 14-day quarantine if required.”
Meanwhile, several countries have been taken off the safe travel list.
Austria, Croatia and Trinidad and Tobago have all been removed from the UK’s coronavirus travel corridor list.
Anyone returning from those countries after 4am on Saturday morning will have to stay home for two weeks.
The move comes after Aruba, France, Malta, Monaco, the Netherlands and Turks and Caicos Islands were removed from the list last week.
It was reported this week that Greece, a popular destination for UK holidaygoers, could be taken off the list amid fears over rising coronavirus cases.
However the country currently remains on the list of destinations without a self-isolation requirement.


cityam--2020-08-20--Support for Lebanese wine industry soars after Beirut explosion

Wine drinkers raced to snap up a box of Lebanese tipples to support the country following a huge explosion in Beirut , with the special offer selling out in record time .
The Wine Society ’ s box of 12 bottles to support the country ’ s wine industry sold out within hours after going on sale earlier this week .
Read more : Lebanon PM Hassan Diab and his government resign after Beirut explosion It said sales “ quickly exceeded even our most optimistic forecasts and the case sold out in record time ” .
The wine club said @ @ @ @ @ @ @ possible – at £139 – to cover its costs .
Earlier this month a huge explosion destroyed large parts of the Lebanese capital , killing more than 220 people and wounding 7,000 .
The explosion was caused by an accidental fire that ignited 2,750 tonnes of ammonium nitrate , which had been stored at Beirut ’ s port for more than six years .
The disaster prompted days of violent protests and civil unrest , and the resignation of Lebanon ’ s government .
The Wine Society director of wine Pierre Mansour said @ @ @ @ @ @ @ close eye on the tragic events that have been unfolding in Beirut .
Read more : Lebanon ’ s government expected to step down after Beirut explosion “ To show our support in the most practical way we can , we ’ re offering members a mixed Lebanese case.
” He added : “ Lebanon ’ s key export is wine so the more we sell to members , the more we can ship which drives cash back into the country .
”

Support for Lebanese wine industry soars after Beirut explosion
Wine drinkers raced to snap up a box of Lebanese tipples to support the country following a huge explosion in Beirut, with the special offer selling out in record time.
The Wine Society’s box of 12 bottles to support the country’s wine industry sold out within hours after going on sale earlier this week.
It said sales “quickly exceeded even our most optimistic forecasts and the case sold out in record time”.
The wine club said it priced the case as low as possible – at £139 – to cover its costs.
Earlier this month a huge explosion destroyed large parts of the Lebanese capital, killing more than 220 people and wounding 7,000.
The explosion was caused by an accidental fire that ignited 2,750 tonnes of ammonium nitrate, which had been stored at Beirut’s port for more than six years.
The disaster prompted days of violent protests and civil unrest, and the resignation of Lebanon’s government.
The Wine Society director of wine Pierre Mansour said: “We have been keeping a close eye on the tragic events that have been unfolding in Beirut.
“To show our support in the most practical way we can, we’re offering members a mixed Lebanese case.”
He added: “Lebanon’s key export is wine so the more we sell to members, the more we can ship which drives cash back into the country.”


cityam--2020-08-20--Are the Democrats sleepwalking into the US election?

The first three days of the Democratic National Convention have progressed in the same conservative , risk averse manner of Joe Biden ’ s campaign so far .
Despite having addresses from three former presidents , one former presidential nominee and a host of party grandees , there will be little if anything that will be remembered from the past three days .
With the final day of the conference and Biden ’ s speech to come tomorrow morning , UK time , the Democrats need more energy injected into the campaign , despite current polling suggesting Trump will be @ @ @ @ @ @ @ In picking Kamala Harris , Joe Biden continues his successful front porch campaign Speakers at the virtual event have been largely reading from the same script , with little divergence in message .
The recurring narrative tends to be that Donald Trump is narcissistic , un-Presidential , unfit for the job , is to blame for the US ’ high rates of coronavirus deaths – and many other justified attacks – and that Biden is a decent and likable statesman .
There was little discussion about the Democratic nominee ’ s policy agenda @ @ @ @ @ @ @ society .
Barack Obama ’ s speech – while brilliantly delivered and well-argued – barely spoke about Biden ’ s skills as a Vice President or as a policy maker .
The majority of his address was a solemn rebuke to Trump ’ s America , followed by the promise that Biden is a more decent human being than the current White House occupant .
Before the Open newsletter : Start your day with the City View podcast and key market data Bernie Sanders ’ speech on day-two was a breath of fresh @ @ @ @ @ @ @ morsel of policy detail .
He talked about Biden ’ s plans to extend state-sponsored healthcare , increase the minimum wage and strengthen trade union power .
However , the one-time Presidential hopeful was conspicuously singular among the speakers in being able to outline reasons to vote for Biden beyond saying : “ Well , at least he ’ s not Trump !
” Biden ’ s Vice President nominee Kamala Harris kicked-off her campaign in a 20-minute speech that did not exactly set the world alight .
While there were some nice @ @ @ @ @ @ @ , there was little substance about how she saw America ’ s future place in the world , about how to deal with the country ’ s economic disparities or even about the Democrats ’ signature domestic issue – healthcare .
Biden ’ s large national polling lead – around 10 points in most surveys – seems to have provided the platform for a defensive campaign strategy .
Instead of explaining why he should be the next President , beyond his White House experience , the campaign messaging revolves around why Trump is @ @ @ @ @ @ @ the exact same message that failed four years ago ?
When looking at polling data for key swing states that won Trump the election in 2016 – Pennsylvania , Florida , Michigan and Wisconsin – Biden ’ s average lead over the President is around five points .
This is not far out of the margin of error and comes during a pandemic where Trump ’ s ineptitude has led to many needless deaths .
It also comes before Trump has even began to ramp up his campaign in earnest .
After seeing @ @ @ @ @ @ @ to the 2016 election , will it really be enough for Biden to just say he ’ s a safe pair of hands ?
If people overlooked Trump ’ s many personal foibles in the last election , will highlighting them this time really tip the balance ?
Biden ’ s campaign needs to have a stronger , more convincing narrative if the Democrats are going to overturn the 2016 result .
We have seen in the Anglosphere that successful recent political campaigns are based on simple narratives that cut through to voters @ @ @ @ @ @ @ slogans that can be hammered home repeatedly .
Trump ’ s “ Make America Great Again ” and Brexit ’ s “ Take Back Control ” perfectly underlined the feeling of betrayal felt by working class people as a result of the last 30 years of globalisation .
Obama ’ s “ Yes we can ” and “ Change we can believe in ” were simple pointers to a unifying and progressive vision of America with a young , sleek and eloquent Senator at leading the charge .
Read more : Democrats nominate @ @ @ @ @ @ @ end Trump ‘ chaos ’ If we had to distill Biden ’ s campaign narrative to a slogan , what would it be ?
It would likely be some variant of “ Trump is a misogynist , xenophobic , uninformed , derisive , divisive , narcissist and Biden isn ’ t all that bad.
” I , for one , am unconvinced it is enough to defeat a man who was able to see off every conceivable attack about his personality in 2016 to still win .
People heard Trump admit on camera @ @ @ @ @ @ @ they saw him demonstrate no deep understanding of policy or foreign affairs and they saw him bully his opponents every day on the campaign trail .
If swing voters were not turned off in 2016 by this behaviour then perhaps it is time for the Democrats to pursue a different strategy to secure Biden an election win .

Are the Democrats sleepwalking into the US election?
Senator from California and Democratic vice presidential nominee Kamala Harris speaks during the third day of the Democratic National Convention
The first three days of the Democratic National Convention have progressed in the same conservative, risk averse manner of Joe Biden’s campaign so far.
Despite having addresses from three former presidents, one former presidential nominee and a host of party grandees, there will be little if anything that will be remembered from the past three days. With the final day of the conference and Biden’s speech to come tomorrow morning, UK time, the Democrats need more energy injected into the campaign, despite current polling suggesting Trump will be a one-term President.
Speakers at the virtual event have been largely reading from the same script, with little divergence in message. The recurring narrative tends to be that Donald Trump is narcissistic, un-Presidential, unfit for the job, is to blame for the US’ high rates of coronavirus deaths – and many other justified attacks – and that Biden is a decent and likable statesman. There was little discussion about the Democratic nominee’s policy agenda or his future vision for a post-coronavirus society.
Barack Obama’s speech – while brilliantly delivered and well-argued – barely spoke about Biden’s skills as a Vice President or as a policy maker. The majority of his address was a solemn rebuke to Trump’s America, followed by the promise that Biden is a more decent human being than the current White House occupant.
Before the Open newsletter: Start your day with the City View podcast and key market data
Bernie Sanders’ speech on day-two was a breath of fresh air as he actually went into a morsel of policy detail. He talked about Biden’s plans to extend state-sponsored healthcare, increase the minimum wage and strengthen trade union power. However, the one-time Presidential hopeful was conspicuously singular among the speakers in being able to outline reasons to vote for Biden beyond saying: “Well, at least he’s not Trump!”
Biden’s Vice President nominee Kamala Harris kicked-off her campaign in a 20-minute speech that did not exactly set the world alight. While there were some nice moments about her upbringing and personal life, there was little substance about how she saw America’s future place in the world, about how to deal with the country’s economic disparities or even about the Democrats’ signature domestic issue – healthcare.
Biden’s large national polling lead – around 10 points in most surveys – seems to have provided the platform for a defensive campaign strategy. Instead of explaining why he should be the next President, beyond his White House experience, the campaign messaging revolves around why Trump is unfit for office. Was this not the exact same message that failed four years ago?
Watch: Obama delivered his sharpest criticism yet against Trump in his DNC speech tonight, blasting his successor as unserious, self-centered and catastrophically ineffective.
“Donald Trump hasn’t grown into the job because he can’t,” Obama said.
https://t.co/MfKsjJOChT pic.twitter.com/PFZafgDJIe — POLITICO (@politico) August 20, 2020
When looking at polling data for key swing states that won Trump the election in 2016 – Pennsylvania, Florida, Michigan and Wisconsin – Biden’s average lead over the President is around five points. This is not far out of the margin of error and comes during a pandemic where Trump’s ineptitude has led to many needless deaths. It also comes before Trump has even began to ramp up his campaign in earnest.
After seeing what Trump could do in the lead-up to the 2016 election, will it really be enough for Biden to just say he’s a safe pair of hands? If people overlooked Trump’s many personal foibles in the last election, will highlighting them this time really tip the balance?
Biden’s campaign needs to have a stronger, more convincing narrative if the Democrats are going to overturn the 2016 result. We have seen in the Anglosphere that successful recent political campaigns are based on simple narratives that cut through to voters. These are often distilled into adroit slogans that can be hammered home repeatedly.
Trump’s “Make America Great Again” and Brexit’s “Take Back Control” perfectly underlined the feeling of betrayal felt by working class people as a result of the last 30 years of globalisation. Obama’s “Yes we can” and “Change we can believe in” were simple pointers to a unifying and progressive vision of America with a young, sleek and eloquent Senator at leading the charge.
If we had to distill Biden’s campaign narrative to a slogan, what would it be? It would likely be some variant of “Trump is a misogynist, xenophobic, uninformed, derisive, divisive, narcissist and Biden isn’t all that bad.”
I, for one, am unconvinced it is enough to defeat a man who was able to see off every conceivable attack about his personality in 2016 to still win. People heard Trump admit on camera that he relished sexually assaulting women, they saw him demonstrate no deep understanding of policy or foreign affairs and they saw him bully his opponents every day on the campaign trail. If swing voters were not turned off in 2016 by this behaviour then perhaps it is time for the Democrats to pursue a different strategy to secure Biden an election win.


cityam--2020-08-20--Glencadam looks a monster price for Glory at 33/1

AFTER three days of cracking action , the feature race on the final day of York ’ s Ebor Festival is the Sky Bet Ebor ( 3.40pm ) with £250,000 up for grabs .
Fujaira Prince deserves his place at the top of the market having won the Copper Horse Handicap over this trip at Royal Ascot on his only start this campaign .
He was well supported in the market that day and life will be tougher for Roger Varian ’ s gelding off a nine-pound higher mark .
There is every chance he could be that Group horse @ @ @ @ @ @ @ have to be to shoulder that rise .
Only one horse has carried more than 9st8lbs in this race since Sea Pigeon back in 1979 , so that would be some performance .
In fact , it is a combination of weight and price that puts me off a number of the leading protagonists .
Trueshan , True Self and Pondus all appear to have the right profiles for this test , but all three are 10/1 or shorter and have to carry 9st6lbs or more .
For that reason , I am @ @ @ @ @ @ @ the list and side with a couple at bigger prices .
First up , I can not resist having a few quid each-way on Tim Easterby ’ s GLENCADAM GLORY at a massive 33/1 .
The six-year-old sneaks in here at the foot of the weights and will relish this step back up in trip .
He used to be trained by John Gosden in his prime and finished in the middle of the pack in Wings Of Eagles ’ Derby .
Plenty of water has passed under the bridge since then and @ @ @ @ @ @ @ this season since spending nearly two years on the sidelines .
His form at Haydock and Ripon proves his turn is not far away and he should outrun his odds as he is a proper stayer .
If the weather forecast is to be believed , then the ground could easily start to dry out and the better ground we get , the better VERDANA BLUE ’ s chance .
Nicky Henderson ’ s mare will be far better suited to this trip and ground than her latest Ascot assignment and she looks @ @ @ @ @ @ @ booked to ride and she looks sure to get the fast pace that she loves .
The opening Strensall Stakes ( 1.50pm ) looks at the mercy of former winner Lord Glitters at around the 3/1 mark , while the Melrose Handicap ( 2.25pm ) looks hard to call with Favourite Moon and Kipps holding strong claims .
Again , ground will play it ’ s part in deciding the City Of York Stakes ( 3.00pm ) .
One Master will take plenty of beating if conditions remain as they are and the @ @ @ @ @ @ @ However , I ’ m going to take a chance on THREAT , the only three-year-old in the field on his return to seven furlongs .
He didn ’ t see out the mile in the St James ’ s Palace at Royal Ascot but travelled well throughout .
The drop back to six furlongs proved his undoing in the July Cup , but the return to this trip on a sound surface looks the right move .
Three-year-olds have a great record in this race having won the last five renewals and @ @ @ @ @ @ @ .

Glencadam looks a monster price for Glory at 33/1
Off a low-weight, Glencadam Glory looks a big price in Saturday’s Ebor at York
AFTER three days of cracking action, the feature race on the final day of York’s Ebor Festival is the Sky Bet Ebor (3.40pm) with £250,000 up for grabs.
Fujaira Prince deserves his place at the top of the market having won the Copper Horse Handicap over this trip at Royal Ascot on his only start this campaign.
He was well supported in the market that day and life will be tougher for Roger Varian’s gelding off a nine-pound higher mark.
There is every chance he could be that Group horse masquerading in handicaps, but he might have to be to shoulder that rise.
Only one horse has carried more than 9st8lbs in this race since Sea Pigeon back in 1979, so that would be some performance.
In fact, it is a combination of weight and price that puts me off a number of the leading protagonists.
Trueshan, True Self and Pondus all appear to have the right profiles for this test, but all three are 10/1 or shorter and have to carry 9st6lbs or more.
For that reason, I am prepared to look a little further down the list and side with a couple at bigger prices.
First up, I cannot resist having a few quid each-way on Tim Easterby’s GLENCADAM GLORY at a massive 33/1.
The six-year-old sneaks in here at the foot of the weights and will relish this step back up in trip.
He used to be trained by John Gosden in his prime and finished in the middle of the pack in Wings Of Eagles’ Derby.
Plenty of water has passed under the bridge since then and he has been on the comeback trail this season since spending nearly two years on the sidelines.
His form at Haydock and Ripon proves his turn is not far away and he should outrun his odds as he is a proper stayer.
If the weather forecast is to be believed, then the ground could easily start to dry out and the better ground we get, the better VERDANA BLUE’s chance.
Nicky Henderson’s mare will be far better suited to this trip and ground than her latest Ascot assignment and she looks over-priced at 14/1.
Ryan Moore is booked to ride and she looks sure to get the fast pace that she loves.
The opening Strensall Stakes (1.50pm) looks at the mercy of former winner Lord Glitters at around the 3/1 mark, while the Melrose Handicap (2.25pm) looks hard to call with Favourite Moon and Kipps holding strong claims.
Again, ground will play it’s part in deciding the City Of York Stakes (3.00pm).
One Master will take plenty of beating if conditions remain as they are and the 7/4 on offer will be popular.
However, I’m going to take a chance on THREAT, the only three-year-old in the field on his return to seven furlongs.
He didn’t see out the mile in the St James’s Palace at Royal Ascot but travelled well throughout.
The drop back to six furlongs proved his undoing in the July Cup, but the return to this trip on a sound surface looks the right move.
Three-year-olds have a great record in this race having won the last five renewals and he looks the each-way call at 9/1.
POINTERS
Threat e/w 9/1 3.00pm York (Saturday)
Glencadam Glory e/w 33/1 3.40pm York (Saturday)
Verdana Blue e/w 14/1 3.40pm York (Saturday)


cityam--2020-08-20--Koeman might manage to land day three opener

MARK Johnston looks to hold the key to day three ’ s opening 1m4f handicap ( 1:45pm ) with Zabeel Champion .
He looked to be crying out for this step up to 12 furlongs last time when outpaced early on before making eye-catching late headway to take second .
However , connections would have wanted the rain clouds to linger for a little longer and with the ground expected to dry out by Friday he ’ s worth taking on at 7/4 .
KOEMAN is the way to go , with the combination of better ground and a genuine @ @ @ @ @ @ @ street .
He was caught out in a tactical affair last time at Ascot and is much better judged on some of his good runs in Dubai over the winter and into the spring .
He ’ s slipped to a workable mark of 97 , looks set to get his conditions and the Mick Channon team is in good order , so take the 14/1 .
After that , we ’ ve got a real puzzle of Group Two Lonsdale Cup ( 2:15pm ) to solve .
Nayef Road , who ’ @ @ @ @ @ @ @ his last two starts , looks the obvious one , but he ’ s been to York on two occasions and not run his race on either one .
He looks sure to make this a true test from the front which could easily set it up for a closer and there ’ s every chance that will suit EAGLES BY DAY .
He won the Group Three Silver Cup at this track two starts back , picking off his rivals one by one as stamina came to the fore .
This is @ @ @ @ @ @ @ have to step up again , but the race might just fall into his lap and 8/1 looks too big .

Koeman might manage to land day three opener
Koeman (black cap) should go well for trainer Mick Channon at York
MARK Johnston looks to hold the key to day three’s opening 1m4f handicap (1:45pm) with Zabeel Champion.
He looked to be crying out for this step up to 12 furlongs last time when outpaced early on before making eye-catching late headway to take second.
However, connections would have wanted the rain clouds to linger for a little longer and with the ground expected to dry out by Friday he’s worth taking on at 7/4.
KOEMAN is the way to go, with the combination of better ground and a genuine galop set to be right up his street.
He was caught out in a tactical affair last time at Ascot and is much better judged on some of his good runs in Dubai over the winter and into the spring.
He’s slipped to a workable mark of 97, looks set to get his conditions and the Mick Channon team is in good order, so take the 14/1.
After that, we’ve got a real puzzle of Group Two Lonsdale Cup (2:15pm) to solve.
Nayef Road, who’s chased home the mighty Stradivarius on his last two starts, looks the obvious one, but he’s been to York on two occasions and not run his race on either one.
He looks sure to make this a true test from the front which could easily set it up for a closer and there’s every chance that will suit EAGLES BY DAY.
He won the Group Three Silver Cup at this track two starts back, picking off his rivals one by one as stamina came to the fore.
This is a tougher assignment and he’ll have to step up again, but the race might just fall into his lap and 8/1 looks too big.
POINTERS
Koeman 14/1 1:45pm York
Eagles By Day 8/1 2:15pm York


cityam--2020-08-20--Ubettabelieveit, Power set to test Battaash

FRIDAY ’ S feature is the Coolmore Nunthorpe Stakes ( 3.15pm ) and given how impressive he ’ s been so far this season , it ’ s unsurprising Battaash is as short as 1/2 to win the race he won in such devastating fashion last year .
He broke Dayjur ’ s 29-year record 12 months ago and looks quicker than every this year , but given the rain we ’ ve had it ’ s very unlikely he ’ ll be able to do that again in 2020 .
Conditions didn ’ t look too bad on Thursday @ @ @ @ @ @ @ overnight it will only enhance the claims of Art Power who has done nothing but improve this season and is an exciting sprinter on the up .
Tim Easterby ’ s charge couldn ’ t have been much more impressive in all three starts this season and his five-length soft ground win at York shows he handles the track as well as cut in the ground .
He looks a real danger to the favourite , particularly if the rain does materialise , but on a sounder surface , a two-pound pull in @ @ @ @ @ @ @ stop the ‘ Batmobile ’ winning a second Nunthorpe .
Although I think Art Power will run really well , the uncertainty about the weather means I ’ ll look to the proceeding Gimcrack Stakes ( 2.45pm ) for a bet .
This year ’ s renewal of the Group Two contest looks wide open with impressive Salisbury winner Minzaal and the horse who beat him on debut Mohawk King heading the betting .
They ’ ve both looked smart , but at the prices it ’ s worth taking them on with @ @ @ @ @ @ @ s contender was very impressive over five furlongs in the Listed National Stakes at Sandown last time where he had the race in the bag from a long way out and there is surely more to come now stepped up to six here .
Champion Jockey Oisin Murphy is back in the saddle and he looks a big price given how well he travelled and quickened at Sandown .
If he was trained by William Haggas or Richard Hannon he ’ d be half the price and he can give his trainer a @ @ @ @ @ @ @

Ubettabelieveit, Power set to test Battaash
Ubettabelieveit was an impressive winner at Sandown last time
FRIDAY’S feature is the Coolmore Nunthorpe Stakes (3.15pm) and given how impressive he’s been so far this season, it’s unsurprising Battaash is as short as 1/2 to win the race he won in such devastating fashion last year.
He broke Dayjur’s 29-year record 12 months ago and looks quicker than every this year, but given the rain we’ve had it’s very unlikely he’ll be able to do that again in 2020.
Conditions didn’t look too bad on Thursday, but if rain does come down overnight it will only enhance the claims of Art Power who has done nothing but improve this season and is an exciting sprinter on the up.
Tim Easterby’s charge couldn’t have been much more impressive in all three starts this season and his five-length soft ground win at York shows he handles the track as well as cut in the ground.
He looks a real danger to the favourite, particularly if the rain does materialise, but on a sounder surface, a two-pound pull in the weights might not be enough to stop the ‘Batmobile’ winning a second Nunthorpe.
Although I think Art Power will run really well, the uncertainty about the weather means I’ll look to the proceeding Gimcrack Stakes (2.45pm) for a bet.
This year’s renewal of the Group Two contest looks wide open with impressive Salisbury winner Minzaal and the horse who beat him on debut Mohawk King heading the betting.
They’ve both looked smart, but at the prices it’s worth taking them on with UBETTTABELIEVEIT at 7/1.
Nigel Tinkler’s contender was very impressive over five furlongs in the Listed National Stakes at Sandown last time where he had the race in the bag from a long way out and there is surely more to come now stepped up to six here.
Champion Jockey Oisin Murphy is back in the saddle and he looks a big price given how well he travelled and quickened at Sandown.
If he was trained by William Haggas or Richard Hannon he’d be half the price and he can give his trainer a big race success on the Knavesmire.
POINTERS
Ubettabelieveit 7/1 2.45pm York


cityam--2020-08-20--Estee Lauder to cut 2,000 jobs due to coronavirus pandemic

Beauty brand Estee Lauder is preparing to cut up to 2,000 jobs due to the impact of the coronavirus pandemic on demand .
The firm said it will slash between 1,500 to 2,000 jobs , or about three per cent of its workforce globally .
It also said it is planning to close between 10 per cent to 15 per cent of its standalone stores .
Estee Lauder chief executive Fabrizo Freda said : “ Through the Post-Covid Business Acceleration Program announced today , we are better aligning our brick-and-mortar footprint to improve productivity and invest for growth .
“ @ @ @ @ @ @ @ the market dynamics support it , yet remain equally mindful of the effects of Covid-19 on consumers , the retail sector and economics , in general , as well as geopolitical uncertainty.
” Today Estee Lauder posted a 32 per cent decline in sales in the fourth quarter due to store closures and a drop in demand for make-up as consumers work from home .
The company reported a loss of 53 cents per share , bigger than analyst estimates of a 19-cent loss .
The beauty giant forecast first-quarter adjusted profit per @ @ @ @ @ @ @ 85 cents , below estimates of $ 1.22 , Reuters reported .
Read more : UK firms cut more than 106,000 jobs amid coronavirus pandemic Sales are also expected to plunge between 12 per cent and 13 per cent , compared to expectations of an 11.42 per cent drop .
Sales trends are expected to improve each quarter , Freda daid .
Estee Lauder today reinstated its quarterly dividend payment after suspending it in April .

Estee Lauder to cut 2,000 jobs due to coronavirus pandemic
Beauty brand Estee Lauder is preparing to cut up to 2,000 jobs due to the impact of the coronavirus pandemic on demand.
The firm said it will slash between 1,500 to 2,000 jobs, or about three per cent of its workforce globally.
It also said it is planning to close between 10 per cent to 15 per cent of its standalone stores.
Estee Lauder chief executive Fabrizo Freda said: “Through the Post-Covid Business Acceleration Program announced today, we are better aligning our brick-and-mortar footprint to improve productivity and invest for growth.
“We are well-positioned to drive growth as the market dynamics support it, yet remain equally mindful of the effects of Covid-19 on consumers, the retail sector and economics, in general, as well as geopolitical uncertainty.”
Today Estee Lauder posted a 32 per cent decline in sales in the fourth quarter due to store closures and a drop in demand for make-up as consumers work from home.
The company reported a loss of 53 cents per share, bigger than analyst estimates of a 19-cent loss.
The beauty giant forecast first-quarter adjusted profit per share to be between 80 cents and 85 cents, below estimates of $1.22, Reuters reported.
Sales are also expected to plunge between 12 per cent and 13 per cent, compared to expectations of an 11.42 per cent drop. Sales trends are expected to improve each quarter, Freda daid.
Estee Lauder today reinstated its quarterly dividend payment after suspending it in April.


cityam--2020-08-20--Oil prices fall on oversupply and US jobless data

Oil prices dropped today after it emerged producer cartel faces a huge surplus and the number of new US jobless claims climbed back above 1m .
Brent crude fell 2.7 per cent to $ 44.13 per barrel , while benchmark West Texas Intermediate was down three per cent at $ 41.62 per barrel .
Read more : Premier Oil shares crash as it swings to first-half loss It followed reports that some Opec members would need to cut production by an extra 2.3m barrels per day to make up for recent oversupply .
An internal report , seen by Reuters @ @ @ @ @ @ @ and July should be counteracted in August and September .
While demand has started to pick up again after a sharp fall caused by the coronavirus lockdown , Opec today warned that recovery was being hampered by fears of a second wave .
“ Oil prices are coming off a little as sentiment takes a dip , the Fed highlights outlook risks and the dollar bounces back , ” said Craig Erlam , senior market analyst at Oanda Europe .
“ Crude prices still remain around the upper end of their ranges though @ @ @ @ @ @ @ compliance with the previously agreed levels.
” Prices also faced a squeeze after new data showed US jobless claims had risen back above 1m .
Read more : UK inflation unexpectedly rises on oil prices and clothes shopping The surprise jump came after an improvement in figures last week and will cast doubt over the pace of economic recovery .
“ While hard-hit industries brought workers back in July , the level of weakness remains unprecedented , and the impact of virus-related rolling shutdowns could continue to reverse some of that improvement , @ @ @ @ @ @ @ director at Charles Schwab .

Oil prices fall on oversupply and US jobless data
Oil prices dropped today after it emerged producer cartel faces a huge surplus and the number of new US jobless claims climbed back above 1m.
Brent crude fell 2.7 per cent to $44.13 per barrel, while benchmark West Texas Intermediate was down three per cent at $41.62 per barrel.
It followed reports that some Opec members would need to cut production by an extra 2.3m barrels per day to make up for recent oversupply.
An internal report, seen by Reuters, said the surplus seen between May and July should be counteracted in August and September.
While demand has started to pick up again after a sharp fall caused by the coronavirus lockdown, Opec today warned that recovery was being hampered by fears of a second wave.
“Oil prices are coming off a little as sentiment takes a dip, the Fed highlights outlook risks and the dollar bounces back,” said Craig Erlam, senior market analyst at Oanda Europe.
“Crude prices still remain around the upper end of their ranges though as Opec+ met on Wednesday to review compliance with the previously agreed levels.”
Prices also faced a squeeze after new data showed US jobless claims had risen back above 1m.
The surprise jump came after an improvement in figures last week and will cast doubt over the pace of economic recovery.
“While hard-hit industries brought workers back in July, the level of weakness remains unprecedented, and the impact of virus-related rolling shutdowns could continue to reverse some of that improvement,” said Richard Flynn, UK managing director at Charles Schwab.


cityam--2020-08-21--JP Morgan prepares to launch UK digital bank next year

JP Morgan Chase is reportedly preparing to launch an online bank in the UK early next year .
The investment bank is finalising plans to open its UK challenger bank in the first quarter of 2021 , according to Sky News .
Read more : JPMorgan appoints former Chancellor Sajid Javid to advisory role It has signed up suppliers to provide cloud and digital banking infrastructure , including Amazon Web Services and 10x Future Technologies .
JP Morgan declined to comment .
The bank has not yet officially confirmed the existence of the UK personal banking project .
A move @ @ @ @ @ @ @ giant to capture some of the millions of customers that have transferred from high street branches to online services during the coronavirus pandemic .
The bank , which will launch under the Chase brand , is expected to be chaired by former Financial Conduct Authority executive Clive Adamson .
Adamson left the FCA in 2015 , and has since held various non-executive roles at JP Morgan , including chair of its international business and non-executive director of JP Morgan Securities .
In 2018 JP Morgan launched digital bank Finn in an attempt to @ @ @ @ @ @ @ it was shuttered a year later after struggling to recruit customers .
Read more : JP Morgan sets aside $ 10.5bn to cover loan defaults due to coronavirus pandemic Its move to launch a digital bank in the UK follows rival Goldman Sachs ’ expansion into the UK banking sector with the rollout of its Marcus brand in 2018 .
Marcus brought in 250,000 British customers in its first year alone and currently holds more than £13bn in UK deposits .

JP Morgan prepares to launch UK digital bank next year
JP Morgan said it has already hired 400 people for the new digital bank
JP Morgan Chase is reportedly preparing to launch an online bank in the UK early next year.
The investment bank is finalising plans to open its UK challenger bank in the first quarter of 2021, according to Sky News.
It has signed up suppliers to provide cloud and digital banking infrastructure, including Amazon Web Services and 10x Future Technologies.
JP Morgan declined to comment. The bank has not yet officially confirmed the existence of the UK personal banking project.
A move into digital banking would allow the US giant to capture some of the millions of customers that have transferred from high street branches to online services during the coronavirus pandemic.
The bank, which will launch under the Chase brand, is expected to be chaired by former Financial Conduct Authority executive Clive Adamson.
Adamson left the FCA in 2015, and has since held various non-executive roles at JP Morgan, including chair of its international business and non-executive director of JP Morgan Securities.
In 2018 JP Morgan launched digital bank Finn in an attempt to enter the consumer banking market, however it was shuttered a year later after struggling to recruit customers.
Its move to launch a digital bank in the UK follows rival Goldman Sachs’ expansion into the UK banking sector with the rollout of its Marcus brand in 2018.
Marcus brought in 250,000 British customers in its first year alone and currently holds more than £13bn in UK deposits.


cityam--2020-08-21--Top 25 law firm DAC Beachcroft seals £65m deal with HSBC and Lloyds to provide ‘firepower’ during co

UK top 25 law firm DAC Beachcroft has sealed a £65m financing deal with Lloyds and HSBC to help give it the “ firepower ” to push through the covid-downturn .
The London-headquartered law firm , which has 19 offices and more than 2,600 people around the world , said it boosted its finance facility to ensure its plans for growth will not be disrupted by the covid-19 pandemic .
Read more : Marriott International hit with London lawsuit over huge data breach Finance director David Gillard said the firm was discussing the refinancing with its banks before the pandemic @ @ @ @ @ @ @ “ To give us a bit more firepower in view of the fact we don ’ t know how the world is going to turn out and because we have a strategy we want to pursue through the cycle , ” he said .
DAC Beachcroft managing partner David Pollit said : “ DAC Beachcroft is a financially robust business with an international turnover of £258m and this latest finance facility from HSBC UK and Lloyds Bank has given us additional headroom to progress some of our strategic business objectives .
“ Our @ @ @ @ @ @ @ debt capacity – even if unused – will give our clients and colleagues further confidence in our business.
” The firm said it planned to invest in expansion in Europe and Asia in the next six-to-nine months and to upgrade its technology and infrastructure .
HSBC said it provided further covid-19 related funding ( primarily increased working capital facilities ) to 22 of the top 50 UK law firms ( and a number of the top 200 UK law firms and international firms with a UK presence ) in recent months .
The @ @ @ @ @ @ @ with a number of law firms to provide further banking products and services over the coming months .
Chloe Clift , head of professional services at HSBC UK , said : “ HSBC UK has enjoyed a long-standing relationship with DAC Beachcroft and has seen the firm go from strength to strength , with successive years of across-the-board financial improvement and successful expansion both abroad and in the UK .
Read more : Three lessons law firms can learn from rivals ’ collapses amid coronavirus “ We were delighted to support this innovative @ @ @ @ @ @ @ its ambitious growth plans .
This transaction continues to demonstrate our commitment to the professional services sector in the UK and our unique ability to support our customers internationally.
” Stuart Leslie , Lloyds Bank relationship director , said : “ Like other prudent professional services firms , the management team at DAC Beachcroft has recognised that now is the right time to further strengthen its balance sheet in the face of the current and future challenges .
“ The firm is among those flying the flag for UK professional services in overseas @ @ @ @ @ @ @ ensure it has the support to capitalise on new opportunities as and when they arise .
”

Top 25 law firm DAC Beachcroft seals £65m deal with HSBC and Lloyds to provide ‘firepower’ during covid downturn
UK top 25 law firm DAC Beachcroft has sealed a £65m financing deal with Lloyds and HSBC to help give it the “firepower” to push through the covid-downturn.
The London-headquartered law firm, which has 19 offices and more than 2,600 people around the world, said it boosted its finance facility to ensure its plans for growth will not be disrupted by the covid-19 pandemic.
Finance director David Gillard said the firm was discussing the refinancing with its banks before the pandemic struck, but agreed a larger facility “To give us a bit more firepower in view of the fact we don’t know how the world is going to turn out and because we have a strategy we want to pursue through the cycle,” he said.
DAC Beachcroft managing partner David Pollit said: “DAC Beachcroft is a financially robust business with an international turnover of £258m and this latest finance facility from HSBC UK and Lloyds Bank has given us additional headroom to progress some of our strategic business objectives.
“Our balance sheet remains strong and this improved debt capacity – even if unused – will give our clients and colleagues further confidence in our business.”
The firm said it planned to invest in expansion in Europe and Asia in the next six-to-nine months and to upgrade its technology and infrastructure.
HSBC said it provided further covid-19 related funding (primarily increased working capital facilities) to 22 of the top 50 UK law firms (and a number of the top 200 UK law firms and international firms with a UK presence) in recent months.
The bank said it is in ongoing discussions with a number of law firms to provide further banking products and services over the coming months.
Chloe Clift, head of professional services at HSBC UK, said: “HSBC UK has enjoyed a long-standing relationship with DAC Beachcroft and has seen the firm go from strength to strength, with successive years of across-the-board financial improvement and successful expansion both abroad and in the UK.
“We were delighted to support this innovative and profitable business, as it pursues its ambitious growth plans. This transaction continues to demonstrate our commitment to the professional services sector in the UK and our unique ability to support our customers internationally.”
Stuart Leslie, Lloyds Bank relationship director, said: “Like other prudent professional services firms, the management team at DAC Beachcroft has recognised that now is the right time to further strengthen its balance sheet in the face of the current and future challenges.
“The firm is among those flying the flag for UK professional services in overseas markets and this funding package will also ensure it has the support to capitalise on new opportunities as and when they arise.”


cityam--2020-08-21--Talktalk worst performing broadband provider for customer satisfaction

Talktalk was the worst performing broadband provider for customer satisfaction last year , according to the latest research by the UK telecoms watchdog .
A survey by regulator Ofcom found that overall satisfaction levels among Talktalk customers were lower than average , with an approval rating of 78 per cent .
Read more : Talktalk swings to profit on lockdown boost Customers were also less satisfied than average with the reliability of their service .
Talktalk said some of the results of the survey were “ dissapointing ” but said a “ significant period of time ” had passed since @ @ @ @ @ @ @ .
A TalkTalk spokesperson said : “ We have recently seen our lowest Ofcom complaints since 2016 , and we expect this downward trend to continue .
“ We ’ ve been working hard to deliver improvements to our customer experience , including new digital tools to help customers quickly identify and resolve issues without having to contact us.
” Where customers were unhappy with their home broadband service , the top two reasons were slow speeds , or speed not as advertised , and poor or unreliable connectivity .
Plusnet was the @ @ @ @ @ @ @ 93 per cent .
The research found that 12 per cent of broadband customers had a reason to complain last year , in line with 2018 .
Service issues , such as slow broadband speeds and intermittent or total loss of service , followed by billing , pricing or payment issues were the most common causes of complaint .
Virgin Media customers were more likely than average to have a reason to complain about their broadband service .
However , the internet provider recorded an overall satisfaction score of 85 per cent , @ @ @ @ @ @ @ ’ re always looking at how we can further improve our customer service so all of our customers can have the best experience from Virgin Media , ” a spokesperson said .
Meanwhile , Tesco was the highest performing mobile service provider , with 97 per cent of customers satisfied with the service .
Three customers were the least satisfied over all , with just 89 per cent saying they were happy with the service , below the sector average of 93 per cent .
Ofcom consumer group director Lindsey Fussell said : @ @ @ @ @ @ @ or broadband provider ’ s customer service can be the difference between signing up to a company that keeps you connected , or one that falls short .
“ Our research helps you to easily compare how providers perform on customer service , so you can choose the one that ’ s best for you.
” Which mobile companies have the most satisfied customers ?
Which broadband companies have the most satisfied customers ?

Talktalk worst performing broadband provider for customer satisfaction
Talktalk was the worst performing broadband provider for customer satisfaction last year, according to the latest research by the UK telecoms watchdog.
A survey by regulator Ofcom found that overall satisfaction levels among Talktalk customers were lower than average, with an approval rating of 78 per cent.
Customers were also less satisfied than average with the reliability of their service.
Talktalk said some of the results of the survey were “dissapointing” but said a “significant period of time” had passed since results were collected in January this year.
A TalkTalk spokesperson said: “ We have recently seen our lowest Ofcom complaints since 2016, and we expect this downward trend to continue.
“We’ve been working hard to deliver improvements to our customer experience, including new digital tools to help customers quickly identify and resolve issues without having to contact us.”
Where customers were unhappy with their home broadband service, the top two reasons were slow speeds, or speed not as advertised, and poor or unreliable connectivity.
Plusnet was the top performing provider last year, scoring 93 per cent.
The research found that 12 per cent of broadband customers had a reason to complain last year, in line with 2018.
Service issues, such as slow broadband speeds and intermittent or total loss of service, followed by billing, pricing or payment issues were the most common causes of complaint.
Virgin Media customers were more likely than average to have a reason to complain about their broadband service. However, the internet provider recorded an overall satisfaction score of 85 per cent, meeting the industry average.
“We’re always looking at how we can further improve our customer service so all of our customers can have the best experience from Virgin Media,” a spokesperson said.
Meanwhile, Tesco was the highest performing mobile service provider, with 97 per cent of customers satisfied with the service.
Three customers were the least satisfied over all, with just 89 per cent saying they were happy with the service, below the sector average of 93 per cent.
Ofcom consumer group director Lindsey Fussell said: “Checking the quality of a phone or broadband provider’s customer service can be the difference between signing up to a company that keeps you connected, or one that falls short.
“Our research helps you to easily compare how providers perform on customer service, so you can choose the one that’s best for you.”
Which mobile companies have the most satisfied customers?
Average % EE Giffgaff O2 Tesco Mobile 3 Virgin Vodafone 93 93 95 93 97 89 93 90
Which broadband companies have the most satisfied customers?


cityam--2020-08-21--CBI: UK manufacturing sector remained ‘depressed’ in August

The UK manufacturing sector remained “ depressed ” in August although the downturn eased , according to a new survey that showed new orders rising only slightly month on month .
The CBI ’ s monthly industrial trends survey ’ s measure of orders rose to minus 44 in August from minus 46 in July .
It was below economists ’ expectation of a rise to minus 35 .
Read more : UK businesses grow at fastest rate in seven years as economy reopens “ Activity continues to be poor and order books severely depressed , ” said Anna Leach @ @ @ @ @ @ @ Although the worst of the decline seems to be behind us.
” A separate survey released today gave a more upbeat assessment of UK manufacturing , however .
The IHS Markit/Cips purchasing managers ’ index said factory output rose at the quickest pace in over six years in August .
However , the IHS Markit survey showed that manufacturers were slashing jobs at a rapid rate .
The CBI said that although things had improved , both total orders and exports remained well below their long-run averages .
Manufacturers expect output to fall @ @ @ @ @ @ @ next three months , however .
Leach said : “ It is a relief to see the pressure on manufacturers starting to ease .
“ As the sector looks to rebuild from the economic shock , the government must consider additional ways to support this sector to help reinforce a recovery.
” She said that support could include “ grants and further business rates relief ” .
Leach also said that help in adapting to “ a new trading relationship with the EU is vital ” .
The CBI survey showed that output @ @ @ @ @ @ @ fell sharply , hitting minus 46 on the group ’ s gauge .
However , the pace moderated on July ’ s survey-record decline which gave a score of minus 59 .
Read more : UK retail sales climb above pre-pandemic levels in July Tom Crotty , group director at Ineos , said there were signs “ of the manufacturing downturn bottoming out ” .
But he said it is “ clear that many firms remain in distress and the sector looks set for a challenging Autumn ” .

CBI: UK manufacturing sector remained ‘depressed’ in August
The UK manufacturing sector remained “depressed” in August although the downturn eased, according to a new survey that showed new orders rising only slightly month on month.
The CBI’s monthly industrial trends survey’s measure of orders rose to minus 44 in August from minus 46 in July. It was below economists’ expectation of a rise to minus 35.
“Activity continues to be poor and order books severely depressed,” said Anna Leach, CBI deputy chief economist. “Although the worst of the decline seems to be behind us.”
A separate survey released today gave a more upbeat assessment of UK manufacturing, however. The IHS Markit/Cips purchasing managers’ index said factory output rose at the quickest pace in over six years in August.
However, the IHS Markit survey showed that manufacturers were slashing jobs at a rapid rate.
The CBI said that although things had improved, both total orders and exports remained well below their long-run averages.
Manufacturers expect output to fall at a much slower pace in the next three months, however.
Leach said: “It is a relief to see the pressure on manufacturers starting to ease.
“As the sector looks to rebuild from the economic shock, the government must consider additional ways to support this sector to help reinforce a recovery.”
She said that support could include “grants and further business rates relief”. Leach also said that help in adapting to “a new trading relationship with the EU is vital”.
The CBI survey showed that output volumes in the three months to August fell sharply, hitting minus 46 on the group’s gauge. However, the pace moderated on July’s survey-record decline which gave a score of minus 59.
Tom Crotty, group director at Ineos, said there were signs “of the manufacturing downturn bottoming out”.
But he said it is “clear that many firms remain in distress and the sector looks set for a challenging Autumn”.


cityam--2020-08-21--Brexit negotiations: Deal ‘will not be easy to achieve’

The UK ’ s chief Brexit negotiator David Frost said an exit deal with the European Union “ will not be easy to achieve , ” following the latest round of talks .
Read more : Brexit : City faces wait beyond 2020 for EU financial market access “ We have just concluded the seventh round of negotiations with the EU .
As I said last week , agreement is still possible , and it is still our goal , but it is clear that it will not be easy to achieve .
Substantive work continues to be necessary across @ @ @ @ @ @ @ UK-EU future cooperation if we are to deliver it , ” Frost said .
“ We have had useful discussions this week but there has been little progress.
” State aid , subsidy policy and fisheries policy continue to be key sticking points in the talks between the two sides .
A senior UK official said : “ They want to see us continuing arrangements that are very like those which we are bound by as members of the EU , we think the principle of Brexit means Brexit is a good one @ @ @ @ @ @ @ board.
” And added : “ When the EU realise that needs to change it will be much easier to make progress.
” Read more : Time for City pragmatism to override political posturing in Brexit trade talks The EU ’ s chief Brexit negotiator Michel Barnier said today that talks with Britain this week often appeared to going backwards rather than forwards and , at this point , it looked unlikely that a deal could be clinched before a year-end deadline .
“ At this stage , an agreement between the UK @ @ @ @ @ @ @ ” Barnier told a news conference after two full days of negotiations in Brussels .
“ On the European side , we are very concerned about the state of play in our negotiations .
The clock is ticking .
”

Brexit negotiations: Deal ‘will not be easy to achieve’
The UK’s chief Brexit negotiator David Frost said an exit deal with the European Union “will not be easy to achieve,” following the latest round of talks.
“We have just concluded the seventh round of negotiations with the EU. As I said last week, agreement is still possible, and it is still our goal, but it is clear that it will not be easy to achieve. Substantive work continues to be necessary across a range of different areas of potential UK-EU future cooperation if we are to deliver it,” Frost said.
“We have had useful discussions this week but there has been little progress.”
State aid, subsidy policy and fisheries policy continue to be key sticking points in the talks between the two sides.
A senior UK official said: “They want to see us continuing arrangements that are very like those which we are bound by as members of the EU, we think the principle of Brexit means Brexit is a good one and it should be applied across the board.”
And added: “When the EU realise that needs to change it will be much easier to make progress.”
The EU’s chief Brexit negotiator Michel Barnier said today that talks with Britain this week often appeared to going backwards rather than forwards and, at this point, it looked unlikely that a deal could be clinched before a year-end deadline.
“At this stage, an agreement between the UK and the European Union seems unlikely,” Barnier told a news conference after two full days of negotiations in Brussels.
“On the European side, we are very concerned about the state of play in our negotiations. The clock is ticking.”