cityam--2020-06-02--Coronavirus will increase investors’ appetite for sustainable strategies – and accelerate major chan

The relative resilience of ESG strategies through the recent market rout could mark a watershed moment for sustainable investment .
Fleeting trends are usually the first to be abandoned in the heart of the storm .
This simply hasn ’ t happened with ESG strategies .
In fact , quite the opposite , with many funds charting inflows through Q1 2020 .
Cynics may attribute ESG outperformance to sector positioning .
Undoubtedly , ESG funds ’ limited exposure to oil and energy has been a major factor behind these strategies ’ recent returns .
Yet even on a sector neutral @ @ @ @ @ @ @ towards quality , well-run businesses , underpinned by good governance and strong balance sheets , has helped investors avert the worst of the turmoil .
When the rubber hit the road , strategies premised on mitigating ‘ non-financial risks ’ have outperformed .
Looking ahead , the ubiquity and scale of the coronavirus crisis may radically reconfigure investor perspectives on what ‘ sustainable ’ actually means , and erase for good the perception that it is just about ticking boxes .
It is about making decisions in the best interests of society and @ @ @ @ @ @ @ mitigating the climate impact of your business .
COVID-19 has given us a palpable sense of what a global challenge – like climate change – looks and feels like , and this experience will likely accelerate corporate and regulatory action .
Companies ’ social purpose and their treatment of employees has never been more closely – or publicly – scrutinised , and firms ’ actions today will shape their future .
On the other side of this crisis , increased focus on the role of human capital management , climate action and responsible @ @ @ @ @ @ @ .
Of course , flows into ESG strategies have already risen exponentially over recent years .
In practical terms , the rising flow of capital into sustainable funds has already driven significant shifts in the nuts and bolts of the industry – in fund-raising , seed capital and the way in which investment mandates are awarded .
EY research on the implementation of ESG strategies among 17 UK-based asset management firms – with a collective AUM of £9.5tn – definitively evidences this shift .
Firms told us that both institutional investors and high @ @ @ @ @ @ @ commit their own capital in order to seed and launch new sustainable funds ; moving away from the traditional ‘ beauty parade ’ process premised on long-term track records .
The move to seed entirely new , untested products marks a key shift in the industry .
While seeding new funds has become relatively commonplace in the private markets ’ arena , where many institutions have built large in-house teams of specialists to work with General Partners and fund managers to deploy private capital either direct or via partnerships , this approach remains @ @ @ @ @ @ @ equity or credit-based strategies .
Given that many sustainable strategies lack the traditional minimum three- to five-year track record of returns , the meteoric rise of sustainable strategies threatens to throw a major curveball into the manager selection process .
On what metrics will investors now base their decisions ?
This is the key question looming over the industry , which is set to continue growing at an astonishing rate .
Of the roughly $ 100tn assets under management across firms globally in December 2019 , around a third was classified as being @ @ @ @ @ @ @ Given the major shifts driven by the recent market turmoil , the proportion of assets in sustainable funds will have risen exponentially .
For now , the sustainability industry continues to operate and evolve without a constituent taxonomy or standards .
Every manager we surveyed is reporting differently , making it extremely difficult for institutional investors , let alone end beneficiaries , to assess different managers ’ credentials .
Until regulation and industry-wide definitions have caught up with product development in the sustainability , ESG and impact space – clarifying exactly what constitutes @ @ @ @ @ @ @ and “ green ” in an investment context – investors will continue to face a raft of potentially subjective decisions as they work to build ( and rebuild ) more sustainable portfolios .
Encouragingly , firms across the asset management industry are working hard towards a new set of definitions .
The recent launch of the EU ’ s categorisation system for financial products , hailed as the first concerted attempt to formally classify sustainable investments , has provided a key support to these efforts , while the Investment Association ’ s work @ @ @ @ @ @ @ and standards has been another important step .
In the near term , the asset management industry has a huge opportunity to build and document tangible evidence of ESG strategies delivering when the heat turned up .
After the crisis , the opportunity will be to rebalance focus more on the ‘ S ’ and ‘ G ’ by demonstrating purpose and value to society , as well as working alongside regulators , governments and investors to build a new set of benchmarks , purpose-built for a more sustainable future .

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Coronavirus will increase investors’ appetite for sustainable strategies – and accelerate major changes in the way capital is allocated
Investment flows into Environmental, Societal (ESG) and Governance strategies have already risen exponentially over recent years.
The relative resilience of ESG strategies through the recent market rout could mark a watershed moment for sustainable investment.
Fleeting trends are usually the first to be abandoned in the heart of the storm. This simply hasn’t happened with ESG strategies. In fact, quite the opposite, with many funds charting inflows through Q1 2020.
Cynics may attribute ESG outperformance to sector positioning. Undoubtedly, ESG funds’ limited exposure to oil and energy has been a major factor behind these strategies’ recent returns. Yet even on a sector neutral basis, ESG funds’ typical bias towards quality, well-run businesses, underpinned by good governance and strong balance sheets, has helped investors avert the worst of the turmoil. When the rubber hit the road, strategies premised on mitigating ‘non-financial risks’ have outperformed.
Looking ahead, the ubiquity and scale of the coronavirus crisis may radically reconfigure investor perspectives on what ‘sustainable’ actually means, and erase for good the perception that it is just about ticking boxes. It is about making decisions in the best interests of society and your workforce, allocating capital responsibly and mitigating the climate impact of your business.
COVID-19 has given us a palpable sense of what a global challenge – like climate change – looks and feels like, and this experience will likely accelerate corporate and regulatory action. Companies’ social purpose and their treatment of employees has never been more closely – or publicly – scrutinised, and firms’ actions today will shape their future.
On the other side of this crisis, increased focus on the role of human capital management, climate action and responsible balance sheet management will accelerate ESG investing.
Of course, flows into ESG strategies have already risen exponentially over recent years. In practical terms, the rising flow of capital into sustainable funds has already driven significant shifts in the nuts and bolts of the industry – in fund-raising, seed capital and the way in which investment mandates are awarded.
EY research on the implementation of ESG strategies among 17 UK-based asset management firms – with a collective AUM of £9.5tn – definitively evidences this shift.
Firms told us that both institutional investors and high net worth individuals are now willing to commit their own capital in order to seed and launch new sustainable funds; moving away from the traditional ‘beauty parade’ process premised on long-term track records.
The move to seed entirely new, untested products marks a key shift in the industry. While seeding new funds has become relatively commonplace in the private markets’ arena, where many institutions have built large in-house teams of specialists to work with General Partners and fund managers to deploy private capital either direct or via partnerships, this approach remains much less common in more traditional public equity or credit-based strategies.
Given that many sustainable strategies lack the traditional minimum three- to five-year track record of returns, the meteoric rise of sustainable strategies threatens to throw a major curveball into the manager selection process. On what metrics will investors now base their decisions?
This is the key question looming over the industry, which is set to continue growing at an astonishing rate. Of the roughly $100tn assets under management across firms globally in December 2019, around a third was classified as being invested in sustainable mandates or funds. Given the major shifts driven by the recent market turmoil, the proportion of assets in sustainable funds will have risen exponentially.
For now, the sustainability industry continues to operate and evolve without a constituent taxonomy or standards. Every manager we surveyed is reporting differently, making it extremely difficult for institutional investors, let alone end beneficiaries, to assess different managers’ credentials.
Until regulation and industry-wide definitions have caught up with product development in the sustainability, ESG and impact space – clarifying exactly what constitutes “integration”, “sustainable” and “green” in an investment context – investors will continue to face a raft of potentially subjective decisions as they work to build (and rebuild) more sustainable portfolios.
Encouragingly, firms across the asset management industry are working hard towards a new set of definitions. The recent launch of the EU’s categorisation system for financial products, hailed as the first concerted attempt to formally classify sustainable investments, has provided a key support to these efforts, while the Investment Association’s work towards clarifying the industry’s taxonomy and standards has been another important step.
In the near term, the asset management industry has a huge opportunity to build and document tangible evidence of ESG strategies delivering when the heat turned up. After the crisis, the opportunity will be to rebalance focus more on the ‘S’ and ‘G’ by demonstrating purpose and value to society, as well as working alongside regulators, governments and investors to build a new set of benchmarks, purpose-built for a more sustainable future.


cityam--2020-06-02--Downing Street scraps weekend coronavirus briefings

Downing Street has announced it will no longer be holding the coronavirus press briefings on weekends , due to low TV ratings .
Number 10 said the briefings will continue Monday to Friday and the Prime Minister will host at least one a week , according to the PM ’ s spokesman .
Before the Open : Get the jump on the markets with our early morning newsletter The daily briefings were introduced on 16 March before Boris Johnson imposed the national lockdown a week later .
The PM and cabinet ministers have fronted the briefings , flanked by senior @ @ @ @ @ @ @ Chris Whitty .
Downing Street gives journalists – both national and regional – the opportunity to ask questions and has recently allowed the public to send in questions relating to the easing of lockdown measures .
Number 10 also announced today that the next phase of easing the lockdown – the reopening of non-essential shops on 15 June – is “ not dependent ” on the alert status moving from four to three .
Before the Open newsletter : Start your day with the City View podcast and key market data Last month @ @ @ @ @ @ @ help the government decide how tough social distancing measures need to be , where level five is a “ material risk of healthcare services being overwhelmed ” and level one is the virus is no longer present in the UK .
Number 10 has instead said that the easing of restrictions will be based on Dominic Raab ’ s initial five steps , which focus on a sustained fall in the death rate and rate of infection .
Get the news as it happens by following City A.M. on Twitter .

Downing Street scraps weekend coronavirus briefings
Downing Street has announced it will no longer be holding the coronavirus press briefings on weekends, due to low TV ratings.
Number 10 said the briefings will continue Monday to Friday and the Prime Minister will host at least one a week, according to the PM’s spokesman.
Before the Open: Get the jump on the markets with our early morning newsletter
The daily briefings were introduced on 16 March before Boris Johnson imposed the national lockdown a week later. The PM and cabinet ministers have fronted the briefings, flanked by senior government advisers including the chief medical officer Chris Whitty.
Downing Street gives journalists – both national and regional – the opportunity to ask questions and has recently allowed the public to send in questions relating to the easing of lockdown measures.
Number 10 also announced today that the next phase of easing the lockdown – the reopening of non-essential shops on 15 June – is “not dependent” on the alert status moving from four to three.
Before the Open newsletter: Start your day with the City View podcast and key market data
Last month Johnson said the five-level alert system would help the government decide how tough social distancing measures need to be, where level five is a “material risk of healthcare services being overwhelmed” and level one is the virus is no longer present in the UK.
Number 10 has instead said that the easing of restrictions will be based on Dominic Raab’s initial five steps, which focus on a sustained fall in the death rate and rate of infection.
Get the news as it happens by following City A.M. on Twitter.
More to follow


cityam--2020-06-02--Restarting and building a resilient recovery

COVID-19 continues to create a unique set of challenges for business and society .
I think it ’ s important , as we wrestle with those challenges , that we continue to acknowledge that we ’ re all experiencing this crisis in different ways and on different timelines .
The way EY has been advising businesses to manage and respond to COVID-19 is by looking at three undated time horizons which are simply Now , Next and Beyond and priorities will shift as companies move through these , from resilience to recovery to resurgence .
We are working with clients @ @ @ @ @ @ @ whose businesses are closed for the foreseeable future and struggling to keep their head above water to companies who have been dealing with the very different challenge of exceptional demand and changing priorities and behaviours .
Many companies , however , now sit somewhere in between , in what we term the ‘ Recovery ’ phase .
They are either restarting , or preparing to , following the new government guidelines released in recent weeks and they are thinking about how to build flexibility into their operations to prepare for the uncertainty that @ @ @ @ @ @ @ layers – from unknown demand and cashflow to the possibility of future government restrictions and workforce constraints .
Which is why our Recovery phase has two areas of focus : • Restart and adapt : the practicalities of restarting safely , how to reengage staff and adapt operations to new regulations , whilst being ready to adapt to the unknown • Resilient recovery : ensuring your business is resilient and sustainable , given changing circumstances and the potential for more disruption ahead How does this work in practice ?
Safety is obviously critical @ @ @ @ @ @ @ wealth of guidance out there from government , trade bodies and companies that have continued working in terms of reconfiguring the working and customer environment and the most effective use of PPE .
An important part of this process is reengagement with staff and customers to understand their concerns and priorities and to communicate changes .
Communication and a demonstrable commitment to safety will help to build the necessary confidence for operations to restart .
The restart process should help focus businesses ’ minds on what is truly essential .
One of the @ @ @ @ @ @ @ is their supply chain .
Companies may need to provide additional support to suppliers to help them restart their business .
As we ’ ve discussed , one of the biggest tests comes when weakened companies need to reflate balance sheets and restock inventory .
Companies will need to maintain cash discipline and prioritise spending .
A simplified proposition and operating model – and progressively scaling up complexity where it adds value – can help to ease operational , financial and supply chain pressures .
What companies do now will set the foundation @ @ @ @ @ @ @ focusing on the current challenge , management also keep in mind what happens next .
Some parts of our lives will go back to what they were , but some things that have become normal in the lockdown will remain with us for a long time , perhaps indefinitely .
To build resilience , companies will need to think if and how they need to phase workforce return and how they could adapt to a slow and volatile increase in demand .
A phased start will allow businesses to test their new working @ @ @ @ @ @ @ if conditions change .
Office-based businesses may continue with large-scale remote working , which has worked thus far , but may create new morale and cultural challenges if implemented in the longer term .
Companies ’ new normal or new abnormal , also needs to be operationally sustainable in a protracted and volatile recovery .
Most businesses will be operating with reduced capacity due to new operating practices and/or reduced demand .
How companies use their space – be it office , hotel or factory – will change , with a lower density @ @ @ @ @ @ @ need to consider if and how they can adapt their cost-base and products to new realities .
To build resilience , companies also need to think about ways in which they can build in more financial and operational flexibility .
And of course , it remains important to manage stakeholder expectations during the restart , given the extra pressure companies will feel on their balance sheets as they realign their business .
Companies will continue to raise capital and drawn down on debt facilities to meet these demands .
As my colleague Falco @ @ @ @ @ @ @ the challenge of adapting to the new world , shaped by different societal expectations and a better understanding of risk and technology .
Companies that can stay true to their purpose and long-term values , should emerge as the strongest , most relevant forces in the resurgent new economy .
Visit EY ’ s COVID-19 hub for further insights and materials : Webcast : The new world of work and implications for business .
Register now for our 5 June webcast to hear the views of CEOs and CHROs for ASOS , bp @ @ @ @ @ @ @ and Unilever .

What is City Talk? City Talk allows marketers to connect directly with our audience by publishing content on cityam.com
Restarting and building a resilient recovery
COVID-19 continues to create a unique set of challenges for business and society. I think it’s important, as we wrestle with those challenges, that we continue to acknowledge that we’re all experiencing this crisis in different ways and on different timelines.
The way EY has been advising businesses to manage and respond to COVID-19 is by looking at three undated time horizons which are simply Now, Next and Beyond and priorities will shift as companies move through these, from resilience to recovery to resurgence. We are working with clients across this entire spectrum, from those whose businesses are closed for the foreseeable future and struggling to keep their head above water to companies who have been dealing with the very different challenge of exceptional demand and changing priorities and behaviours.
Many companies, however, now sit somewhere in between, in what we term the ‘Recovery’ phase. They are either restarting, or preparing to, following the new government guidelines released in recent weeks and they are thinking about how to build flexibility into their operations to prepare for the uncertainty that lies ahead. This uncertainty has many layers – from unknown demand and cashflow to the possibility of future government restrictions and workforce constraints.
Which is why our Recovery phase has two areas of focus:
Restart and adapt: the practicalities of restarting safely, how to reengage staff and adapt operations to new regulations, whilst being ready to adapt to the unknown
Resilient recovery: ensuring your business is resilient and sustainable, given changing circumstances and the potential for more disruption ahead
How does this work in practice?
Restart and adapt
Safety is obviously critical to the restart. There is a wealth of guidance out there from government, trade bodies and companies that have continued working in terms of reconfiguring the working and customer environment and the most effective use of PPE. An important part of this process is reengagement with staff and customers to understand their concerns and priorities and to communicate changes. Communication and a demonstrable commitment to safety will help to build the necessary confidence for operations to restart.
The restart process should help focus businesses’ minds on what is truly essential. One of the biggest areas of concern for our clients is their supply chain. Companies may need to provide additional support to suppliers to help them restart their business. As we’ve discussed elsewhere , one of the biggest tests comes when weakened companies need to reflate balance sheets and restock inventory. Companies will need to maintain cash discipline and prioritise spending. A simplified proposition and operating model – and progressively scaling up complexity where it adds value – can help to ease operational, financial and supply chain pressures.
What companies do now will set the foundation for everything that comes beyond. Whilst focusing on the current challenge, management also keep in mind what happens next. Some parts of our lives will go back to what they were, but some things that have become normal in the lockdown will remain with us for a long time, perhaps indefinitely.
Resilient recovery
To build resilience, companies will need to think if and how they need to phase workforce return and how they could adapt to a slow and volatile increase in demand. A phased start will allow businesses to test their new working practices and make it easier to adapt if conditions change. Office-based businesses may continue with large-scale remote working, which has worked thus far, but may create new morale and cultural challenges if implemented in the longer term.
Companies’ new normal or new abnormal, also needs to be operationally sustainable in a protracted and volatile recovery. Most businesses will be operating with reduced capacity due to new operating practices and/or reduced demand. How companies use their space – be it office, hotel or factory – will change, with a lower density of workers and customers. Companies will need to consider if and how they can adapt their cost-base and products to new realities.
To build resilience, companies also need to think about ways in which they can build in more financial and operational flexibility. And of course, it remains important to manage stakeholder expectations during the restart, given the extra pressure companies will feel on their balance sheets as they realign their business. Companies will continue to raise capital and drawn down on debt facilities to meet these demands.
As my colleague Falco Weidemeyer, explores in his recent article , businesses need to embrace the challenge of adapting to the new world, shaped by different societal expectations and a better understanding of risk and technology. Companies that can stay true to their purpose and long-term values, should emerge as the strongest, most relevant forces in the resurgent new economy.
Visit EY’s COVID-19 hub for further insights and materials: ey.com/uk/covid
Webcast: The new world of work and implications for business. Register now for our 5 June webcast to hear the views of CEOs and CHROs for ASOS, bp, EDF, Pearson, TSB Bank and Unilever.


cityam--2020-06-02--Spectator to return furlough money as sales hit 87,000

The Spectator today said it will return the money it used to furlough staff to the government after a rise in sales helped bolster the company ’ s balance sheet during the Covid-19 crisis .
The weekly magazine said that while it had suffered a hit to revenue from advertising , events and newsstand sales as a result of the pandemic , the bulk of its revenue now came from subscription fees .
Read more : Newspaper circulation figures to be kept private as sales crash due to Covid-19 In the first quarter the title increased sales to 87,000 — @ @ @ @ @ @ @ last year — and has set a new target of hitting 100,000 “ as quickly as possible ” .
“ We have taken a financial hit but nothing as bad as I feared , ” said Spectator chairman Andrew Neil .
“ We remain a profitable and growing company , now with strengthening cash flow .
For that reason , we will return to the taxpayer the funds we took from government to finance our furlough scheme and withdraw from that scheme forthwith.
” The Spectator , which published its 10,000th issue last @ @ @ @ @ @ @ furlough scheme had allowed the company to conserve cash and keep paying staff 80 per cent of their salaries .
But Neil said the magazine did not need the funds to survive and so it was “ only fair ” that the company returns the taxpayer funds in a phased manner over the next two months .
Read more : Read all about it : Newspapers feel the strain of Covid-19 The move highlights the Spectator ’ s resilience in the face of a wider downturn for news publishers , many of whom @ @ @ @ @ @ @ by the coronavirus crisis .
The right-leaning title , which covers politics , culture and current affairs , had already recorded record subscriptions numbers before the pandemic and earlier this year became the fastest growing current affairs magazine in Europe .

Spectator to return furlough money as sales hit 87,000
The Spectator today said it will return the money it used to furlough staff to the government after a rise in sales helped bolster the company’s balance sheet during the Covid-19 crisis.
The weekly magazine said that while it had suffered a hit to revenue from advertising, events and newsstand sales as a result of the pandemic, the bulk of its revenue now came from subscription fees.
In the first quarter the title increased sales to 87,000 — up from 83,000 at the end of last year — and has set a new target of hitting 100,000 “as quickly as possible”.
“We have taken a financial hit but nothing as bad as I feared,” said Spectator chairman Andrew Neil.
“We remain a profitable and growing company, now with strengthening cash flow. For that reason, we will return to the taxpayer the funds we took from government to finance our furlough scheme and withdraw from that scheme forthwith.”
The Spectator, which published its 10,000th issue last month, said the government’s furlough scheme had allowed the company to conserve cash and keep paying staff 80 per cent of their salaries.
But Neil said the magazine did not need the funds to survive and so it was “only fair” that the company returns the taxpayer funds in a phased manner over the next two months.
The move highlights the Spectator’s resilience in the face of a wider downturn for news publishers, many of whom have seen circulation and advertising revenue decimated by the coronavirus crisis.
The right-leaning title, which covers politics, culture and current affairs, had already recorded record subscriptions numbers before the pandemic and earlier this year became the fastest growing current affairs magazine in Europe.
Main image credit: BBC


cityam--2020-06-02--UK statistics watchdog hits out at government use of coronavirus testing data

The head of the UK ’ s statistics authority has written to health secretary Matt Hancock criticising the government ’ s use of data related to its coronavirus testing programme .
In an open letter , the UK Statistics Authority chairman Sir David Norgrove said that the way the data was being analysed and presented had “ limited value ” .
Read more : Coronavirus testing expanded to everyone over five with symptoms He wrote : “ The aim seems to be to show the largest possible number of tests , even at the expense of understanding .
“ It @ @ @ @ @ @ @ work to support the testing programme itself .
The statistics and analysis serve neither purpose well ” .
Norgrove ’ s letter came after Hancock announced on Sunday that the UK had reached its target of increasing daily testing capacity to 200,000 by the end of May .
However , despite the announcement , only just over 115,000 tests were carried out that day .
Norgrove pointed out that this headline total elides together tests carried out with those posted out , saying there was no data on whether those that were tested @ @ @ @ @ @ @ the Open : Get the jump on the markets with our early morning newsletter The government has also stopped publishing data on the number of people being tested , as it had previously been doing .
He added : “ The testing statistics still fall well short of its expectations .
“ It is not surprising that given their inadequacy data on testing are so widely criticised and often mistrusted ” .
A department of health spokesperson said : “ The Secretary of State has spoken to Sir David and reiterated the department @ @ @ @ @ @ @ closely with the UKSA to address their concerns .
“ We have sought to work closely with the UKSA throughout our response to coronavirus to ensure statistics , which are prepared in very challenging circumstances , are presented in the best way possible .
“ Our approach throughout has been to increase transparency around the government ’ s response to coronavirus.
” The letter will likely add to previous criticisms of the government ’ s handling of data connected to the disease .

UK statistics watchdog hits out at government use of coronavirus testing data
The head of the UK’s statistics authority has written to health secretary Matt Hancock criticising the government’s use of data related to its coronavirus testing programme.
In an open letter, the UK Statistics Authority chairman Sir David Norgrove said that the way the data was being analysed and presented had “limited value”.
He wrote: “The aim seems to be to show the largest possible number of tests, even at the expense of understanding.
“It is also hard to believe the statistics work to support the testing programme itself. The statistics and analysis serve neither purpose well”.
Norgrove’s letter came after Hancock announced on Sunday that the UK had reached its target of increasing daily testing capacity to 200,000 by the end of May.
However, despite the announcement, only just over 115,000 tests were carried out that day.
Norgrove pointed out that this headline total elides together tests carried out with those posted out, saying there was no data on whether those that were tested out were actually successfully completed.
Before the Open: Get the jump on the markets with our early morning newsletter
The government has also stopped publishing data on the number of people being tested, as it had previously been doing.
He added: “The testing statistics still fall well short of its expectations.
“It is not surprising that given their inadequacy data on testing are so widely criticised and often mistrusted”.
A department of health spokesperson said: “The Secretary of State has spoken to Sir David and reiterated the department’s commitment to continuing to work closely with the UKSA to address their concerns.
“We have sought to work closely with the UKSA throughout our response to coronavirus to ensure statistics, which are prepared in very challenging circumstances, are presented in the best way possible.
“Our approach throughout has been to increase transparency around the government’s response to coronavirus.”
The letter will likely add to previous criticisms of the government’s handling of data connected to the disease.


cityam--2020-06-02--UK tells China to 'step back from the brink' on new Hong Kong security legislation

Foreign secretary Dominic Raab has told China to “ step back from the brink ” and to not enforce the planned security legislation in Hong Kong .
Raab told MPs today that the new legislation “ lies in direct conflict with China ’ s international obligations ” and was a breach of Hong Kong ’ s autonomy .
Read more : FTSE 100 tumbles as US-China tensions rise over Hong Kong The UK announced last week it would offer UK visas to the 3m British National Overseas ( BNO ) passport holders in the former British territory , with a @ @ @ @ @ @ @ enforced the planned changes .
The new legislation , passed by China ’ s parliament last week , would see a clampdown on criticism on the Communist Party of China and the setting up of security agencies in Hong Kong for the first time .
Raab told the House of Commons today that the legislation was in breach of its commitment to maintain a “ one country , two systems ” approach agreed in the 1997 handover .
“ To be very clear and specific about this , the imposition of national security @ @ @ @ @ @ @ in Beijing rather than through Hong Kong ’ s own institutions lies in direct conflict with Article 23 of China ’ s own basic law , ” he said .
Before the Open : Get the jump on the markets with our early morning newsletter “ And it lies in direct conflict with China ’ s international obligations freely assumed under the Joint Declaration.
” “ There is time for China to reconsider , there is a moment for China to step back from the brink and respect Hong Kong ’ s autonomy @ @ @ @ @ @ @ obligations .
“ If China continues down this current path , if it enacts this national security law , we will consider what further response we make , working with those international partners and others.
” The move comes after the UK last week issued a joint statement with the US , Australia and Canada saying that the new Chinese legislation would “ dramatically erode Hong Kong ’ s autonomy ” .
A spokesman for the Chinese foreign ministry said that Beijing firmly opposed the statement and had lodged representations with the countries @

UK tells China to ‘step back from the brink’ on new Hong Kong security legislation
A pro-democracy protester waves a British colonial flag during a “Lunch With You” rally in a shopping mall in the Central district in Hong Kong on June 1, 2020
Foreign secretary Dominic Raab has told China to “step back from the brink” and to not enforce the planned security legislation in Hong Kong.
Raab told MPs today that the new legislation “lies in direct conflict with China’s international obligations” and was a breach of Hong Kong’s autonomy.
The UK announced last week it would offer UK visas to the 3m British National Overseas (BNO) passport holders in the former British territory, with a pathway to future citizenship, if Beijing enforced the planned changes.
The new legislation, passed by China’s parliament last week, would see a clampdown on criticism on the Communist Party of China and the setting up of security agencies in Hong Kong for the first time.
Raab told the House of Commons today that the legislation was in breach of its commitment to maintain a “one country, two systems” approach agreed in the 1997 handover.
“To be very clear and specific about this, the imposition of national security legislation on Hong Kong by the government in Beijing rather than through Hong Kong’s own institutions lies in direct conflict with Article 23 of China’s own basic law,” he said.
Before the Open: Get the jump on the markets with our early morning newsletter
“And it lies in direct conflict with China’s international obligations freely assumed under the Joint Declaration.”
“There is time for China to reconsider, there is a moment for China to step back from the brink and respect Hong Kong’s autonomy and respect China’s own international obligations.
“If China continues down this current path, if it enacts this national security law, we will consider what further response we make, working with those international partners and others.”
The move comes after the UK last week issued a joint statement with the US, Australia and Canada saying that the new Chinese legislation would “dramatically erode Hong Kong’s autonomy”.
A spokesman for the Chinese foreign ministry said that Beijing firmly opposed the statement and had lodged representations with the countries.


cityam--2020-06-02--Ofgem unveils £350m scheme to support struggling energy suppliers

Ofgem has today unveiled a £350m scheme to support struggling energy suppliers which do not possess an investment grade credit rating .
As a result of the coronavirus crisis , many households have defaulted on the payment of energy bills , which has heaped pressure of electricity and gas suppliers .
Read more : Ovo Energy to cut 2,600 jobs following SSE deal In an open letter , Ofgem chief executive Jonathan Brearley said that the scheme was aimed at protecting those firms which could not access government support such as the Bank of England ’ s commercial paper programme @ @ @ @ @ @ @ will be able to defer payments to the operators of the UK ’ s electricity and gas networks until March 2021 .
Such costs usually make up 20 per cent of consumer bills .
Any deferred payments will accrue interest at the default industry rate , which currently stands at eight per cent .
Before the Open : Get the jump on the markets with our early morning newsletter One of the conditions of the support is that suppliers must certify that they will not pay executive bonuses or dividends until the money @ @ @ @ @ @ @ aim of the scheme was to “ ensure that energy consumers are offered the support and service they need and to minimise disruption for consumers and other market participants that could arise should companies exit the energy market in a disorderly way over the next few months ” .
Numerous smaller energy companies have gone out of business in the last two years , with the coronavirus prompting fears that another flurry of bankruptcies could follow .
Read more : Coronavirus : Energy industry in talks with government for state support In March @ @ @ @ @ @ @ UK was leading talks with the government about financial support for both consumers and suppliers .
Brearley thanked the Energy Networks Association for its support in developing the scheme .

Ofgem unveils £350m scheme to support struggling energy suppliers
Ofgem has today unveiled a £350m scheme to support struggling energy suppliers which do not possess an investment grade credit rating.
As a result of the coronavirus crisis, many households have defaulted on the payment of energy bills, which has heaped pressure of electricity and gas suppliers.
In an open letter, Ofgem chief executive Jonathan Brearley said that the scheme was aimed at protecting those firms which could not access government support such as the Bank of England’s commercial paper programme.
Those firms eligible for the programme will be able to defer payments to the operators of the UK’s electricity and gas networks until March 2021.
Such costs usually make up 20 per cent of consumer bills.
Any deferred payments will accrue interest at the default industry rate, which currently stands at eight per cent.
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One of the conditions of the support is that suppliers must certify that they will not pay executive bonuses or dividends until the money is repaid.
Brearley wrote that the aim of the scheme was to “ensure that energy consumers are offered the support and service they need and to minimise disruption for consumers and other market participants that could arise should companies exit the energy market in a disorderly way over the next few months”.
Numerous smaller energy companies have gone out of business in the last two years, with the coronavirus prompting fears that another flurry of bankruptcies could follow.
In March it was reported that industry body Energy UK was leading talks with the government about financial support for both consumers and suppliers.
Brearley thanked the Energy Networks Association for its support in developing the scheme.


cityam--2020-06-02--Britain must get creative to shake off pandemic blues

On Sunday 10th May , Boris Johnson announced the first tentative steps to reopen the British economy after weeks of being in the deep freeze .
The heavily caveated plan has led the Prime Minister to “ …believe we can be stronger and better than ever before .
More resilient , more innovative , more economically dynamic… ” Read more : London needs its hospitality industry up and running We couldn ’ t agree more .
However , in the ‘ post-coronavirus world ’ we must also identify where the British economy is best able to compete and deliver in @ @ @ @ @ @ @ And in our creative sector , Britain can genuinely lay claim to world-leader status .
Prior to the onset of the coronavirus pandemic , the move towards digital solutions , streaming services and increased remote delivery systems was already well underway .
If lockdown has taught us anything over the past two months it is that these sectors and services have become a permanent feature of our daily lives and the UK has to ensure it continues to capitalise once our economy is brought back to life .
Take content streaming as an @ @ @ @ @ @ @ , PwC forecast the global streaming industry to show compound annual growth of circa 14 % between now and 2023 .
In the first quarter of 2020 , Netflix added 15 million new subscribers .
For context , that was nearly a 10 % increase on the existing user base which at the start of the year stood at 167 million .
Disney Plus , a streaming service that only launched in the UK in March of this year , has grown by an astonishing 22 million in two months to top 50 @ @ @ @ @ @ @ the odds and seen year on year Q1 sales increase by 26 % , with Amazon Prime members taking even greater advantage of the content and digital benefits than before .
These platforms , alongside the traditional broadcasters , will continue to demand great content to keep these user bases engaged and occupied and that is where the UK has a real opportunity .
Our sector ’ s ability to create globally consumed content has a long legacy .
Monty Python ; Downton Abbey ; the Great British Bake Off ; House of @ @ @ @ @ @ @ ; Planet Earth ; Dr Who ; The Office ; Top Gear ; Blackadder – the roll call is long and impressive .
Of course , coronavirus presents our industry with challenges – none less than how we reopen on set and on location production activity in a safe and responsible manner .
However , notwithstanding this temporary production hiatus , the growth of digital content consumption is likely to prove to be a significant opportunity for those involved in the business of content creation , whether that be video gaming , podcasts @ @ @ @ @ @ @ the rapidly developing world of virtual reality and interactive content .
In all these fields , Britain is leading the way .
With an understandable skew towards supporting the MedTech industry , it would be advisable for the government to consider how best to support other high growth sub-sectors , such as the creative industries , once we are able to emerge from our lockdown driven slumber – either with targeted financial measures ( like enhanced tax breaks ) or a favourable regulatory framework which could allow them to flourish still further .
@ @ @ @ @ @ @ growth creative sector companies , we have seen how these companies can contribute in a meaningful way to UK plc .
At the onset of the recession in the early 90s , the then Chancellor Ken Clarke introduced the Enterprise Investment Scheme ( EIS ) structure .
Last year it celebrated its 25th anniversary and has helped direct over £20 billion of investment in to small , unquoted , entrepreneurial companies .
It is more than analogous to our present situation .
Whilst the scheme remains a popular one , there have been @ @ @ @ @ @ @ the tax reliefs available in response to the dramatic decline in inbound investment the sector has seen from private individuals since the lockdown hit .
If we are to save our start up economy and emerge from this crisis stronger , we need to act now and drive private capital into supporting the next generation of successful , home grown entrepreneurs .
In a recent report , consultancy PwC was quick to point out that the “ UK ’ s Entertainment & Media industry has proved its agility in previous economic and technological @ @ @ @ @ @ @ creativity and innovation should support the sector through these challenging times.
” As a country , we have the raw skillset , ability and experience in abundance across all sectors driven by innovation , not least our wonderful creative industries .
The UK government should and must bring this to the fore as we forge a path forward in the post-coronavirus world .

Britain must get creative to shake off pandemic blues
On Sunday 10th May, Boris Johnson announced the first tentative steps to reopen the British economy after weeks of being in the deep freeze.
The heavily caveated plan has led the Prime Minister to “…believe we can be stronger and better than ever before. More resilient, more innovative, more economically dynamic…”
Read more: London needs its hospitality industry up and running
We couldn’t agree more. However, in the ‘post-coronavirus world’ we must also identify where the British economy is best able to compete and deliver in what will be a much-changed landscape. And in our creative sector, Britain can genuinely lay claim to world-leader status.
Prior to the onset of the coronavirus pandemic, the move towards digital solutions, streaming services and increased remote delivery systems was already well underway. If lockdown has taught us anything over the past two months it is that these sectors and services have become a permanent feature of our daily lives and the UK has to ensure it continues to capitalise once our economy is brought back to life.
Take content streaming as an example. Before the coronavirus pandemic hit, PwC forecast the global streaming industry to show compound annual growth of circa 14% between now and 2023. In the first quarter of 2020, Netflix added 15 million new subscribers. For context, that was nearly a 10% increase on the existing user base which at the start of the year stood at 167 million. Disney Plus, a streaming service that only launched in the UK in March of this year, has grown by an astonishing 22 million in two months to top 50 million subscribers worldwide. Amazon has defied the odds and seen year on year Q1 sales increase by 26%, with Amazon Prime members taking even greater advantage of the content and digital benefits than before.
These platforms, alongside the traditional broadcasters, will continue to demand great content to keep these user bases engaged and occupied and that is where the UK has a real opportunity. Our sector’s ability to create globally consumed content has a long legacy. Monty Python; Downton Abbey; the Great British Bake Off; House of Cards; The Crown; Black Mirror; Planet Earth; Dr Who; The Office; Top Gear; Blackadder – the roll call is long and impressive.
Of course, coronavirus presents our industry with challenges – none less than how we reopen on set and on location production activity in a safe and responsible manner.
However, notwithstanding this temporary production hiatus, the growth of digital content consumption is likely to prove to be a significant opportunity for those involved in the business of content creation, whether that be video gaming, podcasts, e-sports, film & television or the rapidly developing world of virtual reality and interactive content. In all these fields, Britain is leading the way. With an understandable skew towards supporting the MedTech industry, it would be advisable for the government to consider how best to support other high growth sub-sectors, such as the creative industries, once we are able to emerge from our lockdown driven slumber – either with targeted financial measures (like enhanced tax breaks) or a favourable regulatory framework which could allow them to flourish still further.
As an investor in early stage and growth creative sector companies, we have seen how these companies can contribute in a meaningful way to UK plc. At the onset of the recession in the early 90s, the then Chancellor Ken Clarke introduced the Enterprise Investment Scheme (EIS) structure. Last year it celebrated its 25th anniversary and has helped direct over £20 billion of investment in to small, unquoted, entrepreneurial companies. It is more than analogous to our present situation.
Whilst the scheme remains a popular one, there have been calls from industry bodies to temporarily increase the tax reliefs available in response to the dramatic decline in inbound investment the sector has seen from private individuals since the lockdown hit. If we are to save our start up economy and emerge from this crisis stronger, we need to act now and drive private capital into supporting the next generation of successful, home grown entrepreneurs.
In a recent report, consultancy PwC was quick to point out that the “UK’s Entertainment & Media industry has proved its agility in previous economic and technological cycles, and the high levels of creativity and innovation should support the sector through these challenging times.”
As a country, we have the raw skillset, ability and experience in abundance across all sectors driven by innovation, not least our wonderful creative industries. The UK government should and must bring this to the fore as we forge a path forward in the post-coronavirus world.


cityam--2020-06-02--UK faces protracted recovery without action on business debt, says IoD

Action must be taken to tackle the burden of debt on small and medium-sized businesses to avoid a protracted economic recovery , says the Institute of Directors ( IoD ) .
The institute has called on the government and banks to help tackle the “ debt mountain ” otherwise the UK faces an even slower path to economic recovery .
Read more : UK companies could be holding up to £105bn in unsustainable debt , warns industry body In a poll of 720 company directors , just over half said the debt their business had taken on during the current @ @ @ @ @ @ @ their recovery .
Additionally , 57 per cent of those polled by the IoD said it would hold back investment plans over the next two years .
Banks have recently warned that up to half of the government ’ s “ bounce back loans ” provided to the UK ’ s SMEs are unlikely to be repaid .
Senior bankers estimated between 40 and 50 per cent of the bounce back borrowers could default on the debt , according to a report by the Financial Times .
Before the Open : Get the @ @ @ @ @ @ @ morning newsletter The IoD has therefore proposed small companies should be able to convert the government-backed loans into “ student loans ” .
Repayments would only start once companies have turned a profit and would repay a percentage of what they earn over a certain time period .
Of those surveyed , four out of ten said a student loans-type model would be favourable , compared to five per cent who favoured converting debt into equity held by a public body .
Director general , Jonathan Geldart , said : “ Using a @ @ @ @ @ @ @ could provide one way of lifting the burden from British business while still ensuring that those that can pay do.
” Read more : Banks warn up to half of ‘ bounce back ’ borrowers could default “ A range of responses will be needed depending on the size and type of business .
These figures emphasise that while government support has prevented even deeper damage , the work of rebuilding the economy is only just beginning.
” The IoD has also called for incentives allowing firms to reduce their tax liabilities as @ @ @ @ @ @ @ the short term .
Before the Open newsletter : Start your day with the City View podcast and key market data

UK faces protracted recovery without action on business debt, says IoD
(Photo by TOLGA AKMEN/AFP via Getty Images)
Action must be taken to tackle the burden of debt on small and medium-sized businesses to avoid a protracted economic recovery, says the Institute of Directors (IoD).
The institute has called on the government and banks to help tackle the “debt mountain” otherwise the UK faces an even slower path to economic recovery.
In a poll of 720 company directors, just over half said the debt their business had taken on during the current crisis would have a negative impact on their recovery. Additionally, 57 per cent of those polled by the IoD said it would hold back investment plans over the next two years.
Banks have recently warned that up to half of the government’s “bounce back loans” provided to the UK’s SMEs are unlikely to be repaid. Senior bankers estimated between 40 and 50 per cent of the bounce back borrowers could default on the debt, according to a report by the Financial Times.
Before the Open: Get the jump on the markets with our early morning newsletter
The IoD has therefore proposed small companies should be able to convert the government-backed loans into “student loans”. Repayments would only start once companies have turned a profit and would repay a percentage of what they earn over a certain time period.
Of those surveyed, four out of ten said a student loans-type model would be favourable, compared to five per cent who favoured converting debt into equity held by a public body.
Director general, Jonathan Geldart, said: “Using a student loan style system for small companies could provide one way of lifting the burden from British business while still ensuring that those that can pay do.”
“A range of responses will be needed depending on the size and type of business. These figures emphasise that while government support has prevented even deeper damage, the work of rebuilding the economy is only just beginning.”
The IoD has also called for incentives allowing firms to reduce their tax liabilities as they invest, to spur investment in the short term.
Before the Open newsletter: Start your day with the City View podcast and key market data


cityam--2020-06-02--Social media influencers attract a quarter of online ad complaints

Influencers were responsible for a quarter of all complaints about online adverts last year amid a crackdown on brand promotions on social media .
The Advertising Standards Authority ( ASA ) received more than 4,400 complaints last year about 3,670 ads that used social media influencers .
Read more : Virtual influencers pose ethical dilemmas for the ad industry The figure represents more than a quarter of all complaints for online adverts , while overall in 2019 the watchdog resolved almost 35,000 complaints about just under 25,000 ads .
It came as the ASA and Competition and Markets Authority ( @ @ @ @ @ @ @ marketing amid concerns over a lack of transparency about when social media personalities were being paid or receiving freebies in exchange for promoting products .
Influencers are now required to label sponsored posts with # ad and last year a string of stars including singers Rita Ora and Ellie Goulding vowed to be more transparent about their social media activity .
The ASA and fellow trade body the Committee of Advertising Practice ( CAP ) have also targeted irresponsible health claims promoted on social media .
More than 12,000 irresponsible Instagram posts were @ @ @ @ @ @ @ on Botox advertising , while the watchdogs have also fast-tracked action against misleading health claims during the Covid-19 crisis .
In addition , the use of so-called avatar monitoring technology — which uses bots to track children ’ s exposure to adverts — increased last year as part of the ASA ’ s efforts to tackle problem ads more proactively .
The bots visited more than 250 websites 196,000 times over the course of the year , allowing roughly 95,000 ads to be reviewed .
Read more : Advertising watchdog ramps up pressure @ @ @ @ @ @ @ technology to tackle misleading or irresponsible ads is playing a big part in helping us deliver more effective regulation for consumers and business , ” said ASA chief executive Guy Parker .
“ And we have some exciting plans ahead , including investment in data science and machine learning .
All of which is enabling us to be more proactive and fleet of foot in delivering our ambition to make UK ads responsible , wherever they appear .
”

Social media influencers attract a quarter of online ad complaints
Influencers were responsible for a quarter of all complaints about online adverts last year amid a crackdown on brand promotions on social media.
The Advertising Standards Authority (ASA) received more than 4,400 complaints last year about 3,670 ads that used social media influencers.
The figure represents more than a quarter of all complaints for online adverts, while overall in 2019 the watchdog resolved almost 35,000 complaints about just under 25,000 ads.
It came as the ASA and Competition and Markets Authority (CMA) launched a clampdown on influencer marketing amid concerns over a lack of transparency about when social media personalities were being paid or receiving freebies in exchange for promoting products.
Influencers are now required to label sponsored posts with #ad and last year a string of stars including singers Rita Ora and Ellie Goulding vowed to be more transparent about their social media activity.
The ASA and fellow trade body the Committee of Advertising Practice (CAP) have also targeted irresponsible health claims promoted on social media.
More than 12,000 irresponsible Instagram posts were removed in one quarter following a crackdown on Botox advertising, while the watchdogs have also fast-tracked action against misleading health claims during the Covid-19 crisis.
In addition, the use of so-called avatar monitoring technology — which uses bots to track children’s exposure to adverts — increased last year as part of the ASA’s efforts to tackle problem ads more proactively.
The bots visited more than 250 websites 196,000 times over the course of the year, allowing roughly 95,000 ads to be reviewed.
“Harnessing innovative technology to tackle misleading or irresponsible ads is playing a big part in helping us deliver more effective regulation for consumers and business,” said ASA chief executive Guy Parker.
“And we have some exciting plans ahead, including investment in data science and machine learning. All of which is enabling us to be more proactive and fleet of foot in delivering our ambition to make UK ads responsible, wherever they appear.”


cityam--2020-06-02--Bailey calls for key workers to be exempt from congestion charge

Conservative mayoral candidate Shaun Bailey has called for key workers to be exempt from paying the newly reinstated London congestion charge .
In a statement , Bailey said that the measure would be a “ fair way ” of rewarding the capital ’ s key workers , many of whom may be driving to avoid public transport during the current crisis .
Read more : TfL urges Londoners to walk and cycle as schools reopen He said that he would pay for the measure , which would cost £17m , out of the mayor ’ s strategic investment fund , @ @ @ @ @ @ @ in it .
The proposal is part of Bailey ’ s wider campaign to get London mayor Sadiq Khan to reverse plans to raise the congestion charge from £11.50 to £15 in June .
As a condition of the government ’ s £1.6bn bailout of Transport for London , Khan was forced to reintroduce the charge , which had been suspended during the coronavirus crisis .
In response to government demands to bring forward proposals to “ widen the scope and level ” of the charge , he elected to raise the tariff @ @ @ @ @ @ @ to include the weekend .
Bailey said that exempting key workers from the scheme was the “ bare minimum ” Khan could do .
He said : “ This hike will hurt everyone from small businesses , to church goers and key workers trying to get to work .
Before the Open : Get the jump on the markets with our early morning newsletter “ I am campaigning for the Mayor to abandon his plans to increase the congestion charge , but at a bare minimum , he must make key workers exempt @ @ @ @ @ @ @ and teachers must not be penalised for following government advice and driving into work ” .
A spokesperson for Khan said : “ The Government asked TfL to bring forward plans to increase the scope and level of the Congestion Charge as a condition of the recent funding deal .
“ If Assembly Member Bailey doesn ’ t like it he needs to speak to the Government .
TfL is continuing to work through the specific details of the proposal as quickly as possible .
“ The police , teachers and all our @ @ @ @ @ @ @ do a phenomenal job in responding to the impact of Covid-19 in London.
” Read more : TfL bailout conditions published as rescue row rolls on The bailout of transport operator TfL has caused a ongoing row between Bailey and Khan , with the former saying that Khan had “ taken a wrecking ball ” to its finances .
Khan said that the bailout was necessary because fare revenue had dropped 90 per cent during the lockdown period , leaving TfL without the majority source of its funding .

Bailey calls for key workers to be exempt from congestion charge
Conservative mayoral candidate Shaun Bailey has called for key workers to be exempt from paying the newly reinstated London congestion charge.
In a statement, Bailey said that the measure would be a “fair way” of rewarding the capital’s key workers, many of whom may be driving to avoid public transport during the current crisis.
He said that he would pay for the measure, which would cost £17m, out of the mayor’s strategic investment fund, which has £21m of unallocated funding left in it.
The proposal is part of Bailey’s wider campaign to get London mayor Sadiq Khan to reverse plans to raise the congestion charge from £11.50 to £15 in June.
As a condition of the government’s £1.6bn bailout of Transport for London, Khan was forced to reintroduce the charge, which had been suspended during the coronavirus crisis.
In response to government demands to bring forward proposals to “widen the scope and level” of the charge, he elected to raise the tariff and extend the hours of its operation to include the weekend.
Bailey said that exempting key workers from the scheme was the “bare minimum” Khan could do.
He said: “This hike will hurt everyone from small businesses, to church goers and key workers trying to get to work.
Before the Open: Get the jump on the markets with our early morning newsletter
“I am campaigning for the Mayor to abandon his plans to increase the congestion charge, but at a bare minimum, he must make key workers exempt from it. Our police, firefighters and teachers must not be penalised for following government advice and driving into work”.
A spokesperson for Khan said: “The Government asked TfL to bring forward plans to increase the scope and level of the Congestion Charge as a condition of the recent funding deal.
“If Assembly Member Bailey doesn’t like it he needs to speak to the Government. TfL is continuing to work through the specific details of the proposal as quickly as possible.
“The police, teachers and all our city’s key workers continue to do a phenomenal job in responding to the impact of Covid-19 in London.”
The bailout of transport operator TfL has caused a ongoing row between Bailey and Khan, with the former saying that Khan had “taken a wrecking ball” to its finances.
Khan said that the bailout was necessary because fare revenue had dropped 90 per cent during the lockdown period, leaving TfL without the majority source of its funding.


cityam--2020-06-02--NHS coronavirus track and trace programme could help ease UK's 14-day quarantine

The new coronavirus test and trace programme could be used to scrap 14-day quarantines for people coming into the UK from abroad , according to a top government scientist .
John Newton , who is head of the government ’ s Covid-19 testing programme , said that one way of getting around the newly implemented quarantine would be to test everyone on arrival to the UK .
The government will implement a 14-day quarantine for any arrivals to the UK , with some exemptions , on Monday just as other European countries are beginning to relax similar measures .
Fines @ @ @ @ @ @ @ at those who break the quarantine .
Newton said at today ’ s briefing that the newly unveiled NHS track and trace programme could be used to relax quarantine measures .
“ If we are able to very quickly respond with a track and trace programme , we could cover it in that way , ” he said .
“ If travellers are able to be tested and self-isolate in response to contact tracing just like a domestic new case , then that would also be a way of dealing with it .
@ @ @ @ @ @ @ has won the day and Sage ’ s ( The Scientific Advisory Group for Emergencies ) advice is that quarantine is appropriate.
” Italy and Spain are set to open their borders this week , while the EU has instructed all of its member states to aim to open borders again by 15 June .
Some countries , such as Spain and Greece , have said that visitors from the UK will not be allowed due to the relatively high number of active Covid-19 cases .
The new UK quarantine has been heavily @ @ @ @ @ @ @ Tory MPs who have argued it will spell further doom for the already ailing British tourism sector .
The Times reported today that the government are considering relaxing the measures and potentially creating “ air bridges ” with other countries .
Read more : More than 200 travel firms call on government to scrap quarantine plan This would see an agreement of no quarantines imposed on arrivals between the UK and selected other countries .
Health secretary Matt Hancock said at the briefing that the government ’ s top priority was “ keeping @ @ @ @ @ @ @ overriding principle and it has been throughout this ” .

NHS coronavirus track and trace programme could help ease UK’s 14-day quarantine
The government will implement a 14-day quarantine for any arrivals to the UK, with some exemptions, on Monday just as other European countries are beginning to relax similar measures.
The new coronavirus test and trace programme could be used to scrap 14-day quarantines for people coming into the UK from abroad, according to a top government scientist.
John Newton, who is head of the government’s Covid-19 testing programme, said that one way of getting around the newly implemented quarantine would be to test everyone on arrival to the UK.
The government will implement a 14-day quarantine for any arrivals to the UK, with some exemptions, on Monday just as other European countries are beginning to relax similar measures.
Fines of up to £1,000 will be levelled at those who break the quarantine.
Newton said at today’s briefing that the newly unveiled NHS track and trace programme could be used to relax quarantine measures.
“If we are able to very quickly respond with a track and trace programme, we could cover it in that way,” he said.
“If travellers are able to be tested and self-isolate in response to contact tracing just like a domestic new case, then that would also be a way of dealing with it.
“At the moment I think caution has won the day and Sage’s (The Scientific Advisory Group for Emergencies) advice is that quarantine is appropriate.”
Italy and Spain are set to open their borders this week, while the EU has instructed all of its member states to aim to open borders again by 15 June.
Some countries, such as Spain and Greece, have said that visitors from the UK will not be allowed due to the relatively high number of active Covid-19 cases.
The new UK quarantine has been heavily criticised by the aviation industry and some Tory MPs who have argued it will spell further doom for the already ailing British tourism sector.
The Times reported today that the government are considering relaxing the measures and potentially creating “air bridges” with other countries.
This would see an agreement of no quarantines imposed on arrivals between the UK and selected other countries.
Health secretary Matt Hancock said at the briefing that the government’s top priority was “keeping the public safe and that is the overriding principle and it has been throughout this”.


cityam--2020-06-02--UK coronavirus death toll rises by 324 to 39,369

A further 324 people have died with coronavirus in the UK , bringing the death toll to 39,369 , according to figures released today by the Department of Health .
As of 9am this morning , 135,643 tests were carried out or dispatched with 1,613 positive results .
However , the number of people tested was unavailable again , according to the Department of Health .
Read more : BAME people up to twice as likely to die from coronavirus , says PHE report Overall 4.6m tests have been carried out in the UK and 277,985 have been confirmed as @ @ @ @ @ @ @ Health England report revealed UK residents with a black and Asian ethnic minority ( BAME ) background are up to twice as likely to die from coronavirus .
Before the Open : Get the jump on the markets with our early morning newsletter The report found that Britons with a Bangladeshi ethnicity were twice as likely to die than White Britons from Covid-19 , while “ people of Chinese , Indian , Pakistani , Other Asian , Caribbean and other black ethnicity had between 10 and 50 per cent higher risk of death @ @ @ @ @ @ @ some campaigners for not including any recommendations on how to combat the disproportionate amount of coronavirus deaths in the UK .
Health secretary Matt Hancock addressed MPs after the report was released .
Before the Open newsletter : Start your day with the City View podcast and key market data “ It is very clear that some people are significantly more vulnerable to Covid-19 and this is something I ’ m determined to understand in full and take action to address , ” he said .
The government also announced today that it @ @ @ @ @ @ @ quarantine plan for incoming travellers to the UK .
Under current proposals , travellers entering the country after 8 June must self-isolate for 14 days at a fixed location .
The plan has come under fire from the travel industry who have warned measures would halt recovery .
However , the government is now reportedly planning on replacing the blanket measures with so-called “ air bridges ” to low-risk countries by the end of June .
According to the Times , it is likely to put in place when the quarantine measures are @ @ @ @ @ @ @ time for the school summer holidays .
Get the news as it happens by following City A.M. on Twitter .

UK coronavirus death toll rises by 324 to 39,369
A further 324 people have died with coronavirus in the UK, bringing the death toll to 39,369, according to figures released today by the Department of Health.
As of 9am this morning, 135,643 tests were carried out or dispatched with 1,613 positive results. However, the number of people tested was unavailable again, according to the Department of Health.
Overall 4.6m tests have been carried out in the UK and 277,985 have been confirmed as positive.
It comes as a Public Health England report revealed UK residents with a black and Asian ethnic minority (BAME) background are up to twice as likely to die from coronavirus.
Before the Open: Get the jump on the markets with our early morning newsletter
The report found that Britons with a Bangladeshi ethnicity were twice as likely to die than White Britons from Covid-19, while “people of Chinese, Indian, Pakistani, Other Asian, Caribbean and other black ethnicity had between 10 and 50 per cent higher risk of death”.
It came under fire from some campaigners for not including any recommendations on how to combat the disproportionate amount of coronavirus deaths in the UK. Health secretary Matt Hancock addressed MPs after the report was released.
Before the Open newsletter: Start your day with the City View podcast and key market data
“It is very clear that some people are significantly more vulnerable to Covid-19 and this is something I’m determined to understand in full and take action to address,” he said.
The government also announced today that it is considering a relaxation of its two-week quarantine plan for incoming travellers to the UK. Under current proposals, travellers entering the country after 8 June must self-isolate for 14 days at a fixed location.
The plan has come under fire from the travel industry who have warned measures would halt recovery. However, the government is now reportedly planning on replacing the blanket measures with so-called “air bridges” to low-risk countries by the end of June.
According to the Times, it is likely to put in place when the quarantine measures are first reviewed on 29 June, in time for the school summer holidays.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-06-02--Office politics: Pandemic sees onshoring trend ramp up

The Covid-19 pandemic has been devastating for communities , businesses and economies globally .
Over the past 16 weeks , as lockdowns were enforced around the world , consumers retreated to their homes and offices and services closed their doors .
The lockdown has presented unique challenges to the customer service industry , much of which has been outsourced overseas over the past two decades .
The one thing UK companies never anticipated when outsourcing these functions overseas was that pandemic resulting lockdown restrictions would cut them off from their outsourced call centre operations .
Furthermore , they could not @ @ @ @ @ @ @ be deemed Key Services in many countries unlike in the UK .
This has been devastating for many industries but in particular , companies operating in the financial and medical sectors in particular , many of whom had fully outsourced call centre operations , have found it totally paralysing .
The past three months have been incredibly tough for so many but have unexpectedly led to something of an onshore boom in the remote support customer services industry .
We have seen an unprecedented rise in the numbers of UK and global firms @ @ @ @ @ @ @ services , helpdesk , remote switchboard and incident management support .
Almost overnight , when lockdown was looming , we saw UK based companies flooding to bring operations back onshore as call centres primarily in South East Asia and other foreign hubs were forced to close .
In a matter of days we went from handling 10,000 calls and emails a day for e-commerce clients to over 100,000 calls in a weekend , as online sales boomed .
Fortunately , we already had large , spacious offices rather than the more typical cramped @ @ @ @ @ @ @ has been no real issue .
The ability to move calls across our UK sites has meant that whilst London saw the first wave of the Pandemic the Northern operation centres didn ’ t , allowing the call volumes to be balanced .
In particular our Healthcare division has become a crucial support to a long-time client , the NHS & the E-commerce division customer services team saw accelerated growth as consumer spending online rocketed .
It ’ s heartening to hear that over the past 3 months we have had over 3,000 @ @ @ @ @ @ @ from the hospitality , retail , and other industries that are still in lock down .
Like the FTSE 350 it has been the midsize UK based companies that have flourished .
Agility to move quickly .
Ability to flex and expand and being able to take advantage of their size both being large enough to handle influx of calls , staffing , and new contracts but small enough to have management support to move quickly .
I am pleased to see that the pandemic has seen the return of emotion and empathy @ @ @ @ @ @ @ see less of artificial intelligence led outsourcing where humans were being replaced by bots .
Our call centres have seen average call lengths increase by 40 % as people just want to spend a little longer talking to someone .
People want to speak to people and customer interaction is now more valuable than ever .

Office politics: Pandemic sees onshoring trend ramp up
The Covid-19 pandemic has been devastating for communities, businesses and economies globally. Over the past 16 weeks, as lockdowns were enforced around the world, consumers retreated to their homes and offices and services closed their doors.
The lockdown has presented unique challenges to the customer service industry, much of which has been outsourced overseas over the past two decades. The one thing UK companies never anticipated when outsourcing these functions overseas was that pandemic resulting lockdown restrictions would cut them off from their outsourced call centre operations. Furthermore, they could not have foreseen that these operations would not be deemed Key Services in many countries unlike in the UK.
This has been devastating for many industries but in particular, companies operating in the financial and medical sectors in particular, many of whom had fully outsourced call centre operations, have found it totally paralysing.
The past three months have been incredibly tough for so many but have unexpectedly led to something of an onshore boom in the remote support customer services industry. We have seen an unprecedented rise in the numbers of UK and global firms wanting us to provide UK based customer services, helpdesk, remote switchboard and incident management support.
Almost overnight, when lockdown was looming, we saw UK based companies flooding to bring operations back onshore as call centres primarily in South East Asia and other foreign hubs were forced to close. In a matter of days we went from handling 10,000 calls and emails a day for e-commerce clients to over 100,000 calls in a weekend, as online sales boomed.
Fortunately, we already had large, spacious offices rather than the more typical cramped cubicle format, meaning that social distancing has been no real issue. The ability to move calls across our UK sites has meant that whilst London saw the first wave of the Pandemic the Northern operation centres didn’t, allowing the call volumes to be balanced.
In particular our Healthcare division has become a crucial support to a long-time client, the NHS & the E-commerce division customer services team saw accelerated growth as consumer spending online rocketed.
It’s heartening to hear that over the past 3 months we have had over 3,000 applications for jobs from highly skilled people from the hospitality, retail, and other industries that are still in lock down.
Like the FTSE 350 it has been the midsize UK based companies that have flourished. Agility to move quickly. Ability to flex and expand and being able to take advantage of their size both being large enough to handle influx of calls, staffing, and new contracts but small enough to have management support to move quickly.
I am pleased to see that the pandemic has seen the return of emotion and empathy which will hopefully mean we’ll see less of artificial intelligence led outsourcing where humans were being replaced by bots. Our call centres have seen average call lengths increase by 40% as people just want to spend a little longer talking to someone. People want to speak to people and customer interaction is now more valuable than ever.


cityam--2020-06-02--Government mulls relaxing 14-day quarantine measures

The government is considering relaxing its blanket quarantine measures for incoming travellers to the UK , it was reported today .
Under the current proposals , all those who enter the UK after 8 June will have to quarantine for 14 days at a fixed location .
Read more : More than 200 travel firms call on government to scrap quarantine plan In England , there will be random spot checks and police will be able to impose fines of up to £1,000 if people do not follow the rules .
The plan has met with widespread dismay from airlines @ @ @ @ @ @ @ the measures would hammer their industries ’ recovery .
However , the government is reportedly planning on replacing the blanket measures with so-called “ air bridges ” to low-risk countries by the end of June .
A government spokesman had already revealed that it was considering the plan , which will give some much needed respite to battered businesses .
Before the Open : Get the jump on the markets with our early morning newsletter According to the Times , the plan is likely to put in place when the quarantine measures are @ @ @ @ @ @ @ time for the school summer holidays .
Another option is to extend the number of people who are exempt from the measures , a list which already includes lorry drivers , health professionals and police officers .
The developments came as 100 business leaders in the UK warned that the plan would lead to widespread job losses .
In a survey of 124 chief executives , owners and business leaders in the travel and hospitality industry , 71 per cent said they expected to make almost two-thirds of their staff redundant if the @ @ @ @ @ @ @ : Downing Street confirms ‘ air bridges ’ quarantine exemption is under review George Morgan-Grenfell of tour operator Red Savannah , which is leading the campaign against the quarantine plan , said : “ The quarantine measures are a blunt weapon which will bring only economic disaster .
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Government mulls relaxing 14-day quarantine measures
The government is considering relaxing its blanket quarantine measures for incoming travellers to the UK, it was reported today.
Under the current proposals, all those who enter the UK after 8 June will have to quarantine for 14 days at a fixed location.
In England, there will be random spot checks and police will be able to impose fines of up to £1,000 if people do not follow the rules.
The plan has met with widespread dismay from airlines and travel businesses, who have warned the measures would hammer their industries’ recovery.
However, the government is reportedly planning on replacing the blanket measures with so-called “air bridges” to low-risk countries by the end of June.
A government spokesman had already revealed that it was considering the plan, which will give some much needed respite to battered businesses.
Before the Open: Get the jump on the markets with our early morning newsletter
According to the Times, the plan is likely to put in place when the quarantine measures are first reviewed on 29 June, in time for the school summer holidays.
Another option is to extend the number of people who are exempt from the measures, a list which already includes lorry drivers, health professionals and police officers.
The developments came as 100 business leaders in the UK warned that the plan would lead to widespread job losses.
In a survey of 124 chief executives, owners and business leaders in the travel and hospitality industry, 71 per cent said they expected to make almost two-thirds of their staff redundant if the quarantine measures go ahead.
George Morgan-Grenfell of tour operator Red Savannah, which is leading the campaign against the quarantine plan, said:
“The quarantine measures are a blunt weapon which will bring only economic disaster.”


cityam--2020-06-02--Easyjet and Carnival poised to drop out of FTSE 100

Easyjet and cruise operator Carnival are set to lose their positions in the FTSE 100 after the coronavirus crisis sent the value of their shares crashing .
The travel restrictions have hit the budget airline hard as it lost as much of two thirds of its market value during the peak of the crisis .
There will be the quarterly shuffle of the FTSE 100 index on Wednesday , which requires firms to be ranked at least 110th to be part of the index .
Easyjet was ranked 125th based on Monday ’ s stock market close .
Easyjet plans @ @ @ @ @ @ @ staff and reduce its fleet in preparation for an anticipated slowdown in travel in the aftermath of the pandemic .
The airline said it does not expect demand to return to 2019 levels for three years in line with projections from the International Air Transport Association ( IATA ) .
Easyjet only returned to the index last December after another fall in its shares .
Russ Mould , investment director at AJ Bell , predicted Easyjet could return at the next shuffle in September but it would “ need a big rally ” @ @ @ @ @ @ @ late March , after it faced one of the most turbulent periods in its history , many stocks have struggled to recover .
Carnival ’ s shares are down 70 per cent so far this year after suspending operations when the pandemic hit .
The struggles faced by travel stocks have been ongoing for some months , exposed in the last shuffle in March which saw holiday operator Tui drop out of the FTSE 100 .
Among other companies expected to be dropped from the index are energy supplier Centrica and engineering company @ @ @ @ @ @ @ Ladbrokes owner GVC are tipped to enter the FTSE 100 after faring relatively well during the Covid crisis .
Get the news as it happens by following City A.M. on Twitter .

Easyjet and Carnival poised to drop out of FTSE 100
Easyjet and cruise operator Carnival are set to lose their positions in the FTSE 100 after the coronavirus crisis sent the value of their shares crashing.
The travel restrictions have hit the budget airline hard as it lost as much of two thirds of its market value during the peak of the crisis.
There will be the quarterly shuffle of the FTSE 100 index on Wednesday, which requires firms to be ranked at least 110th to be part of the index. Easyjet was ranked 125th based on Monday’s stock market close.
Easyjet plans to axe 30 per cent of its staff and reduce its fleet in preparation for an anticipated slowdown in travel in the aftermath of the pandemic. The airline said it does not expect demand to return to 2019 levels for three years in line with projections from the International Air Transport Association (IATA).
Easyjet only returned to the index last December after another fall in its shares. Russ Mould, investment director at AJ Bell, predicted Easyjet could return at the next shuffle in September but it would “need a big rally”.
Despite the stock market rallying since late March, after it faced one of the most turbulent periods in its history, many stocks have struggled to recover. Carnival’s shares are down 70 per cent so far this year after suspending operations when the pandemic hit.
The struggles faced by travel stocks have been ongoing for some months, exposed in the last shuffle in March which saw holiday operator Tui drop out of the FTSE 100.
Among other companies expected to be dropped from the index are energy supplier Centrica and engineering company Meggitt. Software security firm Avast and Ladbrokes owner GVC are tipped to enter the FTSE 100 after faring relatively well during the Covid crisis.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-06-02--BAME people up to twice as likely to die from coronavirus, says PHE report

UK residents with a black and Asian ethnic minority ( BAME ) background are up to twice as likely to die from coronavirus , according to a new Public Health England ( PHE ) report .
The report found that Britons with a Bangladeshi ethnicity were twice as likely to die than White Britons from Covid-19 , while “ people of Chinese , Indian , Pakistani , Other Asian , Caribbean and other black ethnicity had between 10 and 50 per cent higher risk of death ” .
Read more : UK coronavirus loans top £31bn but just half of @ @ @ @ @ @ @ “ after accounting for the effect of sex , age , deprivation and region ” .
When taking these factors into account , the Office of National Statistics ( ONS ) said Covid-19 death rates among Black Britons was up to four-times higher than white Britons .
“ The relationship between ethnicity and health is complex and likely to be the result of a combination of factors , ” the PHE report said .
“ Firstly , people of BAME communities are likely to be at increased risk of acquiring the infection .
@ @ @ @ @ @ @ likely to live in urban areas , in overcrowded households , in deprived areas , and have jobs that expose them to higher risk .
Before the Open newsletter : Start your day with the City View podcast and key market data “ People of BAME groups are also more likely than people of White British ethnicity to be born abroad , which means they may face additional barriers in accessing services that are created by , for example , cultural and language differences.
” The report added that people in BAME communities @ @ @ @ @ @ @ risk of poorer outcomes once they acquire the infection ” due to higher rates of co-morbidities that increase the risk of death from coronavirus .
The government report came under fire from some BAME campaigners for not including any recommendations on how to combat the disproportionate amount of Covid-19 deaths .
One campaigner told ITV that the report was “ toothless ” and “ a damp squib ” .
Health secretary Matt Hancock addressed MPs shortly after the report was released , saying he felt a “ deep responsibility because this pandemic has @ @ @ @ @ @ @ our nation ” .
“ This work underlines that being black or from a minority ethnic background is a major risk factor , ” he said .
“ It is very clear that some people are significantly more vulnerable to Covid-19 and this is something I ’ m determined to understand in full and take action to address.
” “ Black lives matter , as do those of the poorest areas of our country.
” Shadow Labour secretary Jonathan Ashworth said the figures showed that Covid-19 “ thrives on inequalities ” .
“ @ @ @ @ @ @ @ it is surely a call to action that black , Asian and minority ethnic people are more likely to die from Covid and more likely to be admitted to intensive care from Covid , ” he said .
Read more : Domestic M & A rises in first quarter despite coronavirus , as foreign takeovers fall The report was unveiled today , after media speculation that its release had been delayed due to fears it could stoke racial tensions in light of ongoing protests in the US .

BAME people up to twice as likely to die from coronavirus, says PHE report
UK residents with a black and Asian ethnic minority (BAME) background are up to twice as likely to die from coronavirus, according to a new Public Health England (PHE) report.
The report found that Britons with a Bangladeshi ethnicity were twice as likely to die than White Britons from Covid-19, while “people of Chinese, Indian, Pakistani, Other Asian, Caribbean and other black ethnicity had between 10 and 50 per cent higher risk of death”.
The report says this was “after accounting for the effect of sex, age, deprivation and region”.
When taking these factors into account, the Office of National Statistics (ONS) said Covid-19 death rates among Black Britons was up to four-times higher than white Britons.
“The relationship between ethnicity and health is complex and likely to be the result of a combination of factors,” the PHE report said.
“Firstly, people of BAME communities are likely to be at increased risk of acquiring the infection. This is because BAME people are more likely to live in urban areas, in overcrowded households, in deprived areas, and have jobs that expose them to higher risk.
Before the Open newsletter: Start your day with the City View podcast and key market data
“People of BAME groups are also more likely than people of White British ethnicity to be born abroad, which means they may face additional barriers in accessing services that are created by, for example, cultural and language differences.”
The report added that people in BAME communities are “likely to be at increased risk of poorer outcomes once they acquire the infection” due to higher rates of co-morbidities that increase the risk of death from coronavirus.
The government report came under fire from some BAME campaigners for not including any recommendations on how to combat the disproportionate amount of Covid-19 deaths.
One campaigner told ITV that the report was “toothless” and “a damp squib”.
Health secretary Matt Hancock addressed MPs shortly after the report was released, saying he felt a “deep responsibility because this pandemic has exposed huge disparities in the health of our nation”.
“This work underlines that being black or from a minority ethnic background is a major risk factor,” he said.
“It is very clear that some people are significantly more vulnerable to Covid-19 and this is something I’m determined to understand in full and take action to address.”
“Black lives matter, as do those of the poorest areas of our country.”
Shadow Labour secretary Jonathan Ashworth said the figures showed that Covid-19 “thrives on inequalities”.
“Yes indeed, black lives matter but it is surely a call to action that black, Asian and minority ethnic people are more likely to die from Covid and more likely to be admitted to intensive care from Covid,” he said.
The report was unveiled today, after media speculation that its release had been delayed due to fears it could stoke racial tensions in light of ongoing protests in the US.
Downing Street dismissed such speculation today as untrue.


cityam--2020-06-02--News Group hit with 45 new phone hacking claims

Rupert Murdoch ’ s News Group Newspapers has been hit with 45 new phone hacking legal claims in the last week , court filings reveal .
The Sun-owner has had 85 claims issued against it for phone hacking since May 2018 , data from litigation analytics company Solomonic shows .
The latest batch of claimants includes Hollywood star Johnny Depp , TV presenter Kirsty Gallacher , former Australian cricketer Shane Warne , actor Sean Bean , the estate of late singer Amy Winehouse , ex-Formula One driver David Coulthard , TV presenter Melinda Messenger , Libertines singer Carl Barat , @ @ @ @ @ @ @ former England footballer Paul Gascoigne .
A claim form lodged by Messenger shows she is asking for an injunction to restrain News Group from obtaining private information from her mobile phone or attempting to access her voicemails .
Messenger also claims damages of up to £100,000 for misuse of private information gained by accessing her voicemail or by so-called blagging by private investigators .
Blagging is where investigators or journalists pose as the target person or someone working for them to obtain confidential information about that person from organisations such as banks , @ @ @ @ @ @ @ claims come before a court date in October , however , it is likely the claims will be settled out of court .
Solomonic data shows News Group Newspapers has gone to trial just twice in 34 cases ( 5.9 per cent ) over the last six years .
Read more : Times Radio adds Mariella Frostrup to line-up as it unveils launch date News Group closed its Sunday paper News of the World in 2011 following the unveiling of the phone hacking scandal .
News Group Newspapers fell to a loss of @ @ @ @ @ @ @ accounts to June 2019 after forking out £54m on legal costs and damages .
Sir Elton John , Heather Mills and Elizabeth Hurley were among the celebrities to secure payouts for phone hacking last year .
Today , News Group said its new Times Radio venture which is launching on 29 June had added veteran broadcaster Mariella Frostrup to its roster of presenters .

News Group hit with 45 new phone hacking claims
Tv presenter Melinda Messenger is among 45 new phone hacking claimants against News Group (Photo by Anthony Harvey/Getty Images)
Rupert Murdoch’s News Group Newspapers has been hit with 45 new phone hacking legal claims in the last week, court filings reveal.
The Sun-owner has had 85 claims issued against it for phone hacking since May 2018, data from litigation analytics company Solomonic shows.
The latest batch of claimants includes Hollywood star Johnny Depp, TV presenter Kirsty Gallacher, former Australian cricketer Shane Warne, actor Sean Bean, the estate of late singer Amy Winehouse, ex-Formula One driver David Coulthard, TV presenter Melinda Messenger, Libertines singer Carl Barat, former England football captain John Terry and former England footballer Paul Gascoigne.
A claim form lodged by Messenger shows she is asking for an injunction to restrain News Group from obtaining private information from her mobile phone or attempting to access her voicemails.
Messenger also claims damages of up to £100,000 for misuse of private information gained by accessing her voicemail or by so-called blagging by private investigators.
Blagging is where investigators or journalists pose as the target person or someone working for them to obtain confidential information about that person from organisations such as banks, schools and health insurance companies.
The claims come before a court date in October, however, it is likely the claims will be settled out of court.
Solomonic data shows News Group Newspapers has gone to trial just twice in 34 cases (5.9 per cent) over the last six years.
News Group closed its Sunday paper News of the World in 2011 following the unveiling of the phone hacking scandal.
News Group Newspapers fell to a loss of £68m in its most recently available annual accounts to June 2019 after forking out £54m on legal costs and damages.
Sir Elton John, Heather Mills and Elizabeth Hurley were among the celebrities to secure payouts for phone hacking last year.
Today, News Group said its new Times Radio venture which is launching on 29 June had added veteran broadcaster Mariella Frostrup to its roster of presenters.
News Group declined to comment.