cityam--2020-10-20--FTSE 100 regains composure amid upbeat UK earnings

The FTSE 100 recovered from an early fall and climbed into the green , boosted by positive quarterly earnings despite residual fears over coronavirus and new restrictions .
London ’ s blue-chip index fell 0.3 per cent but recovered by late morning to stand 0.2 per cent higher at 5,894 points .
The FTSE 250 was up 0.4 per cent .
Read more : Co-op Bank appoints finance boss as sixth chief executive in a decade It was a mixed morning for European markets .
Germany ’ s Dax was 0.3 per cent lower .
But France ’ s CAC @ @ @ @ @ @ @ bourses resumed trading after a glitch .
All across Europe governments are battling new outbreaks of coronavirus .
In the UK , Liverpool and Lancashire have been placed under the tightest so-called tier three restrictions .
The government looks set to force Manchester into the highest tier in short order .
“ More and more countries are reacting to the unchecked increase in new infections with a drastic tightening of corona restrictions , ” said Bernd Weidensteiner of Commerzbank in a note .
David Madden , market analyst CMC Markets , said : @ @ @ @ @ @ @ numbers are in focus .
“ Politics is in play too , both in terms of the UK-EU situation and the proposed US stimulus package.
” Despite worries over the virus and geopolitics , the FTSE 100 ticked higher , helped by company earnings and testing developments .
British Airways-owner IAG was the biggest riser .
It gained 6.5 per cent after one-hour coronavirus testing began at Heathrow airport .
The tests – which for now cover passengers to Hong Kong and Italy – are something the airline industry has long called for @ @ @ @ @ @ @ cent after it posted a larger-than-expected jump in quarterly sales .
On the FTSE 250 , Britvic jumped 6.6 per cent after it forecast profit ahead of expectations .
Nonetheless , the mood was febrile , with a feeling among investors that the Covid battle and economic recovery are at a crossroads .
Read more : Dettol maker Reckitt Benckiser boosts sales on UK hygiene kick during pandemic Russ Mould , investment director at AJ Bell , said : “ One minute , optimism about economic recovery is high , the next it @ @ @ @ @ @ @ Markets are overreacting to every data point , news update or speculation , meaning that prices are swinging up and down.
” The new restrictions across Europe – such as a curfew in French cities and the closure of restaurants in Ireland – have worried investors .
A stimulus bill in the world ’ s largest economy would cheer global investors and spill over into indices like the FTSE 100 .
But US lawmakers remain at odds over the size of the package .
US stocks were set to open slightly higher , @ @ @ @ @ @ @ speaker of the house Nancy Pelosi ’ s spokesperson said the two sides “ continued to narrow their differences ” .
Yet time is running out to sign a deal before the 3 November presidential election .
Fiona Cincotta , market analyst at City Index , said : “ Whilst the two sides are narrowing their differences , differences still remain and the deadline is later today .
Read more : Brexit : EU vows to ‘ intensify ’ trade talks to get UK back to negotiating table “ The likelihood of a @ @ @ @ @ @ @ 3 election is slipping lower.
” The pound was up 0.2 per cent at $ 1.297 this morning .
Traders continued to bet that the UK ’ s no-deal Brexit rhetoric is a bluff .

FTSE 100 closes higher after upbeat UK earnings
The financial district of London has been hit by new coronavirus measures which have weighed on the FTSE 100
The FTSE 100 recovered from an early fall to close in the green after a day of positive quarterly earnings, although residual fears over coronavirus and new restrictions remain.
London’s blue-chip index fell 0.3 per cent but crept back through the day to close up by the same margin at 5,899 points. The FTSE 250 was up half a per cent as markets shut.
Read more: Co-op Bank appoints finance boss as sixth chief executive in a decade
The recovery meant the FTSE outperformed its European counterparts in a quiet day of trading, with Germany’s Dax was 0.7 per cent lower and the French CAC down 0.1 per cent.
CMC Markets analyst David Madden said: “Overall, there hasn’t been too much excitement in the markets today.
“Restrictions in some countries, because of the health crisis, are tighter and with the way things are going in terms of the number of new coronavirus cases, there are fears that further restrictions could be in the offing.”
All across Europe governments are battling new outbreaks of coronavirus.
In the UK, Liverpool and Lancashire have been placed under the tightest so-called tier three restrictions.
The government looks set to force Manchester into the highest tier in short order, with talks between the two sides ending without agreement.
“More and more countries are reacting to the unchecked increase in new infections with a drastic tightening of corona restrictions,” said Bernd Weidensteiner of Commerzbank in a note.
Earnings boost FTSE 100
Despite worries over the virus and geopolitics, the FTSE 100 ticked higher, helped by company earnings and testing developments.
British Airways-owner IAG was the biggest riser. It gained 7.1 per cent after one-hour coronavirus testing began at Heathrow airport.
The tests – which for now cover passengers to Hong Kong and Italy – are something the airline industry has long called for.
Dettol-maker Reckitt Benckiser rose 0.5 per cent after it posted a larger-than-expected jump in quarterly sales.
On the FTSE 250, Britvic jumped 6.6 per cent after it forecast profit ahead of expectations.
Nonetheless, the mood was febrile, with a feeling among investors that the Covid battle and economic recovery are at a crossroads.
Russ Mould, investment director at AJ Bell, said: “One minute, optimism about economic recovery is high, the next it’s doom and gloom.
“Markets are overreacting to every data point, news update or speculation, meaning that prices are swinging up and down.”
Stimulus talks stay in focus as Wall Street opens
The new restrictions across Europe – such as a curfew in French cities and the closure of restaurants in Ireland – have worried investors.
A stimulus bill in the world’s largest economy would cheer global investors and spill over into indices like the FTSE 100. But US lawmakers remain at odds over the size of the package.
US markets opened higher today after yesterday’s sell off, with the S&P 500, Dow Jones and Nasdaq all up 0.6 per cent.
Netflix is due to post its third quarter results later today, with all eyes on whether the streaming giant will continue its rapid increase in subscriber numbers.
By the half year, the firm had added 25.8m new customers. Across the whole of 2019, that figure stood at 27.8m.
Yesterday, speaker of the house Nancy Pelosi’s spokesperson said the two sides “continued to narrow their differences”. Yet time is running out to sign a deal before the 3 November presidential election.
Fiona Cincotta, market analyst at City Index, said: “Whilst the two sides are narrowing their differences, differences still remain and the deadline is later today.
Read more: Brexit: EU vows to ‘intensify’ trade talks to get UK back to negotiating table
“The likelihood of a deal being achieved before the 3 November 3 election is slipping lower.”
The pound was up 0.2 per cent at $1.297 this morning. Traders continued to bet that the UK’s no-deal Brexit rhetoric is a bluff.


cityam--2020-10-20--Peter Hargreaves strikes deal with Hargreaves Lansdown on board representation

Peter Hargreaves has nominated a City veteran to join the Hargreaves Lansdown ( HL ) board as part of a new agreement between the co-founder and the fund manager .
In a stock exchange announcement today , Hargreaves Lansdown announced it had come to an agreement with Hargreaves to enter into a new shareholder agreement , which will allow Hargreaves to nominate a non-independent , non-executive director .
Read more : Hargreaves Lansdown founder : Now is a ‘ fantastic ’ time to start a business The firm and its billionaire founder , who is the firm ’ s largest @ @ @ @ @ @ @ , have for years been working towards how best to reflect Hargreaves ’ huge financial interest on the board .
As a result , Adrian Collins has now been nominated as a shareholder representative of Hargreaves , under the new agreement that will give him the right to appoint a board member for as long as he controls at least 10 per cent of the company ’ s voting rights .
The appointment , subject to regulatory approval , will take effect on 2 November .
“ Adrian ’ s presence on the @ @ @ @ @ @ @ Peter ’ s wealth of experience , while also allowing us to benefit from Adrian ’ s considerable expertise in the fund management industry ” , said Deanna Oppenheimer , chair of Hargreaves Lansdown .
Collins ’ career in the fund management business spans four decades , most recently as chairman of Lionstrust Asset Management between 2009 and 2019 .
He has previously held roles at Jupiter , Bestinvest and Lazard , as well as co-founding financial consulting firm Trustnet , adn was earlier this year appointed as non-executive chairman of Eddie Stobart @ @ @ @ @ @ @ non-executive director at Hargreaves Lansdown , Collins has stepped down from the boards of LTC Holdings and Heritage Collins .
Read more : Hargreaves Lansdown adds record number of new clients He is also a non-executive director at Bahamas Petroleum and the Sri Lanka Fund .
“ I am pleased to be joining the board of Hargreaves Lansdown .
I look forward to playing my part in the continued success and leadership of the company ” , Collins said .

Peter Hargreaves strikes deal with Hargreaves Lansdown on board representation
Hargreaves Lansdown’s Bristol HQ
Peter Hargreaves has nominated a City veteran to join the Hargreaves Lansdown (HL) board as part of a new agreement between the co-founder and the fund manager.
In a stock exchange announcement today, Hargreaves Lansdown announced it had come to an agreement with Hargreaves to enter into a new shareholder agreement, which will allow Hargreaves to nominate a non-independent, non-executive director.
The firm and its billionaire founder, who is the firm’s largest shareholder with a 24 per cent stake, have for years been working towards how best to reflect Hargreaves’ huge financial interest on the board.
As a result, Adrian Collins has now been nominated as a shareholder representative of Hargreaves, under the new agreement that will give him the right to appoint a board member for as long as he controls at least 10 per cent of the company’s voting rights.
The appointment, subject to regulatory approval, will take effect on 2 November.
“Adrian’s presence on the board will provide an avenue to harness Peter’s wealth of experience, while also allowing us to benefit from Adrian’s considerable expertise in the fund management industry”, said Deanna Oppenheimer, chair of Hargreaves Lansdown.
Collins’ career in the fund management business spans four decades, most recently as chairman of Lionstrust Asset Management between 2009 and 2019.
He has previously held roles at Jupiter, Bestinvest and Lazard, as well as co-founding financial consulting firm Trustnet, adn was earlier this year appointed as non-executive chairman of Eddie Stobart.
As a result of becoming a non-executive director at Hargreaves Lansdown, Collins has stepped down from the boards of LTC Holdings and Heritage Collins.
He is also a non-executive director at Bahamas Petroleum and the Sri Lanka Fund.
“I am pleased to be joining the board of Hargreaves Lansdown. I look forward to playing my part in the continued success and leadership of the company”, Collins said.


cityam--2020-10-20--Dettol maker Reckitt Benckiser boosts sales on UK hygiene kick during pandemic

Dettol maker Reckitt Benckiser has continued to flourish throughout the pandemic , as the company today reported a 20 per cent hike in cleaning product sales during the third quarter .
The FTSE 100 company , which also owns brands such as Nurofen , Cillit Bang and Durex , reported a 13 per cent jump in overall sales between July and September , lifting revenue 9.5 per cent to £3.5bn for the quarter .
The group said the strong performance was mainly driven by increased demand for disinfectants during the pandemic , with sales of Dettol-branded products up more than @ @ @ @ @ @ @ Like-for-like hygiene sales hiked almost 20 per cent over the quarter to £1.49bn , while strong demand for Durex products and cold medicines helped boost sales in its health division 12.6 per cent .
The company said it now expects “ low double-digit ” net revenue growth for the year compared to its previous estimate of “ high single-digit ” growth , sending its shares up 2.5 per cent in morning trading to 7,302p .
“ The strong momentum in the first half has continued in the third quarter… Our performance has been @ @ @ @ @ @ @ Health volumes , led by our market-leading disinfectant brands – Dettol , Lysol , Sagrotan and Napisan , ” said chief executive Laxman Narasimhan .
“ Growth has been underpinned by better customer service levels and an improved supply chain performance , together with strong momentum in e-commerce .
Read more : Weekly coronavirus deaths rise to highest level since start of July “ In meeting the significant challenges of Covid-19 , we have shown that we are becoming a stronger and more agile business.
” Susannah Streeter , senior investment and markets @ @ @ @ @ @ @ “ Our pursuit of cleanliness during the pandemic has been hugely beneficial for the group , and the signs are that the crisis is leading to a longer term behaviour shift with consumers demanding reassurance that workplaces , shops and public transport are germ free .
“ The company has sold into 19 new markets in 2020 alone and now has upgraded revenue growth to be in the low double digits for the year , compared to previous forecasts of high single digits .
”

Dettol maker Reckitt Benckiser boosts sales on UK hygiene kick during pandemic
Reckitt Benckiser thanked strong Dettol sales for its revenue hike over the period
Dettol maker Reckitt Benckiser has continued to flourish throughout the pandemic, as the company today reported a 20 per cent hike in cleaning product sales during the third quarter.
The FTSE 100 company, which also owns brands such as Nurofen, Cillit Bang and Durex, reported a 13 per cent jump in overall sales between July and September, lifting revenue 9.5 per cent to £3.5bn for the quarter.
The group said the strong performance was mainly driven by increased demand for disinfectants during the pandemic, with sales of Dettol-branded products up more than 50 per cent year on year.
Like-for-like hygiene sales hiked almost 20 per cent over the quarter to £1.49bn, while strong demand for Durex products and cold medicines helped boost sales in its health division 12.6 per cent.
The company said it now expects “low double-digit” net revenue growth for the year compared to its previous estimate of “high single-digit” growth, sending its shares up 2.5 per cent in morning trading to 7,302p.
“The strong momentum in the first half has continued in the third quarter… Our performance has been led by an increase in Hygiene and Health volumes, led by our market-leading disinfectant brands – Dettol, Lysol, Sagrotan and Napisan,” said chief executive Laxman Narasimhan.
“Growth has been underpinned by better customer service levels and an improved supply chain performance, together with strong momentum in e-commerce.
“In meeting the significant challenges of Covid-19, we have shown that we are becoming a stronger and more agile business.”
Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said: “Our pursuit of cleanliness during the pandemic has been hugely beneficial for the group, and the signs are that the crisis is leading to a longer term behaviour shift with consumers demanding reassurance that workplaces, shops and public transport are germ free.
“The company has sold into 19 new markets in 2020 alone and now has upgraded revenue growth to be in the low double digits for the year, compared to previous forecasts of high single digits.”
Main image: Getty


cityam--2020-10-20--UBS profit soars 99 per cent on trading boom

UBS reaped the benefits of the rebound in global markets in the third quarter , with its investment banking arm helping the overall business achieve a 99 per cent jump in profit .
The Swiss lender ’ s wealth management arm – which has been a focus of departing chief executive Sergio Ermotti – also expanded despite the coronavirus pandemic .
Read more : Goldman Sachs profit surges , Bank of America and Wells Fargo hit by loss provisions The third-quarter results are a high note for Ermotti to end on after nine years at the helm .
He hands @ @ @ @ @ @ @ next month .
It comes after the big US banks posted a mixed set of quarterly earnings .
The jump in market activity helped those focused on investment banking .
But retail-focused lenders continued to suffer during the Covid downturn .
UBS ’ s net profit came in at $ 2.1bn ( £1.62bn ) in the three months ended September , the lender said in its latest financial statement today .
It was up 99 per cent year on year and solidly beat expectations of $ 1.56bn .
Diluted earnings per share rose @ @ @ @ @ @ @ $ 0.56 , from $ 0.28 a year earlier .
Profit before tax at the lender ’ s investment banking arm soared 268 per cent year on year , hitting $ 632m .
Within that , global markets revenue jumped 42 per cent .
It benefitted from the sale of intellectual property rights concerning indexes .
But also from “ higher client activity levels , resulting from market volatility , notably within equity derivatives , credit , FX and cash equities ” .
“ Our third quarter results continue to demonstrate that our @ @ @ @ @ @ @ adapt and accelerate the pace of change , ” Ermotti said .
“ UBS has all the options open to write another successful chapter of its history under Ralph ’ s leadership.
” Global wealth management ’ s profit before tax rose 18 per cent year on year to $ 1.06m .
High levels of client activity helped operating income grow three per cent .
Meanwhile , greater market volatility led to a 16 per cent improvement in transaction-based income .
Read more : Co-op Bank appoints finance boss as sixth chief executive @ @ @ @ @ @ @ tier one capital ratio was 13.5 per cent in the third quarter of the year .
It made a 21.9 per cent return on CET1 capital .
UBS said it had accrued $ 1bn for a cash dividend to be paid next year .
It said the second installment of the 2019 dividend of $ 0.37 per share is to be paid out in November .
The bank has also set aside $ 1.5bn for potential share repurchases .

UBS profit soars 99 per cent on trading boom
The investment banking division at Swiss lender UBS boomed in the third quarter
UBS reaped the benefits of the rebound in global markets in the third quarter, with its investment banking arm helping the overall business achieve a 99 per cent jump in profit.
The Swiss lender’s wealth management arm – which has been a focus of departing chief executive Sergio Ermotti – also expanded despite the coronavirus pandemic.
The third-quarter results are a high note for Ermotti to end on after nine years at the helm. He hands over to former ING boss Ralph Hamers next month.
It comes after the big US banks posted a mixed set of quarterly earnings. The jump in market activity helped those focused on investment banking. But retail-focused lenders continued to suffer during the Covid downturn.
UBS’s net profit came in at $2.1bn (£1.62bn) in the three months ended September, the lender said in its latest financial statement today. It was up 99 per cent year on year and solidly beat expectations of $1.56bn.
Diluted earnings per share rose 101 per cent year on year to $0.56, from $0.28 a year earlier.
Profit before tax at the lender’s investment banking arm soared 268 per cent year on year, hitting $632m.
Within that, global markets revenue jumped 42 per cent. It benefitted from the sale of intellectual property rights concerning indexes. But also from “higher client activity levels, resulting from market volatility, notably within equity derivatives, credit, FX and cash equities”.
“Our third quarter results continue to demonstrate that our strategy is differentiating us as we continuously adapt and accelerate the pace of change,” Ermotti said.
“UBS has all the options open to write another successful chapter of its history under Ralph’s leadership.”
Global wealth management’s profit before tax rose 18 per cent year on year to $1.06m. High levels of client activity helped operating income grow three per cent. Meanwhile, greater market volatility led to a 16 per cent improvement in transaction-based income.
The bank’s tier one capital ratio was 13.5 per cent in the third quarter of the year. It made a 21.9 per cent return on CET1 capital.
UBS said it had accrued $1bn for a cash dividend to be paid next year. It said the second installment of the 2019 dividend of $0.37 per share is to be paid out in November. The bank has also set aside $1.5bn for potential share repurchases.


cityam--2020-10-20--Technical glitches not caused by cyberattack, says Euronext

A major outage that froze trading in several European cities yesterday and a later glitch that meant markets failed to close was not caused by a cyberattack , exchange operator Euronext said .
The two trading glitches were caused by a technical failure that hit one of Euronext ’ s systems “ in charge of managing persistence of data ” , a spokesperson said this morning .
The glitches were not caused by a cyberattack , they added .
The spokesperson declined to comment on the value of trade orders cancelled due to the errors .
Euronext ’ s halted @ @ @ @ @ @ @ classes yesterday morning , with trading suspended in Amsterdam , Brussels , Lisbon and Paris for over three hours .
Before the Open newsletter : Start your day with the City View podcast and key market data The group ’ s key closing auction then failed to take place , depriving investors of a crucial reference point for prices at the point when much of the day ’ s key trading activity occurs .
But after the end of trading , the exchange issued an alert saying that its cash market closure had @ @ @ @ @ @ @ did not take place for many instruments ” .
“ Instead of this , trading was maintained in continuous mode for reasons that are being investigated , ” a Euronext spokesperson said yesterday .
The exchange operator cancelled all the trades that occurred after 5.30pm central European time ( CET ) on all assets apart from commodities .
The end of the trading day has become the busiest time of the session , with a growing portion of daily equity volumes concentrated into the five minute closing auctions .
The problems at the @ @ @ @ @ @ @ problematic as exchange-traded funds ( ETFs ) and hedge funds typically use prices set during closing auctions for their daily pricing .
The timing of the outages is likely to be especially embarrassing for Euronext , which is planning a major expansion through a €4.3bn deal to buy Borsa Italiana from London Stock Exchange .
“ It is a huge embarrassment to Euronext , ” said James Angel , a finance professor at Georgetown University told Reuters .
Angel added that it was surprising that such glitches do not occur more often “ @ @ @ @ @ @ @ IT systems.
” Euronext ’ s markets have resumed normal trading today .
The company operates six exchanges across the continent , and operates indexes including France ’ s blue-chip CAC 40 .
Yesterday ’ s glitches are the latest in a series of technical outages to hit major stock exchanges .
Tokyo ’ s bourse suffered a severe hardware failure earlier this month , leading to trading on the world ’ s third biggest equity market to be suspended for an entire day .

Technical glitches not caused by cyberattack, says Euronext
Euronext operates six exchanges across Europe, including France’s blue-chip CAC 40
A major outage that froze trading in several European cities yesterday and a later glitch that meant markets failed to close was not caused by a cyberattack, exchange operator Euronext said.
The two trading glitches were caused by a technical failure that hit one of Euronext’s systems “in charge of managing persistence of data”, a spokesperson said this morning.
The glitches were not caused by a cyberattack, they added. The spokesperson declined to comment on the value of trade orders cancelled due to the errors.
Euronext’s halted trading across all its bourses and asset classes yesterday morning, with trading suspended in Amsterdam, Brussels, Lisbon and Paris for over three hours.
Before the Open newsletter: Start your day with the City View podcast and key market data
The group’s key closing auction then failed to take place, depriving investors of a crucial reference point for prices at the point when much of the day’s key trading activity occurs.
But after the end of trading, the exchange issued an alert saying that its cash market closure had not occurred as expected as auctions “did not take place for many instruments”.
“Instead of this, trading was maintained in continuous mode for reasons that are being investigated,” a Euronext spokesperson said yesterday. The exchange operator cancelled all the trades that occurred after 5.30pm central European time (CET) on all assets apart from commodities.
The end of the trading day has become the busiest time of the session, with a growing portion of daily equity volumes concentrated into the five minute closing auctions.
The problems at the close are likely to have been particularly problematic as exchange-traded funds (ETFs) and hedge funds typically use prices set during closing auctions for their daily pricing.
The timing of the outages is likely to be especially embarrassing for Euronext, which is planning a major expansion through a €4.3bn deal to buy Borsa Italiana from London Stock Exchange.
“It is a huge embarrassment to Euronext,” said James Angel, a finance professor at Georgetown University told Reuters.
Angel added that it was surprising that such glitches do not occur more often “because our trading networks are very complex IT systems.”
Euronext’s markets have resumed normal trading today. The company operates six exchanges across the continent, and operates indexes including France’s blue-chip CAC 40.
Yesterday’s glitches are the latest in a series of technical outages to hit major stock exchanges.
Tokyo’s bourse suffered a severe hardware failure earlier this month, leading to trading on the world’s third biggest equity market to be suspended for an entire day.


cityam--2020-10-20--Covid deaths rise but still only five per cent of first wave peak

Weekly coronavirus-related deaths have risen to the highest level since the start of July , according to the latest data from the Office for National Statistics ( ONS ) .
In total , 438 deaths were registered in England and Wales in the week ending 9 October with Covid-19 mentioned on the death certificate , ONS figures released today showed .
Read more : City of London pledges to lure in small businesses and artists in plan to ‘ reinvent itself ’ The number marks a 36 per cent increase on the previous week , when 321 coronavirus-related deaths were @ @ @ @ @ @ @ weekly death rate since 3 July , when 532 people died having tested positive for coronavirus up to 28 days previously .
However , the highest recorded number of deaths in a week during the first wave of the virus was 8,758 , meaning last week ’ s death figures represent just five per cent of the worst of the year so far .
It comes as the government scrambles to enforce new restrictions across the country in a bid to curb a sharp spike in infections .
Health secretary Matt Hancock last @ @ @ @ @ @ @ large swathes of Yorkshire could join areas such as Liverpool under Tier 3 restrictions .
Hancock told MPs the government will hold further discussions with Northern leaders this week over plans to shift to the highest alert level under the three-tier system .
“ Weekly deaths in Europe have increased by 33 per cent and here in the UK deaths have tragically doubled in the last 12 days .
The situation remains perilous , ” said the health secretary .
It comes as the government hurtles towards a midday deadline for agreeing a @ @ @ @ @ @ @ the city under Tier 3 restrictions .
Prime Minister Boris Johnson has said he will have “ no option ” but to enforce the lockdown measures on nearly 3m people in the city if Manchester mayor Andy Burnham refuses the proposed plea bargain , thought to be around the £75m mark .
Read more : Coronavirus : Daily cases in England rise to 27,900 It comes as the number of confirmed coronavirus cases in London hit 73,497 yesterday , with Barnet and Ealing remaining the capital ’ s worst-affected boroughs .
London was @ @ @ @ @ @ @ ” alert to “ high ” alert , with fresh measures rolled out across the capital including a ban on household mixing to slow the spread of the virus .

Covid deaths rise but still only five per cent of first wave peak
Weekly coronavirus-related deaths have risen to the highest level since the start of July, according to the latest data from the Office for National Statistics (ONS).
In total, 438 deaths were registered in England and Wales in the week ending 9 October with Covid-19 mentioned on the death certificate, ONS figures released today showed.
The number marks a 36 per cent increase on the previous week, when 321 coronavirus-related deaths were registered.
It also marks the highest weekly death rate since 3 July, when 532 people died having tested positive for coronavirus up to 28 days previously.
However, the highest recorded number of deaths in a week during the first wave of the virus was 8,758, meaning last week’s death figures represent just five per cent of the worst of the year so far.
It comes as the government scrambles to enforce new restrictions across the country in a bid to curb a sharp spike in infections.
Health secretary Matt Hancock last night warned that Nottinghamshire, Teesside and large swathes of Yorkshire could join areas such as Liverpool under Tier 3 restrictions.
Hancock told MPs the government will hold further discussions with Northern leaders this week over plans to shift to the highest alert level under the three-tier system.
“Weekly deaths in Europe have increased by 33 per cent and here in the UK deaths have tragically doubled in the last 12 days. The situation remains perilous,” said the health secretary.
It comes as the government hurtles towards a midday deadline for agreeing a deal with Manchester over whether to place the city under Tier 3 restrictions.
Prime Minister Boris Johnson has said he will have “no option” but to enforce the lockdown measures on nearly 3m people in the city if Manchester mayor Andy Burnham refuses the proposed plea bargain, thought to be around the £75m mark.
It comes as the number of confirmed coronavirus cases in London hit 73,497 yesterday, with Barnet and Ealing remaining the capital’s worst-affected boroughs.
London was over the weekend moved from “medium” alert to “high” alert, with fresh measures rolled out across the capital including a ban on household mixing to slow the spread of the virus.


cityam--2020-10-20--The rise of the retail trader: A short history of how trading became accessible

Once upon a time not so long ago , the world of trading looked vastly different .
To determine where to invest , a trader had to listen to the radio , read the daily newspaper , maybe even visit the library to research particular industries and individual companies .
Once they knew where to invest , they would call their local broker and ask to buy the asset and what quantity they wanted over the phone .
It was a manual , time-consuming and unsophisticated process .
Trading has come a long way in the last few decades .
@ @ @ @ @ @ @ trading signal on their mobile from their broker , open the app and begin trading .
That ’ s it .
A few taps are enough to access the latest market news and open a position .
It ’ s automated , instant and effortless .
With such ease of access , it is no surprise that unprecedented market volatility combined with international lockdowns have drawn more people into the markets than ever before .
Many of these traders , despite being young and entering the market for the first time , have @ @ @ @ @ @ @ with the best performing shares , stock indices , currencies and cryptocurrencies .
Yet , the advent of the internet creates new risks as well as new opportunities .
There are countless brokers to pick from , each with their own bells and whistles to entice new traders .
But beneath the sleek websites and flashy YouTube ads , it is important to know how to distinguish brokers .
The right trading instrument for every trader With so many brokers , so many apps , and so many trading instruments , the choices @ @ @ @ @ @ @ .
The good news is that there is an instrument for each risk appetite and every budget .
With so much volatility providing a lot more room to speculate , brokers have been busy meeting the heightened demand with an array of new trading instruments to keep up with the changing face of the market .
There are numerous different trading opportunities available today and the surge in popularity of Contracts for Differences ( CFDs ) trading has contributed greatly to this .
The major benefit of CFD trading is that it does @ @ @ @ @ @ @ the underlying asset .
Once you are trading CFDs you can bet on whichever asset you so desire – whether this is FX , crypto , equities or commodities – you have the versatility to trade seamlessly and efficiently .
And this leaves with us with what we see today : a market ripe with choice and an opportunity for just about anyone to profit on in a matter of moments .
With so much choice and opportunity , it ’ s vital to be informed and aware of exactly what you ’ @ @ @ @ @ @ @ traders just as much as experienced ones .
The choice and flexibility of these instruments does not mean much for the trader who does not understand what they are trading .
This where your choice of broker becomes important .
A reputable broker will provide their clients with all educational resources they need to make to trade safely – webinars , newsletters , trading signals , market data .
A reputable broker will teach you how to trade .
This is the vital difference between harnessing market moves and being caught out by @ @ @ @ @ @ @ to market conditions .
Currencies , cryptos , commodities – each has its own advantages and risks .
The combination of choice and educational resources has pulled trading into the 21st Century .
It has never been easier to get stay informed of market news and open positions based upon these insights .
In providing digestible information on the latest economic news , trading strategies and market data , leading brokers have emboldened many to begin trading on their own terms .
Gone are the days where traders must be glued to screens @ @ @ @ @ @ @ for the slightest move – today , trading platforms work around the convenience of regular working people .
Instead , platforms are intuitive and easy to use , with a variety of customisable trackers and algorithms available to help execute trades from mobile , desktop and the web .
No trader should be losing money or missing out on today ’ s biggest opportunity just because the platform is too difficult to navigate .
It is a complex story of complex markets .
Nonetheless , market-leading brokers will harness the most innovative technology @ @ @ @ @ @ @ budgets with the right tools and the right instruments to make trading just that little bit easier .
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage .
75.38 per cent of retail investor accounts lose money when trading CFDs with this provider .
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money .
To learn more about FXCM , visit www.fxcm.com/uk FXCM is a leading provider of online foreign exchange @ @ @ @ @ @ @ , and related services .
Founded in 1999 , the company ’ s mission is to provide global traders with access to the world ’ s largest and most liquid market by offering innovative trading tools , hiring excellent trading educators , meeting strict financial standards and striving for the best online trading experience in the market .
Clients have the advantage of mobile trading , one-click order execution and trading from real-time charts .
In addition , FXCM offers educational courses on FX trading and provides trading tools , proprietary data and @ @ @ @ @ @ @ brokers , small hedge funds and emerging market banks access to wholesale execution and liquidity , while providing high and medium frequency funds access to prime brokerage services via FXCM Prime .
FXCM is a Leucadia Company .
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors .
Leverage can work against you .
The products are intended for retail , professional and eligible counterparty clients .
Retail clients who maintain account ( s ) with Forex Capital Markets Limited ( “ FXCM LTD @ @ @ @ @ @ @ of deposited funds but are not subject to subsequent payment obligations beyond the deposited funds but professional clients and eligible counterparty clients could sustain losses in excess of deposits .
Clients who maintain account ( s ) with FXCM Australia Pty .
Limited ( “ FXCM AU ” ) , FXCM South Africa ( PTY ) Ltd ( “ FXCM ZA ” ) or FXCM Markets Limited ( “ FXCM Markets ” ) could sustain losses in excess of deposits .
Prior to trading any products offered by FXCM LTD , inclusive of @ @ @ @ @ @ @ FXCM ZA , any affiliates of aforementioned firms , or other firms within the FXCM group of companies [ collectively the “ FXCM Group ” ] , carefully consider your financial situation and experience level .
If you decide to trade products offered by FXCM AU ( AFSL 309763 ) , you must read and understand the Financial Services Guide , Product Disclosure Statement , and Terms of Business .
Our FX and CFD prices are set by us , are not made on an Exchange and are not governed under the Financial @ @ @ @ @ @ @ FXCM Group may provide general commentary , which is not intended as investment advice and must not be construed as such .
Seek advice from a separate financial advisor .
The FXCM Group assumes no liability for errors , inaccuracies or omissions ; does not warrant the accuracy , completeness of information , text , graphics , links or other items contained within these materials .
Read and understand the Terms and Conditions on the FXCM Group ’ s websites prior to taking further action .

What is City Talk? City Talk allows marketers to connect directly with our audience by publishing content on cityam.com
The rise of the retail trader: A short history of how trading became accessible
41 per cent of businesses increased recruitment activity in second quarter of this year
Once upon a time not so long ago, the world of trading looked vastly different.
To determine where to invest, a trader had to listen to the radio, read the daily newspaper, maybe even visit the library to research particular industries and individual companies. Once they knew where to invest, they would call their local broker and ask to buy the asset and what quantity they wanted over the phone. It was a manual, time-consuming and unsophisticated process.
Trading has come a long way in the last few decades. Today, a trader can receive a trading signal on their mobile from their broker, open the app and begin trading. That’s it. A few taps are enough to access the latest market news and open a position. It’s automated, instant and effortless.
With such ease of access, it is no surprise that unprecedented market volatility combined with international lockdowns have drawn more people into the markets than ever before. Many of these traders, despite being young and entering the market for the first time, have been using the latest apps to trade with the best performing shares, stock indices, currencies and cryptocurrencies.
Yet, the advent of the internet creates new risks as well as new opportunities. There are countless brokers to pick from, each with their own bells and whistles to entice new traders. But beneath the sleek websites and flashy YouTube ads, it is important to know how to distinguish brokers.
The right trading instrument for every trader
With so many brokers, so many apps, and so many trading instruments, the choices of where to begin can be overwhelming. The good news is that there is an instrument for each risk appetite and every budget.
With so much volatility providing a lot more room to speculate, brokers have been busy meeting the heightened demand with an array of new trading instruments to keep up with the changing face of the market. There are numerous different trading opportunities available today and the surge in popularity of Contracts for Differences (CFDs) trading has contributed greatly to this. The major benefit of CFD trading is that it does not require you to take delivery of the underlying asset. Once you are trading CFDs you can bet on whichever asset you so desire – whether this is FX, crypto, equities or commodities – you have the versatility to trade seamlessly and efficiently.
And this leaves with us with what we see today: a market ripe with choice and an opportunity for just about anyone to profit on in a matter of moments.
The right educational tools
With so much choice and opportunity, it’s vital to be informed and aware of exactly what you’re signing up for – for new traders just as much as experienced ones. The choice and flexibility of these instruments does not mean much for the trader who does not understand what they are trading.
This where your choice of broker becomes important. A reputable broker will provide their clients with all educational resources they need to make to trade safely – webinars, newsletters, trading signals, market data. A reputable broker will teach you how to trade.
This is the vital difference between harnessing market moves and being caught out by them. Each trading instrument responds differently to market conditions. Currencies, cryptos, commodities – each has its own advantages and risks.
Making sense of the complexities
The combination of choice and educational resources has pulled trading into the 21st Century. It has never been easier to get stay informed of market news and open positions based upon these insights.
In providing digestible information on the latest economic news, trading strategies and market data, leading brokers have emboldened many to begin trading on their own terms. Gone are the days where traders must be glued to screens full of charts and data, waiting for the slightest move – today, trading platforms work around the convenience of regular working people.
Instead, platforms are intuitive and easy to use, with a variety of customisable trackers and algorithms available to help execute trades from mobile, desktop and the web. No trader should be losing money or missing out on today’s biggest opportunity just because the platform is too difficult to navigate.
It is a complex story of complex markets. Nonetheless, market-leading brokers will harness the most innovative technology to provide traders of all appetites and budgets with the right tools and the right instruments to make trading just that little bit easier.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
75.38 per cent of retail investor accounts lose money when trading CFDs with this provider.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
To learn more about FXCM, visit www.fxcm.com/uk
FXCM is a leading provider of online foreign exchange (FX) trading, CFD trading, and related services. Founded in 1999, the company’s mission is to provide global traders with access to the world’s largest and most liquid market by offering innovative trading tools, hiring excellent trading educators, meeting strict financial standards and striving for the best online trading experience in the market. Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. In addition, FXCM offers educational courses on FX trading and provides trading tools, proprietary data and premium resources. FXCM Pro provides retail brokers, small hedge funds and emerging market banks access to wholesale execution and liquidity, while providing high and medium frequency funds access to prime brokerage services via FXCM Prime. FXCM is a Leucadia Company.
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. The products are intended for retail, professional and eligible counterparty clients. Retail clients who maintain account(s) with Forex Capital Markets Limited (“FXCM LTD”) could sustain a total loss of deposited funds but are not subject to subsequent payment obligations beyond the deposited funds but professional clients and eligible counterparty clients could sustain losses in excess of deposits. Clients who maintain account(s) with FXCM Australia Pty. Limited (“FXCM AU”), FXCM South Africa (PTY) Ltd (“FXCM ZA”) or FXCM Markets Limited (“FXCM Markets”) could sustain losses in excess of deposits. Prior to trading any products offered by FXCM LTD, inclusive of all EU branches, FXCM AU, FXCM ZA, any affiliates of aforementioned firms, or other firms within the FXCM group of companies [collectively the “FXCM Group”], carefully consider your financial situation and experience level. If you decide to trade products offered by FXCM AU (AFSL 309763), you must read and understand the Financial Services Guide, Product Disclosure Statement, and Terms of Business. Our FX and CFD prices are set by us, are not made on an Exchange and are not governed under the Financial Advisory and Intermediary Services Act. The FXCM Group may provide general commentary, which is not intended as investment advice and must not be construed as such. Seek advice from a separate financial advisor. The FXCM Group assumes no liability for errors, inaccuracies or omissions; does not warrant the accuracy, completeness of information, text, graphics, links or other items contained within these materials. Read and understand the Terms and Conditions on the FXCM Group’s websites prior to taking further action.


cityam--2020-10-20--Majority of Londoners plan to stay in capital despite pandemic fallout

Londoners have remained loyal to their city throughout the coronavirus crisis , with the bulk of people in the capital pledging not to leave the city despite fresh Tier 2 restrictions and work from home orders , according to new research .
Just seven per cent of Londoners plan to pack up and flee the capital in the next year as a result of the financial toll of the pandemic , according to a new survey by the Centre for London think tank .
Read more : Majority of UK businesses to scrap working from home post-pandemic Over-65s and homeowners @ @ @ @ @ @ @ elsewhere , while more than two-thirds of Londoners currently unemployed and on the hunt for jobs saying they would not ditch the capital in the next year .
The figure comes despite concerns over high rent in the capital , after 44 per cent of more than 1,500 Londoners surveyed said rent is currently unaffordable for them , while more than a quarter reported that they are currently struggling to make ends meet .
London Landlords have scrambled to slash rents by up to 20 per cent in recent weeks , as the @ @ @ @ @ @ @ work from home where possible ” and wide-scale job losses have squashed demand for property in the capital .
Meanwhile , the Bank of Mum and Dad returned in full force for over lockdown , after young Londoners flurried back to their parents ’ houses as redundancies rippled through the lower ranks of businesses .
The Centre for London said 25 to 44 year olds , BAME Londoners and self-employed people in the capital were the most likely to have taken a financial hit from the pandemic .
However , fears over job @ @ @ @ @ @ @ have done little to dampen young people ’ s desire to stay in the capital .
Separate data published earlier this month by PwC showed that young people ’ s commitment to London remained largely unchanged despite the pandemic , with three quarters of 25 to 44-year-olds saying they were planning to remain in the capital .
Claire Harding , research director at Centre for London said : “ Londoners continue to be divided by their experience of , and response to , the pandemic .
“ Our recovery from the pandemic needs @ @ @ @ @ @ @ neighbourhoods .
The mayor of London and the government should focus training and skills development , especially for Londoners who are furthest from the job market — this way , we can prevent a crisis turning into lifetime economic scars.
” It comes after London saw a swathe of new restrictions come into force over the weekend , as the capital moved from Tier 1 to Tier 2 under the new local lockdown system .
The fresh measures mean Londoners are now banned from meeting anyone outside their household indoors , while further @ @ @ @ @ @ @ and order to work from home where possible if they fail to quell a recent spike in infections .
Business bodies have warned that the new restrictions will “ decimate ” businesses in the capital , warning that a ban on household mixing could reverse slight economic recovery sparked by the Eat Out to Help Out scheme in August .
Leading trade body UK Hospitality has warned that tougher Tier 2 Covid restrictions will put up to 250,000 jobs at risk in London ’ s hospitality sector , sparking demonstrations from the capital @ @ @ @ @ @ @ landlords in Parliament Square earlier this week .
Read more : Hospitality sector bangs pots and pans in Parliament Square to call for further government support Meanwhile , City of London chair McGuinness last week told City A.M. it was “ absolutely critical that London moves as one in tackling this wretched virus… [ and to ] keep the economy running as much as saving lives ” .
“ A blanket recommendation to work from home risks stalling the capital ’ s recovery and damage long-term competitiveness .
Hibernating through the winter is @ @ @ @ @ @ @ ” she added .
Read more : City of London pledges to lure in small businesses and artists in plan to ‘ reinvent itself ’

Majority of Londoners plan to stay in capital despite pandemic fallout
Londoners have remained loyal to their city throughout the coronavirus crisis, with the bulk of people in the capital pledging not to leave the city despite fresh Tier 2 restrictions and work from home orders, according to new research.
Just seven per cent of Londoners plan to pack up and flee the capital in the next year as a result of the financial toll of the pandemic, according to a new survey by the Centre for London think tank.
Over-65s and homeowners said they were least likely to move elsewhere, while more than two-thirds of Londoners currently unemployed said they would not ditch the capital in the next year.
The figure comes despite concerns over high rent in the capital, after 44 per cent of more than 1,500 Londoners surveyed said rent is currently unaffordable for them.
More than a quarter of Londoners reported that they are currently struggling to make ends meet, according to Centre for London.
Landlords have scrambled to slash rents by up to 20 per cent in recent weeks, as the Prime Minister’s orders to “work from home where possible” and wide-scale job losses have squashed demand for property in the capital.
Meanwhile, the Bank of Mum and Dad returned in full force over lockdown, after young Londoners flurried back to their parents’ houses as redundancies rippled through the lower ranks of businesses.
The Centre for London said 25 to 44 year olds, BAME Londoners and self-employed people in the capital were the most likely to have taken a financial hit from the pandemic.
However, fears over job security and future career prospects appear to have done little to dampen young people’s desire to stay in the capital.
Separate data published earlier this month by PwC showed that young people’s commitment to London remained largely unchanged despite the pandemic, with three quarters of 25 to 44-year-olds saying they were not planning to leave.
Claire Harding, research director at Centre for London said: “Londoners continue to be divided by their experience of, and response to, the pandemic.
“Our recovery from the pandemic needs to work for all Londoners in all neighbourhoods. The mayor of London and the government should focus training and skills development, especially for Londoners who are furthest from the job market — this way, we can prevent a crisis turning into lifetime economic scars.”
Tier 2
It comes after London saw a swathe of new restrictions come into force over the weekend, as the capital moved from Tier 1 to Tier 2 under the new local lockdown system.
The fresh measures mean Londoners are now banned from meeting anyone outside their household indoors, while further restrictions could join the current 10pm curfew and order to work from home where possible if they fail to quell a recent spike in infections.
Business bodies have warned that the new restrictions will “decimate” businesses in the capital, warning that a ban on household mixing could reverse slight economic recovery sparked by the Eat Out to Help Out scheme in August.
Leading trade body UK Hospitality has warned that tougher Tier 2 Covid restrictions will put up to 250,000 jobs at risk in London’s hospitality sector, sparking demonstrations from the capital’s chefs, waiters and pub landlords in Parliament Square earlier this week.
Meanwhile, City of London chair McGuinness last week told City A.M. it was “absolutely critical that London moves as one in tackling this wretched virus… [and to] keep the economy running as much as saving lives”.
“A blanket recommendation to work from home risks stalling the capital’s recovery and damage long-term competitiveness. Hibernating through the winter is not an option for our economy,” she added.


cityam--2020-10-20--London is the toughest place to be an entrepreneur, report finds

London is the toughest place in the UK to be an entrepreneur due to a huge wealth disparity and a higher cost of living , according to a new report .
The government-funded British Business Bank ( BBB ) and management consulting firm Oliver Wyman have today published a report into the huge impact ethnic and economic background as well as gender and geography has on business outcomes .
The report found that just 71 per cent of London business owners reported a profit in 2019 – no other region in the UK reported a figure below 80 per cent @ @ @ @ @ @ @ a decline in revenue last year , six per cent higher than the UK average .
The higher cost of living and operating in the capital , as well as a stark disparity between poorer and wealthier neighbourhoods go some way in explaining the findings .
The higher density of startups based in London and tougher market competition make the ecosystem all the more difficult .
The report also laid out the significant disparities in business outcomes for Black , Asian and other ethnic minority entrepreneurs .
It found that Black entrepreneurs report @ @ @ @ @ @ @ , more than a third less than White business owners .
There is also a significant difference in profits , with more Black business owners failing to make a profit – 28 per cent compared to 16 per cent for White business owners .
The research , which will feed into the Commission on Race and Ethnic Disparities , found that the disparities persist despite Black , Asian and other ethnic minority business owners investing more time and money .
And entrepreneurs in these groups also typically have a higher level of education @ @ @ @ @ @ @ differences in business outcomes can therefore only be explained by a host of interconnected and systemic factors ” , the BBB said .
Among these issues , such as access to finance and social capital , is the under-representation of certain ethnic groups among managers , directors and officials in the workplace .
Roianne Nedd , global head of inclusion and diversity at Oliver Wyman said : “ What should be a level playing field is littered with obstacles , many of which are products of a complex system of racial and gender @ @ @ @ @ @ @ of wealth and location.
” There has been growing momentum among the UK ’ s biggest corporates in tackling the glaring lack of diversity at the top of the firms .
Earlier this month one of Britain ’ s biggest institutional investors – Legal and General iNvestment Management – wrote to all FTSE 100 firms saying it expects them to have appointed at least one BAMe director by 2022 .
And Natwest is the latest company to commit to boosting the number of its Black staff in senior roles as it seeks to @ @ @ @ @ @ @ has pledged to increase the number from one per cent to three part , to bring it in line with the Black population in England and Wales .
But the findings of today ’ s report shows little is being done to tackle the lack of diversity among the startup community .

London is the toughest place to be an entrepreneur, report finds
London is the toughest place to be an entrepreneur in the UK, according to a new British Business Bank report.
London is the toughest place in the UK to be an entrepreneur due to a huge wealth disparity and a higher cost of living, according to a new report.
The government-funded British Business Bank (BBB) and management consulting firm Oliver Wyman have today published a report into the huge impact ethnic and economic background as well as gender and geography has on business outcomes.
The report found that just 71 per cent of London business owners reported a profit in 2019 – no other region in the UK reported a figure below 80 per cent. While a fifth of entrepreneurs reported a decline in revenue last year, six per cent higher than the UK average.
The higher cost of living and operating in the capital, as well as a stark disparity between poorer and wealthier neighbourhoods go some way in explaining the findings.
The higher density of startups based in London and tougher market competition make the ecosystem all the more difficult.
Entrepreneurs with an ethnic minority background face ‘systemic’ issues
The report also laid out the significant disparities in business outcomes for Black, Asian and other ethnic minority entrepreneurs.
It found that Black entrepreneurs report a median turnover of £25,000 per annum, more than a third less than White business owners.
There is also a significant difference in profits, with more Black business owners failing to make a profit – 28 per cent compared to 16 per cent for White business owners.
The research, which will feed into the Commission on Race and Ethnic Disparities, found that the disparities persist despite Black, Asian and other ethnic minority business owners investing more time and money. And entrepreneurs in these groups also typically have a higher level of education than their White counterparts.
“Such differences in business outcomes can therefore only be explained by a host of interconnected and systemic factors”, the BBB said.
Among these issues, such as access to finance and social capital, is the under-representation of certain ethnic groups among managers, directors and officials in the workplace.
Roianne Nedd, global head of inclusion and diversity at Oliver Wyman said: “What should be a level playing field is littered with obstacles, many of which are products of a complex system of racial and gender disadvantage, underpinned by the pervasive impact of wealth and location.”
UK corporates push for greater diversity
There has been growing momentum among the UK’s biggest corporates in tackling the glaring lack of diversity at the top of the firms.
Earlier this month one of Britain’s biggest institutional investors – Legal and General iNvestment Management – wrote to all FTSE 100 firms saying it expects them to have appointed at least one BAMe director by 2022.
And Natwest is the latest company to commit to boosting the number of its Black staff in senior roles as it seeks to shake up its image. The bank has pledged to increase the number from one per cent to three part, to bring it in line with the Black population in England and Wales.
But the findings of today’s report shows little is being done to tackle the lack of diversity among the startup community.


cityam--2020-10-20--UK dividend drought continues into third quarter

The collapse of corporate dividends this year continued into the third quarter , as payouts slumped by nearly half to £18bn .
Companies have scrambled to conserve cash amid the crisis , and the 49 per cent drop last quarter represents the lowest third quarter total in a decade since the aftermath of the global financial crisis .
Read more : FTSE 100 dividend payouts fall to lowest level in nearly a decade Although by any normal standards the fall is terrible for investors , it is significantly better than the 57.2 per cent drop in the second quarter .
@ @ @ @ @ @ @ dividends altogether with payouts plunging to a record quarterly low .
Europe and the UK were significantly hit as they tend to pay dividends just once a year in the second quarter so had an adverse impact on the total .
By the third quarter , companies were likely better able to assess the impact of coronavirus and some sectors of the economy started to reopen .
Link Group ’ s Dividend Monitor published today that just under half of companies cancelled their dividends altogether in the third quarter , while a further @ @ @ @ @ @ @ are a stark reminder of the depressed sentiment , Link Group said it was roughly in line with its expectations and there are signs of optimism .
“ The good news is that the worst is now behind us .
Now that we have real visibility on what companies are doing , we have improved our worst-case scenario for 2020 , so that the gap between our best and worst-case has almost disappeared ” , the financial administrator said .
Lin now expects dividends to fall to £60.4bn on a best-case basis and @ @ @ @ @ @ @ of 38.7 per cent and 39.2 per cent respectively .
This puts the next year ’ s best-case at an increase of 15 per cent and a worst case of six per cent .
Although the figures mark a bounce back the firm said the path to recovery to pre-Covid levels will take years .
“ UK plc is not out of the woods , but the trees are perhaps thinning a bit ” , said Susan Ring , chief executive of corporate markets at Link Group .
Indeed this week British Land @ @ @ @ @ @ @ and August , saying footfall at its retail parks was ahead of the wider market .
It previously paid them quarterly but suspended its dividend in March .
Bellway has also resumed the payment of its dividend after a surge in the housing market pushed forward orders up by 43 per cent .
Read more : Global dividends plunge to record quarterly low Banks accounted for almost two fifths of the £14.5bn cuts in the third quarter , as they remain barred from paying out dividends .
Following pressure from the Bank of @ @ @ @ @ @ @ PRA ) British lenders agreed in March to scrap dividends totalling roughly £8bn for the year in a bid to shore up their finances against the economic downturn caused by coronavirus .
The oil sector contributed another fifth to the cuts , but the impact of that will be longer lasting .
The sector rebasing is a permanent change that has knocked £11.2bn off UK payouts per annum and the loss of that income will be a blow to investors .
In August BP halved its dividend , its first cut in a @ @ @ @ @ @ @ in the second quarter .
“ Oil dividends will not increase significantly ( if at all ) , however , so the big question will be whether the Bank of England permits the banks to begin distributing again .
Beyond the obvious economic impacts on their trading , the extent to which companies in other sectors have taken government support will influence their freedom to pay shareholders too ” , said Ring .
As a result of these dividend cuts , British American Tobacco will “ complete its slow but steady climb ” @ @ @ @ @ @ @ dividend payer this year .

UK dividend drought continues into third quarter
Borrowing cash is at a record high
The collapse of corporate dividends this year continued into the third quarter, as payouts slumped by nearly half to £18bn.
Companies have scrambled to conserve cash amid the crisis, and the 49 per cent drop last quarter represents the lowest third quarter total in a decade since the aftermath of the global financial crisis.
Although by any normal standards the fall is terrible for investors, it is significantly better than the 57.2 per cent drop in the second quarter.
From early April firms started to suspend dividends altogether with payouts plunging to a record quarterly low. Europe and the UK were significantly hit as they tend to pay dividends just once a year in the second quarter so had an adverse impact on the total.
By the third quarter, companies were likely better able to assess the impact of coronavirus and some sectors of the economy started to reopen.
Link Group’s Dividend Monitor published today that just under half of companies cancelled their dividends altogether in the third quarter, while a further fifth cut them.
While the figures are a stark reminder of the depressed sentiment, Link Group said it was roughly in line with its expectations and there are signs of optimism.
“The good news is that the worst is now behind us. Now that we have real visibility on what companies are doing, we have improved our worst-case scenario for 2020, so that the gap between our best and worst-case has almost disappeared”, the financial administrator said.
Lin now expects dividends to fall to £60.4bn on a best-case basis and £59.5bn on a worst-case, a decline of 38.7 per cent and 39.2 per cent respectively.
This puts the next year’s best-case at an increase of 15 per cent and a worst case of six per cent. Although the figures mark a bounce back the firm said the path to recovery to pre-Covid levels will take years.
“UK plc is not out of the woods, but the trees are perhaps thinning a bit”, said Susan Ring, chief executive of corporate markets at Link Group.
Indeed this week British Land announced plans to pay dividends in February and August, saying footfall at its retail parks was ahead of the wider market. It previously paid them quarterly but suspended its dividend in March.
Bellway has also resumed the payment of its dividend after a surge in the housing market pushed forward orders up by 43 per cent.
Link Group anticipates dividend payments will bounce back by 2021 but it will take some time to recover to pre-Covid levels. (Credit: Link Group)
Banks bear the brunt of dividend cuts
Banks accounted for almost two fifths of the £14.5bn cuts in the third quarter, as they remain barred from paying out dividends.
Following pressure from the Bank of England’s Prudential Regulation Authority (PRA) British lenders agreed in March to scrap dividends totalling roughly £8bn for the year in a bid to shore up their finances against the economic downturn caused by coronavirus.
The oil sector contributed another fifth to the cuts, but the impact of that will be longer lasting. The sector rebasing is a permanent change that has knocked £11.2bn off UK payouts per annum and the loss of that income will be a blow to investors.
Banks agreed to halt dividends in March following a request from the Bank of England. (Credit: Link Group)
In August BP halved its dividend, its first cut in a decade, after booking a £5.13bn loss in the second quarter.
“Oil dividends will not increase significantly (if at all), however, so the big question will be whether the Bank of England permits the banks to begin distributing again. Beyond the obvious economic impacts on their trading, the extent to which companies in other sectors have taken government support will influence their freedom to pay shareholders too”, said Ring.
As a result of these dividend cuts, British American Tobacco will “complete its slow but steady climb” to become the UK’s top dividend payer this year.


cityam--2020-10-20--Netflix subscriber numbers fall short as Covid-19 lockdown boost fizzles

Netflix tonight posted the weakest new subscriber numbers in four years as streaming competition increased , lockdowns eased and live sports returned to television .
The company added 2.2 million paid Netflix subscribers globally during the quarter to 30 September , missing Wall Street ’ s target of 3.4 million .
Earnings per share also landed below analyst expectations at $ 1.74 .
The consensus forecast was $ 2.14 , according to IBES data from Refinitiv .
Read more : Netflix earnings : Is the streamer ’ s pandemic party coming to an end ?
Shares of Netflix , one @ @ @ @ @ @ @ nearly 6 % to $ 494 in after-hours trading tonight .
“ Domestic subscribers were nearly flat , which highlights Netflix ’ s saturation in the U.S. , ” said Ross Benes , analyst with eMarketer .
With domestic additions slowing , revenue growth will likely come from price increases , he said .
Netflix reported a blockbuster quarter at the start of lockdown , adding 15.8 million subscribers from January through March .
Read more : Netflix to triple London office space as it cashes in on British success stories Netflix had @ @ @ @ @ @ @ new sign-ups would fade in the latter half of the year as Covid-19 restrictions eased .
It forecast in the fourth quarter it would bring in 6 million new subscribers globally – not the 6.51 million analysts expected .
Net income rose to $ 790m in the third quarter from $ 665.2m a year earlier .
Revenue rose 22.7 % to $ 6.44bn in the third quarter , edging past estimates of $ 6.38bn .
The streaming video pioneer is trying to win new customers and fend off competition as viewers embrace online @ @ @ @ @ @ @ Netflix released “ Emily in Paris , ” “ Enola Holmes ” and “ The Devil All the Time.
” Netflix acknowledged that competition was increasing as studios across Hollywood from Walt Disney Co to AT & T Inc ’ s WarnerMedia have restructured to compete more directly for video subscribers .
“ Competition for consumers ’ time and engagement remains vibrant , ” Netflix said in a letter to shareholders .
In recent months , major sports resumed play and new rivals HBO Max and Peacock in the US , offered audiences @ @ @ @ @ @ @ reflected the fact that it saw such a big surge in customers early in the year .
“ We continue to view quarter-to-quarter fluctuations in paid net adds as not that meaningful in the context of the long run adoption of internet entertainment , which we believe is still early and should provide us with many years of strong future growth as we continue to improve our service , ” the company said .
Netflix said it expected to complete shooting over 150 productions by the end of the year .
It would @ @ @ @ @ @ @ of 2021 compared with 2020 .

Netflix subscriber numbers fall short as Covid-19 lockdown boost fizzles
Actress Gillian Anderson starred in Netflix lockdown hit Sex Education (Photo by TOLGA AKMEN/AFP via Getty Images)
Netflix tonight posted the weakest new subscriber numbers in four years as streaming competition increased, lockdowns eased and live sports returned to television.
The company added 2.2 million paid Netflix subscribers globally during the quarter to 30 September, missing Wall Street’s target of 3.4 million.
Earnings per share also landed below analyst expectations at $1.74. The consensus forecast was $2.14, according to IBES data from Refinitiv.
Shares of Netflix, one of the biggest lockdown gainers, dropped nearly 6% to $494 in after-hours trading tonight.
“Domestic subscribers were nearly flat, which highlights Netflix’s saturation in the U.S.,” said Ross Benes, analyst with eMarketer. With domestic additions slowing, revenue growth will likely come from price increases, he said.
Netflix reported a blockbuster quarter at the start of lockdown, adding 15.8 million subscribers from January through March.
Netflix had warned investors that a sudden surge in new sign-ups would fade in the latter half of the year as Covid-19 restrictions eased.
It forecast in the fourth quarter it would bring in 6 million new subscribers globally – not the 6.51 million analysts expected.
Net income rose to $790m in the third quarter from $665.2m a year earlier.
Revenue rose 22.7% to $6.44bn in the third quarter, edging past estimates of $6.38bn.
The streaming video pioneer is trying to win new customers and fend off competition as viewers embrace online entertainment. During the third quarter, Netflix released “Emily in Paris,” “Enola Holmes” and “The Devil All the Time.”
New rivals
Netflix acknowledged that competition was increasing as studios across Hollywood from Walt Disney Co to AT&T Inc’s WarnerMedia have restructured to compete more directly for video subscribers.
“Competition for consumers’ time and engagement remains vibrant,” Netflix said in a letter to shareholders.
In recent months, major sports resumed play and new rivals HBO Max and Peacock in the US, offered audiences new options.
Netflix said its results reflected the fact that it saw such a big surge in customers early in the year.
“We continue to view quarter-to-quarter fluctuations in paid net adds as not that meaningful in the context of the long run adoption of internet entertainment, which we believe is still early and should provide us with many years of strong future growth as we continue to improve our service,” the company said.
Netflix said it expected to complete shooting over 150 productions by the end of the year.
It would release more original programming in each quarter of 2021 compared with 2020.


cityam--2020-10-20--Government warns that it will 'take control' of TfL unless bailout demands met

The government has warned Sadiq Khan that it will take the management of Transport for London ( TfL ) into its own hands if the Mayor does not accept its demands as part of a new bailout deal .
In return for a second rescue package , transport secretary Grant Shapps has set out a number of demands including a hike in council tax , an enlarged congestion charge zone and higher fares , the FT reported .
Read more : Government extends TfL funding for two weeks amid emergency bailout talks If the Mayor does not comply with the @ @ @ @ @ @ @ charge of the transport operator .
“ We will be taking reserve legislative powers allowing us if necessary to direct TfL , ” he said in a letter .
“ This would be combined with a further series of short-term funding settlements.
” Khan is seeking a £4.9bn deal over the next 18 months , which has seen its revenues decimated by the coronavirus pandemic .
With the initial deadline for an agreement expiring last week , a two week extension to TfL ’ s funding has been granted by ministers .
In @ @ @ @ @ @ @ to see TfL through an initial six month period , but with no sign of passenger numbers returning , the transport operator is seeking an additional package to fill the hole in its finances .
The initial package required TfL to freeze all subsidised travel and increase the congestion charge by a third , but new measures could be even more severe .
In the letter , Shapps proposed a six month funding deal which would take the body through to next March .
Before the Open newsletter : Start your day with @ @ @ @ @ @ @ data As part of this , he wrote that Londoners should pay an additional sum in their council tax to help ease the pressure on TfL ’ s finances .
In addition , Shapps said he expected the mayor to begin “ pensions and workplace reform ” at TfL , accelerate the “ inadequate ” progress on implementing driverless trains , cut fare concessions for children and pensioners and implement a fares increase of more than the “ RPI inflation + one per cent ” model agreed in May , the FT reported @ @ @ @ @ @ @ congestion zone be increased in size in line with the Ultra Low Emissions Zone , which from October 2021 will stretch from the North to the South Circular .
Union RMT said the demands amounted to “ bullying ” by central government .
General secretary Mick Cash said : “ The speculation that the Government are threatening to take direct control of TFL sounds like more bullying by this administration designed to impose their will on Londoners and ride roughshod over local democracy.
” In response , however , Khan rejected the transport @ @ @ @ @ @ @ the government should instead reinstate the network ’ s operating grant .
He also contrasted the treatment of TfL with the support that has thus far been given to the rail industry , which has already received £4.3bn in funding with few conditions attached .
Read more : Exclusive : TfL set for crunch talks as London bosses call on Sunak to solve cash crisis Last week officials at the Department for Transport revealed that emergency funding for the country ’ s railways could cost the taxpayer as much as £10bn over the @ @ @ @ @ @ @ Mayor of London said : “ Negotiations with the Government continue , but suffice it to say there is simply no way any Mayor could accept conditions of this nature , which would make it harder to tackle the virus and choke off London ’ s economic recovery at the worst possible time ” .
City A.M. has contacted DfT for comment .

Government warns that it will ‘take control’ of TfL unless bailout demands met
Sadiq Khan has asked for £4.9bn in new funding for TfL.
The government has warned Sadiq Khan that it will take the management of Transport for London (TfL) into its own hands if the Mayor does not accept its demands as part of a new bailout deal.
In return for a second rescue package, transport secretary Grant Shapps has set out a number of demands including a hike in council tax, an enlarged congestion charge zone and higher fares, the FT reported.
If the Mayor does not comply with the demands, Shapps has threatened to take charge of the transport operator.
“We will be taking reserve legislative powers allowing us if necessary to direct TfL,” he said in a letter. “This would be combined with a further series of short-term funding settlements.”
Khan is seeking a £4.9bn deal over the next 18 months, which has seen its revenues decimated by the coronavirus pandemic.
With the initial deadline for an agreement expiring last week, a two week extension to TfL’s funding has been granted by ministers.
In May, the government handed over £1.6bn to see TfL through an initial six month period, but with no sign of passenger numbers returning, the transport operator is seeking an additional package to fill the hole in its finances.
The initial package required TfL to freeze all subsidised travel and increase the congestion charge by a third, but new measures could be even more severe.
In the letter, Shapps proposed a six month funding deal which would take the body through to next March.
Before the Open newsletter: Start your day with the City View podcast and key market data
As part of this, he wrote that Londoners should pay an additional sum in their council tax to help ease the pressure on TfL’s finances.
In addition, Shapps said he expected the mayor to begin “pensions and workplace reform” at TfL, accelerate the “inadequate” progress on implementing driverless trains, cut fare concessions for children and pensioners and implement a fares increase of more than the “RPI inflation + one per cent” model agreed in May, the FT reported.
Finally, he asked that the congestion zone be increased in size in line with the Ultra Low Emissions Zone, which from October 2021 will stretch from the North to the South Circular.
Union RMT said the demands amounted to “bullying” by central government.
General secretary Mick Cash said: “The speculation that the Government are threatening to take direct control of TFL sounds like more bullying by this administration designed to impose their will on Londoners and ride roughshod over local democracy.”
In response, however, Khan rejected the transport secretary’s demands, saying that the government should instead reinstate the network’s operating grant.
He also contrasted the treatment of TfL with the support that has thus far been given to the rail industry, which has already received £4.3bn in funding with few conditions attached.
Last week officials at the Department for Transport revealed that emergency funding for the country’s railways could cost the taxpayer as much as £10bn over the whole year.
A spokesperson for the Mayor of London said: “Negotiations with the Government continue, but suffice it to say there is simply no way any Mayor could accept conditions of this nature, which would make it harder to tackle the virus and choke off London’s economic recovery at the worst possible time”.
City A.M. has contacted DfT for comment.


cityam--2020-10-20--G'day UK: Australia trade deal set to increase freedom of movement downunder

Britons are in line to soon have greater opportunities to live and work in Australia , with trade deal talks between the two nations placing freedom of movement at the fore of negotiations .
A source close to international trade secretary Liz Truss has told City A.M. that a UK-Australia trade deal will likely allow young Australians to live in the UK for more than two years , with a similar extension for Britons going the other way .
Read more : Spirits , telecoms and financial services set to be in UK-Australia trade deal Also being discussed are provisions @ @ @ @ @ @ @ between the countries and greater bilateral recognition of professional qualifications .
Truss ’ team has conducted several rounds of negotiations with Australian officials as the UK tries to close a number of trade agreements after leaving the EU this year .
The Telegraph reported in August that some of the sectors that may benefit from a UK-Australia trade deal are financial services , telecoms and technology .
Increased freedom of movement between the UK and other Commonwealth countries – such as Australia , New Zealand and Canada – has also been pushed by @ @ @ @ @ @ @ voted to leave the EU .
Before the Open newsletter : Start your day with the City View podcast and key market data The trade department source said enhanced freedom of movement was a greater priority for the Australian government than the UK ’ s in trade talks , but that there ’ s “ definitely interest on both sides ” and it is “ a likelihood ” that it will be included in a future trade deal .
Over the past three decades an average of 30,000 Britons have emigrated to Australia @ @ @ @ @ @ @ options currently open to British citizens , including a one-year working holiday visa that can be extended a second year if you complete three months ’ work in the mining or agricultural sectors .
Skilled professionals also have a pathway to Australian residency , with their occupation and level of education taken into account .
This would likely be extended to allow greater access to British citizens if the UK and Australia agree to enhance freedom of movement in the terms of a trade deal .
Matthew Lesh , head of research at @ @ @ @ @ @ @ tank , said that it should be “ as easy as possible ” for Australians to live in the UK and vice versa .
“ Freer movement would reinvigorate the strong ties between our two modern , liberal , and democratic nations , ” he said .
“ The ability to more freely live , study and work across our nations would allow the meeting of people , the exchange of ideas , and trade that enriches both sides.
” Negotiations between the Commonwealth nations come as former Australian Prime Minster Tony Abbott @ @ @ @ @ @ @ adviser to Boris Johnson ’ s government .
He is also now the joint President of the Board of Trade along with Liz Truss .
Read more : Ex-Australian PM Tony Abbott to be given top UK trade role A spokesperson for the Australian High Commission said : “ As Prime Minister [ Scott ] Morrison has said this will be a deal that means more jobs , more growth , more prosperity in both our countries , and more opportunities for Australian and UK citizens to live and work in each other @ @ @ @ @ @ @ Department for International Trade was contacted for comment .

G’day UK: Australia trade deal set to increase freedom of movement downunder
The UK government has signed a post-Brexit trade deal with Australia and New Zealand
Britons are in line to soon have greater opportunities to live and work in Australia, with trade deal talks between the two nations placing freedom of movement at the fore of negotiations.
A source close to international trade secretary Liz Truss has told City A.M. that a UK-Australia trade deal will likely allow young Australians to live in the UK for more than two years, with a similar extension for Britons going the other way.
Also being discussed are provisions to allow increased access for businesspeople travelling between the countries and greater bilateral recognition of professional qualifications.
Truss’ team has conducted several rounds of negotiations with Australian officials as the UK tries to close a number of trade agreements after leaving the EU this year.
The Telegraph reported in August that some of the sectors that may benefit from a UK-Australia trade deal are financial services, telecoms and technology.
Increased freedom of movement between the UK and other Commonwealth countries – such as Australia, New Zealand and Canada – has also been pushed by some British business groups since the country voted to leave the EU.
Before the Open newsletter: Start your day with the City View podcast and key market data
The trade department source said enhanced freedom of movement was a greater priority for the Australian government than the UK’s in trade talks, but that there’s “definitely interest on both sides” and it is “a likelihood” that it will be included in a future trade deal.
Over the past three decades an average of 30,000 Britons have emigrated to Australia every year.
There are several visa options currently open to British citizens, including a one-year working holiday visa that can be extended a second year if you complete three months’ work in the mining or agricultural sectors.
Skilled professionals also have a pathway to Australian residency, with their occupation and level of education taken into account.
This would likely be extended to allow greater access to British citizens if the UK and Australia agree to enhance freedom of movement in the terms of a trade deal.
Matthew Lesh, head of research at the free market Adam Smith Institute think tank, said that it should be “as easy as possible” for Australians to live in the UK and vice versa.
“Freer movement would reinvigorate the strong ties between our two modern, liberal, and democratic nations,” he said.
“The ability to more freely live, study and work across our nations would allow the meeting of people, the exchange of ideas, and trade that enriches both sides.”
Negotiations between the Commonwealth nations come as former Australian Prime Minster Tony Abbott was recently appointed as a key trade adviser to Boris Johnson’s government.
He is also now a member of the Board of Trade under President Liz Truss.
A spokesperson for the Australian High Commission said: “As Prime Minister [Scott] Morrison has said this will be a deal that means more jobs, more growth, more prosperity in both our countries, and more opportunities for Australian and UK citizens to live and work in each other’s countries, ultimately.”
The Department for International Trade was contacted for comment.


cityam--2020-10-20--UK airports losing £83m a week due to coronavirus

The UK ’ s airports are losing £83m a week as a result of the coronavirus crisis , the Airport Operators Association ( AOA ) revealed this evening .
Air travel has been decimated by the pandemic , with the collapse of passenger revenues on course to set the sector back £4.3bn this year .
Read more : Start of airport testing ‘ shot in the arm ’ for travel industry However , the trade body said that the real figure could be far higher , as the slowdown affects businesses and towns around the UK ’ s airports .
@ @ @ @ @ @ @ AOA renewed calls for extra sector-specific support from Chancellor Rishi Sunak .
Karen Dee , the trade association ’ s chief exec , said : “ UK airports have done everything in their power to weather the storm and have done so without the specific Government support afforded to other sectors .
“ That they are losing £83m per week must serve as a wakeup call to the Government and lead to the delivery of the promised Aviation Recovery Package of support.
” Once again the body asked for a 12 month holiday @ @ @ @ @ @ @ in Scotland and Northern Ireland have already received the tax break .
Before the Open newsletter : Start your day with the City View podcast and key market data In addition , the AOA called for Air Passenger Duty to be suspended for a year , and the suspension of VAT to be continued for the aviation industry .
Last month the Treasury announced that duty free sales at airports , ports and Eurostar stations would be scrapped from 1 January .
The move met with outcry from businesses in the sector .
@ @ @ @ @ @ @ 40 per cent of their income from duty free retailers .
The calls come as Heathrow Airport unveiled the country ’ s first pre-departure coronavirus testing facility this morning , boosting hopes that a full-scale testing regime could be implemented soon .
At the moment , the facilities are only testing people flying to Hong Kong and Italy , but ministers are being urged to roll out the programme at scale .
Read more : Travel industry calls for ‘ decisive ’ action on airport testing Dee said the government needed to act @ @ @ @ @ @ @ Damage now to Britain ’ s connectivity will take years to repair , harming all our ambitions for the UK in the global marketplace ” , she warned .

UK airports losing £83m a week due to coronavirus
Airports are losing millions every week as the coronavirus continues to hammer air travel.
The UK’s airports are losing £83m a week as a result of the coronavirus crisis, the Airport Operators Association (AOA) revealed this evening.
Air travel has been decimated by the pandemic, with the collapse of passenger revenues on course to set the sector back £4.3bn this year.
However, the trade body said that the real figure could be far higher, as the slowdown affects businesses and towns around the UK’s airports.
On the back of the figures the AOA renewed calls for extra sector-specific support from Chancellor Rishi Sunak.
Karen Dee, the trade association’s chief exec, said: “UK airports have done everything in their power to weather the storm and have done so without the specific Government support afforded to other sectors.
“That they are losing £83m per week must serve as a wakeup call to the Government and lead to the delivery of the promised Aviation Recovery Package of support.”
Once again the body asked for a 12 month holiday from business rates for airports. Those in Scotland and Northern Ireland have already received the tax break.
Before the Open newsletter: Start your day with the City View podcast and key market data
In addition, the AOA called for Air Passenger Duty to be suspended for a year, and the suspension of VAT to be continued for the aviation industry.
Last month the Treasury announced that duty free sales at airports, ports and Eurostar stations would be scrapped from 1 January.
The move met with outcry from businesses in the sector. Airports for example derive as much as 40 per cent of their income from duty free retailers.
The calls come as Heathrow Airport unveiled the country’s first pre-departure coronavirus testing facility this morning, boosting hopes that a full-scale testing regime could be implemented soon.
At the moment, the facilities are only testing people flying to Hong Kong and Italy, but ministers are being urged to roll out the programme at scale.
Dee said the government needed to act swiftly to protect the industry.
“Damage now to Britain’s connectivity will take years to repair, harming all our ambitions for the UK in the global marketplace”, she warned.