cityam--2020-04-01--Coronavirus: Banks must 'repay the favour' to taxpayer after 2008 crash

Business secretary Alok Sharma has made a plea for banks to make more loans available for businesses during the coronavirus crisis .
Speaking at today ’ s daily press briefing , Sharma said banks were bailed out by the taxpayers in 2008 and that they must “ repay the favour ” .
Small and medium businesses ( SMEs ) struggling with the fallout from the Covid-19 outbreak are able to access government-guaranteed loans of up to £5m through the coronavirus business interruption loan ( CBIL ) scheme .
The loans are interest-free for the first 12 months , however reports @ @ @ @ @ @ @ with double-digit interest rates after the first year .
Sign up to City A.M. ’ s Midday Update newsletter , delivered to your inbox every lunchtime There have also been reports of many businesses being turned down for loans altogether .
Sharma pleaded with bank bosses to play their part in the crisis by offering loans in good faith .
“ It would be completely unacceptable if any banks were refusing funds to good businesses in financial difficulty , ” he said .
“ Just as the taxpayer stepped into help the banks @ @ @ @ @ @ @ the banks to do everything they can to repay that favour and support the businesses and people of the UK in their time of need.
” A report from the Corporate Finance Network , released today , said that one-fifth of all British SMEs will collapse in the next month , despite the government ’ s support packages .
The survey also found that one-third of SMEs would go bust if the lockdown lasted for three months .
Chairman of the Federation of Small Businesses Mike Cherry said a lot of its members @ @ @ @ @ @ @ said : “ A lot of members are telling us that when they enquire at their banks about the interruption loan scheme they ’ re either being pushed towards standard , expensive products or lenders are very slow to respond .
Read more : Coronavirus : Businesses call on banks to do more as small firms face closure “ The Chancellor says there have been at least 30,000 enquiries about the scheme since it launched early last week .
We now need to know , bank by bank , where these enquiries were @ @ @ @ @ @ @ translating into meaningful support.
” Shadow chancellor John McDonnell said : “ The government needs to get off the fence on the issue of banks hiking up overdraft interest rates and tell them straight to halt the hikes .
”

Coronavirus: Banks must ‘repay the favour’ to taxpayer after 2008 crash
Business secretary Alok Sharma has made a plea for banks to make more loans available for businesses during the coronavirus crisis.
Speaking at today’s daily press briefing, Sharma said banks were bailed out by the taxpayers in 2008 and that they must “repay the favour”.
Small and medium businesses (SMEs) struggling with the fallout from the Covid-19 outbreak are able to access government-guaranteed loans of up to £5m through the coronavirus business interruption loan (CBIL) scheme.
The loans are interest-free for the first 12 months, however reports have emerged of some banks offering loans with double-digit interest rates after the first year.
Sign up to City A.M.’s Midday Update newsletter, delivered to your inbox every lunchtime
There have also been reports of many businesses being turned down for loans altogether.
Sharma pleaded with bank bosses to play their part in the crisis by offering loans in good faith.
“It would be completely unacceptable if any banks were refusing funds to good businesses in financial difficulty,” he said.
“Just as the taxpayer stepped into help the banks in 2008, we will work with the banks to do everything they can to repay that favour and support the businesses and people of the UK in their time of need.”
A report from the Corporate Finance Network, released today, said that one-fifth of all British SMEs will collapse in the next month, despite the government’s support packages.
The survey also found that one-third of SMEs would go bust if the lockdown lasted for three months.
Chairman of the Federation of Small Businesses Mike Cherry said a lot of its members were having problems accessing loans.
He said: “A lot of members are telling us that when they enquire at their banks about the interruption loan scheme they’re either being pushed towards standard, expensive products or lenders are very slow to respond.
“The Chancellor says there have been at least 30,000 enquiries about the scheme since it launched early last week. We now need to know, bank by bank, where these enquiries were made and how many of them are translating into meaningful support.”
Shadow chancellor John McDonnell said: “The government needs to get off the fence on the issue of banks hiking up overdraft interest rates and tell them straight to halt the hikes.”


cityam--2020-04-02--Zoom vows to fix security issues as daily user numbers surge to 200m

Zoom has vowed to focus its resources on fixing a string of security issues as the video conferencing app reported a surge in user numbers during the coronavirus crisis .
The popular video service has faced fierce scrutiny over its security and practices in recent weeks after a number of bugs were exposed .
Read more : Zoom under scrutiny as popularity skyrockets during coronavirus crisis The company today said it will take a number of measures to address the problems , including freezing the rollout of additional features and conducting a full third-party review of its security measures .
@ @ @ @ @ @ @ rise in its demand as millions of people turn to video apps to conduct business meetings and socialise .
In March the app racked up more than 200m daily users — up from roughly 10m in December last year .
This includes more than 90,000 schools in 20 countries that are using the service for remote education .
In a blog post chief executive Eric Yuan said he recognised that Zoom had fallen short of expectations for privacy and security .
“ We did not design the product with the foresight that , @ @ @ @ @ @ @ person in the world would suddenly be working , studying , and socialising from home , ” he wrote .
“ We now have a much broader set of users who are utilising our product in a myriad of unexpected ways , presenting us with challenges we did not anticipate when the platform was conceived.
” Yesterday a former NSA hacker exposed bugs that could allow hackers to take over a Zoom user ’ s microphone and webcam .
Another recently-exposed bug meant attackers could use the app to steal Windows login details @ @ @ @ @ @ @ Zoom bug allows hackers to take over webcam and microphone Zoom said it will expand its existing bug bounty programme — a scheme that offers cash rewards to cybersecurity experts and hackers who identify flaws in the company ’ s software .
From next week Yuan will also host a weekly webinar to provide security and privacy updates to users .

Zoom vows to fix security issues as daily user numbers surge to 200m
Zoom has vowed to focus its resources on fixing a string of security issues as the video conferencing app reported a surge in user numbers during the coronavirus crisis.
The popular video service has faced fierce scrutiny over its security and practices in recent weeks after a number of bugs were exposed.
The company today said it will take a number of measures to address the problems, including freezing the rollout of additional features and conducting a full third-party review of its security measures.
It comes as Zoom faces a huge rise in its demand as millions of people turn to video apps to conduct business meetings and socialise.
In March the app racked up more than 200m daily users — up from roughly 10m in December last year.
This includes more than 90,000 schools in 20 countries that are using the service for remote education.
In a blog post chief executive Eric Yuan said he recognised that Zoom had fallen short of expectations for privacy and security.
“We did not design the product with the foresight that, in a matter of weeks, every person in the world would suddenly be working, studying, and socialising from home,” he wrote.
“We now have a much broader set of users who are utilising our product in a myriad of unexpected ways, presenting us with challenges we did not anticipate when the platform was conceived.”
Yesterday a former NSA hacker exposed bugs that could allow hackers to take over a Zoom user’s microphone and webcam.
Another recently-exposed bug meant attackers could use the app to steal Windows login details from other users.
Zoom said it will expand its existing bug bounty programme — a scheme that offers cash rewards to cybersecurity experts and hackers who identify flaws in the company’s software.
From next week Yuan will also host a weekly webinar to provide security and privacy updates to users.


cityam--2020-04-02--Spain’s coronavirus death toll passes 10,000 after another record day of deaths

Spain ’ s coronavirus death toll exceeded 10,000 today after a record 950 people with the virus died overnight , the country ’ s health ministry said .
The number of cases rose by about eight per cent from yesterday to 110,238 , the health ministry said .
Read more : Spain ’ s coronavirus death toll jumps by biggest daily amount so far The rate of growth of cases numbers has slowed in recent days .
Spain ’ s total coronavirus death toll reached 10,003 , a jump of over 10 per cent , a similar rate of increase @ @ @ @ @ @ @ : UK coronavirus death toll jumps by more than 500 in a day to 2,353 The health ministry said over 6,000 people with coronavirus were in intensive care across the country .
The UK ’ s ambassador to Spain Hugh Elliott told Sky News that : “ This is a massive human tragedy ” .
He said : “ Spain ’ s got a fantastic health system…they ’ ve been doing an absolutely fantastic job , but there is no doubt it is under pressure .
“ There is a little bit of @ @ @ @ @ @ @ what we do see , although the number of deaths is so terribly high , we are seeing that the rate of increase in cases is slowing down slightly , so maybe we are approaching that long sought after top of the curve .
”

Spain’s coronavirus death toll passes 10,000 after another record day of deaths
HUESCA, SPAIN – APRIL 01: A volunteer from the Spanish Red Cross disinfects a vehicle after transporting patients with Covid-19 on April 1, 2020 in Huesca, Spain. (Photo by Alvaro Calvo/Getty Images)
Spain’s coronavirus death toll exceeded 10,000 today after a record 950 people with the virus died overnight, the country’s health ministry said.
The number of cases rose by about eight per cent from yesterday to 110,238, the health ministry said.
The rate of growth of cases numbers has slowed in recent days.
Spain’s total coronavirus death toll reached 10,003, a jump of over 10 per cent, a similar rate of increase to the previous day.
The health ministry said over 6,000 people with coronavirus were in intensive care across the country.
The UK’s ambassador to Spain Hugh Elliott told Sky News that: “This is a massive human tragedy”.
He said: “Spain’s got a fantastic health system…they’ve been doing an absolutely fantastic job, but there is no doubt it is under pressure.
“There is a little bit of light in the latest statistics, because what we do see, although the number of deaths is so terribly high, we are seeing that the rate of increase in cases is slowing down slightly, so maybe we are approaching that long sought after top of the curve.”


cityam--2020-04-02--Coronavirus: Online prices rise for medicines and stockpiled goods

The online prices of essential household products and long-life food increased as demand soared due to the coronavirus outbreak .
The latest data showed that online prices for high-demand products increased 1.1 per cent on average between the weeks ending 22 March and 29 March as consumers faced restrictions on visiting physical stores .
Read more : WHO could alter coronavirus mask advice based on new evidence According to the Office for National Statistics , cough and cold medication and paracetamol both went up in price online as shoppers stocked up on medicine to combat the symptoms of coronavirus at @ @ @ @ @ @ @ rice , tomato puree and tinned beans also increased in price in the week that the government ordered the public to stay home as much as possible .
All major UK supermarkets were forced to implement restrictions on the number of high demand products each customer was able to buy after a surge in panic buying resulted in empty shelves and shortages .
Amid concern that elderly and vulnerable shoppers , as well as key workers such as NHS staff , might miss out due to product shortages , grocers also introduced specific @ @ @ @ @ @ @ more : MPs call for clarity over coronavirus support for film and TV workers Brits made over 79 million extra trips to supermarkets in the four weeks leading up to the coronavirus lockdown , as people rushed to stock up on groceries ahead of restrictions being introduced , according to industry data .
The stockpiling drove a 20.5 per cent jump in supermarket sales up to 21 March , with customers spending an additional £1.9bn on groceries , data from Neilsen showed .

Coronavirus: Online prices rise for medicines and stockpiled goods
The online prices of essential household products and long-life food increased as demand soared due to the coronavirus outbreak.
The latest data showed that online prices for high-demand products increased 1.1 per cent on average between the weeks ending 22 March and 29 March as consumers faced restrictions on visiting physical stores.
According to the Office for National Statistics, cough and cold medication and paracetamol both went up in price online as shoppers stocked up on medicine to combat the symptoms of coronavirus at home.
Long-life food products such as rice, tomato puree and tinned beans also increased in price in the week that the government ordered the public to stay home as much as possible.
All major UK supermarkets were forced to implement restrictions on the number of high demand products each customer was able to buy after a surge in panic buying resulted in empty shelves and shortages.
Amid concern that elderly and vulnerable shoppers, as well as key workers such as NHS staff, might miss out due to product shortages, grocers also introduced specific trading hours for those groups.
Brits made over 79 million extra trips to supermarkets in the four weeks leading up to the coronavirus lockdown, as people rushed to stock up on groceries ahead of restrictions being introduced, according to industry data.
The stockpiling drove a 20.5 per cent jump in supermarket sales up to 21 March, with customers spending an additional £1.9bn on groceries, data from Neilsen showed.
Online price change of high demand products


cityam--2020-04-02--WHO could alter coronavirus mask advice based on new evidence

Official advice on wearing masks in public could change after new evidence suggested the measure could help protect people from coronavirus .
The World Health Organisation ( WHO ) has so far advised only people with coronavirus symptoms should wear masks in public .
Read more : Apple donates 10m face masks to healthcare workers for coronavirus relief effort Those caring for people with coronavirus should also wear masks , official guidance has maintained .
But a new study in Hong Kong has suggested coronavirus masks could help protect the public from catching coronavirus , it is reported .
A @ @ @ @ @ @ @ set to review the evidence today .
That could lead to the current advice changing .
“ There is right now a debate about the usefulness of masks , ” infections disease expert Professor David Heymann told a Chatham House briefing .
Heymann , quoted by Sky News , added : “ Hong Kong has provided some evidence that masks may be useful in protecting individuals from infection.
” But he added : “ It ’ s not clear yet whether or not that ’ s true.
” So far WHO has maintained @ @ @ @ @ @ @ coronavirus except for healthcare workers .
Doctors and nurses wear them in tandem with eye protection to prevent infection from coughs and sneezes .
Read more : UK coronavirus : Brits don face masks ( and Tesco bags ) on public transport But Heyman added : “ It seems there will be a debate trying to decide whether masks play a role at some point.
” “ And believe me , if they do , there is a private sector healthy enough to begin producing those masks in quantities necessary [ to distribute @ @ @ @ @ @ @ : CMA warns firms against coronavirus rip-offs as face mask and hand sanitiser prices soar Face mask prices have surged in the virus crisis as shoppers seek to stock up .
That has led to the UK competition watchdog warning retailers not to price gouge worried consumers .
It has set up a taskforce to investigate price hikes for popular products in the Covid-19 outbreak .

WHO could alter coronavirus mask advice based on new evidence
The United Kingdom is preparing to collect the blood from coronavirus survivors to see if it can help create a treatment for the infection.
Official advice on wearing masks in public could change after new evidence suggested the measure could help protect people from coronavirus.
The World Health Organisation (WHO) has so far advised only people with coronavirus symptoms should wear masks in public.
Those caring for people with coronavirus should also wear masks, official guidance has maintained.
But a new study in Hong Kong has suggested coronavirus masks could help protect the public from catching coronavirus, it is reported.
A panel of WHO health experts is now set to review the evidence today. That could lead to the current advice changing.
“There is right now a debate about the usefulness of masks,” infections disease expert Professor David Heymann told a Chatham House briefing.
Heymann, quoted by Sky News, added: “Hong Kong has provided some evidence that masks may be useful in protecting individuals from infection.”
But he added: “It’s not clear yet whether or not that’s true.”
So far WHO has maintained masks are not an effective measure against coronavirus except for healthcare workers. Doctors and nurses wear them in tandem with eye protection to prevent infection from coughs and sneezes.
But Heyman added: “It seems there will be a debate trying to decide whether masks play a role at some point.”
Private sector could mass produce masks
“And believe me, if they do, there is a private sector healthy enough to begin producing those masks in quantities necessary [to distribute them widely].”
Face mask prices have surged in the virus crisis as shoppers seek to stock up.
That has led to the UK competition watchdog warning retailers not to price gouge worried consumers.
It has set up a taskforce to investigate price hikes for popular products in the Covid-19 outbreak.


cityam--2020-04-02--MPs call for clarity over coronavirus support for film and TV workers

MPs have urged the government to clarify what support it will offer to people in the UK ’ s entertainment sector who are unable to work due to the coronavirus outbreak .
The Digital , Culture , Media and Sport ( DCMS ) Select Committee warned there was a loophole in government measures that meant many workers could be excluded from existing government measures .
Read more : Netflix donates £1m to emergency coronavirus fund for film and TV crew Freelancers in creative industries such as film , TV and music face being denied support from the self-employment and job @ @ @ @ @ @ @ universal credit , the committee said .
The MPs said freelancers hired on PAYE fixed-term contracts were particularly at risk during the pandemic .
“ We ’ ve heard from a number of professionals and freelancers working in our creative and cultural industries like TV , film or music who face months without income or financial support because they don ’ t qualify for any of the government ’ s schemes , ” said DCMS committee chair Julian Knight .
“ Ministers must now look again at what help is being offered to @ @ @ @ @ @ @ ’ t end up paying an impossibly high price for the coronavirus crisis through no fault of their own.
” Filming on almost all UK film and TV productions has been shut down due to government measures on social distancing during the pandemic , leaving thousands of employees out of work .
In response to wider concerns about the impact of coronavirus on the creative industries , culture secretary Oliver Dowden said ministers were continuing to consult “ extensively ” with the sector .
“ DCMS is engaging daily with Her Majesty ’ @ @ @ @ @ @ @ of these potential impacts and ensure the needs of the creative industries are factored into the developing economic response , and that DCMS sectors are supported throughout this time , ” he said .
Last week Netflix said it had donated £1m to establish a new emergency relief fund aimed at supporting film and TV crew unable to work during the coronavirus crisis .
The fund , established with BFI and the Film and TV Charity , will provide short-term support to the thousands of full-time workers and freelancers affected by the closure @ @ @ @ @ @

MPs call for clarity over coronavirus support for film and TV workers
MPs have urged the government to clarify what support it will offer to people in the UK’s entertainment sector who are unable to work due to the coronavirus outbreak.
The Digital, Culture, Media and Sport (DCMS) Select Committee warned there was a loophole in government measures that meant many workers could be excluded from existing government measures.
Freelancers in creative industries such as film, TV and music face being denied support from the self-employment and job retention schemes while also being ineligible for universal credit, the committee said.
The MPs said freelancers hired on PAYE fixed-term contracts were particularly at risk during the pandemic.
“We’ve heard from a number of professionals and freelancers working in our creative and cultural industries like TV, film or music who face months without income or financial support because they don’t qualify for any of the government’s schemes,” said DCMS committee chair Julian Knight.
“Ministers must now look again at what help is being offered to ensure that people in these industries don’t end up paying an impossibly high price for the coronavirus crisis through no fault of their own.”
Filming on almost all UK film and TV productions has been shut down due to government measures on social distancing during the pandemic, leaving thousands of employees out of work.
In response to wider concerns about the impact of coronavirus on the creative industries, culture secretary Oliver Dowden said ministers were continuing to consult “extensively” with the sector.
“DCMS is engaging daily with Her Majesty’s Treasury to feed in their assessment of these potential impacts and ensure the needs of the creative industries are factored into the developing economic response, and that DCMS sectors are supported throughout this time,” he said.
Last week Netflix said it had donated £1m to establish a new emergency relief fund aimed at supporting film and TV crew unable to work during the coronavirus crisis.
The fund, established with BFI and the Film and TV Charity, will provide short-term support to the thousands of full-time workers and freelancers affected by the closure of productions across the UK.


cityam--2020-04-02--Coronavirus: Carnival shares sink as cruise operator raises equity

Cruise ship owner Carnival saw its shares sink over 8 per cent this morning after the firm said it had raised new equity at a higher cost than expected as the firm covers itself against the coronavirus disruption .
Although its cruise ships are currently moored due to extensive restrictions on travel , the firm managed to raise $ 6.25 billion by issuing new debt and equity .
However , the new funding came at a price .
In a statement , the firm said Carnival priced $ 4bn in bonds maturing in 2023 – higher than the $ 3bn @ @ @ @ @ @ @ 11.5 per cent .
In October , by contrast , the firm paid a yield of one per cent on a €600m loan from the European debt market .
Beyond the bond issues , Carnival also issued new stock to raise $ 500m , less than the $ 1.25bn it had previous aimed for , at a price of $ 8 per share .
Sign up to City A.M. ’ s Midday Update newsletter , delivered to your inbox every lunchtime The company said the new funding would be sufficient to cover its @ @ @ @ @ @ @ On Monday the firm extended the suspension of all cruises run by its Cunard subsidiary for another month , meaning the firm will not operate any sailings until 15 May at the earliest .
However , there is considerable doubt as to whether cruises will be able to operate again by that time , due to the quickening spread of the virus .
Read more : Coronavirus : Saga seeks debt holiday and warns cruises could be suspended for six months Fellow cruise operator Saga today warned that it might have to suspend @ @ @ @ @ @ @ with the firm ’ s elderly customers the most at risk from the disease .
Saga is also due to restart sailings in June , but CMC markets analyst David Madden said : “ With the way things are going in terms of lockdowns , the firm might have to push back the date to resume service ” .

Coronavirus: Carnival shares sink as cruise operator raises equity
P&O Ferries said it would pay £36.5m in compensation to seafarers fired last week.
Cruise ship owner Carnival saw its shares sink over 8 per cent this morning after the firm said it had raised new equity at a higher cost than expected as the firm covers itself against the coronavirus disruption.
Although its cruise ships are currently moored due to extensive restrictions on travel, the firm managed to raise $6.25 billion by issuing new debt and equity.
However, the new funding came at a price. In a statement, the firm said Carnival priced $4bn in bonds maturing in 2023 – higher than the $3bn originally planned – with a yield of 11.5 per cent.
In October, by contrast, the firm paid a yield of one per cent on a €600m loan from the European debt market.
Beyond the bond issues, Carnival also issued new stock to raise $500m, less than the $1.25bn it had previous aimed for, at a price of $8 per share.
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The company said the new funding would be sufficient to cover its existing financial obligations until next year.
On Monday the firm extended the suspension of all cruises run by its Cunard subsidiary for another month, meaning the firm will not operate any sailings until 15 May at the earliest.
However, there is considerable doubt as to whether cruises will be able to operate again by that time, due to the quickening spread of the virus.
Fellow cruise operator Saga today warned that it might have to suspend all of its sailings until 2021, with the firm’s elderly customers the most at risk from the disease.
Saga is also due to restart sailings in June, but CMC markets analyst David Madden said: “With the way things are going in terms of lockdowns, the firm might have to push back the date to resume service”.


cityam--2020-04-02--Formula One's 2020 outlook downgraded to negative by Moody's

The outlook for Formula One has been downgraded by Moody ’ s to negative in light of the disruption caused by the coronavirus pandemic to its 2020 race calendar .
Formula One has cancelled its Australia and Monaco grand prix races and postponed six races scheduled between March and early June 2020 .
Read more : Formula One will consider extending 2020 season into 2021 to fit at least 15 races in Moody ’ s said the disruption would lead to “ weakened earnings and cash flow generation , higher leverage and liquidity erosion in 2020 ” .
In a @ @ @ @ @ @ @ “ The negative outlook reflects the high levels of uncertainty over the 2020 race season and Moody ’ s expectations of increased leverage and weakened liquidity in 2020 .
“ This results in risks that the company may not be able to restore its Moody ’ s-adjusted leverage to below 7x within around one-two years following the coronavirus crisis.
” However , the racing association retained its B2 corporate family rating ( CFR ) and its B2-PD probability of default rating .
The retention of these ratings was due to “ strong liquidity @ @ @ @ @ @ @ a “ track record ” of strengthening its franchise and increasing fan base and “ high earnings visibility and strong cash flow conversion ” .
Moody ’ s said : “ Formula One has strong liquidity and a sufficiently flexible cost base to manage through a severely curtailed 2020 season , which Moody ’ s consider would likely be able to support a full cancellation .
Read more : Felipe Massa interview : Formula E star on life in Brazil under coronavirus lockdown and a disruptive season with Venturi Racing “ As of @ @ @ @ @ @ @ substantial liquidity headroom of around $ 900 million , comprising $ 400 million cash balance and $ 500 million undrawn committed revolving credit facility .
“ Moody ’ s expects this to be sufficient to absorb cash outflows from potential refunds of advance payments from promoters , sponsors and broadcasters , team payments , other overheads and interest costs in the event that the 2020 season is cancelled .
”

Formula One’s 2020 outlook downgraded to negative by Moody’s
SHANGHAI, CHINA – APRIL 14: Charles Leclerc of Monaco driving the (16) Scuderia Ferrari SF90 makes a pitstop for new tyres during the F1 Grand Prix of China at Shanghai International Circuit on April 14, 2019 in Shanghai, China. (Photo by Mark Thompson/Getty Images)
The outlook for Formula One has been downgraded by Moody’s to negative in light of the disruption caused by the coronavirus pandemic to its 2020 race calendar.
Formula One has cancelled its Australia and Monaco grand prix races and postponed six races scheduled between March and early June 2020.
Moody’s said the disruption would lead to “weakened earnings and cash flow generation, higher leverage and liquidity erosion in 2020”.
In a statement, the ratings agency said: “The negative outlook reflects the high levels of uncertainty over the 2020 race season and Moody’s expectations of increased leverage and weakened liquidity in 2020.
“This results in risks that the company may not be able to restore its Moody’s-adjusted leverage to below 7x within around one-two years following the coronavirus crisis.”
However, the racing association retained its B2 corporate family rating (CFR) and its B2-PD probability of default rating.
The retention of these ratings was due to “strong liquidity headroom and low capital spending”, a “track record” of strengthening its franchise and increasing fan base and “high earnings visibility and strong cash flow conversion”.
Moody’s said: “Formula One has strong liquidity and a sufficiently flexible cost base to manage through a severely curtailed 2020 season, which Moody’s consider would likely be able to support a full cancellation.
“As of 31 December 2019, Formula One had substantial liquidity headroom of around $900 million, comprising $400 million cash balance and $500 million undrawn committed revolving credit facility.
“Moody’s expects this to be sufficient to absorb cash outflows from potential refunds of advance payments from promoters, sponsors and broadcasters, team payments, other overheads and interest costs in the event that the 2020 season is cancelled.”


cityam--2020-04-02--Coronavirus: Saga seeks debt holiday and warns cruises could be suspended for six months

Saga , the cruise operator and insurance provider for over-50 ’ s , said this morning it plans to ask for a debt holiday as it warned that it could be forced to postpone holidays for up to six months .
Saga ’ s share price dropped more than five per cent after it said full year revenue could be down around 65 per cent for tour operations and cruises , if the cruise business was to be suspended for six months .
The revenue drop would result in a 15 per cent to 20 per cent fall in earnings @ @ @ @ @ @ @ cent to 60 per cent cut in profit for its cruise business , the company said .
Saga , which has cancelled all of its cruises until at least May , scrapped its dividend after posting a 39 per cent fall in profit for the year to the end of January .
The company said it would seek to pause debt payments due to the financial impact of coronavirus .
Saga said : “ The group will apply for a waiver of the covenants in the ship debt and is likely to apply @ @ @ @ @ @ @ to 31 March 2021 under a package of proposals that are being put together for the cruise industry.
” Chief executive Euan Sutherland said : “ Saga Insurance remains largely unaffected by Covid-19 , however along with all other travel businesses , our travel business has been significantly impacted .
“ We have acted quickly to ensure the health and wellbeing of our customers and colleagues and , following the Government ’ s advice on cruise ship and air travel , we have suspended our cruise and tour operations .
“ We have @ @ @ @ @ @ @ temporary amendments to our debt covenants .
We have significant available liquidity and can consider a range of further mitigating actions across the group .
”

Coronavirus: Saga seeks debt holiday and warns cruises could be suspended for six months
Saga, the cruise operator and insurance provider for over-50’s, said this morning it plans to ask for a debt holiday as it warned that it could be forced to postpone holidays for up to six months.
Saga’s share price dropped more than five per cent after it said full year revenue could be down around 65 per cent for tour operations and cruises, if the cruise business was to be suspended for six months.
The revenue drop would result in a 15 per cent to 20 per cent fall in earnings for tour operations and a 55 per cent to 60 per cent cut in profit for its cruise business, the company said.
Saga, which has cancelled all of its cruises until at least May, scrapped its dividend after posting a 39 per cent fall in profit for the year to the end of January.
The company said it would seek to pause debt payments due to the financial impact of coronavirus.
Saga said: “The group will apply for a waiver of the covenants in the ship debt and is likely to apply for a debt holiday for the period to 31 March 2021 under a package of proposals that are being put together for the cruise industry.”
Chief executive Euan Sutherland said: “Saga Insurance remains largely unaffected by Covid-19, however along with all other travel businesses, our travel business has been significantly impacted.
“We have acted quickly to ensure the health and wellbeing of our customers and colleagues and, following the Government’s advice on cruise ship and air travel, we have suspended our cruise and tour operations.
“We have also worked with our banks to agree temporary amendments to our debt covenants. We have significant available liquidity and can consider a range of further mitigating actions across the group.”


cityam--2020-04-02--Wework threatens to sue Softbank over ditched $3bn share buyout

Wework has threatened to sue Softbank after the Japanese investment giant abandoned plans to buy $ 3bn ( £2.4bn ) worth of additional shares in the company .
Softbank , which owns a controlling stake in the coworking firm , agreed to the share tender last year as part of a rescue package following Wework ’ s botched public listing .
Read more : Wework aims to be free cash flow positive by 2022 The company said it was pulling out of the agreement “ certain conditions ” were not satisfied .
“ The termination of the tender offer will @ @ @ @ @ @ @ operations , customers , five-year business and strategic plan , or the vast majority of Wework ’ s current employees , ” it added .
But a committee of Wework ’ s board said it was “ disappointed ” in the decision , adding it would evaluate all its legal options including litigation .
It follows reports of a growing rift between Wework and its major shareholder , with the committee stating it was gearing up for a fight with the Japanese conglomerate .
Softbank listed a number of reasons why it believed @ @ @ @ @ @ @ not met , including failure to obtain required antitrust approvals , new criminal and civil investigations into Wework and the outbreak of coronavirus .
The u-turn will come as a blow to Wework founder Adam Neumann , who was ousted as part of the rescue package .
Softbank had agreed to buy shares from Neumann worth almost $ 1bn .
Softbank ’ s chief legal officer Rob Townsend said the company remained “ fully committed ” to Wework .
Read more : Wework sells software firm Teem as it slims down after float @ @ @ @ @ @ @ 10bn into the troubled coworking firm , which shelved plans to float last year due to a lack of investor interest and a plummeting valuation .
Wework has also announced plans to cut 4,000 jobs and has sold off a number of fringe businesses amid a radical turnaround plan .

Wework threatens to sue Softbank over ditched $3bn share buyout
Wework has threatened to sue Softbank after the Japanese investment giant abandoned plans to buy $3bn (£2.4bn) worth of additional shares in the company.
Softbank, which owns a controlling stake in the coworking firm, agreed to the share tender last year as part of a rescue package following Wework’s botched public listing.
The company said it was pulling out of the agreement “certain conditions” were not satisfied.
“The termination of the tender offer will have no impact on Wework’s operations, customers, five-year business and strategic plan, or the vast majority of Wework’s current employees,” it added.
But a committee of Wework’s board said it was “disappointed” in the decision, adding it would evaluate all its legal options including litigation.
It follows reports of a growing rift between Wework and its major shareholder, with the committee stating it was gearing up for a fight with the Japanese conglomerate.
Softbank listed a number of reasons why it believed the conditions of the tender offer were not met, including failure to obtain required antitrust approvals, new criminal and civil investigations into Wework and the outbreak of coronavirus.
The u-turn will come as a blow to Wework founder Adam Neumann, who was ousted as part of the rescue package. Softbank had agreed to buy shares from Neumann worth almost $1bn.
Softbank’s chief legal officer Rob Townsend said the company remained “fully committed” to Wework.
Softbank has ploughed more than $10bn into the troubled coworking firm, which shelved plans to float last year due to a lack of investor interest and a plummeting valuation.
Wework has also announced plans to cut 4,000 jobs and has sold off a number of fringe businesses amid a radical turnaround plan.


cityam--2020-04-02--Calls grow for coronavirus loans rethink as almost half of UK firms see revenues sink

Nearly half of all UK businesses have seen their revenue fall due to the coronavirus pandemic , a new survey has shown , amid calls for government to make it easier for struggling businesses to access loans critical to their survival .
Office of National Statistics ( ONS ) data found 45 per cent of UK businesses saw revenues drop between 9 and 22 March , as strict restrictions on movement kicked in .
Read more : Treasury set to overhaul coronavirus loan scheme to avoid insolvencies The data comes after banks came under fire from the business community for @ @ @ @ @ @ @ government-guaranteed coronavirus loans to more profitable , conventional lending products .
After reports that a fifth of all SMEs could go out of business within a month unless changes were made to the loan system , business secretary Alok Sharma said that it was “ unacceptable ” for banks to make it harder for firms to access the emergency funding .
In addition , last night Sky News reported that chancellor Rishu Sunak is set to announce that the requirement for banks to assess whether companies are eligible for other funding products before @ @ @ @ @ @ @ Interruption Loan Scheme ( CBILS ) will be scrapped .
Challenger bank Oaknorth , which is seeking to be added to the scheme , has called for a number of changes to be made in order to ease the pressure on businesses .
The bank said that the current regulations required banks to do extensive analysis of who was eligible for help at a time when resources are already stretched to breaking point .
Sign up to City A.M. ’ s Midday Update newsletter , delivered to your inbox every lunchtime In addition @ @ @ @ @ @ @ limit should be increased from £45m to £200m , and the maximum loan amount increased from £5m to £10m , to ensure that medium-sized companies , who are too small to apply for the Bank of England ’ s CCFS scheme , are also protected .
Under the current scheme , any business with a turnover of up to £45m can apply for a £5m loan , with no interest due in the first year .
Broker Funding Options has also called for the government to add more firms to the list of @ @ @ @ @ @ @ the size of demand .
David Keene , CMO , Funding Options , says : “ The banking system needs to pull together to help our businesses survive .
At present , the government ’ s CBILS scheme is only helping businesses that are low-risk .
“ However , there are a number of businesses out there that normally would be able to access finance , but currently can ’ t under more stringent lending criteria .
“ The key to untying the Gordian knot is to bring more alternative finance providers , @ @ @ @ @ @ @ the solution to complement the big high street banks.
” The ONS survey also found that 27 per cent of businesses had reduced staff levels in the short term , with 46 per cent of companies encouraging employees to work from home .

Calls grow for coronavirus loans rethink as almost half of UK firms see revenues sink
Nearly half of all UK businesses have seen their revenue fall due to the coronavirus pandemic, a new survey has shown, amid calls for government to make it easier for struggling businesses to access loans critical to their survival.
Office of National Statistics (ONS) data found 45 per cent of UK businesses saw revenues drop between 9 and 22 March, as strict restrictions on movement kicked in.
The data comes after banks came under fire from the business community for reportedly pushing struggling companies away from special government-guaranteed coronavirus loans to more profitable, conventional lending products.
After reports that a fifth of all SMEs could go out of business within a month unless changes were made to the loan system, business secretary Alok Sharma said that it was “unacceptable” for banks to make it harder for firms to access the emergency funding.
In addition, last night Sky News reported that chancellor Rishu Sunak is set to announce that the requirement for banks to assess whether companies are eligible for other funding products before allowing them to access the Coronavirus Business Interruption Loan Scheme (CBILS) will be scrapped.
Challenger bank Oaknorth, which is seeking to be added to the scheme, has called for a number of changes to be made in order to ease the pressure on businesses.
The bank said that the current regulations required banks to do extensive analysis of who was eligible for help at a time when resources are already stretched to breaking point.
Sign up to City A.M.’s Midday Update newsletter, delivered to your inbox every lunchtime
In addition, Oaknorth said that the business turnover limit should be increased from £45m to £200m, and the maximum loan amount increased from £5m to £10m, to ensure that medium-sized companies, who are too small to apply for the Bank of England’s CCFS scheme, are also protected.
Under the current scheme, any business with a turnover of up to £45m can apply for a £5m loan, with no interest due in the first year.
Broker Funding Options has also called for the government to add more firms to the list of approved lenders in order to deal with the size of demand.
David Keene, CMO, Funding Options, says: “The banking system needs to pull together to help our businesses survive. At present, the government’s CBILS scheme is only helping businesses that are low-risk.
“However, there are a number of businesses out there that normally would be able to access finance, but currently can’t under more stringent lending criteria.
“The key to untying the Gordian knot is to bring more alternative finance providers, B2B marketplaces and other fintech organisations into the solution to complement the big high street banks.”
The ONS survey also found that 27 per cent of businesses had reduced staff levels in the short term, with 46 per cent of companies encouraging employees to work from home.


cityam--2020-04-02--UK consumer confidence plunges after deepest quarterly decline on record

UK consumer confidence in the first quarter of the year fell nine percentage points as the coronavirus pandemic hit home .
Confidence in job security fell 15 percentage points from the previous quarter to -20 , Deloitte ’ s consumer tracker showed .
Sentiment in the state of the economy fell to -71 , with consumers signposting a further three percentage point fall over the next three months .
Read more : Coronavirus : UK business confidence falls to lowest level since October More than a third of consumers said they had lost money due to holiday or event cancellation @ @ @ @ @ @ @ lowest level since the tracker began in the third quarter of 2011 .
Consumer sentiment on the state of the economy fell 43 percentage points , quarter-on-quarter , with consumers anticipating a worsening of the economic situation over the next three months .
Consumer sentiment dropped across every measure of the survey , with general health and levels of disposable income most negative , at -28 and -27 respectively .
The UK ’ s lowest earning households recorded the lowest levels of confidence , the research showed .
Ian Stewart , chief economist @ @ @ @ @ @ @ shock to the economy that we have seen in a matter of weeks is causing jobs losses on a greater scale than in the financial crisis .
“ The government is leaning against the downturn with unprecedented support for jobs , incomes and businesses .
“ Despite this , worries about job security and the state of the economy have generated a sharp downturn in consumer confidence .
“ With the peak of the virus outbreak not yet reached , consumers enter the second quarter of the year expecting things to get worse @ @ @ @ @ @

UK consumer confidence plunges after deepest quarterly decline on record
A delivery driver carries baskets of food as he delivers an online shopping order to a resident, from the supermarket Morrisons, in Marsden, northern England on 2 April.(Photo by Oli SCARFF / AFP) (Photo by OLI SCARFF/AFP via Getty Images)
UK consumer confidence in the first quarter of the year fell nine percentage points as the coronavirus pandemic hit home.
Confidence in job security fell 15 percentage points from the previous quarter to -20, Deloitte’s consumer tracker showed.
Sentiment in the state of the economy fell to -71, with consumers signposting a further three percentage point fall over the next three months.
More than a third of consumers said they had lost money due to holiday or event cancellation.
The consumer tracker plunged to its lowest level since the tracker began in the third quarter of 2011.
Consumer sentiment on the state of the economy fell 43 percentage points, quarter-on-quarter, with consumers anticipating a worsening of the economic situation over the next three months.
Consumer sentiment dropped across every measure of the survey, with general health and levels of disposable income most negative, at -28 and -27 respectively.
The UK’s lowest earning households recorded the lowest levels of confidence, the research showed.
Ian Stewart, chief economist at Deloitte, said: “The shock to the economy that we have seen in a matter of weeks is causing jobs losses on a greater scale than in the financial crisis.
“The government is leaning against the downturn with unprecedented support for jobs, incomes and businesses.
“Despite this, worries about job security and the state of the economy have generated a sharp downturn in consumer confidence.
“With the peak of the virus outbreak not yet reached, consumers enter the second quarter of the year expecting things to get worse before they get better.”


cityam--2020-04-02--UK retail sales: Coronavirus triggers worst month on record

UK retail sales plummeted to the worst levels on record in March as footfall plunged and non-essential stores were forced to close amid the coronavirus pandemic .
Like-for-like UK retail sales at physical stores fell by a record 34.1 per cent and total like-for-like sales , both in-store and online combined , fell 17.9 per cent .
Lifestyle and fashion store sales both suffered the worst month on record , with declines of 40.4 per cent and 24.6 per cent respectively , as consumer spending switched to essential items .
Fashion sales at bricks and mortar stores were negative in @ @ @ @ @ @ @ final week of the month , which had only had two days of trading before the coronavirus lockdown , sales dived 99.28 per cent .
Homeware sales plunged 26.1 per cent , the biggest drop since May 2018 , the UK retail sales tracker by accountancy firm BDO found .
Online like-for-like sales increased by 13.7 per cent in March from a base of 18.7 per cent last year as shoppers swapped the high street for e-commerce platforms .
Sophie Michael , head of retail and wholesale at BDO , said : “ @ @ @ @ @ @ @ was the worst month on record for the high street , as the COVID-19 outbreak had an immediate impact on consumer demand for discretionary items .
Read more : UK retail sales jump 1.6 per cent in January after Tory election victory “ Understandably , shoppers are being very cautious with their pounds , as concerns about job security grip the nation .
“ For most retailers , in-store sales make up the largest portion of their revenue , so they are having to rely solely on non-store channels and adapt aggressively to @ @ @ @ @ @ @ pandemic has only sped up the shift away from in-store shopping as consumers become even more accustomed to buying on-line .
”

UK retail sales: Coronavirus triggers worst month on record
UK retail sales plummeted to the worst levels on record in March as footfall plunged and non-essential stores were forced to close amid the coronavirus pandemic.
Like-for-like UK retail sales at physical stores fell by a record 34.1 per cent and total like-for-like sales, both in-store and online combined, fell 17.9 per cent.
Lifestyle and fashion store sales both suffered the worst month on record, with declines of 40.4 per cent and 24.6 per cent respectively, as consumer spending switched to essential items.
Fashion sales at bricks and mortar stores were negative in every week of March. In the final week of the month, which had only had two days of trading before the coronavirus lockdown, sales dived 99.28 per cent.
Homeware sales plunged 26.1 per cent, the biggest drop since May 2018, the UK retail sales tracker by accountancy firm BDO found.
Online like-for-like sales increased by 13.7 per cent in March from a base of 18.7 per cent last year as shoppers swapped the high street for e-commerce platforms.
Sophie Michael, head of retail and wholesale at BDO, said: “It’s no surprise that March was the worst month on record for the high street, as the COVID-19 outbreak had an immediate impact on consumer demand for discretionary items.
“Understandably, shoppers are being very cautious with their pounds, as concerns about job security grip the nation.
“For most retailers, in-store sales make up the largest portion of their revenue, so they are having to rely solely on non-store channels and adapt aggressively to survive. It is likely that the pandemic has only sped up the shift away from in-store shopping as consumers become even more accustomed to buying on-line.”


cityam--2020-04-02--Chancellor shakes up coronavirus loan scheme after criticism of banks

The chancellor Rishi Sunak said tonight that he is extending a coronavirus loan scheme for small businesses and introducing a new loan scheme for businesses with revenue up to £500m .
The treasury also said it was banning lenders from requesting personal guarantees for loans under £250,000 and making “ operational changes ” to speed up lending approvals after criticism of the way high street banks were administering the scheme .
Read more : Coronavirus : What does the chancellor ’ s support mean for businesses and employees ?
Under the coronavirus business interruption loan scheme , businesses with a @ @ @ @ @ @ @ a loan of up to £5m .
The scheme is run by high street banks such as RBS , HSBC , Lloyds and Barclays , with the government promising to cover 80 per cent of the loans they write .
The government is also covering the first 12 months of interest and fees .
The scheme has aroused controversy after banks said some firms that applied were not eligible and asked them to sign up to regular loan products instead .
Banks were also criticised for charging high rates of interest and seeking @ @ @ @ @ @ @ also fears that money would not reach firms fast enough , leading to a possible wave of insolvencies .
The Treasury said more than £90m of loans to nearly 1,000 businesses have been approved under the new programme .
Read more : Calls grow for coronavirus loans rethink as almost half of UK firms see revenues sink The Treasury also said tonight it was planning a new loan scheme for businesses with revenue between £45m and £500m .
This follows concerns that medium-sized businesses were missing out as they were too large to @ @ @ @ @ @ @ small to take advantage of a government debt-buying programme for larger companies .
The new coronavirus large business interruption loan scheme ( CLBILS ) will provide a government guarantee of 80 per cent to enable banks to make loans of up to £25m to firms with an annual turnover of between £45m and £500m Sunak said : “ This is a national effort and we ’ ll continue to work with the financial services sector to ensure that the £330bn of government support , through loans and guarantees , reaches as many businesses @ @ @ @ @ @ @ , director-general of the British Chambers of Commerce , said : “ We ’ re pleased that the chancellor is listening and responding to the real-world concerns posed by firms across the UK who are urgently trying to access financial support.
” Read more : Treasury set to overhaul coronavirus loan scheme to avoid insolvencies Dame Carolyn Fairbairn , director-general of the CBI said : “ The chancellor ’ s measures are a big step forward .
They will help deliver cash faster to firms battling for survival in the headwinds of the @ @ @ @ @ @ @ of the Federation of Small Businesses , said : “ Time is of the essence and therefore we welcome government action in ensuring that any viable small business that has been negatively impacted by the coronavirus can now directly access CBILS rather first being offered a bank ’ s own standard commercial lending product .
“ Removing personal guarantees for all commercial loans below £250,000 is also very welcome .
Taking on debt at the current time is a daunting prospect for many small businesses and the self-employed.
” Chief executive of UK @ @ @ @ @ @ @ “ Lenders have been working closely with government since implementation to ensure the scheme can operate in the best way possible to get money to viable businesses that need it .
“ The reforms to the government scheme confirmed by the chancellor are important changes that should help viable businesses access the help they need .
”

Chancellor shakes up coronavirus loan scheme after criticism of banks
Chancellor of the exchequer Rishi Sunak (Photo by Julian Simmonds – WPA Pool/Getty Images)
Chancellor Rishi Sunak said tonight that he is extending a coronavirus loan scheme for small businesses and introducing a new loan scheme for businesses with revenue up to £500m.
The Treasury also said it would ban lenders from requesting personal guarantees for loans under £250,000. And Sunak pledged “operational changes” to speed up lending approvals. That follows criticism of the way high street banks were administering the scheme.
The coronavirus business interruption loan scheme means businesses with a turnover up to £45m can apply for a loan of up to £5m.
The scheme is run by high street banks such as RBS, HSBC, Lloyds and Barclays. The government has promised to cover 80 per cent of the loans they write.
The government is also covering the first 12 months of interest and fees.
The scheme has aroused controversy after banks said some firms that applied were not eligible. Instead banks asked them to sign up to regular loan products.
Banks also faced criticism for charging high rates of interest and seeking personal guarantees from directors.
Business bodies also expressed fear that money would not reach firms fast enough. They warned this could lead to a possible wave of insolvencies.
Tonight the Treasury said more than £90m of loans to nearly 1,000 businesses have been approved under the new programme.
Government plans scheme for mid-sized firms
The Treasury also said it is planning a new loan scheme for businesses with revenue between £45m and £500m.
This follows concerns that medium-sized businesses were missing out. They were too large to apply for the loan scheme and too small for a government debt-buying programme for larger companies.
The new coronavirus large business interruption loan scheme (CLBILS) will provide a government guarantee of 80 per cent. This will enable banks to make loans of up to £25m to firms with an annual turnover of between £45m and £500m.
Sunak said: “This is a national effort and we’ll continue to work with the financial services sector to ensure that the £330bn of government support, through loans and guarantees, reaches as many businesses in need as possible.”
Businesses welcome coronavirus loan changes
Adam Marshall, director-general of the British Chambers of Commerce, said:
We’re pleased that the chancellor is listening and responding to the real-world concerns posed by firms across the UK who are urgently trying to access financial support.
Dame Carolyn Fairbairn, director-general of the CBI said:
The chancellor’s measures are a big step forward. They will help deliver cash faster to firms battling for survival in the headwinds of the pandemic.
Mike Cherry, national chair of the Federation of Small Businesses, said:
Time is of the essence and therefore we welcome government action in ensuring that any viable small business that has been negatively impacted by the coronavirus can now directly access CBILS rather first being offered a bank’s own standard commercial lending product. Removing personal guarantees for all commercial loans below £250,000 is also very welcome. Taking on debt at the current time is a daunting prospect for many small businesses and the self-employed.
Chief executive of UK Finance, Stephen Jones, said:


cityam--2020-04-02--Arcadia furloughs 14,500 staff following coronavirus shutdown

Retailer Arcadia today said it was furloughing 14,500 of its workers after it shut its stores because of the coronavirus pandemic .
The Topshop-owner also said that its board and senior leadership team were taking a salary reduction of between 25 per cent and 50 per cent .
Arcadia closed its physical stores two weeks ago as a government shutdown loomed .
All store employees have been furloughed effective from 21 March and the majority of head office employees will be furloughed from 5 April , the company said .
Arcadia said it was placing 14,500 out of its 16,000 @ @ @ @ @ @ @ programme , companies can furlough employees who will then be paid 80 per cent of their salary up to £2,500 by the state .
They can not work for the company during this period .
A significantly reduced number of head office employees will continue in their roles to “ provide essential functions for the group , ” Arcadia said .
The company also said its online operations were continuing at a reduced capacity and in accordance with the guidelines recommended by the government .
Group chief executive Ian Grabiner said he had @ @ @ @ @ @ @ until further notice .
“ The actions we have taken are essential in order that we can manage our business through these unprecedented times .
“ We are grateful for the support and understanding of our staff and all of our stakeholders during this incredibly challenging time .
“ We look forward to opening our store doors again as soon as it is safe to do so and welcoming back our colleagues and customers , ” Grabiner said .

Arcadia furloughs 14,500 staff following coronavirus shutdown
Arcadia’s pension deficit is bigger than expected.
Retailer Arcadia today said it was furloughing 14,500 of its workers after it shut its stores because of the coronavirus pandemic.
The Topshop-owner also said that its board and senior leadership team were taking a salary reduction of between 25 per cent and 50 per cent.
Arcadia closed its physical stores two weeks ago as a government shutdown loomed.
All store employees have been furloughed effective from 21 March and the majority of head office employees will be furloughed from 5 April, the company said.
Arcadia said it was placing 14,500 out of its 16,000 staff on furlough.
Under the government programme, companies can furlough employees who will then be paid 80 per cent of their salary up to £2,500 by the state. They cannot work for the company during this period.
A significantly reduced number of head office employees will continue in their roles to “provide essential functions for the group,” Arcadia said.
The company also said its online operations were continuing at a reduced capacity and in accordance with the guidelines recommended by the government.
Group chief executive Ian Grabiner said he had elected to receive no salary or benefits until further notice.
“The actions we have taken are essential in order that we can manage our business through these unprecedented times.
“We are grateful for the support and understanding of our staff and all of our stakeholders during this incredibly challenging time.
“We look forward to opening our store doors again as soon as it is safe to do so and welcoming back our colleagues and customers,” Grabiner said.


cityam--2020-04-02--Podcast giant Acast doubles revenue as on-demand listening grows

Podcast giant Acast doubled its revenue last year as it racked up almost 2bn listens on its growing portfolio of shows .
The Stockholm-based firm , which helps podcast makers distribute and monetise their shows , reported revenue of 361m Swedish krona ( £29m ) in 2019 , up from 180m krona the previous year .
Read more : Tuning in : Has the City undervalued the podcast craze ?
Acast , whose shows include the Adam Buxton podcast and My Dad Wrote a Porno , said the growth was driven by strong performance in its key markets .
The @ @ @ @ @ @ @ its European business was up 91 per cent .
The firm ’ s operating expenses soared 74 per cent as it almost doubled headcount and poured money into developing its proprietary technology .
Acast is yet to turn a profit , but the company said it had improved its loss margin and was on track to achieve profitability .
The figures , which continue Acast ’ s run of doubling revenue year on year , came as the firm increased the number of shows on its platform to more than 10,000 .
Acast @ @ @ @ @ @ @ the year across 195 countries , as the booming popularity of on-demand listening shows no signs of slowing down .
Last year the company secured deals with CBC and PBS — public broadcasters in Canada and the US respectively — to host their podcasts .
Acast is already the BBC ’ s commercial partner for its audio content outside the UK .
Acast , which has cemented its position as the market leader in podcasting , has also opened a new content development arm to develop its own programming .
Its first show @ @ @ @ @ @ @ — has already secured 1.25m listeners globally .
Acast also opened three new offices over the year and acquired New York-based podcast platform Pippa .
Acast said it did not expect an impact to its products and services as a result of the coronavirus outbreak .
While the podcast industry could suffer a fall in listener numbers due to a sharp drop in commuting , there has also been a surge in new shows about the pandemic .
However , Acast is likely to face a squeeze on advertising revenue as brands cut @ @ @ @ @ @ @ “ 2019 was a tremendous year for Acast , ” said chief executive Ross Adams .
“ We ’ ve firmly cemented our position as the world ’ s most significant podcast company in every sense – listens , creators and revenue .
”

Podcast giant Acast doubles revenue as on-demand listening grows
Podcast giant Acast doubled its revenue last year as it racked up almost 2bn listens on its growing portfolio of shows.
The Stockholm-based firm, which helps podcast makers distribute and monetise their shows, reported revenue of 361m Swedish krona (£29m) in 2019, up from 180m krona the previous year.
Acast, whose shows include the Adam Buxton podcast and My Dad Wrote a Porno, said the growth was driven by strong performance in its key markets.
The Americas grew 148 per cent, while its European business was up 91 per cent.
The firm’s operating expenses soared 74 per cent as it almost doubled headcount and poured money into developing its proprietary technology.
Acast is yet to turn a profit, but the company said it had improved its loss margin and was on track to achieve profitability.
The figures, which continue Acast’s run of doubling revenue year on year, came as the firm increased the number of shows on its platform to more than 10,000.
Acast’s shows secured 1.9bn listens over the year across 195 countries, as the booming popularity of on-demand listening shows no signs of slowing down.
Last year the company secured deals with CBC and PBS — public broadcasters in Canada and the US respectively — to host their podcasts. Acast is already the BBC’s commercial partner for its audio content outside the UK.
Acast, which has cemented its position as the market leader in podcasting, has also opened a new content development arm to develop its own programming.
Its first show — The Score: Bank Robber Diaries — has already secured 1.25m listeners globally.
Acast also opened three new offices over the year and acquired New York-based podcast platform Pippa.
Acast said it did not expect an impact to its products and services as a result of the coronavirus outbreak.
While the podcast industry could suffer a fall in listener numbers due to a sharp drop in commuting, there has also been a surge in new shows about the pandemic.
However, Acast is likely to face a squeeze on advertising revenue as brands cut their spend during the economic downturn.
“2019 was a tremendous year for Acast,” said chief executive Ross Adams. “We’ve firmly cemented our position as the world’s most significant podcast company in every sense – listens, creators and revenue.”


cityam--2020-04-02--Coronavirus: British Airways owner IAG suspends 90 per cent of flights

British Airways owner IAG has said it will now suspend 90 per cent of its flights , up from the 75 per cent previously announced , as the airline industry looks to protect itself against the coronavirus outbreak .
IAG joins other UK airlines such as Ryanair and Easyjet , who have both suspended all or almost all of their flights for April and May due to stringent travel bans .
Read more : MPs urge chancellor Rishi Sunak to act ‘ urgently ’ to save UK ’ s airlines The decision comes as British Airways announced that it will @ @ @ @ @ @ @ following successful negotiations with unions such as Unite .
Under this scheme , furloughed employees will receive 80 per cent of their base pay and of certain allowances .
This agreement is subject to union ratification .
British Airways has also reached agreement with its 4,000 pilots to take four weeks of unpaid leave in April and May .
The dramatic steps show just how devastating the crisis has been for the industry , as IAG is widely considered one of the most robust of the world ’ s airlines .
Separately this @ @ @ @ @ @ @ cancellation of its dividend as well as a new credit facility further securing its finances against the coronavirus shutdown .
Sign up to City A.M. ’ s Midday Update newsletter , delivered to your inbox every lunchtime It has however stood out from its counterparts in the UK airline industry by declining to join calls for state financial assistance .
Long-standing boss Willie Walsh is a vocal opponent of government aid for airlines , and has repeatedly said IAG will not be seeking help from the authorities .
The decision came as the @ @ @ @ @ @ @ that it would transition to single runway operations from next week .
A spokesperson said : Under this new operation , we will alternate which runway we use on a weekly basis and publish a new alternation schedule that will continue to provide local communities with respite periods .
“ Although we are seeing significantly fewer flights at the moment , Heathrow will remain open so that we can continue to play a crucial role in helping to secure vital medical goods and food for the nation during this unprecedented epidemic.
” Airports @ @ @ @ @ @ @ , with London City having suspended all passenger operations and London Southend only set to open three days a week .
Industry bodies for both airlines and airports remain in talks with the government about sector-wide protections , despite Chancellor Rishi Sunak saying that aid will only be given as a “ last resort ” on an individual basis .

Coronavirus: British Airways owner IAG suspends 90 per cent of flights
British Airways owner IAG has said it will now suspend 90 per cent of its flights, up from the 75 per cent previously announced, as the airline industry looks to protect itself against the coronavirus outbreak.
IAG joins other UK airlines such as Ryanair and Easyjet, who have both suspended all or almost all of their flights for April and May due to stringent travel bans.
The decision comes as British Airways announced that it will be furloughing over 30,000 of its staff following successful negotiations with unions such as Unite.
Under this scheme, furloughed employees will receive 80 per cent of their base pay and of certain allowances. This agreement is subject to union ratification.
British Airways has also reached agreement with its 4,000 pilots to take four weeks of unpaid leave in April and May.
The dramatic steps show just how devastating the crisis has been for the industry, as IAG is widely considered one of the most robust of the world’s airlines.
Separately this week the firm has already announced the cancellation of its dividend as well as a new credit facility further securing its finances against the coronavirus shutdown.
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It has however stood out from its counterparts in the UK airline industry by declining to join calls for state financial assistance.
Long-standing boss Willie Walsh is a vocal opponent of government aid for airlines, and has repeatedly said IAG will not be seeking help from the authorities.
The decision came as the UK’s largest airport Heathrow said that it would transition to single runway operations from next week.
A spokesperson said: Under this new operation, we will alternate which runway we use on a weekly basis and publish a new alternation schedule that will continue to provide local communities with respite periods.
“Although we are seeing significantly fewer flights at the moment, Heathrow will remain open so that we can continue to play a crucial role in helping to secure vital medical goods and food for the nation during this unprecedented epidemic.”
Airports have also been battered by the crisis, with London City having suspended all passenger operations and London Southend only set to open three days a week.
Industry bodies for both airlines and airports remain in talks with the government about sector-wide protections, despite Chancellor Rishi Sunak saying that aid will only be given as a “last resort” on an individual basis.


cityam--2020-04-02--Matt Hancock sets target of 100,000 coronavirus tests a day by end of April

The government has struck a deal to work with the private sector and universities to reach a tenfold increase in daily coronavirus tests by the end of the month .
Health secretary Matt Hancock unveiled a five-point plan at today ’ s daily press briefing to increase testing rates to 100,000 tests per day in just a few weeks .
Read more : Boris Johnson : Testing is key to unlocking UK coronavirus ‘ puzzle ’ Hancock ’ s plan is underpinned by a partnership with private sector companies , including Amazon and Boots , to open new testing laboratories @ @ @ @ @ @ @ said five trial labs had already been set up and that 5,0000 NHS staff had been tested at these facilities .
It comes as the government has been under fire for the UK ’ s low testing rates , currently around 10,000 per day , when compared to other OECD countries .
Hancock said he was “ going to level with ” people and that the reason the UK is far behind countries such as Germany , because “ we didn ’ t go into this crisis with a huge diagnostics industry ” @ @ @ @ @ @ @ a global shortage of the chemical reagents needed in Covid-19 testing .
“ My German counterpart could call on 100 test labs that were ready and waiting – we have had to build from a lower base , ” Hancock said .
Hancock ’ s plan will also revolve around upping the rate of swab testing in Public Health England ( PHE ) labs within hospitals , building up a larger national diagnostics industry and bringing in antibody tests as fast as possible .
Antibody tests show if someone has had the virus @ @ @ @ @ @ @ .
Hancock also addressed concerns that NHS frontline staff were not getting tested for Covid-19 , saying that PHE was “ expanding testing for NHS staff further ” and that “ anyone who needs a test should have one ” .
The government came under criticism yesterday after it was revealed that just 2,000 frontline NHS England staff , out of more than half a million , had been tested for Covid-19 .
Five doctors have now died with the virus , with many other frontline staff being forced to stay home with @ @ @ @ @ @ @ does not regret starting NHS staff testing earlier , after it only began last weekend .
Read more : UK urged to include private sector to ramp up coronavirus testing “ The first priority has to be the patients , for the result of their tests is the difference between getting treatment that is between life and death , ” Hancock said .
“ I believe anybody in my shoes would have taken the same decision .
”

Matt Hancock sets target of 100,000 coronavirus tests a day by end of April
NHS workers are swabbed at a drive-in facility to test for the novel coronavirus COVID-19, set up in the carpark of Chessington World of Adventures in Chessington, Greater London on April 2, 2020. (Photo by Ben STANSALL / AFP) (Photo by BEN STANSALL/AFP via Getty Images)
The government has struck a deal to work with the private sector and universities to reach a tenfold increase in daily coronavirus tests by the end of the month.
Health secretary Matt Hancock unveiled a five-point plan at today’s daily press briefing to increase testing rates to 100,000 tests per day in just a few weeks.
Hancock’s plan is underpinned by a partnership with private sector companies, including Amazon and Boots, to open new testing laboratories across the country.
The health secretary said five trial labs had already been set up and that 5,0000 NHS staff had been tested at these facilities.
It comes as the government has been under fire for the UK’s low testing rates, currently around 10,000 per day, when compared to other OECD countries.
Hancock said he was “going to level with” people and that the reason the UK is far behind countries such as Germany, because “we didn’t go into this crisis with a huge diagnostics industry”.
He said there had also been a global shortage of the chemical reagents needed in Covid-19 testing.
“My German counterpart could call on 100 test labs that were ready and waiting – we have had to build from a lower base,” Hancock said.
Hancock’s plan will also revolve around upping the rate of swab testing in Public Health England (PHE) labs within hospitals, building up a larger national diagnostics industry and bringing in antibody tests as fast as possible.
Antibody tests show if someone has had the virus in the past and is therefore immune.
Hancock also addressed concerns that NHS frontline staff were not getting tested for Covid-19, saying that PHE was “expanding testing for NHS staff further” and that “anyone who needs a test should have one”.
The government came under criticism yesterday after it was revealed that just 2,000 frontline NHS England staff, out of more than half a million, had been tested for Covid-19.
Five doctors have now died with the virus, with many other frontline staff being forced to stay home with coronvirus symptoms.
Hancock said that he does not regret starting NHS staff testing earlier, after it only began last weekend.
“The first priority has to be the patients, for the result of their tests is the difference between getting treatment that is between life and death,” Hancock said.
“I believe anybody in my shoes would have taken the same decision.”


cityam--2020-04-02--NHS issues emergency contracts for video GP services due to pandemic

Patients across England will be able to see their GP via a video consultation after the NHS issued emergency contracts to health tech firms due to the coronavirus outbreak .
NHS England has handed contracts to 11 providers after health officials invited companies to an emergency tender process last month .
The fast-tracked deals mean GP surgeries across the country will be able to offer video consultations .
This will minimise face-to-face contact between doctors and patients during the Covid-19 crisis and reduce the strain on the NHS .
The system also includes automated triage services , which advise patients @ @ @ @ @ @ @ appointment based on responses to set questions about their symptoms .
It is understood the NHS is also considering rolling out video consultations for other areas of primary care such as pharmacies .
Online health services have been in place for several years , but officials have rushed through approvals to expand their use amid concerns the NHS will struggle under the strain of the pandemic .
New guidance issued to doctors today stated that some coronavirus patients may have treatment withdrawn in order to prioritise others with a greater chance of survival @ @ @ @ @ @ @ now died from coronavirus in the UK , according to the latest figures , after an increase of 563 deaths yesterday .
Prime Minister Boris Johnson is facing intense pressure to ramp up testing in the country in a bid to slow the escalating death toll .
“ Covid-19 is accelerating the need for healthcare systems to deploy scalable technologies to ensure people can get access to healthcare in a timely fashion , ” said Rupert Spiegelberg , chief executive of Doctorlink , one of the 11 firms to be handed an NHS @ @ @ @ @ @ @ be part of the solution and combined with its online symptom assessment service will be working day and night in the coming days and weeks to support the NHS and get this technology into the hands of frontline GPs.
” Read more : Coronavirus : Online prices rise for medicines and stockpiled goods Juliet Bauer , UK managing director of Livi , another selected provider , said : “ Maintaining patients ’ access to healthcare whilst keeping our population safe from the spread of infection is our priority .
“ We are working @ @ @ @ @ @ @ service can manage the surge in demand from patients.
” An NHS spokesperson said : “ NHSX is working hard to support local NHS organisations to ensure every general practice and hospitals can offer digital first services such as online , telephone or video appointments and online access to their own notes and care plans .
”

NHS issues emergency contracts for video GP services due to pandemic
Patients across England will be able to see their GP via a video consultation after the NHS issued emergency contracts to health tech firms due to the coronavirus outbreak.
NHS England has handed contracts to 11 providers after health officials invited companies to an emergency tender process last month.
The fast-tracked deals mean GP surgeries across the country will be able to offer video consultations. This will minimise face-to-face contact between doctors and patients during the Covid-19 crisis and reduce the strain on the NHS.
The system also includes automated triage services, which advise patients on whether to self-care or book an appointment based on responses to set questions about their symptoms.
It is understood the NHS is also considering rolling out video consultations for other areas of primary care such as pharmacies.
Online health services have been in place for several years, but officials have rushed through approvals to expand their use amid concerns the NHS will struggle under the strain of the pandemic.
New guidance issued to doctors today stated that some coronavirus patients may have treatment withdrawn in order to prioritise others with a greater chance of survival.
A total of 2,352 people have now died from coronavirus in the UK, according to the latest figures, after an increase of 563 deaths yesterday.
Prime Minister Boris Johnson is facing intense pressure to ramp up testing in the country in a bid to slow the escalating death toll.
“Covid-19 is accelerating the need for healthcare systems to deploy scalable technologies to ensure people can get access to healthcare in a timely fashion,” said Rupert Spiegelberg, chief executive of Doctorlink, one of the 11 firms to be handed an NHS contract.
“Doctorlink is honoured to be part of the solution and combined with its online symptom assessment service will be working day and night in the coming days and weeks to support the NHS and get this technology into the hands of frontline GPs.”
Juliet Bauer, UK managing director of Livi, another selected provider, said: “Maintaining patients’ access to healthcare whilst keeping our population safe from the spread of infection is our priority.
“We are working round the clock to ensure our health service can manage the surge in demand from patients.”
An NHS spokesperson said: “NHSX is working hard to support local NHS organisations to ensure every general practice and hospitals can offer digital first services such as online, telephone or video appointments and online access to their own notes and care plans.”


cityam--2020-04-02--BBC to reshow London 2012 Olympics as sports schedule collapses

The BBC will reshow the London 2012 Olympics as the broadcaster battles to fill holes in its schedule caused by the cancellation of sporting events .
The opening ceremony will air on BBC One and iPlayer this spring alongside a selection of highlights , including the so-called Super Saturday , when Team GB won six gold medals in a single day .
Following the cancellation of Euro 2020 , the broadcaster will also air some of England ’ s most memorable footballing moments in June and July , including the best of Euro ‘ 96 .
Some of the greatest @ @ @ @ @ @ @ Murray ’ s 2013 victory — will hit screens in July in place of this year ’ s cancelled tennis championship .
Snooker and cricket fans will also be able to enjoy a selection of memorable moments from the archives .
The bumper schedule marks the BBC ’ s efforts to find programming to fill vast gaps in its schedule as sporting events around the world have been shelved due to the coronavirus outbreak .
“ In these unprecedented and difficult times we are delighted to bring some of the most incredible sporting @ @ @ @ @ @ @ audiences over the next few months , ” said BBC director of sport Barbara Slater .
“ From glorious moments at the Olympics including the magic of London 2012 , thrilling Euro ’ 96 matches , wonderful Wimbledon moments and the best of World Championship snooker , there is something for everyone to enjoy.
” BBC Sport will also offer a range of podcasts , including the fourth series of the That Peter Crouch Podcast and a brand new Question Of Sport podcast , which will also be broadcast on Saturday afternoons on @ @ @ @ @ @ @ the dearth of sporting events , the BBC is also battling a squeeze on entertainment programming as producers have been forced to halt filming on shows such as Line of Duty and Eastenders due to the pandemic .
However , the public service broadcaster has said it is committed to keeping the public informed and entertained during the crisis , and has launched a raft of news and culture programming .

BBC to reshow London 2012 Olympics as sports schedule collapses
The BBC will reshow the London 2012 Olympics as the broadcaster battles to fill holes in its schedule caused by the cancellation of sporting events.
The opening ceremony will air on BBC One and iPlayer this spring alongside a selection of highlights, including the so-called Super Saturday, when Team GB won six gold medals in a single day.
Following the cancellation of Euro 2020, the broadcaster will also air some of England’s most memorable footballing moments in June and July, including the best of Euro ‘96.
Some of the greatest matches in Wimbledon history — including Andy Murray’s 2013 victory — will hit screens in July in place of this year’s cancelled tennis championship.
Snooker and cricket fans will also be able to enjoy a selection of memorable moments from the archives.
The bumper schedule marks the BBC’s efforts to find programming to fill vast gaps in its schedule as sporting events around the world have been shelved due to the coronavirus outbreak.
“In these unprecedented and difficult times we are delighted to bring some of the most incredible sporting events from years gone by to our audiences over the next few months,” said BBC director of sport Barbara Slater.
“From glorious moments at the Olympics including the magic of London 2012, thrilling Euro ’96 matches, wonderful Wimbledon moments and the best of World Championship snooker, there is something for everyone to enjoy.”
BBC Sport will also offer a range of podcasts, including the fourth series of the That Peter Crouch Podcast and a brand new Question Of Sport podcast, which will also be broadcast on Saturday afternoons on Radio 5 live.
In addition to the dearth of sporting events, the BBC is also battling a squeeze on entertainment programming as producers have been forced to halt filming on shows such as Line of Duty and Eastenders due to the pandemic.
However, the public service broadcaster has said it is committed to keeping the public informed and entertained during the crisis, and has launched a raft of news and culture programming.


cityam--2020-04-02--Accountancy firm criticises ‘alarmist’ prediction of 800,000 coronavirus insolvencies

Restructuring specialists at accountancy firm RSM said media reports that 800,000 to 1m UK businesses could collapse as a result of the coronavirus crisis are “ alarmist at best ” .
Yesterday , the BBC , citing an unnamed accounting firm , said 800,000 to 1m businesses , a fifth of the UK total , “ may soon have to close ” .
RSM partner Gareth Harris said : “ I don ’ t believe that is a realistic number .
That would be genuinely unprecedented and while we are in strange times I don ’ t believe that is @ @ @ @ @ @ @ number of companies to go bust as a result of the current crisis would probably be around 70,000-100,000 .
Read more : Thousands of jobs at risk as Carluccio ’ s and Brighthouse collapse under coronavirus pressure During the 2008-13 slowdown , 114,000 UK companies went insolvent .
“ You are going to see a pretty sharp spike in insolvencies for businesses that were struggling before any of this happened , ” he said .
“ Then the mothballing and deferments will kick in and they will slow down insolvencies dramatically , then @ @ @ @ @ @ @ ’ s where you will see a further spike.
” Businesses such as restaurant chain Carluccio ’ s , retailer Laura Ashley , rent-to-own company Brighthouse and sub-prime lender Uncle Buck have all called in the administrators in recent days as the economy freezes up .
Harris said it was likely that there would be further insolvencies in the coming days and weeks as it will take a while for the government ’ s massive economic intervention to take effect .
Read more : Government to push through insolvency reforms as coronavirus crisis @ @ @ @ @ @ @ cash injection into the economy , with smaller businesses eligible for a loan scheme and large businesses eligible for a government debt buying scheme .
The chancellor has also introduced a state-funded programme to furlough workers on 80 per cent of pay to help preserve jobs .
Read more : Treasury set to overhaul coronavirus loan scheme to avoid insolvencies

Accountancy firm criticises ‘alarmist’ prediction of 800,000 coronavirus insolvencies
Restructuring specialists at accountancy firm RSM said media reports that 800,000 to 1m UK businesses could collapse as a result of the coronavirus crisis are “alarmist at best”.
Yesterday, the BBC, citing an unnamed accounting firm, said 800,000 to 1m businesses, a fifth of the UK total, “may soon have to close”.
RSM partner Gareth Harris said: “I don’t believe that is a realistic number. That would be genuinely unprecedented and while we are in strange times I don’t believe that is a fair reflection.”
Harris said the number of companies to go bust as a result of the current crisis would probably be around 70,000-100,000.
During the 2008-13 slowdown, 114,000 UK companies went insolvent.
“You are going to see a pretty sharp spike in insolvencies for businesses that were struggling before any of this happened,” he said.
“Then the mothballing and deferments will kick in and they will slow down insolvencies dramatically, then as that support falls away, that’s where you will see a further spike.”
Businesses such as restaurant chain Carluccio’s, retailer Laura Ashley, rent-to-own company Brighthouse and sub-prime lender Uncle Buck have all called in the administrators in recent days as the economy freezes up.
Harris said it was likely that there would be further insolvencies in the coming days and weeks as it will take a while for the government’s massive economic intervention to take effect.
The government has promised a massive cash injection into the economy, with smaller businesses eligible for a loan scheme and large businesses eligible for a government debt buying scheme.
The chancellor has also introduced a state-funded programme to furlough workers on 80 per cent of pay to help preserve jobs.


cityam--2020-04-03--Coronavirus: Boris Johnson to stay in self-isolation with high temperature

Prime Minister Boris Johnson has said he will remain in self-isolation after continuing to exhibit coronavirus symptoms first diagnosed last week .
“ Although I feel better and I ’ ve done my seven days of self-isolation , alas I still have one of the symptoms , a minor symptom .
I still have a temperature , ” Johnson said in a Twitter video .
“ And so in accordance with government advice I must continue my self-isolation until that symptom itself goes.
” “ But we ’ re working clearly , the whole time , on our programme to @ @ @ @ @ @ @ added .
Johnson ’ s spokesman said yesterday the Prime Minister would return from self-isolation today .
Johnson was still experiencing coronavirus symptoms but the spokesman said : And today Johnson did not put a timeline on how long he would remain in self-isolation for .
Instead he urged people not to leave the house as temperatures hit 16 and 20 degrees celsius on Saturday and Sunday .
“ I reckon a lot of people will be starting to think that this is all going on for quite a long time , ” @ @ @ @ @ @ @ they ’ d rather be getting out there , and particularly if they ’ ve got kids in the household , everybody maybe getting a bit stir crazy .
“ I just urge you not to do that .
Please , please stick with the guidance now .
this country has made a huge effort , a huge sacrifice , done absolutely brilliantly well in delaying the spread of the virus .
“ Let ’ s stick with it now .
Remember that incredible clapping again last night for our fantastic NHS .
@ @ @ @ @ @ @ them , and save lives .
Let ’ s focus on doing everything we can .
”

Coronavirus: Boris Johnson to stay in self-isolation with high temperature
Prime Minister Boris Johnson has said he will remain in self-isolation after continuing to exhibit coronavirus symptoms first diagnosed last week.
“Although I feel better and I’ve done my seven days of self-isolation, alas I still have one of the symptoms, a minor symptom. I still have a temperature,” Johnson said in a Twitter video.
“And so in accordance with government advice I must continue my self-isolation until that symptom itself goes.”
Another quick update from me on our campaign against #coronavirus.
You are saving lives by staying at home, so I urge you to stick with it this weekend, even if we do have some fine weather.#StayHomeSaveLives pic.twitter.com/4GHmJhxXQ0 — Boris Johnson (@BorisJohnson) April 3, 2020
“But we’re working clearly, the whole time, on our programme to defeat the virus,” the PM added.
Johnson’s spokesman said yesterday the Prime Minister would return from self-isolation today.
Johnson was still experiencing coronavirus symptoms but the spokesman said: “We are following the guidelines from PHE and from the chief medical officer which states that you need to self-isolate for a period of seven days so no change in that.”
Today Johnson did not put a timeline on how long he would remain in self-isolation for.
Instead he urged people not to leave the house as temperatures hit 16 and 20 degrees celsius on Saturday and Sunday.
“I reckon a lot of people will be starting to think that this is all going on for quite a long time,” Johnson told his followers.
“And they’d rather be getting out there, and particularly if they’ve got kids in the household, everybody maybe getting a bit stir crazy.
“I just urge you not to do that. Please, please stick with the guidance now. this country has made a huge effort, a huge sacrifice, done absolutely brilliantly well in delaying the spread of the virus.
“Let’s stick with it now. Remember that incredible clapping again last night for our fantastic NHS. We’re doing it to protect them, and save lives. Let’s focus on doing everything we can.”
Johnson is continuing to work from the upstairs flat above Number 11 Downing Street.
This morning he chaired a virtual coronavirus meeting. And last night he could be seen from his flat window applauding the NHS at 8pm.
Health secretary Matt Hancock had also tested positive for coronavirus last Friday. He self-isolated until yesterday, when he hosted the daily coronavirus press conference.
Hancock has announced the government is targeting 100,000 coronavirus tests a day. That aim followed criticism of the government’s testing strategy. Just 2,000 frontline NHS staff had been tested for coronavirus, according to figures released this week.
Prince Charles today officially opened a 4,000-bed Nightingale Hospital at London’s Excel Centre. It has been built in just two weeks to cater for a potential spike in coronavirus patients.
The UK’s testing has lagged behind that of other countries, including Germany and the US.