cityam--2020-05-20--Revealed: The most applied-for jobs during the Covid-19 crisis

Delivery drivers and warehouse workers are among the roles that have received the highest number of job applications during the Covid-19 crisis , a new report has revealed .
Data published today by Linkedin showed that critical frontline jobs have been inundated with applications as companies respond to shifting demand during the lockdown .
Read more : UK jobless claims soar by a record 856,000 to 2.1m in April Delivery drivers were the most sought-after roles as the lockdown has sparked increased demand for deliveries across the retail , logistics and manufacturing sectors .
This was followed by warehouse operatives @ @ @ @ @ @ @ has led to a rise in online shopping .
Sales development representatives and risk analysts were also in the top five , while increased demand from essential shops such as supermarkets sparked a surge in retail assistant applications .
The figures highlight the shifting landscape of the UK workforce as the coronavirus crisis pushes the economy into a deep recession .
Widespread layoffs and the use of the government ’ s furlough scheme has put millions of people out of work , while critical sectors have been forced to expand staff numbers to @ @ @ @ @ @ @ ’ re seeing high demand from applicants for roles in industries such as retail and consumer goods which have been creating new opportunities for jobseekers during the pandemic due to changing consumer needs , ” said Janine Chamberlin , director of talent solutions at LinkedIn .
“ With many people continuing to see their employment circumstances change , it ’ s likely that talent professionals will be inundated with a higher volume of applications for these roles.
” But while some sectors can offer opportunities to jobseekers , the pandemic is likely to @ @ @ @ @ @ @ UK jobless claims soared 69.1 per cent – or by 856,000 – to 2.1m in April , according to the latest figures .
Moreover , a report released earlier this week by the Chartered Institute of Professional Development warned the UK job market would take a “ significant turn for the worse ” over the next three months .
More than half of private sector firms are preparing to freeze pay for the next 12 months , while hiring intentions have fallen to their lowest levels on record , according to the research @ @ @ @ @ @ @ for ‘ significant ’ downturn despite furlough scheme The figures highlight the importance of the government ’ s job retention scheme , but will also raise concerns about what will happen when the support is removed .
Last week chancellor Rishi Sunak announced that the scheme , which is currently covering 80 per cent of the wages of 7.5m people , would be extended to October .

Revealed: The most applied-for jobs during the Covid-19 crisis
Delivery drivers and warehouse workers are among the roles that have received the highest number of job applications during the Covid-19 crisis, a new report has revealed.
Data published today by Linkedin showed that critical frontline jobs have been inundated with applications as companies respond to shifting demand during the lockdown.
Delivery drivers were the most sought-after roles as the lockdown has sparked increased demand for deliveries across the retail, logistics and manufacturing sectors.
This was followed by warehouse operatives, as the widespread closure of shops has led to a rise in online shopping.
Sales development representatives and risk analysts were also in the top five, while increased demand from essential shops such as supermarkets sparked a surge in retail assistant applications.
The figures highlight the shifting landscape of the UK workforce as the coronavirus crisis pushes the economy into a deep recession.
Widespread layoffs and the use of the government’s furlough scheme has put millions of people out of work, while critical sectors have been forced to expand staff numbers to cope with increased demand.
“We’re seeing high demand from applicants for roles in industries such as retail and consumer goods which have been creating new opportunities for jobseekers during the pandemic due to changing consumer needs,” said Janine Chamberlin, director of talent solutions at LinkedIn.
“With many people continuing to see their employment circumstances change, it’s likely that talent professionals will be inundated with a higher volume of applications for these roles.”
But while some sectors can offer opportunities to jobseekers, the pandemic is likely to spark a crisis for UK recruitment.
UK jobless claims soared 69.1 per cent – or by 856,000 – to 2.1m in April, according to the latest figures.
Moreover, a report released earlier this week by the Chartered Institute of Professional Development warned the UK job market would take a “significant turn for the worse” over the next three months.
More than half of private sector firms are preparing to freeze pay for the next 12 months, while hiring intentions have fallen to their lowest levels on record, according to the research.
The figures highlight the importance of the government’s job retention scheme, but will also raise concerns about what will happen when the support is removed.
Last week chancellor Rishi Sunak announced that the scheme, which is currently covering 80 per cent of the wages of 7.5m people, would be extended to October.


cityam--2020-05-20--Global coronavirus cases rise by largest ever daily amount

The number of new coronavirus cases reported worldwide rose by the largest ever daily amount over the last 24 hours , according to new figures from the World Health Organization ( WHO ) .
A total of 106,000 new cases were reported — the highest since the pandemic began .
Roughly two-thirds of these came from just four countries .
Read more : UK coronavirus death toll up 363 to 35,704 “ We still have a long way to go in this pandemic , ” WHO director general Tedros Adhanom Ghebreyesus told reporters .
“ We are very concerned about @ @ @ @ @ @ @ countries.
” Rise means the global tally will soon reach the “ tragic milestone ” of 5m cases , the health authority said .
The highest number of new cases came from the US , which reported more than 45,000 new infections yesterday .
Europe was the second biggest coronavirus hotspot , with Russia reporting just over 9,000 new cases .
The WHO has come under fire from US President Donald Trump , who has accused it of mishandling the crisis and favouring China .
Trump ramped up his attack on the health @ @ @ @ @ @ @ from the WHO and permanently withhold funding .
WHO boss Tedros declined to comment on Trump ’ s threat , but said he was committed to accountability and would carry out a review into the response to the pandemic .
“ I said it time and time again that WHO calls for accountability more than anyone .
It has to be done and when it ’ s done it has to be a comprehensive one , ” he said .
Read more : Donald Trump says he is taking hydroxychloroquine as anti-coronavirus measure @ @ @ @ @ @ @ President , Dr Mike Ryan , head of the WHO ’ s emergencies programme urged people not to use hydroxychloroquine to treat or prevent coronavirus .
Trump has previously said that he is taking the malaria medication , despite no evidence it is an effective treatment and warnings about potentially severe side effects .

Global coronavirus cases rise by largest ever daily amount
The number of new coronavirus cases reported worldwide rose by the largest ever daily amount over the last 24 hours, according to new figures from the World Health Organization (WHO).
A total of 106,000 new cases were reported — the highest since the pandemic began. Roughly two-thirds of these came from just four countries.
“We still have a long way to go in this pandemic,” WHO director general Tedros Adhanom Ghebreyesus told reporters. “We are very concerned about rising cases in low and middle income countries.”
Rise means the global tally will soon reach the “tragic milestone” of 5m cases, the health authority said.
The highest number of new cases came from the US, which reported more than 45,000 new infections yesterday.
Europe was the second biggest coronavirus hotspot, with Russia reporting just over 9,000 new cases.
The WHO has come under fire from US President Donald Trump, who has accused it of mishandling the crisis and favouring China.
Trump ramped up his attack on the health body this week, threatening to withdraw from the WHO and permanently withhold funding.
WHO boss Tedros declined to comment on Trump’s threat, but said he was committed to accountability and would carry out a review into the response to the pandemic.
“I said it time and time again that WHO calls for accountability more than anyone. It has to be done and when it’s done it has to be a comprehensive one,” he said.
In a further blow to the US President, Dr Mike Ryan, head of the WHO’s emergencies programme urged people not to use hydroxychloroquine to treat or prevent coronavirus.
Trump has previously said that he is taking the malaria medication, despite no evidence it is an effective treatment and warnings about potentially severe side effects.


cityam--2020-05-20--Government seizes £150m from dormant bank accounts for Covid-19 response

The government is raiding dormant bank and building society accounts across the UK to help fund its response to the coronavirus crisis .
Roughly £150m will be seized to help charities , social enterprises and vulnerable individuals during the pandemic , culture secretary Oliver Dowden said today .
This includes £71m that will be sourced through the government ’ s dormant assets scheme , which donates money from accounts that have been inactive for 15 years to good causes .
The remaining £79m has already been recouped and will be diverted to help charities ’ coronavirus response and recovery , @ @ @ @ @ @ @ be used to support charities tackling youth unemployment and to expand emergency loan access for civil society organisations .
It will also be used to improve the availability of credit to people in vulnerable circumstances .
“ This funding will support organisations that are at the heart of their communities , building on our unprecedented package of financial support for the voluntary sector , ” Dowden said .
“ Through our proposals to further expand the dormant assets scheme , we want to unlock hundreds of millions more pounds for good causes , @ @ @ @ @ @ @ of the programme.
” Among the recipients of the funding will be Big Society Capital , which will receive £45m to help provide emergency loans to charities , social enterprises and some small businesses facing cashflow issues during the pandemic .
Meanwhile £65m will be deployed to Fair4All Finance to support affordable credit providers to increase access to fair , appropriate products and services for people struggling financially .
The government is currently consulting on expanding its dormant assets scheme , which was launched in 2011 .
Thirty firms , including all major @ @ @ @ @ @ @ than £600m to good causes through the scheme .
Read more : UK house prices jumped before coronavirus lockdown brought market to standstill Ministers have emphasised that the money is only transferred when the account holder can not be contacted after repeated attempts , while consumers are able to reclaim funds they later discovered to have been donated through the scheme .
John Glen , economic secretary to the Treasury , said that potentially millions of pounds in additional funds could be access for the UK ’ s coronavirus response by expanding the @ @

Government seizes £150m from dormant bank accounts for Covid-19 response
The government is raiding dormant bank and building society accounts across the UK to help fund its response to the coronavirus crisis.
Roughly £150m will be seized to help charities, social enterprises and vulnerable individuals during the pandemic, culture secretary Oliver Dowden said today.
This includes £71m that will be sourced through the government’s dormant assets scheme, which donates money from accounts that have been inactive for 15 years to good causes.
The remaining £79m has already been recouped and will be diverted to help charities’ coronavirus response and recovery, the government said.
The funding will be used to support charities tackling youth unemployment and to expand emergency loan access for civil society organisations.
It will also be used to improve the availability of credit to people in vulnerable circumstances.
“This funding will support organisations that are at the heart of their communities, building on our unprecedented package of financial support for the voluntary sector,” Dowden said.
“Through our proposals to further expand the dormant assets scheme, we want to unlock hundreds of millions more pounds for good causes, while keeping customer protection at the heart of the programme.”
Among the recipients of the funding will be Big Society Capital, which will receive £45m to help provide emergency loans to charities, social enterprises and some small businesses facing cashflow issues during the pandemic.
Meanwhile £65m will be deployed to Fair4All Finance to support affordable credit providers to increase access to fair, appropriate products and services for people struggling financially.
The government is currently consulting on expanding its dormant assets scheme, which was launched in 2011.
Thirty firms, including all major high street banks, have transferred more than £600m to good causes through the scheme.
Ministers have emphasised that the money is only transferred when the account holder cannot be contacted after repeated attempts, while consumers are able to reclaim funds they later discovered to have been donated through the scheme.
John Glen, economic secretary to the Treasury, said that potentially millions of pounds in additional funds could be access for the UK’s coronavirus response by expanding the scheme.


cityam--2020-05-20--Crisis has taught leaders the value of compassion

With more pressure on our political system than ever , we must not forget what really counts – our compassion and soft power .
In a matter of weeks , all our lives have been transformed in ways that we never thought we would accept : our freedoms limited , our employment insecure , our children temporarily uneducated and our bank balances precarious .
As individuals , we find ourselves exposed to the whims of politicians , bosses and bank managers who we may not always support , trust or even believe .
What we need those leaders to demonstrate @ @ @ @ @ @ @ Of course , when we talk about compassion in the context of Covid-19 , it would be entirely remiss not to begin with a recognition of the most compassionate members of our society : those NHS workers and social care staff who put their own lives on the line every day to secure the health of our most vulnerable .
As the death toll from the killer virus continues to rise , the importance of following government guidelines can not surely be lost on any of us .
If we stick together and @ @ @ @ @ @ @ emerge stronger .
It is heartening to see the opposition parties working in the national interest and , for the most part , steadfastly avoiding political point-scoring ; the public has no appetite for such behaviour when it is scientists and not politicians that need to dictate the answers .
Journalists play a critical role in a free society , but they lose support when they act in an unnecessarily combative fashion .
We want them to probe ; we also want them to allow our elected officials and our scientific advisors ( @ @ @ @ @ @ @ world ) to answer the questions .
When Piers Morgan speaks to Health Secretary Matt Hancock as if he is playing games rather than working every hour of the day and night doing his best to protect our wellbeing , he does himself and the rest of us a disservice .
Most law-abiding citizens appreciate the government ’ s daily news briefings but are totally appalled by some of the questions from journalists , who think that they know everything better .
The media has an important part to play during this time @ @ @ @ @ @ @ to behave more responsibly .
Furthermore , newspapers and columnists who take pot-shots – often to their own advantage – can hardly be said to be helping either hold power to account nor doing much to inform the public .
Efforts such as these give no consideration to the mental health of the frightened families at home , suffering constant news and little reassurance .
We need our politicians to speak to us like grown-ups and our media to behave much more compassionately .
Business leaders have come in for their own scathing @ @ @ @ @ @ @ so much negative press comment that he was driven recently to publish an open letter to his employees , rebutting many of the unfair criticisms that have been written , expressing his pride in his staff , and giving a little insight into all the efforts he is making to look after his 70,000 workers in 35 countries around the world .
Lord Bilimoria , a crossbench peer , Chairman of Cobra Beer and Vice President of the Confederation of British Industry , hit the right note when he appeared on BBC Question @ @ @ @ @ @ @ for the government ’ s efforts , he talked about the ‘ living nightmare ’ business is currently working through and spoke of the Coronavirus Business Interruption Loans scheme for small businesses not working as well as it should .
He said 300,000 businesses have applied for loans and only 6,000 received them , suggesting the government should provide 100 % guarantees instead of the current 80 % .
His heartfelt plea struck a chord and I get the sense it was heard ; the minister on the programme , Justice Secretary Robert @ @ @ @ @ @ @ , of course , have a role to play too , and are not showing the compassion we would like them to show to the nation ’ s SMEs .
Reading a newspaper last week , I saw many bank adverts , making promises of help .
But we know the loans are not getting through .
While advertising rates may have come down , would it not be better if the banks devoted their resources to really supporting the businesses that they purportedly care so much about , rather than focusing on @ @ @ @ @ @ @ to 2008 , then Governor of the Bank of England Mervyn King believed small businesses would get the country out of the global financial crisis , and he was proved right .
Ten years from now , we will look back and see it was again the SMEs that drove growth , took on more staff and prospered , but that part of the business community is currently hurting .
I would like the banks to show them just a little more compassion .
At the end of the day , the general @ @ @ @ @ @ @ strike any one of us .
We really are all in this together : working from home , looking after our own children , poring over our finances , struggling with uncertainty and focusing on one day at a time .
Let us not feed on other people ’ s suffering ; let us not pick fights that do not need picking .
There will be plenty of time for review once the immediate crisis has passed .
We are showing great compassion for the NHS and other key workers – now let @ @ @ @ @ @ @ bit farther .

Crisis has taught leaders the value of compassion
With more pressure on our political system than ever, we must not forget what really counts – our compassion and soft power.
In a matter of weeks, all our lives have been transformed in ways that we never thought we would accept: our freedoms limited, our employment insecure, our children temporarily uneducated and our bank balances precarious. As individuals, we find ourselves exposed to the whims of politicians, bosses and bank managers who we may not always support, trust or even believe. What we need those leaders to demonstrate now more than ever is compassion.
Of course, when we talk about compassion in the context of Covid-19, it would be entirely remiss not to begin with a recognition of the most compassionate members of our society: those NHS workers and social care staff who put their own lives on the line every day to secure the health of our most vulnerable. As the death toll from the killer virus continues to rise, the importance of following government guidelines cannot surely be lost on any of us.
If we stick together and help each other, we will all emerge stronger. It is heartening to see the opposition parties working in the national interest and, for the most part, steadfastly avoiding political point-scoring; the public has no appetite for such behaviour when it is scientists and not politicians that need to dictate the answers.
Journalists play a critical role in a free society, but they lose support when they act in an unnecessarily combative fashion. We want them to probe; we also want them to allow our elected officials and our scientific advisors (who are among the best in the world) to answer the questions. When Piers Morgan speaks to Health Secretary Matt Hancock as if he is playing games rather than working every hour of the day and night doing his best to protect our wellbeing, he does himself and the rest of us a disservice.
Most law-abiding citizens appreciate the government’s daily news briefings but are totally appalled by some of the questions from journalists, who think that they know everything better.
The media has an important part to play during this time of national unity and should be encouraged to behave more responsibly. Furthermore, newspapers and columnists who take pot-shots – often to their own advantage – can hardly be said to be helping either hold power to account nor doing much to inform the public. Efforts such as these give no consideration to the mental health of the frightened families at home, suffering constant news and little reassurance. We need our politicians to speak to us like grown-ups and our media to behave much more compassionately.
Business leaders have come in for their own scathing attacks. Sir Richard Branson has received so much negative press comment that he was driven recently to publish an open letter to his employees, rebutting many of the unfair criticisms that have been written, expressing his pride in his staff, and giving a little insight into all the efforts he is making to look after his 70,000 workers in 35 countries around the world.
Lord Bilimoria, a crossbench peer, Chairman of Cobra Beer and Vice President of the Confederation of British Industry, hit the right note when he appeared on BBC Question Time. While effusive in his praise for the government’s efforts, he talked about the ‘living nightmare’ business is currently working through and spoke of the Coronavirus Business Interruption Loans scheme for small businesses not working as well as it should. He said 300,000 businesses have applied for loans and only 6,000 received them, suggesting the government should provide 100% guarantees instead of the current 80%. His heartfelt plea struck a chord and I get the sense it was heard; the minister on the programme, Justice Secretary Robert Buckland, took note.
The banks, of course, have a role to play too, and are not showing the compassion we would like them to show to the nation’s SMEs. Reading a newspaper last week, I saw many bank adverts, making promises of help. But we know the loans are not getting through. While advertising rates may have come down, would it not be better if the banks devoted their resources to really supporting the businesses that they purportedly care so much about, rather than focusing on their own business perception?
Going back to 2008, then Governor of the Bank of England Mervyn King believed small businesses would get the country out of the global financial crisis, and he was proved right. Ten years from now, we will look back and see it was again the SMEs that drove growth, took on more staff and prospered, but that part of the business community is currently hurting. I would like the banks to show them just a little more compassion.
At the end of the day, the general public knows that this killer virus could strike any one of us. We really are all in this together: working from home, looking after our own children, poring over our finances, struggling with uncertainty and focusing on one day at a time.
Let us not feed on other people’s suffering; let us not pick fights that do not need picking. There will be plenty of time for review once the immediate crisis has passed.
We are showing great compassion for the NHS and other key workers – now let us try and spread that compassion a bit farther.


cityam--2020-05-20--Crispin Odey: Governments may ban private gold ownership

Hedge fund tycoon Crispin Odey has warned that governments may ban private ownership of gold if they lose control of inflation in the wake of the coronavirus crisis .
The price of gold has soared since the beginning of the Covid-19 pandemic as jittery investors flock to safe haven assets amid a wider recession .
Read more : Venezuela sues Bank of England to force access to $ 1bn gold reserves Odey said it was “ no surprise ” that people were buying gold .
“ But the authorities may attempt at some point to de-monetise gold , making it @ @ @ @ @ @ @ , ” he wrote in a letter to investors seen by Bloomberg .
“ They will only do this if they feel the need to create a stable unit of account for world trade.
” Odey , who is a vocal critic of central bank policies , upped the gold position in his flagship Odey European Inc. fund in April , according to the report .
June gold futures represented just shy of 40 per cent of the fund ’ s net asset value at the end of the month , up from @ @ @ @ @ @ @ March .
Some economists have warned that high levels of government debt racked up during the pandemic could lead to high inflation as economies recover .
Read more : BoE ’ s Andrew Bailey : It would be ‘ foolish ’ to rule out negative interest rates While the value of the dollar is no longer pegged to gold , Odey said he feared a repeat of policies in the wake of the Great Depression , when the US government began buying up privately-held gold to bring down the value of the dollar @ @ @ @ @ @ @ where rulers have , in moments of crisis , resorted to debasing the coinage , ” he wrote .

Crispin Odey: Governments may ban private gold ownership
Crispin Odey
Hedge fund tycoon Crispin Odey has warned that governments may ban private ownership of gold if they lose control of inflation in the wake of the coronavirus crisis.
The price of gold has soared since the beginning of the Covid-19 pandemic as jittery investors flock to safe haven assets amid a wider recession.
Odey said it was “no surprise” that people were buying gold. “But the authorities may attempt at some point to de-monetise gold, making it illegal to own as a private individual,” he wrote in a letter to investors seen by Bloomberg.
“They will only do this if they feel the need to create a stable unit of account for world trade.”
Odey, who is a vocal critic of central bank policies, upped the gold position in his flagship Odey European Inc. fund in April, according to the report.
June gold futures represented just shy of 40 per cent of the fund’s net asset value at the end of the month, up from 15.9 per cent at the end of March.
Some economists have warned that high levels of government debt racked up during the pandemic could lead to high inflation as economies recover.
While the value of the dollar is no longer pegged to gold, Odey said he feared a repeat of policies in the wake of the Great Depression, when the US government began buying up privately-held gold to bring down the value of the dollar.
“History is filled with examples where rulers have, in moments of crisis, resorted to debasing the coinage,” he wrote.


cityam--2020-05-20--Government looks ahead to re-opening UK leisure and travel sectors

The government has stepped up its plans to get the leisure , travel and technology sectors up and running , with the announcement of a new taskforce .
Culture secretary Oliver Dowden announced today that the taskforce will be made up of experts in the fields of sport , technology and the arts in a bid to get these sectors to partially re-open by July .
Read more : Brexit : Government confirms there will be checks on some goods between Great Britain and Northern Ireland Dowden said former women ’ s footballer Alex Scott , former BBC and ITV @ @ @ @ @ @ @ Lane Fox will be members of the new group .
Dowden spoke about the importance of getting these sectors back for the sake of the economy .
“ This week , I ’ m setting up a renewal taskforce to help them bounce back , ” he said .
“ It ’ ll be made up of the brightest and the best from creative , technological and sporting world .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
“ They @ @ @ @ @ @ @ they will be advising me on how to find new and different ways to get industries back up and running.
” Dowden also spoke about the prospect of the tourism industry re-opening in order for Britons to take domestic holidays .
The government will from next month implement a 14-day quarantine for anyone returning to the UK from overseas .
Dowden said the aim was to allow people to take vacations within the UK by July .
“ I ’ d love to get the tourism sector up as quickly as we possibly @ @ @ @ @ @ @ We ’ ve set this very ambitious plan to try and get it up and running by the beginning of July.
” Meanwhile , some professional sport could return from next month with no crowds .
Read more : UK coronavirus death toll up 363 to 35,704 The government ’ s coronavirus lockdown exit strategy said the aim was to get leagues such as the Premier League back in action by 1 June at the earliest .
However , the Premier League is yet to set a return date .

Government looks ahead to re-opening UK leisure and travel sectors
Dowden said the aim was to allow people to take vacations within the UK by July.
The government has stepped up its plans to get the leisure, travel and technology sectors up and running, with the announcement of a new taskforce.
Culture secretary Oliver Dowden announced today that the taskforce will be made up of experts in the fields of sport, technology and the arts in a bid to get these sectors to partially re-open by July.
Dowden said former women’s footballer Alex Scott, former BBC and ITV executive Lord Michael Gray and businesswoman Martha Lane Fox will be members of the new group.
Dowden spoke about the importance of getting these sectors back for the sake of the economy.
“This week, I’m setting up a renewal taskforce to help them bounce back,” he said.
“It’ll be made up of the brightest and the best from creative, technological and sporting world.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
“They will be experts in their field and they will be advising me on how to find new and different ways to get industries back up and running.”
Dowden also spoke about the prospect of the tourism industry re-opening in order for Britons to take domestic holidays.
The government will from next month implement a 14-day quarantine for anyone returning to the UK from overseas.
Dowden said the aim was to allow people to take vacations within the UK by July.
“I’d love to get the tourism sector up as quickly as we possibly can,” he said.
“We’ve set this very ambitious plan to try and get it up and running by the beginning of July.”
Meanwhile, some professional sport could return from next month with no crowds.
The government’s coronavirus lockdown exit strategy said the aim was to get leagues such as the Premier League back in action by 1 June at the earliest.
However, the Premier League is yet to set a return date.


cityam--2020-05-20--BT bosses to waive millions in bonuses after dividend suspension

BT ’ s top executives are said to be waiving cash bonuses for the next two years in a bid to appease investors following the company ’ s decision to suspend its dividend .
Chief executive Philip Jansen and finance director Simon Lowth will defer their combined bonus payments of £2.2m for the next three years .
Read more : BT scraps dividend as Covid-19 and full-fibre rollout hit profit They will also turn their full annual bonuses for the current financial year into shares for the next three years , Sky News reported .
“ This means that the @ @ @ @ @ @ @ bonuses for two consecutive years , ” wrote Nick Rose , chair of BT ’ s remuneration committee , in a letter to investors .
Boss Jansen has already said that he will donate his £1.2m salary to charity for at least six months .
The move comes after the telecoms giant ’ s controversial decision to suspend its dividend until 2022 in a bid to offset hefty costs from the Covid-19 crisis and the rollout of full-fibre broadband .
It marked the first time in more than three decades that the FTSE @ @ @ @ @ @ @ and sparked a sharp fall in the company ’ s share price .
BT chairman Jan du Plessis said the dividend suspension had been an “ incredibly difficult ” decision .
However , the firm said it was essential for ensuring BT hit its full-fibre rollout targets of reaching 20m premises by the mid-2020s .
Last week the Financial Times reported that BT was considering a £20bn sale of its stake in its fibre division Openreach as part of its plan to free up cash .
But doubts have been cast on the @ @ @ @ @ @ @ an additional £2m worth of shares in BT .
Read more : BT shares surge on possible sale of £20bn stake in Openreach The coronavirus crisis has put additional pressure on BT , which had already announced thousands of job cuts as part of a radical transformation plan .
The group has a key role in the development of the UK ’ s full-fibre broadband network , but is facing tough competition in an increasingly cut-throat telecoms market .

BT bosses to waive millions in bonuses after dividend suspension
BT’s top executives are said to be waiving cash bonuses for the next two years in a bid to appease investors following the company’s decision to suspend its dividend.
Chief executive Philip Jansen and finance director Simon Lowth will defer their combined bonus payments of £2.2m for the next three years.
They will also turn their full annual bonuses for the current financial year into shares for the next three years, Sky News reported.
“This means that the executive directors will not receive any cash bonuses for two consecutive years,” wrote Nick Rose, chair of BT’s remuneration committee, in a letter to investors.
Boss Jansen has already said that he will donate his £1.2m salary to charity for at least six months.
The move comes after the telecoms giant’s controversial decision to suspend its dividend until 2022 in a bid to offset hefty costs from the Covid-19 crisis and the rollout of full-fibre broadband.
It marked the first time in more than three decades that the FTSE 100 behemoth has halted its payout, and sparked a sharp fall in the company’s share price.
BT chairman Jan du Plessis said the dividend suspension had been an “incredibly difficult” decision.
However, the firm said it was essential for ensuring BT hit its full-fibre rollout targets of reaching 20m premises by the mid-2020s.
Last week the Financial Times reported that BT was considering a £20bn sale of its stake in its fibre division Openreach as part of its plan to free up cash.
But doubts have been cast on the report after filings showed Jansen had bought an additional £2m worth of shares in BT.
The coronavirus crisis has put additional pressure on BT, which had already announced thousands of job cuts as part of a radical transformation plan.
The group has a key role in the development of the UK’s full-fibre broadband network, but is facing tough competition in an increasingly cut-throat telecoms market.


cityam--2020-05-20--Venezuela sues Bank of England to force access to $1bn gold reserves

Venezuela ’ s central bank has submitted a legal claim to make the Bank of England hand over $ 1bn in gold reserves so President Maduro can finance the country ’ s coronavirus response .
According to a legal filing submitted today , Venezuela has asked the BoE to liquidate the funds and send them to the United Nations to help battle the spread of the disease in the South American state .
Read more : Bank of England to name recipients of coronavirus loans The request , which was originally made in April , said the central bank was @ @ @ @ @ @ @ comply with the proposed instruction ” .
England ’ s central bank has been delaying the transfer of 31 tonnes of gold to President Maduro since 2018 , because the UK does not recognise him as Venezuela ’ s official leader .
Due to crippling sanctions against his regime implemented by the US , selling its gold reserves is one of the few options Maduro has to raise money to tackle the coronavirus pandemic .
The global collapse in oil prices has also hammered the petroleum-rich state ’ s finances .
The funds @ @ @ @ @ @ @ Development Programme , would be used to buy healthcare equipment , medicine , and food to address Venezuela ’ s “ COVID-19 emergency , ” a document seen by Reuters said .
In a statement , London-based lawyer Sarosh Zaiwalla , who is representing the bank , said : “ The foot-dragging by the Bank of England is critically hampering Venezuela and the UN ’ s efforts to combat Covid-19 in the country ” .
Read more : Traders bet on Bank of England launching negative interest rates According to data from Johns @ @ @ @ @ @ @ there are currently 749 cases in Venezuela and 10 deaths .
Officials at the BOE and the Venezuelan central bank declined to comment .

Venezuela sues Bank of England to force access to $1bn gold reserves
Venezuela’s central bank has submitted a legal claim to make the Bank of England hand over $1bn in gold reserves so President Maduro can finance the country’s coronavirus response.
According to a legal filing submitted today, Venezuela has asked the BoE to liquidate the funds and send them to the United Nations to help battle the spread of the disease in the South American state.
The request, which was originally made in April, said the central bank was seeking “an order requiring BoE to comply with the proposed instruction”.
England’s central bank has been delaying the transfer of 31 tonnes of gold to President Maduro since 2018, because the UK does not recognise him as Venezuela’s official leader.
Due to crippling sanctions against his regime implemented by the US, selling its gold reserves is one of the few options Maduro has to raise money to tackle the coronavirus pandemic.
The global collapse in oil prices has also hammered the petroleum-rich state’s finances.
The funds, once transferred to the United Nations Development Programme, would be used to buy healthcare equipment, medicine, and food to address Venezuela’s “COVID-19 emergency,” a document seen by Reuters said.
In a statement, London-based lawyer Sarosh Zaiwalla, who is representing the bank, said: “The foot-dragging by the Bank of England is critically hampering Venezuela and the UN’s efforts to combat Covid-19 in the country”.
According to data from Johns Hopkins University’s coronavirus tracker, there are currently 749 cases in Venezuela and 10 deaths.
Officials at the BOE and the Venezuelan central bank declined to comment.


cityam--2020-05-20--Insurance brokers slammed for conflicts of interests amid coronavirus business interruption claim di

Insurance brokers have been attacked for “ scandalous ” conflicts of interests in a report published today .
Insurance brokers are appointed by clients to arrange coverage with insurance underwriters for which the client pays them a fee .
Read more : Insurance is a jewel in the City crown However , the report from insurance policyholder advisers Mactavish estimated that up to 80 per cent of broker revenue comes directly from insurers creating a potential conflict of interest .
This problem is exacerbated in a so-called hard insurance market where premiums are rising as brokers often receive a percentage @ @ @ @ @ @ @ rendered in brokering the agreement .
The coronavirus pandemic , which Lloyd ’ s of London said would cost the insurance industry up to $ 200bn ( £163bn ) , has sent premiums soaring in an already hardening market .
Mactavish said the problem of policyholders being denied coverage for business interruption claims was partly symptomatic of a broken brokering system which it said leads to over-standardised policy terms and a failure of policies to pay out .
Hiscox is facing legal action from policyholders over failure to pay coronavirus business interruption claims @ @ @ @ @ @ @ businesses said they were targeting QBE and Aviva with claims .
Read more : Hiscox policyholders set to launch legal action against firm over coronavirus claims The Financial Conduct Authority ( FCA ) published a market study on insurance brokers in February 2019 which concluded that new regulatory tools were not needed to reform the industry .
Mactavish said the report “ contain lots of evidence of conflict concerns ” and said : “ The industry would therefore be wise to look beyond the headline of the FCA study and analyse how the @ @ @ @ @ @ @ conflict potential , before concluding that the FCA findings denote a clean bill of health.
” Mactavish chief executive Bruce Hepburn said : “ The insurance sector is talking a lot about learning from the current crisis , and if they are serious about this they will address the scandalous broker remuneration set-up and the huge conflicts of interest it brings.
” A spokesperson for the British Insurance Brokers ’ Association said : “ Conflicts of interests will always exist in any intermediated sector which is why the FCA , requires and monitors @ @ @ @ @ @ @ are .
Read more : Lloyd ’ s of London expects to pay up to $ 4.3bn in coronavirus insurance claims “ The FCA examined conflicts within a thematic review quite recently and taking their findings into consideration we wholeheartedly dispute the issues raised by Mactavish in their report .
“ Brokers have helped clients receive millions of pounds in claims payments since the beginning of the covid-19 pandemic and continue to act for their clients to get fair claims settlements .
“ Given the highly regulated nature of the insurance sector , @ @ @ @ @ @ @ opportunistic and in light of their business model , designed to allow them to gain from these published opinions .
”

Insurance brokers slammed for conflicts of interests amid coronavirus business interruption claim disputes
The Bank of England has told insurers to brace for claims inflation
Insurance brokers have been attacked for “scandalous” conflicts of interests in a report published today.
Insurance brokers are appointed by clients to arrange coverage with insurance underwriters for which the client pays them a fee.
However, the report from insurance policyholder advisers Mactavish estimated that up to 80 per cent of broker revenue comes directly from insurers creating a potential conflict of interest.
This problem is exacerbated in a so-called hard insurance market where premiums are rising as brokers often receive a percentage of the premium from insurers for services rendered in brokering the agreement.
The coronavirus pandemic, which Lloyd’s of London said would cost the insurance industry up to $200bn (£163bn), has sent premiums soaring in an already hardening market.
Mactavish said the problem of policyholders being denied coverage for business interruption claims was partly symptomatic of a broken brokering system which it said leads to over-standardised policy terms and a failure of policies to pay out.
Hiscox is facing legal action from policyholders over failure to pay coronavirus business interruption claims and today a group of hospitality industry businesses said they were targeting QBE and Aviva with claims.
The Financial Conduct Authority (FCA) published a market study on insurance brokers in February 2019 which concluded that new regulatory tools were not needed to reform the industry.
Mactavish said the report “contain lots of evidence of conflict concerns” and said: “The industry would therefore be wise to look beyond the headline of the FCA study and analyse how the hard market works to further ramp up conflict potential, before concluding that the FCA findings denote a clean bill of health.”
Mactavish chief executive Bruce Hepburn said: “The insurance sector is talking a lot about learning from the current crisis, and if they are serious about this they will address the scandalous broker remuneration set-up and the huge conflicts of interest it brings.”
A spokesperson for the British Insurance Brokers’ Association said: “Conflicts of interests will always exist in any intermediated sector which is why the FCA, requires and monitors that these to be managed which they are.
“The FCA examined conflicts within a thematic review quite recently and taking their findings into consideration we wholeheartedly dispute the issues raised by Mactavish in their report.
“Brokers have helped clients receive millions of pounds in claims payments since the beginning of the covid-19 pandemic and continue to act for their clients to get fair claims settlements.
“Given the highly regulated nature of the insurance sector, this report by Mactavish could be considered opportunistic and in light of their business model, designed to allow them to gain from these published opinions.”


cityam--2020-05-20--UK coronavirus death toll up 363 to 35,704

A further 363 people died yesterday from coronavirus , bringing the UK ’ s total to 35,704 .
The number of people in hospital with Covid-19 is now at 9,953 , which is a 13 per cent decrease from this time last week .
Read more : UK inflation : What are people buying during coronavirus lockdown ?
Digital secretary Oliver Dowden made the announcement at today ’ s press briefing , along with news that the UK had administered 177,216 tests in the last day – a one-day record .
NHS England medical director Stephen Powis said today marked @ @ @ @ @ @ @ than 10,000 people were in hospital with Covid-19 .
“ The decline has been steepest in London , where there was the highest peak , but you can also see declines in other areas of the country at different rates but all heading in the right direction , ” he said .
Dowden also announced at the press briefing that the government was planning on awarding honours to frontline NHS and care workers .
He said : As a a way to show our gratitude to these Covid heroes , we ’ re @ @ @ @ @ @ @ the queen ’ s birthday list util autumn so they can be celebrate .
“ As the Prime Minister said today , I ’ m delighted that Her Majesty the Queen has approved a knighthood for Captain Tom Moore in recognition of his outstanding achievement in raising more than £33m for the NHS .
”

UK coronavirus death toll up 363 to 35,704
The number of people in hospital with Covid-19 is now at 9 953, which is a 13 per cent decrease from this time last week.
A further 363 people died yesterday from coronavirus, bringing the UK’s total to 35,704.
The number of people in hospital with Covid-19 is now at 9,953, which is a 13 per cent decrease from this time last week.
Digital secretary Oliver Dowden made the announcement at today’s press briefing, along with news that the UK had administered 177,216 tests in the last day – a one-day record.
NHS England medical director Stephen Powis said today marked the first time since March where less than 10,000 people were in hospital with Covid-19.
“The decline has been steepest in London, where there was the highest peak, but you can also see declines in other areas of the country at different rates but all heading in the right direction,” he said.
Dowden also announced at the press briefing that the government was planning on awarding honours to frontline NHS and care workers.
He said: As a a way to show our gratitude to these Covid heroes, we’re announcing today that we’re delaying the queen’s birthday list util autumn so they can be celebrate.
“As the Prime Minister said today, I’m delighted that Her Majesty the Queen has approved a knighthood for Captain Tom Moore in recognition of his outstanding achievement in raising more than £33m for the NHS.”


cityam--2020-05-21--Amazon UK boss tipped as candidate for BBC director general role

Amazon ’ s UK chief is said to be one of the frontrunners to take over as director general of the BBC amid concerns the job hunt could be pushed back due to Covid-19 .
Douglas Gurr , who has led the tech giant ’ s operations in the UK and Ireland since 2016 , is one of four candidates on the broadcaster ’ s shortlist , the Guardian reported .
A spokesperson for Amazon said the company did not comment on “ rumour and speculation ” .
Read more : BBC Three could return as on-air channel after Normal @ @ @ @ @ @ @ candidate is Will Lewis , former publisher of the Wall Street Journal , while BBC Studios chief executive Tim Davie and the corporation ’ s head of content Charlotte Moore are also in the running .
The BBC is understood to have approached both Channel 4 chief executive Alex Mahon and ITV boss Carolyn McCall about the role , but neither name is on the shortlist .
The media rumour mill has been overdrive since the BBC ’ s shock announcement in January , when Tony Hall said he would stand down as @ @ @ @ @ @ @ in the role .
But the public service broadcaster may now have to delay its search for Hall ’ s successor due to the coronavirus crisis .
The BBC is reportedly considering postponing interviews from early June until September , with the aim of placing the successful candidate by January .
Sources told the Guardian that the pandemic had impacted a number of potential applicants who felt unwilling to consider a move to the BBC while having to cut costs and furlough staff .
However , a BBC spokesperson denied that there were @ @ @ @ @ @ @ timetable .
“ We ’ re happy with how the process is going , ” the spokesperson said .
Hall ’ s departure comes at a crucial time for the BBC , which has been grappling with a decline in viewer figures , especially among young audiences , as well as political pressure over the licence fee system .
However , the Covid-19 crisis has since sparked fresh challenges for the future leader of the broadcaster .
While the BBC has enjoyed booming demand for its services since the start of the health @ @ @ @ @ @ @ a £125m hole in its finances on top of previously announced cost-cutting measures .
Read more : BBC Four faces closure as TV bosses battle £125m Covid-19 shortfall In its annual report published yesterday the corporation said it was considering reestablishing BBC Three as a broadcast channel in a bid to capitalise on the success of shows such as Fleabag and Normal People , which have proved wildly popular with its key youth audience .
The broadcaster is reportedly also mulling the closure of BBC Four , its highbrow arts channel that has @ @ @ @ @ @ @ it has denied that it has current plans to do so .

Amazon UK boss tipped as candidate for BBC director general role
Amazon’s UK chief is said to be one of the frontrunners to take over as director general of the BBC amid concerns the job hunt could be pushed back due to Covid-19.
Douglas Gurr, who has led the tech giant’s operations in the UK and Ireland since 2016, is one of four candidates on the broadcaster’s shortlist, the Guardian reported.
A spokesperson for Amazon said the company did not comment on “rumour and speculation”.
The other external candidate is Will Lewis, former publisher of the Wall Street Journal, while BBC Studios chief executive Tim Davie and the corporation’s head of content Charlotte Moore are also in the running.
The BBC is understood to have approached both Channel 4 chief executive Alex Mahon and ITV boss Carolyn McCall about the role, but neither name is on the shortlist.
The media rumour mill has been overdrive since the BBC’s shock announcement in January, when Tony Hall said he would stand down as director general this summer after seven years in the role.
But the public service broadcaster may now have to delay its search for Hall’s successor due to the coronavirus crisis.
The BBC is reportedly considering postponing interviews from early June until September, with the aim of placing the successful candidate by January.
Sources told the Guardian that the pandemic had impacted a number of potential applicants who felt unwilling to consider a move to the BBC while having to cut costs and furlough staff.
However, a BBC spokesperson denied that there were any discussions of a change to the timetable. “We’re happy with how the process is going,” the spokesperson said.
Hall’s departure comes at a crucial time for the BBC, which has been grappling with a decline in viewer figures, especially among young audiences, as well as political pressure over the licence fee system.
However, the Covid-19 crisis has since sparked fresh challenges for the future leader of the broadcaster.
While the BBC has enjoyed booming demand for its services since the start of the health crisis, it is also now battling a £125m hole in its finances on top of previously announced cost-cutting measures.
In its annual report published yesterday the corporation said it was considering reestablishing BBC Three as a broadcast channel in a bid to capitalise on the success of shows such as Fleabag and Normal People, which have proved wildly popular with its key youth audience.
The broadcaster is reportedly also mulling the closure of BBC Four, its highbrow arts channel that has an annual budget of £44m, though it has denied that it has current plans to do so.


cityam--2020-05-21--Khan and Bailey clash over congestion charge hike

A row has erupted between Sadiq Khan and one of his challengers to be the next Mayor of London over the conditions of the government ’ s bailout of struggling Transport for London .
Yesterday , the Mayor said that the government had forced him to reinstate and expand the congestion charge as a condition of the £1.6bn rescue package .
Read more : Bailout shows the need for a TfL rethink Under the new terms announced on Friday , the charge will rise by a third from 22 June and will apply every day between 7am and 10pm .
@ @ @ @ @ @ @ , Khan admitted that the decision to raise the charge immediately had been his .
Conservative mayoral candidate Shaun Bailey had challenged the previous claim , saying that the government had only asked Khan to bring forward proposals to review the charges , not increase them immediately .
The dispute played out over Twitter , with both sides accusing the other of falsehood over the charges .
Bailey pointed to comments by Conservative minister for London Paul Scully , who told LBC radio that the government had not insisted Khan increase the charge @ @ @ @ @ @ @ an extract from the terms of the deal , which says : “ 11 : This funding package is conditional on agreement from Transport for London that it will agree to the conditions below .
“ H : The immediate reintroduction of the London congestion charge , LEZ and ULEZ , and urgently bring forward proposals to widen the scope and level of these charges , in accordance with the relevant legal powers and decision-making processes ” .
Last week Khan warned that without a bailout London ’ s transport operator would be @ @ @ @ @ @ @ , with fare revenues having collapsed 90 per cent due to the coronavirus crisis .
The rescue package , which included review of TfL ’ s finances and government officials taking seats on the board that oversees the transport operator , was agreed late on Thursday evening .
In a subsequent statement to parliament on the deal , transport secretary Grant Shapps said that the “ pre-existing poor condition ” of TfL ’ s finances had been an important secondary factor in the need for a bailout .
Khan hit back at the @ @ @ @ @ @ @ the operator ’ s deficit had been reduced 71 per cent over his four year term .
In a statement last night , a spokesman for the mayor said : “ The government forced TfL to bring forward proposals to widen the level and scope of the congestion charge as a condition of the funding deal .
Read more : Congestion charge set to rise 30 per cent after TfL bailout “ The Government term ‘ widen ’ clearly means ‘ increase ’ in this context .
TfL developed the proposals for the @ @ @ @ @ @ @ is what has come from their work to date .
“ The Mayor is required to take the decision based on their evidence , and it ’ s clear some action is needed to stop gridlock in central London as lockdown is eased ” .

Khan and Bailey clash over congestion charge hike
A row has erupted between Sadiq Khan and one of his challengers to be the next Mayor of London over the conditions of the government’s bailout of struggling Transport for London.
Yesterday, the Mayor said that the government had forced him to reinstate and expand the congestion charge as a condition of the £1.6bn rescue package.
Under the new terms announced on Friday, the charge will rise by a third from 22 June and will apply every day between 7am and 10pm.
Speaking on GMB this morning, however, Khan admitted that the decision to raise the charge immediately had been his.
Conservative mayoral candidate Shaun Bailey had challenged the previous claim, saying that the government had only asked Khan to bring forward proposals to review the charges, not increase them immediately.
The dispute played out over Twitter, with both sides accusing the other of falsehood over the charges.
Bailey pointed to comments by Conservative minister for London Paul Scully, who told LBC radio that the government had not insisted Khan increase the charge.
The Mayor hit back, tweeting an extract from the terms of the deal, which says:
“11: This funding package is conditional on agreement from Transport for London that it will agree to the conditions below.
“H: The immediate reintroduction of the London congestion charge, LEZ and ULEZ, and urgently bring forward proposals to widen the scope and level of these charges, in accordance with the relevant legal powers and decision-making processes”.
Last week Khan warned that without a bailout London’s transport operator would be forced to cut services in the capital, with fare revenues having collapsed 90 per cent due to the coronavirus crisis.
The rescue package, which included review of TfL’s finances and government officials taking seats on the board that oversees the transport operator, was agreed late on Thursday evening.
In a subsequent statement to parliament on the deal, transport secretary Grant Shapps said that the “pre-existing poor condition” of TfL’s finances had been an important secondary factor in the need for a bailout.
Khan hit back at the claims, pointing to the fact that the operator’s deficit had been reduced 71 per cent over his four year term.
In a statement last night, a spokesman for the mayor said: “The government forced TfL to bring forward proposals to widen the level and scope of the congestion charge as a condition of the funding deal.
“The Government term ‘widen’ clearly means ‘increase’ in this context. TfL developed the proposals for the exact details and the proposed £15 figure is what has come from their work to date.
“The Mayor is required to take the decision based on their evidence, and it’s clear some action is needed to stop gridlock in central London as lockdown is eased”.


cityam--2020-05-21--Boris Johnson will not face criminal investigation over Jennifer Arcuri relationship

Boris Johnson will not face criminal charges over his relationship with US entrepreneur Jennifer Arcuri .
A probe by the Independent Office for Police Conduct ( IOPC ) , the police watchdog , found there were no grounds to criminally investigate the Prime Minister .
Read more : Police watchdog probe into Johnson and Arcuri not expected before May It had been alleged that Johnson had used his position of power to allow Arcuri to benefit financially while he was mayor of London .
A statement released today said : “ The IOPC ’ s Operation Lansdowne review found no @ @ @ @ @ @ @ of any sponsorship monies to Ms Arcuri or that he influenced or played an active part in securing her participation in trade missions.
” It was first revealed last year that Arcuri had received a series of City Hall and government grants , after forging a close friendship with Johnson when he was mayor of London .
This included an £11,000 grant from mayoral organisation London and Partners while Johnson was mayor .
She was also allowed to travel on City Hall trade missions to New York and Tel Aviv without meeting the @ @ @ @ @ @ @ mayoral term .
IOPC director general Michael Lockwood said there was no evidence Johnson used his power to influence any grants or trade mission decisions involving Arcuri , however he added that high-level officials may have been influenced in by the knowledge that the pair had “ a close relationship ” .
The IOPC report in fact found “ there may have been an intimate relationship ” between Johnson and Arcuri .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
@ @ @ @ @ @ @ also given a £100,000 grant by the Department for Digital , Culture , Media and Sport ( DCMS ) last year .
After an inquiry into the grant , it was deemed “ not unreasonable ” .
Official inquiries by the London Assembly and mayor of London into Johnson ’ s relationship with Arcuri were stalled last year , after the IOPC asked both inquiries to wait for the results of its probe .
London Assembly Oversight Committee chair Len Duvall today said his investigation would continue , despite the IOPC ’ s @ @ @ @ @ @ @ office whether you ’ re the mayor of London , or indeed the prime minister , is expected to adhere to the principles of public life – including integrity , selflessness , openness and honesty , to name a few , ” he said .
Read more : Arcuri blasts Prime Minister for treating her like ‘ one night stand ’ “ Our investigation will consider whether Boris Johnson conducted himself in a way that ’ s expected from anyone in that position .
“ It ’ s important we get those answers @ @ @ @ @ @ @ politicians held accountable .
”

Boris Johnson will not face criminal investigation over Jennifer Arcuri relationship
Boris Johnson will not face criminal charges over his relationship with US entrepreneur Jennifer Arcuri.
A probe by the Independent Office for Police Conduct (IOPC), the police watchdog, found there were no grounds to criminally investigate the Prime Minister.
It had been alleged that Johnson had used his position of power to allow Arcuri to benefit financially while he was mayor of London.
A statement released today said: “The IOPC’s Operation Lansdowne review found no evidence indicating Mr Johnson influenced the payment of any sponsorship monies to Ms Arcuri or that he influenced or played an active part in securing her participation in trade missions.”
It was first revealed last year that Arcuri had received a series of City Hall and government grants, after forging a close friendship with Johnson when he was mayor of London.
This included an £11,000 grant from mayoral organisation London and Partners while Johnson was mayor.
She was also allowed to travel on City Hall trade missions to New York and Tel Aviv without meeting the necessary criteria during Johnson’s second mayoral term.
IOPC director general Michael Lockwood said there was no evidence Johnson used his power to influence any grants or trade mission decisions involving Arcuri, however he added that high-level officials may have been influenced in by the knowledge that the pair had “a close relationship”.
The IOPC report in fact found “there may have been an intimate relationship” between Johnson and Arcuri.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Arcuri’s company Hacker House was also given a £100,000 grant by the Department for Digital, Culture, Media and Sport (DCMS) last year.
After an inquiry into the grant, it was deemed “not unreasonable”.
Official inquiries by the London Assembly and mayor of London into Johnson’s relationship with Arcuri were stalled last year, after the IOPC asked both inquiries to wait for the results of its probe.
London Assembly Oversight Committee chair Len Duvall today said his investigation would continue, despite the IOPC’s findings.
“Everyone who holds public office whether you’re the mayor of London, or indeed the prime minister, is expected to adhere to the principles of public life – including integrity, selflessness, openness and honesty, to name a few,” he said.
“Our investigation will consider whether Boris Johnson conducted himself in a way that’s expected from anyone in that position.
“It’s important we get those answers, because Londoners deserve to have their politicians held accountable.”


cityam--2020-05-21--Astrazeneca set to supply potential coronavirus vaccine in September

Pharmaceuticals giant Astrazeneca has confirmed it is prepared to deliver the first 400m doses of its potential coronavirus vaccine from September .
In total , the drugmaker , which is the delivery partner for the University of Oxford , has secured the capacity to manufacture 1bn doses of the treatment over the next two years .
Of the doses , 100m will be supplied to the UK , while the US government has ordered 300m doses .
Although Astrazeneca has admitted that the vaccine might not be effective , it said that it is committed to the clinical testing phase @ @ @ @ @ @ @ the world , including Prime Minister Boris Johnson , have warned that it is a possibility that a vaccine may never be found for the disease , or that it may only confer partial immunity .
Globally , there are around 80 groups working on developing a vaccine currently .
Astrazeneca chief executive Pascal Soriot said : “ This pandemic is a global tragedy and it is a challenge for all of humanity .
“ We need to defeat the virus together or it will continue to inflict huge personal suffering and leave @ @ @ @ @ @ @ country around the world .
“ We are so proud to be collaborating with Oxford University to turn their ground-breaking work into a medicine that can be produced on a global scale ” .
He also thanked the UK and US governments for their support in developing the treatment , with the US today giving the firm $ 1bn to help deliver the vaccine .
Read more : Astrazeneca partners with Oxford University to manufacture coronavirus vaccine The money will cover a 30,000 participant clinical trial as well as a paediatric trial .
@ @ @ @ @ @ @ other global governments and organisations over worldwide access to the treatment .

Astrazeneca set to supply potential coronavirus vaccine in September
Pharmaceuticals giant Astrazeneca has confirmed it is prepared to deliver the first 400m doses of its potential coronavirus vaccine from September.
In total, the drugmaker, which is the delivery partner for the University of Oxford, has secured the capacity to manufacture 1bn doses of the treatment over the next two years.
Of the doses, 100m will be supplied to the UK, while the US government has ordered 300m doses.
Although Astrazeneca has admitted that the vaccine might not be effective, it said that it is committed to the clinical testing phase of development.
Scientists and politicians around the world, including Prime Minister Boris Johnson, have warned that it is a possibility that a vaccine may never be found for the disease, or that it may only confer partial immunity.
Globally, there are around 80 groups working on developing a vaccine currently.
Astrazeneca chief executive Pascal Soriot said: “This pandemic is a global tragedy and it is a challenge for all of humanity.
“We need to defeat the virus together or it will continue to inflict huge personal suffering and leave long-lasting economic and social scars in every country around the world.
“We are so proud to be collaborating with Oxford University to turn their ground-breaking work into a medicine that can be produced on a global scale”.
He also thanked the UK and US governments for their support in developing the treatment, with the US today giving the firm $1bn to help deliver the vaccine.
The money will cover a 30,000 participant clinical trial as well as a paediatric trial.
Astrazeneca said it was in communication with other global governments and organisations over worldwide access to the treatment.


cityam--2020-05-21--UK factories suffer biggest drop in output on record, survey shows

Manufacturing output plunged at the fastest pace since at least 1975 in the three months to May , a survey has shown , as more than 80 per cent of the UK ’ s factories were hit by the coronavirus lockdown .
The CBI ’ s industrial trends gauge , based on a survey of more than 800 manufacturers , plunged to minus 51 in May from minus 21 in April .
That was the lowest score since the survey began 45 years ago .
It came after survey data from IHS Markit showed that the UK private sector remained @ @ @ @ @ @ @ despite the government easing some lockdown measures .
Economists said the road to a full recovery is likely to be long and painful .
The CBI survey showed little optimism about the lifting of restrictions , however .
The government has laid out a “ roadmap ” that has already seen some previously closed factories restart operations .
“ Manufacturers expect output volumes to fall at a slightly slower – but still fast in historical terms – pace in the next three months , ” the CBI said .
Firms also think prices @ @ @ @ @ @ @ the recession of 2009 .
Data this week showed that UK inflation slipped to 0.8 per cent in April , its lowest in four years .
The drop came as energy prices and demand plunged .
More than 50 per cent of manufacturing firms said they had partially shut down in the three months to May .
More than 80 per cent said coronavirus had taken a toll on their business .
Meanwhile , 74 per cent reported cashflow problems .
More than two-thirds of firms had laid off workers , with 59 @ @ @ @ @ @ @ and nine per cent saying they were permanent .
The UK ’ s job retention scheme has supported employers and workers .
More than 7m workers having been “ furloughed ” .
“ These results show that UK manufacturers are still grappling with the impact of the pandemic , ” said Anna Leach , CBI deputy chief economist .
“ Production levels have fallen even more sharply as firms experience collapsing demand and supply chain disruption , leading some to temporarily shut down their factories , ” she said .
“ The sector @ @ @ @ @ @ @ challenging period .
”

UK factories suffer biggest drop in output on record, survey shows
Manufacturing output plunged at the fastest pace since at least 1975 in the three months to May, a survey has shown, as more than 80 per cent of the UK’s factories were hit by the coronavirus lockdown.
The CBI’s industrial trends gauge, based on a survey of more than 800 manufacturers, plunged to minus 51 in May from minus 21 in April. That was the lowest score since the survey began 45 years ago.
It came after survey data from IHS Markit showed that the UK private sector remained locked in a downturn in May, despite the government easing some lockdown measures. Economists said the road to a full recovery is likely to be long and painful.
The CBI survey showed little optimism about the lifting of restrictions, however. The government has laid out a “roadmap” that has already seen some previously closed factories restart operations.
“Manufacturers expect output volumes to fall at a slightly slower – but still fast in historical terms – pace in the next three months,” the CBI said.
Firms also think prices will fall at the fastest rate since the recession of 2009. Data this week showed that UK inflation slipped to 0.8 per cent in April, its lowest in four years. The drop came as energy prices and demand plunged.
More than 50 per cent of manufacturing firms said they had partially shut down in the three months to May. More than 80 per cent said coronavirus had taken a toll on their business. Meanwhile, 74 per cent reported cashflow problems.
More than two-thirds of firms had laid off workers, with 59 per cent saying the cuts were temporary and nine per cent saying they were permanent. The UK’s job retention scheme has supported employers and workers. More than 7m workers having been “furloughed”.
“These results show that UK manufacturers are still grappling with the impact of the pandemic,” said Anna Leach, CBI deputy chief economist.
“Production levels have fallen even more sharply as firms experience collapsing demand and supply chain disruption, leading some to temporarily shut down their factories,” she said. “The sector is bracing for what will be a challenging period.”


cityam--2020-05-21--Clarks cuts 900 jobs and mulls funding options amid coronavirus crisis

Clarks is preparing to slash 900 corporate roles , the British shoe brand announced today as it confirmed it is in talks with advisers over funding options during the coronavirus crisis .
The retailer said it will reduce its global workforce by 900 roles , which will be partially offset by the creation of 200 new jobs .
The company announced 160 redundancies today , including 108 at its Somerset headquarters .
Around 700 workers are expected to leave the company over the next 18 months , Clarks said today .
Clarks also said it was “ reviewing funding options @ @ @ @ @ @ @ short-term liquidity needs caused by the coronavirus crisis .
Today ’ s announcement comes after 170 jobs were cut last year as part of Clarks ’ “ made to last ” turnaround strategy .
At the time the company said it would “ review its stores in line with changing consumer needs ” .
No store closures have been announced today .
The company said it will focus on “ expanding the use of digital and social channels to connect with consumers ” .
Read more : Taking the shoe shine off : @ @ @ @ @ @ @ fired for misconduct Clarks chief executive Giorgio Presca said : “ There are exciting opportunities ahead for our business , and we are having to make some difficult decisions to get there .
“ We thank all affected staff for their contribution to our business and they leave their roles with our heartfelt respect and support .
”

Clarks cuts 900 jobs and mulls funding options amid coronavirus crisis
Clarks is preparing to slash 900 corporate roles, the British shoe brand announced today as it confirmed it is in talks with advisers over funding options during the coronavirus crisis.
The retailer said it will reduce its global workforce by 900 roles, which will be partially offset by the creation of 200 new jobs.
The company announced 160 redundancies today, including 108 at its Somerset headquarters.
Around 700 workers are expected to leave the company over the next 18 months, Clarks said today.
Clarks also said it was “reviewing funding options with selected advisers” to address the short-term liquidity needs caused by the coronavirus crisis.
Today’s announcement comes after 170 jobs were cut last year as part of Clarks’ “made to last” turnaround strategy.
At the time the company said it would “review its stores in line with changing consumer needs”.
No store closures have been announced today. The company said it will focus on “expanding the use of digital and social channels to connect with consumers”.
Clarks chief executive Giorgio Presca said: “There are exciting opportunities ahead for our business, and we are having to make some difficult decisions to get there.
“We thank all affected staff for their contribution to our business and they leave their roles with our heartfelt respect and support.”


cityam--2020-05-21--Minister: 'No definitive timeline' for UK coronavirus test and trace app

Home Office minister James Brokenshire has warned there is still no set date for the rollout of the UK ’ s coronavirus tracing app as NHS leaders warn that time is running out to get a track and trace system in place to stop a second peak .
Brokenshire said this morning that there was “ no definitive timeline ” for the app to launch in the UK , after issues with its trial in the Isle of Wight .
It comes after Boris Johnson yesterday promised the UK would have a “ world beating ” test , track and @ @ @ @ @ @ @ is understood that the system at first will be done over the phone , without the app , and will utilise more than 20,000 recruited contact tracers .
However , the NHS Confederation , a representative body for NHS bosses , has said there would be “ severe ” consequences if the system wasn ’ t implemented soon .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Speaking to the BBC today , NHS Confederation chief Niall Dickson said : @ @ @ @ @ @ @ tracing is the right thing to do , it is absolutely critical , it has got to be in place to prevent any notion of a second surge if the lockdown is being further released.
” Contact tracing has been used to great effect in South Korea , which has had less than 300 deaths from coronavirus .
The UK app , when launched , will allow people to alert the NHS if they have coronavirus-like symptoms .
The app will then send a message to those who have been in contact with @ @ @ @ @ @ @ then administered to all those who need them and instructions to self-isolate .
It is considered as the government ’ s best tool in avoiding a second Covid-19 peak and the key to easing social distancing restrictions further .
Read more : Superdrug launches UK coronavirus test to check for antibodies Speaking to Sky News today , Brokenshire said : “ We obviously want to see that the app is put in place well and effectively , learning from the experience in the Isle of Wight and dealing with any… all of the @ @ @ @ @ @ @ some of the technical issues , to ensure that that is as strong as we can make it .
“ But that should not stand in the way of the introduction of the track and trace arrangements that I ’ ve explained .
”

Minister: ‘No definitive timeline’ for UK coronavirus test and trace app
A medical worker tests a key worker for the novel coronavirus Covid-19 at a drive-in testing centre
Home Office minister James Brokenshire has warned there is still no set date for the rollout of the UK’s coronavirus tracing app as NHS leaders warn that time is running out to get a track and trace system in place to stop a second peak.
Brokenshire said this morning that there was “no definitive timeline” for the app to launch in the UK, after issues with its trial in the Isle of Wight.
It comes after Boris Johnson yesterday promised the UK would have a “world beating” test, track and trace system by 1 June.
It is understood that the system at first will be done over the phone, without the app, and will utilise more than 20,000 recruited contact tracers.
The Prime Minister’s official spokesman today said: “The app is only one part of the test and trace system.”
This is despite earlier announcements by health secretary Matt Hancock only focussing on the track and trace app, and not any manual system.
The NHS Confederation, a representative body for NHS bosses, has said there would be “severe” consequences if the system wasn’t implemented soon.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Speaking to the BBC today, NHS Confederation chief Niall Dickson said: “We are absolutely clear that contact tracing is the right thing to do, it is absolutely critical, it has got to be in place to prevent any notion of a second surge if the lockdown is being further released.”
Contact tracing has been used to great effect in South Korea, which has had less than 300 deaths from coronavirus.
The UK app, when launched, will allow people to alert the NHS if they have coronavirus-like symptoms.
The app will then send a message to those who have been in contact with the person displaying symptoms, with tests then administered to all those who need them and instructions to self-isolate.
It is considered as the government’s best tool in avoiding a second Covid-19 peak and the key to easing social distancing restrictions further.
Speaking to Sky News today, Brokenshire said: “We obviously want to see that the app is put in place well and effectively, learning from the experience in the Isle of Wight and dealing with any… all of the feedback that we’re receiving on some of the technical issues, to ensure that that is as strong as we can make it.
“But that should not stand in the way of the introduction of the track and trace arrangements that I’ve explained.”


cityam--2020-05-21--TheCityUK appoints former MP to head up public affairs and policy

Former MP Emma Reynolds will join industry body TheCityUK as its new managing director of public affairs , policy and research , as the industry grapples with the coronavirus crisis .
The former Wolverhampton North East MP will join the organisation on 15 June , and will have to navigate the pandemic as well as Britain ’ s departure from the EU .
She has previously been the Labour party spokeswoman for Europe and has been on the House of Commons Brexit and Health committees .
Miles Celic , chief executive of TheCityUK , said : “ We are delighted @ @ @ @ @ @ @ .
At such an extraordinary time in our industry ’ s history her considerable experience and political expertise will be a huge asset.
” Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
“ She has great passion and enthusiasm for the role and is absolutely the right person to drive forward our agenda and tackle the long-term competitiveness challenges and opportunities facing the industry.
” TheCityUK is currently advising the government on how to recapitalise companies struggling amid the coronavirus @ @ @ @ @ @ @ Mark Tucker set to head up influential City lobbyists TheCityUK Reynolds said the role offers a new challenge “ at a crucial time for the financial and related professional services industry.
” “ While people and businesses across the UK are working hard to adapt to the unprecedented changes brought about by the global Covid-19 pandemic , we will be looking ahead at the challenge of rebuilding the economy and getting businesses back on their feet , ” she added .
Get the news as it happens by following City A.M. on Twitter @

TheCityUK appoints former MP to head up public affairs and policy
(Photo by Ian Forsyth/Getty Images)
Former MP Emma Reynolds will join industry body TheCityUK as its new managing director of public affairs, policy and research, as the industry grapples with the coronavirus crisis.
The former Wolverhampton North East MP will join the organisation on 15 June, and will have to navigate the pandemic as well as Britain’s departure from the EU.
She has previously been the Labour party spokeswoman for Europe and has been on the House of Commons Brexit and Health committees.
Miles Celic, chief executive of TheCityUK, said: “We are delighted that Emma will be joining TheCityUK team. At such an extraordinary time in our industry’s history her considerable experience and political expertise will be a huge asset.”
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
“She has great passion and enthusiasm for the role and is absolutely the right person to drive forward our agenda and tackle the long-term competitiveness challenges and opportunities facing the industry.”
TheCityUK is currently advising the government on how to recapitalise companies struggling amid the coronavirus lockdown.
Reynolds said the role offers a new challenge “at a crucial time for the financial and related professional services industry.”
“While people and businesses across the UK are working hard to adapt to the unprecedented changes brought about by the global Covid-19 pandemic, we will be looking ahead at the challenge of rebuilding the economy and getting businesses back on their feet,” she added.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-05-21--FTSE 100 falls into red as UK economy shrinks and US-China tensions loom

The FTSE 100 was mired in the red today after a weak economic reading for May compounded US-China tensions looming over markets .
Britain ’ s main stock index had fallen 0.78 per cent by 10.30am to 6,017 points .
It comes after a choppy week of trading on which the index shot up more than four per cent on Monday .
President Donald Trump ’ s overnight tirade against China ’ s handling of coronavirus spooked Asian stocks and the FTSE 100 at their opens .
Read more : UK economic pain eases somewhat in May but deep downturn @ @ @ @ @ @ @ China tensions with coronavirus ‘ propaganda ’ claims And the US also passed a bill that could stop some Chinese firms from listing on US stock markets .
Meanwhile , IHS Markit ’ s flash PMI reading for May showed a second month of sharp contraction for the UK economy amid lockdown .
The very slight recovery evident in May ’ s flash UK PMI data , as construction workers returned to building sites , failed to lift the FTSE 100 out of its malaise .
Economists aid the UK economy remained locked @ @ @ @ @ @ @ an easing of lockdown measures .
They warned that the May data “ does not signal that the pathway is clear for an improvement in the manufacturing and services sectors ” .
FTSE 100 in the dark over UK recovery Chris Beauchamp , chief market analyst at online trader IG , said the data shed little light on how long the economy will take to recover .
“ While the situation in Europe is improving , according to PMI data , markets are looking tired once again , ” he said .
Calling @ @ @ @ @ @ @ 100 a “ grinding contest of attrition between the bulls and bears ” , he warned markets could contract sharply .
“ In this environment , modest improvements compared to last month ’ s dire readings are unlikely to provide much fuel for further gains in stocks , ” Beauchamp added .
“ With so little data to go on , we are essentially still very much in the dark .
Until lockdowns are fully ended the data tells us little apart from the fact that economies are operating at a fraction of @ @ @ @ @ @ @ be gleaned merely from going for a walk outside.
” While sterling received a slight bounce against the dollar on May ’ s economic data , the outlook remains poor for the UK economy .
Experts warned the UK ’ s high infection rate and coronavirus death rate may prolong its recovery .
And lay-offs continued at a dramatic rate despite the job retention scheme .
Connor Campbell , a financial analyst at Spreadex , said the Trump-Xi tensions – as the President seeks re-election in November – could be a longer term @ @ @ @ @ @ @ a dangerous , and potentially costly , game in his attempt to win over voters heading into November , ” he said .
Pierre Veyret , a technical analyst at Activ Trades , said the tensions could seriously harm the superpowers ’ tentative steps to end their trade war .
The two countries reached a “ phase one ” deal on tariffs in January .
“ This poses a serious problem to investors as these rising tensions combined with the virus crisis may put the recent Washington-Beijing Phase One deal at risk , @ @ @ @ @ @ @ , ” Veyret warned .
“ Investors will keep their focus on data today with several significant releases from both the US and the UK.
” This has spooked investors who fear another trade war could derail the coronavirus recovery .
The Senate voted overwhelmingly for a bill that could stop Chinese corporate giants like Alibaba listing on US markets .
Trump then added fuel to the fire when he appeared to attack Chinese Premier Xi Jin-ping on Twitter .
He said there is a “ disinformation and propaganda attack on the United @ @ @ @ @ @ @ it “ all comes from the top ” .
US 10-year bond yields fell as prices rose , a traditional sign that investors are losing their appetite for risk .
It has been a wild week for investors .
On Monday , news that US drugmaker Moderna had seen positive results for its coronavirus vaccine lit a fire under stocks .
The FTSE 100 shot up more than four per cent .
Yet doubts about the Moderna trial and an economic warning from the US Federal Reserve chair have cooled optimism , before @ @ @ @ @ @

Markets live: FTSE 100 goes green as US stocks shrug off China tensions
The FTSE 100 turned from red to green as US markets opened higher today, despite the looming threat of escalating US-China tensions.
Britain’s main stock index had fallen 0.78 per cent by 10.30am to 6,017 points. By 2.50pm it had risen 0.2 per cent to 6,078 points, however, as US markets shrugged off more jobless claims.
Today’s drop comes after a volatile week for the FTSE 100, which saw it leap four per cent on Monday on hopes of a vaccine, drop on Tuesday as those hopes faded while optimism over more stimulus pushed it up by yesterday’s close.
However, the FTSE 100 and European stocks initially fell today after President Donald Trump launched a Twitter blast against China overnight.
Trump-China tensions loom over markets
“China is on a massive disinformation campaign because they are desperate to have Sleepy Joe Biden win the presidential race so they can continue to rip-off the United States, as they have done for decades, until I came along!” Trump tweeted.
Trump suggested President Xi Jinping was behind coronavirus propaganda, saying “it all comes from the top”.
And earlier this week the Senate voted overwhelmingly for a bill that could stop Chinese corporate giants like Alibaba listing on US markets.
That spooked investors who fear more tariffs after the US and China struck what they called a “phase one” deal to end their trade war in January.
Pierre Veyret, a technical analyst at Activ Trades, said the tensions could seriously harm the superpowers’ tentative steps to end their trade war.
“This poses a serious problem to investors as these rising tensions combined with the virus crisis may put the recent Washington-Beijing Phase One deal at risk, making stock markets even harder to predict,” Veyret warned. “Investors will keep their focus on data today with several significant releases from both the US and the UK.”
Trump eyes ‘new Cold War’ in China dispute
Craig Erlam, senior market analyst at online forex trader Oanda, said the “incredible rebound” in stocks since March “has undoubtedly stalled this month”.
“The prospect of economies reopening and returning to something that resembles normal has, at times, been very positive for markets,” he said.
But he pointed to setbacks for the FTSE 100 and other indexes as countries navigate tricky exits from lockdown, increasing fears of a big second wave of infections.
“On top of that, tensions between the US and China have increased dramatically which is making investors nervous,” he said. The consequences of that for global trade could be stark in the current atmosphere.
“The prospect of relations turning south and possibly killing the painfully negotiated trade deal and even leading to new tariffs is a dreadful thought given the state of the global economy,” Erlam warned.
“I think we’re probably heading for more of a cold war scenario, with Trump and his team being particularly critical of the Chinese in the run up to the election in November. The last thing he needs is the finger of blame for the number of deaths in the US being pointed his way when the economy is in such a perilous position. He’ll do whatever it takes to ensure this doesn’t happen.”
US 10-year bond yields fell as prices rose, a traditional sign that investors are losing their appetite for risk.
UK economy staggers in May
Meanwhile, IHS Markit’s flash PMI reading for May showed a second month of sharp contraction for the UK economy amid lockdown.
The very slight recovery evident in May’s flash UK PMI data, as construction workers returned to building sites, failed to lift the FTSE 100 out of its malaise.
Economists aid the UK economy remained locked in a coronavirus downturn during May despite an easing of lockdown measures.
They warned that the May data “does not signal that the pathway is clear for an improvement in the manufacturing and services sectors”.
FTSE 100 in the dark over UK recovery
Chris Beauchamp, chief market analyst at online trader IG, said the data shed little light on how long the economy will take to recover.
“While the situation in Europe is improving, according to PMI data, markets are looking tired once again,” he said.
Calling volatility in European stocks and the FTSE 100 a “grinding contest of attrition between the bulls and bears”, he warned markets could contract sharply.
“In this environment, modest improvements compared to last month’s dire readings are unlikely to provide much fuel for further gains in stocks,” Beauchamp added.
“With so little data to go on, we are essentially still very much in the dark. Until lockdowns are fully ended the data tells us little apart from the fact that economies are operating at a fraction of their overall capacity, something that can be gleaned merely from going for a walk outside.”
While sterling received a slight bounce against the dollar on May’s economic data, the outlook remains poor for the UK economy, even with the FTSE 100 marginally up.
Experts warned the UK’s high infection rate and coronavirus death rate may prolong its recovery. And lay-offs continued at a dramatic rate despite the job retention scheme.
US stocks push higher despite jobless claims
US stocks appeared to bolster the FTSE 100 and European stocks after their 2.30pm open.
The Dow rose 0.27 per cent and the S&P 500 climbed 0.14 per cent, while the Nasdaq inched up 0.12 per cent.
They managed to stay green despite more carnage in the American jobs market.
Meanwhile US jobless claims surged again today, with 2.4m more Americans filing for unemployment in the past week.
That brings the total to 38.6m since the start of the US’ coronavirus lockdown nine weeks ago.
Glassdoor senior economist Daniel Zhao pointed out this huge surge has already surpassed the number of job losses that took place over 18 months’ of the financial crisis.
“In only nine weeks, unemployment claims made during the coronavirus crisis have already exceeded the 37m claims made over the entire 18 months of the Great Recession,” Zhao said.
“The coronavirus crisis continues to inflict swift and deep impacts on the labor market at a near unprecedented clip.”
Richard Flynn, UK managing director at Charles Schwab, added that while the rate of jobless claims is falling, states are struggling to process backlogs of claims.
“Investors should not be overly optimistic, when the true number of job losses may not be fully reflected in the data,” he added.
It has been a wild week for investors. On Monday, news that US drugmaker Moderna had seen positive results for its coronavirus vaccine lit a fire under stocks. The FTSE 100 shot up more than four per cent.
Yet doubts about the Moderna trial and an economic warning from the US Federal Reserve chair have cooled optimism, before Trump stoked US-China tensions overnight.