cityam--2020-08-23--Global dividends plunge to record quarterly low

Global dividends plunged by a fifth to $ 108.1bn in the second quarter , with payouts in the UK and Europe the worst affected .
As companies scrambled to conserve cash as coronavirus cases increased , payouts fell 19.3 per cent on an underlying basis to $ 382.2bn , according to Janus Henderson ’ s global dividend index .
Read more : Dividend recovery ‘ could take six years ’ after record-breaking fall It is the worst quarterly drop since the index started at the end of 2009 following the global financial crisis .
Twenty seven per cent of firms @ @ @ @ @ @ @ of the group cancelling them outright .
But the impact of the pandemic varied across industries and from country to country .
Payouts fell in every region except North America , which was helped by the resilience of Canadian payouts .
Europe and the UK were significantly hit .
Payouts fell by two fifths on an underlying basis , as the continent ’ s largest dividend payer , France , saw total dividends reach their lowest level in at least a decade .
In contrast , Swiss payments barely budged year-on-year .
European @ @ @ @ @ @ @ a year in the second quarter so cancellations tend to have an adverse impact on the annual total .
Investment director Jane Shoemake suggests this could mean a rebound next year .
“ For the UK , the rebound will be smaller as several companies , not least oil giants Shell and BP , have taken the opportunity to reset their payouts at a lower level.
” The healthcare unsurprisingly provided most resistant to cuts , alongside communications dividends , but financial and consumer payouts fell sharply .
As a result , the @ @ @ @ @ @ @ worst case scenarios for payouts in 2020 .
Janus Henderson had previously predicted global dividends could fall as much as 35 per cent this year .
It forecast the best case scenario would see payouts drop 15 per cent , which has now been revised to 19 per cent bringing dividends to $ 1.18 trillion .
However the worst case scenario has improved slightly to see payments fall 25 per cent this year to $ 1.10 trillion .
Read more : Global dividends set to plunge as much as 35 per cent this @ @ @ @ @ @ @ far , we still expect global dividends to exceed $ 1 trillion this year and next , ” Shoemake said .
“ A temporary halt in dividends does not change the fundamental value of a company , though it can affect short-term sentiment , and it remains important for income investors to be diversified both by geography and sector ” .
Get the news as it happens by following City A.M. on Twitter .

Global dividends plunge to record quarterly low
Global dividends plunged by a fifth to $108.1bn in the second quarter, with payouts in the UK and Europe the worst affected.
As companies scrambled to conserve cash as coronavirus cases increased, payouts fell 19.3 per cent on an underlying basis to $382.2bn, according to Janus Henderson’s global dividend index.
It is the worst quarterly drop since the index started at the end of 2009 following the global financial crisis.
Twenty seven per cent of firms cut dividends, with more than half of the group cancelling them outright. But the impact of the pandemic varied across industries and from country to country. Payouts fell in every region except North America, which was helped by the resilience of Canadian payouts.
Global dividends plunged a fifth in the second quarter, with the UK and Europe the worst hit.
Europe and the UK were significantly hit. Payouts fell by two fifths on an underlying basis, as the continent’s largest dividend payer, France, saw total dividends reach their lowest level in at least a decade. In contrast, Swiss payments barely budged year-on-year.
European companies tend to pay dividends just once a year in the second quarter so cancellations tend to have an adverse impact on the annual total.
Investment director Jane Shoemake suggests this could mean a rebound next year. “For the UK, the rebound will be smaller as several companies, not least oil giants Shell and BP, have taken the opportunity to reset their payouts at a lower level.”
The healthcare unsurprisingly provided most resistant to cuts, alongside communications dividends, but financial and consumer payouts fell sharply.
Janus Henderson has predicted global dividends could fall as much as 25 per cent this year to $1.0 trillion.
As a result, the asset manager has revised its best and worst case scenarios for payouts in 2020. Janus Henderson had previously predicted global dividends could fall as much as 35 per cent this year.
It forecast the best case scenario would see payouts drop 15 per cent, which has now been revised to 19 per cent bringing dividends to $1.18 trillion. However the worst case scenario has improved slightly to see payments fall 25 per cent this year to $1.10 trillion.
“Despite the cuts witnessed so far, we still expect global dividends to exceed $1 trillion this year and next,” Shoemake said.
“A temporary halt in dividends does not change the fundamental value of a company, though it can affect short-term sentiment, and it remains important for income investors to be diversified both by geography and sector”.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-08-23--The City View: Moneypenny CEO on why it's time to come out of hiding and find some confidence

In this episode Christian talks to Joanna Swash , chief executive of the customer services and office support provider Moneypenny , which has 20,000 corporate clients in the UK and US .
Joanna talks about the impact of the early stages of lockdown on her company and explains how she transitioned 1,000 staff to work from home in just three weeks .
With call volumes and business activity now higher than the pre-lockdown period , Joanna shares her leadership and management approach , saying businesses can either hide , survive or thrive .
She thinks it ’ s time to @ @ @ @ @ @ @ and thrive .
Also in this episode , Christian looks at a new survey suggesting Londoners are particularly keen to get back to the office ; John Lewis moving beyond its ‘ never knowingly undersold ’ slogan ; and JP Morgan ’ s ambition to launch a UK retail bank .
Read more : The City View : Rachel Cunliffe on the government ’ s competence problem ETX Capital is one of the UK ’ s leading spread betting and CFD trading providers , offering services to retail , institutional , professional and @ @ @ @ @ @ @ trading platform .
With over 50 years of experience in the financial markets , customers and service are always put first at ETX , and the company prides itself in offering a tailor-made trading experience to every customer .
The multi-device TraderPro platform delivers a fully customisable , award-winning trading technology with customisable charts , instant execution and over 5,000 markets to trade .
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage .
76 % of retail investor accounts lose money @ @ @ @ @ @ @ ETX .
You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money.Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721.ETX Capital provides an execution-only service and therefore any market analysis , opinion , commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice .
ETX Capital and the presenter are not financial or investment advisors and @ @ @ @ @ @ @ kind .
Any instruments that are mentioned throughout are cited only for illustrative and educational purposes .

The City View: Moneypenny CEO on why it’s time to come out of hiding and find some confidence
In this episode Christian talks to Joanna Swash, chief executive of the customer services and office support provider Moneypenny, which has 20,000 corporate clients in the UK and US.
Subscribe to The City View Podcast: Apple / Google / Spotify / RSS
Joanna talks about the impact of the early stages of lockdown on her company and explains how she transitioned 1,000 staff to work from home in just three weeks.
With call volumes and business activity now higher than the pre-lockdown period, Joanna shares her leadership and management approach, saying businesses can either hide, survive or thrive. She thinks it’s time to discover some confidence, embrace the changes and thrive.
Also in this episode, Christian looks at a new survey suggesting Londoners are particularly keen to get back to the office; John Lewis moving beyond its ‘never knowingly undersold’ slogan; and JP Morgan’s ambition to launch a UK retail bank.
In association with ETX Capital
ETX Capital is one of the UK’s leading spread betting and CFD trading providers, offering services to retail, institutional, professional and high net worth customers via an award-winning trading platform. With over 50 years of experience in the financial markets, customers and service are always put first at ETX, and the company prides itself in offering a tailor-made trading experience to every customer. The multi-device TraderPro platform delivers a fully customisable, award-winning trading technology with customisable charts, instant execution and over 5,000 markets to trade.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when spread betting or trading CFDs with ETX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money.Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721.ETX Capital provides an execution-only service and therefore any market analysis, opinion, commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice. ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind. Any instruments that are mentioned throughout are cited only for illustrative and educational purposes.


cityam--2020-08-23--High demand for prime property leads market rebound

High demand for so-called prime property has led the UK housing market ’ s post-lockdown rebound , new data from estate agents Knight Frank revealed today .
Since markets reopened in mid-May , the UK market has surged back at a surprisingly swift pace due to the release of a tide of pent-up demand .
According to the research , the biggest increase in deals agreed since lockdown ended has taken place in the prime market , which comprises the most expensive property .
A quicker recovery here tallies with a similar trend which took place during the period that @ @ @ @ @ @ @ Frank said .
As of the week ending 16 August , the number of sales subject to contract for properties valued over £1m was up 100 per cent year on year , according to Rightmove .
The figure was even higher for property priced between £750,000 and £1m , which jumped by 118 per cent .
By contrast , the number of offers accepted for properties valued up to £500,000 was only 53 per cent higher .
Before the Open newsletter : Start your day with the City View podcast and key market @ @ @ @ @ @ @ subject to contract on Rightmove showed a jump of 61 per cent jump with the same week last year .
According to Knight Frank ’ s own data , the number of sales in the capital was up 68 per cent year-on-year , while for the country as a whole it was up a whopping 158 per cent .
Oliver Knight , head of residential development research at Knight Frank said : “ Such a strong rebound reflects the ongoing release of pent-up demand following lockdown , coupled with the recent cut to @ @ @ @ @ @ @ It is also likely that there are wider behavioural shifts in play , as people reassess their housing needs – the ‘ escape to the country ’ narrative is one that has been covered in detail.
” Read more : Pent-up demand pushes up competition for property despite coronavirus In July , chancellor Rishi Sunak announced a stamp duty “ holiday ” as part of his summer statement , instantly raising the threshold at which people pay the stamp duty property tax to £500,000 from £125,000 .
As a result of the tax @ @ @ @ @ @ @ end of March next year , UK house prices jumped back last month , after tumbling in June .

High demand for prime property leads market rebound
High demand for so-called prime property has led the UK housing market’s post-lockdown rebound, new data from estate agents Knight Frank revealed today.
Since markets reopened in mid-May, the UK market has surged back at a surprisingly swift pace due to the release of a tide of pent-up demand.
According to the research, the biggest increase in deals agreed since lockdown ended has taken place in the prime market, which comprises the most expensive property.
A quicker recovery here tallies with a similar trend which took place during the period that followed the global financial crisis, Knight Frank said.
As of the week ending 16 August, the number of sales subject to contract for properties valued over £1m was up 100 per cent year on year, according to Rightmove.
The figure was even higher for property priced between £750,000 and £1m, which jumped by 118 per cent.
By contrast, the number of offers accepted for properties valued up to £500,000 was only 53 per cent higher.
Before the Open newsletter: Start your day with the City View podcast and key market data
Overall, analysis of total sales subject to contract on Rightmove showed a jump of 61 per cent jump with the same week last year.
According to Knight Frank’s own data, the number of sales in the capital was up 68 per cent year-on-year, while for the country as a whole it was up a whopping 158 per cent.
Oliver Knight, head of residential development research at Knight Frank said: “Such a strong rebound reflects the ongoing release of pent-up demand following lockdown, coupled with the recent cut to stamp duty.”
He added: “It is also likely that there are wider behavioural shifts in play, as people reassess their housing needs – the ‘escape to the country’ narrative is one that has been covered in detail.”
In July, chancellor Rishi Sunak announced a stamp duty “holiday” as part of his summer statement, instantly raising the threshold at which people pay the stamp duty property tax to £500,000 from £125,000.
As a result of the tax cut, which will run until the end of March next year, UK house prices jumped back last month, after tumbling in June.


cityam--2020-08-23--Four-fifths of Londoners want to get back to the office

More than four-fifths of Londoners want to get back to working from the office , the highest such proportion in the UK , City A.M. can reveal .
According to new statistics from IT provider Atlas Cloud , residents of the capital are the keenest in the country to get back to office life , above an average of 74 per cent across the whole of the country .
Read more : The return to work : Here ’ s when City firms are going back to the office In part , this might be because London employers are gaining @ @ @ @ @ @ @ a year from staff , as employees put in longer shifts while working from home .
The data shows that because they do not need to commute , staff are saving an average of 96 minutes a day – 45 of which are spent plugging away at extra work .
After nearly five months of working from home , many had suggested that the days of the office were numbered , yet the survey suggests that rumours of its demise may have been somewhat exaggerated .
Although just 13 per cent of Londoners @ @ @ @ @ @ @ from the office , less than a fifth – 19 per cent – want to switch to full home working .
Before the Open newsletter : Start your day with the City View podcast and key market data The desire to get back into workplaces stems in part from staff missing the social aspect of office life , with 24 per cent saying their mental health had suffered as a result of continuous working from home .
From the beginning of August , employers have been given “ more discretion ” to bring @ @ @ @ @ @ @ as it is safe , in a bid to get the economy moving again after the worst quarterly fall in GDP on record .
Over the last couple of months , Square Mile companies have slowly begun to reopen their doors to staff , many of whom are embracing the rise of so-called “ hybrid working ” .
Atlas Cloud ’ s chief executive Pete Watson said : “ The pandemic has transformed the way we think about the workplace , but it is by no means the death of the traditional office @ @ @ @ @ @ @ .
Read more : Offices should be a ‘ safe haven ’ for suffering staff “ This research clearly demonstrates that the vast majority of people want to return to the office in some capacity , but more often than not this is to pursue a hybrid working model where they can work more flexibly.
” The data is based on a survey of 2,533 randomly selected respondents , consisting of UK employees over the age of 17 that had worked from home during the Coronavirus lockdown .

Four-fifths of Londoners want to get back to the office
More than four-fifths of Londoners want to get back to working from the office, the highest such proportion in the UK, City A.M. can reveal.
According to new statistics from IT provider Atlas Cloud, residents of the capital are the keenest in the country to get back to office life, above an average of 74 per cent across the whole of the country.
In part, this might be because London employers are gaining the equivalent 25 days of extra work a year from staff, as employees put in longer shifts while working from home.
The data shows that because they do not need to commute, staff are saving an average of 96 minutes a day – 45 of which are spent plugging away at extra work.
After nearly five months of working from home, many had suggested that the days of the office were numbered, yet the survey suggests that rumours of its demise may have been somewhat exaggerated.
Although just 13 per cent of Londoners say that they want to work exclusively from the office, less than a fifth – 19 per cent – want to switch to full home working.
Before the Open newsletter: Start your day with the City View podcast and key market data
The desire to get back into workplaces stems in part from staff missing the social aspect of office life, with 24 per cent saying their mental health had suffered as a result of continuous working from home.
From the beginning of August, employers have been given “more discretion” to bring staff back to the office as long as it is safe, in a bid to get the economy moving again after the worst quarterly fall in GDP on record.
Over the last couple of months, Square Mile companies have slowly begun to reopen their doors to staff, many of whom are embracing the rise of so-called “hybrid working”.
Atlas Cloud’s chief executive Pete Watson said: “The pandemic has transformed the way we think about the workplace, but it is by no means the death of the traditional office – it is the birth of hybrid-working.
“This research clearly demonstrates that the vast majority of people want to return to the office in some capacity, but more often than not this is to pursue a hybrid working model where they can work more flexibly.”
The data is based on a survey of 2,533 randomly selected respondents, consisting of UK employees over the age of 17 that had worked from home during the Coronavirus lockdown.


cityam--2020-08-23--Rishi Sunak to tighten Treasury assessments for new projects

Rishi Sunak has threatened government departments that he will be tougher in assessing new infrastructure projects as the Treasury begins to worry about the UK ’ s bulging deficit .
The chancellor will reportedly give the Treasury more oversight of infrastructure spending by giving more power to experts to assess projects , before they report directly to himself and the Cabinet Office .
Read more : Rishi Sunak says ‘ hard times are here ’ as UK plunges into worst recession on record The Telgraph reports that Sunak , and the wider Treasury , is becoming increasingly aware of the @ @ @ @ @ @ @ after spending hundreds of billions of pounds during the coronavirus pandemic .
Sunak ’ s deputy Steve Barclay last month unveiled the Treasury ’ s plan to speed up delivery of projects , which will see the government invest in more high-growth projects .
Sunak is reportedly keen to implement this new strategy , while also ensuring that the government does not waste public money .
Before the Open newsletter : Start your day with the City View podcast and key market data The Infrastructure and Projects Authority – a government advisory body @ @ @ @ @ @ @ – will be responsible for assessing every potential project in the new regime .
The chancellor reportedly sent a letter to top civil servants in every government department to tell them to submit all plans directly to the Infrastructure and Projects Authority in the future .
Read more : Second wave fears : Rishi Sunak could delay autumn Budget The authority will then have the power to to attach requirements to projects , with the Treasury threatening to withhold funds if departments do not comply .
A government source told The Telegraph : @ @ @ @ @ @ @ huge hit and it ’ s fair to say our public finances are now under significant strain .
So now we really have got to get to grips with how money is being spent and scrutinise in close detail on what .
”

Rishi Sunak to tighten Treasury assessments for new projects
Britain’s Chancellor of the Exchequer Rishi Sunak visits local businesses in Rothesay on the Isle of Bute, Scotland on August 07, 2020. (Photo by Jeff J Mitchell / POOL / AFP) (Photo by JEFF J MITCHELL/POOL/AFP via Getty Images)
Rishi Sunak has threatened government departments that he will be tougher in assessing new infrastructure projects as the Treasury begins to worry about the UK’s bulging deficit.
The chancellor will reportedly give the Treasury more oversight of infrastructure spending by giving more power to experts to assess projects, before they report directly to himself and the Cabinet Office.
The Telgraph reports that Sunak, and the wider Treasury, is becoming increasingly aware of the need to avoid all unnecessary waste, after spending hundreds of billions of pounds during the coronavirus pandemic.
Sunak’s deputy Steve Barclay last month unveiled the Treasury’s plan to speed up delivery of projects, which will see the government invest in more high-growth projects.
Sunak is reportedly keen to implement this new strategy, while also ensuring that the government does not waste public money.
Before the Open newsletter: Start your day with the City View podcast and key market data
The Infrastructure and Projects Authority – a government advisory body run by infrastructure and major projects experts – will be responsible for assessing every potential project in the new regime.
The chancellor reportedly sent a letter to top civil servants in every government department to tell them to submit all plans directly to the Infrastructure and Projects Authority in the future.
The authority will then have the power to to attach requirements to projects, with the Treasury threatening to withhold funds if departments do not comply.
A government source told The Telegraph: “The UK economy has taken a huge hit and it’s fair to say our public finances are now under significant strain. So now we really have got to get to grips with how money is being spent and scrutinise in close detail on what.”


cityam--2020-08-23--Cabinet draws up plans for simultaneous no-deal Brexit and second Covid wave

The government has drawn up plans to deal simultaneously with a second coronavirus wave and the effects of a no-deal Brexit after December 31 .
The Cabinet Office ’ s emergency plans include telling the Navy to protect the UK ’ s waters from illegal EU fishing boats and deploying the army on Brtain ’ s streets to quell civil unrest .
Read more : Brexit negotiations : Deal ‘ will not be easy to achieve ’ The plans were shown to government ministers as a slide show , which was then leaked to The Sun .
They were drawn @ @ @ @ @ @ @ EU Transition Task Force and they have painted a potential nightmarish scenario for the UK in just five months ’ time .
The plans came with a set of potential scenarios , which included food and fuel shortages , price hikes and public disorder if a second Covid-19 wave happened at the same time as the UK left the EU transition period without a deal .
Before the Open newsletter : Start your day with the City View podcast and key market data The worst-case scenario predicted the potential for 8,500 trucks to @ @ @ @ @ @ @ , which would severely disrupt the country ’ s supply chains .
It also came with the prediction that a second coronavirus wave could bankrupt one in 20 councils .
The leak of the document comes as UK and EU negotiators said on Friday that they had made no progress on a post-Brexit trade deal .
The latest formal round of negotiations wrapped up on Friday morning , with UK chief negotiator David Frost saying a deal would “ not be easy to achieve ” .
Read more : Brexit free trade talks @ @ @ @ @ @ @ EU He said little progress had been made on the most contentious areas – EU access to UK fishing waters , business competition regulations known as the level playing field and overall governance of the deal .
Both sides have said a deal must be agreed in principle by October to give the European parliament enough time to ratify it by the 31 December deadline .

Cabinet draws up plans for simultaneous no-deal Brexit and second Covid wave
The government has drawn up plans to deal simultaneously with a second coronavirus wave and the effects of a no-deal Brexit after December 31.
The Cabinet Office’s emergency plans include telling the Navy to protect the UK’s waters from illegal EU fishing boats and deploying the army on Brtain’s streets to quell civil unrest.
The plans were shown to government ministers as a slide show, which was then leaked to The Sun.
They were drawn up by the Cabinet Office’s EU Transition Task Force and they have painted a potential nightmarish scenario for the UK in just five months’ time.
The plans came with a set of potential scenarios, which included food and fuel shortages, price hikes and public disorder if a second Covid-19 wave happened at the same time as the UK left the EU transition period without a deal.
Before the Open newsletter: Start your day with the City View podcast and key market data
The worst-case scenario predicted the potential for 8,500 trucks to get stuck at the port at Dover, which would severely disrupt the country’s supply chains.
It also came with the prediction that a second coronavirus wave could bankrupt one in 20 councils.
The leak of the document comes as UK and EU negotiators said on Friday that they had made no progress on a post-Brexit trade deal.
The latest formal round of negotiations wrapped up on Friday morning, with UK chief negotiator David Frost saying a deal would “not be easy to achieve”.
He said little progress had been made on the most contentious areas – EU access to UK fishing waters, business competition regulations known as the level playing field and overall governance of the deal.
Both sides have said a deal must be agreed in principle by October to give the European parliament enough time to ratify it by the 31 December deadline.


cityam--2020-08-23--BT steps up takeover defence after share price halves

Bosses at telecoms giant BT have taken steps to bolster its defences against a potential takeover after a plunge in its share price .
According to Sky News , the firm , which is now valued at £10.1bn , has told Goldman Sachs to update its strategy for defending BT from such a move .
Read more : BT blames coronavirus as profit and revenue shrink The plans may also involve boutique investment bank Robey Warshaw , a long-term adviser to fellow telecoms giant Vodafone , insiders told Sky .
As markets closed on Friday BT ’ s share price @ @ @ @ @ @ @ down on where it started the year .
Despite the FTSE 100 picking up some 20 per cent since March , BT has in the same period slumped a further 13.5 per cent .
A formal bid for the firm has yet to emerge , but any such move could have huge political ramifications , given BT ’ s existing commitments .
Before the Open newsletter : Start your day with the City View podcast and key market data Thus far , the firm has agreed to £12bn in investment to roll out @ @ @ @ @ @ @ by the end of the decade .
It also has a key role in building the UK ’ s 5G network , from which Chinese telecoms firm Huawei was banned last month .
The firm has set aside £500m to strip Huawei ’ s technology from existing 5G networks by 2027 , after the government changed its position over national security concerns .
According to analyst , Deutsche Telecom , which already owns 12 per cent of the company , could be a potential candidate for a takeover approach .
Read more : @ @ @ @ @ @ @ network after government U-turn Last month , BT warned that the pandemic would trigger sharp falls in revenues and profits for the full year , with the dearth of sport during the lockdown and reduced activity from business customers impairing its performance .
City AM has contacted BT for comment .

BT steps up takeover defence after share price halves
Bosses at telecoms giant BT have taken steps to bolster its defences against a potential takeover after a plunge in its share price.
According to Sky News, the firm, which is now valued at £10.1bn, has told Goldman Sachs to update its strategy for defending BT from such a move.
The plans may also involve boutique investment bank Robey Warshaw, a long-term adviser to fellow telecoms giant Vodafone, insiders told Sky.
As markets closed on Friday BT’s share price stood at 101.8p, 48 per cent down on where it started the year.
Despite the FTSE 100 picking up some 20 per cent since March, BT has in the same period slumped a further 13.5 per cent.
A formal bid for the firm has yet to emerge, but any such move could have huge political ramifications, given BT’s existing commitments.
Before the Open newsletter: Start your day with the City View podcast and key market data
Thus far, the firm has agreed to £12bn in investment to roll out superfast broadband to 20m households in Britain by the end of the decade.
It also has a key role in building the UK’s 5G network, from which Chinese telecoms firm Huawei was banned last month.
The firm has set aside £500m to strip Huawei’s technology from existing 5G networks by 2027, after the government changed its position over national security concerns.
According to analyst, Deutsche Telecom, which already owns 12 per cent of the company, could be a potential candidate for a takeover approach.
Last month, BT warned that the pandemic would trigger sharp falls in revenues and profits for the full year, with the dearth of sport during the lockdown and reduced activity from business customers impairing its performance.
City AM has contacted BT for comment.


cityam--2020-08-23--Easyjet offers pilots 'seasonal' contracts to stave off job cuts

Pilots at budget carrier Easyjet have been offered six-month long “ seasonal ” contracts in a bid to stave off sweeping job cuts amid the downturn in air travel .
Up to 727 pilots ’ jobs are at risk at the low-cost airline , which has seen passenger demand collapse due to the coronavirus pandemic .
Read more : Stobart Group to cut jobs after Easyjet scraps Southend and Stansted bases Under the new offer , pilots would be retained to fly for a six-month period , and then have the rest of the year off .
The airline has @ @ @ @ @ @ @ as it seeks to match the number of pilots to demand , which is predicted to remain low for the foreseeable future .
According to the Sunday Telegraph , other options include working for two weeks and then having two weeks off , dropping four days from their normal pattern of 13 fixed days , working for three weeks and then having a week off or unpaid leave lasting from six to 18 months .
A spokesperson for Easyjet said : “ As part of its ongoing discussions with Balpa easyJet ’ s @ @ @ @ @ @ @ of alternative contract options in an effort to mitigate the number of compulsory redundancies and job loses overall .
Before the Open newsletter : Start your day with the City View podcast and key market data “ Amongst the options that can be selected are voluntary redundancy , part time working and and seasonal contracts along with extended unpaid leave and base transfers .
“ Pilots have been asked to submit their preferences in the coming days .
These options have been agreed with BALPA ” , they added .
In the last @ @ @ @ @ @ @ passengers , down from 26.4m the year before , as widespread travel bans continue to suffocate the global travel industry .
Easyjet has been hit hard by the government ’ s decision to make travellers from popular holiday destinations such as Spain , France and Croatia quarantine on their return to the UK .
Read more : Easyjet confirms closure of Stansted , Southend and Newcastle bases Although chief executive Johan Lundgren insisted the airline would continue to fly to such destinations if there was sufficient demand , the restrictions have further impacted @ @ @ @ @ @ @ usually profitable summer period .
Last week it confirmed it will close its base at Stansted Airport from 1 September , as well as at Newcastle and Southend .

Easyjet offers pilots ‘seasonal’ contracts to stave off job cuts
Shares in Easyjet and other airlines are down today after another UK government minister warned against booking summer travel abroad
Pilots at budget carrier Easyjet have been offered six-month long “seasonal” contracts in a bid to stave off sweeping job cuts amid the downturn in air travel.
Up to 727 pilots’ jobs are at risk at the low-cost airline, which has seen passenger demand collapse due to the coronavirus pandemic.
Under the new offer, pilots would be retained to fly for a six-month period, and then have the rest of the year off.
The airline has offered pilots a number of different arrangements as it seeks to match the number of pilots to demand, which is predicted to remain low for the foreseeable future.
According to the Sunday Telegraph, other options include working for two weeks and then having two weeks off, dropping four days from their normal pattern of 13 fixed days, working for three weeks and then having a week off or unpaid leave lasting from six to 18 months.
A spokesperson for Easyjet said: “As part of its ongoing discussions with Balpa easyJet’s UK pilots have been offered a range of alternative contract options in an effort to mitigate the number of compulsory redundancies and job loses overall.
Before the Open newsletter: Start your day with the City View podcast and key market data
“Amongst the options that can be selected are voluntary redundancy, part time working and and seasonal contracts along with extended unpaid leave and base transfers.
“Pilots have been asked to submit their preferences in the coming days. These options have been agreed with BALPA”, they added.
In the last quarter, the airline flew just 117,000 passengers, down from 26.4m the year before, as widespread travel bans continue to suffocate the global travel industry.
Easyjet has been hit hard by the government’s decision to make travellers from popular holiday destinations such as Spain, France and Croatia quarantine on their return to the UK.
Although chief executive Johan Lundgren insisted the airline would continue to fly to such destinations if there was sufficient demand, the restrictions have further impacted the carrier’s performance over the usually profitable summer period.
Last week it confirmed it will close its base at Stansted Airport from 1 September, as well as at Newcastle and Southend.


cityam--2020-08-23--Former bosses of Finablr and NMC Health face fraud accusations

The former chief executives of Finablr and NMC Health are among a group of 17 people who are claimed to have embezzled millions of UAE dirhams from the firms , the Sunday Telegraph reported today .
According to a report prepared for billionaire tycoon Bavaguthu Shetty , who founded the companies , brothers Prasanth and Promoth Manghat , who led NMC and Finablr respectively , used forged documents to siphon off the funds .
Read more : EY investigated over audit of scandal-hit NMC Health The report , which was prepared by Emirati firm Wise Consulting and commissioned by Shetty @ @ @ @ @ @ @ 17 based on the billionaire ’ s bank records .
Back in April Shetty had launched an investigation into the alleged fraud , saying that it had been carried out by a “ small group of current and former executives at these companies ” .
The tycoon is himself facing a criminal investigation into the firm ’ s finances in the UAE .
In 2017 Shetty stepped back from day-to-day management of the two firms , and he resigned as non-executive chairman in February .
At the end of last year , US @ @ @ @ @ @ @ finances into question , which led to an internal investigation which uncovered billions in undeclared debts .
As a result , in April consultancy firm Alvarez and Marshall were appointed as the company ’ s administrators .
Before the Open newsletter : Start your day with the City View podcast and key market data The firm has told creditors that they are currently preparing legal action against the people that they think are responsible for the financial misconduct .
Ben Cairns , Alvarez and Marshall ’ s managing director , described the fraud @ @ @ @ @ @ @ ” and involving “ many people and companies ” .
According to the new report , NMC staff used forged signatures to open bank accounts , transfer funds and sign cheques moving money from Shetty ’ s personal accounts .
Around £229m in transactions were carried out from one account alone , it is claimed .
However , the report fails to explain why some of the money that was moved ended up in the billionaire ’ s other private accounts .
Read more : NMC Health founder claims he is a victim @ @ @ @ @ @ @ brothers , both of whom have left their respective companies over the scandal , deny the allegations .
A spokesperson for them said : “ It is categorically denied that either Prasanth Manghat or Promoth Manghat have received any unlawful payments , and they strongly refute the accusations made that seem to be designed maliciously to distract attention away from those responsible for damaging the highly successful businesses they helped create .

Former bosses of Finablr and NMC Health face fraud accusations
The former chief executives of Finablr and NMC Health are among a group of 17 people who are claimed to have embezzled millions of UAE dirhams from the firms, the Sunday Telegraph reported today.
According to a report prepared for billionaire tycoon Bavaguthu Shetty, who founded the companies, brothers Prasanth and Promoth Manghat, who led NMC and Finablr respectively, used forged documents to siphon off the funds.
The report, which was prepared by Emirati firm Wise Consulting and commissioned by Shetty himself, sets out allegations against the 17 based on the billionaire’s bank records.
Back in April Shetty had launched an investigation into the alleged fraud, saying that it had been carried out by a “small group of current and former executives at these companies”.
The tycoon is himself facing a criminal investigation into the firm’s finances in the UAE.
In 2017 Shetty stepped back from day-to-day management of the two firms, and he resigned as non-executive chairman in February.
At the end of last year, US short-seller Muddy Waters called NMC’s finances into question, which led to an internal investigation which uncovered billions in undeclared debts.
As a result, in April consultancy firm Alvarez and Marshall were appointed as the company’s administrators.
Before the Open newsletter: Start your day with the City View podcast and key market data
The firm has told creditors that they are currently preparing legal action against the people that they think are responsible for the financial misconduct.
Ben Cairns, Alvarez and Marshall’s managing director, described the fraud as “well-organised, systematic and long-running” and involving “many people and companies”.
According to the new report, NMC staff used forged signatures to open bank accounts, transfer funds and sign cheques moving money from Shetty’s personal accounts.
Around £229m in transactions were carried out from one account alone, it is claimed.
However, the report fails to explain why some of the money that was moved ended up in the billionaire’s other private accounts.
The Manghat brothers, both of whom have left their respective companies over the scandal, deny the allegations.
A spokesperson for them said: “It is categorically denied that either Prasanth Manghat or Promoth Manghat have received any unlawful payments, and they strongly refute the accusations made that seem to be designed maliciously to distract attention away from those responsible for damaging the highly successful businesses they helped create.


cityam--2020-08-23--Jeremy Corbyn aides believed he sabotaged his 2019 election campaign

Jeremy Corbyn ’ s closest aides thought he was sabotaging himself during the 2019 General Election campaign , according to a new book on Labour ’ s disastrous defeat .
Corbyn reportedly intentionally missed events by making his schedule run over time during the campaign as the party ’ s leadership squabbled over campaign tactics .
Read more : Jeremy Corbyn trying to ‘ wreck ’ Sir Keir Starmer ’ s Labour , says David Miliband The revelations come from the soon-to-be-released Left Out – by Patrick Maguire and Gabriel Pogrund – with sections of the book published today in @ @ @ @ @ @ @ ’ s aides said : “ JC was deliberately adding extra things and talking to people to delay and then spoke for 30 mins plus at the campaign stop once they had arrived 40 mins late.
” A WhatsApp group of senior aides also revealed that the former Labour leader forced his chief of staff Karie Murphy to cancel rallies in the Midlands and refused to agree to make a second visit to communities affected by flooding last November .
Aides also feared the influence of his wife Laura Alvarez , with some @ @ @ @ @ @ @ emotional shield during the campaign .
Before the Open newsletter : Start your day with the City View podcast and key market data The book paints a picture of a party in chaos , with Corbyn ’ s inner-circle often at war with each other and unable to agree on a campaign strategy .
Corbyn would allegedly often complain about not being involved in planning the campaign and even began to dial into every morning meeting .
“ It was like he ’ d had a breakdown , ” one aide said .
@ @ @ @ @ @ @ the stuff about the diary and dialling onto the calls .
“ It was his way of trying to regain control.
” The book also reveals that Labour ’ s top team – including John McDonnell and Ian Lavery – were told in September that they were in line to win just 138 seats at the next election .
Polling figures showed Labour would lose more than a hundred seats in the Midlands and the North , with Labour-voting Brexit supporters switching their allegiance to the Tories .
The polling was greeted by @ @ @ @ @ @ @ disbelief as he claimed it was incorrect and that the company responsible for the survey was a “ Tory firm ” .
Read more : Labour at risk of bankruptcy from antisemitism legal cases Labour went on to win 202 seats in the election , which was its worst showing since 1935 , as the Conservatives won in a landslide .
Labour lost many constituencies in its so-called “ Red Wall ” in the North of England to the Conservatives , including Tony Blair ’ s former constituency Sedgefield .

Jeremy Corbyn aides believed he sabotaged his 2019 election campaign
LONDON, ENGLAND – DECEMBER 13: Labour Party leader Jeremy Corbyn speaks with supporters at Sobell leisure centre after retaining his parliamentary seat on December 13, 2019 in London, England. Labour leader Jeremy Corbyn has held the Islington North seat since 1983. The current Conservative Prime Minister Boris Johnson called the first UK winter election for nearly a century in an attempt to gain a working majority to break the parliamentary deadlock over Brexit. The election results from across the country are being counted overnight and an overall result is expected in the early hours of Friday morning. (Photo by Leon Neal/Getty Images)
Jeremy Corbyn’s closest aides thought he was sabotaging himself during the 2019 General Election campaign, according to a new book on Labour’s disastrous defeat.
Corbyn reportedly intentionally missed events by making his schedule run over time during the campaign as the party’s leadership squabbled over campaign tactics.
The revelations come from the soon-to-be-released Left Out – by Patrick Maguire and Gabriel Pogrund – with sections of the book published today in The Sunday Times.
One of Corbyn’s aides said: “JC was deliberately adding extra things and talking to people to delay and then spoke for 30 mins plus at the campaign stop once they had arrived 40 mins late.”
A WhatsApp group of senior aides also revealed that the former Labour leader forced his chief of staff Karie Murphy to cancel rallies in the Midlands and refused to agree to make a second visit to communities affected by flooding last November.
Aides also feared the influence of his wife Laura Alvarez, with some claiming he was using her as an emotional shield during the campaign.
Before the Open newsletter: Start your day with the City View podcast and key market data
The book paints a picture of a party in chaos, with Corbyn’s inner-circle often at war with each other and unable to agree on a campaign strategy.
Corbyn would allegedly often complain about not being involved in planning the campaign and even began to dial into every morning meeting.
“It was like he’d had a breakdown,” one aide said.
“He just wouldn’t drop the stuff about the diary and dialling onto the calls.
“It was his way of trying to regain control.”
The book also reveals that Labour’s top team – including John McDonnell and Ian Lavery – were told in September that they were in line to win just 138 seats at the next election.
Polling figures showed Labour would lose more than a hundred seats in the Midlands and the North, with Labour-voting Brexit supporters switching their allegiance to the Tories.
The polling was greeted by Lavery, then party chairman, with disbelief as he claimed it was incorrect and that the company responsible for the survey was a “Tory firm”.
Labour went on to win 202 seats in the election, which was its worst showing since 1935, as the Conservatives won in a landslide.
Labour lost many constituencies in its so-called “Red Wall” in the North of England to the Conservatives, including Tony Blair’s former constituency Sedgefield.


cityam--2020-08-24--FTSE 100 soars after US approves new coronavirus treatment

The FTSE 100 jumped after a new coronavirus treatment was authorised by the US and a report said the Trump administration may fast-track a potential vaccine .
London ’ s blue-chip index rose 1.8 per cent to 6,111 points shortly after midday .
The FTSE 250 index of mid-cap firms rose 0.8 per cent .
Germany ’ s Dax was up 2.3 per cent and France ’ s CAC 40 was 2.1 per cent higher .
The continent-wide Stoxx 600 rose 1.7 per cent .
Overnight , China ’ s CSI 300 climbed 0.8 per cent as the US took @ @ @ @ @ @ @ Chinese tech firms .
Asian markets were boosted after Bloomberg reported President Donald Trump ’ s team planned to reassure US firms they can do business with Chinese tech giant Wechat .
But driving European markets was the US Food & Drug Administration ’ s ( FDA ) decision to add the use of blood plasma from recovered patients to the country ’ s coronavirus treatment list .
“ Global stocks have started Monday with a bang , ” said Fawad Razaqzada , market analyst at trading platform Think Markets .
“ Investors @ @ @ @ @ @ @ soon become available.
” Markets were also boosted by signs that the US government is focussing on Covid treatments .
Trump is considering seeking another FDA “ emergency-use authorisation ” for the coronavirus vaccine being developed by Astrazeneca and the University of Oxford , the Financial Times reported .
The report helped the UK drugmaker gain 3.8 per cent on the FTSE 100 , boosting the index .
Craig Erlam , senior market analyst at currency firm Oanda , said : “ Trump is determined to deliver a vaccine before the 3 November @ @ @ @ @ @ @ gamechanger for the President as he looks to secure an unlikely second term.
” Read more : BT shares jump as it ramps up defences against potential takeover The biggest FTSE 100 riser was BT , however .
The telecoms giant jumped 5.6 per cent after reports said it had ramped up its defences against a potential £15bn takeover .
Sky News reported that BT had told Goldman Sachs to update its strategy to avoid a takeover from rivals .
Upbeat investors chose to shrug off rising coronavirus cases around the world .
@ @ @ @ @ @ @ the biggest one-day jump since April .
The FTSE 100 was unfazed even as new UK cases stayed above 1,000 for the fourth day in a row .
The dollar slipped 0.3 per cent against a basket of other currencies .
The safe-haven asset has lost ground when investors turn to stocks in recent months .
Yields on US 10-year bonds rose to 0.644 per cent as investors sold safer assets .
The UK 10-year yield was flat at 0.207 per cent .
Yields move inversely to prices .
Fiona Cincotta , market @ @ @ @ @ @ @ lack of new economic data due this week .
She said this meant stocks “ will be vulnerable to risk sentiment and coronavirus statistics ” .
Read more : Coronavirus crisis : How far will the UK economy fall in 2020 ?
“ US GDP figures will be in focus ahead of the virtual annual Jackson Hole symposium which start of Thursday , ” she said .
“ Here investors will be listening closely for clues as to where the Federal Reserve intends to take monetary policy .
”

FTSE 100 and US stocks soar on coronavirus treatment hopes
The FTSE 100 jumped and US stocks hit fresh highs after the US authorised a new coronavirus treatment, lifting the mood among global investors.
London’s blue-chip index rose 1.7 per cent to close at 6,104 points. The FTSE 250 index of mid-cap firms rose 0.6 per cent.
Read more: Asian stocks climb after Wall Street rally
On Wall Street, the S&P 500 was 0.7 per cent higher in morning trading. The index had hit a new intraday high of 3,427 points before slipping back slightly.
The tech-heavy Nasdaq also hit an all-time high before paring its gains. It was last up 0.5 per cent and the Dow Jones was one per cent higher.
Germany’s Dax rose 2.4 per cent. And The continent-wide Stoxx 600 climbed 1.6 per cent.
Driving global markets was the US Food & Drug Administration’s (FDA) decision to add the use of blood plasma from recovered patients to the country’s coronavirus treatment list.
Signs that the US government is focussing on a Covid vaccine also boosted investor sentiment.
Trump is considering seeking another FDA “emergency-use authorisation” for the coronavirus vaccine being developed by Astrazeneca and the University of Oxford, the Financial Times reported.
“Markets have kicked off the week in style,” said Joshua Mahony, senior market analyst at trading platform IG.
He said the FDA’s move had raised hopes “that we could see a vaccine fast-tracked before long”.
FTSE 100 lifted by Astrazeneca and BT
The report that Trump was looking to buy fast-track the Astrazeneca and Oxford vaccine helped the UK drugmaker. It closed 2.1 per cent higher on the FTSE 100, boosting the index.
“Trump is apparently keen to get the regulatory approval sped up,” said David Madden, market analyst at trading platform CMC Markets.
“The move could come in October, one month ahead of the US presidential election,” he said. “Even though there are no guarantees that things will go according to plan in terms of the drug’s success, traders are snapping up stocks nonetheless.”
The University of Oxford and Astrazeneca are working on a potential coronavirus vaccine
The biggest FTSE 100 riser was BT, however. The telecoms giant jumped 7.1 per cent after reports said it had ramped up its defences against a potential takeover.
Read more: BT shares jump as it ramps up defences against potential takeover
Helal Miah, investment research analyst at The Share Centre, said that “no bidders have been identified”.
But he added that “any potential bidder may be attracted by the fact that individual businesses such as Openreach are valued far higher than the sum of the parts of £10bn”.
US stocks hit all-time high
Wall Street stocks followed Europe higher, driving them to new all-time highs.
The benchmark S&P 500 has completed a remarkable turnaround since its March crash. It is now around five per cent up this year, despite the economic catastrophe of coronavirus.
The Nasdaq, which is packed with the biggest tech names, has been hitting new highs for months. It is roughly 24 per cent higher for the year.
Apple hit a new all-time intraday high, days after becoming the first company worth $2 trillion (£1.5 trillion).
Rory McPherson, head of investment strategy at Psigma Investment Management, said “mega-cap technology stocks” were driving US markets.
They “have benefitted from the acceleration of digitalisation induced by coronavirus and from central bank stimulus programmes,” he said.
Rupert Thompson, chief investment officer at Kingswood, said US tech dominance contrasted sharply with FTSE 100 weakness.
Read more: Italy begins coronavirus vaccine trials as WHO chief urges global cooperation
“Technology outperformance and UK underperformance has been the story [of] the whole year,” he said.
“The technology sector has outperformed global equities by over 30 per cent since the start of the year while the UK has underperformed by over 20 per cent.”
Traders look towards central banks
Upbeat investors chose to shrug off rising coronavirus cases around the world.
France reported 4,897 new cases yesterday, the biggest one-day jump since April. But the FTSE 100 was unfazed even as new UK cases stayed above 1,000 for the fourth day in a row.
The dollar slipped 0.1 per cent against a basket of other currencies. The safe-haven asset has lost ground when investors turn to stocks in recent months.
Analysts said investors will eagerly await the Jackson Hole central banking symposium. It is online this year and starts on Thursday.
Read more: Coronavirus crisis: How far will the UK economy fall in 2020?
Eleanor Creagh, Australian market strategist at Saxo Bank, said the event “could prove pivotal”.
Creagh said US Fed chair Jay Powell “may signal where the [Fed] committee are placed in terms of changes to monetary policy and their new inflation commitments”.


cityam--2020-08-24--Boris Johnson: 'Vitally important' schools return next week

Boris Johnson has said it is “ vitally important ” all English schools reopen next week and that he has a “ moral duty ” to ensure it happens .
The government has begun its push to get English schools back full time for the start of the academic year in September , despite local lockdowns in some areas .
Read more : Gavin Williamson was on holiday in lead-up to A-level results chaos Deputy chief medical officer Dr Jenny Harries spoke to several broadcast media outlets this morning to reassure people it was safe for children to attend school @ @ @ @ @ @ @ seasonal flu ” would be higher for children than coronavirus and that “ every time a parent sends their children to school , pre-Covid , they may have been involved in a road traffic accident – there are all sorts of things ” .
Johnson also took to Twitter to emphasise how important it was for children to get back into the classroom full time .
Before the Open newsletter : Start your day with the City View podcast and key market data “ As the chief medical officer [ Chris Whitty ] @ @ @ @ @ @ @ Covid-19 in school is very small and it is far more damaging for a child ’ s development and their health and well-being to be away from school any longer , ” he said .
“ This is why it ’ s vitally important that we get our children back into the classroom to learn and to be with their friends .
“ Nothing will have a greater effect on the life chances of our children than returning to school.
” Experts have said that the effect of pupils not returning to school @ @ @ @ @ @ @ adverse future effects , particularly for children in lower socio-economic areas .
Read more : Getting young people back to school in September is critical to their health Whitty has said the risk posed to students from Covid-19 is less than the risk of them not attending school .
Labour leader Sir Keir Starmer has also said that children must return next month , but that the government ’ s “ incompetence ” puts this prospect in doubt .

Boris Johnson: ‘Vitally important’ schools return next week
Students at Newham Collegiate Sixth Form react after receiving their A-Level results in east London on August 13, 2020. – English authorities reassured school pupils they would be graded fairly for exams missed because of the coronavirus, after the Scottish government was forced into a major U-turn on the issue. (Photo by Tolga Akmen / AFP) (Photo by TOLGA AKMEN/AFP via Getty Images)
Boris Johnson has said it is “vitally important” all English schools reopen next week and that he has a “moral duty” to ensure it happens.
The government has begun its push to get English schools back full time for the start of the academic year in September, despite local lockdowns in some areas.
Deputy chief medical officer Dr Jenny Harries spoke to several broadcast media outlets this morning to reassure people it was safe for children to attend school.
She said that “risk of seasonal flu” would be higher for children than coronavirus and that “every time a parent sends their children to school, pre-Covid, they may have been involved in a road traffic accident – there are all sorts of things”.
Johnson also took to Twitter to emphasise how important it was for children to get back into the classroom full time.
Before the Open newsletter: Start your day with the City View podcast and key market data
“As the chief medical officer [Chris Whitty] has said, the risk of contracting Covid-19 in school is very small and it is far more damaging for a child’s development and their health and well-being to be away from school any longer,” he said.
“This is why it’s vitally important that we get our children back into the classroom to learn and to be with their friends.
“Nothing will have a greater effect on the life chances of our children than returning to school.”
Experts have said that the effect of pupils not returning to school in the coming year would have significant adverse future effects, particularly for children in lower socio-economic areas.
Whitty has said the risk posed to students from Covid-19 is less than the risk of them not attending school.
Labour leader Sir Keir Starmer has also said that children must return next month, but that the government’s “incompetence” puts this prospect in doubt.


cityam--2020-08-24--BT shares jump as it ramps up defences against potential takeover

Shares in BT jumped this morning following reports that the telecoms giant has ramped up its defences against a potential £15bn takeover .
BT ’ s share price increased more than five per cent this morning after the firm took steps to strengthen its defences after its stock slumped to the lowest level in a decade .
Read more : BT steps up takeover defence after share price halves Sky News reported yesterday that the telecoms firm had told Goldman Sachs to update its strategy to avoid a takeover from rivals and buyout firms .
The broadcaster also reported that @ @ @ @ @ @ @ Robey Warshaw , a long-term adviser to fellow telecoms giant Vodafone .
The company has not yet received any formal offer .
However any bid for BT would have political ramifications .
BT will invest £12bn to roll out superfast broadband to 20m households in Britain by the end of the decade .
It also has a key role in building the UK ’ s 5G network , from which Chinese telecoms firm Huawei was banned last month .
Read more : BT blames coronavirus as profit and revenue shrink The firm has @ @ @ @ @ @ @ s technology from existing 5G networks by 2027 , after the government changed its position over national security concerns .
According to analysts Deutsche Telecom , which already owns 12 per cent of the company , could be a potential candidate for a takeover approach .
Alexandra Brodie , telecoms partner at law firm Gowling WLG , said : “ BT has been crowned the ‘ comeback king ’ due to key successes such as the roll out of BT Sport and the inevitable alliances and associations that come with such an offering @ @ @ @ @ @ @ not over , if the share related sentiment of today is anything to go by the market continues to view them favourably , seeing them as a stronger prospect while continuing it alone and hopefully continuing to expand and enhance what was once a lack-lustre and old fashioned brand .
”

BT shares jump as it ramps up defences against potential takeover
Shares in BT jumped this morning following reports that the telecoms giant has ramped up its defences against a potential £15bn takeover.
BT’s share price increased more than five per cent this morning after the firm took steps to strengthen its defences after its stock slumped to the lowest level in a decade.
Sky News reported yesterday that the telecoms firm had told Goldman Sachs to update its strategy to avoid a takeover from rivals and buyout firms.
The broadcaster also reported that the plans may involve boutique investment bank Robey Warshaw, a long-term adviser to fellow telecoms giant Vodafone.
The company has not yet received any formal offer. However any bid for BT would have political ramifications.
BT will invest £12bn to roll out superfast broadband to 20m households in Britain by the end of the decade.
It also has a key role in building the UK’s 5G network, from which Chinese telecoms firm Huawei was banned last month.
The firm has set aside £500m to strip Huawei’s technology from existing 5G networks by 2027, after the government changed its position over national security concerns.
According to analysts Deutsche Telecom, which already owns 12 per cent of the company, could be a potential candidate for a takeover approach.
Alexandra Brodie, telecoms partner at law firm Gowling WLG, said: “BT has been crowned the ‘comeback king’ due to key successes such as the roll out of BT Sport and the inevitable alliances and associations that come with such an offering.
“However, this journey is not over, if the share related sentiment of today is anything to go by the market continues to view them favourably, seeing them as a stronger prospect while continuing it alone and hopefully continuing to expand and enhance what was once a lack-lustre and old fashioned brand.”


cityam--2020-08-24--UK retail sector enjoys ‘significant’ jump in footfall as economy recovers

The number of visits to UK retail destinations jumped last week as the economy ’ s recovery picked up steam , new data has shown , with London a particular bright spot .
Footfall was up 4.1 per cent in the 16 to 22 August period compared to the previous week , data firm Springboard said today .
Read more : UK retail sales climb above pre-pandemic levels in July The rise was “ a significant acceleration ” compared to the previous week ’ s increase of 0.8 per cent , Springboard said .
Footfall jumped by 6.8 per cent @ @ @ @ @ @ @ in the south east .
The two regions generate a far greater volume of footfall than elsewhere , pushing up the national figure .
Diane Wehrle , insights director at Springboard , suggested new travel quarantine rules had boosted UK retail .
“ It seems that the increased quarantine measures imposed last week on a number of overseas destinations are having a positive impact on UK footfall , ” she said .
Werhle said that footfall in UK retail destinations “ not only rose on a week on week basis ” .
But @ @ @ @ @ @ @ times as large as the week before ” .
It comes after a survey showed that the UK private sector grew at its fastest pace in seven years in August .
The “ PMI ” survey suggested improved consumer optimism and the government ’ s “ eat out to help out ” scheme had boosted the UK ’ s all-important services sector .
Retail sector still running well below normal The Springboard data today showed the economy is far from operating at pre-Covid levels , however .
Footfall at all UK retail destinations @ @ @ @ @ @ @ compared to a year earlier .
That included high streets , retail parks , and shopping centres .
On high streets in central London , footfall was down 61.2 per cent compared to 2019 .
In regional cities it was 49.8 per cent lower .
Read more : Coronavirus crisis : How far will the UK economy fall in 2020 ?
However , those figures have consistently improved , reflecting the reopening of the UK economy .
The UK is set for record-breaking economic growth in the third quarter , albeit from a @ @ @ @ @ @ @ to grow 14.3 per cent quarter on quarter , according to forecasts averaged by the Treasury .

UK retail sector enjoys ‘significant’ jump in footfall as economy recovers
The number of visits to UK retail destinations jumped last week as the economy’s recovery picked up steam, new data has shown, with London a particular bright spot.
Footfall was up 4.1 per cent in the 16 to 22 August period compared to the previous week, data firm Springboard said today.
The rise was “a significant acceleration” compared to the previous week’s increase of 0.8 per cent, Springboard said.
Footfall jumped by 6.8 per cent in greater London and 7.1 per cent in the south east. The two regions generate a far greater volume of footfall than elsewhere, pushing up the national figure.
Diane Wehrle, insights director at Springboard, suggested new travel quarantine rules had boosted UK retail.
“It seems that the increased quarantine measures imposed last week on a number of overseas destinations are having a positive impact on UK footfall,” she said.
Werhle said that footfall in UK retail destinations “not only rose on a week on week basis”. But “the uplift was more than four times as large as the week before”.
It comes after a survey showed that the UK private sector grew at its fastest pace in seven years in August.
The “PMI” survey suggested improved consumer optimism and the government’s “eat out to help out” scheme had boosted the UK’s all-important services sector.
Retail sector still running well below normal
The Springboard data today showed the economy is far from operating at pre-Covid levels, however.
Footfall at all UK retail destinations was down 30.7 per cent last week compared to a year earlier. That included high streets, retail parks, and shopping centres.
On high streets in central London, footfall was down 61.2 per cent compared to 2019. In regional cities it was 49.8 per cent lower.
However, those figures have consistently improved, reflecting the reopening of the UK economy.
The UK is set for record-breaking economic growth in the third quarter, albeit from a very low base. GDP is set to grow 14.3 per cent quarter on quarter, according to forecasts averaged by the Treasury.


cityam--2020-08-24--Tesco creates 16,000 new permanent roles after online shopping boom

Tesco will create 16,000 new permanent roles as it grows its online business to keep up with the surge in demand for home deliveries .
The supermarket said this morning that most of the roles will be filled by temporary workers taken on during the coronavirus lockdown .
Read more : Tesco introduces free delivery as it prepares to confront Amazon The roles will include 10,000 pickers to assemble customer orders and 3,000 drivers to deliver them , as well as a variety of other roles in stores and distribution centres .
The number of new positions could grow in @ @ @ @ @ @ @ to expand its online business in response to heightened demand due to the coronavirus pandemic .
Restrictions on movement during the UK coronavirus lockdown accelerated the shift in consumer behaviour from physical stores to online shopping .
More than 16 per cent of Tesco ’ s sales are now online , compared to around nine per cent before the pandemic .
The grocer expects online sales of more than £5.5bn this year , up from £3.3bn last year .
Tesco UK and Ireland chief executive Jason Tarry said : “ Since the start @ @ @ @ @ @ @ helped us to more than double our online capacity , safely serving nearly 1.5m customers every week and prioritising vulnerable customers to ensure they get the food they need .
“ These new roles will help us continue to meet online demand for the long term , and will create permanent employment opportunities for 16,000 people across the UK.
” Tesco had already added 4,000 permanent jobs since the start of the coronavirus pandemic .
Today it said it will take part in the government ’ s post-lockdown scheme to boost employment among @ @ @ @ @ @ @ to hire 1,000 young people when the scheme launches .

Tesco creates 16,000 new permanent roles after online shopping boom
Tesco will create 16,000 new permanent roles as it grows its online business to keep up with the surge in demand for home deliveries.
The supermarket said this morning that most of the roles will be filled by temporary workers taken on during the coronavirus lockdown.
The roles will include 10,000 pickers to assemble customer orders and 3,000 drivers to deliver them, as well as a variety of other roles in stores and distribution centres.
The number of new positions could grow in the next few months as Tesco seeks to expand its online business in response to heightened demand due to the coronavirus pandemic.
Restrictions on movement during the UK coronavirus lockdown accelerated the shift in consumer behaviour from physical stores to online shopping.
More than 16 per cent of Tesco’s sales are now online, compared to around nine per cent before the pandemic.
The grocer expects online sales of more than £5.5bn this year, up from £3.3bn last year.
Tesco UK and Ireland chief executive Jason Tarry said: “Since the start of the pandemic, our colleagues have helped us to more than double our online capacity, safely serving nearly 1.5m customers every week and prioritising vulnerable customers to ensure they get the food they need.
“These new roles will help us continue to meet online demand for the long term, and will create permanent employment opportunities for 16,000 people across the UK.”
Tesco had already added 4,000 permanent jobs since the start of the coronavirus pandemic.
Today it said it will take part in the government’s post-lockdown scheme to boost employment among young people.
Tesco said it expects to hire 1,000 young people when the scheme launches.


cityam--2020-08-24--Travel industry ‘desperately’ calls for help as jobs crisis looms

The UK travel industry “ desperately ” needs more government help , with 39,000 jobs already lost or at risk due to the coronavirus pandemic , trade body ABTA has warned .
The Association of British Travel Agents ( ABTA ) said that without “ tailored support ” 83 per cent of firms will be at “ critical or serious ” risk .
Read more : Heathrow Airport boss tells No10 to ‘ get a grip ’ on quarantine policy as testing facility unveiled Travel has been one of the hardest-hit sectors during the coronavirus pandemic .
Much of the @ @ @ @ @ @ @ to strict lockdowns around the world .
Now , as countries reopen , it is struggling to find its feet as travel restrictions remain in place between many countries .
Rising coronavirus cases globally also threaten the sector .
ABTA today called for targeted support from the UK government in the form of “ a package of measures to support businesses and employees ” .
It said that 65 per cent of travel businesses have either had to make redundancies or have started a consultation process .
And it said more must be @ @ @ @ @ @ @ The trade association called for a new testing regime that would allow those who test negative for coronavirus to travel .
Other industry groups such as Heathrow Airport have long called for a similar scheme .
ABTA also asked chancellor Rishi Sunak to cut air passenger duty ( APD ) for summer 2021 at his autumn Budget .
It also called for recovery grants for the sector .
Mark Tanzer , ABTA ’ s chief executive , said : “ With the government ’ s stop-start measures , the restart of travel has @ @ @ @ @ @ @ ” He added : “ Businesses continue to be adversely affected and jobs are being lost at an alarming rate.
” Last week , agency STA Travel stopped trading , putting 500 jobs at risk .
Hays Travel and Tui have both announced plans to scale back in the past two months .
The moves threaten well over 1,000 jobs .
The government has recently changed its travel quarantine rules , requiring those returning from certain countries to isolate for 14 days .
On Saturday Croatia , Austria , and Trinidad and Tobago @ @ @ @ @ @

Travel industry ‘desperately’ calls for help as jobs crisis looms
The UK travel industry “desperately” needs more government help, with 39,000 jobs already lost or at risk due to the coronavirus pandemic, trade body ABTA has warned.
The Association of British Travel Agents (ABTA) said that without “tailored support” 83 per cent of firms will be at “critical or serious” risk.
Travel has been one of the hardest-hit sectors during the coronavirus pandemic. Much of the spring and summer was written off due to strict lockdowns around the world.
Now, as countries reopen, it is struggling to find its feet as travel restrictions remain in place between many countries. Rising coronavirus cases globally also threaten the sector.
ABTA today called for targeted support from the UK government in the form of “a package of measures to support businesses and employees”.
It said that 65 per cent of travel businesses have either had to make redundancies or have started a consultation process. And it said more must be done to reduce further job losses.
The trade association called for a new testing regime that would allow those who test negative for coronavirus to travel. Other industry groups such as Heathrow Airport have long called for a similar scheme.
Industry calls for air passenger duty cut
ABTA also asked chancellor Rishi Sunak to cut air passenger duty (APD) for summer 2021 at his autumn Budget. It also called for recovery grants for the sector.
Mark Tanzer, ABTA’s chief executive, said: “With the government’s stop-start measures, the restart of travel has not gone as hoped for the industry.”
He added: “Businesses continue to be adversely affected and jobs are being lost at an alarming rate.”
Last week, agency STA Travel stopped trading, putting 500 jobs at risk. Hays Travel and Tui have both announced plans to scale back in the past two months. The moves threaten well over 1,000 jobs.
The government has recently changed its travel quarantine rules, requiring those returning from certain countries to isolate for 14 days. On Saturday Croatia, Austria, and Trinidad and Tobago were added to the list.


cityam--2020-08-24--Bouncers to enforce mask-wearing in nightclubs under sector's reopening proposals

Bouncers could patrol nightclub dance floors to ensure punters are wearing masks under new proposals drawn up by the industry as it desperately seeks to reopen .
The sector has called on the government to provide a date for reopening to prevent the permanent closure of venues and the loss of tens of thousands of jobs .
Read more : UK nightclubs make reopening plea ahead of ‘ make or break ’ period Research showed that nearly 60 per cent of venues will not survive longer than two months without additional government support .
More than 70 per cent of @ @ @ @ @ @ @ half of their workforce redundancy from September .
The sector today published proposals to allow night time venues to reopen after five months in lockdown .
The number of dancers in a club could be regulated and managed using existing security staff , who would also enforce mask-wearing .
Venues would be asked to reduce capacity to 75 per cent of legal occupancy to aid social distancing .
Customers would also have their temperature checked on entry and the club ’ s ventilation system could deliver 12 to 25 air changes per hour @ @ @ @ @ @ @ Time Industries Association chief executive Michael Kill said : “ We have now reached a critical point .
“ In the absence of a clear reopening strategy from the government , or the promise of financial support , huge numbers of businesses within our industry are facing financial collapse and thousands of job losses .
Read more : London ’ s nightclubs and casinos slam ‘ suicidal ’ new coronavirus guidelines The report we have launched today clearly shows that there is a case for the safe reopening of night-time leisure venues , @ @ @ @ @ @ @ live music venues and event spaces .
“ Whilst many of these are large capacity venues , it is important to note that they already have many of the safety protocols in place to mitigate the spread of Covid-19 .
”

Bouncers to enforce mask-wearing in nightclubs under sector’s reopening proposals
Bouncers could patrol nightclub dance floors to ensure punters are wearing masks under new proposals drawn up by the industry as it desperately seeks to reopen.
The sector has called on the government to provide a date for reopening to prevent the permanent closure of venues and the loss of tens of thousands of jobs.
Research showed that nearly 60 per cent of venues will not survive longer than two months without additional government support.
More than 70 per cent of nighttime operators will be making more than half of their workforce redundancy from September.
The sector today published proposals to allow night time venues to reopen after five months in lockdown.
The number of dancers in a club could be regulated and managed using existing security staff, who would also enforce mask-wearing.
Venues would be asked to reduce capacity to 75 per cent of legal occupancy to aid social distancing.
Customers would also have their temperature checked on entry and the club’s ventilation system could deliver 12 to 25 air changes per hour, the proposal document said.
Night Time Industries Association chief executive Michael Kill said: “We have now reached a critical point.
“In the absence of a clear reopening strategy from the government, or the promise of financial support, huge numbers of businesses within our industry are facing financial collapse and thousands of job losses.
The report we have launched today clearly shows that there is a case for the safe reopening of night-time leisure venues, including nightclubs, late night bars, live music venues and event spaces.
“Whilst many of these are large capacity venues, it is important to note that they already have many of the safety protocols in place to mitigate the spread of Covid-19.”


cityam--2020-08-24--Cash Rules Everything Around Me: Hipgnosis Songs invests in Wu-Tang Clan supremo RZA’s catalogue

London-listed Hipgnosis Songs Fund today said it had acquired 50 per cent of Wu-Tang Clan producer and rapper RZA ’ s back catalogue .
Robert Diggs , known as RZA , founded Staten Island , New York , rap collective the Wu-Tang Clan in 1992 .
The kung fu-obsessed hardcore rap crew scored a smash hit with their 1993 breakthrough album Enter the Wu-Tang ( 36 Chambers ) .
Read more : Hipgnosis seeks £200m capital raise in new share placing Members of the group such as Raekwon , Method Man , Gza and Ol ’ Dirty Bastard also scored @ @ @ @ @ @ @ Only Built for Cuban Linx , Tical , Liquid Swords and Return to the 36 Chambers : The Dirty Version .
RZA has released four solo studio albums , his first being gold certified ‘ Bobby Digital in Stereo ’ in 1998 .
He has also soundtracked films including Jim Jarmusch ’ s Ghost Dog : The Way of the Samurai and Quentin Tarantino ’ s Kill Bill volumes one and two .
RZA ’ s works combined have more than 3bn streams worldwide .
Hipgnosis acquires catalogues of songwriters and tries to @ @ @ @ @ @ @ , games and Spotify playlists .
The firm , and its investors , then reap the rewards of the royalties .
Read more : Musical shares : Why Merck Mercuriadis believes the old ones are always the best Merck Mercuriadis , founder of Hipgnosis Songs , said : “ RZA and the Wu Tang Clan did not invent hip hop but they took it from being fun to something that represented a true reflection of what the streets , and being black in America was really like .
They were and are the @ @ @ @ @ @ @ hop and it all starts with RZA ’ s vision , his songs and his struggle , manifested in music , that could show the entire world what was really going on.
” RZA said : “ I wear various hats in my artistic expressions but the one that has been so deeply reflective of my life ’ s journey is my songwriting .
I ’ m honoured to partner up with Merck and the Hipgnosis team to usher my songs into an exciting future .
”

Cash Rules Everything Around Me: Hipgnosis Songs invests in Wu-Tang Clan supremo RZA’s catalogue
(Photo by Steven Ferdman/Getty Images)
London-listed Hipgnosis Songs Fund today said it had acquired 50 per cent of Wu-Tang Clan producer and rapper RZA’s back catalogue.
Robert Diggs, known as RZA, founded Staten Island, New York, rap collective the Wu-Tang Clan in 1992.
The kung fu-obsessed hardcore rap crew scored a smash hit with their 1993 breakthrough album Enter the Wu-Tang (36 Chambers).
Members of the group such as Raekwon, Method Man, Gza and Ol’ Dirty Bastard also scored solo hits with RZA-produced albums such as Only Built for Cuban Linx, Tical, Liquid Swords and Return to the 36 Chambers: The Dirty Version.
RZA has released four solo studio albums, his first being gold certified ‘Bobby Digital in Stereo’ in 1998.
He has also soundtracked films including Jim Jarmusch’s Ghost Dog: The Way of the Samurai and Quentin Tarantino’s Kill Bill volumes one and two.
RZA’s works combined have more than 3bn streams worldwide.
Hipgnosis acquires catalogues of songwriters and tries to slot them into films, TV shows, games and Spotify playlists. The firm, and its investors, then reap the rewards of the royalties.
Merck Mercuriadis, founder of Hipgnosis Songs, said: “RZA and the Wu Tang Clan did not invent hip hop but they took it from being fun to something that represented a true reflection of what the streets, and being black in America was really like. They were and are the most authentic band and brand in hip hop and it all starts with RZA’s vision, his songs and his struggle, manifested in music, that could show the entire world what was really going on.”
RZA said: “I wear various hats in my artistic expressions but the one that has been so deeply reflective of my life’s journey is my songwriting. I’m honoured to partner up with Merck and the Hipgnosis team to usher my songs into an exciting future.”


cityam--2020-08-24--EU trade boss Phil Hogan apologises for attending ‘golfgate’ dinner

EU trade commissioner Phil Hogan apologised for attending a golf dinner that has caused outrage in Ireland as he tried to ride out pressure to resign .
Adding to the scrutiny on Hogan , it also emerged that he had been stopped and cautioned by Irish police for using his phone while driving to the dinner .
Read more : Brexit free trade talks stalled over UK truckers ’ access to EU The Irish government has been embroiled in a crisis – dubbed “ golfgate ” – over the dinner since Thursday last week .
The Irish Examiner first reported @ @ @ @ @ @ @ parliamentary golf society dinner .
More than 80 people attended .
However , the event came the day after the Irish government tightened restrictions on gatherings in response to rising coronavirus cases .
Now Gardai , Irish police , are investigating if the event breached regulations .
Hogan yesterday said he was sorry for attending .
He tweeted : “ I wish to apologise fully and unreservedly for attending the Oireachtas [ Irish parliament ] golf society dinner on Wednesday night last.
” The apology came after Irish prime minister Micheal Martin and @ @ @ @ @ @ @ calling on Hogan to consider his position .
Hogan said he had spoken to both Martin and Varadkar and “ listened carefully to their views , which I respect ” .
But an EU official said the trade commissioner would not give in to calls to resign .
Hogan also said he had been reporting to European Commission president Ursula von der Leyen “ on all these matters in recent days ” .
Just hours after he apologised , however , Hogan ’ s office disclosed that he had been stopped “ for @ @ @ @ @ @ @ to the dinner .
The revelation added to the pressure on the trade commissioner .
Hogan is one of the most powerful figures in the EU ’ s bureaucracy .
He oversees the bloc ’ s trading arrangements and would lead the EU ’ s post-Brexit trade negotiations with the UK .
Golfgate has already claimed the jobs of two figures who attended .
One of these was Dara Calleary , Ireland ’ s agriculture minister .
The dinner occurred the day after Ireland changed its Covid restrictions in response to rising cases @ @ @ @ @ @ @ people allowed to attend indoor gatherings was from 50 to six , with a few exceptions .
It is now for the Irish police to decide whether restrictions were broken .
Hogan said on Friday that he had understood that the dinner would be in compliance with guidelines .
Read more : Trade secretary Liz Truss under fire for personal think tank meetings However , he said on Sunday : “ The issue is far bigger than compliance with rules and regulations and adherence to legalities and procedures .
“ All of us @ @ @ @ @ @ @ stamp out this common plague .
”

EU trade boss Phil Hogan apologises for attending ‘golfgate’ dinner
EU trade commissioner Phil Hogan attended the dinner that has caused outrage in Ireland
EU trade commissioner Phil Hogan apologised for attending a golf dinner that has caused outrage in Ireland as he tried to ride out pressure to resign.
Adding to the scrutiny on Hogan, it also emerged that he had been stopped and cautioned by Irish police for using his phone while driving to the dinner.
The Irish government has been embroiled in a crisis – dubbed “golfgate” – over the dinner since Thursday last week.
The Irish Examiner first reported that numerous high-profile figures had attended a parliamentary golf society dinner. More than 80 people attended.
However, the event came the day after the Irish government tightened restrictions on gatherings in response to rising coronavirus cases. Now Gardai, Irish police, are investigating if the event breached regulations.
Hogan yesterday said he was sorry for attending. He tweeted: “I wish to apologise fully and unreservedly for attending the Oireachtas [Irish parliament] golf society dinner on Wednesday night last.”
The apology came after Irish prime minister Micheal Martin and deputy premier Leo Varadkar issued a statement calling on Hogan to consider his position.
Hogan said he had spoken to both Martin and Varadkar and “listened carefully to their views, which I respect”. But an EU official said the trade commissioner would not give in to calls to resign.
Driving revelations add to pressure on Hogan
Hogan also said he had been reporting to European Commission president Ursula von der Leyen “on all these matters in recent days”.
Just hours after he apologised, however, Hogan’s office disclosed that he had been stopped “for using his mobile phone while driving” to the dinner. The revelation added to the pressure on the trade commissioner.
Hogan is one of the most powerful figures in the EU’s bureaucracy. He oversees the bloc’s trading arrangements and would lead the EU’s post-Brexit trade negotiations with the UK.
Golfgate has already claimed the jobs of two figures who attended. One of these was Dara Calleary, Ireland’s agriculture minister.
The dinner occurred the day after Ireland changed its Covid restrictions in response to rising cases.
The government reduced the number of people allowed to attend indoor gatherings was from 50 to six, with a few exceptions. It is now for the Irish police to decide whether restrictions were broken.
Hogan said on Friday that he had understood that the dinner would be in compliance with guidelines.
However, he said on Sunday: “The issue is far bigger than compliance with rules and regulations and adherence to legalities and procedures.
“All of us must display solidarity as we try to stamp out this common plague.”


cityam--2020-08-24--Bunzl boosts profit on strong coronavirus protective equipment demand

UK distribution business Bunzl today said it had boosted revenue and profit in the first half of the year and said it had agreed to buy businesses in Ireland and the US .
Bunzl said it grew operating profit 16.9 per cent to £279.4m and revenue seven per cent to £4.8bn in the six months to 30 June .
Read more : Bunzl shares rise as demand for cleaning kit spikes amid pandemic Bunzl said the coronavirus pandemic had stimulated demand for its protective equipment such as masks , sanitisers , gloves , disinfectants , coveralls , disposables wipes , @ @ @ @ @ @ @ s share price rose nearly four per cent to 2,497p this morning .
The company reinstated its 2019 final dividend which it suspended due to to the covid pandemic .
Bunzl today said it would pay the dividend at the same level as originally proposed ( 35.8p ) because of its strong performance .
It also upped its interim dividend 1.6 per cent to 15.8p compared to the same period last year .
Frank van Zanten , chief executive of Bunzl , said : “ Despite the unprecedented challenges experienced as a result @ @ @ @ @ @ @ half of the year , these results have once again demonstrated the strength of our customer proposition and supply chain and the resilience of our business model and consistent and proven strategy.
” Looking forward van Zanten said : “ Although there remains considerable uncertainty , we expect to face challenging trading conditions during the second half of the year .
However the fundamental aspects of our business model remain attractive with the group ’ s strong cash generation allowing us to maintain Bunzl ’ s long track record of dividend growth and @ @ @ @ @ @ @ group ’ s fragmented markets through focused acquisitions.
” The company said today it had agreed to acquire $ 248m ( £189m ) US safety business MCR Safety which supplies gloves , eye protection and workwear .
Bunzl also said it had agreed to acquire Irish flexible packaging business Abco Kovex which had a 2019 revenue of €23m ( £20.7m ) .

Bunzl boosts profit on strong coronavirus protective equipment demand
Demand for coronavirus cleaning products pushed FTSE 100-listed Bunzl higher today
UK distribution business Bunzl today said it had boosted revenue and profit in the first half of the year and said it had agreed to buy businesses in Ireland and the US.
Bunzl said it grew operating profit 16.9 per cent to £279.4m and revenue seven per cent to £4.8bn in the six months to 30 June.
Bunzl said the coronavirus pandemic had stimulated demand for its protective equipment such as masks, sanitisers, gloves, disinfectants, coveralls, disposables wipes, face shields and eye protection
Bunzl’s share price rose nearly four per cent to 2,497p this morning.
The company reinstated its 2019 final dividend which it suspended due to to the covid pandemic.
Bunzl today said it would pay the dividend at the same level as originally proposed (35.8p) because of its strong performance.
It also upped its interim dividend 1.6 per cent to 15.8p compared to the same period last year.
Frank van Zanten, chief executive of Bunzl, said: “Despite the unprecedented challenges experienced as a result of the covid-19 pandemic during the first half of the year, these results have once again demonstrated the strength of our customer proposition and supply chain and the resilience of our business model and consistent and proven strategy.”
Looking forward van Zanten said: “Although there remains considerable uncertainty, we expect to face challenging trading conditions during the second half of the year. However the fundamental aspects of our business model remain attractive with the group’s strong cash generation allowing us to maintain Bunzl’s long track record of dividend growth and continue our compounding strategy of consolidating the group’s fragmented markets through focused acquisitions.”
The company said today it had agreed to acquire $248m (£189m) US safety business MCR Safety which supplies gloves, eye protection and workwear.
Bunzl also said it had agreed to acquire Irish flexible packaging business Abco Kovex which had a 2019 revenue of €23m (£20.7m).


cityam--2020-08-24--The City View: RSM global CEO on the coming wave of invention and creativity

In this episode Christian talks to Jean Stephens , global CEO of RSM International , the world ’ s sixth largest audit , tax and consulting network .
Jean reflects on her own leadership during the last few months and how she ’ s adapted , having previously spent 70 per cent of her time on international flights .
Jean also identifies growth opportunities for the network and says that while flexible working will clearly play a big role in the future , the general mood among her staff is that “ they can ’ t wait to get back @ @ @ @ @ @ @ episode , Christian looks at KMPG ’ s new global CEO survey ; Downing Street ’ s reluctance to encourage people back into offices ; and the prospect of a freshly minted UK-Japan trade deal .
Read more : The City View : Moneypenny CEO on why it ’ s time to come out of hiding and find some confidence ETX Capital is one of the UK ’ s leading spread betting and CFD trading providers , offering services to retail , institutional , professional and high net worth customers via an award-winning @ @ @ @ @ @ @ of experience in the financial markets , customers and service are always put first at ETX , and the company prides itself in offering a tailor-made trading experience to every customer .
The multi-device TraderPro platform delivers a fully customisable , award-winning trading technology with customisable charts , instant execution and over 5,000 markets to trade .
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage .
76 % of retail investor accounts lose money when spread betting or trading CFDs with @ @ @ @ @ @ @ understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money.Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721.ETX Capital provides an execution-only service and therefore any market analysis , opinion , commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice .
ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any @ @ @ @ @ @ @ throughout are cited only for illustrative and educational purposes .

The City View: RSM global CEO on the coming wave of invention and creativity
In this episode Christian talks to Jean Stephens, global CEO of RSM International, the world’s sixth largest audit, tax and consulting network.
Subscribe to The City View Podcast: Apple / Google / Spotify / RSS
Jean reflects on her own leadership during the last few months and how she’s adapted, having previously spent 70 per cent of her time on international flights.
Jean also identifies growth opportunities for the network and says that while flexible working will clearly play a big role in the future, the general mood among her staff is that “they can’t wait to get back into the office.”
Also in this episode, Christian looks at KMPG’s new global CEO survey; Downing Street’s reluctance to encourage people back into offices; and the prospect of a freshly minted UK-Japan trade deal.
In association with ETX Capital
ETX Capital is one of the UK’s leading spread betting and CFD trading providers, offering services to retail, institutional, professional and high net worth customers via an award-winning trading platform. With over 50 years of experience in the financial markets, customers and service are always put first at ETX, and the company prides itself in offering a tailor-made trading experience to every customer. The multi-device TraderPro platform delivers a fully customisable, award-winning trading technology with customisable charts, instant execution and over 5,000 markets to trade.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when spread betting or trading CFDs with ETX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money.Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721.ETX Capital provides an execution-only service and therefore any market analysis, opinion, commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice. ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind. Any instruments that are mentioned throughout are cited only for illustrative and educational purposes.