cityam--2020-07-02--Premier Oil scraps Tolmount purchase as creditors approve BP deal

Exploratory firm Premier Oil has dropped plans to buy a 25 per cent stake in Korean-owned company Dana Petroleum ’ s Tolmount field in the North Sea .
The $ 191m ( £152.6m ) deal was agreed in January , alongside agreements to buy two fields from BP for a combined $ 625m .
Read more : Premier Oil to seek lower price for BP North Sea fields acquisition However , the company today revealed that it had shelved the plan to buy the gas field , which it already owns a 50 per cent stake in , but did @ @ @ @ @ @ @ The field is currently under development and is expected to produce its first gas by the end of the year .
Like oil prices , the value of gas has plunged this year in line with the fall in global demand due to the coronavirus .
Premier also announced that its creditors had approved its acquisition of the BP fields after the oil giant agreed to reduce the prices for the Andrew Area and Shearwater deposits .
Under the amended terms cash payable upon completion has been reduced from the original price to @ @ @ @ @ @ @ : Start your day with the City View podcast and key market data Standard and Poor said the original sum will be offset by BP keeping $ 300m of interim cash flows , while another $ 115m would only be payable upon higher future oil and gas prices .
Analysts at the rating agency said that although the assets came at a “ considerable cost ” , they were “ materially value accretive to Premier and are in line with the company ’ s stated strategy of acquiring cash generative assets in the @ @ @ @ @ @ @ plan had faced opposition from some of the firm ’ s shareholders , including hedge fund ARCM , which lost a court challenge over Premier ’ s loan refinancing proposal .
Last month chief executive Tony Durrant said Premier was on course to be cash flow neutral due to its oil hedging programme , despite the slump in oil prices .
Under the initiative , 30 per cent of the firm ’ s production this year is protected at a price of $ 60 , with 50 per cent of all second quarter @ @ @ @ @ @ @ ’ s shares slipped slightly on the back of this morning ’ s announcement , falling 0.4 per cent .

Premier Oil scraps Tolmount purchase as creditors approve BP deal
Exploratory firm Premier Oil has dropped plans to buy a 25 per cent stake in Korean-owned company Dana Petroleum’s Tolmount field in the North Sea.
The $191m (£152.6m) deal was agreed in January, alongside agreements to buy two fields from BP for a combined $625m.
However, the company today revealed that it had shelved the plan to buy the gas field, which it already owns a 50 per cent stake in, but did not comment on the reasons why.
The field is currently under development and is expected to produce its first gas by the end of the year.
Like oil prices, the value of gas has plunged this year in line with the fall in global demand due to the coronavirus.
Premier also announced that its creditors had approved its acquisition of the BP fields after the oil giant agreed to reduce the prices for the Andrew Area and Shearwater deposits.
Under the amended terms cash payable upon completion has been reduced from the original price to $210m.
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Standard and Poor said the original sum will be offset by BP keeping $300m of interim cash flows, while another $115m would only be payable upon higher future oil and gas prices.
Analysts at the rating agency said that although the assets came at a “considerable cost”, they were “materially value accretive to Premier and are in line with the company’s stated strategy of acquiring cash generative assets in the UK North Sea”.
The acquisition plan had faced opposition from some of the firm’s shareholders, including hedge fund ARCM, which lost a court challenge over Premier’s loan refinancing proposal.
Last month chief executive Tony Durrant said Premier was on course to be cash flow neutral due to its oil hedging programme, despite the slump in oil prices.
Under the initiative, 30 per cent of the firm’s production this year is protected at a price of $60, with 50 per cent of all second quarter production hedged at $64.
Premier’s shares slipped slightly on the back of this morning’s announcement, falling 0.4 per cent.


cityam--2020-07-02--BBC announces 450 job cuts and axes Inside Out

The BBC has announced it will slash 450 jobs from its BBC News England team and will axe its long-running Inside Out show as part of plans to shore up an extra £25m by 2022 .
The BBC today said it would cut roughly 15 per cent of its BBC England team , as the broadcaster seeks to bolster its balance sheet amid the coronavirus crisis .
Read more : BBC coverage of FA Cup scores biggest audience since football ’ s return Seven of the 20 presenters on 6.30pm regional TV bulletins will be cut , and some local @ @ @ @ @ @ @ publicly-funded broadcaster had already planned to save £800m before the coronavirus struck , but the pandemic has added a further £125m to the BBC ’ s savings list due to a slump in revenue .
The broadcaster must save £25m of this by 2022 .
The BBC will also axe its long-running current affairs programme Inside Out , which covers 11 different regions across the UK .
The show will be replaced by a new weekly regional investigative programme set to launch on BBC one .
It comes after a group of cross-party @ @ @ @ @ @ @ to axe Inside Out , after the programme was put on hold during the pandemic .
Tory MP Steve Brine said : “ There are presenters on the BBC ’ s Newsnight who earn more than the entire BBC South politics team put together , but the show they put out in our patch achieves a bigger audience than Andy Marr.
” The shake-up is part of the BBC ’ s plans to “ modernise ” its regional and local services , as the broadcaster seeks to “ undergo a significant reinvention ” @ @ @ @ @ @ @ broader range of TV programming across the North and the Midlands , as the broadcaster attempts to shift its London-centric focus to better reflect England .
It will also “ reimagine ” the BBC ’ s political coverage outside Westminster with weekly regional politics programmes undergoing editorial and creative changes to reach a broader audience .
Two digital political programmes will also be piloted in Yorkshire and the Midlands , and will be broadcast exclusively on iPlayer and BBC Sounds .
Helen Thomas , director of BBC England , said : “ I @ @ @ @ @ @ @ us for trusted news and information in huge numbers during Covid-19 , proving the importance of our local and regional services .
“ But those services were created more than 50 years ago , have changed very little and need significant reinvention .
That has meant taking some difficult decisions.
” In a nod to reports that the BBC plans to roll out a digital subscription service , Thomas added : “ We ’ re going to modernise our offer to audiences in England by making digital a central part of everything we @ @ @ @ @ @ @ last month said it will show more repeats over the summer and output will be “ thinner ” over the next year after the coronavirus pandemic forced the broadcaster to scrap its filming schedule .
Speaking to ministers at a Department for Digital , Culture , Media and Sport ( DCMS ) select committee hearing , senior executives said the BBC will be forced to bring back some “ old classics ” after dramas set to be filmed this summer were cancelled due to the lockdown .
Clare Sumner , the BBC ’ @ @ @ @ @ @ @ the BBC will make a decision in July whether to delay its planned scrapping of free TV licenses for over-75s until October .
Read more : BBC appoints Tim Davie as new director general Sumner alluded to the fact that it had already cost the company £40m a month to push the decision back from June to August .
“ We will be announcing our decision in July ” she said , adding that the BBC would “ give everybody time to transition to our new decision.
” James Purnell , director of @ @ @ @ @ @ @ rubbished claims that the broadcaster is set to scrap its arts and culture channel BBC Four , but added the channel would mainly show archival content as the broadcaster invests more heavily in luring a younger audience .
Sumner added that it was “ going to be a tough period for the BBC , ” as the broadcaster attempts to attract a fresh audience while output will be limited to a “ mixture ” of old classic such as Eastenders , and low-budget shows that can be easily innovated under social distancing rules @ @ @ @ @ @ @ jump on the markets with our early morning newsletter

BBC announces 450 job cuts and axes Inside Out
The BBC has announced it will slash 450 jobs from its BBC News England team and will axe its long-running Inside Out show as part of plans to shore up an extra £25m by 2022.
The BBC today said it would cut roughly 15 per cent of its BBC England team, as the broadcaster seeks to bolster its balance sheet amid the coronavirus crisis.
Seven of the 20 presenters on 6.30pm regional TV bulletins will be cut, and some local radio shows will be axed.
The publicly-funded broadcaster had already planned to save £800m before the coronavirus struck, but the pandemic has added a further £125m to the BBC’s savings list due to a slump in revenue. The broadcaster must save £25m of this by 2022.
The BBC will also axe its long-running current affairs programme Inside Out, which covers 11 different regions across the UK. The show will be replaced by a new weekly regional investigative programme set to launch on BBC one.
It comes after a group of cross-party MPs last week urged the BBC not to axe Inside Out, after the programme was put on hold during the pandemic.
Tory MP Steve Brine said: “There are presenters on the BBC’s Newsnight who earn more than the entire BBC South politics team put together, but the show they put out in our patch achieves a bigger audience than Andy Marr.”
The shake-up is part of the BBC’s plans to “modernise” its regional and local services, as the broadcaster seeks to “undergo a significant reinvention”.
The BBC will also commission a broader range of TV programming across the North and the Midlands, as the broadcaster attempts to shift its London-centric focus to better reflect England.
It will also “reimagine” the BBC’s political coverage outside Westminster with weekly regional politics programmes undergoing editorial and creative changes to reach a broader audience. Two digital political programmes will also be piloted in Yorkshire and the Midlands, and will be broadcast exclusively on iPlayer and BBC Sounds.
Helen Thomas, director of BBC England, said: “I’m proud people have turned to us for trusted news and information in huge numbers during Covid-19, proving the importance of our local and regional services.
“But those services were created more than 50 years ago, have changed very little and need significant reinvention. That has meant taking some difficult decisions.”
In a nod to reports that the BBC plans to roll out a digital subscription service, Thomas added: “We’re going to modernise our offer to audiences in England by making digital a central part of everything we do.”
However, government figures were unimpressed with the announcements.
The Department for Digital, Culture, Media & Sport (DCMS) committee chair Julian Knight said: “For the BBC to make the regions bear the brunt of 450 job cuts is devastating news. Just two weeks ago BBC executive James Purnell told us that the broadcaster was strongly committed to local and regional journalism. This decision is a strange way of demonstrating that commitment.
“It is also at odds with what he told us about plans for the BBC to do more outside London and the south-east on local and regional services with journalism and political programmes singled out.
Knight added: “As a public service broadcaster the corporation has a clear mandate to serve audiences in our regions and meet their expectations for a licence-fee funded quality regional news service. Today’s announcement appears to put that expectation in some doubt.”
It comes as the BBC last month said it will show more repeats over the summer and output will be “thinner” over the next year after the coronavirus pandemic forced the broadcaster to scrap its filming schedule.
Speaking to ministers at DCMS select committee hearing, senior executives said the BBC will be forced to bring back some “old classics” after dramas set to be filmed this summer were cancelled due to the lockdown.
Clare Sumner, the BBC’s director of policy, added that the BBC will make a decision in July whether to delay its planned scrapping of free TV licenses for over-75s until October.
Sumner alluded to the fact that it had already cost the company £40m a month to push the decision back from June to August. “We will be announcing our decision in July” she said, adding that the BBC would “give everybody time to transition to our new decision.”
James Purnell, director of radio and education at The BBC, rubbished claims that the broadcaster is set to scrap its arts and culture channel BBC Four, but added the channel would mainly show archival content as the broadcaster invests more heavily in luring a younger audience.
Sumner added that it was “going to be a tough period for the BBC,” as the broadcaster attempts to attract a fresh audience while output will be limited to a “mixture” of old classic such as Eastenders, and low-budget shows that can be easily innovated under social distancing rules.
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cityam--2020-07-02--Young people face economic ‘scarring’ from Covid, says top think tank

The coronavirus recession has dealt a double blow to young people in the UK , who are more likely to have lost their jobs amid the lockdown and now face bleak career prospects , a leading think tank has warned .
New research from the Institute for Fiscal Studies ( IFS ) today said the carnage in the hospitality and retail industries combined with the collapse of hiring is likely to “ scar ” young people ’ s careers .
Read more : Signs of rising unemployment already apparent , says BoE ’ s Haskel It comes as the government @ @ @ @ @ @ @ build ” its way out of the economic crisis caused by Covid-19 .
Chancellor Rishi Sunak is set to unveil plans next week to boost the economy .
UK GDP is expected to shrink by an enormous 10.2 per cent this year , according to the International Monetary Fund .
The chief economist of the Bank of England this week said it could shrink by eight per cent .
The IFS said young people in particular will suffer from this drastic economic slowdown .
Read more : Boris Johnson to ‘ build , @ @ @ @ @ @ @ coronavirus slump The think tank ’ s research showed that the young have become more likely in recent decades to work in low-pay sectors like hospitality and retail .
The report was produced with HSBC and the data science-focused Turing Institute .
By 2019 , 22 per cent of all people aged 22 to 25 working in their first full-time job after leaving education were employed in sectors effectively shut during lockdown , the IFS said .
Young people have also increasingly relied on getting new jobs to increase their earnings in recent @ @ @ @ @ @ @ as hiring has dried up amid the coronavirus lockdown , their chances of wage growth have been severely curtailed .
Roughly 28 per of wage growth in the first five years of the careers of people born in the 1970s could be attributed to moving to a better-paid job as opposed to promotion .
This had risen to 50 per cent or more among people born in the 1980s , the report said .
IFS economist Agnes Norris Keiller told City A.M. that technological change has been a key factor .
“ In @ @ @ @ @ @ @ of their career quite a few of them went into say manufacturing , quite a few of them went into back office administrative work , which are the type of jobs that have basically just become much less common , ” she said .
Norris Keiller said the big worry is that the pandemic causes a surge in youth unemployment .
“ We know that unemployment at any stage in your career is very damaging , ” she said .
“ But particularly at the early part of your career in normal times @ @ @ @ @ @ @ achieving the fastest rates of pay growth.
” IFS says young people must be a priority Government support schemes , such as the furlough programme , have helped many young people during the pandemic .
But the IFS , an influential think tank that analyses taxes and spending , said the Treasury should focus on young people in particular with its economic policies over the coming months .
The government did not respond to requests for comment .
Labour ’ s Cat Smith , shadow minister for young people , said the government @ @ @ @ @ @ @ .
“ After a decade of austerity , young people are facing surging housing prices , stagnating wages , and rising student debt , ” she said .
“ The government must use next week to introduce a ‘ back to work Budget ’ which preserves those jobs , creates new jobs and provides job guarantees for young people to prevent long term unemployment.
” Read more : Khan calls for London furlough extension as he warns of ‘ looming unemployment crisis ’ The IFS said that some jobs are bound to return @ @ @ @ @ @ @ But it said there is a great deal of uncertainty around the hospitality and retail sectors .
Norris Keiller said the crucial factor “ is to do with people ’ s confidence in terms of how safe the general public are going to feel going out and going to these restaurants and cafes ” .

Young people face economic ‘scarring’ from Covid, says top think tank
The IFS said the government should focus on young people’s economic chances as the UK emerges from recession
The coronavirus recession has dealt a double blow to young people in the UK, who are more likely to have lost their jobs amid the lockdown and now face bleak career prospects, a leading think tank has warned.
New research from the Institute for Fiscal Studies (IFS) today said the carnage in the hospitality and retail industries combined with the collapse of hiring is likely to “scar” young people’s careers.
It comes as the government promises to “build, build, build” its way out of the economic crisis caused by Covid-19. Chancellor Rishi Sunak is set to unveil plans next week to boost the economy.
UK GDP is expected to shrink by an enormous 10.2 per cent this year, according to the International Monetary Fund. The chief economist of the Bank of England this week said it could shrink by eight per cent.
The IFS said young people in particular will suffer from this drastic economic slowdown.
The think tank’s research showed that the young have become more likely in recent decades to work in low-pay sectors like hospitality and retail. The report was produced with HSBC and the data science-focused Turing Institute.
By 2019, 22 per cent of all people aged 22 to 25 working in their first full-time job after leaving education were employed in sectors effectively shut during lockdown, the IFS said.
Unemployment ‘very damaging’ to careers
Young people have also increasingly relied on getting new jobs to increase their earnings in recent decades, the report said. Therefore as hiring has dried up amid the coronavirus lockdown, their chances of wage growth have been severely curtailed.
Roughly 28 per of wage growth in the first five years of the careers of people born in the 1970s could be attributed to moving to a better-paid job as opposed to promotion. This had risen to 50 per cent or more among people born in the 1980s, the report said.
IFS economist Agnes Norris Keiller told City A.M. that technological change has been a key factor.
“In the past for workers at the start of their career quite a few of them went into say manufacturing, quite a few of them went into back office administrative work, which are the type of jobs that have basically just become much less common,” she said.
Norris Keiller said the big worry is that the pandemic causes a surge in youth unemployment.
“We know that unemployment at any stage in your career is very damaging,” she said. “But particularly at the early part of your career in normal times that’s when you see people achieving the fastest rates of pay growth.”
IFS says young people must be a priority
Government support schemes, such as the furlough programme, have helped many young people during the pandemic.
But the IFS, an influential think tank that analyses taxes and spending, said the Treasury should focus on young people in particular with its economic policies over the coming months.
The government did not respond to requests for comment.
Labour’s Cat Smith, shadow minister for young people, said the government has ignored young people in recent years.
“After a decade of austerity, young people are facing surging housing prices, stagnating wages, and rising student debt,” she said.
“The government must use next week to introduce a ‘back to work Budget’ which preserves those jobs, creates new jobs and provides job guarantees for young people to prevent long term unemployment.”
The IFS said that some jobs are bound to return as the coronavirus lockdown is lifted. But it said there is a great deal of uncertainty around the hospitality and retail sectors.
Norris Keiller said the crucial factor “is to do with people’s confidence in terms of how safe the general public are going to feel going out and going to these restaurants and cafes”.


cityam--2020-07-02--Covid Recovery Commission: FTSE 100 bosses unite to set UK economy back on track

Some of the biggest names in UK business have teamed up to create a pressure group to ensure the economy emerges from coronavirus “ stronger and fairer ” , its members announced today .
The group will be called the Covid Recovery Commission , and will involve the chairs of FTSE 100 powerhouses Tesco and Shell and the chief executives of Vodafone , Heathrow Airport and British Land .
Read more : Boris Johnson to ‘ build , build , build ’ UK back from coronavirus slump Writing in City A.M. today , the members of the Commission said they @ @ @ @ @ @ @ ensure that all of the UK is best placed to emerge from this crisis stronger and more resilient ” .
The Commission will produce analysis and policy plans to look at how to improve training , productivity , and innovation .
It also plans to assess how the pandemic has impacted the digital economy and decarbonisation .
Nick Faith , director of WPI Strategy , the consultancy that brought the Commission together , said the group will be a “ critical friend ” of the government .
It comes days after Prime Minister @ @ @ @ @ @ @ country out of the coronavirus recession by investing in infrastructure projects across the country .
As well as having one of the highest coronavirus death tolls in the world , the UK is also set to be one of the worst-performing major economies this year , according to the International Monetary Fund .
Faith said there is “ clearly a role for an active state ” during the economic recovery .
But he said the government should set the “ framework ” for the recovery and that private companies should be able to @ @ @ @ @ @ @ be chaired by John Allan , who chairs Tesco and housebuilder Barratt .
Allan said : “ It is time to show that political , business and civic leaders can work together to rebuild a UK where everyone , regardless of background or geography , can have a fairer , more prosperous life.
” Chancellor Rishi Sunak said he welcomed the creation of the Commission .
“ Businesses , large and small , have a critical role to play in creating the jobs and opportunities that will help us recover from this pandemic @ @ @ @ @ @ @ Anneliese Dodds also welcomed the Commission .
Yet she said the group only brought “ some parts of business together ” and that “ a much more inclusive and wide-ranging approach is needed ” .
Read more : UK economic outlook less grim but ‘ considerable ’ risks remain , says BoE ’ s Haldane She said the government “ must work with businesses large and small , trade unions , local authorities and education providers ” .
She added : “ It must also radically improve industrial coordination , which has been @ @ @ @ @ @ @ the UK during this crisis.
” The Commission said it will include the views of other groups by consulting widely .
This will include relationships with business groups , think tanks and employee representatives .
The new group may struggle to achieve some of its goals , however , especially around business investment .
The Bank of England said in May that business investment could drop by 26 per cent this year and only grow by 19 per cent in 2021 .
Heathrow Airport , whose CEO John Holland-Kaye is a Commission member @ @ @ @ @ @ @ of workers in the UK during the pandemic .
Shell , another Commission member , said last month that it will cut jobs as it restructures in the face of lower oil prices .
Faith said the Commission hoped investment could pick up again over a longer time scale , however .
It will produce economic analysis authored by Matthew Oakley , a former Treasury adviser .
There will be a separate advisory panel of public policy experts and academics across public services , technology and clean energy .
Nick Jeffery , CEO @ @ @ @ @ @ @ , said : “ The government has the chance to create the conditions for businesses – digital and non-digital – to thrive once more.
” Holland-Kaye said : “ As we move tentatively from the rescue phase of the pandemic into the recovery phase , we need to create a true partnership between business and government to deliver real lasting and sustainable growth.
” Read more : Half of all equity investment goes to UK tech businesses Cabinet office secretary Michael Gove said : “ Jobs , skills and infrastructure investment will be @ @ @ @ @ @ @ ” He added : “ Businesses in every community across the UK will have a vital role to play as we level up and build back better.
” The other Commissioners are Manoj Badale , co-founder of Blenheim Chalcot ; Ruth Cairnie , chair of Babcock ; Ian Funnell , CEO of Hitachi ABB Power Grids ; Chris Grigg , CEO of British Land ; Tom Keith-Roach , UK president of Astrazeneca ; Sinead Lynch , chair of Shell UK .

Covid Recovery Commission: FTSE 100 bosses unite to set UK economy back on track
Some of the FTSE 100’s biggest names have come together to form the Covid Recovery Commission
Some of the biggest names in UK business have teamed up to create a pressure group to ensure the economy emerges from coronavirus “stronger and fairer”, its members announced today.
The group will be called the Covid Recovery Commission, and will involve the chairs of FTSE 100 powerhouses Tesco and Shell and the chief executives of Vodafone, Heathrow Airport and British Land.
Writing in City A.M. today, the members of the Commission said they will “produce practical ideas to help ensure that all of the UK is best placed to emerge from this crisis stronger and more resilient”.
The Commission will produce analysis and policy plans to look at how to improve training, productivity, and innovation. It also plans to assess how the pandemic has impacted the digital economy and decarbonisation.
Nick Faith, director of WPI Strategy, the consultancy that brought the Commission together, said the group will be a “critical friend” of the government.
It comes days after Prime Minister Boris Johnson announced plans to steer the country out of the coronavirus recession by investing in infrastructure projects across the country.
As well as having one of the highest coronavirus death tolls in the world, the UK is also set to be one of the worst-performing major economies this year, according to the International Monetary Fund.
Businesses to act as ‘critical friend’
Faith said there is “clearly a role for an active state” during the economic recovery. But he said the government should set the “framework” for the recovery and that private companies should be able to critique its plans.
The Commission will be chaired by John Allan, who chairs Tesco and housebuilder Barratt. Allan said: “It is time to show that political, business and civic leaders can work together to rebuild a UK where everyone, regardless of background or geography, can have a fairer, more prosperous life.”
Chancellor Rishi Sunak said he welcomed the creation of the Commission. “Businesses, large and small, have a critical role to play in creating the jobs and opportunities that will help us recover from this pandemic,” he said.
Shadow chancellor Anneliese Dodds also welcomed the Commission. Yet she said the group only brought “some parts of business together” and that “a much more inclusive and wide-ranging approach is needed”.
She said the government “must work with businesses large and small, trade unions, local authorities and education providers”. She added: “It must also radically improve industrial coordination, which has been shown to be so severely wanting in the UK during this crisis.”
The Commission said it will include the views of other groups by consulting widely. This will include relationships with business groups, think tanks and employee representatives.
Can the Commission boost investment?
The new group may struggle to achieve some of its goals, however, especially around business investment. The Bank of England said in May that business investment could drop by 26 per cent this year and only grow by 19 per cent in 2021.
Heathrow Airport, whose CEO John Holland-Kaye is a Commission member, currently plans to lay off thousands of workers in the UK during the pandemic. Shell, another Commission member, said last month that it will cut jobs as it restructures in the face of lower oil prices.
Faith said the Commission hoped investment could pick up again over a longer time scale, however.
It will produce economic analysis authored by Matthew Oakley, a former Treasury adviser. There will be a separate advisory panel of public policy experts and academics across public services, technology and clean energy.
Nick Jeffery, CEO of Vodafone UK and a Commission member, said: “The government has the chance to create the conditions for businesses – digital and non-digital – to thrive once more.”
Holland-Kaye said: “As we move tentatively from the rescue phase of the pandemic into the recovery phase, we need to create a true partnership between business and government to deliver real lasting and sustainable growth.”
Cabinet office secretary Michael Gove said: “Jobs, skills and infrastructure investment will be at the heart of our economic recovery.” He added: “Businesses in every community across the UK will have a vital role to play as we level up and build back better.”
The other Commissioners are Manoj Badale, co-founder of Blenheim Chalcot; Ruth Cairnie, chair of Babcock; Ian Funnell, CEO of Hitachi ABB Power Grids; Chris Grigg, CEO of British Land; Tom Keith-Roach, UK president of Astrazeneca; Sinead Lynch, chair of Shell UK.


cityam--2020-07-02--FTSE bosses: Businesses ready to kickstart UK recovery

This weekend the UK economy takes a few more important steps towards reopening and rebuilding .
And in spite of the human toll the coronavirus has had , so far the public are strikingly optimistic about the future .
According to the Edelman Trust Barometer , two-thirds of people believe the pandemic will result in improvements in how we work , live and treat each other .
The same survey , however , also found that the public expects business to play a role in helping the UK to recover .
As we begin to emerge from the crisis , @ @ @ @ @ @ @ our economy , it is critical that we , as business leaders , work hard to restore the economy .
Read more : UK economy set to return to growth in third quarter after coronavirus chaos Many businesses have worked night and day to support their employees , customers and communities through these difficult times , but the public are rightly challenging us to do more .
We can not be passengers on this journey .
We have to demonstrate through action as well as words that the business community as a whole @ @ @ @ @ @ @ big business – is ready and willing to act as custodians of the economy .
Business will play a vital role in the UK ’ s economic recovery in the jobs they provide and wealth they create .
We generate profits for shareholders which go into people ’ s pensions .
And we create flourishing markets , providing our customers with a wide range of goods and services that improve their lives .
But the current environment requires more of purposeful businesses like ours , and to thrive will mean doing things differently @ @ @ @ @ @ @ ambitions such as becoming net zero by 2050 and creating an economy that works for everyone .
That is why we have joined together today to create the Covid Recovery Commission .
As an independent group of cross-sector business leaders , we will analyse the impact that coronavirus has had on our communities , the business landscape and broader society .
From the ability of someone to start and grow a company and create new jobs , to the impact of Covid on the UK ’ s efforts to decarbonise .
We will @ @ @ @ @ @ @ help ensure that all of the UK is best placed to emerge from this crisis stronger and more resilient than before we entered it .
Read more : Soho to sizzle as street festival kicks off 4 July reopening This country has been tested over the past few months .
We have shown a collective will – as individuals , families , friends and communities – to work together and to look after each other .
For some , 4 July will represent a return to profitable trading , for others , the @ @ @ @ @ @ @ We owe it to them and to each other to show that political , business and civic leaders can work together to rebuild a UK where everyone , regardless of background or geography , can have a fairer , more prosperous life .
• Manoj Badale , Co-founder and Joint Managing Partner , Blenheim Chalcot and Chairman of the British Asian Trust

FTSE bosses: Businesses ready to kickstart UK recovery
FTSE bosses have created the Covid Recovery Commission to do more to kickstart a UK recovery that fuels prosperity after the coronavirus lockdown
This weekend the UK economy takes a few more important steps towards reopening and rebuilding. And in spite of the human toll the coronavirus has had, so far the public are strikingly optimistic about the future.
According to the Edelman Trust Barometer, two-thirds of people believe the pandemic will result in improvements in how we work, live and treat each other. The same survey, however, also found that the public expects business to play a role in helping the UK to recover.
As we begin to emerge from the crisis, and discussions turn to how we rebuild our economy, it is critical that we, as business leaders, work hard to restore the economy.
Many businesses have worked night and day to support their employees, customers and communities through these difficult times, but the public are rightly challenging us to do more.
We cannot be passengers on this journey.
We have to demonstrate through action as well as words that the business community as a whole – startups, scale-ups, SMEs and big business – is ready and willing to act as custodians of the economy.
Business will play a vital role in the UK’s economic recovery in the jobs they provide and wealth they create. We generate profits for shareholders which go into people’s pensions.
FTSE bosses have created the Covid Recovery Commission to do more to kickstart a UK recovery that fuels prosperity after the coronavirus lockdown
And we create flourishing markets, providing our customers with a wide range of goods and services that improve their lives. But the current environment requires more of purposeful businesses like ours, and to thrive will mean doing things differently especially if we are to achieve national ambitions such as becoming net zero by 2050 and creating an economy that works for everyone.
That is why we have joined together today to create the Covid Recovery Commission.
As an independent group of cross-sector business leaders, we will analyse the impact that coronavirus has had on our communities, the business landscape and broader society.
From the ability of someone to start and grow a company and create new jobs, to the impact of Covid on the UK’s efforts to decarbonise. We will work together to produce practical ideas to help ensure that all of the UK is best placed to emerge from this crisis stronger and more resilient than before we entered it.
This country has been tested over the past few months. We have shown a collective will – as individuals, families, friends and communities – to work together and to look after each other.
For some, 4 July will represent a return to profitable trading, for others, the journey to recovery is just beginning.
We owe it to them and to each other to show that political, business and civic leaders can work together to rebuild a UK where everyone, regardless of background or geography, can have a fairer, more prosperous life.
Covid Recovery Commission signatories:
John Allan CBE, Chair of Tesco, Barratt and Imperial College London Council
Manoj Badale, Co-founder and Joint Managing Partner, Blenheim Chalcot and Chairman of the British Asian Trust
Ruth Cairnie, Chair, Babcock
Ian Funnell, CEO UK and Ireland, Hitachi ABB Power Grids
Chris Grigg, CEO, British Land
John Holland-Kaye, CEO, Heathrow Airport
Nick Jeffery, CEO, Vodafone UK
Tom Keith-Roach, UK President, AstraZeneca


cityam--2020-07-02--Shadow chancellor Anneliese Dodds to renew calls for July budget

Shadow chancellor Anneliese Dodds will renew calls tomorrow for a July “ back to work budget ” in her first major set piece speech since being appointed to the role .
She will urge chancellor Rishi Sunak to “ recognise the scale of the challenge we face ” and pledge a summer budget that focuses on “ jobs , jobs , jobs ” .
Read more : US economy adds 4.8m jobs as recovery continues Dodds , who will be speaking tomorrow morning at Labour HQ , is also expected to lay out four tests for the government to pass @ @ @ @ @ @ @ government ’ s economic recovery plan next week .
She is expected to call for Sunak ’ s summer statement to focus on “ creating , supporting and protecting jobs ” ; that it promotes economic growth across the whole country ; that all projects announced are carbon neutral or carbon reducing ; and that the chancellor commits to not increase taxes or cut support for low and middle-income people during the recovery .
Before the Open newsletter : Start your day with the City View podcast and key market data She will @ @ @ @ @ @ @ targeted bail outs for industries most affected by the crisis .
Dodds is expected to say : “ We need guarantees of delivery , not just warm words .
For 10 years , the Conservatives have talked and talked – they have not built.
” The shadow chancellor will also call for an extension of the furlough scheme past October to cater for potential local lockdowns .
Sunak extended the government ’ s wage subsidy scheme until October , however from September the Treasury will scale back how much it pays to furloughed @ @ @ @ @ @ @ cent of wages per month , up to £2,500 , for each furloughed worker , the government will pay 70 per cent a month up to £2,187.50 .
In October , this will drop again to 60 per cent of wages up to £1,875 a month .
The governnment has maintained it will not be extending the scheme again .
Dodds is expected to say : “ This week we saw a wave of companies announcing enormous job losses – because the government is refusing to shift from its one-size-fits-all approach [ to @ @ @ @ @ @ @ need a targeted strategy that acknowledges that workers in struggling sectors can not and should not be treated the same way as workers in sectors that are already back to full capacity.
” Read more : ‘ I ’ ve never been in a faction ’ : Anneliese Dodds on her plan to unite Labour under a new economic platform Responding to the planned speech , Conservative party co-chairman Amanda Milling said : “ Under Sir Keir Starmer , Labour will say anything to try and score political points and chase headlines .
@ @ @ @ @ @ @ of support to protect jobs and livelihoods across the country , and this week the Prime Minister set out how we ’ ll invest a further £600bn to ensure we can build back better after coronavirus .
”

Shadow chancellor Anneliese Dodds to renew calls for July budget
Shadow Chancellor of the Exchequer Annelise Dodds visits a development site with Labour Party leader Keir Starmer on June 25, 2020 in Stevenage
Shadow chancellor Anneliese Dodds will renew calls tomorrow for a July “back to work budget” in her first major set piece speech since being appointed to the role.
She will urge chancellor Rishi Sunak to “recognise the scale of the challenge we face” and pledge a summer budget that focuses on “jobs, jobs, jobs”.
Dodds, who will be speaking tomorrow morning at Labour HQ, is also expected to lay out four tests for the government to pass when Sunak gives more details of the government’s economic recovery plan next week.
She is expected to call for Sunak’s summer statement to focus on “creating, supporting and protecting jobs”; that it promotes economic growth across the whole country; that all projects announced are carbon neutral or carbon reducing; and that the chancellor commits to not increase taxes or cut support for low and middle-income people during the recovery.
Before the Open newsletter: Start your day with the City View podcast and key market data
She will also call for wider financial support and targeted bail outs for industries most affected by the crisis.
Dodds is expected to say: “We need guarantees of delivery, not just warm words. For 10 years, the Conservatives have talked and talked – they have not built.”
The shadow chancellor will also call for an extension of the furlough scheme past October to cater for potential local lockdowns.
Sunak extended the government’s wage subsidy scheme until October, however from September the Treasury will scale back how much it pays to furloughed workers.
Instead of paying 80 per cent of wages per month, up to £2,500, for each furloughed worker, the government will pay 70 per cent a month up to £2,187.50.
In October, this will drop again to 60 per cent of wages up to £1,875 a month.
The governnment has maintained it will not be extending the scheme again.
Dodds is expected to say: “This week we saw a wave of companies announcing enormous job losses – because the government is refusing to shift from its one-size-fits-all approach [to the furlough scheme].
“We need a targeted strategy that acknowledges that workers in struggling sectors cannot and should not be treated the same way as workers in sectors that are already back to full capacity.”
Responding to the planned speech, Conservative party co-chairman Amanda Milling said: “Under Sir Keir Starmer, Labour will say anything to try and score political points and chase headlines.
“We have already provided over £124bn of support to protect jobs and livelihoods across the country, and this week the Prime Minister set out how we’ll invest a further £600bn to ensure we can build back better after coronavirus.”


cityam--2020-07-02--Prince Andrew ‘bewildered’ by FBI claims he has refused to cooperate in Epstein case

Prince Andrew has said he is “ bewildered ” by claims that he has ignored requests from the FBI to cooperate with their investigation into convicted paedophile Jeffrey Epstein .
A source close to the Duke of York told City A.M. he had “ twice communicated ” with the US Department of Justice ( DOJ ) in the last month , but has had “ no response ” to date .
It comes as Epstein ’ s former girlfriend and confidante Ghislaine Maxwell was arrested today and charged with the “ sexual exploitation and abuse of multiple minor girls ” @ @ @ @ @ @ @ convicted sex offender .
New York prosecutors today filed a six-charge indictment against the British socialite and heiress , including participating in sexual abuse and two counts of perjury .
Audrey Strauss , US attorney for the southern district of New York , said at a news conference today that she would “ welcome Prince Andrew coming in to talk with us ” .
The Duke of York has previously claimed to have reached out to the DOJ three times , after FBI officials repeatedly said he was unwilling to cooperate .
The @ @ @ @ @ @ @ British newspaper tycoon Robert Maxwell , since her university days .
The Duke of York was thrust into the spotlight earlier this year after Virginia Giuffre Roberts accused Maxwell of introducing her to Prince Andrew when she was 16 .
Roberts claimed she had sex with Prince Andrew after a night of partying that had been facilitated by Maxwell in her London flat .
Maxwell said Roberts ’ allegations were untrue , and Roberts filed a defamation suit against Maxwell in response .
Prince Andrew has repeatedly denied the claims .
New York @ @ @ @ @ @ @ “ Maxwell and Epstein worked together , ” and that “ some of the acts of abuse took place in Maxwell ’ s residence in London ” .
In a TV interview with Emily Maitlis on the BBC last year following the allegations , Prince Andrew was questioned about his links with Maxwell several times .
The prince said : “ Remember that it was [ Epstein ’ s ] girlfriend that was the key element in this .
He was , the , as it were , plus one , to some @ @ @ @ @ @ @ also talked about arranging a “ straightforward shooting weekend ” for Maxwell at the Queen ’ s Sandringham estate in 2000 .
Prince Andrew was pictured accompanying Maxwell at further private parties and celebrity functions both in the UK and in the US that year .
They were photographed together at the wedding of the prince ’ s former girlfriend , Aurelia Cecil , near Salisbury in Wiltshire in September 2000 , and later at a Halloween party thrown by model Heidi Klum in Manhattan .
Asked by Maitlis when he had last @ @ @ @ @ @ @ saw “ before July ” last year .
Prince Andrew stepped back from his royal duties earlier this year .
Prosecutors have said Maxwell faces up to 35 years in prison .

Prince Andrew ‘bewildered’ by FBI claims he has refused to cooperate in Epstein case
Prince Andrew has said he is “bewildered” by claims that he has ignored requests from the FBI to cooperate with their investigation into convicted paedophile Jeffrey Epstein.
A source close to the Duke of York told City A.M. he had “twice communicated” with the US Department of Justice (DOJ) in the last month, but has had “no response” to date.
It comes as Epstein’s former girlfriend and confidante Ghislaine Maxwell was arrested today and charged with the “sexual exploitation and abuse of multiple minor girls” as part of an investigation into the convicted sex offender.
New York prosecutors today filed a six-charge indictment against the British socialite and heiress, including participating in sexual abuse and two counts of perjury.
Audrey Strauss, US attorney for the southern district of New York, said at a news conference today that she would “welcome Prince Andrew coming in to talk with us”.
The Duke of York has previously claimed to have reached out to the DOJ three times, after FBI officials repeatedly said he was unwilling to cooperate.
The royal has known Maxwell, daughter of British newspaper tycoon Robert Maxwell, since her university days.
The Duke of York was thrust into the spotlight earlier this year after Virginia Giuffre Roberts accused Maxwell of introducing her to Prince Andrew when she was 16.
Roberts claimed she had sex with Prince Andrew after a night of partying that had been facilitated by Maxwell in her London flat. Maxwell said Roberts’ allegations were untrue, and Roberts filed a defamation suit against Maxwell in response. Prince Andrew has repeatedly denied the claims.
New York’s US attorney today said that “Maxwell and Epstein worked together,” and that “some of the acts of abuse took place in Maxwell’s residence in London”.
In a TV interview with Emily Maitlis on the BBC last year following the allegations, Prince Andrew was questioned about his links with Maxwell several times.
The prince said: “Remember that it was [Epstein’s] girlfriend that was the key element in this. He was, the, as it were, plus one, to some extent in that aspect.”
The Duke also talked about arranging a “straightforward shooting weekend” for Maxwell at the Queen’s Sandringham estate in 2000.
Prince Andrew was pictured accompanying Maxwell at further private parties and celebrity functions both in the UK and in the US that year.
They were photographed together at the wedding of the prince’s former girlfriend, Aurelia Cecil, near Salisbury in Wiltshire in September 2000, and later at a Halloween party thrown by model Heidi Klum in Manhattan.
Asked by Maitlis when he had last seen Maxwell, Prince Andrew said he saw “before July” last year.
Prince Andrew stepped back from his royal duties earlier this year.
Prosecutors have said Maxwell faces up to 35 years in prison.


cityam--2020-07-02--Ghislaine Maxwell charged in sex-trafficking probe following arrest by FBI

Ghislaine Maxwell , the former girlfriend and confidante of disgraced financier Jeffrey Epstein , has been arrested by the FBI and charged with playing a role in the “ sexual exploitation and abuse of multiple minor girls , ” according to a court filing .
The British socialite and heiress was arrested by the FBI in New Hampshire at 8.30am this morning on charges related to Epstein .
She remains in custody .
Maxwell has been charged with playing a role in the “ sexual exploitation and abuse of multiple minor girls by Jeffrey Epstein , ” in a six-count @ @ @ @ @ @ @ 58-year-old socialite was also charged with conspiracy to transport minors with the intent to engage in criminal sexual activity .
Court filings said Maxwell “ assisted , facilitated and contributed to Epstein ’ s abuse of minor girls by , among other things , helping Epstein to recruit , groom , and ultimately abuse ” girls under the age of 18 .
“ In some instances , Maxwell was present for and participated in the sexual abuse , ” the indictment said .
The indictment also accuses Maxwell of luring underage girls by @ @ @ @ @ @ @ and families .
“ As alleged , Maxwell and Epstein had a method .
Typically , they would approach young girls and ask them about their lives , pretending to take an interest in them .
They would take them and treat them to shopping trips , ” Manhattan US attorney Audrey Strauss After winning the girls ’ trust , the indictment alleges Maxwell would try to “ normalise sexual abuse ” by discussing sexual topics or by undressing in front of them or being present when they undressed .
“ As an @ @ @ @ @ @ @ at ease , ” said Strauss , adding that doing so made young girls vulnerable to sexual abuse .
“ That abuse included sexualised massages in which the minor victim was fully or partially nude… that developed into sexual encounters for which Maxwell in some instances was present and participated.
” Victims were said to be as young as 14 years old .
“ Maxwell and Epstein worked together , ” added Strauss .
“ Some of the acts of abuse also took place in Maxwell ’ s residence in London ” .
@ @ @ @ @ @ @ counts of perjury , according to the indictment .
“ In addition to aiding and participating in the sexual abuse of minors , Maxwell compounded her crimes by repeatedly lying in 2016 when she was questioned under oath , ” said Strauss .
“ Maxwell lied because the truth as alleged was almost unspeakable .
Maxwell enticed minor girls , got them to trust her , and then delivered them into a trap that she and Epstein had set for them.
” Strauss added : “ Today , after several years , Ghislaine @ @ @ @ @ @ @ in these crimes.
” Prosecutors said she faces up to 35 years in prison .
Maxwell denied the charges after her arrest this morning .
She has repeatedly refuted any wrongdoing and has said accusations against her are “ absolute rubbish ” .
The arrest comes days before the anniversary of Epstein ’ s arrest last year over child sex trafficking charges .
Epstein was accused of running a “ vast network ” of underage girls for sex , but pled not guilty to charges .
He killed himself in a New York @ @ @ @ @ @ @ .
Maxwell has kept a low profile following Epstein ’ s death .
Before her arrest today , she was last seen since last August when she was photographed at an In-N-Out Burger in Los Angeles , ten days after Epstein ’ s suicide .
The British socialite , daughter of the late newspaper tycoon Robert Maxwell , was thrust into the spotlight in the UK last year after Virginia Giuffre Roberts accused Maxwell of introducing her to Prince Andrew when she was 16 .
Roberts claimed she had sex with Prince Andrew @ @ @ @ @ @ @ been facilitated by Maxwell in her London flat .
Maxwell said Roberts ’ allegations were untrue , and Roberts filed a defamation suit against Maxwell in response .
Prince Andrew has repeatedly denied the claims .
Earlier this year , the FBI claimed that the royal had repeatedly ignored requests for him to testify in an ongoing investigation into Epstein ’ s crimes .
The Duke of York denied the allegations , adding that he had co-operated with questioning from the US Department of Justice ( DOJ ) .
A source close to @ @ @ @ @ @ @ City A.M : “ The Duke ’ s team remains bewildered given that we have twice communicated with the DOJ in the last month , and to-date , we have had no response.
” Maxwell returned to public attention last month after a new Netflix documentary cast her at the centre of Epstein ’ s circle .
Several witnesses in the Filthy Rich documentary accused Maxwell of acting as Epstein ’ s “ pimp ” , and claimed she recruited girls from high schools , country clubs and in the street .
Others @ @ @ @ @ @ @ the world .
The Netflix show prompted renewed interest in the heiress ’ whereabouts , and “ Where is Ghislaine ?
” was plastered on Twitter and in media outlets in the wake of the screening .
Before the Open : Get the jump on the markets with our early morning newsletter

Ghislaine Maxwell charged in sex-trafficking probe following arrest by FBI
(via Getty Images)
Ghislaine Maxwell, the former girlfriend and confidante of disgraced financier Jeffrey Epstein, has been arrested by the FBI and charged with playing a role in the “sexual exploitation and abuse of multiple minor girls,” according to a court filing.
The British socialite and heiress was arrested by the FBI in New Hampshire at 8.30am this morning on charges related to Epstein. She remains in custody.
Maxwell has been charged with playing a role in the “sexual exploitation and abuse of multiple minor girls by Jeffrey Epstein,” in a six-count indictment published in court papers.
The 58-year-old socialite was also charged with conspiracy to transport minors with the intent to engage in criminal sexual activity.
Court filings said Maxwell “assisted, facilitated and contributed to Epstein’s abuse of minor girls by, among other things, helping Epstein to recruit, groom, and ultimately abuse ” girls under the age of 18.
“In some instances, Maxwell was present for and participated in the sexual abuse,” the indictment said.
The indictment also accuses Maxwell of luring underage girls by asking them about their lives, schools and families.
“As alleged, Maxwell and Epstein had a method. Typically, they would approach young girls and ask them about their lives, pretending to take an interest in them. They would take them and treat them to shopping trips,” Manhattan US attorney Audrey Strauss
After winning the girls’ trust, the indictment alleges Maxwell would try to “normalise sexual abuse” by discussing sexual topics or by undressing in front of them or being present when they undressed.
“As an adult woman, Maxwell would put them at ease,” said Strauss, adding that doing so made young girls vulnerable to sexual abuse.
“That abuse included sexualised massages in which the minor victim was fully or partially nude… that developed into sexual encounters for which Maxwell in some instances was present and participated.” Victims were said to be as young as 14 years old.
“Maxwell and Epstein worked together,” added Strauss. “Some of the acts of abuse also took place in Maxwell’s residence in London”.
The heiress was also charged with two counts of perjury, according to the indictment.
“In addition to aiding and participating in the sexual abuse of minors, Maxwell compounded her crimes by repeatedly lying in 2016 when she was questioned under oath,” said Strauss.
“Maxwell lied because the truth as alleged was almost unspeakable. Maxwell enticed minor girls, got them to trust her, and then delivered them into a trap that she and Epstein had set for them.”
Strauss added: “Today, after several years, Ghislaine Maxwell finally stands charged for her role in these crimes.”
Prosecutors said she faces up to 35 years in prison.
Maxwell denied the charges after her arrest this morning. She has repeatedly refuted any wrongdoing and has said accusations against her are “absolute rubbish”.
The arrest comes days before the anniversary of Epstein’s arrest last year over child sex trafficking charges. Epstein was accused of running a “vast network” of underage girls for sex, but pled not guilty to charges. He killed himself in a New York prison cell last August while awaiting trial.
Maxwell has kept a low profile following Epstein’s death. Before her arrest today, she was last seen since last August when she was photographed at an In-N-Out Burger in Los Angeles, ten days after Epstein’s suicide.
The British socialite, daughter of the late newspaper tycoon Robert Maxwell, was thrust into the spotlight in the UK last year after Virginia Giuffre Roberts accused Maxwell of introducing her to Prince Andrew when she was 16.
Roberts claimed she had sex with Prince Andrew after a night of partying that had been facilitated by Maxwell in her London flat. Maxwell said Roberts’ allegations were untrue, and Roberts filed a defamation suit against Maxwell in response. Prince Andrew has repeatedly denied the claims.
Earlier this year, the FBI claimed that the royal had repeatedly ignored requests for him to testify in an ongoing investigation into Epstein’s crimes. The Duke of York denied the allegations, adding that he had co-operated with questioning from the US Department of Justice (DOJ).
A source close to the Duke’s working group told City A.M: “The Duke’s team remains bewildered given that we have twice communicated with the DOJ in the last month, and to-date, we have had no response.”
Maxwell returned to public attention last month after a new Netflix documentary cast her at the centre of Epstein’s circle. Several witnesses in the Filthy Rich documentary accused Maxwell of acting as Epstein’s “pimp”, and claimed she recruited girls from high schools, country clubs and in the street. Others accused her of facilitating their travel around the world.
The Netflix show prompted renewed interest in the heiress’ whereabouts, and “Where is Ghislaine?” was plastered on Twitter and in media outlets in the wake of the screening.
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-07-02--Government agrees emergency support package for Celsa Steel

The government has agreed an emergency loan to the UK arm of Spanish-based Celsa Steel in a bid to bolster its balance sheet amid the coronavirus crisis and rescue more than 1,000 jobs .
The size of the loan has not yet been disclosed , however , reports last month suggested the Cardiff-based steelmaker was seeking £30m from the government .
Read more : Speedy Hire says revenue picking up as construction activity begins again As part of the loan , which is expected to be repaid in full , the company must meet a series of legally-binding conditions set @ @ @ @ @ @ @ jobs , slashing bonuses and promising to commit to net zero targets .
Restraints on executive pay were also written into the agreement , which also involved additional funding from shareholders and existing lenders .
In a statement , the Department for Business , Energy & Industrial Strategy ( Beis ) said : “ The government has brought together the firm ’ s management , shareholders , and other lenders to create a strong package of support for the company , its workers and UK economy .
This is a good deal for @ @ @ @ @ @ @ its commitment that bespoke support will only be provided during the coronavirus crisis in “ exceptional circumstances ” , where a company is “ of strategic importance and all other options have been exhausted ” .
Celsa Steel UK employs about 500 people directly in the UK , with hundreds of sub-contractors and employees throughout its supply chain .
The Spanish firm ’ s British operation produces around 1.2m tonnes of steel annually from recycled scrap metal , making it the largest producer of steel reinforcement in Britain .
The support package comes @ @ @ @ @ @ @ the government to provide financial support to the struggling industry .
In April , Port Talbot-based Tata Steel called for a £500m loan from authorities , while discussions have also taken place with Liberty Steel and Jingye-owned British Steel .
Before the Open : Get the jump on the markets with our early morning newsletter

Government agrees emergency support package for Celsa Steel
The government has agreed an emergency loan to the UK arm of Spanish-based Celsa Steel in a bid to bolster its balance sheet amid the coronavirus crisis and rescue more than 1,000 jobs.
The size of the loan has not yet been disclosed, however, reports last month suggested the Cardiff-based steelmaker was seeking £30m from the government.
As part of the loan, which is expected to be repaid in full, the company must meet a series of legally-binding conditions set out by the government, including protecting jobs, slashing bonuses and promising to commit to net zero targets.
Restraints on executive pay were also written into the agreement, which also involved additional funding from shareholders and existing lenders.
In a statement, the Department for Business, Energy & Industrial Strategy (Beis) said: “The government has brought together the firm’s management, shareholders, and other lenders to create a strong package of support for the company, its workers and UK economy. This is a good deal for all parties.”
Beis said it maintained its commitment that bespoke support will only be provided during the coronavirus crisis in “exceptional circumstances”, where a company is “of strategic importance and all other options have been exhausted”.
Celsa Steel UK employs about 500 people directly in the UK, with hundreds of sub-contractors and employees throughout its supply chain.
The Spanish firm’s British operation produces around 1.2m tonnes of steel annually from recycled scrap metal, making it the largest producer of steel reinforcement in Britain.
The support package comes after members in the industrial sector urged the government to provide financial support to the struggling industry.
In April, Port Talbot-based Tata Steel called for a £500m loan from authorities, while discussions have also taken place with Liberty Steel and Jingye-owned British Steel.
Celsa Steel was approached for comment.
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-07-02--Andrew Balding updates on leading Investec Derby contender Kameko

Trainer Andrew Balding has updated fans on his Investec Derby hopeful Kameko , who aims to win the second colts ’ Classic of the season having won the 2000 Guineas at Newmarket earlier this month .
“ We are really pleased with the way that Kameko came out of Newmarket , he is a very laid back horse .
He slept that night got up the next morning on Monday morning and back to work and hasn ’ t looked back since .
We sent him upsides on Saturday which was his first faster piece since the Guineas and I @ @ @ @ @ @ @ is just such a professional and I couldn ’ t be happier at this stage .
We have got one more big piece of work to go and as long as that goes well we are all systems go.
” Reflecting on Kameko ’ s success at Newmarket , Balding said : “ We went into the Guineas with high hopes that he would run very well but I was really pleased with the way he won the race .
I think it was a strong Guineas , I think both Wichita and @ @ @ @ @ @ @ he picked them up and was on top at the end and that was important .
I think his last furlong was his best furlong even though he hung slightly across the track he was really strong at the end of the race .
I think that has got to be encouraging in terms of looking towards Epsom.
” “ From the day he arrived in the yard Kameko has just been the most sensational horse to have anything to do with .
He ’ s so relaxed , he ’ s so @ @ @ @ @ @ @ to a high standard .
He is an easy horse to read which is important and helpful for a trainer .
The only time I think I felt we got it wrong was when we had him a little too fresh for the Royal Lodge that day but we learnt from that and he is a horse who needs and enjoys plenty of work and thats fantastic , we have had a good lead up to Epsom so hopefully we can keep that going for another ten days that would be great .
@

Andrew Balding updates on leading Investec Derby contender Kameko
NEWMARKET, ENGLAND – JUNE 06: Kameko ridden Oisin Murphy approaches the finish line to win the Qipco 2000 Guineas Stakes at Newmarket Racecourse on June 06, 2020 in Newmarket, England. (Photo by Edward Whitaker/Pool via Getty Images)
Trainer Andrew Balding has updated fans on his Investec Derby hopeful Kameko, who aims to win the second colts’ Classic of the season having won the 2000 Guineas at Newmarket earlier this month.
“We are really pleased with the way that Kameko came out of Newmarket, he is a very laid back horse. He slept that night got up the next morning on Monday morning and back to work and hasn’t looked back since. We sent him upsides on Saturday which was his first faster piece since the Guineas and I was really pleased with him, he is just such a professional and I couldn’t be happier at this stage. We have got one more big piece of work to go and as long as that goes well we are all systems go.”
Reflecting on Kameko’s success at Newmarket, Balding said:
“We went into the Guineas with high hopes that he would run very well but I was really pleased with the way he won the race. I think it was a strong Guineas, I think both Wichita and Pinatubo are two very good horses and he picked them up and was on top at the end and that was important. I think his last furlong was his best furlong even though he hung slightly across the track he was really strong at the end of the race. I think that has got to be encouraging in terms of looking towards Epsom.”
On training Kameko he added:
“From the day he arrived in the yard Kameko has just been the most sensational horse to have anything to do with. He’s so relaxed, he’s so professional, he’s always worked to a high standard. He is an easy horse to read which is important and helpful for a trainer. The only time I think I felt we got it wrong was when we had him a little too fresh for the Royal Lodge that day but we learnt from that and he is a horse who needs and enjoys plenty of work and thats fantastic, we have had a good lead up to Epsom so hopefully we can keep that going for another ten days that would be great.”
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cityam--2020-07-02--Ed Walker updates on leading Investec Derby contender English King

Trainer Ed Walker , trainer of leading Investec Derby hope English King , has given an update on his star colt ahead of next week ’ s Classic at Epsom .
“ He ( English King ) has come out of Lingfield very well , it was the perfect prep .
I always wanted to go to Lingfield because I think it mimics Epsom really well .
The ground was quite quick but he came out of it great and handled conditions very well and we have had plenty of time to freshen him up , get weight back on @ @ @ @ @ @ @ .
“ We always thought he was a really nice horse , he only does what he ’ s asked to do at home .
He ’ s not the most flashy work horse but he was very impressive at Newcastle and that was solid form so we knew he was a horse who was going to turn it on on the track and he ’ s just one of those horses that has got everything in terms of he relaxes , he stays , he travels and like all those good horses @ @ @ @ @ @ @ quicken off a high tempo which he proved really well.
” Frankie Dettori will ride English King in the Epsom Classic on Saturday 4 July .
Walker spoke of the change in jockey from Tom Marquand who has ridden the horse to his last two successes : “ Frankie Dettori is going to take over from Tom ( Marquand ) which is obviously a big blow for Tom .
I did say to him after Lingfield when we chatted after the race and I said your only danger is Frankie and you just @ @ @ @ @ @ @ ) has got a runner in the Derby and as it turns out he hasn ’ t .
It is a real honour to have Frankie riding him.
” This will be Ed Walker ’ s first runner in the Investec Derby .
He spoke of the excitement of having a leading contender : “ There has always been a bit of a buzz through this Winter coming into Spring and we were obviously very frustrated not to get going , as everybody was , but there has been a real buzz and @ @ @ @ @ @ @ having one of the leading contenders for the Derby has really upped the excitement in the yard .
”

Ed Walker updates on leading Investec Derby contender English King
LINGFIELD, ENGLAND – JUNE 05: English King ridden by Tom Marquand on the way to winning The Betsafe Derby Trial Stakes at Lingfield Park on June 05, 2020 in Lingfield, England. Photo by Mark Cranham/Pool via Getty Images)
Trainer Ed Walker, trainer of leading Investec Derby hope English King, has given an update on his star colt ahead of next week’s Classic at Epsom.
“He (English King) has come out of Lingfield very well, it was the perfect prep. I always wanted to go to Lingfield because I think it mimics Epsom really well. The ground was quite quick but he came out of it great and handled conditions very well and we have had plenty of time to freshen him up, get weight back on him and he is ready to go.
“We always thought he was a really nice horse, he only does what he’s asked to do at home. He’s not the most flashy work horse but he was very impressive at Newcastle and that was solid form so we knew he was a horse who was going to turn it on on the track and he’s just one of those horses that has got everything in terms of he relaxes, he stays, he travels and like all those good horses they have got to be able to quicken off a high tempo which he proved really well.”
Frankie Dettori will ride English King in the Epsom Classic on Saturday 4 July. Walker spoke of the change in jockey from Tom Marquand who has ridden the horse to his last two successes:
“Frankie Dettori is going to take over from Tom (Marquand) which is obviously a big blow for Tom. I did say to him after Lingfield when we chatted after the race and I said your only danger is Frankie and you just need to hope that John (Gosden) has got a runner in the Derby and as it turns out he hasn’t. It is a real honour to have Frankie riding him.”
This will be Ed Walker’s first runner in the Investec Derby. He spoke of the excitement of having a leading contender: “There has always been a bit of a buzz through this Winter coming into Spring and we were obviously very frustrated not to get going, as everybody was, but there has been a real buzz and obviously with him winning like that and having one of the leading contenders for the Derby has really upped the excitement in the yard.”
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cityam--2020-07-03--Johnson says he’s more optimistic than Barnier on post-Brexit trade deal

Prime Minister Boris Johnson said he is more optimistic than European officials about the prospect of Britain securing a post-Brexit trade agreement , but said the UK could still leave the bloc without a deal if needed .
Johnson said he was a bit more optimistic than chief EU negotiator Michel Barnier , who said this week that serious divergences between the two sides remained and that Britain needed to respect the EU ’ s position .
Read more : Boris Johnson : UK through the worst of it but ‘ let ’ s not blow it now ’ Speaking @ @ @ @ @ @ @ the UK and EU could not reach an agreement with the bloc , then an “ Australia-style ” arrangement with the bloc would be a “ very good option ” .
Australia does not have a comprehensive trade deal with the EU .
While specific agreements are in place for certain goods , much EU-Australia trade takes place on World Trade Organisation terms .
Britain left the EU at the end of January , but remains a member in all but name thanks to a post-Brexit transition period until the end of the @ @ @ @ @ @ @ little progress on negotiating a post-Brexit trade deal .
Before the Open newsletter : Start your day with the City View podcast and key market data Both sides had hoped this week ’ s negotiations would reboot the process but again little progress was made and a one-on-one meeting between the chief negotiators was called off .
Asked if the government was being disrespectful of EU rules , Johnson replied : “ No , not remotely ” .
He added that , having voted to leave the bloc , it would be wrong @ @ @ @ @ @ @ with EU laws or “ hand over our amazing fish stocks , so we ’ re not going to do that.
” Read more : Rishi Sunak to make an announcement on jobs support next week , says PM “ We now need to make sure that we get a good deal , ” he said .
“ Actually… I ’ m a bit more optimistic than Michel is there , there is a good agreement to be reached but obviously if we can ’ t then we will have the very good @ @ @ @ @ @ @ ”

Johnson says he’s more optimistic than Barnier on post-Brexit trade deal
Johnson said that if a deal could not be reached, an “Australia-style” agreement with the bloc was still a good option
Prime Minister Boris Johnson said he is more optimistic than European officials about the prospect of Britain securing a post-Brexit trade agreement, but said the UK could still leave the bloc without a deal if needed.
Johnson said he was a bit more optimistic than chief EU negotiator Michel Barnier, who said this week that serious divergences between the two sides remained and that Britain needed to respect the EU’s position.
Speaking to LBC, Johnson said that if the UK and EU could not reach an agreement with the bloc, then an “Australia-style” arrangement with the bloc would be a “very good option”.
Australia does not have a comprehensive trade deal with the EU. While specific agreements are in place for certain goods, much EU-Australia trade takes place on World Trade Organisation terms.
Britain left the EU at the end of January, but remains a member in all but name thanks to a post-Brexit transition period until the end of the year.
There has thus far been little progress on negotiating a post-Brexit trade deal.
Before the Open newsletter: Start your day with the City View podcast and key market data
Both sides had hoped this week’s negotiations would reboot the process but again little progress was made and a one-on-one meeting between the chief negotiators was called off.
Asked if the government was being disrespectful of EU rules, Johnson replied: “No, not remotely”.
He added that, having voted to leave the bloc, it would be wrong for the country to continue to comply with EU laws or “hand over our amazing fish stocks, so we’re not going to do that.”
“We now need to make sure that we get a good deal,” he said.
“Actually… I’m a bit more optimistic than Michel is there, there is a good agreement to be reached but obviously if we can’t then we will have the very good option also of an Australian-style arrangement.”


cityam--2020-07-03--Super Saturday: The pubs, bars and restaurants reopening in the City

It ’ s been eerily quiet in the City over the past few months , but things are starting to come back to life .
Following Prime Minister Boris Johnson ’ s announcement last week that England is set to emerge from its “ national hibernation , ” some of the City ’ s pubs , restaurants and bars will open their doors for the first time in months tomorrow on so-called Super Saturday .
The two-metre social distancing rule is set to be scrapped in favour of new “ one metre-plus ” guidance , which means Brits can now @ @ @ @ @ @ @ , but only if they take “ mitigating precautions ” such as wearing a face mask and gloves .
Read more : What pubs , cinemas and hairdressers will look like under new lockdown rules Most venues have had to overhaul their operations , introducing strict visitor registers , temperature checks , and regular hand washing facilities — and there ’ ll be no hugging or standing around under the new guidelines .
The new social distancing rules have left the city divided .
While police are preparing for “ writhing in the @ @ @ @ @ @ @ , a poll of more than 25,000 people by research group Find Out Now showed that nearly 93 per cent of Brits are not ready to return to pubs and bars yet .
But for the seven per cent keen to sink a drink or two over dinner , here are the pubs , bars and restaurants reopening in the City tomorrow : All Wetherspoons will be reopening on 4 July , meaning The Crosse Keys , The Windsor Fenchurch , The Sir John Hawkshaw and The Liberty Bounds will all be serving @ @ @ @ @ @ @ hit the headlines at the start of lockdown , after boss Tim Martin refused to pay Wetherspoons ’ 43,000 workers as sites remained shuttered .
He swiftly U-turned following public outrage , but the hashtag # NeverSpoons did the rounds when the PM announced pubs were set to reopen .
Either way , Wetherspoons pubs will be Covid-ready when they reopen tomorrow , with customers able to order food and drink on the chain ’ s long-running app .
Grade II listed pub Ye Olde Cheshire Cheese on Fleet Street ( almost ) @ @ @ @ @ @ @ it ’ s not going to let coronavirus stand in its way .
The Sam Smiths pub , founded in 1538 and rebuilt in 1667 , is set to reopen this Saturday with strict social distancing measures in place .
It will have restricted capacity and punters will need to book tables .
Nicholson ’ s pubs are all set to reopen this weekend , meaning you can get a pint from The Blackfriar , The Hoop & Grapes , The Ship , The Old Bell Tavern The Lord Aberconway , The Magpie @ @ @ @ @ @ @ Globe , The Sugarloaf , Williamson ’ s Tavern Ye Olde Watling , The Woodins Shades and The Walrus and Carpenter ( phew ! )
.
Bookings only , with maximum table numbers of six .
Most opening hours will be reduced and capacity capped , so get there early .
Plus , you get a £1 drink for downloading the app .
Vinoteca City will be reopening tomorrow for food and drink .
Staff have been retrained to comply with Covid safety measures , and the venue will have reduced seating space @ @ @ @ @ @ @ and draught beer will also be available to take away .
The rooftop bar overlooking St Paul ’ s Cathedral will be back from 12pm to 1am tomorrow .
Staff will wear face masks , menus will be viewed electronically , and tables will be spaced out .
London ’ s largest outdoor food and beer garden is set to reopen this Saturday , alongside two new mezzanine bars .
Only those with “ Track and Trace ” tickets , free on Vinegar Yard ’ s website , will be provided entry .
@ @ @ @ @ @ @ up to six people , and street food will be open from next week The Ivy West Street and The Ivy Asia in St Pauls are set to reopen this Saturday .
The Ivy have gone all out on safety — installing thermal cameras for temperature checks , new air conditioning units , and tracking software for staff to log daily temperature readings .
The Lutyens building will be partially reopening this weekend , but will only be serving food at just two of its eight restaurants — Millie ’ s and Kaia @ @ @ @ @ @ @ , and no “ vertical ” drinking — meaning The Ned ’ s bars will remain shut for now .
To comply with new government guidelines , there will be no band in the central bandstand , but fear not — music will waft up to the ground floor from a DJ hidden downstairs by the Vault bar .
The Ned will also be taking room bookings from 4 July .
14 Hills on Fenchurch Street will reopen tomorrow , serving food and drink on its 14th floor restaurant .
The scenic spot @ @ @ @ @ @ @ Saturday and Sunday , with music from DJ Annie at a celebratory party from 12.30-4.30pm .
Book online , and don ’ t forget the smart/casual dress code .
No sportswear , caps , tracksuits or flip flops .
The Galvin Brothers will be opening their new casual Spitalfields spot this Saturday .
The group were forced to permanently close their flagship Galvin Bistro de Luxe restaurant during the pandemic — but their new Spitalfields joint is set to fill its shoes .
Expect classic French food , drink and decor .
Gaucho @ @ @ @ @ @ @ Broadgate will both be reopening tomorrow .
Al fresco dining will be on the menu at both — booking advised .
Paternoster Chop House next to St Paul ’ s is set to reopen tomorrow .
Electronic menus will be available and the restaurant will have reduced capacity so booking is advised Burger & Lobster West India Quay has fought tooth and claw through the coronavirus crisis with its home delivery DIY kits , and will be reopening tomorrow .
Soak up the sun on the terrace or order takeaway .
M ’ @ @ @ @ @ @ @ will be reopening tomorrow , back with first rate beef from across the globe .
Padella Shoreditch will be back rolling pasta tomorrow — this time with Covid-friendly virtual queuing via the Walkin app .
Coq d ’ Argent in Bank is back , with a new menu and rooftop rosé .
Tables on the terrace will be served on a first come first serve basis from 12pm .
Staff will wear face masks , menus will be viewed electronically , and tables will be spaced out .
Pizza Pilgrims In West India @ @ @ @ @ @ @ on 4 July .
The venue will offer reduced capacity , ‘ one metre ’ spaced tables with Perspex screens , increased cleaning and sanitation procedures to make consumers feel safe when dining in .
Homeslice City is back tomorrow for reservations and takeaway only .
There ’ ll be reduced capacity with tables available for one hour slots .
Outside tables will be offered on a first come first served basis .
The low-key pasta restaurant in Aldgate will be opening for bookings and takeaway tomorrow .
Vegan and vegetarian restaurant Bubala @ @ @ @ @ @ @ food tomorrow from 12-3 and 5.30-10 .
Go for falafel and hummus and salted grapefruit bellinis .

Super Saturday: The pubs, bars and restaurants reopening in the City
It’s been eerily quiet in the City over the past few months, but things are starting to come back to life.
Following Prime Minister Boris Johnson’s announcement last week that England is set to emerge from its “national hibernation,” some of the City’s pubs, restaurants and bars will open their doors for the first time in months tomorrow on so-called Super Saturday.
The two-metre social distancing rule is set to be scrapped in favour of new “one metre-plus” guidance, which means Brits can now enjoy a table-top pint with a friend, but only if they take “mitigating precautions” such as wearing a face mask and gloves.
Most venues have had to overhaul their operations, introducing strict visitor registers, temperature checks, and regular hand washing facilities — and there’ll be no hugging or standing around under the new guidelines.
The new social distancing rules have left the city divided. While police are preparing for “writhing in the beer gardens”, as Johnson described, a poll of more than 25,000 people by research group Find Out Now showed that nearly 93 per cent of Brits are not ready to return to pubs and bars yet.
But for the seven per cent keen to sink a drink or two over dinner, here are the pubs, bars and restaurants reopening in the City tomorrow:
Pubs and bars
Wetherspoons
All Wetherspoons will be reopening on 4 July, meaning The Crosse Keys, The Windsor Fenchurch, The Sir John Hawkshaw and The Liberty Bounds will all be serving pints on Saturday.
The pub chain hit the headlines at the start of lockdown, after boss Tim Martin refused to pay Wetherspoons’ 43,000 workers as sites remained shuttered. He swiftly U-turned following public outrage, but the hashtag #NeverSpoons did the rounds when the PM announced pubs were set to reopen.
Either way, Wetherspoons pubs will be Covid-ready when they reopen tomorrow, with customers able to order food and drink on the chain’s long-running app.
Ye Olde Cheshire Cheese
Grade II listed pub Ye Olde Cheshire Cheese on Fleet Street (almost) survived the Fire of London, and it’s not going to let coronavirus stand in its way. The Sam Smiths pub, founded in 1538 and rebuilt in 1667, is set to reopen this Saturday with strict social distancing measures in place. It will have restricted capacity and punters will need to book tables.
Nicholson’s
Nicholson’s pubs are all set to reopen this weekend, meaning you can get a pint from The Blackfriar, The Hoop & Grapes, The Ship, The Old Bell Tavern The Lord Aberconway, The Magpie, The Sir Christopher Hatton, The Globe, The Sugarloaf, Williamson’s Tavern Ye Olde Watling, The Woodins Shades and The Walrus and Carpenter (phew!).
Bookings only, with maximum table numbers of six. Most opening hours will be reduced and capacity capped, so get there early. Plus, you get a £1 drink for downloading the app.
Vinoteca
Vinoteca City will be reopening tomorrow for food and drink. Staff have been retrained to comply with Covid safety measures, and the venue will have reduced seating space and menus. Wine by the glass and draught beer will also be available to take away.
Madison
The rooftop bar overlooking St Paul’s Cathedral will be back from 12pm to 1am tomorrow. Staff will wear face masks, menus will be viewed electronically, and tables will be spaced out.
Vinegar Yard
London’s largest outdoor food and beer garden is set to reopen this Saturday, alongside two new mezzanine bars. Only those with “Track and Trace” tickets, free on Vinegar Yard’s website, will be provided entry. Al fresco diners can reserve tables of up to six people, and street food will be open from next week
Restaurants
The Ivy
The Ivy West Street and The Ivy Asia in St Pauls are set to reopen this Saturday. The Ivy have gone all out on safety — installing thermal cameras for temperature checks, new air conditioning units, and tracking software for staff to log daily temperature readings.
The Ned
The Lutyens building will be partially reopening this weekend, but will only be serving food at just two of its eight restaurants — Millie’s and Kaia.
There will be table service only, and no “vertical” drinking — meaning The Ned’s bars will remain shut for now.
To comply with new government guidelines, there will be no band in the central bandstand, but fear not — music will waft up to the ground floor from a DJ hidden downstairs by the Vault bar. The Ned will also be taking room bookings from 4 July.
14 Hills
14 Hills on Fenchurch Street will reopen tomorrow, serving food and drink on its 14th floor restaurant. The scenic spot will be hosting a Comeback Brunch on Saturday and Sunday, with music from DJ Annie at a celebratory party from 12.30-4.30pm.
Book online, and don’t forget the smart/casual dress code. No sportswear, caps, tracksuits or flip flops.
Galvin Bistrot & Bar
The Galvin Brothers will be opening their new casual Spitalfields spot this Saturday. The group were forced to permanently close their flagship Galvin Bistro de Luxe restaurant during the pandemic — but their new Spitalfields joint is set to fill its shoes. Expect classic French food, drink and decor.
Gaucho
Gaucho’s restaurants in Tower Bridge and Broadgate will both be reopening tomorrow. Al fresco dining will be on the menu at both — booking advised.
Paternoster Chop House
Paternoster Chop House next to St Paul’s is set to reopen tomorrow. Electronic menus will be available and the restaurant will have reduced capacity so booking is advised
Burger & Lobster
Burger & Lobster West India Quay has fought tooth and claw through the coronavirus crisis with its home delivery DIY kits, and will be reopening tomorrow. Soak up the sun on the terrace or order takeaway.
M Threadneedle
M’s fine dining restaurant in the City will be reopening tomorrow, back with first rate beef from across the globe.
Padella
Padella Shoreditch will be back rolling pasta tomorrow — this time with Covid-friendly virtual queuing via the Walkin app.
Coq d’Argent
Coq d’Argent in Bank is back, with a new menu and rooftop rosé. Tables on the terrace will be served on a first come first serve basis from 12pm. Staff will wear face masks, menus will be viewed electronically, and tables will be spaced out.
Pizza Pilgrims
Pizza Pilgrims In West India Quay will be firing up its ovens on 4 July. The venue will offer reduced capacity, ‘one metre’ spaced tables with Perspex screens, increased cleaning and sanitation procedures to make consumers feel safe when dining in.
Homeslice
Homeslice City is back tomorrow for reservations and takeaway only. There’ll be reduced capacity with tables available for one hour slots. Outside tables will be offered on a first come first served basis.
Emilia’s Pasta
The low-key pasta restaurant in Aldgate will be opening for bookings and takeaway tomorrow.
Bubala
Vegan and vegetarian restaurant Bubala on Commercial Road will be back serving food tomorrow from 12-3 and 5.30-10. Go for falafel and hummus and salted grapefruit bellinis.


cityam--2020-07-03--Jean Castex appointed French PM in cabinet reshuffle

French president Emmanuel Macron has appointed local mayor Jean Castex as prime minister following this morning ’ s resignation of Edouard Philippe .
Castex , who masterminded France ’ s exit from the coronavirus lockdown , will be tasked with forming the new government , the Elysee palace said .
Read more : French PM resigns ahead of Macron reshuffle after election trouncing The overhaul is part of a push from Macron to “ reinvent ” centrist party En Marche after last weekend ’ s poor showing in municipal elections .
Both Castex and predecessor Philippe were reappointed mayor of @ @ @ @ @ @ @ in Prades in the Pyrenees and northern port city Le Havre respectively .
In French government reshuffles , it is customary for the prime minister to resign first , with the rest of the cabinet following suit .
Before the Open newsletter : Start your day with the City View podcast and key market data A surge in support for the Green party in the recent elections reiterated Macron ’ s struggles with securing votes from left-leaning citizens .
Political analysts said that the reshuffle posed a considerable risk , with Philippe widely @ @ @ @ @ @ @ boss .
With two years of his presidency yet to run , Macron is now facing the added challenge of the steepest depression since World War Two , with the French economy set to shrink 11 per cent in 2020 .
Read more : Boris Johnson tells Emmanuel Macron that Brexit talks can not stretch into autumn The rest of the new cabinet is yet to be appointed , but much could centre on whether finance minister Bruno Le Maire is returned to his position .
Le Maire has been a key figure @ @ @ @ @ @ @ , agreeing deals to support huge firms such as Renault and Air France .

Jean Castex appointed French PM in cabinet reshuffle
French president Emmanuel Macron has appointed local mayor Jean Castex as prime minister following this morning’s resignation of Edouard Philippe.
Castex, who masterminded France’s exit from the coronavirus lockdown, will be tasked with forming the new government, the Elysee palace said.
The overhaul is part of a push from Macron to “reinvent” centrist party En Marche after last weekend’s poor showing in municipal elections.
Both Castex and predecessor Philippe were reappointed mayor of their local areas in the polls, in Prades in the Pyrenees and northern port city Le Havre respectively.
In French government reshuffles, it is customary for the prime minister to resign first, with the rest of the cabinet following suit.
Before the Open newsletter: Start your day with the City View podcast and key market data
A surge in support for the Green party in the recent elections reiterated Macron’s struggles with securing votes from left-leaning citizens.
Political analysts said that the reshuffle posed a considerable risk, with Philippe widely deemed to be more popular than his boss.
With two years of his presidency yet to run, Macron is now facing the added challenge of the steepest depression since World War Two, with the French economy set to shrink 11 per cent in 2020.
The rest of the new cabinet is yet to be appointed, but much could centre on whether finance minister Bruno Le Maire is returned to his position.
Le Maire has been a key figure in the French response to the coronavirus, agreeing deals to support huge firms such as Renault and Air France.