cityam--2020-10-02--FTSE 100 and global markets drop after Donald Trump gets coronavirus

The FTSE 100 fell along with European stocks after US President Donald Trump tested positive for coronavirus just a month before the presidential election .
London ’ s blue-chip index fell 0.6 per cent to 5,842 points in morning trading .
Read more : Coronavirus : Donald Trump and wife Melania test positive for Covid-19 Wall Street was set to open lower , while investors bought up safe-haven assets such as the dollar .
On Friday morning Trump tweeted : “ Tonight , @ FLOTUS and I tested positive for COVID-19 .
We will begin our quarantine and recovery process @ @ @ @ @ @ @ TOGETHER !
” The positive test for Trump and his wife Melania will rock an already chaotic election .
The Vix index – the so-called fear gauge which measures US market volatility – jumped around eight per cent .
Fiona Cincotta , market analyst at trading platform City Index , said : “ The markets are already fretting about an uncertain election and this just adds another layer of uncertainty.
” France ’ s CAC 40 fell 0.3 per cent and the German Dax was down 0.6 .
The continent-wide Stoxx 600 was @ @ @ @ @ @ @ Street , the S & P 500 , Dow Jones and Nasdaq indices were all set to fall more than one per cent .
Read more : EU says the City can expect ‘ less fluid ’ trading from January Investors turned to assets considered safe as they sold stocks .
The dollar rose 0.1 per cent against a basket of other currencies .
Gold recovered from an earlier fall to stand at $ 1,906 per ounce .
The FTSE 100 ’ s fall meant Britain ’ s main stock index was set @ @ @ @ @ @ @ had fallen for the two previous weeks .
The FTSE 250 of mid-cap stocks was down 0.7 per cent in morning trading .
Rising coronavirus cases , as well as global events , have weighed down both indices .
Jet-engine maker Rolls Royce lead the fall on the FTSE 100 , sliding 9.4 per cent .
It was hit after more countries were added to the UK ’ s travel quarantine list .
Intercontinental Hotels dropped 1.7 per cent .
On the FTSE 250 , Easyjet and cruise group Carnival fell more than @ @ @ @ @ @ @ head of markets at Interactive Investor , said : “ The FTSE 100 remains fettered by investor insouciance and bleak prospects for the UK economy as a whole.
” Read more : Quarantine : Turkey and Poland added to self-isolation list He said the index is “ seemingly unable to break out of its current narrow band ” .
“ Further countries being added to the UK quarantine list alongside targeted local lockdowns have done little to lighten the mood.
” US investors focus on Trump and job figures Investors were supposed to @ @ @ @ @ @ @ figures today , but attention has now turned to Trump ’ s illness .
Jakob Ekholdt Christensen , chief analyst at Danske Bank , said : “ The big question is how ill [ Trump ] will become and to what extent it will affect his campaigning efforts for the US presidential election .
“ Another question is whether other members of his administration have been infected .
The uncertainty is hurting risk sentiment.
” US nonfarm payroll figures come out this afternoon ( UK time ) .
Analysts expect the September unemployment @ @ @ @ @ @ @ per cent figure seen in August .

US stocks and FTSE 100 fall after Donald Trump gets coronavirus
US President Donald Trump and first lady Melania Trump have both contracted coronavirus
US stocks tumbled and the FTSE 100 was lower after US President Donald Trump tested positive for coronavirus just a month before the presidential election.
Wall Street’s S&P 500 index was 0.6 per cent lower in early trading, having recovered some ground after a sharp fall at the open.
The Dow Jones was down 0.5 per cent and the tech-heavy Nasdaq had shed 0.9 per cent.
Read more: Coronavirus: Donald Trump and wife Melania test positive for Covid-19
London’s FTSE 100 index was down 0.3 per cent in afternoon trading to 5,859 points. It had recovered slightly after falling as much as one per cent in the morning session.
On Friday morning Trump tweeted: “Tonight, @FLOTUS and I tested positive for COVID-19. We will begin our quarantine and recovery process immediately. We will get through this TOGETHER!”
The positive test for Trump and his wife Melania has rocked an already chaotic election.
Craig Erlam, senior market analyst at currency firm Oanda, said: “It’s a bit of a cliche but the markets do hate uncertainty and today is evident of that.
Read more: EU says the City can expect ‘less fluid’ trading from January
“We don’t even know what impact this will have on Trump’s health, let alone the implications for the election next month or his ability to campaign in the interim.”
France’s CAC 40 fell 0.5 per cent and the German Dax was down 0.8. The continent-wide Stoxx 600 was 0.2 per cent lower.
FTSE 100 set for disappointing week
The FTSE 100’s fall meant Britain’s main stock index was set to finish the week flat. It had fallen for the two previous weeks.
The FTSE 250 of mid-cap stocks was down 0.4 per cent. Rising coronavirus cases, as well as global events, have weighed down both indices.
Jet-engine maker Rolls Royce lead the fall on the FTSE 100, sliding 7.7 per cent. It was hit after more countries were added to the UK’s travel quarantine list.
British Airways-owner IAG dropped 2.7 per cent. On the FTSE 250, Easyjet, Tui and cruise group Carnival fell more than 2.5 per cent.
Read more: Quarantine: Turkey and Poland added to self-isolation list
Richard Hunter, head of markets at Interactive Investor, said: “The FTSE 100 remains fettered by investor insouciance and bleak prospects for the UK economy as a whole.”
“Further countries being added to the UK quarantine list alongside targeted local lockdowns have done little to lighten the mood.”
US investors focus on Trump and job figures
The mood on Wall Street was grim after worse than expected jobs figures added to worries over Trump’s positive coronavirus test.
More than 660,000 Americans found work last month, the Bureau of Labor Statistics (BLS) said. However, the jobs growth undershot the 850,000 increase predicted by economists in a Reuters poll. And it was the smallest increase since the jobs recovery started in May.
Seema Shah, chief strategist at Principal Global Investors, said: “Economic scarring is likely to become more apparent in the fourth quarter as more companies finally start to throw in the towel, reporting closures and job cuts.”
Shah said that “the struggles will become more widespread and evident” as there is “still no sign of an additional fiscal stimulus package”.
The fall in stocks has helped so-called safe haven assets. The dollar was up 0.1 per cent against a basket of other currencies. Gold was roughly flat at $1,905 an ounce, after recovering from an earlier fall.
Richard Kelly, head of global strategy at TD securities, said: “Looking forward, we expect the dollar to remain highly sensitive to risky asset prices, but shifts in polling will also exert a strong influence as 3 November approaches.”
Jakob Ekholdt Christensen, chief analyst at Danske Bank, said: “The big question is how ill [Trump] will become and to what extent it will affect his campaigning efforts for the US presidential election.
“Another question is whether other members of his administration have been infected. The uncertainty is hurting risk sentiment.”


cityam--2020-10-02--Crime agency to probe government's bounce back loan scheme

Britain ’ s crime agency will investigate organised crime linked to the government ’ s bounce back loan scheme , launched to help businesses through the pandemic .
The bounce back loan scheme , which launched in May , allows SMEs to borrow up to a quarter of their annual turnover , capped at £50,000 .
The scheme has proved the most popular form of loan after the Coronavirus Business Interruption Loan Scheme ( CBILS ) came under fire for not being accessible by some businesses .
But critics have warned that the bounce back loan scheme , which relies @ @ @ @ @ @ @ open to fraud .
The National Crime Agency ( NCA ) has today said it will investigate serious and organised crime linked to the scheme after intelligence suggested it was being exploited , first reported by Reuters .
A spokesperson for the agency said : “ On the basis of our assessments , we have provided red flag indicators to the banking sector to aid their detection of fraudulent applications.
” In July two men were arrested in North London in connection with fraudulent applications to the scheme .
The police also obtained @ @ @ @ @ @ @ had funds in excess of £550,000 .
The NCA said it would assist partner investigations and investigate cases itself where there is a serious and organised crime element .
This week it emerged that the state-owned British Business Bank issued formal objections to the bounce back loan and Future Fund schemes ahead of their launch .
In letters sent to business secretary Alok Sharma in May , the Bank ’ s chief executive Keith Morgan raised concerns with the scheme ’ s “ very significant fraud and credit risks ” .
Read more @ @ @ @ @ @ @ and incompetence ’ as SMEs struggle to get bounce back loans He added that the Bank had commissioned a review of the scheme by accountant PwC , which had classified its fraud risk as “ very high ” .
The NCA was contacted for comment .

Crime agency to probe government’s bounce back loan scheme
Britain’s crime agency will investigate organised crime linked to the government’s bounce back loan scheme, launched to help businesses through the pandemic.
The bounce back loan scheme, which launched in May, allows SMEs to borrow up to a quarter of their annual turnover, capped at £50,000.
The scheme has proved the most popular form of loan after the Coronavirus Business Interruption Loan Scheme (CBILS) came under fire for not being accessible by some businesses.
But critics have warned that the bounce back loan scheme, which relies on self-certification to test eligibility, is open to fraud.
The National Crime Agency (NCA) has today said it will investigate serious and organised crime linked to the scheme after intelligence suggested it was being exploited, first reported by Reuters.
A spokesperson for the agency said: “On the basis of our assessments, we have provided red flag indicators to the banking sector to aid their detection of fraudulent applications.”
In July two men were arrested in North London in connection with fraudulent applications to the scheme. The police also obtained 10 account freezing orders over accounts which had funds in excess of £550,000.
The NCA said it would assist partner investigations and investigate cases itself where there is a serious and organised crime element.
This week it emerged that the state-owned British Business Bank issued formal objections to the bounce back loan and Future Fund schemes ahead of their launch.
In letters sent to business secretary Alok Sharma in May, the Bank’s chief executive Keith Morgan raised concerns with the scheme’s “very significant fraud and credit risks”.
He added that the Bank had commissioned a review of the scheme by accountant PwC, which had classified its fraud risk as “very high”.
The NCA was contacted for comment.


cityam--2020-10-02--ECB should issue digital euro, say Christine Lagarde

The European Central Bank ( ECB ) should issue a digital euro in addition to banknotes and coins , according to its president .
At the launch of a report on the possible issuance of a digital euro , earlier today in Frankfurt , ECB president Christine Lagarde said the euro should be “ fit for the digital age ” .
“ Europeans are increasingly turning to digital in the ways they spend , save and invest .
We should be prepared to issue a digital euro ” , Lagarde told reporters .
The EU heavyweight identified a number of @ @ @ @ @ @ @ a digital currency , such as an increased demand for electronic payments in the euro area a continuing decline in the use of cash .
Moreover , as other central banks around the world have started to issue digital currencies , Lagarde stressed the time may be right for the EU to follow suit .
Read more : Christine Lagarde ’ s peace at risk as European Central Bank split over virus plan The former IMF chair further cited the rapid uptake of global private payment methods , which increasingly raise regulatory concerns @ @ @ @ @ @ @ and consumer protection , as a reason to launch an EU-endorsed virtual currency .
“ Our role is to secure trust in money , ” Lagarde explained .
Read more : Zombification is spreading through companies in the euro zone Speaking alongside the ECB president , Fabio Panetta , member of ECB ’ s executive board , said a digital euro would further support Europe ’ s drive towards innovation and further establish the euro ’ s role globally .
“ It would contribute to its financial sovereignty and strengthen the international role @ @ @ @ @ @ @ .
One of the ECB ’ s main objections to a digital version of the euro is the risk it may displace traditional deposits , thereby hollowing out commercial banks and crowding out private solutions .
The ECB said in its report that deposits in digital euros would probably be capped and subject , at least in part , to the ECB ’ s interest rate on deposits , which currently stands at -0.5 % .
The banking authority has given itself until mid-2021 to make a final decision whether to go move @ @ @ @ @ @ @ now open for public consultation .

ECB should issue digital euro, say Christine Lagarde
ECB President Christine Lagarde said “there is no trade off between price stability and financial stability”.
The European Central Bank (ECB) should issue a digital euro in addition to banknotes and coins, according to its president.
At the launch of a report on the possible issuance of a digital euro, earlier today in Frankfurt, ECB president Christine Lagarde said the euro should be “fit for the digital age”.
“Europeans are increasingly turning to digital in the ways they spend, save and invest. We should be prepared to issue a digital euro”, Lagarde told reporters.
The EU heavyweight identified a number of scenarios that would require the issuance of a digital currency, such as an increased demand for electronic payments in the euro area a continuing decline in the use of cash.
Moreover, as other central banks around the world have started to issue digital currencies, Lagarde stressed the time may be right for the EU to follow suit.
Trust
The former IMF chair further cited the rapid uptake of global private payment methods, which increasingly raise regulatory concerns with some posing risks for financial stability and consumer protection, as a reason to launch an EU-endorsed virtual currency.
“Our role is to secure trust in money,” Lagarde explained.
Speaking alongside the ECB president, Fabio Panetta, member of ECB’s executive board, said a digital euro would further support Europe’s drive towards innovation and further establish the euro’s role globally.
“It would contribute to its financial sovereignty and strengthen the international role of the euro”, Panetta said.
Concerns
One of the ECB’s main objections to a digital version of the euro is the risk it may displace traditional deposits, thereby hollowing out commercial banks and crowding out private solutions.
The ECB said in its report that deposits in digital euros would probably be capped and subject, at least in part, to the ECB’s interest rate on deposits, which currently stands at -0.5%.
The banking authority has given itself until mid-2021 to make a final decision whether to go move ahead with the project, which is now open for public consultation.


cityam--2020-10-02--EU says the City can expect ‘less fluid’ trading from January

The City of London can expect financial services trade with the EU to be “ less fluid ” from January onwards , the bloc ’ s new finance commissioner has said .
Speaking to the European Parliament , Mairead McGuinness also reiterated the EU ’ s position that its banks and financial services companies should move away from reliance on London .
Read more : Britain and EU reach temporary agreement on derivatives clearing The UK officially left the EU in January .
But it is in a transition period that keeps the relationship the same until the end of @ @ @ @ @ @ @ are locked in tense negotiations about a free-trade agreement .
The UK is currently trying to pass legislation that goes back on parts of the Brexit agreement struck last year .
Negotiations on financial services are being done separately , but there have been tensions there too .
Both sides missed a deadline in June to agree rules on future financial trading .
Today , McGuinness fired a warning shot , highlighting that the relationship is set to change no matter what happens .
“ Under all circumstances , deal or no deal @ @ @ @ @ @ @ different and less fluid as of the first of January next year , ” she said .
She also said : “ We need to avoid being overly dependent on a third country for key financial services.
” UK and EU show progress over financial services Her comments came during a parliamentary hearing about her appointment as financial services commissioner .
If she is confirmed , McGuinness will lead discussions over the City of London ’ s access to the EU .
There has been some progress on financial services .
The EU @ @ @ @ @ @ @ use London clearing houses until mid-2022 , in a sign of the City ’ s importance to the bloc .
However , EU officials are encouraging banks to cut their reliance on London .
Last week EU trade chief Valdis Dombrovskis said the bloc ’ s banks should reduce their “ excessive exposures ” to London ’ s derivatives clearing houses .
McGuinness ’ s comments today echoed that sentiment .
Read more : EU takes legal action against UK over Brexit treaty breach More than 7,500 UK finance jobs have headed for @ @ @ @ @ @ @ a report showed yesterday .
More relocations are expected as the transition period ends .
In September alone , financial services firms moved more than 400 jobs , according to professional services firm EY .

EU says the City can expect ‘less fluid’ trading from January
Many in the City of London are anxious about disruptions to trade with the EU
The City of London can expect financial services trade with the EU to be “less fluid” from January onwards, the bloc’s new finance commissioner has said.
Speaking to the European Parliament, Mairead McGuinness also reiterated the EU’s position that its banks and financial services companies should move away from reliance on London.
The UK officially left the EU in January. But it is in a transition period that keeps the relationship the same until the end of this year.
Britain and the EU are locked in tense negotiations about a free-trade agreement. The UK is currently trying to pass legislation that goes back on parts of the Brexit agreement struck last year.
Negotiations on financial services are being done separately, but there have been tensions there too. Both sides missed a deadline in June to agree rules on future financial trading.
Today, McGuinness fired a warning shot, highlighting that the relationship is set to change no matter what happens.
“Under all circumstances, deal or no deal, trading in financial services will be different and less fluid as of the first of January next year,” she said.
She also said: “We need to avoid being overly dependent on a third country for key financial services.”
UK and EU show progress over financial services
Her comments came during a parliamentary hearing about her appointment as financial services commissioner. If she is confirmed, McGuinness will lead discussions over the City of London’s access to the EU.
There has been some progress on financial services. The EU has allowed its banks to continue to use London clearing houses until mid-2022, in a sign of the City’s importance to the bloc.
However, EU officials are encouraging banks to cut their reliance on London. Last week EU trade chief Valdis Dombrovskis said the bloc’s banks should reduce their “excessive exposures” to London’s derivatives clearing houses. McGuinness’s comments today echoed that sentiment.
More than 7,500 UK finance jobs have headed for Europe since the 2016 EU referendum, a report showed yesterday. More relocations are expected as the transition period ends.
In September alone, financial services firms moved more than 400 jobs, according to professional services firm EY.


cityam--2020-10-02--Overnight: Trump in hospital as Boris says Brits got “complacent”

US President Donald Trump was taken to hospital late on Friday night less than 24 hours after testing positive for @ @ @ @ @ the White House said that “ out of an abundance of caution ” the President @ @ @ @ @ Reed Military Medical Centre .
CBS News reported the President was suffering from a low-grade @ @ @ @ @ .
Read more : Guildhall to become Covid-19 testing centre Meanwhile in Britain , Prime @ @ @ @ @ rise in positive cases in the UK on a “ fraying of people ’ s @ @ @ @ @ months .
He told the BBC on Friday evening that Brits had become “ kind @ @ @ @ @ about the dangers of Covid-19 .

Overnight: Trump in hospital as Boris says Brits got “complacent”
US President Donald Trump was taken to hospital late on Friday night less than 24 hours after testing positive for Covid-19.
A statement from the White House said that “out of an abundance of caution” the President had been moved to Walter Reed Military Medical Centre.
CBS News reported the President was suffering from a low-grade fever amongst other mild symptoms.
Read more: Guildhall to become Covid-19 testing centre
Meanwhile in Britain, Prime Minister Boris Johnson blamed the rise in positive cases in the UK on a “fraying of people’s discipline” during the summer months.
He told the BBC on Friday evening that Brits had become “kind of complacent and blasé” about the dangers of Covid-19.


cityam--2020-10-02--Covid & the City: Guildhall Yard to become testing centre

A temporary coronavirus testing centre will be established in the historic heart of the Guildhall , the City of London @ @ @ @ @ will house a temporary testing centre , to be installed next week , for an @ @ @ @ @ .
The Guildhall serves today as the City Corporation ’ s headquarters , with the @ @ @ @ @ Roman times .
The current building was completed in 1440 .
Catherine McGuinness , City @ @ @ @ @ , said tonight : “ As this unprecedented global pandemic continues , it ’ s @ @ @ @ @ their part in tackling the virus .
“ Providing space for this testing site is @ @ @ @ @ ensure people can live in , work and visit the City safely , ” she @ @ @ @ @ Government must do more to support London ’ s hospitality industry

Covid & the City: Guildhall Yard to become testing centre
A temporary coronavirus testing centre will be established in the historic heart of the Guildhall, the City of London announced today.
Guildhall Yard will house a temporary testing centre, to be installed next week, for an initial period of three months.
The Guildhall serves today as the City Corporation’s headquarters, with the building tracing its history to Roman times.
The current building was completed in 1440.
Catherine McGuinness, City of London Corporation Policy Chair, said tonight: “As this unprecedented global pandemic continues, it’s vital all public bodies play their part in tackling the virus.
“Providing space for this testing site is part of our commitment to ensure people can live in, work and visit the City safely,” she continued.
Read more: Government must do more to support London’s hospitality industry


cityam--2020-10-02--Moonpig mulls public listing following lockdown boom

Online greeting card retailer Moonpig is in talks for a stock market flotation after a boom in sales during lockdown stamped its position on the e-commerce market .
Moonpig Group , owned by Exponent Private Equity , is in talks with investment banks about options that include a public listing , according to Sky News .
Read more : Walmart confirms Asda sale to billionaire UK brothers in £6.8bn deal Discussions are thought to be at an early stage with several options being mooted , while no decision about a float has been reached at present .
It comes as @ @ @ @ @ @ @ an early entry to the e-commerce market at its launch in 2000 , has been greeted by meteoric sales during lockdown .
Moonpig saw 34m website views since the start of the pandemic , with sales up 156 per cent in the first month of lockdown , according to data from Revolut .
The greeting card business jumped on lockdown trends , rolling out a Big Night In limited edition set of e-cards with celebrity collaborations , and expanding its online offering to include flowers , plants and personalised gifts .
It comes @ @ @ @ @ @ @ operates in the Netherlands under the Greetz brand , has scooped up the market share of rivals such as Clintons over recent years , and now stands as the UK ’ s largest greeting card company .
The company recorded a pre-tax profit of £33m for the year , up 137 per cent compared to the same period last year , after adding 1m customers in the first eight weeks of lockdown .
Moonpig secured the crown as the nation ’ s leading shopping app over the summer period , as UK customers @ @ @ @ @ @ @ touch with loved ones during the pandemic .
Read more : Coronavirus : US President Donald Trump and wife Melania self-isolating after testing positive for Covid-19 Former WH Smith chief executive Kate Swann joined the company as chair in August last year , and has overseen the firm ’ s 44 per cent rise in sales in the past 12 months .
A Moonpig Group spokesperson said : “ As a high growth company we constantly evaluate our funding options , and regularly meet with advisers on this subject.
” Exponent did not @ @ @ @ @ @ @ the Open : Get the jump on the markets with our early morning newsletter

Moonpig mulls public listing following lockdown boom
Moonpig posted a surge in revenue in its first results since listing in London
Online greeting card retailer Moonpig is in talks for a stock market flotation after a boom in sales during lockdown stamped its position on the e-commerce market.
Moonpig Group, owned by Exponent Private Equity, is in talks with investment banks about options that include a public listing, according to Sky News.
Discussions are thought to be at an early stage with several options being mooted, while no decision about a float has been reached at present.
It comes as the online gifting platform, which was an early entry to the e-commerce market at its launch in 2000, has been greeted by meteoric sales during lockdown.
The greeting card business jumped on lockdown trends, rolling out a Big Night In limited edition set of e-cards with celebrity collaborations during the pandemic.
The online retailer, which also operates in the Netherlands under the Greetz brand, has scooped up the market share of rivals such as Clintons over recent years, and now stands as the UK’s largest greeting card company.
The business recorded a pre-tax profit of £33m for the year, up 137 per cent compared to the same period last year, after adding 1m customers in the first eight weeks of lockdown.
Moonpig secured the crown as the nation’s leading shopping app over the summer period, as UK customers turned to their screens to stay in touch with loved ones during the pandemic.
Former WH Smith chief executive Kate Swann joined the company as chair in August last year, and has overseen the firm’s 44 per cent rise in sales in the past 12 months.
A Moonpig Group spokesperson said: “As a high growth company we constantly evaluate our funding options, and regularly meet with advisers on this subject.”
Exponent did not respond to requests for comment.
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cityam--2020-10-02--Post-pandemic deals: When will M&A rebound post-Covid?

COVID-19 has been knocking the wind out of deals across every sector in every region .
Can the M & @ @ @ @ @ feet given the numerous obstacles in the current dealmaking environment ?
Read our new industry @ @ @ @ @ Its Breath in an Uncertain Market—produced in association with PitchBook , for a ringside view @ @ @ @ @ activity amid market challenges worldwide—with breakouts of trends and conditions in North America , South @ @ @ @ @ .
The report also anticipates impacts on M & A from the upcoming US elections @ @ @ @ @ new regulations globally , and explores whether a coronavirus vaccine will come too late to @ @ @ @ @ throwing in the towel .

Sponsored Ad Feature is produced by an advertiser with the specific intent to promote a product and is not produced by the City A.M. team.
Post-pandemic deals: When will M&A rebound post-Covid?
Getty images
COVID-19 has been knocking the wind out of deals across every sector in every region. Can the M&A market stay on its feet given the numerous obstacles in the current dealmaking environment?
Read our new industry brief—Global M&A Catches Its Breath in an Uncertain Market—produced in association with PitchBook, for a ringside view of current M&A activity amid market challenges worldwide—with breakouts of trends and conditions in North America, South America, Europe and Asia.
The report also anticipates impacts on M&A from the upcoming US elections and the potential onslaught of new regulations globally, and explores whether a coronavirus vaccine will come too late to keep thousands of businesses from throwing in the towel.
Download the report here:


cityam--2020-10-02--US stocks and FTSE 100 fall after Donald Trump gets coronavirus

US stocks tumbled and the FTSE 100 was lower after US President Donald Trump tested positive for coronavirus just a month before the presidential election .
Wall Street ’ s S & P 500 index was 0.6 per cent lower in early trading , having recovered some ground after a sharp fall at the open .
The Dow Jones was down 0.5 per cent and the tech-heavy Nasdaq had shed 0.9 per cent .
Read more : Coronavirus : Donald Trump and wife Melania test positive for Covid-19 London ’ s FTSE 100 index was down 0.3 per cent in @ @ @ @ @ @ @ had recovered slightly after falling as much as one per cent in the morning session .
On Friday morning Trump tweeted : “ Tonight , @ FLOTUS and I tested positive for COVID-19 .
We will begin our quarantine and recovery process immediately .
We will get through this TOGETHER !
” The positive test for Trump and his wife Melania has rocked an already chaotic election .
Craig Erlam , senior market analyst at currency firm Oanda , said : “ It ’ s a bit of a cliche but the markets @ @ @ @ @ @ @ of that .
Read more : EU says the City can expect ‘ less fluid ’ trading from January “ We don ’ t even know what impact this will have on Trump ’ s health , let alone the implications for the election next month or his ability to campaign in the interim.
” France ’ s CAC 40 fell 0.5 per cent and the German Dax was down 0.8 .
The continent-wide Stoxx 600 was 0.2 per cent lower .
The FTSE 100 ’ s fall meant Britain ’ s main @ @ @ @ @ @ @ week flat .
It had fallen for the two previous weeks .
The FTSE 250 of mid-cap stocks was down 0.4 per cent .
Rising coronavirus cases , as well as global events , have weighed down both indices .
Jet-engine maker Rolls Royce lead the fall on the FTSE 100 , sliding 7.7 per cent .
It was hit after more countries were added to the UK ’ s travel quarantine list .
British Airways-owner IAG dropped 2.7 per cent .
On the FTSE 250 , Easyjet , Tui and cruise group @ @ @ @ @ @ @ .
Read more : Quarantine : Turkey and Poland added to self-isolation list Richard Hunter , head of markets at Interactive Investor , said : “ The FTSE 100 remains fettered by investor insouciance and bleak prospects for the UK economy as a whole.
” “ Further countries being added to the UK quarantine list alongside targeted local lockdowns have done little to lighten the mood.
” US investors focus on Trump and job figures The mood on Wall Street was grim after worse than expected jobs figures added to worries over Trump @ @ @ @ @ @ @ than 660,000 Americans found work last month , the Bureau of Labor Statistics ( BLS ) said .
However , the jobs growth undershot the 850,000 increase predicted by economists in a Reuters poll .
And it was the smallest increase since the jobs recovery started in May .
Seema Shah , chief strategist at Principal Global Investors , said : “ Economic scarring is likely to become more apparent in the fourth quarter as more companies finally start to throw in the towel , reporting closures and job cuts.
” Shah said @ @ @ @ @ @ @ widespread and evident ” as there is “ still no sign of an additional fiscal stimulus package ” .
The fall in stocks has helped so-called safe haven assets .
The dollar was up 0.1 per cent against a basket of other currencies .
Gold was roughly flat at $ 1,905 an ounce , after recovering from an earlier fall .
Richard Kelly , head of global strategy at TD securities , said : “ Looking forward , we expect the dollar to remain highly sensitive to risky asset prices , but shifts @ @ @ @ @ @ @ influence as 3 November approaches.
” Read more : US jobs recovery slows ahead of November election Jakob Ekholdt Christensen , chief analyst at Danske Bank , said : “ The big question is how ill [ Trump ] will become and to what extent it will affect his campaigning efforts for the US presidential election .
“ Another question is whether other members of his administration have been infected .
The uncertainty is hurting risk sentiment .
”


cityam--2020-10-02--"Mind boggling" crackdown on pavement advertising slammed by City restaurateur

A top Square Mile restaurateur is “ astonished ” by a City of London Corporation crackdown on his advertising efforts .
Soren Jessen , owner and operator of City favourite 1 Lombard Street received a letter from the Corporation barring him from placing more than one pavement sign to prevent overcrowding .
The restrictions are being enforced despite the City of London being dramatically less busy than usual , and with many restaurants in the capital struggling to survive .
Read more : Why the government must give more support to London ’ s hospitality sector Jessen received the notice @ @ @ @ @ @ @ – advertising special offers to drive customers into his restaurant and recently launched cocktail bar .
The letter cites the ‘ Gehl model ’ as justification for the decision , which has a “ threshold of 13 pedestrians per minute which is the threshold at which pedestrians become uncomfortable.
” 1 Lombard Street sits at the junction of the Royal Exchange , Cornhill and the south-west corner of the Bank of England .
Jessen told City A.M. : “ I am astonished to be told about congestion and the Gehl model in the @ @ @ @ @ @ @ London for centuries .
“ What traffic ?
No one is around and we depend on every inch of outdoor presence we can use for safe dining or even an A-Board , ” he continued .
“ It is mind-boggling and I really don ’ t understand which planet some people are living on.
” Jessen ’ s request for outdoor seating has also been knocked back on several occasions by the Corporation , again to ensure that the passageway is kept free for pedestrian traffic .
A City of London Corporation spokesperson @ @ @ @ @ @ @ Corporation must ensure that our streets and footways are safe for residents , workers and visitors .
This includes restricting the use of A-frame advertising boards which can obstruct pavements and pose a hazard , particularly to blind and partially sighted people .
“ We are aware that many City businesses are struggling at the moment but ensuring there is enough space for pedestrians to safely and comfortably adhere to social distancing regulations is vital during the current COVID-19 pandemic .
“ By providing City streets and footways that are safe and accessible @ @ @ @ @ @ @ enable the safe return of City workers to COVID-secure workplaces as soon as possible.
” Read more : London without hospitality isn ’ t the London we know and love

“Mind boggling” crackdown on pavement advertising slammed by City restaurateur
The offending A-board was said to be risking pedestrian overcrowding
A top Square Mile restaurateur is “astonished” by a City of London Corporation crackdown on his advertising efforts.
Soren Jessen, owner and operator of City favourite 1 Lombard Street received a letter from the Corporation barring him from placing more than one pavement sign to prevent overcrowding.
The restrictions are being enforced despite the City of London being dramatically less busy than usual, and with many restaurants in the capital struggling to survive.
Read more: Why the government must give more support to London’s hospitality sector
Jessen received the notice after placing two A-boards outside his premises – advertising special offers to drive customers into his restaurant and recently launched cocktail bar.
The letter cites the ‘Gehl model’ as justification for the decision, which has a “threshold of 13 pedestrians per minute which is the threshold at which pedestrians become uncomfortable.”
1 Lombard Street sits at the junction of the Royal Exchange, Cornhill and the south-west corner of the Bank of England.
Jessen told City A.M.: “I am astonished to be told about congestion and the Gehl model in the middle of the most abandoned City of London for centuries.
“What traffic? No one is around and we depend on every inch of outdoor presence we can use for safe dining or even an A-Board,” he continued.
“It is mind-boggling and I really don’t understand which planet some people are living on.”
Many City streets are quiet after the fall in visitor numbers
Jessen’s request for outdoor seating has also been knocked back on several occasions by the Corporation, again to ensure that the passageway is kept free for pedestrian traffic.
A City of London Corporation spokesperson told City A.M.: “The City Corporation must ensure that our streets and footways are safe for residents, workers and visitors. This includes restricting the use of A-frame advertising boards which can obstruct pavements and pose a hazard, particularly to blind and partially sighted people.
“We are aware that many City businesses are struggling at the moment but ensuring there is enough space for pedestrians to safely and comfortably adhere to social distancing regulations is vital during the current COVID-19 pandemic.
“By providing City streets and footways that are safe and accessible to all, we are working to enable the safe return of City workers to COVID-secure workplaces as soon as possible.”
Read more: London without hospitality isn’t the London we know and love


cityam--2020-10-02--Coronavirus: Here are the seven quarantine free countries you can still visit, after Turkey travel b

Coronavirus: Here are the seven quarantine free countries you can still visit, after Turkey travel ban

There are just seven quarantine free countries that English residents can travel to without Covid-19 restrictions at either end of their journeys .
On Thursday Turkey and Poland were added to the UK Government ’ s “ red list ” of travel bans whereby arriving passengers must self-isolate at home for 14 days .
These quarantine red lists effectively shut off destinations as viable holiday options because flights are cancelled and most travel insurance becomes invalid .
Read more : Quarantine : Turkey and Poland added to self-isolation list For those who assess the risks and still want to escape @ @ @ @ @ @ @ without a travel ban , which are still in play : Some destinations , such as land-locked Liechtenstein , require you to arrive via a different country , on the UK Government ’ s quarantine list .
In that case , you would have to declare it upon returning , and still self isolate .
Transport secretary Grant Shapps announced the changes to the so-called “ travel corridors ” last night .
Along with Turkey and Poland being declared no-goes , the Caribbean islands of Bonaire , St Eustatius and Saba were also @ @ @ @ @ @ @ list He warned that the government was increasing the fines for those people who did not obey the rules to self-isolate .
Shapps said the maximum fine for repeat offenders has been set at £10,000 .
Italy and Mainland Greece were at risk of being added to the list of countries where quarantine is necessary .
However , despite their respective infection rates rising above the crucial 20 per 100,000 inhabitants rate , holiday makers returning from their late summer breaks were spared .
Gibraltar , meanwhile , saw its case rate surge @ @ @ @ @ @ @ the quarantine-free list for returnees .
But how many Brits returning home say they comply with self-isolation ?
An Ipsos-Mori survey published yesterday by the BBC showed that a large majority of Britons were “ very likely or certain ” that they will follow government guidelines .
Around 70 per cent said they would quarantine if they returned from a country without a “ travel corridor ” .
The bans had an instant effect on travel company shares today .
Easyjet and Ryanair shares dropped as markets opened this morning on the news @

Coronavirus: The seven quarantine free countries you can still visit, after Turkey travel ban
Italy is one of a handful of European countries that English tourists can still travel to without restrictions at each end.
There are just seven quarantine free countries that English residents can travel to without Covid-19 restrictions at either end of their journeys.
On Thursday Turkey and Poland were added to the UK Government’s “red list” of travel bans whereby arriving passengers must self-isolate at home for 14 days.
These quarantine red lists effectively shut off destinations as viable holiday options because flights are cancelled and most travel insurance becomes invalid.
For those who assess the risks and still want to escape England, these are the European destinations without a travel ban, which are still in play:
Germany
Italy
Greece (Mainland only)
Sweden
San Marino
Gibraltar
Liechtenstein
Some destinations, such as land-locked Liechtenstein, require you to arrive via a different country, on the UK Government’s quarantine list.
In that case, you would have to declare it upon returning, and still self-isolate.
People enjoy the weather on a floating bar at Stranvagen in Stockholm. Sweden is still open for English tourists
Transport secretary Grant Shapps announced the changes to the so-called “travel corridors” last night.
Along with Turkey and Poland being declared no-goes, the Caribbean islands of Bonaire, St Eustatius and Saba were also added to England’s coronavirus quarantine list
He warned that the government was increasing the fines for those people who did not obey the rules to self-isolate.
Shapps said the maximum fine for repeat offenders has been set at £10,000.
Italy and Mainland Greece were at risk of being added to the list of countries where quarantine is necessary.
However, despite their respective infection rates rising above the crucial 20 per 100,000 inhabitants rate, holiday makers returning from their late summer breaks were spared.
Gibraltar, meanwhile, saw its case rate surge over the summer and still remained on the quarantine-free list for returnees.
But how many Brits returning home say they comply with self-isolation?
An Ipsos-Mori survey published yesterday by the BBC showed that a large majority of Britons were “very likely or certain” that they will follow government guidelines.
Around 70 per cent said they would quarantine if they returned from a country without a “travel corridor”.
The bans had an instant effect on travel company shares on Friday
Easyjet and Ryanair shares dropped as markets opened on Friday morning on the news.


cityam--2020-10-02--Climate activists target Blackrock London office over 'greenwashing'

Climate protestors have targeted Blackrock ’ s London headquarters over its failure to put climate change at the heart of its investment strategy .
In January Blackrock ’ s chief executive Larry Fink announced it would put environmental sustainability at the core of its strategy .
Read more : Climate protesters target Lloyd ’ s of London over fossil fuels insurance The world ’ s largest asset manager announced a sweeping overhaul in a bid to position itself as a sustainable investment leader , pledging to take steps including lowering its exposure to fossil fuel companies — a key demand @ @ @ @ @ @ @ by campaign group Majority Action found that Blackrock has not held the boards of major emitters in the US accountable or support key resolutions .
Andrew Hyams , one of the demonstration ’ s organisers today said it was “ mind-boggling ” that Fink and Blackrock “ are still trying to pass off a bunch of greenwashing and marketing as leadership.
” “ Instead of doing what Larry Fink knows he should , what he said he would , BlackRock is misleading us on the extent and impact of its supposed climate action @ @ @ @ @ @ @ Larry Fink is an opportunist getting rich off a disaster he ’ s too rich to ever feel ” , he added .
The London protests are the culmination of a global escalation of protests targeting Blackrock , which activists dubbed the “ September Swarm ” .
Earlier this week there were protests in Paris , where activists deployed black smoke in front of the Blackrock office , as well as in Brussels where protestors wrapped trees in makeshift flames to symbolise the asset manager ’ s continued investment in companies driving global @ @ @ @ @ @ @ City firm to be targeted by climate activists in recent weeks .
Last month returning Lloyd ’ s of London employees were met by protestors as they demanded the insurer ditch its fossil fuels insurance to protect the climate .
Protesters criticised Lloyd ’ s for failing to take “ meaningful action ” on climate change and undermining the positive moves made by other insurers .
Read more : BoE : Considering the climate would have held back stimulus Since 2017 , 19 global insurers have restricted insurance for investments in coal and @ @ @ @ @ @ @ instead stepped in to cover these controversial projects , which include the proposed Adani Carmichael coal mine in Australia and reinsurance for Polish coal mines .

Climate activists target Blackrock London office over ‘greenwashing’
Protesters at the London HQ of BlackRock – the world’s largest fund manager – call for an end to the financing of climate and environment-wrecking tar sands, including the Line 3, Trans Mountain and Keystone XL pipelines. (Photo: Ron Fassbender)
Climate protestors have targeted Blackrock’s London headquarters over its failure to put climate change at the heart of its investment strategy.
In January Blackrock’s chief executive Larry Fink announced it would put environmental sustainability at the core of its strategy.
The world’s largest asset manager announced a sweeping overhaul in a bid to position itself as a sustainable investment leader, pledging to take steps including lowering its exposure to fossil fuel companies — a key demand of environmental campaigners.
But a report by campaign group Majority Action found that Blackrock has not held the boards of major emitters in the US accountable or support key resolutions.
Climate activists target Blackrock’s City HQ as part of the “September Swarm”. (Photo: Ron Fassbender)
Andrew Hyams, one of the demonstration’s organisers today said it was “mind-boggling” that Fink and Blackrock “are still trying to pass off a bunch of greenwashing and marketing as leadership.”
“Instead of doing what Larry Fink knows he should, what he said he would, BlackRock is misleading us on the extent and impact of its supposed climate action. Larry Fink is no visionary. Larry Fink is an opportunist getting rich off a disaster he’s too rich to ever feel”, he added.
Activists target City firms over climate change
The London protests are the culmination of a global escalation of protests targeting Blackrock, which activists dubbed the “September Swarm”.
Earlier this week there were protests in Paris, where activists deployed black smoke in front of the Blackrock office, as well as in Brussels where protestors wrapped trees in makeshift flames to symbolise the asset manager’s continued investment in companies driving global deforestation.
Blackrock is not the only City firm to be targeted by climate activists in recent weeks.
Protestors claim Blackrock has neglected climate change in its investment strategy (Photo: Ron Fassbender)
Last month returning Lloyd’s of London employees were met by protestors as they demanded the insurer ditch its fossil fuels insurance to protect the climate.
Protesters criticised Lloyd’s for failing to take “meaningful action” on climate change and undermining the positive moves made by other insurers.
Since 2017, 19 global insurers have restricted insurance for investments in coal and tar sands.
Lloyd’s has instead stepped in to cover these controversial projects, which include the proposed Adani Carmichael coal mine in Australia and reinsurance for Polish coal mines.


cityam--2020-10-02--The Friday Interview: Dalston's 40FT brewery thrives over lockdown summer

City A.M. Deputy Editor Andy Silvester speaks to Steve Ryan – one of four beer-lovers who founded 40FT Brewery in Dalston and have guided the east London favourite through a tough summer Surrounded by shipping containers in Dalston , Steve Ryan tells me that he had an early warning of Britain ’ s coming lockdown back in March .
“ I ’ m Irish .
17th March .
St. Patrick ’ s Day was cancelled in Ireland – and the weekend before , when everyone was celebrating – and I thought if Ireland is cancelling St. Patrick ’ s Day @ @ @ @ @ @ @ it , ” he says , over an ice-cold pint of his brewery ’ s “ Disco Pils ” beer .
Read more : Taprooms burst back into life as London hospitality reopens Founded in 2015 , 40FT has grown into a local brewing powerhouse in east London .
What began as two twenty-foot shipping containers – hence the name – has almost quadrupled in size .
As we enjoy the last of the September sunshine , the cargo carriers sit like lego bricks around an open courtyard just off Dalston High Street @ @ @ @ @ @ @ hit hard – and for brewers like Steve , it couldn ’ t have come at a worse time .
“ We get paid on thirty and sixty day terms , so in March is always our tight point .
We ’ re living on Dry January invoices , and it may as well be Dry February now , too.
” Combine that with an uptick in orders as people start coming back to the pub and , as Steve puts it , and “ our working capital is absolutely squeezed.
” But @ @ @ @ @ @ @ burst into action .
Suppliers were called and deals worked out , and most importantly , acted quickly to find new ways of getting his beer into people ’ s hands .
“ I built the webstore that week , through Squarespace who made it really , really easy .
It only took about two days to build.
” That was the start of a new journey for 40FT .
A predominantly wholesale business , selling 90 per cent of its beer to pubs , bars and restaurants in east London , was @ @ @ @ @ @ @ home delivery .
“ We started with the cans , then we started doing gift vouchers here – when we ’ re open you double your money.
” The gift vouchers raised more than £15,000 , which covered running costs and wage bills , and also gave rise to another idea , from Steve ’ s wife , for people further afield than E8 ’ s immediate surroundings .
“ People were asking if they could donate their gift card .
So my wife had a really good idea , which was doing @ @ @ @ @ @ @ basically set up an NHS bar tab , ” he says .
“ People started to buy £20 for themselves , and £10-worth for the NHS.
” That tab now sits at £1200 .
Read more : What to enjoy during London Cocktail Month this October But for 40FT , the real lockdown salvation came with the slight easing of lockdown in May – and in the form of 8 pint mini-kegs .
“ We had 200 of these filled , with a three month sell-by date on them , ” says Steve @ @ @ @ @ @ @ keg next to us .
“ And we had all those tanks up there , ” meaning the cooled , conditioned tanks in one of the gigantic , pseudo lego bricks behind us .
“ So we started doing mini-kegs .
Myself and Edward , our sales guy , would alternate days , coming in and filling mini-kegs .
We went through the 200 ( full ) kegs we had , and then we tapped the tanks , ” he says , as the orders began to roll in .
The mini-keg has @ @ @ @ @ @ @ the past few months , as regulars at pubs brought the pub home in the dark days before the July 4th reopening of hospitality businesses .
But at 40FT it seems to have been even more of a hit than elsewhere .
It even got to the point where Steve was contacting local pubs and bars which had beer sitting in their cellars , with a sell-by date that was going to mean it couldn ’ t be sold .
40FT promised to replace those kegs , if they could transfer the beer @ @ @ @ @ @ @ as pubs began to offer takeaway pints , demand picked up to the point that the brewing process could begin again with confidence that whatever was made would be sold .
“ We shifted thousands of these mini-kegs , which would a huge saving grace.
” As he looks back on the last six months , Steve smiles the smile of a tired but happy man .
“ I haven ’ t had a day off ” since the start of lockdown , he says , but “ we ’ ve pivoted well @ @ @ @ @ @ @ m glad of the decisions we ’ ve made .
We ’ ve gambled on quite a lot of them – some of them were easy , like the gift card , which has no major investment , and to keep the mini-kegs , there wasn ’ t a major investment – but sending our beer off to get canned by a new company , that was quite risky , but it ’ s paying off , ” he says .
Winter will be tough , Steve recognises .
He ’ s talking @ @ @ @ @ @ @ understanding throughout , about fitting shelters and heaters in his outdoor taproom to ensure punters keep coming in .
Like everybody , he ’ s concerned about the macro-economic hit of the end of furlough .
But he ’ s facing it with optimism .
“ This year has certainly given me confidence , ” he says with a chuckle .
Cheers to that , and to an east London brewery that ’ s shown plenty of resilience in 2020 .
40FT can be found at Bootyard , Abbot St , Dalston , @ @ @ @ @ @ @ here .
Throughout the month of October , £5 of every mini-keg sold by 40FT will donated to Tower Hamlet ’ s Women ’ s Football Club .
Read more : The Friday Interview , with Tom Gosnell from Gosnell ’ s Meadery

The Friday Interview: Dalston’s 40FT brewery thrives over lockdown summer
City A.M. Deputy Editor Andy Silvester speaks to Steve Ryan – one of four beer-lovers who founded 40FT Brewery in Dalston and have guided the east London favourite through a tough summer
Surrounded by shipping containers in Dalston, Steve Ryan tells me that he had an early warning of Britain’s coming lockdown back in March.
“I’m Irish. 17th March. St. Patrick’s Day was cancelled in Ireland – and the weekend before, when everyone was celebrating – and I thought if Ireland is cancelling St. Patrick’s Day, that’s going to be it,” he says, over an ice-cold pint of his brewery’s “Disco Pils” beer.
Read more: Taprooms burst back into life as London hospitality reopens
Founded in 2015, 40FT has grown into a local brewing powerhouse in east London. What began as two twenty-foot shipping containers – hence the name – has almost quadrupled in size. As we enjoy the last of the September sunshine, the cargo carriers sit like lego bricks around an open courtyard just off Dalston High Street.
But like every business, lockdown hit hard – and for brewers like Steve, it couldn’t have come at a worse time.
Pivoting to online
“We get paid on thirty and sixty day terms, so in March is always our tight point. We’re living on Dry January invoices, and it may as well be Dry February now, too.” Combine that with an uptick in orders as people start coming back to the pub and, as Steve puts it, and “our working capital is absolutely squeezed.”
But as all good entrepreneurs do, Steve burst into action. Suppliers were called and deals worked out, and most importantly, acted quickly to find new ways of getting his beer into people’s hands.
“I built the webstore that week, through Squarespace who made it really, really easy. It only took about two days to build.”
That was the start of a new journey for 40FT. A predominantly wholesale business, selling 90 per cent of its beer to pubs,bars and restaurants in east London, was all of a sudden shifting cans via home delivery.
“We started with the cans, then we started doing gift vouchers here – when we’re open you double your money.” The gift vouchers raised more than £15,000, which covered running costs and wage bills, and also gave rise to another idea, from Steve’s wife, for people further afield than E8’s immediate surroundings.
“People were asking if they could donate their gift card. So my wife had a really good idea, which was doing that for the NHS. So we basically set up an NHS bar tab,” he says.
“People started to buy £20 for themselves, and £10-worth for the NHS.” That tab now sits at £1200.
Read more: What to enjoy during London Cocktail Month this October
But for 40FT, the real lockdown salvation came with the slight easing of lockdown in May – and in the form of 8 pint mini-kegs.
“We had 200 of these filled, with a three month sell-by date on them,” says Steve, pointing to a now empty full keg next to us.
“And we had all those tanks up there,” meaning the cooled, conditioned tanks in one of the gigantic, pseudo lego bricks behind us.
“So we started doing mini-kegs. Myself and Edward, our sales guy, would alternate days, coming in and filling mini-kegs. We went through the 200 (full) kegs we had, and then we tapped the tanks,” he says, as the orders began to roll in.
The mini-keg has helped many a London brewery get through the past few months, as regulars at pubs brought the pub home in the dark days before the July 4th reopening of hospitality businesses. But at 40FT it seems to have been even more of a hit than elsewhere.
It even got to the point where Steve was contacting local pubs and bars which had beer sitting in their cellars, with a sell-by date that was going to mean it couldn’t be sold.
40FT promised to replace those kegs, if they could transfer the beer into mini-kegs and sell them.
And as pubs began to offer takeaway pints, demand picked up to the point that the brewing process could begin again with confidence that whatever was made would be sold.
“We shifted thousands of these mini-kegs, which would a huge saving grace.”
Looking forward with confidence
As he looks back on the last six months, Steve smiles the smile of a tired but happy man. “I haven’t had a day off” since the start of lockdown, he says, but “we’ve pivoted well, and quickly.
“I’m glad of the decisions we’ve made. We’ve gambled on quite a lot of them – some of them were easy, like the gift card, which has no major investment, and to keep the mini-kegs, there wasn’t a major investment – but sending our beer off to get canned by a new company, that was quite risky, but it’s paying off,” he says.
Winter will be tough, Steve recognises. He’s talking to his landlord, who has been understanding throughout, about fitting shelters and heaters in his outdoor taproom to ensure punters keep coming in. Like everybody, he’s concerned about the macro-economic hit of the end of furlough.
But he’s facing it with optimism. “This year has certainly given me confidence,” he says with a chuckle. Cheers to that, and to an east London brewery that’s shown plenty of resilience in 2020.
40FT can be found at Bootyard, Abbot St, Dalston, London E8 3DP, and on Shopify here. Throughout the month of October, £5 of every mini-keg sold by 40FT will donated to Tower Hamlet’s Women’s Football Club.
Read more: The Friday Interview, with Tom Gosnell from Gosnell’s Meadery


cityam--2020-10-02--Quarter of a million pub jobs at risk as curfew stifles hospitality recovery

A major new study predicts that almost 300,000 jobs will be lost in pubs , bars and breweries unless the government changes its strategy for the hospitality sector .
The study , conducted by Oxford Economics for the British Beer and Pub Association , suggests that almost a third of existing jobs in the sector will go as a result of data and insights from surveys of pub and brewing businesses .
Read more : Government must do more to stave off the collapse of London ’ s hospitality industries The warning of a £7bn hit to the economy comes @ @ @ @ @ @ @ the imposition of a 10pm hospitality curfew saw drinks-led pubs and bars record a 15 per cent fall in sales week-on-week .
The modelling is based on estimates that one in four pubs will close without more government support .
The end of the furlough scheme in October , which has protected a number of jobs throughout the past six months across the sector , is expected to trigger a wave of closures and job losses .
The BBPA have called for an urgent review of the 10pm curfew rules at least every @ @ @ @ @ @ @ it is not found to impact the spread of the virus .
They have also called for a specific package of support for the hospitality industry over and above the existing Job Support Scheme – including a business rates holiday into 2021 and changes to the VAT regime on beer .
Read more : London Cocktail Week extended to a month as bars fight back against government regulations The government ’ s 10pm curfew for pubs and bars has led to a near-instant 15 per cent hit to sales for drink-led pubs .
@ @ @ @ @ @ @ 8.2 per cent sales hit on pubs which offer meals , compared to the week before , according to data compiled by the Coffer Peach Business Tracker .
Restrictions hit an already-embattled hospitality sector , which was shut down for all of the Spring .
Like-for-like sales in September across all UK pub , bar and restaurant groups sunk 22.8 per cent compared to September last year .
It follows a stronger recovery in August – almost entirely down to the Eat Out to Help Out subsidy scheme – which dragged the industry @ @ @ @ @ @ @ level with total sales from August 2019 .
Unsurprisingly , drink-led businesses such as late-night bars saw the biggest reverse .
Bar businesses saw like-for-likes down 47.6 % for the week beginning September 21 , with week-on-week sales falling 13.8 % .
Read more : London without hospitality isn ’ t the London we know and love Emma McClarkin , Chief Executive of the British Beer & Pub Association , said : “ This new evidence shows the Government must change tack by reviewing the effectiveness of restrictive measures like the 10pm curfew @ @ @ @ @ @ @ financial support to save the pub and brewing sector .
“ It would be inexcusable to allow more than 290,000 sector jobs to be lost with a £7 billion hit to the economy , when it could be avoided with the right Government support to help keep pubs and breweries open .
Protecting these jobs – many of which are held by under 25s – will also avoid the economy being hit by the loss of £3.9 billion in wages alone , ” she continued .
The Treasury has been contacted for comment @

Quarter of a million pub jobs at risk as curfew stifles hospitality recovery
A major new study predicts that almost 300,000 jobs will be lost in pubs, bars and breweries unless the government changes its strategy for the hospitality sector.
The study, conducted by Oxford Economics for the British Beer and Pub Association, suggests that almost a third of existing jobs in the sector will go as a result of data and insights from surveys of pub and brewing businesses.
Read more: Government must do more to stave off the collapse of London’s hospitality industries
The warning of a £7bn hit to the economy comes as new figures from Coffer Peach show the imposition of a 10pm hospitality curfew saw drinks-led pubs and bars record a 15 per cent fall in sales week-on-week.
The modelling is based on estimates that one in four pubs will close without more government support.
The end of the furlough scheme in October, which has protected a number of jobs throughout the past six months across the sector, is expected to trigger a wave of closures and job losses.
The BBPA have called for an urgent review of the 10pm curfew rules at least every three weeks and to remove it if it is not found to impact the spread of the virus.
They have also called for a specific package of support for the hospitality industry over and above the existing Job Support Scheme – including a business rates holiday into 2021 and changes to the VAT regime on beer.
Read more: London Cocktail Week extended to a month as bars fight back against government regulations
The government’s 10pm curfew for pubs and bars has led to a near-instant 15 per cent hit to sales for drink-led pubs.
The early closing rules also had an 8.2 per cent sales hit on pubs which offer meals, compared to the week before, according to data compiled by the Coffer Peach Business Tracker.
Restrictions hit an already-embattled hospitality sector, which was shut down for all of the Spring.
Like-for-like sales in September across all UK pub, bar and restaurant groups sunk 22.8 per cent compared to September last year.
It follows a stronger recovery in August – almost entirely down to the Eat Out to Help Out subsidy scheme – which dragged the industry out of lockdown to see it draw level with total sales from August 2019.
Unsurprisingly, drink-led businesses such as late-night bars saw the biggest reverse. Bar businesses saw like-for-likes down 47.6% for the week beginning September 21, with week-on-week sales falling 13.8%.
Read more: London without hospitality isn’t the London we know and love
Emma McClarkin, Chief Executive of the British Beer & Pub Association, said: “This new evidence shows the Government must change tack by reviewing the effectiveness of restrictive measures like the 10pm curfew and providing a far greater package of financial support to save the pub and brewing sector.
“It would be inexcusable to allow more than 290,000 sector jobs to be lost with a £7 billion hit to the economy, when it could be avoided with the right Government support to help keep pubs and breweries open. Protecting these jobs – many of which are held by under 25s – will also avoid the economy being hit by the loss of £3.9 billion in wages alone,” she continued.
The Treasury has been contacted for comment.


cityam--2020-10-03--Trump says he is "very well" after being airlifted to hospital with coronavirus

Donald Trump has said everything is “ going well ” after being airlifted to hospital last night following a positive Covid-19 diagnosis .
The US President and First Lady Melania had positive coronavirus test results come back early on Friday morning .
Read more : Oil prices slump as Trump contracts coronavirus and global output increases Trump was airlifted to a military hospital by helicopter overnight and was pictured leaving the White House , gesturing a thumbs up to photographers .
He later tweeted : “ Going well , I think !
Thank you to all .
LOVE !
!
@ @ @ @ @ @ @ to his Twitter account thanking “ everybody for the tremendous support ” and confirmed he was going to Walter Reed hospital .
“ I think I ’ m doing very well but we ’ re going to make sure that things work out , the First Lady is doing very well , so thank you very much I appreciate it , I will never forget it , ” he tweeted .
A White House statement said : “ Out of an abundance of caution , and at the recommendation of his physician and @ @ @ @ @ @ @ working from the presidential offices at Walter Reed for the next few days.
” Kayleigh McEnany , Mr Trump ’ s press secretary , told reporters : “ President Trump remains in good spirits , has mild symptoms , and has been working throughout the day.
” According to a Reuters source , Trump has a mild fever and is fatigued but remains in “ good spirits ” .
An adviser told CNN he is suffering from a shortage of breath .
The President was given an experimental antibody cocktail of drugs , @ @ @ @ @ @ @ desiring to prevent the virus from attaching to cells and replicating .
The single 8g dose of the drug made by Regeneron was administered “ without incident ” , according to the President ’ s doctor , Dr Sean Conley .
Trump has also been taking zinc , vitamin D , melatonin and famotidine .
He has also started remdesivir treatment at the hospital , which is an antiviral drug that has not yet been approved but has shown some patients recover quicker in trials .
Read more : Overnight : Trump in @ @ @ @ @ @ @ complacent ” Dr Conley said : “ He ’ s being evaluated by a team of experts , and together we ’ ll be making recommendations to the president and first lady in regards to next best steps.
” He added : “ Melania Trump remains well with only a mild cough and headache .
The remainder of the first family are well and tested negative for coronavirus .
”

Trump could be discharged tomorrow despite drop in oxygen levels during Covid fight
Sean Conley, Physician to US President Donald Trump, gives an update on the President’s health as he is treated for a Covid-19 infection at Walter Reed Medical Center.
Donald Trump could be discharged from hospital, where he is being treated for Covid-19, as soon as tomorrow, despite the President’s oxygen levels becoming concerning twice during his illness.
Trump’s medical team said this afternoon that he had suffered two episodes of blood-oxygen drops during his illness so far.
However doctors said he has remained without fever since Friday morning and that his vital signs are stable.
Trump, 74, has completed a second dose of remdesivir, and his kidney and liver functions were normal, Reuters reported.
White House physician Sean Conley(C) answers questions surrounded by other doctors, during an update on the condition of US President Donald Trumpat Walter Reed Medical Center in Bethesda, Maryland
The President told Americans from his hospital room yesterday that the next few days will be the “real test” of his treatment for Covid-19, after a series of contradictory messages from the White House caused widespread confusion about his condition.
In a four-minute video posted on Twitter on Saturday from his hospital room, a tired-looking Trump said he was feeling “much better.”
“Over the next period of a few days, I guess that’s the real test, so we’ll be seeing what happens over those next couple of days,” Trump said into the camera, seated in front of an American flag and wearing a jacket and open-necked shirt.
The US President and First Lady Melania had positive coronavirus test results come back early on Friday morning.
In an early morning tweet on Sunday, Trump said “Thank you so much!” – referring to clusters of supporters who gathered on Saturday night outside the Walter Reed hospital waving Trump 2020 flags.
Trump was airlifted to a military hospital by helicopter overnight and was pictured leaving the White House, gesturing a thumbs up to photographers.
He later tweeted: “Going well, I think! Thank you to all. LOVE!!!”
He later posted a video to his Twitter account thanking “everybody for the tremendous support” and confirmed he was going to Walter Reed hospital.
“I think I’m doing very well but we’re going to make sure that things work out, the First Lady is doing very well, so thank you very much I appreciate it, I will never forget it,” he tweeted.
President Trump lef the White House for hospital on Saturday
A White House statement said: “Out of an abundance of caution, and at the recommendation of his physician and medical experts, the president will be working from the presidential offices at Walter Reed for the next few days.”
Mixed messages
Kayleigh McEnany, Mr Trump’s press secretary, told reporters: “President Trump remains in good spirits, has mild symptoms, and has been working throughout the day.”
According to a Reuters source, Trump has a mild fever and is fatigued but remains in “good spirits”.
However, an adviser told CNN he is suffering from a shortage of breath.
The President was given an experimental antibody cocktail of drugs, which is still in clinical trials and desiring to prevent the virus from attaching to cells and replicating.
The single 8g dose of the drug made by Regeneron was administered “without incident”, according to the President’s doctor, Dr Sean Conley.
Trump has also been taking zinc, vitamin D, melatonin and famotidine.
He has also started remdesivir treatment at the hospital, which is an antiviral drug that has not yet been approved but has shown some patients recover quicker in trials.
Dr Conley said: “He’s being evaluated by a team of experts, and together we’ll be making recommendations to the president and first lady in regards to next best steps.”
He added: “Melania Trump remains well with only a mild cough and headache. The remainder of the first family are well and tested negative for coronavirus.”


cityam--2020-10-03--Airbnb aims to raise roughly $3bn in IPO

Home rental company Airbnb is aiming to raise around $ 3bn in its upcoming initial public offering ( IPO ) , people familiar with the matter said on Friday , taking advantage of the unexpectedly sharp recovery in its business after the Covid-19 pandemic roiled the travel industry .
Airbnb will be one of the largest and most anticipated US stock market listings of 2020 which has already been a blockbuster year for IPOs , featuring the likes of record label Warner Music Group , data analytics firm Palantir Technologies and data warehouse company Snowflake .
Read more : Party @ @ @ @ @ @ @ for under-25s Airbnb said in August it had filed confidentially for an IPO with US regulators .
The company ’ s current plan is to make its filing publicly available in November after the US presidential election and is targeting an IPO some time in December , the sources said , requesting anonymity as the plans are private .
The sources cautioned that the timing is subject to change and market conditions , in particular volatility that could come from the election .
The company could achieve a valuation of more than $ @ @ @ @ @ @ @ added , again cautioning this was subject to market conditions .
This would be substantially higher than the $ 18bn Airbnb was valued at in April when it raised $ 2bn in debt from investors .
Airbnb ’ s most recent independent appraisal of the fair market value of its stock pegged its worth at around $ 21bn .
The push to go public and the growth in its potential valuation underscores Airbnb ’ s dramatic recovery from earlier this year when it secured emergency funding from investors and the outlook for the @ @ @ @ @ @ @ , San Francisco-based Airbnb has benefited as travelers shy away from larger hotels and instead prefer to drive to local vacation rentals .
The company said in July that customers had booked more than 1 million nights in a single day for the first time since March 3 .
Read more : Airbnb to confidentially file to go public this month Shares of US online travel agency Booking Holdings , which some Airbnb investors use as a conservative public market proxy for its own stock , have rebounded more than 35 per cent @ @ @ @ @ @ @ reported last month that billionaire investor William Ackman had approached Airbnb about going public through a reverse merger with his blank-check company but that Airbnb was prioritizing going public through a traditional IPO .

Airbnb aims to raise roughly $3bn in IPO
Airbnb has blocked 1,000 listings over the past six months
Home rental company Airbnb is aiming to raise around $3bn in its upcoming initial public offering (IPO), people familiar with the matter said on Friday, taking advantage of the unexpectedly sharp recovery in its business after the Covid-19 pandemic roiled the travel industry.
Airbnb will be one of the largest and most anticipated US stock market listings of 2020 which has already been a blockbuster year for IPOs, featuring the likes of record label Warner Music Group, data analytics firm Palantir Technologies and data warehouse company Snowflake.
Airbnb said in August it had filed confidentially for an IPO with US regulators.
The company’s current plan is to make its filing publicly available in November after the US presidential election and is targeting an IPO some time in December, the sources said, requesting anonymity as the plans are private.
The sources cautioned that the timing is subject to change and market conditions, in particular volatility that could come from the election.
A spokesman for Airbnb declined to comment.
The company could achieve a valuation of more than $30bn in the IPO, the sources added, again cautioning this was subject to market conditions.
This would be substantially higher than the $18bn Airbnb was valued at in April when it raised $2bn in debt from investors. Airbnb’s most recent independent appraisal of the fair market value of its stock pegged its worth at around $21bn.
The push to go public and the growth in its potential valuation underscores Airbnb’s dramatic recovery from earlier this year when it secured emergency funding from investors and the outlook for the travel industry was uncertain.
Since then, San Francisco-based Airbnb has benefited as travelers shy away from larger hotels and instead prefer to drive to local vacation rentals.
The company said in July that customers had booked more than 1 million nights in a single day for the first time since March 3.
Shares of US online travel agency Booking Holdings, which some Airbnb investors use as a conservative public market proxy for its own stock, have rebounded more than 35 per cent in the past six months.
Reuters reported last month that billionaire investor William Ackman had approached Airbnb about going public through a reverse merger with his blank-check company but that Airbnb was prioritizing going public through a traditional IPO.


cityam--2020-10-03--Oil prices slump as Trump contracts coronavirus and global output increases

Oil prices fell more than four per cent on Friday after US President Donald Trump tested positive for Covid-19 .
The sell off saw oil post its second weekly decline as rising global crude output threatened to overwhelm the market ’ s recovery .
The uncertainty around the health of Trump contributed to a number of factors causing uncertainty , which also included lacklustre unemployment report on Friday and increased supply from major global producers .
In the week , the number of global deaths caused by coronavirus also hit the 1m milestone , with multiple countries reinforcing lockdown restrictions @ @ @ @ @ @ @ , Brent crude fell by 4.1 per cent , or $ 1.66 , to end the day at $ 39.27 a barrel .
It was down seven per cent on the week .
US oil also settled down $ 1.67 , or 4.3 per cent , at $ 37.05 a barrel , falling by 8 per cent for the week .
Both benchmarks were down for a second consecutive week .
Trump ’ s announcement that he and First Lady Melania Trump had tested positive for COVID-19 prompted sell-offs in equity markets worldwide @ @ @ @ @ @ @ increased by 661,000 jobs last month after advancing 1.49 million in August , the Labor Department announced on Friday .
Read more : Premier Oil seeks to lower price of BP purchases for a second time Crude supplies from the Organisation of the Petroleum Exporting Countries ( OPEC ) rose in September by 160,000 barrels per day ( bpd ) from a month earlier , a Reuters survey showed .
The rise was mainly the result of increased supplies from Libya and Iran – OPEC members that are exempt from a supply pact @ @ @ @ @ @ @ , a group known as OPEC+ .

Oil prices slump as Trump contracts coronavirus and global output increases
Oil prices fell more than four per cent on Friday after US President Donald Trump tested positive for Covid-19.
The sell off saw oil post its second weekly decline as rising global crude output threatened to overwhelm the market’s recovery.
The uncertainty around the health of Trump contributed to a number of factors causing uncertainty, which also included lacklustre unemployment report on Friday and increased supply from major global producers.
In the week, the number of global deaths caused by coronavirus also hit the 1m milestone, with multiple countries reinforcing lockdown restrictions and tightening measures.
As a result, Brent crude fell by 4.1 per cent, or $1.66, to end the day at $39.27 a barrel. It was down seven per cent on the week.
US oil also settled down $1.67, or 4.3 per cent, at $37.05 a barrel, falling by 8 per cent for the week. Both benchmarks were down for a second consecutive week.
Trump’s announcement that he and First Lady Melania Trump had tested positive for COVID-19 prompted sell-offs in equity markets worldwide.
Meanwhile, the US non-farm payrolls increased by 661,000 jobs last month after advancing 1.49 million in August, the Labor Department announced on Friday.
Crude supplies from the Organisation of the Petroleum Exporting Countries (OPEC) rose in September by 160,000 barrels per day (bpd) from a month earlier, a Reuters survey showed.
The rise was mainly the result of increased supplies from Libya and Iran – OPEC members that are exempt from a supply pact between OPEC and allies led by Russia, a group known as OPEC+.


cityam--2020-10-03--Covid-19 vaccine could be rolled out across the UK in less than three months

A Covid-19 vaccine could be rolled out across the UK by the end of the month , government scientists have reportedly said .
Those working on the AstraZeneca vaccine in Oxford are hoping that regulators approve it within the next three months , The Times reported .
Read more : Covid-19 : AstraZeneca vaccine trials resume in Japan but talks with US continue A mass roll-out could happen quicker than expected , according to the report , which said that every adult could receive a dose of the vaccine within six months , while children would be excluded .
It @ @ @ @ @ @ @ EMA ) said on Thursday it had started reviewing data on the University of Oxford and AstraZeneca vaccine in real time , in order to speed up any approval process for it across the continent .
It is currently in the final phase of clinical trials , despite being temporarily paused at the start of September after one participant suffered adverse side effects .
The vaccine candidate is seen as leading the race among other possible Covid-19 vaccines and could be the first approved in Europe .
Read more : Coronavirus : US @ @ @ @ @ @ @ after testing positive for Covid-19 If it is successfully approved , the government will also consider allowing a much wider group of healthcare staff to administer the vaccine as part of its immunisation programme .
This would involve drive-through vaccination centres and recruiting the help of armed forces .

Covid-19 vaccine could be rolled out across the UK in less than three months
A Covid-19 vaccine could be rolled out across the UK by the end of the month, government scientists have reportedly said.
Those working on the AstraZeneca vaccine in Oxford are hoping that regulators approve it within the next three months, The Times reported.
A mass roll-out could happen quicker than expected, according to the report, which said that every adult could receive a dose of the vaccine within six months, while children would be excluded.
It comes after the European Medicines Agency (EMA) said on Thursday it had started reviewing data on the University of Oxford and AstraZeneca vaccine in real time, in order to speed up any approval process for it across the continent.
It is currently in the final phase of clinical trials, despite being temporarily paused at the start of September after one participant suffered adverse side effects.
The vaccine candidate is seen as leading the race among other possible Covid-19 vaccines and could be the first approved in Europe.
If it is successfully approved, the government will also consider allowing a much wider group of healthcare staff to administer the vaccine as part of its immunisation programme.
This would involve drive-through vaccination centres and recruiting the help of armed forces.


cityam--2020-10-03--Government policy must change if travel companies are to survive the Covid-19 pandemic

The government ’ s announcement on 25 July of a quarantine for anyone returning from Spain torpedoed the nascent recovery of the travel industry .
Bookings immediately dried up .
Since then it ’ s gone from bad to worse .
This week , the government removed Turkey , Poland , and Bonaire , St Eustatius and Saba from its Travel Corridor list , meaning that travellers from those destinations must now self-isolate on arrival .
Consistent only in its inconsistency , the government ’ s contradictory and seemingly arbitrary decrees on where is and where isn ’ t safe @ @ @ @ @ @ @ uncertainty over the nation ’ s holiday plans , with catastrophic consequences for the travel sector .
Read more : The government must adopt airport testing to help rebuild the economy The government ’ s blanket ban on Spain , as pointed out by many commentators at the time , is a case in point .
Both the Canary Islands and the Balearics cases per 100,000 were lower than the UK ’ s when the Spanish quarantine was announced .
The cases per 100,000 in the Canaries ( 55 ) are still lower @ @ @ @ @ @ @ yet the travel ban , advising against all but essential travel , persists .
For hard-hit Northern cities , such as Bolton ( 198 ) , Liverpool ( 154 ) and Manchester ( 144 ) , escaping to Tenerife for some Winter Sun would ironically actually prove an effective “ circuit break ” , to use the government ’ s newest phrasing .
Government policy here , as in so many other places , seems more about being seen to do something , rather than nothing at all .
The travel sector — @ @ @ @ @ @ @ supports — will remain badly exposed without a more coordinated approach from the government .
When the air corridors allowing quarantine-free travel were announced in early July , in good faith the travel industry started selling summer holidays .
Unfortunately , the government clearly doesn ’ t understand the financial repercussions that decisions such as the re-imposition of quarantine have on the sector , particularly tour operators offering travel packages .
This reversal of quarantine policy has not caused low cost airlines such as Easyjet and Ryanair to cancel their flights .
Why @ @ @ @ @ @ @ factors , and no obligation to refund customers , they ’ re happy to fly empty planes .
However , if your flight was purchased with accommodation as part of a package , you are entitled to a full refund from your travel company .
This is great for consumers but bad for travel companies who incur the cost of the non-refundable flight .
Read more : Coronavirus : Here are the seven quarantine free countries you can still visit , after Turkey travel ban In this context , it becomes clear why @ @ @ @ @ @ @ biggest ATOL holders , On the Beach and Love Holidays , have reinterpreted the Package Travel Regulations and are refusing to refund their customers , quitting the industry body ABTA at the same time .
Although I have some sympathy for the predicament in which these two companies find themselves , this is ultimately a business decision : On the Beach is governed by its share price , and Love Holidays was left with a balance sheet full of debt by Livingbridge , its new private equity owners , leaving little room for @ @ @ @ @ @ @ people buy a package holiday , rather than buying the components separately : One , ease of booking everything in one place .
Two , price .
And three , financial protection offered in buying a package .
A new breed of travel company — of which On the Beach and Love Holidays are the most preeminent examples — has disrupted the market , using technology to drive high volume which , coupled with razor-thin margins , has allowed them to win on the first two criteria listed above .
They ’ ve @ @ @ @ @ @ @ will forget that they had previously promised to deliver on the third .
Our approach as a family-run holiday business is necessarily different .
A 60 per cent rate of repeat business demands a different relationship with our customers , meaning we are refunding cancelled bookings within 14 days .
Financial protection is a vital part of our customer proposition .
However , we believe this is also the correct approach from an industry-wide perspective : we want to encourage bookings this September and into the New Year , the period where we @ @ @ @ @ @ @ .
But they will only do this if they know they can get their money back without question .
The government must act now and take its responsibilities to international travel and its supporting industries seriously .
A lazy and unfocused quarantine policy is as detrimental to inbound tourism as outbound : one of the reasons London is so empty is because there are no tourists .
With 10 per cent occupancy levels , London hotels are on their knees .
A government commitment to investing in a robust airport testing regime is @ @ @ @ @ @ @ destruction of a vital part of our country ’ s economy and infrastructure .
Secondly , the foreign office needs to return to region-specific travel advice , instead of country-wide blanket bans .
There isn ’ t much time to act .
Our industry desperately needs changes in policy which will allow it to survive .
On a wider level , tourism accounts for almost 10 per cent of GDP , but its impact is amplified through the economy , impacting far beyond levels of direct spend .
To think the economy can @ @ @ @ @ @ @ is a dangerous miscalculation .

Government policy must change if travel companies are to survive the Covid-19 pandemic
NEW YORK – AUGUST 24 : A Boeing 787-8 Dreamliner operated by Azerbaijan Airlines takes off from JFK Airport on August 24, 2019 in the Queens borough of New York City. (Photo by Bruce Bennett/Getty Images) (Photo by Bruce Bennett/Getty Images)
The government’s announcement on 25 July of a quarantine for anyone returning from Spain torpedoed the nascent recovery of the travel industry. Bookings immediately dried up.
Since then it’s gone from bad to worse. This week, the government removed Turkey, Poland, and Bonaire, St Eustatius and Saba from its Travel Corridor list, meaning that travellers from those destinations must now self-isolate on arrival.
Consistent only in its inconsistency, the government’s contradictory and seemingly arbitrary decrees on where is and where isn’t safe to travel has thrown a veil of uncertainty over the nation’s holiday plans, with catastrophic consequences for the travel sector.
Read more: The government must adopt airport testing to help rebuild the economy
The government’s blanket ban on Spain, as pointed out by many commentators at the time, is a case in point. Both the Canary Islands and the Balearics cases per 100,000 were lower than the UK’s when the Spanish quarantine was announced. The cases per 100,000 in the Canaries (55) are still lower than the UK (72), yet the travel ban, advising against all but essential travel, persists.
For hard-hit Northern cities, such as Bolton (198), Liverpool (154) and Manchester (144), escaping to Tenerife for some Winter Sun would ironically actually prove an effective “circuit break”, to use the government’s newest phrasing. Government policy here, as in so many other places, seems more about being seen to do something, rather than nothing at all.
The travel sector — and the many thousands of jobs it supports — will remain badly exposed without a more coordinated approach from the government.
When the air corridors allowing quarantine-free travel were announced in early July, in good faith the travel industry started selling summer holidays. Unfortunately, the government clearly doesn’t understand the financial repercussions that decisions such as the re-imposition of quarantine have on the sector, particularly tour operators offering travel packages.
This reversal of quarantine policy has not caused low cost airlines such as Easyjet and Ryanair to cancel their flights. Why would they? With peak season load factors, and no obligation to refund customers, they’re happy to fly empty planes. However, if your flight was purchased with accommodation as part of a package, you are entitled to a full refund from your travel company. This is great for consumers but bad for travel companies who incur the cost of the non-refundable flight.
Read more: Coronavirus: Here are the seven quarantine free countries you can still visit, after Turkey travel ban
In this context, it becomes clear why the country’s third and fourth biggest ATOL holders, On the Beach and Love Holidays, have reinterpreted the Package Travel Regulations and are refusing to refund their customers, quitting the industry body ABTA at the same time.
Although I have some sympathy for the predicament in which these two companies find themselves, this is ultimately a business decision: On the Beach is governed by its share price, and Love Holidays was left with a balance sheet full of debt by Livingbridge, its new private equity owners, leaving little room for manoeuvre.
There are three main reasons people buy a package holiday, rather than buying the components separately: One, ease of booking everything in one place. Two, price. And three, financial protection offered in buying a package.
A new breed of travel company — of which On the Beach and Love Holidays are the most preeminent examples — has disrupted the market, using technology to drive high volume which, coupled with razor-thin margins, has allowed them to win on the first two criteria listed above. They’ve obviously concluded customers have short memories and will forget that they had previously promised to deliver on the third.
Our approach as a family-run holiday business is necessarily different. A 60 per cent rate of repeat business demands a different relationship with our customers, meaning we are refunding cancelled bookings within 14 days. Financial protection is a vital part of our customer proposition. However, we believe this is also the correct approach from an industry-wide perspective: we want to encourage bookings this September and into the New Year, the period where we Brits are normally looking to book holidays. But they will only do this if they know they can get their money back without question.
The government must act now and take its responsibilities to international travel and its supporting industries seriously. A lazy and unfocused quarantine policy is as detrimental to inbound tourism as outbound: one of the reasons London is so empty is because there are no tourists. With 10 per cent occupancy levels, London hotels are on their knees. A government commitment to investing in a robust airport testing regime is the only way to avoid the wholesale destruction of a vital part of our country’s economy and infrastructure. Secondly, the foreign office needs to return to region-specific travel advice, instead of country-wide blanket bans.
There isn’t much time to act. Our industry desperately needs changes in policy which will allow it to survive. On a wider level, tourism accounts for almost 10 per cent of GDP, but its impact is amplified through the economy, impacting far beyond levels of direct spend. To think the economy can survive a continued moratorium on international travel is a dangerous miscalculation.
Main image credit: Getty


cityam--2020-10-02--Coronavirus: The seven quarantine free countries you can still visit, after Turkey travel ban


cityam--2020-10-03--Johnson launches transport review to boost economy and strengthen UK ties

Prime Minister Boris Johnson launched a review aimed at improving transport links across the UK , including a possible bridge between Scotland and Northern Ireland , as part of a plan to boost the pandemic-hit economy and strengthen ties between its member nations .
The study will consider air links within the country , road and rail links in Scotland , the Welsh rail network , as well as the cost and practicality of building a “ fixed link ” with Northern Ireland , said a government statement on Saturday .
Read more : Boris Johnson ‘ will not hesitate @ @ @ @ @ @ @ has in the past spoken of his desire for a 20-mile ( 32 km ) plus bridge between Scotland and Northern Ireland .
Coronavirus lockdowns meant Britain ’ s economic output collapsed 20 per cent in the second quarter , and the country faces rising unemployment as its furlough scheme comes to an end , and Brexit .
At the same time , support for Scottish independence has grown due to perceptions that Johnson responded too slowly to the pandemic and Scots ’ anger over the UK ’ s decision to leave the @ @ @ @ @ @ @ the EU in a 2016 referendum .
Johnson hopes that transport improvements resulting from the review will help create jobs and bring the UK ’ s member nations closer together .
“ Today ’ s announcement follows a recent pledge by the UK Government to bring forward funding to accelerate infrastructure projects in Scotland , Wales and Northern Ireland , ” added the statement .
The review will be conducted by Peter Hendy , chair of state-owned rail track owner Network Rail , and report its findings in summer 2021 .

Johnson launches transport review to boost economy and strengthen UK ties
Prime Minister Boris Johnson launched a review aimed at improving transport links across the UK, including a possible bridge between Scotland and Northern Ireland, as part of a plan to boost the pandemic-hit economy and strengthen ties between its member nations.
The study will consider air links within the country, road and rail links in Scotland, the Welsh rail network, as well as the cost and practicality of building a “fixed link” with Northern Ireland, said a government statement on Saturday.
Johnson has in the past spoken of his desire for a 20-mile (32 km) plus bridge between Scotland and Northern Ireland.
Coronavirus lockdowns meant Britain’s economic output collapsed 20 per cent in the second quarter, and the country faces rising unemployment as its furlough scheme comes to an end, and Brexit.
At the same time, support for Scottish independence has grown due to perceptions that Johnson responded too slowly to the pandemic and Scots’ anger over the UK’s decision to leave the European Union. Scottish voters opposed leaving the EU in a 2016 referendum.
Johnson hopes that transport improvements resulting from the review will help create jobs and bring the UK’s member nations closer together.
“Today’s announcement follows a recent pledge by the UK Government to bring forward funding to accelerate infrastructure projects in Scotland, Wales and Northern Ireland,” added the statement.
The review will be conducted by Peter Hendy, chair of state-owned rail track owner Network Rail, and report its findings in summer 2021.