cityam--2020-05-04--Trade minister Conor Burns resigns after 'intimidating' member of the public in dispute

Trade minister Conor Burns has resigned after it was found he had abused his position to “ intimidate a member of the public ” in a dispute concerning his father .
An investigation upheld a complaint that Burns , a long-standing ally of Boris Johnson , used parliamentary stationery to “ deal with a purely personal family interest and that Mr Burns was attempting to use parliamentary privilege to secure payment for his father ” .
Read more : Labour MP Keith Vaz suspended for six months for cocaine scandal The House of Commons standards committee today recommended the minister @ @ @ @ @ @ @ Bournemouth West MP resigned from his post as trade minister shortly after the committee report was released .
He tweeted : “ With deep regret I have decided to resign as minister of state for international trade .
“ Boris Johnson will continue to have my wholehearted support from the backbenches.
” The complaint concerns a letter written by Burns to a member of the public on House of Commons paper on 6 February .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the @ @ @ @ @ @ @ a loan dispute that Burns ’ father was having with a company .
The minister said he was getting in contact on behalf of his father to try and sort the matter .
“ Burns stated that his father had made extensive attempts over a period of years to reach a settlement on repayment of that loan , ” the committee report read .
The code of conduct for MP ’ s states that “ modest use of stationery…for personal correspondence is permitted ” .
Burns told the standards committee that he believed @ @ @ @ @ @ @ on the limited use of stationery for personal correspondence ” .
However , the committee found he was in breach of the code , because he “ put personal interest before the public interest by suggesting that he would take advantage of his public office to pursue his father ’ s financial dispute ” .
The report said : “ This penalty reflects our view that the abuse of privilege for personal or family gain can not be viewed as anything but a serious failure to uphold the values and principles of the @ @ @ @ @ @ @ and that any member should be aware of this before behaving in the way he did .
“ We further recommend that Mr Burns should apologise in writing to the House for his breaches of the Code of Conduct by way of a letter to Mr Speaker , and that he should apologise in writing to the complainant as the injured party.
” Read more : Government outlines workplace rules for UK companies to relax lockdown Burns was elected as MP for Bournemouth West in the 2010 General Election .
He was previously @ @ @ @ @ @ @ he was foreign secretary .

Trade minister Conor Burns resigns after ‘intimidating’ member of the public in dispute
Conor Burns (left) with former UKIP leader Nigel Farage in 2018.
Trade minister Conor Burns has resigned after it was found he had abused his position to “intimidate a member of the public” in a dispute concerning his father.
An investigation upheld a complaint that Burns, a long-standing ally of Boris Johnson, used parliamentary stationery to “deal with a purely personal family interest and that Mr Burns was attempting to use parliamentary privilege to secure payment for his father”.
The House of Commons standards committee today recommended the minister be suspended for seven days.
The Bournemouth West MP resigned from his post as trade minister shortly after the committee report was released.
He tweeted: “With deep regret I have decided to resign as minister of state for international trade.
“Boris Johnson will continue to have my wholehearted support from the backbenches.”
The complaint concerns a letter written by Burns to a member of the public on House of Commons paper on 6 February.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
The letter was over a loan dispute that Burns’ father was having with a company.
The minister said he was getting in contact on behalf of his father to try and sort the matter.
“Burns stated that his father had made extensive attempts over a period of years to reach a settlement on repayment of that loan,” the committee report read.
The code of conduct for MP’s states that “modest use of stationery…for personal correspondence is
permitted”.
Burns told the standards committee that he believed he “was adhering to the guidance on the limited use of stationery for personal correspondence”.
However, the committee found he was in breach of the code, because he “put personal interest before the public interest by suggesting that he would take advantage of his public office to pursue his father’s financial dispute”.
The report said: “This penalty reflects our view that the abuse of privilege for personal or family gain cannot be viewed as anything but a serious failure to uphold the values and principles of the House of Commons Code of Conduct, and that any member should be aware of this before behaving in the way he did.
“We further recommend that Mr Burns should apologise in writing to the House for his breaches of the Code of Conduct by way of a letter to Mr Speaker, and that he should apologise in writing to the complainant as the injured party.”
Burns was elected as MP for Bournemouth West in the 2010 General Election.
He was previously a parliamentary private secretary to Johnson when he was foreign secretary.


cityam--2020-05-04--FTSE 100 and European stocks fall amid US-China tensions over coronavirus

The FTSE 100 and European markets have fallen today after the Trump administration repeated claims that coronavirus was created in a Chinese laboratory , raising investor fears of a new breakdown in relations between the world ’ s two biggest economies .
Britain ’ s FTSE 100 index slipped 0.1 per cent in morning trading to 5,756 points .
It had fallen more than two per cent on Friday .
Read more : Donald Trump claims to have seen evidence coronavirus started in Wuhan lab European markets tumbled , with traders making up for Friday ’ s holiday market closure @ @ @ @ @ @ @ 2.4 per cent .
Germany ’ s Dax dropped 3.1 per cent and France ’ s CAC 40 was 3.8 per cent lower .
Asian stocks dropped overnight , although Chinese markets were closed for a holiday .
Hong Kong ’ s Hang Seng index finished 4.2 per cent lower .
Wall Street is set to open lower , according to US stock futures .
The Trump administration has long accused China of mishandling the coronavirus outbreak .
But this weekend , secretary of state Mike Pompeo said there was “ enormous evidence @ @ @ @ @ @ @ a Chinese lab .
China denies any such accusations , however .
US intelligence has officially noted that the scientific consensus is that the virus was not man-made .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Yet Trump has pushed the theory , saying yesterday that the government will produce a “ conclusive ” report on the virus ’ s origins .
His statement came after he threatened to renew his trade war with China at the end of @ @ @ @ @ @ @ market analyst at trading platform IG , said Trump is trying to “ shift the blame ” for coronavirus on to China as the US economy tanks .
More than 30m Americans have filed new jobless claims in the past six weeks .
Investors have been spooked by the spike in tensions between the US and China .
Safe haven assets such as the dollar and US government bonds have risen .
The pound was down 0.6 per cent against the dollar in morning trading at $ 1.242 .
The dollar had risen @ @ @ @ @ @ @ other currencies .
The yield on the UK 10-year government bond had fallen slightly to 0.241 per cent .
Yields move inversely to prices .
Investors have been “ bombarded ” by dire economic data , said Ipek Ozkardeskaya , senior analyst at Swissquote Bank .
“ Throwing in renewed trade tensions will only serve to further dash investors ’ hopes of a healthy global recovery once the crisis is over.
” On the FTSE 100 , stocks that have been hard hit by the pandemic so far were among the biggest fallers @ @ @ @ @ @ @ cent , while Easyjet and Intercontinental Hotels dropped more than five per cent .
Among the biggest risers were supermarkets and health firms , which have benefited during the crisis .
Ocado , Sainsburys , Glaxosmithkline and Astrazeneca all rose more than four per cent .
Oil prices , which have collapsed amid evaporating demand , fell again this morning .
Read more : ‘ Catastrophic ’ : German business sentiment crashes to new low amid coronavirus Brent crude was down three per cent to $ 25.60 per barrel .
WTI crude , @ @ @ @ @ @ @ cent lower at $ 18.30 per barrel .
Analysts at broker AP Angel said prices were lower due to “ slumping demand and US-China trade tensions that could restrict an economic recovery even as Covid-19 lockdowns start to ease ” .

FTSE 100 bucks the trend as global stocks fall on US-China tensions
US secretary of state Mike Pompeo claimed there was strong evidence that coronavirus was created in a Chinese lab, although he did not provide any
The FTSE 100 has climbed into the green in afternoon trading, faring better than European and US stocks which fell after the Trump administration stoked tensions with China over coronavirus.
Britain’s FTSE 100 index was up 0.1 per cent just after 3pm at 5,770 points. London trading was choppy but helped by a fall in the pound, which had slipped 0.6 per cent to $1.242.
European markets tumbled as traders made up for Friday, when markets were closed for a holiday. The pan-European Stoxx 600 index fell 2.2 per cent. Germany’s Dax dropped 3.1 per cent and France’s CAC 40 was 3.7 per cent lower.
In the US, Wall Street stocks also opened lower. The Dow Jones was down 0.9 per cent and the S&P 500 had fallen 0.5 per cent. The tech-heavy Nasdaq was up 0.4 per cent, however.
Investors have entered May feeling gloomy after US President Donald Trump and his administration ramped up their war of words against China, even threatening more tariffs.
The Trump administration has long accused China of mishandling the coronavirus outbreak. This weekend, secretary of state Mike Pompeo said there was “enormous evidence” that the virus was man-made in a Chinese lab. He did not provide any such evidence, however.
China denies any such accusations. State newspaper the Global Times today said Pompeo is “bluffing” and called for evidence. US intelligence has officially noted that the scientific consensus is that the virus was not man-made.
Yet Trump has pushed the theory, saying yesterday that the government will produce a “conclusive” report on the virus’s origins. His statement came after he threatened to renew his trade war with China at the end of last week.
Investors have already been “bombarded” by dire economic data, said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. “Throwing in renewed trade tensions will only serve to further dash investors’ hopes of a healthy global recovery once the crisis is over.”
FTSE 100 escapes Europe’s move lower
The FTSE 100 bucked the global trend today. Among the biggest risers were supermarkets and health firms, which have benefited during the crisis. Hikma Pharmaceuticals, Ocado, and Glaxosmithkline all rose more than four per cent.
Craig Erlam, market analyst at currency platform Oanda, said: “The FTSE 100 took a hammering on Friday while many of the bourses were closed which is why it’s not coming under such heavy fire today.”
However, investors were still cautious, with stocks that have been hard hit by the pandemic so far among the biggest fallers.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Easyjet plunged nine per cent, while British Airways-owner IAG dropped five per cent. Intercontinental Hotels and luxury brand Burberry both shed three per cent.
The FTSE 100 was helped somewhat by a falling pound, which makes the foreign earnings of companies worth more. Sterling was down 0.6 per cent against the dollar in afternoon trading at $1.242, reflecting higher demand for the “safe-haven” dollar.
US stocks drop as airlines plunge
Wall Street was in the red as US-China tensions returned to the fore. Sentiment was also dented by superstar investor Warren Buffet’s admission that he had sold all of Berkshire Hathaway’s shares in US airlines after losing confidence in the sector’s future.
Delta, United and American Airlines each tumbled around eight per cent in early trading. Alaska Air Group fell more than seven per cent.
Oil prices, which have collapsed amid evaporating demand, reversed course and were up slightly by this afternoon. Brent crude and WTI crude were both up 1.9 per cent at $26.90 and $20.10 per barrel respectively.
Analysts at broker AP Angel said prices were likely to remain under pressure, however, due to “slumping demand and US-China trade tensions that could restrict an economic recovery even as Covid-19 lockdowns start to ease”.
The dollar had risen 0.5 per cent on an index against other currencies as investors sought the safety of the greenback.


cityam--2020-05-04--Remote working is causing employees to feel overworked

Remote working is encouraging a culture of so-called EPresenteeism , according to a new survey , leading employees to feeling overworked and overwhelmed .
Four in five HR managers think working from home has encouraged EPresenteeism , meaning employees feel they should be online and available as much as possible .
Research commissioned by LinkedIn , in partnership with the Mental Health Foundation , found that three quarters feel it has the potential to negatively impact employees ’ mental health by causing burnout and anxiety .
LinkedIn also surveyed office workers and found 86 per cent say they feel the @ @ @ @ @ @ @ working hard and deserve to keep their jobs .
On average , those working from home are racking up an extra 28 hours of monthly overtime since lockdown began .
It equates to nearly four days ’ work .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Despite the adjustment to remote working , more than half say they see the benefits that come with working from home and would like their employer to give them the option to do @ @ @ @ @ @ @ of those surveyed say they feel more connected to their family .
Remote working may have negative impact on businesses HR professionals fear they will lose staff who may be forced to take time out of work due to this burnout , as well as increased anxiety and loneliness .
Fifty six per cent fear lower team morale .
Chris O ’ Sullivan from the Mental Health Foundation , said : People working from home during these unprecedented times are at a greater risk of burnout due to the high stakes environment we @ @ @ @ @ @ @ ” Read more : Office Politics : Six ways the world of work will change “ We can not have the same business-as-usual expectations on ourselves or of our employees – there simply aren ’ t enough hours in the day to work full time , look after children at home and keep up our other responsibilities.
” “ If you are feeling overwhelmed , don ’ t be afraid to reach out to your manager or speak to a professional about how to get back on track , ” he added .
@ @ @ @ @ @ @ following City A.M. on Twitter .

Remote working is causing employees to feel overworked
Around 27.7m individuals in the UK are currently showing signs of financial vulnerability, a 15 per cent jump compared to pre-Covid levels.
Remote working is encouraging a culture of so-called EPresenteeism, according to a new survey, leading employees to feeling overworked and overwhelmed.
Four in five HR managers think working from home has encouraged EPresenteeism, meaning employees feel they should be online and available as much as possible.
Research commissioned by LinkedIn, in partnership with the Mental Health Foundation, found that three quarters feel it has the potential to negatively impact employees’ mental health by causing burnout and anxiety.
LinkedIn also surveyed office workers and found 86 per cent say they feel the need to prove to bosses they are working hard and deserve to keep their jobs.
On average, those working from home are racking up an extra 28 hours of monthly overtime since lockdown began. It equates to nearly four days’ work.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Despite the adjustment to remote working, more than half say they see the benefits that come with working from home and would like their employer to give them the option to do so more often. Forty four percent of those surveyed say they feel more connected to their family.
Remote working may have negative impact on businesses
HR professionals fear they will lose staff who may be forced to take time out of work due to this burnout, as well as increased anxiety and loneliness. Fifty six per cent fear lower team morale.
Chris O’Sullivan from the Mental Health Foundation, said: People working from home during these unprecedented times are at a greater risk of burnout due to the high stakes environment we find ourselves in both globally and personally.”
“We cannot have the same business-as-usual expectations on ourselves or of our employees – there simply aren’t enough hours in the day to work full time, look after children at home and keep up our other responsibilities.”
“If you are feeling overwhelmed, don’t be afraid to reach out to your manager or speak to a professional about how to get back on track,” he added.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-05-04--Business groups back start of UK-US trade talks

Business groups have welcomed the start of UK-US trade talks tomorrow , urging the government to concentrate on Britain ’ s small and medium sized enterprises ( SMEs ) in negotiations .
International trade secretary Liz Truss will host a video conference call with US trade representative Robert Lighthizer tomorrow to signal the start of negotiations .
Read more : Brexit trade deal ‘ won ’ t happen ’ unless EU changes fisheries stance by June The first round of talks will last two weeks and will involve an estimated 200 officials , with future rounds expected every six weeks @ @ @ @ @ @ @ said the talks offered a “ sign of hope to businesses ” and that “ an ambitious deal should offer opportunities for all regions and nations of the UK ” .
Federal of Small Businesses national chair Mike Cherry added : “ With our economy likely to be suppressed for some time , we are going to need small businesses that trade to lead the way .
“ Our own findings suggest that the US is the most important individual country market for small firms hoping to export over the next three years @ @ @ @ @ @ @ country.
” A potential trade deal between the two nations could be worth up to £15bn a year to the UK economy , according to the Department of International Trade .
There has been much controversy in the past year about the UK potentially relaxing its food safety standards to strike a deal with the US .
This could include allowing hormone-treated beef and chlorine-washed chicken to be exported from the US .
However , many have hailed the chance of a trade deal as a new chapter for the UK after leaving @ @ @ @ @ @ @ : It will be trade that powers Britain ’ s resurgence after Covid-19 British Chambers of Commerce director general Adam Marshall said : “ The government has set a high ambition for UK-US talks , and it will be particularly important to get the details right over the coming months to ensure that any prospective agreement delivers tangible benefits to businesses and communities across the UK .
“ Companies will welcome the focus on helping more UK SMEs grow their trade with partners in the US , and on finding ways to move @ @ @ @ @ @ @ between the two countries more smoothly .
”

Business groups welcome start of UK-US trade talks
International trade secretary Liz Truss will begin talks with US trade representative Robert Lighthizer via conference call tomorrow.
Business groups have welcomed the start of UK-US trade talks today, urging the government to concentrate on Britain’s small and medium sized enterprises (SMEs) in negotiations.
International trade secretary Liz Truss will host a video conference call with US trade representative Robert Lighthizer today to signal the start of negotiations.
The first round of talks will last two weeks and involve an estimated 200 officials, with future rounds expected every six weeks.
CBI deputy director general Josh Hardie said the talks offered a “sign of hope to businesses” and that “an ambitious deal should offer opportunities for all regions and nations of the UK”.
Federal of Small Businesses national chair Mike Cherry added: “With our economy likely to be suppressed for some time, we are going to need small businesses that trade to lead the way.
“Our own findings suggest that the US is the most important individual country market for small firms hoping to export over the next three years, with 46 per cent selecting the country.”
A potential trade deal between the two nations could be worth up to £15bn a year to the UK economy, according to the Department of International Trade.
There has been much controversy in the past year about the UK potentially relaxing its food safety standards to strike a deal with the US.
This could include allowing hormone-treated beef and chlorine-washed chicken to be imported from the US.
However, many have hailed the chance of a trade deal as a new chapter for the UK after leaving the EU in January.
British Chambers of Commerce director general Adam Marshall said: “The government has set a high ambition for UK-US talks, and it will be particularly important to get the details right over the coming months to ensure that any prospective agreement delivers tangible benefits to businesses and communities across the UK.
“Companies will welcome the focus on helping more UK SMEs grow their trade with partners in the US, and on finding ways to move goods, people and data across borders between the two countries more smoothly.”


cityam--2020-05-04--The City View podcast, from City A.M., with Michael Spencer

In this episode Christian is joined by billionaire financier and City grandee Michael Spencer .
Spencer urges the government to “ be brave ” in easing the UK out of lockdown – a state of affairs he described as “ agonising ” .
He warns of lasting damage to the British economy and to businesses if we don ’ t get the economy up and running again as soon as possible .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
– Suggests that the Prime Minister ’ @ @ @ @ @ @ @ incline him to a more cautious approach ” to easing the lockdown – Warns that the hospitality sector in particular faces “ a profoundly challenging outlook ” and that it ’ s “ almost impossible to conceive how restaurants can take customers on any commercial basis – if social distancing is maintained ” – Says that the government ’ s economic support measures will see national debt reaching “ eye-watering numbers ” – Stresses the need for a robust free-market response to the economic challenges presented by the global pandemic – Urges the @ @ @ @ @ @ @ for a Brexit deal Read more : The City View podcast , from City A.M. , with Priya Lakhani OBE Read more : The City View podcast , from City A.M. , with Vivienne Artz Read more : The City View podcast , from City A.M. , with Hetan Shah , chief executive of the British Academy Read more : The City View podcast , from City A.M. , with Martin Gilbert Read more : The City View podcast from City A.M. , with Dr Gerard Lyons Read more : The City View @ @ @ @ @ @ @ Miles Celic Read more : The City View podcast from City A.M. , with Dr Gerard Lyons Read more : The City View podcast from City A.M. , with David Buik Read more : The City View , from City A.M. , with Robert Colvile Read more : The City View from City A.M. with Dame Helena Morrissey Read more : The City View from City A.M. , with Jimmy McLoughlin ETX Capital is one of the UK ’ s leading spread betting and CFD trading providers , offering services to retail , @ @ @ @ @ @ @ customers via an award-winning trading platform .
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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 @ @ @ @ @ @ @ investment advisors and do not recommend any instrument of any kind .
Any instruments that are mentioned throughout are cited only for illustrative and educational purposes .

The City View podcast, from City A.M., with Michael Spencer
In this episode Christian is joined by billionaire financier and City grandee Michael Spencer.
Subscribe to The City View Podcast: Apple / Google / Spotify / RSS
Spencer urges the government to “be brave” in easing the UK out of lockdown – a state of affairs he described as “agonising”. He warns of lasting damage to the British economy and to businesses if we don’t get the economy up and running again as soon as possible.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
In a wide-ranging interview, Spencer:
– Suggests that the Prime Minister’s own experience of coronavirus “may incline him to a more cautious approach” to easing the lockdown
– Warns that the hospitality sector in particular faces “a profoundly challenging outlook” and that it’s “almost impossible to conceive how restaurants can take customers on any commercial basis – if social distancing is maintained”
– Says that the government’s economic support measures will see national debt reaching “eye-watering numbers”
– Stresses the need for a robust free-market response to the economic challenges presented by the global pandemic
– Urges the government not to extend the December deadline for a Brexit 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.
Disclaimer: 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--2020-05-04--GE plans to cut up to 13,000 jobs in further blow to US aviation sector

General Electric ( GE ) said today it is planning on cutting the global workforce of its aviation unit by as much as 25 per cent , or up to 13,000 jobs .
The announcement is the latest blow to fall on the beleaguered aviation sector which has been hit hard by the freeze in travel triggered by the coronavirus pandemic .
Last week , Boeing said it would cut 10 per cent of its global workforce , or 16,000 jobs , while British Airways said it was planning on cutting up to 12,000 jobs .
Read more : US @ @ @ @ @ @ @ surprise sell-off The GE Aviation job cuts are part of the $ 3bn ( £2.4bn ) in cost and cash savings announced by the company last month and include previously announced cuts , including a 10 per cent cut to its US workforce announced in March .
GE Aviation chief executive David Joyce told employees today that the “ deep contraction of commercial aviation is unprecedented , affecting every customer worldwide .
Global traffic is expected to be down approximately 80 per cent in the second quarter.
” Over the weekend billionaire investor @ @ @ @ @ @ @ Hathaway had jettisoned all its aviation assets .
Read more : British Airways says it could cut 12,000 jobs as global travel slumps Explaining the decision at Berkshire Hathaway ’ s annual meeting , Buffett said that “ the world had changed ” for the sector .
“ We were not disappointed at all in the businesses that were being run and the management , but we did come to a different opinion on it ” , he added .
“ We will not fund a company [ which ] we think that @ @ @ @ @ @ @ in the future .
”

GE plans to cut up to 13,000 jobs in further blow to US aviation sector
General Electric (GE) said today it is planning on cutting the global workforce of its aviation unit by as much as 25 per cent, or up to 13,000 jobs.
The announcement is the latest blow to fall on the beleaguered aviation sector which has been hit hard by the freeze in travel triggered by the coronavirus pandemic.
Last week, Boeing said it would cut 10 per cent of its global workforce, or 16,000 jobs, while British Airways said it was planning on cutting up to 12,000 jobs.
The GE Aviation job cuts are part of the $3bn (£2.4bn) in cost and cash savings announced by the company last month and include previously announced cuts, including a 10 per cent cut to its US workforce announced in March.
GE Aviation chief executive David Joyce told employees today that the “deep contraction of commercial aviation is unprecedented, affecting every customer worldwide. Global traffic is expected to be down approximately 80 per cent in the second quarter.”
Over the weekend billionaire investor Warren Buffett revealed that his conglomerate Berkshire Hathaway had jettisoned all its aviation assets.
Explaining the decision at Berkshire Hathaway’s annual meeting, Buffett said that “the world had changed” for the sector.
“We were not disappointed at all in the businesses that were being run and the management, but we did come to a different opinion on it”, he added.
“We will not fund a company [which] we think that it is going to chew up money in the future.”


cityam--2020-05-04--Universal credit claims hit 1.8m during coronavirus crisis

The British government received 1.8m Universal Credit benefits claims between 16 March and the end of April , work and pensions minister Therese Coffey said today .
Universal Credit is paid to people in work as well as those who have lost their jobs .
Read more : Coronavirus : US weekly jobless claims at 3.8m as unemployment skyrockets Coffey said the volume of claims was six times the normal rate and that in one week the increase had been tenfold .
She told MPs that 8,000 Department of Work and Pensions staff had been redeployed to process the claims @ @ @ @ @ @ @ than 250,000 claims for Jobseeker ’ s Allowance and more than 20,000 claims for Employment Support Allowance .
“ We ’ ve also issued almost 700,000 advances to claimants who felt that they could not wait for their routine payment and the vast majority of these claimants received money within 72 hours , ” she said .
Separately , HMRC said today that more than a fifth of British workers have been furloughed with £8bn claimed from the government to pay staff wages during the crisis .
Under the coronavirus job retention scheme @ @ @ @ @ @ @ paid 80 per cent of their salary up to £2,500 a month by the government .
Read more : Furlough : When will the job retention scheme end and will it be extended ?
They can not work for their companies during this period .
HMRC said on Twitter that 6.3m workers from 800,000 employers had been furloughed , citing figures up to midnight on Sunday .
That accounts for 23 per cent of Britain ’ s 27.9m employees , according to the most recent labour market data .
The scheme is due @ @ @ @ @ @ @ and is likely to cost the public finances around £39bn , based on an assumption that 30 per cent of employees are enrolled .

Universal credit claims hit 1.8m during coronavirus crisis
The British government received 1.8m Universal Credit benefits claims between 16 March and the end of April, work and pensions minister Therese Coffey said today.
Universal Credit is paid to people in work as well as those who have lost their jobs.
Coffey said the volume of claims was six times the normal rate and that in one week the increase had been tenfold.
She told MPs that 8,000 Department of Work and Pensions staff had been redeployed to process the claims.
Coffey said there have been more than 250,000 claims for Jobseeker’s Allowance and more than 20,000 claims for Employment Support Allowance.
“We’ve also issued almost 700,000 advances to claimants who felt that they could not wait for their routine payment and the vast majority of these claimants received money within 72 hours,” she said.
Separately, HMRC said today that more than a fifth of British workers have been furloughed with £8bn claimed from the government to pay staff wages during the crisis.
Under the coronavirus job retention scheme employers can furlough staff who will be paid 80 per cent of their salary up to £2,500 a month by the government.
They cannot work for their companies during this period.
HMRC said on Twitter that 6.3m workers from 800,000 employers had been furloughed, citing figures up to midnight on Sunday.
That accounts for 23 per cent of Britain’s 27.9m employees, according to the most recent labour market data.
The scheme is due to run until the end of June and is likely to cost the public finances around £39bn, based on an assumption that 30 per cent of employees are enrolled.


cityam--2020-05-04--Well over 80,000 firms apply for ‘bounce back loans’ on first day

UK banks have reported huge demand for “ bounce back loans ” on the first day of the new coronavirus lending scheme , with well over 80,000 of Britain ’ s smallest businesses applying by this afternoon .
The bounce back loan scheme is the latest coronavirus support package for UK firms .
Launched today , it offers the UK ’ s smallest companies loans worth 25 per cent of turnover , up to £50,000 , that are 100 per cent guaranteed by the government .
Chancellor Rishi Sunak announced the lending programme following criticism of the flagship coronavirus business @ @ @ @ @ @ @ Companies said banks were reluctant to lend through CBILS without a full state guarantee .
The 100 per cent state guarantee eases the burden on banks .
Businesses should receive their cash within days of applying to one of the accredited lenders .
Banks reported high demand for the loans today and said they were already releasing money .
The loans are interest-free for the first year with a rate of 2.5 per cent after that .
HSBC said it had received 34,500 applications by 4pm and agreed to lend out £650m .
@ @ @ @ @ @ @ Bank , had received 30,000 by 6pm .
Lloyds said that by 5pm it had taken more than 26,500 applications .
“ For those applying today , we expect the majority of payments to be made tomorrow , ” a Lloyds spokesperson said .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Similarly , Santander said 18,000 small firms had applied for loans by 6pm , resulting in £130m of lending with an average loan size of £30,000 .
It @ @ @ @ @ @ @ £7.5m today .
Barclays said it had approved 6,000 bounce-back loans worth £200m by 2pm .
Hannah Bernard , head of Barclays business banking , said : “ We recognise that getting funds quickly to small and medium-sized enterprises all across the country is a priority right now , as businesses struggle with the impacts of the ongoing Covid-19 crisis.
” The wave of activity stands in contrast to the CBILS scheme , under which the government only guarantees 80 per cent of loans .
By last week , 25,000 loans worth £4.1bn @ @ @ @ @ @ @ had been open since 23 March .
But small firms in particular said they had found themselves shut out from lending due to onerous applications processes and strict criteria .
The bounce back loan scheme is designed to fix these problems , offering a simplified , online application process .
Sunak has said lenders will not need to complete any “ forward-looking viability checks ” .
Read more : Lloyds boss : Coronavirus business loan scheme was ‘ painful ’ and ‘ flawed ’ when launched Commenting on the launch of the scheme @ @ @ @ @ @ @ Mike Cherry said : “ We know many small firms have struggled to secure small loans speedily .
“ We are pleased that the chancellor has listened , and swiftly developed this new scheme for small businesses to access finance quickly , interest-free for the first year and at an affordable fixed interest rate for the remainder .
”

More than 100,000 UK firms apply for ‘bounce back loans’ on first day
The UK’s biggest lenders say their websites have been inundated with requests for coronavirus ‘bounce back loans’
UK banks have reported huge demand for “bounce back loans” on the first day of the new coronavirus lending scheme yesterday, with more than 100,000 of Britain’s smallest businesses applying by this afternoon.
The bounce back loan scheme is the latest coronavirus support package for UK firms. Launched yesterday, it offers the UK’s smallest companies loans worth 25 per cent of turnover, up to £50,000, that are 100 per cent guaranteed by the government.
Chancellor Rishi Sunak announced the lending programme following criticism of the flagship coronavirus business interruption loan scheme (CBILS). Companies said banks were reluctant to lend through CBILS without a full state guarantee.
The 100 per cent state guarantee eases the burden on banks. Businesses should receive their cash within days of applying to one of the accredited lenders.
Banks reported very high demand for the loans and said they were already releasing money. The loans are interest-free for the first year with a rate of 2.5 per cent after that.
HSBC said it had received 34,500 applications by 4pm and agreed to lend out £650m. Natwest, which includes RBS and Ulster Bank, had received 30,000 by 6pm.
Lloyds said that by 5pm it had taken more than 26,500 applications. “For those applying today, we expect the majority of payments to be made tomorrow,” a Lloyds spokesperson said yesterday.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Similarly, Santander said 18,000 small firms had applied for loans by 6pm, resulting in £130m of lending with an average loan size of £30,000. It added that it had already paid out £7.5m today.
Barclays said it had approved 6,000 bounce-back loans worth £200m by 2pm. Hannah Bernard, head of Barclays business banking, said: “We recognise that getting funds quickly to small and medium-sized enterprises all across the country is a priority right now, as businesses struggle with the impacts of the ongoing Covid-19 crisis.”
Bounce back loans contrast with CBILS
The wave of activity stands in contrast to the CBILS scheme, under which the government only guarantees 80 per cent of loans.
By last week, 25,000 loans worth £4.1bn had been made through CBILS after it had been open since 23 March.
But small firms in particular said they had found themselves shut out from lending due to onerous applications processes and strict criteria.
The bounce back loan scheme is designed to fix these problems, offering a simplified, online application process. Sunak has said lenders will not need to complete any “forward-looking viability checks”.
Commenting on the launch of the scheme, Federation of Small Businesses chair Mike Cherry said: “We know many small firms have struggled to secure small loans speedily.
“We are pleased that the chancellor has listened, and swiftly developed this new scheme for small businesses to access finance quickly, interest-free for the first year and at an affordable fixed interest rate for the remainder.”


cityam--2020-05-04--Private equity funds set to target Aim-listed firms

Private equity funds are expected to target Aim-listed companies once lockdown has eased and dealmaking is resumed .
The number of private equity-backed deals for Aim companies trebled in the past 12 months .
PE funds bought and took 12 companies private in 2019/20 , compared to just four deals in the previous year ended 31 March .
Aim is a sub-market of the London Stock Exchange for smaller growing companies , from early stage , venture-capital backed firms to more established companies .
If the coronavirus crisis continues to cause a market dislocation , there could be a repeat @ @ @ @ @ @ @ advantage of low Aim company valuations to launch acquisition sprees .
Accountancy firm BDO said PE funds have become more comfortable with acquiring Aim firms since the global financial crisis .
It is in part because the market has improved its reputation on governance , and it has become home to larger and more profitable companies .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
John Stephan , M & A partner at BDO , says : “ Aim received @ @ @ @ @ @ @ over the last 12 months .
A lot more funds have become comfortable with public-to-private deals for junior market companies as Aim ’ s reputation for bigger , higher-quality companies has grown.
” The value of take-private deals of Aim firms hit £1.1bn in the past 12 months .
Among these , was Basalt Infrastructure Partners ’ £255m takeover of broadband and telecoms firm Manx Telecom in May 2019 .
Additionally , as inflows have risen since 2008 , funds are looking to deploy capital urgently .
For now , there will likely @ @ @ @ @ @ @ the economy navigates the coronavirus crisis and funds wait for the end of lockdown to resume dealmaking .
Read more : Private equity activity reaches new peak but firms brace for difficult year Additionally , many GPs will turn their attention to protecting their portfolio companies , which could drag activity down to levels not seen since 2008 .
BDO predicts that deal activity for Aim-listed firms will pick up quicker than for private companies .
This is because listed companies have seen a much sharper and more visible fall in their valuations @ @ @ @ @ @ @ as it happens by following City A.M. on Twitter .

Private equity funds set to target Aim-listed firms
Private equity funds are expected to target Aim-listed companies once lockdown has eased and dealmaking is resumed.
The number of private equity-backed deals for Aim companies trebled in the past 12 months. PE funds bought and took 12 companies private in 2019/20, compared to just four deals in the previous year ended 31 March.
Aim is a sub-market of the London Stock Exchange for smaller growing companies, from early stage, venture-capital backed firms to more established companies.
If the coronavirus crisis continues to cause a market dislocation, there could be a repeat of previous cycles when PE funds took advantage of low Aim company valuations to launch acquisition sprees.
Accountancy firm BDO said PE funds have become more comfortable with acquiring Aim firms since the global financial crisis. It is in part because the market has improved its reputation on governance, and it has become home to larger and more profitable companies.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
John Stephan, M&A partner at BDO, says: “Aim received a lot of attention from private equity over the last 12 months. A lot more funds have become comfortable with public-to-private deals for junior market companies as Aim’s reputation for bigger, higher-quality companies has grown.”
The value of take-private deals of Aim firms hit £1.1bn in the past 12 months. Among these, was Basalt Infrastructure Partners’ £255m takeover of broadband and telecoms firm Manx Telecom in May 2019.
Additionally, as inflows have risen since 2008, funds are looking to deploy capital urgently. For now, there will likely be a drop off in deals while the economy navigates the coronavirus crisis and funds wait for the end of lockdown to resume dealmaking.
Additionally, many GPs will turn their attention to protecting their portfolio companies, which could drag activity down to levels not seen since 2008.
BDO predicts that deal activity for Aim-listed firms will pick up quicker than for private companies. This is because listed companies have seen a much sharper and more visible fall in their valuations than private companies.
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cityam--2020-05-04--TfL should increase fares to promote social distancing, says think tank

Transport for London ( TfL ) should increase fare prices at peak times once the coronavirus lockdown is eased , according to one of the country ’ s top think tanks .
The Institute for Fiscal Studies ( IFS ) released a new report today , suggesting measures such as increased fare prices would act as a disincentive for people catching public transport once workplaces begin to open .
The report also suggests that companies who encourage employees to work from home should receive government subsidies and that London should keep its congestion charge shelved to encourage more people to @ @ @ @ @ @ @ congestion charge was put on hold indefinitely by mayor of London Sadiq Khan last month .
Boris Johnson will set out the government ’ s plan to ease lockdown on Sunday , with some sectors expected to return to work at the end of the month .
Construction , and other industries where work can not be done from home , will be among the first worksites to open .
IFS deputy director Robert Joyce said : “ More than ever the government needs to mitigate uncertainty wherever possible , promote and share @ @ @ @ @ @ @ workers to jobs .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
“ It needs to adjust policy to incentivise newly desirable behaviours like home working and avoiding public transport at peak hours .
And it needs a transparent and principled stance on supporting industry which will stop it falling victim to special pleading.
” A spokesperson for Khan said the easing of social distancing restrictions would pose “ serious challenges around maintaining social distancing ” .
“ City Hall @ @ @ @ @ @ @ the government to understand how the restrictions may be lifted , ” they said .
“ This will dictate how many people can be safely carried on our services and the extent to which mitigating measures , including re-timing journeys to spread demand out of peak times and managing stations differently , will be needed .
“ Continued working at home for everyone where possible will be absolutely essential , alongside other major changes to people ’ s routines including staggered shift and opening hours , additional restrictions on the use of the @ @ @ @ @ @ @ ensure we get substantially more people walking and cycling.
” Downing Street ’ s plan is to slowly open up the economy , while keeping the reproduction rate , R , of the coronavirus outbreak to below one .
Read more : Coronavirus lockdown : Office workers to be last to return to work If the reproduction rate is one then it means every coronavirus carrier will infect one other person .
Chief scientific officer Sir Patrick Vallance said on Thursday that the UK ’ s R was between 0.6 and 0.9 , @ @ @ @ @ @ @ the start of the outbreak .

TfL should increase fares to promote social distancing, says think tank
People, some wearing face masks walk past Elephant and Castle underground station on April 22, 2020
Transport for London (TfL) should increase fare prices at peak times once the coronavirus lockdown is eased, according to one of the country’s top think tanks.
The Institute for Fiscal Studies (IFS) released a new report today, suggesting measures such as increased fare prices would act as a disincentive for people catching public transport once workplaces begin to open.
The report also suggests that companies who encourage employees to work from home should receive government subsidies and that London should keep its congestion charge shelved to encourage more people to avoid busy public transport networks.
The congestion charge was put on hold indefinitely by mayor of London Sadiq Khan last month.
Boris Johnson will set out the government’s plan to ease lockdown on Sunday, with some sectors expected to return to work at the end of the month.
Construction, and other industries where work cannot be done from home, will be among the first worksites to open.
IFS deputy director Robert Joyce said: “More than ever the government needs to mitigate uncertainty wherever possible, promote and share innovation and help smooth the matching of workers to jobs.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
“It needs to adjust policy to incentivise newly desirable behaviours like home working and avoiding public transport at peak hours. And it needs a transparent and principled stance on supporting industry which will stop it falling victim to special pleading.”
A spokesperson for Khan said the easing of social distancing restrictions would pose “serious challenges around maintaining social distancing”.
“City Hall and TfL continue to work closely with the government to understand how the restrictions may be lifted,” they said.
“This will dictate how many people can be safely carried on our services and the extent to which mitigating measures, including re-timing journeys to spread demand out of peak times and managing stations differently, will be needed.
“Continued working at home for everyone where possible will be absolutely essential, alongside other major changes to people’s routines including staggered shift and opening hours, additional restrictions on the use of the public transport, and bold measures that ensure we get substantially more people walking and cycling.”
Downing Street’s plan is to slowly open up the economy, while keeping the reproduction rate, R, of the coronavirus outbreak to below one.
If the reproduction rate is one then it means every coronavirus carrier will infect one other person.
Chief scientific officer Sir Patrick Vallance said on Thursday that the UK’s R was between 0.6 and 0.9, after being as high as three at the start of the outbreak.


cityam--2020-05-04--Coronavirus 'test, track and trace' app trial launches tomorrow

The Isle of Wight will trial the UK ’ s coronavirus “ test , track and trace ” app from tomorrow , health secretary Matt Hancock has confirmed .
Hancock said that health workers will begin to pilot the app on the island tomorrow , before extending it to all 140,000 islanders later this week .
Read more : Coronavirus testing and tracing app to start Isle of Wight trial The health secretary said the app would supplement the country ’ s social distancing restrictions in the fight against Covid-19 .
“ It ’ s primarily the social distancing measures @ @ @ @ @ @ @ will flatten the curve [ of infections ] and now we can see the curve is going down , ” he said .
“ The goal is to keep the number of new infections coming down and bring in the test , track and trace app at a point , which we will do from tomorrow on the Isle of Wight and then by rolling out to the rest of the country we will get those numbers down.
” Hancock said that the app would utilise bluetooth technology to log users ’ contact @ @ @ @ @ @ @ be asked to install the app and once they ’ ve done that it will log the distance between your phone and other phones with the app nearby , ” Hancock said .
“ Other app users you ’ ve had significant contact with in the last few days will be sent an alert [ if you have Covid-19 symptoms ] by the NHS along with advice on what to do .
“ A test ordering function will then be built in .
”

Coronavirus ‘test, track and trace’ app trial launches tomorrow
A man wearing PPE (personal protective equipment), including a face mask as a precautionary measure walks past a customer waiting to enter a recently re-opened Pret-A-Manger
The Isle of Wight will trial the UK’s coronavirus “test, track and trace” app from tomorrow, health secretary Matt Hancock has confirmed.
Hancock said that health workers will begin to pilot the app on the island tomorrow, before extending it to all 140,000 islanders later this week.
The health secretary said the app would supplement the country’s social distancing restrictions in the fight against Covid-19.
“It’s primarily the social distancing measures we’ve taken so far that will flatten the curve [of infections] and now we can see the curve is going down,” he said.
“The goal is to keep the number of new infections coming down and bring in the test, track and trace app at a point, which we will do from tomorrow on the Isle of Wight and then by rolling out to the rest of the country we will get those numbers down.”
Hancock said that the app would utilise bluetooth technology to log users’ contact with other people.
“Islanders will be asked to install the app and once they’ve done that it will log the distance between your phone and other phones with the app nearby,” Hancock said.
“Other app users you’ve had significant contact with in the last few days will be sent an alert [if you have Covid-19 symptoms] by the NHS along with advice on what to do.
“A test ordering function will then be built in.”


cityam--2020-05-04--US factory orders plunged 10.3 per cent in March

Orders for US-made goods plunged 10.3 per cent in March , and could fall further as coronavirus shutters the economy .
The US Department of Commerce said factory orders declined 10.3 per cent , as coronavirus lockdown measures began to shut down the economy .
Read more : Stocks sink as US manufacturing shrinks at ‘ unprecedented rate ’ The steeper than expected fall in orders came as orders for both durable and non-durable goods fell .
Durable goods orders plunged 14.7 per cent , while orders for nondurable goods fell 5.8 per cent .
It is further confirmation that @ @ @ @ @ @ @ economy .
Last week , figures showed that US factories ’ output slumped to 36.1 in April .
Anything below 50 represents a contraction .
The fall represents the lowest reading in 11 years , driven by the steepest decline in manufacturing output on record .
Additionally , US GDP shrank at an annualised rate of 4.8 per cent in the January to March period , worse than economists had expected .
The coming recession – technically two quarters of contraction – will bring to an end more than ten years of growth @ @ @ @ @ @ @ 2.1 per cent in the final quarter of 2019 .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
US stocks faced a difficult start to trading after US President Donald Trump stoked tensions with China over coronavirus , adding to the economic uncertainty .
The Dow Jones sank into the red , shedding close to 220 points to 23,506 points , with investors concerned Trump is looking to blame China for the pandemic , which could worsen the economic outlook @ @ @ @ @ @ @ Spreadex , said : “ How the US indices perform across the rest of the session will likely be dependent on whether Donald Trump or one of his cronies lobs any more verbal grenades towards China on the topic of tariffs or lab-grown virus conspiracies.
” The S & P 500 index edged down 0.35 per cent , while the Nasdaq Composite was up 0.46 per cent .
Read more : US economy shrinks at fastest pace since financial crisis Sentiment was also dented by investor Warren Buffet ’ s admission that he @ @ @ @ @ @ @ s shares in US airline stocks .
Delta , United and American Airlines each tumbled around eight per cent in early trading .
Alaska Air Group fell more than seven per cent .
Get the news as it happens by following City A.M. on Twitter .

US factory orders plunged 10.3 per cent in March
Orders for US-made goods plunged 10.3 per cent in March, and could fall further as coronavirus shutters the economy.
The US Department of Commerce said factory orders declined 10.3 per cent, as coronavirus lockdown measures began to shut down the economy.
The steeper than expected fall in orders came as orders for both durable and non-durable goods fell. Durable goods orders plunged 14.7 per cent, while orders for nondurable goods fell 5.8 per cent.
It is further confirmation that the coronavirus pandemic has shuttered the US economy. Last week, figures showed that US factories’ output slumped to 36.1 in April. Anything below 50 represents a contraction.
The fall represents the lowest reading in 11 years, driven by the steepest decline in manufacturing output on record.
Additionally, US GDP shrank at an annualised rate of 4.8 per cent in the January to March period, worse than economists had expected.
The coming recession – technically two quarters of contraction – will bring to an end more than ten years of growth in the US. GDP had increased 2.1 per cent in the final quarter of 2019.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
US stocks drop on economic uncertainty
US stocks faced a difficult start to trading after US President Donald Trump stoked tensions with China over coronavirus, adding to the economic uncertainty. The Dow Jones sank into the red, shedding close to 220 points to 23,506 points, with investors concerned Trump is looking to blame China for the pandemic, which could worsen the economic outlook.
Connor Campbell, financial analyst at Spreadex, said: “How the US indices perform across the rest of the session will likely be dependent on whether Donald Trump or one of his cronies lobs any more verbal grenades towards China on the topic of tariffs or lab-grown virus conspiracies.”
The S&P 500 index edged down 0.35 per cent, while the Nasdaq Composite was up 0.46 per cent.
Sentiment was also dented by investor Warren Buffet’s admission that he had sold all of Berkshire Hathaway’s shares in US airline stocks. Delta, United and American Airlines each tumbled around eight per cent in early trading. Alaska Air Group fell more than seven per cent.
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cityam--2020-05-05--Rishi Sunak considers 60 per cent wage cut for furloughed staff

As part of a review of the job retention scheme , the government is reportedly considering cutting the 80 per cent wage subsidy to 60 per cent for furloughed staff .
The job retention scheme sees the government pay 80 per cent of wages , up to £2,500 a month , to 6.3m furloughed workers .
Read more : Rishi Sunak : No ‘ cliff edge ’ to job retention scheme However , chancellor Rishi Sunak is looking to “ wind down ” the scheme gradually over the next few months .
One option is to reduce the current subsidy @ @ @ @ @ @ @ small reductions to follow , according to the Evening Standard .
Another option being considered is to allow some furloughed staff to work but with a smaller subsidy for the taxpayer .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
On Monday , Sunak said there would be no sudden cliff edge in June , when the support is due to stop .
He said he is looking at the best way to phase the furlough scheme out and get @ @ @ @ @ @ @ other business groups have urged the Treasury to extend or amend the scheme as worries mount that it could cause mass redundancies .
Speaking to ITV last night , the chancellor said : “ To anyone who is anxious about this , I want to give them reassurance that there will be no cliff edge to the furlough scheme ” .
“ I ’ m working as we speak to figure out the most effective way to wind down the scheme and ease people back to work in a measured way.
” Read @ @ @ @ @ @ @ cent state-backed ‘ bounce back loans ’ for small businesses However , he said the government would spend as much on the furloughing scheme as it does on the NHS without changes .
“ “ Clearly that is not a sustainable situation , which is why as soon as the time is right we want to get people back to work , get the economy fired up again , ” he said .
Get the news as it happens by following City A.M. on Twitter .

Rishi Sunak considers cutting furlough pay to 60 per cent of wages
(Photo by Peter Summers/Getty Images)
As part of a review of the job retention scheme, the government is reportedly considering cutting the 80 per cent wage subsidy to 60 per cent for furloughed staff.
The job retention scheme sees the government pay 80 per cent of wages, up to £2,500 a month, to 6.3m furloughed workers.
However, chancellor Rishi Sunak is looking to “wind down” the scheme gradually over the next few months. One option is to reduce the current subsidy to 60 per cent, with further small reductions to follow, according to the Evening Standard.
Another option being considered is to allow some furloughed staff to work but with a smaller subsidy for the taxpayer.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
On Monday, Sunak said there would be no sudden cliff edge in June, when the support is due to stop. He said he is looking at the best way to phase the furlough scheme out and get people back to work.
Labour and other business groups have urged the Treasury to extend or amend the scheme as worries mount that it could cause mass redundancies.
Speaking to ITV last night, the chancellor said: “To anyone who is anxious about this, I want to give them reassurance that there will be no cliff edge to the furlough scheme”.
“I’m working as we speak to figure out the most effective way to wind down the scheme and ease people back to work in a measured way.”
However, he said the government would spend as much on the furloughing scheme as it does on the NHS without changes.
““Clearly that is not a sustainable situation, which is why as soon as the time is right we want to get people back to work, get the economy fired up again,” he said.
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cityam--2020-05-05--London coronavirus cases: How many infections are in your London borough?

The number of confirmed coronavirus cases in London hit 24,988 yesterday , with Croydon the worst affected borough .
Figures released by Public Health England last night showed that the borough had recorded 1,394 confirmed Covid-19 cases as of yesterday , while Brent has had 1,364 .
Read more : Coronavirus : NHS contact-tracing app trial launched on Isle of Wight Barnet and Southwark have recorded 1,219 and 1,212 positive tests respectively .
Lambeth has had the fifth most London coronavirus cases with 1,151 .
The capital has had about 13 per cent of the UK ’ s 190,584 confirmed @ @ @ @ @ @ @ the UK to have died of coronavirus has now reached 28,734 .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Sign up to City A.M. ’ s Midday Update newsletter , delivered to your inbox every lunchtime England and Wales ’ weekly death toll falls for first time The total number of deaths in England and Wales decreased week-on-week last week for the first time since the start of the UK ’ s coronavirus lockdown .
England and Wales recorded @ @ @ @ @ @ @ 24 April , Office for National Statistics ( ONS ) figures revealed .
Read more : Coronavirus : England and Wales death toll falls for first time since lockdown began That is a decline of 354 deaths compared to the previous week .
And it is the first time deaths have fallen since 20 March .
However , the figure is 11,500 deaths higher than the five-year average death toll for England and Wales .
Many experts have said that the best way to measure the amount of Covid-19 deaths in the UK @ @ @ @ @ @ @ excess deaths during the period .
Coronavirus app launched in the Isle of Wight The government ’ s “ test , track and trace ” app was rolled out today to health workers and council staff in the Isle of Wight as a part of its trial .
The app will be released to all 140,000 islanders later this week , with a view to have it operational UK-wide by the end of the month .
The app , which has been launched on Apple and Google stores , will use Bluetooth to @ @ @ @ @ @ @ each other for a certain amount of time .
If one of these people later experiences symptoms of coronavirus , the app will inform the other and advise them on what action to take , including self-isolation .
Read more : Coronavirus testing and tracing app to start Isle of Wight trial Health secretary Matt Hancock yesterday said the technology would supplement existing social distancing measures .
“ It ’ s primarily the social distancing measures we ’ ve taken so far that will flatten the curve [ of infections ] and now @ @ @ @ @ @ @ down , ” he said .
“ The goal is to keep the number of new infections coming down and bring in the test , track and trace app at a point , which we will do from tomorrow on the Isle of Wight and then by rolling out to the rest of the country we will get those numbers down .
”

How many Covid-19 infections are there in your London borough?
London has seen a sharp drop in the number of recorded coronavirus cases over the past few days, after figures released on Friday showed the capital currently has the lowest R rate in the country.
A further 629 cases were recorded in the past 24 hours, taking the total number of positive tests in London since the start of the pandemic to 697,278.
It marks a significant drop since a record 19,871 daily cases were recorded on 29 December, as lockdown measures continue to drive down infections.
Several areas in the capital have seen case numbers drop threefold over the past fortnight, which in turn has pushed down the spread of infection.
Most boroughs in the capital now have a seven-day rate below 100 new cases per 100,000, but that figure is below 50 in some areas in central London.
Twenty-nine London borough areas, including the whole of east London which was hardest hit by the second wave, have a seven-day case rate below 100 new confirmed cases per 100,000.
Meanwhile, Southwark, Westminster, Camden, Kensington and Chelsea all recorded seven-day rates below 50. Lewisham saw the lowest case rate in the capital in the week to 24 February, with an average of 43 people infected per 100,000 population.
Meanwhile, Ealing currently has the highest case rate, with 123 cases per 100,000, followed by Hounslow at 115 and Hillingdon on 97.
Health chiefs have said all London boroughs need to get below a case rate of 100 before restrictions can begin to be lifted, starting with the reopening of schools on 8 March.
It comes after figures released last Friday showed London’s R rate remains at a best estimate of 0.6 to 0.8 — the lowest in the country, alongside the east of England and the South West.
The figure means infections may be falling anywhere between five and eight per cent each day.
However, separate figures released last week showed the percentage of people testing positive for coronavirus in London remains the highest of any English region.
Data published by the Office for National Statistics (ONS) showed around 1 in 63 Londoners were infected with the virus last week.
That compares to an estimated 1 in 80 people who contracted the virus in England as a whole in the week to 6 February, according to ONS figures.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
London coronavirus cases by borough (in alphabetical order)
Data sourced from Public Health England, accurate as of 4pm on Tuesday 2 March
Boroughs Rate of infection per 100,000 people in last 7 days Total confirmed cases since start of pandemic Barking and Dagenham 86 22,925 Barnet 75 29,569 Bexley 58 21,812 Brent 91 27,577 Bromley 48 23,857 Camden 42 13,683 Croydon 73 30,213 Ealing 123 29,807 Enfield 48 29,217 Greenwich 55 21,769 Hackney and City of London 57 21,234 Hammersmith and Fulham 76 12,564 Haringey 58 20,345 Harrow 95 19,917 Havering 65 26,383 Hillingdon 97 25,287 Hounslow 115 23,817 Islington 43 14,574 Kensington and Chelsea 43 8,643 Kingston upon Thames 47 11,764 Lambeth 49 23,625 Lewisham 39 21,226 Merton 79 15,719 Newham 61 34,574 Redbridge 72 31,965 Richmond upon Thames 55 10,430 Southwark 42 21,947 Sutton 80 15,509 Tower Hamlets 53 28,074 Waltham Forest 52 24,325 Wandsworth 63 21,377 Westminster 41 13,577
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cityam--2020-05-05--Recipe box firm Hello Fresh hikes full-year guidance amid coronavirus lockdown boom

Recipe box firm Hello Fresh has hiked its full-year guidance following a surge in demand in the first quarter of the year as customers ordered deliveries during the coronavirus pandemic .
Expected group revenue growth is expected to be between 40 per cent to 55 per cent , from a previous estimate of 22 per cent to 27 per cent .
Hello Fresh ’ s forecast for adjusted earnings before interest , tax , depreciation and amortisation ( ebitda ) margin is now six per cent to 10 per cent .
Previously it expected it to be four per cent @ @ @ @ @ @ @ currently ongoing global Covid-19 pandemic and the emerging recessionary environment create a significant level of economic uncertainty and therefore also result in a higher than usual risk for Hello Fresh to deviate from any outlook provided , ” the German company said .
“ However , given the company ’ s performance in the first quarter of 2020 , it will adjust its full year 2020 outlook.
” The number of active customers jumped 68.4 per cent to 4.18m in the first three months of 2020 compared to the previous year .
Revenue @ @ @ @ @ @ @ the company delivered more than 111m meals to customers during the first quarter .
Hello Fresh reported group Ebitda of €63.1m .
Strong trading has continued into the second quarter , with revenue and ebitda margins “ meaningfully above ” the first quarter .
Read more : Hello Fresh reports soaring customer numbers in first quarter Hello Fresh co-founder and chief executive Dominik Richter said : “ On top of our already very strong first two months of the year , our meals have attracted significant additional demand in the second half of @ @ @ @ @ @ @ all of our markets in short order .
“ Especially in those times , it makes us proud that we were able to deliver 111m meals to families throughout the world , allowing them to enjoy incredible home-cooked meals from the safety of their homes at a very affordable price point .
”

Recipe box firm Hello Fresh hikes full-year guidance amid coronavirus lockdown boom
Recipe box firm Hello Fresh has hiked its full-year guidance following a surge in demand in the first quarter of the year as customers ordered deliveries during the coronavirus pandemic.
Expected group revenue growth is expected to be between 40 per cent to 55 per cent, from a previous estimate of 22 per cent to 27 per cent.
Hello Fresh’s forecast for adjusted earnings before interest, tax, depreciation and amortisation (ebitda) margin is now six per cent to 10 per cent. Previously it expected it to be four per cent to 5.5 epr cent.
“The currently ongoing global Covid-19 pandemic and the emerging recessionary environment create a significant level of economic uncertainty and therefore also result in a higher than usual risk for Hello Fresh to deviate from any outlook provided,” the German company said.
“However, given the company’s performance in the first quarter of 2020, it will adjust its full year 2020 outlook.”
The number of active customers jumped 68.4 per cent to 4.18m in the first three months of 2020 compared to the previous year.
Revenue soared 66.4 per cent to €699.1m as the company delivered more than 111m meals to customers during the first quarter. Hello Fresh reported group Ebitda of €63.1m.
Strong trading has continued into the second quarter, with revenue and ebitda margins “meaningfully above” the first quarter.
Hello Fresh co-founder and chief executive Dominik Richter said: “On top of our already very strong first two months of the year, our meals have attracted significant additional demand in the second half of March, as the global pandemic hit all of our markets in short order.
“Especially in those times, it makes us proud that we were able to deliver 111m meals to families throughout the world, allowing them to enjoy incredible home-cooked meals from the safety of their homes at a very affordable price point.”


cityam--2020-05-05--Watch: London's 1945 VE Celebrations

Watch: London's 1945 VE Celebrations

Londoners may not be packing the streets for the 75th anniversary of VE Day this Friday , but the capital @ @ @ @ @ pulled together compelling footage of the first to give a flavour of the original celebrations @ @ @ @ @ Archives , a network of more than 70 heritage and history organisations across the capital @ @ @ @ @ archival footage of the 1945 celebration and have made it available to the public ahead @ @ @ @ @ include original footage of celebrations in Trafalgar Square and across London .
Adrian Wootton OBE @ @ @ @ @ London ( who oversee the London Screen Archives ) and the British Film Commission , @ @ @ @ @ is a significant marker that shapes our history , with the service and sacrifice made @ @ @ @ @ the current spirit and solidarity of our society as we navigate present-day challenges .
I @ @ @ @ @ this special collection , we are able to help bring that historic moment to life @ @ @ @ @ our capital ’ s celebrations .
”

Watch: London’s 1945 VE Celebrations
Londoners may not be packing the streets for the 75th anniversary of VE Day this Friday, but the capital’s screen archivists have pulled together compelling footage of the first to give a flavour of the original celebrations.
London’s Screen Archives, a network of more than 70 heritage and history organisations across the capital, have found reams of archival footage of the 1945 celebration and have made it available to the public ahead of the anniversary.
Videos include original footage of celebrations in Trafalgar Square and across London.
Adrian Wootton OBE, Chief Executive of Film London (who oversee the London Screen Archives) and the British Film Commission, said: “VE Day is a significant marker that shapes our history, with the service and sacrifice made by so many reflected in the current spirit and solidarity of our society as we navigate present-day challenges. I’m delighted that through this special collection, we are able to help bring that historic moment to life and share once again in our capital’s celebrations.”


cityam--2020-05-05--Sky launches £1m advertising fund for small businesses

Sky has today launched a £1m fund that will provide free TV advertising campaigns to 100 small businesses hit by the coronavirus crisis .
The scheme is available to small and medium sized businesses that have been running for at least a year in the UK with up to 50 full-time employees .
Companies can nominate themselves or be put forward by their customers .
Read more : Sky donates £500,000 to emergency coronavirus film and TV fund The advertising will be delivered through Sky ’ s Adsmart platform , which allows brands to show different adverts to different households @ @ @ @ @ @ @ such as location , demographic and lifestyle .
Sky Media , the group ’ s ad sales arm , said it will look to reward firms showing “ true resolve and ingenuity ” to keep their businesses running during the downturn .
“ Businesses up and down the country are facing some of the hardest trading conditions in recent memory , ” said David Sanderson , director of Adsmart local & development at Sky Media .
“ We know that although there are economic slowdowns people are still spending money and we want @ @ @ @ @ @ @ .
This initiative is about giving businesses confidence in advertising and their ability to succeed no matter the situation.
” The scheme , which is open to firms that have not advertised on TV in the last 12 months , will allow brands to create a 30-second TV ad that will be aired across more than 100 channels .
The production of the ads will be supported by local creative agencies , as well as through a deal with Shutterstock , which will provide free access to images , video and music .
@ @ @ @ @ @ @ “ This government is fully committed to supporting SMEs through this challenging time , with £12.3bn in grants and 100 per cent government guaranteed loans of up to £50,000 through our bounce back loans scheme .
“ However , we all have a role to play in the national response to Covid-19 , so I welcome Sky ’ s announcement today , releasing a £1m Adsmart fund to provide SMEs with free TV advertising campaigns.
” The move comes even as broadcasters have seen their advertising revenue dry up during the coronavirus crisis @ @ @ @ @ @ @ Sky posted advertising revenue of $ 513m ( £412m ) , down 13.5 per cent on the same period last year .

Sky launches £1m advertising fund for small businesses
Sky has today launched a £1m fund that will provide free TV advertising campaigns to 100 small businesses hit by the coronavirus crisis.
The scheme is available to small and medium sized businesses that have been running for at least a year in the UK with up to 50 full-time employees. Companies can nominate themselves or be put forward by their customers.
The advertising will be delivered through Sky’s Adsmart platform, which allows brands to show different adverts to different households during the same programme based on factors such as location, demographic and lifestyle.
Sky Media, the group’s ad sales arm, said it will look to reward firms showing “true resolve and ingenuity” to keep their businesses running during the downturn.
“Businesses up and down the country are facing some of the hardest trading conditions in recent memory,” said David Sanderson, director of Adsmart local & development at Sky Media.
“We know that although there are economic slowdowns people are still spending money and we want to help brands connect to these audiences. This initiative is about giving businesses confidence in advertising and their ability to succeed no matter the situation.”
The scheme, which is open to firms that have not advertised on TV in the last 12 months, will allow brands to create a 30-second TV ad that will be aired across more than 100 channels.
The production of the ads will be supported by local creative agencies, as well as through a deal with Shutterstock, which will provide free access to images, video and music.
Small business minister Paul Scully said: “This government is fully committed to supporting SMEs through this challenging time, with £12.3bn in grants and 100 per cent government guaranteed loans of up to £50,000 through our bounce back loans scheme.
“However, we all have a role to play in the national response to Covid-19, so I welcome Sky’s announcement today, releasing a £1m Adsmart fund to provide SMEs with free TV advertising campaigns.”
The move comes even as broadcasters have seen their advertising revenue dry up during the coronavirus crisis.
In the first quarter, Comcast-owned Sky posted advertising revenue of $513m (£412m), down 13.5 per cent on the same period last year.


cityam--2020-05-05--Qantas halts plans for non-stop flights to London and New York

Australian airline Qantas has suspended plans to commence record-breaking non-stop flights to London and New York due to disruption caused by coronavirus .
It was reported that the carrier has made the decision to delay the so-called “ Project Sunrise ” , which was due to launch in 2023 , for an indefinite period .
Read more : Ryanair flies just 40,000 people in April as demand evaporates As a result , the airline has also dropped plans to buy 12 of Airbus ’ SE A350 planes , which are capable of completing the mammoth trips .
Chief executive Alan @ @ @ @ @ @ @ likely to take years to recover from the damage done by the pandemic .
Currently , Qantas is operating at five per cent of its pre-crisis domestic levels and one per cent of its international levels , with existing flight cancellations to be extended to the end of June .
This means that the 25,000 staff that the airline has stood down will remain so until the end of June at the earliest .
The carrier has taken additional steps to strengthen its financial position , securing AU $ 550m ( £284m ) @ @ @ @ @ @ @ .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
With AU $ 1.05bn already secured in March , Joyce said that Qantas was in “ a very strong position ” to ride out the crisis : “ Our ability to withstand this crisis and its aftermath is only possible because we ’ re tapping into a balance sheet that has taken years to build ” .
Rival carrier Virgin Australia entered administration last month as due to the combination of @ @ @ @ @ @ @ Joyce said that there was hope that some flights to New Zealand might be possible soon due to both countries ’ impressive handling of the virus .
New Zealand ’ s prime minister Jacinta Ardern said that the two nations were discussing a “ travel bubble ” between them .
The island nation has only had 1,500 confirmed cases of the disease , and 20 deaths , while Australia has suffered 7,000 cases and 96 deaths .
Read more : US airline stocks buffeted by Warren ’ s surprise sell-off Joyce said : @ @ @ @ @ @ @ of flattening the curve and we ’ re optimistic that domestic travel will start returning earlier than first thought , but we clearly won ’ t be back to pre-coronavirus levels anytime soon .
“ With the possible exception of New Zealand , international travel demand could take years to return to what it was ” .

Qantas halts plans for non-stop flights to London and New York
Australian airline Qantas has suspended plans to commence record-breaking non-stop flights to London and New York due to disruption caused by coronavirus.
It was reported that the carrier has made the decision to delay the so-called “Project Sunrise”, which was due to launch in 2023, for an indefinite period.
As a result, the airline has also dropped plans to buy 12 of Airbus’ SE A350 planes, which are capable of completing the mammoth trips.
Chief executive Alan Joyce said that international travel demand was likely to take years to recover from the damage done by the pandemic.
Currently, Qantas is operating at five per cent of its pre-crisis domestic levels and one per cent of its international levels, with existing flight cancellations to be extended to the end of June.
This means that the 25,000 staff that the airline has stood down will remain so until the end of June at the earliest.
The carrier has taken additional steps to strengthen its financial position, securing AU$550m (£284m) in funding against three of its aircraft.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
With AU$1.05bn already secured in March, Joyce said that Qantas was in “a very strong position” to ride out the crisis:
“Our ability to withstand this crisis and its aftermath is only possible because we’re tapping into a balance sheet that has taken years to build”.
Rival carrier Virgin Australia entered administration last month as due to the combination of the crisis and its debt pile.
Joyce said that there was hope that some flights to New Zealand might be possible soon due to both countries’ impressive handling of the virus.
New Zealand’s prime minister Jacinta Ardern said that the two nations were discussing a “travel bubble” between them.
The island nation has only had 1,500 confirmed cases of the disease, and 20 deaths, while Australia has suffered 7,000 cases and 96 deaths.
Joyce said: “Australia has done an amazing job of flattening the curve and we’re optimistic that domestic travel will start returning earlier than first thought, but we clearly won’t be back to pre-coronavirus levels anytime soon.
“With the possible exception of New Zealand, international travel demand could take years to return to what it was”.


cityam--2020-05-05--FTSE 100 rises as Europe eases coronavirus lockdowns

The FTSE 100 has risen as investors hope that economies will start to heal as countries and states lift coronavirus restrictions .
Britain ’ s FTSE 100 index was 1.2 per cent higher shortly before midday at 5,824 points .
It had fallen 0.2 per cent yesterday .
The mid-cap FTSE 250 index rose one per cent .
Read more : Coronavirus : Global trust in government surges to record high European markets also rose after tumbling yesterday .
The pan-European Stoxx 600 was up 1.3 per cent .
Germany ’ s Dax was 1.3 per cent higher and France @ @ @ @ @ @ @ cent .
In the US , futures prices pointed to rises of 0.9 per cent for the Dow Jones and S & P 500 .
Both climbed yesterday as many US states planned to lift lockdown measures .
Oil prices have risen for the fifth day in a row .
They have been buoyed by hopes that storage space is freeing up and that demand will return as economies reopen Brent crude rose eight per cent to $ 29.30 per barrel .
WTI , the US benchmark , rose 10 per cent to @ @ @ @ @ @ @ ’ s a growing sense that the worst for the global economy is right now while lockdowns are in place and coronavirus treatments are unproven , ” said Jasper Lawler , head of research at London Capital Group .
“ It follows that it only gets better from here as lockdowns ease and treatments are found.
” The oil price rebound helped the FTSE 100 , with BP and Shell both up four per cent .
Energy groups and miners did well on hopes that demand will start to pick up .
Ryanair @ @ @ @ @ @ @ passenger numbers , after it said things will improve in the coming months .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Markets shrugged off data out today which showed UK car sales plunged 97 per cent in April .
“ It is hard to be a raging pessimist when lockdowns are lifting in the next few weeks , ” said Stephen Innes , chief global market strategist at Axicorp .
Italy and Spain , two of the worst-hit countries @ @ @ @ @ @ @ to relax curbs .
In Asia , India and Thailand are easing some measures this week .
California , an economic powerhouse , said it might allow some lower-risk businesses to open as soon as Friday .
Some states have already eased restrictions on shops and other activities .
Investors hope the lifting of lockdowns will repair shattered economies .
Such hopes have helped them look past simmering US-China tensions , which have been stoked by accusations that coronavirus originated in a Chinese lab .
In Europe , investors sold bonds after Germany @ @ @ @ @ @ @ Central Bank ( ECB ) must justify its Eurozone crisis-era bond purchases .
Read more : Eurozone investors deeply pessimistic in May amid coronavirus The decision sent the euro tumbling 0.6 per cent to $ 1.084 after it sparked fears that the ECB could be weakened in fighting the coronavirus fallout .
The pound recovered some of the ground it lost to the dollar yesterday .
It was up 0.1 per cent at $ 1.245 as investors exited the safe-haven greenback in favour of equities .

FTSE 100 and US stocks rise as countries ease coronavirus lockdowns
US stocks have followed the FTSE 100 higher on the back of an oil price rally and hopes that economies could start to heal as countries and states lift coronavirus restrictions.
Britain’s FTSE 100 index was 1.8 per cent higher in afternoon trading at 5,856 points. It had fallen 0.2 per cent yesterday. The mid-cap FTSE 250 index rose one per cent.
At the Wall Street opening bell the Dow Jones index rose 1.2 per cent. The S&P 500 was 1.3 per cent higher while the Nasdaq was up 1.4 per cent.
European markets also rose after tumbling yesterday. The pan-European Stoxx 600 was up 1.8 per cent. Germany’s Dax was 2.1 per cent higher and France’s CAC 40 climbed 2.2 per cent.
Oil prices have risen for the fifth day in a row. They have been buoyed by hopes that storage space is freeing up and that demand will return as economies reopen
Brent crude rose 10 per cent to $30 per barrel. WTI, the US benchmark, rose 16 per cent to $23.70 per barrel.
“There’s a growing sense that the worst for the global economy is right now while lockdowns are in place and coronavirus treatments are unproven,” said Jasper Lawler, head of research at London Capital Group.
“It follows that it only gets better from here as lockdowns ease and treatments are found.”
US stocks and FTSE 100 lifted by oil price recovery
The oil price rebound helped US markets, with oil majors Chevron and Exxon Mobil both rising more than three per cent in early trading.
David Madden, market analyst at CMC Markets, said: “One of the reasons behind the painful fall in the oil market recently was because of storage concerns.”
“But some of those fears have been alleviated due to the prospect of increased economic activity, once the lockdown restrictions are eased.”
The rise in US stocks continues a remarkable recovery that began in mid-March, after markets had cratered. The S&P 500 is now only around three per cent lower for the year.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Higher oil prices also helped the energy-heavy FTSE 100, with BP and Shell both up four per cent. Energy groups and miners did well on hopes that demand will start to pick up.
Ryanair rose despite reporting a near-total collapse in passenger numbers, after it said things will improve in the coming months.
Stocks shrug off dire economic data
The FTSE 100 shrugged off data out today which showed UK car sales plunged 97 per cent in April. Stock markets have repeatedly chosen to ignore economic data and instead chosen to look towards the second half of the year.
“It is hard to be a raging pessimist when lockdowns are lifting in the next few weeks,” said Stephen Innes, chief global market strategist at Axicorp.
Italy and Spain, two of the worst-hit countries in the world, have both moved to relax curbs. In Asia, India and Thailand are easing some measures this week.
California, an economic powerhouse, said it might allow some lower-risk businesses to open as soon as Friday. Some states have already eased restrictions on shops and other activities.
Investors hope the lifting of lockdowns will repair shattered economies. Such hopes have helped them look beyond simmering US-China tensions, which have been stoked by accusations that coronavirus originated in a Chinese lab.
Investors sell European bonds on ECB tension
In Europe, investors sold government bonds after Germany’s top court said the European Central Bank (ECB) must justify its Eurozone crisis-era bond purchases.
The decision sent the euro tumbling as much as 0.6 per cent against the dollar. It was down just 0.2 per cent this afternoon at $1.088. Some investors are worried the decision could weaken the ECB in its struggle against the coronavirus fallout.
The pound recovered some of the ground it lost to the dollar yesterday. It was up 0.3 per cent at $1.248 as investors exited the safe-haven greenback in favour of equities.
Fawad Razaqzada, market analyst at Think Markets, said that sentiment remained “cagey’ due to “incoming macro data that continue to reveal that the damage from Covid-19 is worse than expected”.
“I wouldn’t be surprised if the selling resumes later today or in the week,” he said.


cityam--2020-05-05--McDonald's to reopen 15 UK restaurants amid lockdown - with one big difference

McDonalds has announced which 15 restaurants it plans to open for delivery this month , including four branches in London .
The fast food giant announced this morning that it will reopen its Tooting , Dalston , Harrow and Welling restaurants on 13 May .
Read more : McDonald ’ s to reopen for delivery this month However , in order to comply with social distancing measures , McDonald ’ s will offer a limited menu that will be available for delivery only .
The restaurants will be open between 11am and 10pm , and McDonald ’ s will not @ @ @ @ @ @ @ services .
McDonald ’ s restaurants in Luton , Chelmsford and Gillingham are also among those set to reopen this month .
McDonald ’ s announced last week that it had successfully trialled social distancing measures , allowing it to restart delivery services with partners Just Eat and Uber Eats .
The new safety measures include installing perspex screens and floor markings and the provision of protective equipment such as masks .
McDonald ’ s staff will also have their temperature taken before each shift .
Social distancing measures will extend to delivery @ @ @ @ @ @ @ .
McDonalds UK and Ireland chief executive Paul Pomroy said last week : “ When we return it will be different as we all adjust to this new normal .
“ I want to apologise in advance if our first wave of reopened restaurants does not serve your area .
“ Rest assured , we are working hard to reopen more restaurants , but I am adamant this must be at the right pace with the well-being of our employees , suppliers and customers front of mind .
”

McDonald’s to reopen 15 UK restaurants amid lockdown – with one big difference
McDonalds is facing pressure from LGIM to rein its use of antibiotics in meat production
McDonalds has announced which 15 restaurants it plans to open for delivery this month, including four branches in London.
The fast food giant announced this morning that it will reopen its Tooting, Dalston, Harrow and Welling restaurants on 13 May.
However, in order to comply with social distancing measures, McDonald’s will offer a limited menu that will be available for delivery only.
The restaurants will be open between 11am and 10pm, and McDonald’s will not be offering a breakfast menu or drive-thru services.
McDonald’s restaurants in Luton, Chelmsford and Gillingham are also among those set to reopen this month.
McDonald’s announced last week that it had successfully trialled social distancing measures, allowing it to restart delivery services with partners Just Eat and Uber Eats.
The new safety measures include installing perspex screens and floor markings and the provision of protective equipment such as masks.
McDonald’s staff will also have their temperature taken before each shift.
Social distancing measures will extend to delivery and service partners, the company said.
McDonalds UK and Ireland chief executive Paul Pomroy said last week: “When we return it will be different as we all adjust to this new normal.
“I want to apologise in advance if our first wave of reopened restaurants does not serve your area.
“Rest assured, we are working hard to reopen more restaurants, but I am adamant this must be at the right pace with the well-being of our employees, suppliers and customers front of mind.”
Which McDonald’s restaurants are reopening?