cityam--2020-06-14--Retail footfall down 80 per cent in May amid coronavirus lockdown

Retailers suffered a decline in footfall of more than 80 per cent in May , as the coronavirus lockdown kept consumers at home and shops shuttered across the country .
Footfall plunged 81.6 per cent compared to the same period last year , according to the British Retail Consortium .
Read more : High street suffers biggest ever decline in footfall as Brits obey lockdown This was a shallower decline than in April , however , with the government allowing some shops , such as garden centres , to reopen over the month .
Shopping centres were hardest hit , @ @ @ @ @ @ @ while high street footfall was down 78 per cent .
The figures come as non-essential retailers are allowed to open their doors for the first time since March today .
Helen Dickinson , BRC chief executive , said : “ Retailers have been under immense pressure for the past three months but the reopening of non-essential shops from today is unlikely to deliver immediate relief .
“ A mix of low consumer confidence and limits on the number of people able to enter stores mean that many shops will continue to suffer lower @ @ @ @ @ @ @ some time to come .
“ As they return to serving the country , there is still a risk that many physical shops could end up closing their doors again – only this time , permanently.
” Experts expect that footfall will immediately rise by around 15 to 25 percentage points as shops reopen today , based on what happened in other European countries which eased lockdown earlier .
Andy Sumpter , retail consultant at Shoppertrak , which compiled the figures , said : “ In the short term we expect consumers will @ @ @ @ @ @ @ visit , making each shopper all the more precious .
Footfall has a totally new value .
”

Retail footfall down 80 per cent in May amid coronavirus lockdown
An empty Oxford Street during coronavirus lockdown
Retailers suffered a decline in footfall of more than 80 per cent in May, as the coronavirus lockdown kept consumers at home and shops shuttered across the country.
Footfall plunged 81.6 per cent compared to the same period last year, according to the British Retail Consortium.
This was a shallower decline than in April, however, with the government allowing some shops, such as garden centres, to reopen over the month.
Shopping centres were hardest hit, with an 85 per cent drop, while high street footfall was down 78 per cent.
The figures come as non-essential retailers are allowed to open their doors for the first time since March today.
Helen Dickinson, BRC chief executive, said: “Retailers have been under immense pressure for the past three months but the reopening of non-essential shops from today is unlikely to deliver immediate relief.
“A mix of low consumer confidence and limits on the number of people able to enter stores mean that many shops will continue to suffer lower footfall – and lower sales – for some time to come.
“As they return to serving the country, there is still a risk that many physical shops could end up closing their doors again – only this time, permanently.”
How footfall increased after the easing of lockdown in European countries (credit BRC)
Experts expect that footfall will immediately rise by around 15 to 25 percentage points as shops reopen today, based on what happened in other European countries which eased lockdown earlier.
Andy Sumpter, retail consultant at Shoppertrak, which compiled the figures, said: “In the short term we expect consumers will visit less, but buy more each visit, making each shopper all the more precious. Footfall has a totally new value.”


cityam--2020-06-14--Unilever to invest €1bn in climate-focused fund

Consumer giant Unilever will today reveal a dedicated fund to combatting climate change , with a total investment of €1bn to be spent over the next decade .
The investment will be made across all of its brands , which include household names such as Ben & Jerry ’ s , Knorr and Vaseline .
Named the Climate and Nature Fund , Unilever said projects are likely to include landscape restoration , reforestation , wildlife protection and water preservation .
The group is also targeting net zero carbon emissions from products across all of its brands by 2039 , and @ @ @ @ @ @ @ Past 2039 , any residual emissions will be balanced through purchased or self-generated offsetting .
Read more : BoE governor Andrew Bailey : Fiscal stimulus should keep climate change in mind “ While the world is dealing with the devastating effects of the Covid-19 pandemic , and grappling with serious issues of inequality , we can ’ t let ourselves forget that the climate crisis is still a threat to all of us , ” said group chief Alan Jope .
“ Climate change , nature degradation , biodiversity decline , water scarcity @ @ @ @ @ @ @ and we must address them all simultaneously.
” The announcement follows a shock U-turn from Unilever last week , in which it said it will end its joint Anglo-Dutch structure and reunify under its London headquarters .
Read more : Unilever to end Anglo-Dutch structure to prioritise London base after failed Amsterdam move The group surprised investors when it revealed a plan to move to the Netherlands , which it later dropped in 2018 after shareholders voiced concerns .
Unilever said today it is aiming to have a deforestation-free supply chain within the @ @ @ @ @ @ @ 89 per cent of its forest-related commodities as sustainably sourced .
It will use technological advancements to achieve this goal , such as satellite monitoring , geolocation tracking and blockchain .
All suppliers will need to adhere to new agricultural codes to ensure farmers are using sustainable and regenerative practices .
Before the Open : Get the jump on the markets with our early morning newsletter Finally it will aim to make all of its product formulations biodegradable by 2030 , and join the World Bank ’ s 2030 Water Resources Group to @ @ @ @ @ @ @ responsibility in tackling the climate crisis is to drive an absolute reduction of greenhouse gas emissions , not simply focus on offsetting , ” said Marc Engel , Unilever ’ s chief supply officer .

Unilever to invest €1bn in climate-focused fund
Consumer giant Unilever will today reveal a dedicated fund to combatting climate change, with a total investment of €1bn to be spent over the next decade.
The investment will be made across all of its brands, which include household names such as Ben & Jerry’s, Knorr and Vaseline.
Named the Climate and Nature Fund, Unilever said projects are likely to include landscape restoration, reforestation, wildlife protection and water preservation.
The group is also targeting net zero carbon emissions from products across all of its brands by 2039, and from its own operations by 2030. Past 2039, any residual emissions will be balanced through purchased or self-generated offsetting.
“While the world is dealing with the devastating effects of the
Covid-19 pandemic, and grappling with serious issues of inequality, we can’t let ourselves forget that the climate crisis is still a threat to all of us,” said group chief Alan Jope.
“Climate change, nature degradation, biodiversity decline, water scarcity — all these issues are interconnected, and we must address them all simultaneously.”
The announcement follows a shock U-turn from Unilever last week, in which it said it will end its joint Anglo-Dutch structure and reunify under its London headquarters.
The group surprised investors when it revealed a plan to move to the Netherlands, which it later dropped in 2018 after shareholders voiced concerns.
Unilever said today it is aiming to have a deforestation-free supply chain within the next three years, having already certified 89 per cent of its forest-related commodities as sustainably sourced.
It will use technological advancements to achieve this goal, such as satellite monitoring, geolocation tracking and blockchain.
All suppliers will need to adhere to new agricultural codes to ensure farmers are using sustainable and regenerative practices.
Before the Open: Get the jump on the markets with our early morning newsletter
Finally it will aim to make all of its product formulations biodegradable by 2030, and join the World Bank’s 2030 Water Resources Group to promote water preservation.
“Our collective responsibility in tackling the climate crisis is to drive an absolute reduction of greenhouse gas emissions, not
simply focus on offsetting,” said Marc Engel, Unilever’s chief supply officer.


cityam--2020-06-14--Coronavirus death toll in UK rises by lowest since lockdown began

The death toll in the UK from confirmed cases of coronavirus has risen by 36 to 41,698 , the government said today .
The increase is the lowest recorded since 22 March , the day before Prime Minister Boris Johnson implemented lockdown measures .
The daily tally of deaths related to Covid-19 usually dips over the weekend due to delays in reporting numbers from hospitals and other institutions .
The figures come the day before the government is due to ease lockdown measures further , allowing some non-essential retailers to reopen .
Read more : Rishi Sunak goes shopping as @ @ @ @ @ @ @ , the day after lockdown began , the death toll rose by 35 .
The total number of tests carried out in the UK rose to 6,772,602 by 4pm yesterday , with 295,889 cases confirmed to have been positive .
The Department of Health and Social Care said data for the number of people tested has been “ temporarily paused to ensure consistent reporting ” across all methods of testing .
Read more : Test and trace system tells 26,985 to self-isolate in first week Mayor of London Sadiq Khan today issued a @ @ @ @ @ @ @ been lifted , saying : “ The virus is still out there.
” Other new measures being implemented tomorrow include a mandate to wear face coverings on public transport , and the introduction of so-called support bubble households .

Coronavirus death toll in UK rises by lowest since lockdown began
The death toll in the UK from confirmed cases of coronavirus has risen by 36 to 41,698, the government said today.
The increase is the lowest recorded since 22 March, the day before Prime Minister Boris Johnson implemented lockdown measures.
The daily tally of deaths related to Covid-19 usually dips over the weekend due to delays in reporting numbers from hospitals and other institutions.
The figures come the day before the government is due to ease lockdown measures further, allowing some non-essential retailers to reopen.
On 24 March, the day after lockdown began, the death toll rose by 35.
The total number of tests carried out in the UK rose to 6,772,602 by 4pm yesterday, with 295,889 cases confirmed to have been positive.
The Department of Health and Social Care said data for the number of people tested has been “temporarily paused to ensure consistent reporting” across all methods of testing.
Mayor of London Sadiq Khan today issued a reminder to Londoners that lockdown has not been lifted, saying: “The virus is still out there.”
LONDON: lockdown has not been lifted. The virus is still out there.
I know it's tough, but please keep following the rules:
⚠ Stay at home as much as possible and avoid public transport
⚠ Keep a social distance when out, and where that's difficult wear a face covering pic.twitter.com/WbtzfHA50Z — Sadiq Khan (@SadiqKhan) June 14, 2020
Other new measures being implemented tomorrow include a mandate to wear face coverings on public transport, and the introduction of so-called support bubble households.


cityam--2020-06-14--HSBC's head of public affairs leads pro-China lobbying push

A pro-China business group is urging FTSE100 companies to lobby the UK government to act more pro-Beijing as relations between the two countries begin to flounder .
The China-Britain Business Council ( CBBC ) – whose members include HSBC , BP and Standard Chartered – has spoken to a number of high-profile companies , that have connections to China , to back their lobbying push .
Read more : Mike Pompeo slams HSBC for ‘ corporate kowtow ’ to China The Sunday Times reports that the campaign is being led by CBBC chair , and head of public affairs at @ @ @ @ @ @ @ a briefing document , the CBBC said : “ One of our first strategic moves post-Brexit should not be to write off a country and a market of 1.4 billion people.
” HSBC has been criticised for supporting new security legislation in Hong Kong , which pro-Democracy activists say will severely curtail freedoms .
Before the Open newsletter : Start your day with the City View podcast and key market data The new laws will see criticism of the Communist Party of China outlawed and Chinese security agencies set up in Hong Kong @ @ @ @ @ @ @ of state Mike Pompeo slammed HSBC ’ s Asia-Pacific chief executive Peter Wong for backing the new laws , accusing the British bank of a “ corporate kowtow ” to Beijing .
He said the “ browbeating ” of HSBC by China ’ s communist leadership “ should serve as a cautionary tale ” .
It comes as a part of a wider anti-China China by the government .
Foreign secretary Dominic Raab urged Beijing to “ step back from the brink ” two weeks ago in regards to the new Hong Kong @ @ @ @ @ @ @ of Hong Kong residents would be granted access to UK visas , with a pathway to citizenship , if the laws are implemented .
The government is also reviewing US sanctions on Huawei as speculation mounts that Johnson will reverse his decision on allowing the Chinese firm to help build Britain ’ s 5G network .
The review will report back to the government in a matter of weeks and will look at export controls imposed on Huawei last month .
It comes as numerous media reports have suggested the Prime Minister is @ @ @ @ @ @ @ the Chinese telecoms firm to help build Britain ’ s 5G network .
Johnson made the decision earlier this year to allow Huawei to build “ non-core ” elements , which were deemed to be less vulnerable to potential security attacks .
Read more : UK launches review into impact of US sanctions on Huawei Downing Street has come under heavy pressure from Conservative MPs about Huawei ’ s involvement , with many concerned the firm could collect sensitive information through the network on behalf of the Chinese state .
Australia and the @ @ @ @ @ @ @ Five Eyes security network with the UK – have banned Huawei from building any elements of their respective 5G networrks .

HSBC’s head of public affairs leads pro-China lobbying push
A general view shows the skyline of the Lujiazui financial district in Shanghai on December 16, 2019. (Photo by HECTOR RETAMAL / AFP) (Photo by HECTOR RETAMAL/AFP via Getty Images)
A pro-China business group is urging FTSE100 companies to lobby the UK government to act more pro-Beijing as relations between the two countries begin to flounder.
The China-Britain Business Council (CBBC) – whose members include HSBC, BP and Standard Chartered – has spoken to a number of high-profile companies, that have connections to China, to back their lobbying push.
The Sunday Times reports that the campaign is being led by CBBC chair, and head of public affairs at HSBC, Sir Sherard Cowper-Coles.
In a briefing document, the CBBC said: “One of our first strategic moves post-Brexit should not be to write off a country and a market of 1.4 billion people.”
HSBC has been criticised for supporting new security legislation in Hong Kong, which pro-Democracy activists say will severely curtail freedoms.
Before the Open newsletter: Start your day with the City View podcast and key market data
The new laws will see criticism of the Communist Party of China outlawed and Chinese security agencies set up in Hong Kong for the first time.
US secretary of state Mike Pompeo slammed HSBC’s Asia-Pacific chief executive Peter Wong for backing the new laws, accusing the British bank of a “corporate kowtow” to Beijing.
He said the “browbeating” of HSBC by China’s communist leadership “should serve as a cautionary tale”.
It comes as a part of a wider anti-China China by the government.
Foreign secretary Dominic Raab urged Beijing to “step back from the brink” two weeks ago in regards to the new Hong Kong legislation.
Boris Johnson said that millions of Hong Kong residents would be granted access to UK visas, with a pathway to citizenship, if the laws are implemented.
The government is also reviewing US sanctions on Huawei as speculation mounts that Johnson will reverse his decision on allowing the Chinese firm to help build Britain’s 5G network.
The review will report back to the government in a matter of weeks and will look at export controls imposed on Huawei last month.
It comes as numerous media reports have suggested the Prime Minister is considering U-turning on his decision to allow the Chinese telecoms firm to help build Britain’s 5G network.
Johnson made the decision earlier this year to allow Huawei to build “non-core” elements, which were deemed to be less vulnerable to potential security attacks.
Downing Street has come under heavy pressure from Conservative MPs about Huawei’s involvement, with many concerned the firm could collect sensitive information through the network on behalf of the Chinese state.
Australia and the US – both a part of the Five Eyes security network with the UK – have banned Huawei from building any elements of their respective 5G networrks.


cityam--2020-06-14--Rishi Sunak goes shopping as retail prepares to reopen

Rishi Sunak visited a Waterstones yesterday as retail businesses across England prepare to reopen tomorrow .
Sunak inspected some of the safety measures that the bookstore had implemented , such as screens between checkout workers and customers .
Read more : Rishi Sunak : Government to take ‘ fresh look ’ at two-metre rule England ’ s 7,000 high streets will open tomorrow as a part of the government ’ s easing of the lockdown .
All shops that open must conform to the government ’ s “ Covid secure ” guidelines , with potential fines for non-compliance .
Waterstones @ @ @ @ @ @ @ everyone keeps a two-metre distance , limiting the number of customers allowed in at a time , frequently santising furniture and removing and quarantining books that have been browsed .
“ As our high streets begin to reopen after this period of crisis , small businesses will be at the very heart of that economic recovery , ” Federation of Small Businesses chair Mike Cherry said .
“ Making up 99 per cent of all businesses in the country , small firms are the backbone of the economy and at the heart of @ @ @ @ @ @ @ in the weeks and months to come .
“ The general public and communities have been fantastic in supporting their local businesses through this difficult time .
The reopening of shops is a landmark day , so please do support your local small businesses this week.
” Boris Johnson is expected to soon announce when the hospitality sector can reopen as the next phase of easing the lockdown .
The government ’ s roadmap says the sector will not be allowed to open before 4 July .
Hospitality bodies have lobbied the government @ @ @ @ @ @ @ , with businesses worried the rule will keep them from trading profitably .
Sunak confirmed today that the government would review the rule .
Speaking to Sky News today , Sunak said : “ The Prime Minister has put in place a comprehensive review of the two metre rule… That review will involve the scientists , economists and others so that we can look at it in the round .
“ You are right to highlight the impact it has on business ; I know that of course it ’ s the difference @ @ @ @ @ @ @ pubs opening , for example , so it ’ s important that we look at it .
”

Rishi Sunak goes shopping as retail prepares to reopen
Rishi Sunak visited a Waterstones yesterday as retail businesses across England prepare to reopen tomorrow.
Sunak inspected some of the safety measures that the bookstore had implemented, such as screens between checkout workers and customers.
England’s 7,000 high streets will open tomorrow as a part of the government’s easing of the lockdown.
All shops that open must conform to the government’s “Covid secure” guidelines, with potential fines for non-compliance.
Waterstones, for example, has to ensure everyone keeps a two-metre distance, limiting the number of customers allowed in at a time, frequently santising furniture and removing and quarantining books that have been browsed.
“As our high streets begin to reopen after this period of crisis, small businesses will be at the very heart of that economic recovery,” Federation of Small Businesses chair Mike Cherry said.
“Making up 99 per cent of all businesses in the country, small firms are the backbone of the economy and at the heart of the economic recovery in their local communities in the weeks and months to come.
“The general public and communities have been fantastic in supporting their local businesses through this difficult time. The reopening of shops is a landmark day, so please do support your local small businesses this week.”
Boris Johnson is expected to soon announce when the hospitality sector can reopen as the next phase of easing the lockdown.
The government’s roadmap says the sector will not be allowed to open before 4 July.
Hospitality bodies have lobbied the government to change its two-metre social distancing rule, with businesses worried the rule will keep them from trading profitably.
Sunak confirmed today that the government would review the rule.
Speaking to Sky News today, Sunak said: “The Prime Minister has put in place a comprehensive review of the two metre rule… That review will involve the scientists, economists and others so that we can look at it in the round.
“You are right to highlight the impact it has on business; I know that of course it’s the difference between three-quarters and maybe a third of pubs opening, for example, so it’s important that we look at it.”


cityam--2020-06-14--Robert Jenrick in further ties with property tycoon Richard Desmond

Further links housing secretary Robert Jenrick and property tycoon Richard Desmond have been revealed in light of the government ’ s controversial decision to approve a £1bn housing development .
The Observer reported today that Jenrick held a background briefing on his work to reform the UK ’ s planning system at an event hosted by public relations firm Thorncliffe , who were working for Desmond in connection to the housing development .
Read more : Robert Jenrick ducks questioning on his role in ‘ unlawful ’ planning decision Jenrick has come under fire after it was revealed that he @ @ @ @ @ @ @ – a Tory party donor – shortly before overturning the Tower Hamlets council ’ s decision to reject the 1,500-home development .
Jenrick ’ s background briefing at an event hosted by Thorncliffe happened in February , a week before the government released its white paper on overhauling the planning system .
A spokesperson for the housing secretary said it was a “ stakeholder event ” and that he was accompanied by civil servants as per the ministerial code .
It was revealed two weeks ago that Jenrick and Desmond sat on the @ @ @ @ @ @ @ shortly before Jenrick made his decision to approve the £1bn development .
It was also revealed this week by the Daily Mail that Desmond donated £12,000 to the Tories weeks after the development was approved .
The housing secretary admitted that his decision was technically unlawful due to “ apparent bias ” , but denies that he had accepted party donations for a favourable decision .
Jenrick ducked questioning from MPs this week on his relationship with Desmond , instead sending deputy Chris Pincher .
Shadow communities secretary Steve Reed accused Jenrick in @ @ @ @ @ @ @ cash for favours ” .
“ The public need reassurance that the integrity of the planning process can not be auctioned off at Conservative party fundraising dinners , ” he said .
Pincher , standing in for housing secretary , said the money donated by Desmond was for tickets for a party event and that Jenrick had no relationship with the developer .
“ My right honoruable friend has no relationship with the applicant – so that question is irrelevant , ” he said .
Read more : Rishi Sunak : Government to @ @ @ @ @ @ @ rule “ Ministers have no knowledge of funds which are provided to political parties through donation or payment for tickets – these are spendings made by donors that go to parties of all persuasions .
“ The involvement of ministers in the planning system is a very long established process , which is clearly guided by both the published ministerial code and the guidance published by the Ministry of Housing , Communities and Local Government on planning priority .
”

Robert Jenrick in further ties with property tycoon Richard Desmond
Further links housing secretary Robert Jenrick and property tycoon Richard Desmond have been revealed in light of the government’s controversial decision to approve a £1bn housing development.
The Observer reported today that Jenrick held a background briefing on his work to reform the UK’s planning system at an event hosted by public relations firm Thorncliffe, who were working for Desmond in connection to the housing development.
Jenrick has come under fire after it was revealed that he may have been in contact with Desmond – a Tory party donor – shortly before overturning the Tower Hamlets council’s decision to reject the 1,500-home development.
Jenrick’s background briefing at an event hosted by Thorncliffe happened in February, a week before the government released its white paper on overhauling the planning system.
A spokesperson for the housing secretary said it was a “stakeholder event” and that he was accompanied by civil servants as per the ministerial code.
It was revealed two weeks ago that Jenrick and Desmond sat on the same table at a Conservative party dinner shortly before Jenrick made his decision to approve the £1bn development.
It was also revealed this week by the Daily Mail that Desmond donated £12,000 to the Tories weeks after the development was approved.
The housing secretary admitted that his decision was technically unlawful due to “apparent bias”, but denies that he had accepted party donations for a favourable decision.
Jenrick ducked questioning from MPs this week on his relationship with Desmond, instead sending deputy Chris Pincher.
Shadow communities secretary Steve Reed accused Jenrick in the House of Commons of taking “cash for favours”.
“The public need reassurance that the integrity of the planning process cannot be auctioned off at Conservative party fundraising dinners,” he said.
Pincher, standing in for housing secretary, said the money donated by Desmond was for tickets for a party event and that Jenrick had no relationship with the developer.
“My right honoruable friend has no relationship with the applicant – so that question is irrelevant,” he said.
“Ministers have no knowledge of funds which are provided to political parties through donation or payment for tickets – these are spendings made by donors that go to parties of all persuasions.
“The involvement of ministers in the planning system is a very long established process, which is clearly guided by both the published ministerial code and the guidance published by the Ministry of Housing, Communities and Local Government on planning priority.”


cityam--2020-06-15--No set timescale for two-metre social distancing review

There is no set timescale for the government ’ s review into the two-metre social distancing rule in England and a decision is “ weeks away ” , according to Downing Street .
The Prime Minister ’ s official spokesman told journalists today that it would be a “ comprehensive review ” , but gave few details on what would be included .
Read more : Rishi Sunak : Government to take ‘ fresh look ’ at two-metre rule “ It will be a comprehensive review and it will want to consider a range of factors and also to look @ @ @ @ @ @ @ .
“ The risk of transmission at different distances , lengths of time and type of experience will inform any policy decisions taken by the government.
” Boris Johnson announced last week that there would be a review into the rule .
Hospitality lobbies are calling for it to be relaxed to one metre , which would be in line with World Health Organisation advice .
Before the Open newsletter : Start your day with the City View podcast and key market data UKHospitality chief Kate Nicholls has warned that if the two-metre @ @ @ @ @ @ @ hospitality venues would be able to operate profitably .
If it is cut to one metre , it is estimated that two-thirds of hospitality businesses would be able to operate profitably .
Speaking to the BBC today , business minister Paul Scully said : “ No one is saying we are going to review anything to cut it in half .
“ It will take a matter of weeks to do but we want to make sure we get the best scientific advice and we can look at the international comparisons .
“ @ @ @ @ @ @ @ , it ’ s one-and-a-half metres , America it is one-metre , and see how those differences land in terms of health guidance.
” Businesses are also asking the government for more clarity on when they will be able to reopen as a part of the next stage of easing the coronavirus lockdown .
The British Beer and Pub Association asked for a minimum of three weeks ’ notice so venues could have enough time to stock freshly brewed beer .
The government ’ s roadmap says the sector will not open up @ @ @ @ @ @ @ is now less than three weeks away .
Read more : Hospitality industry asks government for financial support to overcome rent deadlock “ The roadmap sets out 4 July at the earliest for hospitality , and sets out it will be conditional on continuing to meet the five tests , ” the Prime Minister ’ s spokesman said .
“ We will of course want to give as much notice as we can .
”

No set timescale for two-metre social distancing review
A man carries takeaway draught beer in plastic cups from a pub in Broadway Market, London on June 5, 2020, as lockdown measures are eased during the novel coronavirus COVID-19 pandemic. (Photo by Tolga Akmen / AFP) (Photo by TOLGA AKMEN/AFP via Getty Images)
There is no set timescale for the government’s review into the two-metre social distancing rule in England and a decision is “weeks away”, according to Downing Street.
The Prime Minister’s official spokesman told journalists today that it would be a “comprehensive review”, but gave few details on what would be included.
“It will be a comprehensive review and it will want to consider a range of factors and also to look at international comparisons,” he said.
“The risk of transmission at different distances, lengths of time and type of experience will inform any policy decisions taken by the government.”
Boris Johnson announced last week that there would be a review into the rule.
Hospitality lobbies are calling for it to be relaxed to one metre, which would be in line with World Health Organisation advice.
Before the Open newsletter: Start your day with the City View podcast and key market data
UKHospitality chief Kate Nicholls has warned that if the two-metre rule is kept that only one-third of hospitality venues would be able to operate profitably.
If it is cut to one metre, it is estimated that two-thirds of hospitality businesses would be able to operate profitably.
Speaking to the BBC today, business minister Paul Scully said: “No one is saying we are going to review anything to cut it in half.
“It will take a matter of weeks to do but we want to make sure we get the best scientific advice and we can look at the international comparisons.
“Clearly you have the likes of Germany, it’s one-and-a-half metres, America it is one-metre, and see how those differences land in terms of health guidance.”
Businesses are also asking the government for more clarity on when they will be able to reopen as a part of the next stage of easing the coronavirus lockdown.
The British Beer and Pub Association asked for a minimum of three weeks’ notice so venues could have enough time to stock freshly brewed beer.
The government’s roadmap says the sector will not open up before 4 July, however that date is now less than three weeks away.
“The roadmap sets out 4 July at the earliest for hospitality, and sets out it will be conditional on continuing to meet the five tests,” the Prime Minister’s spokesman said.
“We will of course want to give as much notice as we can.”


cityam--2020-06-15--Government faces lawsuit over £108m PPE contract with pest control firm

The government is facing legal action after awarding an £108m contract for personal protective equipment ( PPE ) to a pest control company worth just over £19,000 .
The Good Law Project today filed legal proceedings against the government over its multimillion-pound deal with Pestfix — which has just 16 staff — to provide equipment such as gowns and face masks to the NHS .
Read more : Commuters can be fined for not wearing masks , Grant Shapps reveals The government handed out more than £350m worth of PPE contracts to private companies in March without a competitive tender @ @ @ @ @ @ @ find sufficient levels of protective equipment for the NHS .
The Good Law Project , established by barrister Jolyon Maugham , argued that the £108m contract with Crisp Websites Ltd — which trades as Pestfix — is equivalent to nearly a third of the government ’ s PPE deals .
“ We ’ re suing the government over its decision to grant an £108m contract for the supply of PPE to Crisp Websites Ltd , ” The Good Law Project said in a statement .
“ The number of bidders who competed for @ @ @ @ @ @ @ the purchase order for this enormous sum of money was issued on 10 April 2020 , three days before the contract was concluded.
” Maugham told City A.M : “ This is the most bizarre thing I ’ ve seen in my 25 years at the bar .
We just can not understand why the government paid £108m to two guys who run a pest control firm using public money .
It ’ s baffling.
” He added that there were other companies with “ demonstrable expertise ” in producing PPE supplies who @ @ @ @ @ @ @ The Good Law Project said it had “ serious questions ” over the deal , saying that in “ no way is this a proper use of public funds ” .
Crisp Websites Ltd has cash assets of just over £19,500 , according to filings at Companies House .
The Good Law Project said : “ How was Crisp Websites Ltd put in a position to spend these vast sums of money ?
Was cash just handed over to it ?
… Where was this contract advertised ?
If it was advertised , @ @ @ @ @ @ @ it.
” Maugham added that the fact that the government has not yet published the full contract was “ crying out for investigation ” .
Read more : Uber to make face masks mandatory for all from Monday Family-run Pestfix currently offers 21 different PPE products on its website , including goggles , face shields and plastic gloves .
It also sells a Stay Alert Steri Kit , which includes hand sanitiser , surgical masks and sterilised wipes , for £83.99 .
The Department of Health and Social care said : “ We @ @ @ @ @ @ @ proceedings.
” Pestfix did not respond to requests for comment .
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Government faces lawsuit over £108m PPE contract with pest control firm
The government is facing legal action after awarding an £108m contract for personal protective equipment (PPE) to a pest control company worth just over £19,000.
The Good Law Project today filed legal proceedings against the government over its multimillion-pound deal with Pestfix — which has just 16 staff — to provide equipment such as gowns and face masks to the NHS.
The government handed out more than £350m worth of PPE contracts to private companies in March without a competitive tender process, as the UK scrambled to find sufficient levels of protective equipment for the NHS.
The Good Law Project, established by barrister Jolyon Maugham, argued that the £108m contract with Crisp Websites Ltd — which trades as Pestfix — is equivalent to nearly a third of the government’s PPE deals.
“We’re suing the government over its decision to grant an £108m contract for the supply of PPE to Crisp Websites Ltd,” The Good Law Project said in a statement.
“The number of bidders who competed for that contract was one… [and] the purchase order for this enormous sum of money was issued on 10 April 2020, three days before the contract was concluded.”
Maugham told City A.M: “This is the most bizarre thing I’ve seen in my 25 years at the bar. We just cannot understand why the government paid £108m to two guys who run a pest control firm using public money. It’s baffling.”
He added that there were other companies with “demonstrable expertise” in producing PPE supplies who were excluded from any bidding process.
The Good Law Project, which is crowdfunding its lawsuit against the government, said it had “serious questions” over the deal, adding that in “no way is this a proper use of public funds”.
Crisp Websites Ltd has cash assets of just over £19,500, according to filings at Companies House.
The Good Law Project said: “How was Crisp Websites Ltd put in a position to spend these vast sums of money? Was cash just handed over to it?… Where was this contract advertised? If it was advertised, surely other companies would have bid for it.”
Maugham added that the fact that the government has not yet published the full contract was “crying out for investigation”.
Meg Hiller, Labour MP and chair of the Public Accounts Committee, told City A.M: “What has emerged today is a shocking gap in the UK’s planning in this emergency. We saw all of this coming, for months and in fact years.”
“We could have planned for emergency procurement too — in reality there should have been no need to resort to rushed awards of potentially dodgy contracts.”
“It’s not good enough to say, as seems to be the official line now, that the future will judge. The pandemic is still active now, and we’re at risk of a second wave.”
Family-run Pestfix currently offers 21 different PPE products on its website, including goggles, face shields and plastic gloves. It also sells a Stay Alert Steri Kit, which includes hand sanitiser, surgical masks and sterilised wipes, for £83.99.
The Department of Health and Social Care said: “We are unable to comment on ongoing legal proceedings.”
Pestfix did not respond to requests for comment.
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cityam--2020-06-15--Tesla revs up in China as car registrations boom

Car registrations for US electric carmaker Tesla jumped 150 per cent month on month in May , as China gets back on track after lockdown .
Tesla ’ s China registrations , including cars that were imported , grew to 11,565 in May from 4,633 units in April .
Data from the China Passenger Car Association publisuhed today showed sales of Tesla ’ s Shanghai-made Model 3 sedan hit 11,095 units .
Read more : Elon Musk reopens Tesla factory in defiance of lockdown rules Tesla opened its Shanghai gigafactory in Decembery 2019 , and is currently expanding it further @ @ @ @ @ @ @ by next year .
Tesla China ’ s vice president Tao Lin said in May the firm plans to ramp up production of the Model 3 by 30 per cent , with a target of 4,000 cars per week in June .
Overall production and sales of cars in China boomed last month , as the nation ’ s economy begins to recover from the coronavirus pandemic .
Data from the China Association of Automobile Manufacturers showed 2.19m cars were produced and sold in China last month .
Production rose four per cent @ @ @ @ @ @ @ of 18.2 per cent , much faster than the annual growth of 2.3 per cent in the previous month .
Meanwhile sales were up 5.9 per cent on the month and 14.5 per cent .
For the first five months of 2020 , China ’ s car production dropped a staggering 24.1 per cent to 7.79m units despite comparatively short factory closures .
Tesla ’ s Shanghai gigafactory was ordered to close temporarily for two weeks at the end of January as the government took precautions to quarantine workers , but later reopened @ @ @ @ @ @ @ s chief executive Elon Musk caused controversy earlier this year when he ordered Tesla factories in California to reopen , despite local rules mandating their closure .

Tesla revs up in China as car registrations boom
Car registrations for US electric carmaker Tesla jumped 150 per cent month on month in May, as China gets back on track after lockdown.
Tesla’s China registrations, including cars that were imported, grew to 11,565 in May from 4,633 units in April.
Data from the China Passenger Car Association publisuhed today showed sales of Tesla’s Shanghai-made Model 3 sedan hit 11,095 units.
Tesla opened its Shanghai gigafactory in Decembery 2019, and is currently expanding it further with hopes to manufacture its Model Y by next year.
Tesla China’s vice president Tao Lin said in May the firm plans to ramp up production of the Model 3 by 30 per cent, with a target of 4,000 cars per week in June.
Overall production and sales of cars in China boomed last month, as the nation’s economy begins to recover from the coronavirus pandemic.
Data from the China Association of Automobile Manufacturers showed 2.19m cars were produced and sold in China last month.
Production rose four per cent from April to produce a year-on-year increase of 18.2 per cent, much faster than the annual growth of 2.3 per cent in the previous month. Meanwhile sales were up 5.9 per cent on the month and 14.5 per cent.
For the first five months of 2020, China’s car production dropped a staggering 24.1 per cent to 7.79m units despite comparatively short factory closures.
Tesla’s Shanghai gigafactory was ordered to close temporarily for two weeks at the end of January as the government took precautions to quarantine workers, but later reopened on 10 February.
The firm’s chief executive Elon Musk caused controversy earlier this year when he ordered Tesla factories in California to reopen, despite local rules mandating their closure.


cityam--2020-06-15--US Air Force fighter jet crashes into North Sea off English coast

A US Air Force pilot is missing after an American fighter plane crashed into the North Sea during a training mission .
A search and rescue operation has been launched after the F-15C Eagle crashed at around 9.40am this morning off the East Yorkshire coast , the US Air Force said .
“ The cause of the crash as well as the status of the pilot are unknown at this time and UK Search and Rescue have been called to support , ” it said .
The jet – which is believed to have crashed 74 nautical miles off Flamborough @ @ @ @ @ @ @ was from the 48th Fighter Wing at RAF Lakenheath in Suffolk .
Before the Open newsletter : Start your day with the City View podcast and key market data A spokesperson for the UK Coastguard said “ The HM Coastguard helicopter from Humberside has been sent along with Bridlington and Scarborough RNLI lifeboats .
“ Following a Mayday broadcast by HM Coastguard , other vessels nearby are heading to the area.
” In a statement , the 48th Fighter Wing said : “ At the time of the accident , the aircraft was @ @ @ @ @ @ @ pilot on board .
“ The cause of the crash as well as the status of the pilot are unknown at this time , and UK Search and Rescue have been called to support .
”

US Air Force fighter jet crashes into North Sea off English coast
The crashed plane was based at RAF Lakenheath in Suffolk
A US Air Force pilot is missing after an American fighter plane crashed into the North Sea during a training mission.
A search and rescue operation has been launched after the F-15C Eagle crashed at around 9.40am this morning off the East Yorkshire coast, the US Air Force said.
“The cause of the crash as well as the status of the pilot are unknown at this time and UK Search and Rescue have been called to support,” it said.
The jet – which is believed to have crashed 74 nautical miles off Flamborough Head on the East Yorkshire coast – was from the 48th Fighter Wing at RAF Lakenheath in Suffolk.
Before the Open newsletter: Start your day with the City View podcast and key market data
A spokesperson for the UK Coastguard said “The HM Coastguard helicopter from Humberside has been sent along with Bridlington and Scarborough RNLI lifeboats.
“Following a Mayday broadcast by HM Coastguard, other vessels nearby are heading to the area.”
In a statement, the 48th Fighter Wing said: “At the time of the accident, the aircraft was on a routine training mission with one pilot on board.
“The cause of the crash as well as the status of the pilot are unknown at this time, and UK Search and Rescue have been called to support.”
More to follow.


cityam--2020-06-15--German economy to contract more sharply in second quarter than first, warns ministry

The German economy will contract more in the second quarter than in the first , the country ’ s economic ministry said , warning that the recovery in the second half of 2020 would be sluggish .
Europe ’ s largest economy went into lockdown in March , with many shops closing and factories halting production in a bid to limit the spread of coronavirus in the country .
Read more : Chinese industrial production picks up but consumers remain cautious “ The economic recovery phase will take time because the epidemiological risks persist and citizens and companies react to @ @ @ @ @ @ @ its monthly report on the German economy .
The ministry added that it looked like the trough of the economic downturn had passed and that the gradual easing of lockdown measures mean that the country ’ s economic revival is likely to have started in May .
Before the Open newsletter : Start your day with the City View podcast and key market data The ministry said German foreign trade was likely to revive from May after exports and imports in April posted their biggest declines since records began in 1990 , but @ @ @ @ @ @ @ and imports for 2020 as a whole .
The ministry ’ s report comes as Angela Merkel ’ s budget chief said that Germany ’ s new borrowing will rise to €218bn this year as the country fights the economic slump caused by coronavirus .
Eckhardt Rehberg ’ s comments to Bild newspaper follows a Reuters report last week that the country ’ s overall new borrowing would probably balloon beyond €200bn this year .
The German government has stuck to a growth forecast given in April for a 6.3 per cent contraction @ @ @ @ @ @ @ made more pessimistic predictions about the impact of coronavirus on the economy .
Germany ’ s benchmark Dax index was trading 0.86 per cent down by 11.30am UK time .

German economy to contract more sharply in second quarter than first, warns ministry
Workers make protective face masks at a newly-launched production line at a BMW factory that normally produces car parts in Wackersdorf, Germany
The German economy will contract more in the second quarter than in the first, the country’s economic ministry said, warning that the recovery in the second half of 2020 would be sluggish.
Europe’s largest economy went into lockdown in March, with many shops closing and factories halting production in a bid to limit the spread of coronavirus in the country.
“The economic recovery phase will take time because the epidemiological risks persist and citizens and companies react to them,” the ministry said in its monthly report on the German economy.
The ministry added that it looked like the trough of the economic downturn had passed and that the gradual easing of lockdown measures mean that the country’s economic revival is likely to have started in May.
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The ministry said German foreign trade was likely to revive from May after exports and imports in April posted their biggest declines since records began in 1990, but it predicted a significant decline in exports and imports for 2020 as a whole.
The ministry’s report comes as Angela Merkel’s budget chief said that Germany’s new borrowing will rise to €218bn this year as the country fights the economic slump caused by coronavirus.
Eckhardt Rehberg’s comments to Bild newspaper follows a Reuters report last week that the country’s overall new borrowing would probably balloon beyond €200bn this year.
The German government has stuck to a growth forecast given in April for a 6.3 per cent contraction this year, but many economists have made more pessimistic predictions about the impact of coronavirus on the economy.
Germany’s benchmark Dax index was trading 0.86 per cent down by 11.30am UK time.


cityam--2020-06-15--FTSE 100 tumbles as fears of second wave intensify

The FTSE 100 partly recovered from a two per cent plunge today to nearly halve its losses as traders remained wary of a second spike in coronavirus infections .
London ’ s blue-chip index opened down 2.05 per cent to 5,980 points , even as retailers began to open their doors for the first time in three months .
Read more : Asian stocks , oil prices fall as second wave fears grow Non-essential retailers are opening today as the UK government eases lockdown in a bid to jumpstart the economy .
However , consumers will face an almost unrecognisable @ @ @ @ @ @ @ close dressing rooms and quarantine items .
The FTSE 100 pared back some of its losses to trade down 1.19 per cent by 11.55am .
Investors have retreated after a long rally in global equities since late March as they anticipate the likely economic shutdown to accompany a second wave of the virus .
Before the Open : Get the jump on the markets with our early morning newsletter European investors also started the week cautiously as several countries started to open borders to allow tourism .
The pan-European Stoxx 600 edged up @ @ @ @ @ @ @ dropping 0.8 per cent by midday .
Germany ’ s Dax opened 0.18 per cent lower , before inching further into the red to trade down 1.12 per cent .
France ’ s Cac started the day up 0.49 per cent , before falling into the red by lunchtime .
Investors were dealt another blow to sentiment as China ’ s industrial production figures for May fell short of analysts ’ estimates .
Industrial output rose 4.4 per cent in May , but analysts had forecast a five per cent gain .
Before @ @ @ @ @ @ @ with the City View podcast and key market data Markets have been volatile over the past week as investors braced for more infections as lockdown measures are eased .
The FTSE 100 regained some ground on Friday .
This was despite figures showing the economy had suffered a record 20.4 per cent contraction in April .
It followed a torrid week which saw the index suffer its largest drop since March on Thursday , closing down 3.99 per cent .
The chance of a second spike in infections edged closer this weekend .
@ @ @ @ @ @ @ weekend after new cases of coronavirus were discovered .
Authorities confirmed 41 symptomatic cases and 46 without symptoms , according to the World Health Organisation ( WHO ) .
Joshua Mahony , senior market analyst at IG , said the spike in China “ has highlighted the difficulties that will be found worldwide when attempting to resume economic activity while minimising the spread of the virus.
” Additionally , another 25,000 cases reported in the US on Saturday is unlikely to have quelled the FTSE 100 ’ s investors ’ nerves .
“ @ @ @ @ @ @ @ another US lockdown could spell trouble for US markets given the potential for an overwhelming outbreak down the line , ” Mahony added .
Analysts said today ’ s sell-off had been driven partly by fears of another wave of the pandemic .
Neil Wilson , chief market analyst at Markets.com said : “ The dreaded second wave will weigh on equity markets – it is already sparking a wave of selling – and force policymakers to chuck even more money at this.
” Read more : MJ Gleeson braces for £100m revenue @ @ @ @ @ @ @ Madden , market analyst at CMC Markets , said : “ Thursday ’ s massive sell-off could turn out to be a bump in the bullish road , rather than the beginning of a major reversal in sentiment.
” “ For too long dealers largely heard stories about falling infection rates , so a relatively small increase came as a big shock .
An occasional jump in cases might become the new normal.
” BP was among the FTSE 100 ’ s biggest fallers this morning , crashing five per cent on open @ @ @ @ @ @ @ down 3.72 per cent by midday .
It said it will write off up to $ 17.5bn from the value of its assets after the oil price crash earlier this year .
BP said it had lowered its oil price forecast as it anticipated that the aftermath of the pandemic will accelerate the transition to a low-carbon economy .
Read more : BP to write off up to $ 17.5bn after oil price crash The oil giant revised its long-term price assumption for benchmark Brent crude , which is currently trading at around @ @ @ @ @ @ @ $ 55 a barrel between 2021 and 2050 .
The airlines were back among the FTSE ’ s biggest fallers , with British Airways owner IAG down 3.99 per cent .
Budget airline Easyjet tumbled 3.8 per cent despite resuming operations for the first time since 30 March .
Get the news as it happens by following City A.M. on Twitter .

US stocks and FTSE 100 tumble as fears of second wave intensify
The FTSE 100 faltered in afternoon trading, while US stocks sunk into the red as traders remained wary of a second spike in coronavirus infections.
London’s blue-chip index opened down 2.05 per cent to 5,980 points, even as retailers began to open their doors for the first time in three months.
US stocks dropped sharply at the open after a weekend of fresh coronavirus cases, increasing fears of a second wave which could shut down the economy again.
Non-essential retailers are opening today as the UK government eases lockdown in a bid to jumpstart the economy. However, consumers will face an almost unrecognisable experience as retailers limit customers in-store, close dressing rooms and quarantine items.
The FTSE 100 pared back some of its losses to trade down 1.19 per cent by midday, before falling again to stand down 1.73 per cent by 3pm.
Investors have retreated after a long rally in global equities since late March as they anticipate the likely economic shutdown to accompany a second wave of the virus.
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European investors also started the week cautiously as several countries started to open borders to allow tourism. The pan-European Stoxx 600 edged up 0.28 per cent in early trading before dropping 0.8 per cent by midday. Germany’s Dax opened 0.18 per cent lower, before inching further into the red to trade down 1.12 per cent. France’s Cac started the day up 0.49 per cent, before falling into the red by lunchtime.
Investors were dealt another blow to sentiment as China’s industrial production figures for May fell short of analysts’ estimates. Industrial output rose 4.4 per cent in May, but analysts had forecast a five per cent gain.
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FTSE 100 investors brace for second wave
Markets have been volatile over the past week as investors braced for more infections as lockdown measures are eased. The FTSE 100 regained some ground on Friday. This was despite figures showing the economy had suffered a record 20.4 per cent contraction in April.
It followed a torrid week which saw the index suffer its largest drop since March on Thursday, closing down 3.99 per cent.
The chance of a second spike in infections edged closer this weekend. Beijing closed a large market over the weekend after new cases of coronavirus were discovered. Authorities confirmed 41 symptomatic cases and 46 without symptoms, according to the World Health Organisation (WHO).
Joshua Mahony, senior market analyst at IG, said the spike in China “has highlighted the difficulties that will be found worldwide when attempting to resume economic activity while minimising the spread of the virus.”
Additionally, another 25,000 cases reported in the US on Saturday is unlikely to have quelled the FTSE 100’s investors’ nerves. “Trumps hard stance on the possibility of another US lockdown could spell trouble for US markets given the potential for an overwhelming outbreak down the line,” Mahony added.
Analysts said today’s sell-off had been driven partly by fears of another wave of the pandemic.
Neil Wilson, chief market analyst at Markets.com said: “The dreaded second wave will weigh on equity markets – it is already sparking a wave of selling – and force policymakers to chuck even more money at this.”
However, David Madden, market analyst at CMC Markets, said: “Thursday’s massive sell-off could turn out to be a bump in the bullish road, rather than the beginning of a major reversal in sentiment.”
“For too long dealers largely heard stories about falling infection rates, so a relatively small increase came as a big shock. An occasional jump in cases might become the new normal.”
BP among FTSE’s biggest fallers
BP was among the FTSE 100’s biggest fallers this morning, crashing five per cent on open before paring back some losses to trade down 3.72 per cent by midday.
It said it will write off up to $17.5bn from the value of its assets after the oil price crash earlier this year.
BP said it had lowered its oil price forecast as it anticipated that the aftermath of the pandemic will accelerate the transition to a low-carbon economy.
The oil giant revised its long-term price assumption for benchmark Brent crude, which is currently trading at around $37 a barrel, to around $55 a barrel between 2021 and 2050.
The airlines were back among the FTSE’s biggest fallers, with British Airways owner IAG down 3.99 per cent. Budget airline Easyjet tumbled 3.8 per cent despite resuming operations for the first time since 30 March.
US stocks slip as infections rise
US stocks opened sharply lower as reports of 25,000 new cases reported on Saturday fuelled fears of a second spike.
The Dow Jones index fell 1.31 per cent at the open. It slipped further to trade down 2.03 per cent at 3pm. The S&P 500 opened down 1.56 per cent, while the Nasdaq Composite slipped 1.31 per cent.
It extends losses from last week as volatility came to characterise global markets. The S&P 500 plunged nearly six per cent on Thursday, its biggest fall since the selloff in March.
Analysts think a correction in the markets has been long overdue. “Overbought markets and stretched valuations, coupled with some bad news headlines led to a shot of reality at the end of last week which has continued into this week,” said Seema Shah, chief strategist at Principal Global Investors.
“A litany of concerns has spooked markets – signs of negative progress in Covid-19 cases, a gloomy economic assessment from the Fed, growing doubts around the eventual size of the EU Recovery Fund…” she added.
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cityam--2020-06-15--Softbank triples spending on share buybacks in June to £1.4bn

Japanese investment giant Softbank has ramped up share buybacks this month , more than tripling its purchases month on month .
Filings released today showed Softbank has spent ¥188.3bn ( £1.4bn ) on buying back shares between 1 June and 15 June , compared to ¥61bn for the entire month of May .
The acceleration takes the total amount spent by Softbank on share buybacks to ¥499.9bn — or £3.7bn — since March .
The buybacks are funded by asset sales intended to raise up to $ 41bn ( £33bn ) as chief executive Masayoshi Son takes measures to stabilise @ @ @ @ @ @ @ buyback plan raises doubts about its ‘ financial soundness ’ Softbank reported a ¥1.4 trillion operating loss in the year to 31 March , as the impact of a series of soured tech bets took its toll .
It had reported a profit of $ 19.6bn the previous year .
However its shares have risen in recent weeks , almost doubling from the four-year low they reached following its results .
The filing comes amid a storm brewing around its star Vision Fund , which has reportedly been caught up in a circular @ @ @ @ @ @ @ more : Softbank invested in Credit Suisse funds financing its Vision Fund bets Softbank is said to have invested more than $ 500m in Credit Suisse investment funds , which in turn made large bets on startups backed by the Vision Fund , according to the Financial Times .
The Vision Fund is known for its standout investments in the likes of Wework and Uber , the difficult stock market listings of which forced Softbank to take an $ 18bn hit earlier this year .

Softbank triples spending on share buybacks in June to £1.4bn
Softbank chief executive Masayoshi Son
Japanese investment giant Softbank has ramped up share buybacks this month, more than tripling its purchases month on month.
Filings released today showed Softbank has spent ¥188.3bn (£1.4bn) on buying back shares between 1 June and 15 June, compared to ¥61bn for the entire month of May.
The acceleration takes the total amount spent by Softbank on share buybacks to ¥499.9bn — or £3.7bn — since March.
The buybacks are funded by asset sales intended to raise up to $41bn (£33bn) as chief executive Masayoshi Son takes measures to stabilise the group.
Softbank reported a ¥1.4 trillion operating loss in the year to 31 March, as the impact of a series of soured tech bets took its toll. It had reported a profit of $19.6bn the previous year.
However its shares have risen in recent weeks, almost doubling from the four-year low they reached following its results.
The filing comes amid a storm brewing around its star Vision Fund, which has reportedly been caught up in a circular funding plot with Credit Suisse.
Softbank is said to have invested more than $500m in Credit Suisse investment funds, which in turn made large bets on startups backed by the Vision Fund, according to the Financial Times.
The Vision Fund is known for its standout investments in the likes of Wework and Uber, the difficult stock market listings of which forced Softbank to take an $18bn hit earlier this year.


cityam--2020-06-15--Small businesses worry they won't bounce back from coronavirus

Small business owners are concerned they will not be able to bounce back from the coronavirus pandemic , even as the economy starts to reopen .
A survey commissioned by Visa found that 56 per cent of small business owners are worried about long lasting damage to their firms as coronavirus ravages the economy .
Read more : Over 1m ‘ locked out ’ of coronavirus income support schemes , MPs warn These worries are shared by the majority of consumers too , with 70 per cent of those surveyed saying they were concerned about small firms reopening .
Despite @ @ @ @ @ @ @ returning to bricks and mortar stores with just 54 per cent returning if social distancing measures are in place .
A small number – 18 per cent – will avoid shops until a vaccine for the virus is developed .
Small firms have been adversely affected by the pandemic , which shuttered businesses nearly three months ago .
Businesses in the hospitality industry have been particularly badly hit and industry bodies have warned that if the two metre social distancing rules are maintained , small firms will be unable to make a profit @ @ @ @ @ @ @ 39 per cent of small businesses have adapted their business model to keep trading during the nationwide lockdown .
It has led to the emergence of the so-called “ AKA businesses ” , which have diversified their offerings during the pandemic .
And it has been received by consumers , with 85 per cent of those who have noticed the pivot saying they would like to see the measures continue once the lockdown is over .
SMEs will also have to focus on bolstering their online presence as 61 per cent of consumers @ @ @ @ @ @ @ before the pandemic .
While balancing “ bricks and clicks ” , 31 per cent of small businesses do not have a digital storefront .
Read more : Majority of businesses expect growth to slump after coronavirus passes Jeni Mundy , managing director of UK and Ireland at Visa , said : “ Even in the face of extraordinary challenges , British businesses are gearing up for recovery by finding new ways to serve their consumers.
” “ However , we know that many lack the time and resource to rebuild at this @ @ @ @ @ @ @ help of its partners to offer small firms the tools , advice and expertise so they can adapt their business ready for a new normal.
” Get the news as it happens by following City A.M. on Twitter .

Small businesses worry they won’t bounce back from coronavirus
Small business owners are concerned they will not be able to bounce back from the coronavirus pandemic, even as the economy starts to reopen.
A survey commissioned by Visa found that 56 per cent of small business owners are worried about long lasting damage to their firms as coronavirus ravages the economy.
These worries are shared by the majority of consumers too, with 70 per cent of those surveyed saying they were concerned about small firms reopening.
Despite their concerns, customers are cautious about returning to bricks and mortar stores with just 54 per cent returning if social distancing measures are in place. A small number – 18 per cent – will avoid shops until a vaccine for the virus is developed.
Small firms have been adversely affected by the pandemic, which shuttered businesses nearly three months ago. Businesses in the hospitality industry have been particularly badly hit and industry bodies have warned that if the two metre social distancing rules are maintained, small firms will be unable to make a profit.
However, the survey shows that 39 per cent of small businesses have adapted their business model to keep trading during the nationwide lockdown. It has led to the emergence of the so-called “AKA businesses”, which have diversified their offerings during the pandemic. And it has been received by consumers, with 85 per cent of those who have noticed the pivot saying they would like to see the measures continue once the lockdown is over.
SMEs will also have to focus on bolstering their online presence as 61 per cent of consumers feel less comfortable shopping in store than before the pandemic. While balancing “bricks and clicks”, 31 per cent of small businesses do not have a digital storefront.
Jeni Mundy, managing director of UK and Ireland at Visa, said: “Even in the face of extraordinary challenges, British businesses are gearing up for recovery by finding new ways to serve their consumers.”
“However, we know that many lack the time and resource to rebuild at this critical time so Visa is enlisting the help of its partners to offer small firms the tools, advice and expertise so they can adapt their business ready for a new normal.”
Get the news as it happens by following City A.M. on Twitter.


Taxation post COVID19

Following global lockdown the UK went into defensive and offensive mode with the furlough scheme , loans and other government support for almost every business and sole trader .
But that has seen a reasonably strong economic outlook disappear almost entirely for some businesses in the short space of 3 months .
In turn this has resulted in Government borrowing in the region of £300 – 400 Billion which like any loan will need to be repaid at some stage .
Look back to the Budget statement and Mr Sunak portrayed a very promising outlook and in the blink of @ @ @ @ @ @ @ HMRC is already working in the background to plan how taxes can be amended to help plug the gap in Government finances as lockdown is eased .
It will be difficult because the media reported in April that tax receipts are already down by circa £26bn compared to last year .
I do not see any other outcome other than the Chancellor raising taxes later this year to cover the huge amount of state aid during the coronavirus outbreak .
Of course , the Government could print money , but this form of @ @ @ @ @ @ @ They could also cut spending , but it is doubtful the public will have the appetite for this , all that ’ s left is increased taxation .
The following areas have come into sharp focus : – • Some professionals are warning of a more heavy-handed crackdown on tax evasion and avoidance , with HMRC handed additional powers • Perhaps , the industry sectors benefiting the most from the lockdown are those in the virtual and online sector so an increase in the Digital Services Tax may be a possibility • An @ @ @ @ @ @ @ or property tax ’ • IR35 has already been amended with the changes coming into force from April 2021 so I don ’ t expect that to be reviewed again , but who knows • Officials believe a one percentage point increase in the basic rate of income tax , from 20 per cent to 21 per cent , but that would be a dangerous play as every taxpayer will explicitly see this • A VAT change is now being discussed by the Treasury , but who knows whether this is an up @ @ @ @ @ @ @ hinted at increasing the amount of National Insurance contributions for the self-employed • Treasury is understood to be considering introducing new taxes to raise revenue , including a “ surcharge ” to pay for NHS and social care For those who had planned on growing their business based on company taxation lowering , that must now be reviewed .
Plans that Boris Johnson had set out , promised to cut the rate of corporation tax for businesses from 19pc to 17pc in the run up to the December general election , but the @ @ @ @ @ @ @ All walks of life need to be prepared to see a changing tax landscape and plan to ensure that we are ready to face the next round of challenges .
I am convinced that with the world starting to return to a new norm we will see a bounce back in spending and consumer confidence , but some industries will continue to suffer such as the travel and hospitality sectors .

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Taxation post COVID19
Getty images
Following global lockdown the UK went into defensive and offensive mode with the furlough scheme, loans and other government support for almost every business and sole trader.
But that has seen a reasonably strong economic outlook disappear almost entirely for some businesses in the short space of 3 months. In turn this has resulted in Government borrowing in the region of £300 – 400 Billion which like any loan will need to be repaid at some stage.
Look back to the Budget statement and Mr Sunak portrayed a very promising outlook and in the blink of an eye it all disappeared and now HMRC is already working in the background to plan how taxes can be amended to help plug the gap in Government finances as lockdown is eased. It will be difficult because the media reported in April that tax receipts are already down by circa £26bn compared to last year. I do not see any other outcome other than the Chancellor raising taxes later this year to cover the huge amount of state aid during the coronavirus outbreak. Of course, the Government could print money, but this form of quantitative easing could lead to inflation. They could also cut spending, but it is doubtful the public will have the appetite for this, all that’s left is increased taxation.
Which taxes could increase?
The following areas have come into sharp focus: –
Some professionals are warning of a more heavy-handed crackdown on tax evasion and avoidance, with HMRC handed additional powers
Perhaps, the industry sectors benefiting the most from the lockdown are those in the virtual and online sector so an increase in the Digital Services Tax may be a possibility
An increase in a newly designed ‘wealth or property tax’
IR35 has already been amended with the changes coming into force from April 2021 so I don’t expect that to be reviewed again, but who knows
Officials believe a one percentage point increase in the basic rate of income tax, from 20 per cent to 21 per cent, but that would be a dangerous play as every taxpayer will explicitly see this
A VAT change is now being discussed by the Treasury, but who knows whether this is an up or down movement
The Chancellor has hinted at increasing the amount of National Insurance contributions for the self-employed
Treasury is understood to be considering introducing new taxes to raise revenue, including a “surcharge” to pay for NHS and social care
For those who had planned on growing their business based on company taxation lowering, that must now be reviewed. Plans that Boris Johnson had set out, promised to cut the rate of corporation tax for businesses from 19pc to 17pc in the run up to the December general election, but the policy was scrapped for obvious reasons.
All walks of life need to be prepared to see a changing tax landscape and plan to ensure that we are ready to face the next round of challenges. I am convinced that with the world starting to return to a new norm we will see a bounce back in spending and consumer confidence, but some industries will continue to suffer such as the travel and hospitality sectors.


cityam--2020-06-15--Johnson launches commission to tackle racism in the UK

Boris Johnson has announced a cross-government commission to examine racial inequality in the UK following weeks of Black Lives Matter protests .
Writing in the Telegraph , the Prime Minister said “ no-one who cares about this country ” could ignore the anti-racist protests that have swept the country in response to the killing of George Floyd last month .
“ What I really want to do as Prime Minister is change the narrative , so we stop the sense of victimisation and discrimination , ” he said .
“ We stop the discrimination , we stamp out racism and @ @ @ @ @ @ @ of expectation of success .
But it won ’ t be easy .
We ’ ll have to look very carefully at the real racism and discrimination that people face.
” The PM said the commission will look at “ all aspects of inequality — in employment , in health outcomes , in academic and all other walks of life.
” Shadow women and equalities secretary Marsha de Cordova described Johnson ’ s reference to victimisation as “ condescending ” and said it was “ designed to let himself and his government off @ @ @ @ @ @ @ shadow justice secretary David Lammy added that it was time for action , not review .
“ Black people aren ’ t playing victim , as Boris indicated , ” he said .
“ I don ’ t know why he ’ s announced a commission behind a paywall in the Telegraph in yet another article about Churchill… Get on with the action .
Legislate .
Move .
You ’ re in government — do something.
” The commission will be overseen by equalities minister Kemi Badenoch , but a chair has not @ @ @ @ @ @ @ announcement lacked detail because it was “ written on the back of a fag packet yesterday to assuage the Black Lives Matter protest ” .
The Equality and Human Rights Commission this morning slammed Johnson ’ s move to launch a review , saying : “ We know the scale of the problems we face to tackle the entrenched racial inequality in our country.
” “ It is not new .
There have been countless reporters and the data exists exposing all the issues .
Now is the time for urgent action.
” @ @ @ @ @ @ @ weekend descended into violence after protestors clashed with police and more than 100 people were arrested .
Members of the Democratic Football Lads Association and other right-wing movements travelled to the capital with the ostensible aim of defending statues of British war heroes from potential vandalism , but soon erupted into violence .
Johnson condemned the “ far-right thugs ” , adding that their mission was “ utterly absurd ” and that it was “ deplorable ” that Sir Winston Churchill ’ s statue had been in danger .
The statue of the @ @ @ @ @ @ @ in Westminster were boarded up ahead of protests last weekend , after being graffitied in Black Lives Matter demonstrations the week before .
Read more : Churchill statue and the Cenotaph : London monuments boarded up ahead of protests Johnson called for British heritage to be left “ broadly in peace ” , adding : “ We need to tackle the substance of the problem , not the symbols.
” Last week the PM denounced the “ criminal act ” that saw protesters tear down a statue of slave trader Edward Colston in @ @ @ @ @ @ @ the jump on the markets with our early morning newsletter

Johnson launches commission to tackle racism in the UK
The Oxford University graduate has become a well-known activist figure in the capital since the Black Lives Matter movement erupted last summer after the murder of George Floyd.
Boris Johnson has announced a cross-government commission to examine racial inequality in the UK following weeks of Black Lives Matter protests.
Writing in the Telegraph, the Prime Minister said “no-one who cares about this country” could ignore the anti-racist protests that have swept the country in response to the killing of George Floyd last month.
“What I really want to do as Prime Minister is change the narrative, so we stop the sense of victimisation and discrimination,” he said.
“We stop the discrimination, we stamp out racism and we start to have a real sense of expectation of success. But it won’t be easy. We’ll have to look very carefully at the real racism and discrimination that people face.”
The PM said the commission will look at “all aspects of inequality — in employment, in health outcomes, in academic and all other walks of life.”
Government backlash
Shadow women and equalities secretary Marsha de Cordova described Johnson’s reference to victimisation as “condescending” and said it was “designed to let himself and his government off the hook”.
Labour MP and shadow justice secretary David Lammy added that it was time for action, not review.
“Black people aren’t playing victim, as Boris indicated,” he said. “I don’t know why he’s announced a commission behind a paywall in the Telegraph in yet another article about Churchill… Get on with the action. Legislate. Move. You’re in government — do something.”
Johnson’s article has subsequently been published on the official government website.
The commission will be overseen by equalities minister Kemi Badenoch, but a chair has not yet been chosen. Johnson’s spokesman today said that work to establish the commission had already begun, and a report on findings and recommendations was expected by the end of the year.
Lammy said the announcement lacked detail because it was “written on the back of a fag packet yesterday to assuage the Black Lives Matter protest”.
The Equality and Human Rights Commission this morning slammed Johnson’s move to launch a review, saying: “We know the scale of the problems we face to tackle the entrenched racial inequality in our country.”
“It is not new. There have been countless reporters and the data exists exposing all the issues. Now is the time for urgent action.”
Weeks of protests
It comes after demonstrations in London this weekend descended into violence after protestors clashed with police and more than 100 people were arrested.
Members of the Democratic Football Lads Association and other right-wing movements travelled to the capital with the ostensible aim of defending statues of British war heroes from potential vandalism, but soon erupted into violence.
Johnson condemned the “far-right thugs”, adding that their mission was “utterly absurd” and that it was “deplorable” that Sir Winston Churchill’s statue had been in danger.
The statue of the former Prime Minister and various other monuments in Westminster were boarded up ahead of protests last weekend, after being graffitied in Black Lives Matter demonstrations the week before.
Johnson called for British heritage to be left “broadly in peace”, adding: “We need to tackle the substance of the problem, not the symbols.”
Last week the PM denounced the “criminal act” that saw protesters tear down a statue of slave trader Edward Colston in Bristol.
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cityam--2020-06-15--Restaurant bosses call for VAT cut as dining out sector braces for difficult return to business

Restaurant industry bosses have today urged Boris Johnson to take drastic action , including slashing VAT on the food they serve , to help the struggling sector survive the effects of coronavirus .
In a letter signed by the bosses of 90 major chains , Deliveroo founder Will Shu said that the government should also extend its job retention scheme for the industry to protect restaurants up and down the country .
Read more : Boris Johnson confirms pubs and restaurants will not open before 4 July The scheme has seen the government cover the wages of furloughed workers for @ @ @ @ @ @ @ coronavirus lockdown .
The chief executives of Pizza Hut , Pret A Manger , and Wagamama all signed the letter , which warns : “ For the UK restaurant sector , this crisis is far from over and the potential consequences are deeply concerning .
“ A huge number of restaurants across the country are facing the prospect of bankruptcy , ” it reads .
Julian Metcalfe , founder of high street regulars Itsu and Pret A Manger , told City AM : “ At Itsu we took the heartbreaking decision to close @ @ @ @ @ @ @ food to NHS heroes .
“ It has been a challenging time for our industry , which is why we are pleased to back this package of policy measures from Deliveroo .
“ We believe the recommendations are vital to allow restaurants to cope with the pressures they are experiencing due to Covid-19 .
“ Our hope is that the government accepts these recommendations and we can get back to doing what we all love best , as quickly and safely as possible.
” Bosses have asked for the government to also extend @ @ @ @ @ @ @ restaurant tenants face less pressure on rents .
All of the measures called for in the letter are proposed to remain in place for as long as social distancing measures are necessary .
Kate Nicholls , chief executive of trade body UK Hospitality , said : “ As these proposals from Deliveroo and their partner restaurants show , restaurants need urgent support from the government so that they can help rebuild economies and give people some much-needed enjoyment .
“ Without it , some will close permanently and people ’ s jobs will @ @ @ @ @ @ @ in the letter are : • Offer grants to restaurants to help them pay to adapt to social distancing rule • Launch a marketing campaign to reassure the public that restaurant food is safe during the pandemic • Ease regulations including those on alcohol , takeaway services , and outdoor space Read more : Government faces fresh calls to relax two-metre rule to save hospitality industry “ As the founder of a food delivery firm , working with 30,000 restaurants across the UK , I am passionate about supporting the industry .
Nothing @ @ @ @ @ @ @ that Deliveroo plays our small part to help restaurants reopen their doors and serve their customers once again .
That is why we have set out six policy recommendations to the Prime Minister , which I hope are adopted as quickly as possible .
The prospect of restaurants remaining closed is heartbreaking and I urge the government to do all it can in the weeks and months ahead to show its full support for this amazing industry .
”

Restaurant bosses call for VAT cut as dining out sector braces for difficult return to business
Restaurant industry bosses have today urged Boris Johnson to take drastic action, including slashing VAT on the food they serve, to help the struggling sector survive the effects of coronavirus.
In a letter signed by the bosses of 90 major chains, Deliveroo founder Will Shu said that the government should also extend its job retention scheme for the industry to protect restaurants up and down the country.
The scheme has seen the government cover the wages of furloughed workers for companies unable to operate because of the coronavirus lockdown.
The chief executives of Pizza Hut, Pret A Manger, and Wagamama all signed the letter, which warns: “For the UK restaurant sector, this crisis is far from over and the potential consequences are deeply concerning.
“A huge number of restaurants across the country are facing the prospect of bankruptcy,” it reads.
Julian Metcalfe, founder of high street regulars Itsu and Pret A Manger, told City AM: “At Itsu we took the heartbreaking decision to close all our restaurants except to provide free food to NHS heroes.
“It has been a challenging time for our industry, which is why we are pleased to back this package of policy measures from Deliveroo.
“We believe the recommendations are vital to allow restaurants to cope with the pressures they are experiencing due to Covid-19.
“Our hope is that the government accepts these recommendations and we can get back to doing what we all love best, as quickly and safely as possible.”
Pret A Manger has reopened some of its sites for takeaway
Bosses have asked for the government to also extend its moratorium on evictions, so that restaurant tenants face less pressure on rents.
All of the measures called for in the letter are proposed to remain in place for as long as social distancing measures are necessary.
Kate Nicholls, chief executive of trade body UK Hospitality, said: “As these proposals from Deliveroo and their partner restaurants show, restaurants need urgent support from the government so that they can help rebuild economies and give people some much-needed enjoyment.
“Without it, some will close permanently and people’s jobs will be lost.”
The six measures proposed in the letter are:
Prevent evictions by commercial landlords and provide mortgage holidays
Offer grants to restaurants to help them pay to adapt to social distancing rule
Temporarily reduce VAT on restaurant food
Subsidise wages through the job retention scheme
Launch a marketing campaign to reassure the public that restaurant food is safe during the pandemic
Ease regulations including those on alcohol, takeaway services, and outdoor space
Deliveroo boss Chu told City A.M.:


cityam--2020-06-15--British public supports calls for online gambling restrictions

The British public overwhelmingly supports calls by MPs for restrictions to online gambling , new research has shown , as the betting industry this week gears up for the return of televised sporting events .
Data released today by polling firm Survation revealed that 82 per cent out of 1,525 people surveyed support limits to online gambling spending .
The same amount agreed that people under the age of 18 should not be exposed to any form of gambling advertising .
Read more : Treasury mulls over temporary VAT cut to boost economy It comes as a cross-party group of @ @ @ @ @ @ @ today publish a report on proposed amendments to the 2005 Gambling Act , urging the government to implement a total ban on gambling adverts .
The all-party parliamentary group report , which pulls together more than a year of research into the gambling industry , will also call for an urgent review of online stakes , deposit and prize limits as well as a complete reclassification of online products .
It will call on the government to limit stakes on online slot machines to £2 .
The report comes ahead of the Premier @ @ @ @ @ @ @ on Wednesday , which is expected to prompt the restart gambling adverts after a three-month moratorium during lockdown .
Gambling welfare campaigners warned that this could cause a betting “ frenzy “ , as punters will lured in by extra cash from payment holidays .
“ It ’ s clear that the wider public strongly believes there needs to be significant changes to how online gambling is regulated , including greater protections in the amounts people can bet online and how gambing is promoted to young people , ” said Carl Shoben , @ @ @ @ @ @ @ A message for the government is that the support for change cuts across political lines , and our research shows that if anything more Tory voters than Labour support tighter regulation of the industry.
” Matt Zarb-Cousin , founder of the Clean Up Gambling campaign , which commissioned the report , added : “ The government should commence its review of the Gambling Act as soon as possible to bring our outdated gambling laws into the digital age.
” The Survation poll also showed that the public also supported a ban on offshore @ @ @ @ @ @ @ people surveyed agreeing that only online gambling firms that pay taxes in the UK should be allowed to operate within Britain .
Of the so-called big five gambling firms , only two pay tax in the UK .
Bets placed on William Hill ’ s website and phone lines are regulated and taxed by WHG International Ltd , a company registered in Gibraltar .
Ladbrokes , owned by Isle of Man-based GVC , also runs out Gibraltar , while Betfair and Paddy Power , both owned by Flutter Entertainment , are licensed and @ @ @ @ @ @ @ Gambling sites in the UK are subject to a 15 per cent levy on all their earnings — but in Gibraltar this is reduced to just 0.15 per cent , while in Malta gambling is subject to a gaming tax of five per cent .
Read more : H & M sales halve during lockdown months as retailer hopes for June recovery A spokesperson for industry lobby group The Betting and Gaming Council said : “ We are committed to making more changes and driving up safer gambling standards further and we look @ @ @ @ @ @ @ their forthcoming review .
“ It ’ s important that those who claim not to be anti-gambling or prohibitionist do not drive customers to offshore , black market , illegal operators that don ’ t have any safeguards , rather than in our current heavily regulated industry that supports over 100,000 jobs and pays over £3bn in tax.
” Before the Open : Get the jump on the markets with our early morning newsletter

British public supports calls for online gambling restrictions
The British public overwhelmingly supports calls by MPs for restrictions to online gambling, new research has shown, as the betting industry this week gears up for the return of televised sporting events.
Data released today by polling firm Survation revealed that 82 per cent out of 1,525 people surveyed support limits to online gambling spending. The same amount agreed that people under the age of 18 should not be exposed to any form of gambling advertising.
It comes as a cross-party group of more than 50 MPs and peers will today publish a report on proposed amendments to the 2005 Gambling Act, urging the government to implement a total ban on gambling adverts.
The all-party parliamentary group report, which pulls together more than a year of research into the gambling industry, will also call for an urgent review of online stakes, deposit and prize limits as well as a complete reclassification of online products. It will call on the government to limit stakes on online slot machines to £2.
The report comes ahead of the Premier League’s return to national TV on Wednesday, which is expected to prompt the restart of gambling adverts after a three-month moratorium during lockdown.
Gambling welfare campaigners warned that this could cause a betting “frenzy” as punters will be lured in by extra cash from payment holidays.
“It’s clear that the wider public strongly believes there needs to be significant changes to how online gambling is regulated, including greater protections in the amounts people can bet online and how gambing is promoted to young people,” said Carl Shoben, director of strategy at Survation.
“A message for the government is that the support for change cuts across political lines, and our research shows that if anything, more Tory voters than Labour support tighter regulation of the industry.”
Matt Zarb-Cousin, founder of the Clean Up Gambling campaign, added: “The government should commence its review of the Gambling Act as soon as possible to bring our outdated gambling laws into the digital age.”
The Survation poll showed that the public also supported a ban on offshore gambling companies, with three quarters of people surveyed agreeing that only online gambling firms that pay taxes in the UK should be allowed to operate within Britain.
Of the so-called big five gambling firms, only two are fully based in the UK. William Hill is operated by WHG International Ltd, a company registered in Gibraltar. Ladbrokes also operates out of the British overseas territory, while Betfair and Paddy Power, both owned by Flutter Entertainment, are licensed and regulated by the Malta Gaming Authority.
A spokesperson for industry lobby group The Betting and Gaming Council said: “We are committed to making more changes and driving up safer gambling standards further and we look forward to working with the government on their forthcoming review.
“It’s important that those who claim not to be anti-gambling or prohibitionist do not drive customers to offshore, black market, illegal operators that don’t have any safeguards, rather than in our current heavily regulated industry that supports over 100,000 jobs and pays over £3bn in tax.”
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-06-15--London Stock Exchange celebrates AIM’s 25th anniversary

The London Stock Exchange ( LSE ) will this week celebrate the 25th anniversary of AIM , its sub-market for smaller and growing companies .
Since its launch in 1995 over 3,800 companies have been admitted to AIM , raising a combined £118bn in equity capital , according to new research by audit firm Grant Thornton .
In 2019 , AIM-listed companies contributed £33.5bn gross value added ( GVA ) to UK GDP and directly supported more than 430,000 jobs , the report found – increases of 35 per cent and 22 per cent respectively compared to five years ago @ @ @ @ @ @ @ can realise their potential is vital to the UK ’ s current and future prosperity , ” said LSE chief executive Nikhil Rathi .
“ By enabling retail and institutional investors to access growth , AIM plays a vital part in the nation ’ s wealth creation helping to fund the creation of jobs , drive productivity and foster innovation and exports , ” he added .
Some 53 per cent of companies listed on AIM today have a market capitalisation above £25m , as opposed to one third in 2000 .
The @ @ @ @ @ @ @ currently represented on the market .
Before the Open newsletter : Start your day with the City View podcast and key market data Of the UK-incorporated businesses on AIM , 60 per cent are based outside of London , a figure that Treasury minister John Glen said demonstrates AIM ’ s “ role in regional economic development and employment ” .
“ The UK ’ s innovative and dynamic SMEs are the backbone of our economy , ” Glen added .
“ The UK Government has backed AIM in a number of ways @ @ @ @ @ @ @ AIM shares to qualify for ISAs , and we remain dedicated to supporting the UK ’ s high growth companies to achieve their potential.
” Read more : London Stock Exchange commits to Refinitiv deal and posts strong results Of the £118bn capital raised by AIM companies since the market ’ s inception , 39 per cent was raised at admission , with the remaining 61 per cent raised through further fundraising .
Rathi said that the continued access to capital that AIM can offer growth companies was “ particularly important ” to @ @ @ @ @ @ @ the impact of the Covid-19 pandemic as firms look not only to strengthen their balance sheets but to fund innovation and growth ” .

London Stock Exchange celebrates AIM’s 25th anniversary
AIM was launched by the London Stock Exchange in 1995
The London Stock Exchange (LSE) will this week celebrate the 25th anniversary of AIM, its sub-market for smaller and growing companies.
Since its launch in 1995 over 3,800 companies have been admitted to AIM, raising a combined £118bn in equity capital, according to new research by audit firm Grant Thornton.
In 2019, AIM-listed companies contributed £33.5bn gross value added (GVA) to UK GDP and directly supported more than 430,000 jobs, the report found – increases of 35 per cent and 22 per cent respectively compared to five years ago.
“Ensuring that dynamic growth companies can realise their potential is vital to the UK’s current and future prosperity,” said LSE chief executive Nikhil Rathi.
“By enabling retail and institutional investors to access growth, AIM plays a vital part in the nation’s wealth creation helping to fund the creation of jobs, drive productivity and foster innovation and exports,” he added.
Some 53 per cent of companies listed on AIM today have a market capitalisation above £25m, as opposed to one third in 2000. The research also found that 79 countries are currently represented on the market.
Before the Open newsletter: Start your day with the City View podcast and key market data
Of the UK-incorporated businesses on AIM, 60 per cent are based outside of London, a figure that Treasury minister John Glen said demonstrates AIM’s “role in regional economic development and employment”.
“The UK’s innovative and dynamic SMEs are the backbone of our economy,” Glen added. “The UK Government has backed AIM in a number of ways, whether through tax incentives or allowing AIM shares to qualify for ISAs, and we remain dedicated to supporting the UK’s high growth companies to achieve their potential.”
Of the £118bn capital raised by AIM companies since the market’s inception, 39 per cent was raised at admission, with the remaining 61 per cent raised through further fundraising.
Rathi said that the continued access to capital that AIM can offer growth companies was “particularly important” to “support business in the recovery from the impact of the Covid-19 pandemic as firms look not only to strengthen their balance sheets but to fund innovation and growth”.