cityam--2020-05-21--UK companies tapped capital markets for £30bn at height of coronavirus crisis

UK companies raised around £30bn in the corporate bond and equity markets at the height of the coronavirus crisis , a report released today showed .
From the middle of March to early April , 150 UK companies raised around £30bn on the capital markets in response to the coronavirus crisis , the report said .
Read more : National Express set for equity raise to strengthen balance sheet More than 90 per cent of large UK companies use the capital markets to raise money , the research from think tank New Financial and bank BNP Paribas found .
That @ @ @ @ @ @ @ using the capital markets and a further 14,000 smaller companies .
UK companies raised around £750bn in the bond , equity and leveraged loan markets from 2014 to 2018 , or around £150bn a year .
Nearly half of all large UK companies are listed on the stock market and around 45 per cent of listed companies used the stock market to raise money in the five-year period analysed John Glen MP , economic secretary to the Treasury , said : “ As City minister , I know that the health of our @ @ @ @ @ @ @ intimately linked , although few people fully realise the impact that our capital markets have on their everyday lives .
“ As the report demonstrates , capital markets provide long-term funding for businesses across all regions of the UK , allowing them to invest and grow .
This is particularly important now as we deal with and recover from the impacts of the Covid-19 pandemic.
” Read more : Catering giant Compass Group to raise £2bn to shore up finances during coronavirus crisis William Wright , the founder and managing director of New @ @ @ @ @ @ @ provides the most comprehensive picture yet of the value of capital markets to the UK economy and how relevant they are to UK companies .
It underlines that while bank lending plays an important role in supporting the economy , capital markets add much-needed diversity , speed , capacity and flexibility to funding for companies.
” Anne Marie Verstraeten , UK country head at BNP Paribas , said : “ Having an effective , purpose driven financial services industry is core to the functioning of the UK real economy .
This report underscores @ @ @ @ @ @ @ is when it comes to supporting our UK companies , providing them with access to liquidity , investors , and to markets across the world .
”

UK companies tapped capital markets for £30bn at height of coronavirus crisis
UK companies raised around £30bn in the corporate bond and equity markets at the height of the coronavirus crisis, a report released today showed.
From the middle of March to early April, 150 UK companies raised around £30bn on the capital markets in response to the coronavirus crisis, the report said.
More than 90 per cent of large UK companies use the capital markets to raise money, the research from think tank New Financial and bank BNP Paribas found.
That translates into around 1,000 large UK companies using the capital markets and a further 14,000 smaller companies.
UK companies raised around £750bn in the bond, equity and leveraged loan markets from 2014 to 2018, or around £150bn a year.
Nearly half of all large UK companies are listed on the stock market and around 45 per cent of listed companies used the stock market to raise money in the five-year period analysed
John Glen MP, economic secretary to the Treasury, said: “As City minister, I know that the health of our capital markets and the real economy are intimately linked, although few people fully realise the impact that our capital markets have on their everyday lives.
“As the report demonstrates, capital markets provide long-term funding for businesses across all regions of the UK, allowing them to invest and grow. This is particularly important now as we deal with and recover from the impacts of the Covid-19 pandemic.”
William Wright, the founder and managing director of New Financial, said: “This report provides the most comprehensive picture yet of the value of capital markets to the UK economy and how relevant they are to UK companies. It underlines that while bank lending plays an important role in supporting the economy, capital markets add much-needed diversity, speed, capacity and flexibility to funding for companies.”
Anne Marie Verstraeten, UK country head at BNP Paribas, said: “Having an effective, purpose driven financial services industry is core to the functioning of the UK real economy. This report underscores just how vital access to capital markets is when it comes to supporting our UK companies, providing them with access to liquidity, investors, and to markets across the world.”


cityam--2020-05-21--Consumer confidence 'battered and bruised' by coronavirus crisis

Consumer confidence has been “ battered and bruised ” by the coronavirus crisis , new research has found as optimism remained low despite the easing of lockdown restrictions .
The latest data showed that confidence was at minus 34 as consumers were concerned about the economic impact of the pandemic , with unemployment claims rising amid warnings of a recession .
Read more : Asda sales jump but grocer warns over consumer confidence slump The government this month set out a plan to ease lockdown restrictions , including allowing non-essential retailers to reopen from 1 June at the earliest , @ @ @ @ @ @ @ at least 4 July .
However , the plans for lifting the lockdown , which also prompted the housing market to reopen , did not boost GfK ’ s consumer confidence index .
Confidence in the general economic situation over the last 12 months plummeted seven points over the last two weeks to minus 55 .
There was a one per cent dip in confidence over the next 12 months , which fell to minus 54 .
Optimism over personal financial situations over the last 12 months was flat at minus four points @ @ @ @ @ @ @ months increased two points .
The major purchase index increased two points to minus 47 .
GfK client strategy director Joe Staton said consumer confidence remained “ battered and bruised ” despite the announcements earlier this month .
“ With unemployment claims rising by the highest rate on record and warnings of a severe recession and possible tax hikes , the damage done by the coronavirus pandemic to the UK economic landscape has been laid bare , ” Staton said .
“ The lower scores we have registered on the general economic situation @ @ @ @ @ @ @ down expectations of an immediate economic bounce back .
“ So despite plans to get the country up and running , consumers feel we are not out of the woods yet.
” He added : “ Confidence will remain fragile for some time and the possibility of another spike in Covid-19 cases as we adapt to the “ new normal ” is an obvious danger .
”

Consumer confidence ‘battered and bruised’ by coronavirus crisis
Consumer confidence has been “battered and bruised” by the coronavirus crisis, new research has found as optimism remained low despite the easing of lockdown restrictions.
The latest data showed that confidence was at minus 34 as consumers were concerned about the economic impact of the pandemic, with unemployment claims rising amid warnings of a recession.
The government this month set out a plan to ease lockdown restrictions, including allowing non-essential retailers to reopen from 1 June at the earliest, with hospitality businesses to remain closed until at least 4 July.
However, the plans for lifting the lockdown, which also prompted the housing market to reopen, did not boost GfK’s consumer confidence index.
Confidence in the general economic situation over the last 12 months plummeted seven points over the last two weeks to minus 55. There was a one per cent dip in confidence over the next 12 months, which fell to minus 54.
Optimism over personal financial situations over the last 12 months was flat at minus four points, while confidence for the next 12 months increased two points.
The major purchase index increased two points to minus 47.
GfK client strategy director Joe Staton said consumer confidence remained “battered and bruised” despite the announcements earlier this month.
“With unemployment claims rising by the highest rate on record and warnings of a severe recession and possible tax hikes, the damage done by the coronavirus pandemic to the UK economic landscape has been laid bare,” Staton said.
“The lower scores we have registered on the general economic situation reflect this and the government is dampening down expectations of an immediate economic bounce back.
“So despite plans to get the country up and running, consumers feel we are not out of the woods yet.”
He added: “Confidence will remain fragile for some time and the possibility of another spike in Covid-19 cases as we adapt to the “new normal” is an obvious danger.”


cityam--2020-05-21--Government ‘confident’ of NHS contact-tracing app launch despite delays

Health secretary Matt Hancock today said he was confident the NHS contact-tracing app would be launched by 1 June despite technical issues that have already caused delays .
Hancock said the app , which uses Bluetooth to track and trace coronavirus infections , would be in place to allow an easing of lockdown measures without risking a second spike in cases .
Read more : Coronavirus : Contact-tracing app to launch in mid-May The Covid-19 smartphone app is currently being tested on the Isle of Wight , but security minister James Brokenshire earlier today admitted it was suffering from technical @ @ @ @ @ @ @ app would be ready in mid-May .
Brokenshire today said there was “ no definitive timeline ” for its launch .
Ministers have previously said the technology would play a key role in tracking the spread of coronavirus in the UK and enabling an easing of restrictions .
But Hancock today emphasised the role of the country ’ s traditional contact-tracing system , which uses phone and email to alert people who have been in contact with anyone who has tested positive for the virus .
“ The app is working in the @ @ @ @ @ @ @ .
“ We want to make sure this whole system lands well and supports the ability safely to make changes to social distancing rules.
” Professor John Newton of Public Health England said the app was not required before conventional track and trace systems could be launched .
“ They are distinct but complementary , and it is perfectly okay , in fact possibly advantageous , to introduce one before the other , ” he said .
The government has now hired 24,000 people to manually track Covid-19 contacts .
Read more : @ @ @ @ @ @ @ app and how does it work ?
The confusion over the NHS app came as tech giants Google and Apple today launched their own software allowing the development of tracing apps .
The firms said 22 public health agencies from 22 countries and some US states had asked to test the system , and the launch will raise questions about whether the UK will continue to pursue its own approach .

Government ‘confident’ of NHS contact-tracing app launch despite delays
Health secretary Matt Hancock today said he was confident the NHS contact-tracing app would be launched by 1 June despite technical issues that have already caused delays.
Hancock said the app, which uses Bluetooth to track and trace coronavirus infections, would be in place to allow an easing of lockdown measures without risking a second spike in cases.
The Covid-19 smartphone app is currently being tested on the Isle of Wight, but security minister James Brokenshire earlier today admitted it was suffering from technical issues.
The government previously said the app would be ready in mid-May. Brokenshire today said there was “no definitive timeline” for its launch.
Ministers have previously said the technology would play a key role in tracking the spread of coronavirus in the UK and enabling an easing of restrictions.
But Hancock today emphasised the role of the country’s traditional contact-tracing system, which uses phone and email to alert people who have been in contact with anyone who has tested positive for the virus.
“The app is working in the Isle of Wight,” he said. “We want to make sure this whole system lands well and supports the ability safely to make changes to social distancing rules.”
Professor John Newton of Public Health England said the app was not required before conventional track and trace systems could be launched.
“They are distinct but complementary, and it is perfectly okay, in fact possibly advantageous, to introduce one before the other,” he said.
The government has now hired 24,000 people to manually track Covid-19 contacts.
The confusion over the NHS app came as tech giants Google and Apple today launched their own software allowing the development of tracing apps.
The firms said 22 public health agencies from 22 countries and some US states had asked to test the system, and the launch will raise questions about whether the UK will continue to pursue its own approach.


cityam--2020-05-21--Coronavirus: CMA investigating holiday firms over refund claims

The UK ’ s competition watchdog is investigating package holiday firm ’ s over their failure to refund customers for cancelled holidays .
According to its latest statistics , the Competition and Markets Authority ( CMA ) has received over 60,000 complaints from customers regarding the coronavirus crisis since 10 March .
Read more : Public trust in airlines and travel firms at record low , says Which ?
Of these , it said that 27,000 related to complaints about “ unfair practices ” related to holiday refunds , mostly directed at package holiday firms and airlines .
As a @ @ @ @ @ @ @ added package holiday operators to the list of sectors it was investigating .
In April , consumer rights group Which ?
said that customers were seeking a total of £7bn in renumeration in such firms .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Legally , holiday firms are obliged to give customers a cash refund within 14 days if they cancel a holiday , while airlines have seven days .
However , many in the sector have warned that @ @ @ @ @ @ @ requests they are facing , businesses are at risk of going bust if they are forced to pay out all the refunds at once .
Instead , some firms are offering customers refund credit notes or vouchers for future rebookings .
Read more : Travel industry calls on government to extend refund payment timetable Sector bodies such as ABTA have been lobbying the government to provide clarity on whether the alternatives are acceptable .
Which ?
reported yesterday that public trust in the sector had slipped into the negative on its tracking scale @ @ @ @ @ @ @ due to the situation .

Coronavirus: CMA investigating holiday firms over refund claims
The UK’s competition watchdog is investigating package holiday firm’s over their failure to refund customers for cancelled holidays.
According to its latest statistics, the Competition and Markets Authority (CMA) has received over 60,000 complaints from customers regarding the coronavirus crisis since 10 March.
Of these, it said that 27,000 related to complaints about “unfair practices” related to holiday refunds, mostly directed at package holiday firms and airlines.
As a result, the CMA said it had added package holiday operators to the list of sectors it was investigating.
In April, consumer rights group Which? said that customers were seeking a total of £7bn in renumeration in such firms.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Legally, holiday firms are obliged to give customers a cash refund within 14 days if they cancel a holiday, while airlines have seven days.
However, many in the sector have warned that due to the sheer number of refund requests they are facing, businesses are at risk of going bust if they are forced to pay out all the refunds at once.
Instead, some firms are offering customers refund credit notes or vouchers for future rebookings.
Sector bodies such as ABTA have been lobbying the government to provide clarity on whether the alternatives are acceptable.
Which? reported yesterday that public trust in the sector had slipped into the negative on its tracking scale for only the second time on record due to the situation.


cityam--2020-05-21--Half of Facebook employees could work remotely by 2030, says Zuckerberg

Half of Facebook ’ s workforce could be working remotely in the next five to 10 years , chief executive Mark Zuckerberg has said .
The social media boss today said his company would embrace a more permanent work from home policy even after the coronavirus crisis ends .
Read more : Mark Zuckerberg : Facebook is in fake news ‘ arms race ’ against rival states In an internal townhall live streamed on Facebook , Zuckerberg said the platform would “ aggressively ” ramp up its hiring of remote workers .
This will be coupled with a “ more @ @ @ @ @ @ @ working for existing employees , he said .
Those staff members would do work remotely will have until 1 January 2021 to inform the company if they move to a different location .
However , they may face a pay cut as Facebook adjusts their salary to their location for tax and accounting reasons .
It comes after rival social media firm Twitter said it will allow all staff to work from home permanently from now on .
Streaming giant Spotify has said employees can work remotely for the rest of the year @ @ @ @ @ @ @ worldwide , the vast majority of whom are working from home during the coronavirus crisis .
Last month the company said it expected to hire an additional 10,000 staff members for its product and engineering teams by the end of the year .
Read more : Facebook Workplace takes on Zoom with video call rival during lockdown Facebook , which posted resilient revenue growth in the first quarter despite the impact of Covid-19 , has rolled out a number of new features in recent weeks as it adapts to shifting user demand during @ @ @ @ @ @ @ giant announced the launch of Workplace , a new video conferencing tool to rival Zoom .

Half of Facebook employees could work remotely by 2030, says Zuckerberg
Half of Facebook’s workforce could be working remotely in the next five to 10 years, chief executive Mark Zuckerberg has said.
The social media boss today said his company would embrace a more permanent work from home policy even after the coronavirus crisis ends.
In an internal townhall live streamed on Facebook, Zuckerberg said the platform would “aggressively” ramp up its hiring of remote workers.
This will be coupled with a “more measured approach” to allow permanent remote working for existing employees, he said.
Those staff members would do work remotely will have until 1 January 2021 to inform the company if they move to a different location.
However, they may face a pay cut as Facebook adjusts their salary to their location for tax and accounting reasons.
It comes after rival social media firm Twitter said it will allow all staff to work from home permanently from now on. Streaming giant Spotify has said employees can work remotely for the rest of the year.
Facebook has more than 48,000 employees worldwide, the vast majority of whom are working from home during the coronavirus crisis.
Last month the company said it expected to hire an additional 10,000 staff members for its product and engineering teams by the end of the year.
Facebook, which posted resilient revenue growth in the first quarter despite the impact of Covid-19, has rolled out a number of new features in recent weeks as it adapts to shifting user demand during the pandemic.
Today the social media giant announced the launch of Workplace, a new video conferencing tool to rival Zoom.


cityam--2020-05-21--Trump's economic adviser insists China deal 'intact' as tensions rise

White House economic adviser Larry Kudlow has sought to soothe inflamed tensions between the US and China after Donald Trump increased his criticism of the Beijing regime last night .
Speaking to the Washington Post , Kudlow insisted that the landmark trade deal between the two countries remained “ intact ” despite the recent flare-ups .
Read more : Trump ratchets up China tensions with coronavirus ‘ propaganda ’ claims The Chinese government has been a favoured target of the president in recent weeks for its alleged cover-up of the severity of the coronavirus outbreak .
Overnight , he accused @ @ @ @ @ @ @ “ disinformation and propaganda attack on the United States and Europe ” : “ China is on a massive disinformation campaign because they are desperate to have Sleepy Joe Biden win the presidential race so they can continue to rip-off the United States , as they have done for decades , until I came along !
” he tweeted .
He also hit out at Chinese plans to implement new national security laws on semi-independent Hong Kong after last year ’ s pro-democracy protests .
Listen to our daily City View podcast as @ @ @ @ @ @ @ impact of the coronavirus pandemic .
Speaking to reporters , he said that the US would react “ very strongly ” to any attempt to increase control over the region .
Vice president Mike Pence also weighed in today , criticizing China ’ s handling of the virus .
The souring relations between the world ’ s two largest economies over the outbreak has made investors nervous about the Phase 1 trade deal signed earlier this year and stalled a strong rally in Wall Street ’ s main indexes this month .
The @ @ @ @ @ @ @ , brought to a halt a two-year trade war between the two nations that had constrained economic activity around the world .
Read more : China poised to tighten grip on Hong Kong with new national security laws Wall Street slipped today on the anxieties , slipping back from the two-monthly highs it had achieved in previous sessions .
According to Kudlow , the deal is “ intact and China has every intention of implementing it ” .

Trump’s economic adviser insists China deal ‘intact’ as tensions rise
White House economic adviser Larry Kudlow has sought to soothe inflamed tensions between the US and China after Donald Trump increased his criticism of the Beijing regime last night.
Speaking to the Washington Post, Kudlow insisted that the landmark trade deal between the two countries remained “intact” despite the recent flare-ups.
The Chinese government has been a favoured target of the president in recent weeks for its alleged cover-up of the severity of the coronavirus outbreak.
Overnight, he accused opposite number Xi Jinping of orchestrating a “disinformation and propaganda attack on the United States and Europe”:
“China is on a massive disinformation campaign because they are desperate to have Sleepy Joe Biden win the presidential race so they can continue to rip-off the United States, as they have done for decades, until I came along!” he tweeted.
He also hit out at Chinese plans to implement new national security laws on semi-independent Hong Kong after last year’s pro-democracy protests.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Speaking to reporters, he said that the US would react “very strongly” to any attempt to increase control over the region.
Vice president Mike Pence also weighed in today, criticizing China’s handling of the virus.
The souring relations between the world’s two largest economies over the outbreak has made investors nervous about the Phase 1 trade deal signed earlier this year and stalled a strong rally in Wall Street’s main indexes this month.
The deal, which was signed in January, brought to a halt a two-year trade war between the two nations that had constrained economic activity around the world.
Wall Street slipped today on the anxieties, slipping back from the two-monthly highs it had achieved in previous sessions.
According to Kudlow, the deal is “intact and China has every intention of implementing it”.


cityam--2020-05-21--Lloyds hit by investor backlash over executive pay package

Lloyds was left reeling from a shareholder revolt today after more than a third of investors voted against the bank ’ s pay policy for top executives .
The investor backlash came after influential proxy adviser group ISS recommended voting against the changes to the policy amid concerns it will all but guarantee long-term bonuses .
Read more : Lloyds boss says bank can absorb coronavirus loan defaults While the rebellion will be a bloody nose for Lloyds it was not enough to block the pay plan , which passed with 64 per cent of votes cast at today ’ @ @ @ @ @ @ @ is centred on the lender ’ s switch to a restricted share incentive scheme for top executives — a move adopted by other blue-chip firms including BT .
Under the new policy chief executive Antonio Horta-Osorio will be entitled to maximum total earnings of £6.3m per year , down from his previous pay packet of £8.3m .
But ISS questioned whether the reduction was sufficient given the higher probability of receiving the bonuses .
Lloyds today stood behind its new policy , but said it would continue to consult with shareholders .
“ @ @ @ @ @ @ @ remuneration approach that meets the needs of all shareholders is difficult , but felt the introduction of this new policy , which includes a significant reduction and harmonisation in pension contributions , would ensure greater alignment with shareholders , ” it said in a statement .
Read more : Lloyds says it has provided £4bn support to businesses during coronavirus crisis Since last year ’ s meeting Lloyds has slashed pension allowances for top bosses and raised contributions for all staff after coming under fire from MPs over its pay policy .
Horta-Osorio @ @ @ @ @ @ @ this year due to the Covid-19 crisis .

Lloyds hit by investor backlash over executive pay package
Lloyds was left reeling from a shareholder revolt today after more than a third of investors voted against the bank’s pay policy for top executives.
The investor backlash came after influential proxy adviser group ISS recommended voting against the changes to the policy amid concerns it will all but guarantee long-term bonuses.
While the rebellion will be a bloody nose for Lloyds it was not enough to block the pay plan, which passed with 64 per cent of votes cast at today’s annual general meeting.
The controversy is centred on the lender’s switch to a restricted share incentive scheme for top executives — a move adopted by other blue-chip firms including BT.
Under the new policy chief executive Antonio Horta-Osorio will be entitled to maximum total earnings of £6.3m per year, down from his previous pay packet of £8.3m.
But ISS questioned whether the reduction was sufficient given the higher probability of receiving the bonuses.
Lloyds today stood behind its new policy, but said it would continue to consult with shareholders.
“The board recognises that developing a new remuneration approach that meets the needs of all shareholders is difficult, but felt the introduction of this new policy, which includes a significant reduction and harmonisation in pension contributions, would ensure greater alignment with shareholders,” it said in a statement.
Since last year’s meeting Lloyds has slashed pension allowances for top bosses and raised contributions for all staff after coming under fire from MPs over its pay policy.
Horta-Osorio and other executives have also waived bonuses this year due to the Covid-19 crisis.


cityam--2020-05-21--Facebook Workplace takes on Zoom with video call rival during lockdown

Caught out by the sudden success of Zoom as the world entered coronavirus lockdown , Facebook has introduced its own video conferencing tool on Workplace .
The social network ’ s B2B business has seen its own jump in user numbers this year , as paid customers rose from 3m six months ago to 5m in March .
Read more : Zoom vows to fix security issues as daily user numbers surge to 200m By then coronavirus had spiked in Italy , forcing the country to put its entire population into quarantine , and Boris Johnson did the same for @ @ @ @ @ @ @ – used by everybody from startups to governments to coordinate outside of the office during the pandemic – saw its daily user count explode from 10m meeting participants to over 300m in March .
Facebook Workplace , Mark Zuckerberg ’ s B2B version of the social network , has been around since October 2017 as a paid-for collaboration tool .
But Julien Cordorniou , vice-president of Workplace , told City A.M. customers like UK hamburger chain Honest Burgers and French cosmetics firm Sephora clamoured for a video conferencing tool to help them cope @ @ @ @ @ @ @ changing – and that means a shift in the real estate market , too “ There ’ s a hunger to feel connected and a hunger to feel present and Workplace does that really well , ” he said .
“ A lot of customers were asking for it and I ’ m glad we were able to take a B2C product and make a B2B product for people who need that platform.
” The result , Workplace Rooms , allows customers to host video calls on desktop , mobile or the Workplace @ @ @ @ @ @ @ dedicated device advertised as a way for families to stay in touch during lockdown .
Anyone can join a Workplace Rooms call even without an account or the app .
Cordinou said Rooms is not designed to compete with more fully-featured video conferencing tools like Cisco , or even the premium version of Zoom .
“ We will never do a full-featured Zoom or Cisco-type solution , ” he said .
“ We want to do 90 per cent of the job but not just for the people who can pay for it @ @ @ @ @ @ @ they ’ re expensive.
” Read more : Mark Zuckerberg : Facebook is in fake news ‘ arms race ’ against rival states Workplace Rooms is free for the rest of the year and then will be offered as part of a paid-for Facebook Workplace subscription .
Cordorniou said Facebook has learnt from Zoom ’ s security troubles – and the social network ’ s own patchy history with privacy – to ensure Workplace Rooms is a secure place for businesses to collaborate .
Facebook has told employees they can work from home @ @ @ @ @ @ @ but Twitter has told staff they can work from home “ forever ” .
Cordorniou said “ there ’ s no way back ” to full-time hours in an office once the pandemic finally passes .
Facebook Workplace ’ s other announcements suggest the tech giant sees the remote working market as a lucrative one longer term , too .
The social network is also making Oculus for Business – announced last year – widely available .
A future first envisioned by the long-defunct Google Glass as a way for workers to remotely @ @ @ @ @ @ @ to use the virtual reality headsets to conduct VR training programmes .
“ We are now providing VR surgical training at a scale that we could previously only dream about , ” says Tim Mauri , Director , WW Professional Education Technology & Innovation .
“ Our goal is to train more surgeons in 2020 than we did in the prior three years combined.
” Read more : Facebook launches new shopping feature to help small firms move online And Facebook Work Groups is a Facebook-style group for co-workers to discuss things like @ @ @ @ @ @ @ than 20m active monthly users across 170,000 groups .
For external-facing video calls , Workplace also offers live video enhancements including automatic caption translations in six languages , editing , and the ability to add a Q & A to a live video .
“ What people have experienced [ in this pandemic ] is being able to be productive at home and connected , ” Cordorniou added .
“ We have been talking about the future of work for years but we have been catapulted into it overnight .
”

Facebook Workplace takes on Zoom with video call rival during lockdown
Caught out by the sudden success of Zoom as the world entered coronavirus lockdown, Facebook has introduced its own video conferencing tool on Workplace.
The social network’s B2B business has seen its own jump in user numbers this year, as paid customers rose from 3m six months ago to 5m in March.
By then coronavirus had spiked in Italy, forcing the country to put its entire population into quarantine, and Boris Johnson did the same for the UK on 23 March.
Zoom – used by everybody from startups to governments to coordinate outside of the office during the pandemic – saw its daily user count explode from 10m meeting participants to over 300m in March.
Facebook Workplace, Mark Zuckerberg’s B2B version of the social network, has been around since October 2017 as a paid-for collaboration tool.
But Julien Cordorniou, vice-president of Workplace, told City A.M. customers like UK hamburger chain Honest Burgers and French cosmetics firm Sephora clamoured for a video conferencing tool to help them cope.
“There’s a hunger to feel connected and a hunger to feel present and Workplace does that really well,” he said. “A lot of customers were asking for it and I’m glad we were able to take a B2C product and make a B2B product for people who need that platform.”
The result, Workplace Rooms, allows customers to host video calls on desktop, mobile or the Workplace app on Portal, Facebook’s dedicated device advertised as a way for families to stay in touch during lockdown.
Anyone can join a Workplace Rooms call even without an account or the app.
Cordinou said Rooms is not designed to compete with more fully-featured video conferencing tools like Cisco, or even the premium version of Zoom.
“We will never do a full-featured Zoom or Cisco-type solution,” he said. “We want to do 90 per cent of the job but not just for the people who can pay for it. All these solutions are great but they’re expensive.”
Workplace Rooms is free for the rest of the year and then will be offered as part of a paid-for Facebook Workplace subscription.
Cordorniou said Facebook has learnt from Zoom’s security troubles – and the social network’s own patchy history with privacy – to ensure Workplace Rooms is a secure place for businesses to collaborate.
Facebook has told employees they can work from home until the end of the year, but Twitter has told staff they can work from home “forever”.
Cordorniou said “there’s no way back” to full-time hours in an office once the pandemic finally passes.
Facebook Workplace’s other announcements suggest the tech giant sees the remote working market as a lucrative one longer term, too.
The social network is also making Oculus for Business – announced last year – widely available. A future first envisioned by the long-defunct Google Glass as a way for workers to remotely train, Oculus for Business allows companies to use the virtual reality headsets to conduct VR training programmes.
“We are now providing VR surgical training at a scale that we could previously only dream about,” says Tim Mauri, Director, WW Professional Education Technology & Innovation. “Our goal is to train more surgeons in 2020 than we did in the prior three years combined.”
And Facebook Work Groups is a Facebook-style group for co-workers to discuss things like shift swaps. It now has more than 20m active monthly users across 170,000 groups.
For external-facing video calls, Workplace also offers live video enhancements including automatic caption translations in six languages, editing, and the ability to add a Q&A to a live video.
“What people have experienced [in this pandemic] is being able to be productive at home and connected,” Cordorniou added. “We have been talking about the future of work for years but we have been catapulted into it overnight.”


cityam--2020-05-21--UK to get 10m coronavirus antibody tests in 'coming months'

The government has ordered 10m coronavirus antibody tests as new figures show 17 per cent of Londoners have already caught Covid-19 .
The tests , from pharmaceutical companies Roche and Abbott ’ s , will first be administered to staff , residents and patients in healthcare or care home settings and will be available in the “ coming months ” .
Read more : Minister : ‘ No definitive timeline ’ for UK coronavirus test and trace app Announcing the order , health secretary Matt Hancock said : “ It ’ s not just about the clinical advances these tests @ @ @ @ @ @ @ s important .
“ It ’ s knowing that you have these antibodies that will help us understand more in the future if you are at lower risk of catching coronavirus , dying from coronavirus and transmitting coronavirus.
” The finger prick tests show if someone has coronavirus antibodies and therefore has already had the disease .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
It has been speculated that anyone with antibodies could be immune , but this has @ @ @ @ @ @ @ an initial antibody test study found that an estimated 17 per cent of people in London and “ around five per cent or higher in the rest of the country ” had contracted coronavirus at some point .
The health secretary also announced a new trial of a “ rapid turnaround ” swab coronavirus test which shows if you have Covid-19 at the time of testing .
A trial of the rapid tests , which give a result in 20 minutes , will begin in Hampshire immediately .
The trial will take place @ @ @ @ @ @ @ out nationally if effective .
In a statement , Hancock said : “ This new test could provide accurate results almost on the spot .
This will enable health and care workers to carry on with their shift or immediately isolate on the same day , and could eventually offer the same benefit to the whole country .
“ This could change the way that we control Covid-19 across the country , getting those with negative results back into society as quickly as possible.
” The rapid testing would help the government carry @ @ @ @ @ @ @ programme , which is due to start on 1 June .
Boris Johnson said the system would be “ world beating ” and will utilise 25,000 recently recruited contact tracers .
However , the rollout of the programme will happen without the NHS app that is being trialled in the Isle of Wight .
Home minister James Brokenshire said today that there was “ no definitive timeline ” on when the app will be rolled out nationally and that there had been issues during the trial .
Contact tracing has been used to @ @ @ @ @ @ @ has had less than 300 deaths from coronavirus .
The UK app , when launched , will allow people to alert the NHS if they have coronavirus-like symptoms .
The app will then send a message to those who have been in contact with the person displaying symptoms , with tests then administered to all those who need them and instructions to self-isolate .

UK to get 10m coronavirus antibody tests in ‘coming months’
A temporary Covid-19 testing site run by the armed services at the Aquavale leisure centre on May 09, 2020 in Aylesbury, England
The government has ordered 10m coronavirus antibody tests as new figures show 17 per cent of Londoners have already caught Covid-19.
The tests, from pharmaceutical companies Roche and Abbott’s, will first be administered to staff, residents and patients in healthcare or care home settings and will be available in the “coming months”.
Announcing the order, health secretary Matt Hancock said: “It’s not just about the clinical advances these tests can bring, although obviously that’s important.
“It’s knowing that you have these antibodies that will help us understand more in the future if you are at lower risk of catching coronavirus, dying from coronavirus and transmitting coronavirus.”
The finger prick tests show if someone has coronavirus antibodies and therefore has already had the disease.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
It has been speculated that anyone with antibodies could be immune, but this has not yet been confirmed.
Hancock said an initial antibody test study found that an estimated 17 per cent of people in London and “around five per cent or higher in the rest of the country” had contracted coronavirus at some point.
The health secretary also announced a new trial of a “rapid turnaround” swab coronavirus test which shows if you have Covid-19 at the time of testing.
A trial of the rapid tests, which give a result in 20 minutes, will begin in Hampshire immediately.
The trial will take place for six weeks, before being rolled out nationally if effective.
In a statement, Hancock said: “This new test could provide accurate results almost on the spot. This will enable health and care workers to carry on with their shift or immediately isolate on the same day, and could eventually offer the same benefit to the whole country.
“This could change the way that we control Covid-19 across the country, getting those with negative results back into society as quickly as possible.”
The rapid testing would help the government carry out its test, track and trace programme, which is due to start on 1 June.
Boris Johnson said the system would be “world beating” and will utilise 25,000 recently recruited contact tracers.
However, the rollout of the programme will happen without the NHS app that is being trialled in the Isle of Wight.
Home minister James Brokenshire said today that there was “no definitive timeline” on when the app will be rolled out nationally and that there had been issues during the trial.
Contact tracing has been used to great effect in South Korea, which has had less than 300 deaths from coronavirus.
The UK app, when launched, will allow people to alert the NHS if they have coronavirus-like symptoms.
The app will then send a message to those who have been in contact with the person displaying symptoms, with tests then administered to all those who need them and instructions to self-isolate.


cityam--2020-05-21--On the Beach to place 20 per cent of share capital in Covid-19 fundraise

Travel company On the Beach has announced it will place new shares worth up to 20 per cent of its existing share capital to raise additional funding through the coronavirus crisis .
The step is the latest that the firm has taken in order to shore up its finances in the face of the crisis , which has crippled travel demand around the world .
Read more : Tour operator On the Beach cancels dividend and withdraws guidance In an accompanying trading update , On the Beach said that it had taken the steps so as to ensure it is @ @ @ @ @ @ @ the crisis .
Chief executive Simon Cooper said : “ The fundraising and banking facilities announced today will provide On the Beach with greater flexibility and firepower to ensure the Group is ready to take advantage of the multiple opportunities that are likely to arise across the travel industry , as and when the world emerges from the ongoing crisis .
“ There is no doubt that the Group ’ s asset light and flexible model , combined with its ring-fenced trust account for customer funds , helps to differentiate On the Beach @ @ @ @ @ @ @ apart when providing customers the refunds they are entitled to in these difficult times .
The firm also said that it was forecasting a £35m one-off charge in its first half results , which are due on 30 June , due to cancelled bookings .
Following the collapse of rival Thomas Cook last September , On the Beach saw its sales increase 29 per cent in the first four months of the financial year , before the coronavirus crisis took hold .
However , with the spread of the coronavirus into the Canary @ @ @ @ @ @ @ it saw bookings begin to collapse .
In addition to the placing , the firm has already cancelled its dividend and withdrawn guidance for the year , as well as cutting pay for its executives .
Last year it renewed its existing Revolving Credit Facility to provide up to £50m to manage seasonal working capital requirements .
Read more : Holiday firm On The Beach has taken a £25m hit from the collapse of Thomas Cook On the Beach has run extensive tests on future scenarios , finding that even if demand remained @ @ @ @ @ @ @ retain significant headroom .
In early February On the Beach took steps to reduce costs due to the limited revenue scenario , saying that it had reduced expenditure to £2m a month .

On the Beach to place 20 per cent of share capital in Covid-19 fundraise
The travel Group has remained debt-free despite the strict measures
Travel company On the Beach has announced it will place new shares worth up to 20 per cent of its existing share capital to raise additional funding through the coronavirus crisis.
The step is the latest that the firm has taken in order to shore up its finances in the face of the crisis, which has crippled travel demand around the world.
In an accompanying trading update, On the Beach said that it had taken the steps so as to ensure it is better placed than its peers to survive the crisis.
Chief executive Simon Cooper said: “The fundraising and banking facilities announced today will provide On the Beach with greater flexibility and firepower to ensure the Group is ready to take advantage of the multiple opportunities that are likely to arise across the travel industry, as and when the world emerges from the ongoing crisis.
“There is no doubt that the Group’s asset light and flexible model, combined with its ring-fenced trust account for customer funds, helps to differentiate On the Beach from its competitors and has stood us apart when providing customers the refunds they are entitled to in these difficult times.
The firm also said that it was forecasting a £35m one-off charge in its first half results, which are due on 30 June, due to cancelled bookings.
Following the collapse of rival Thomas Cook last September, On the Beach saw its sales increase 29 per cent in the first four months of the financial year, before the coronavirus crisis took hold.
However, with the spread of the coronavirus into the Canary Islands in February, the firm said it saw bookings begin to collapse.
In addition to the placing, the firm has already cancelled its dividend and withdrawn guidance for the year, as well as cutting pay for its executives.
Last year it renewed its existing Revolving Credit Facility to provide up to £50m to manage seasonal working capital requirements.
On the Beach has run extensive tests on future scenarios, finding that even if demand remained low until next March it will still retain significant headroom.
In early February On the Beach took steps to reduce costs due to the limited revenue scenario, saying that it had reduced expenditure to £2m a month.


cityam--2020-05-21--Manchester United revenue drops almost £30m due to Covid-19

Manchester United today said its revenue fell by almost £30m in the third quarter after the football season was brought to a halt due to the Covid-19 pandemic .
The New York-listed football club reported total revenue of £123.7m in the three months to the end of March , down from £152.1m in the same period last year .
Read more : Germany to reopen shops and restart football in lockdown easing plan The company withdrew its guidance for the full year as executive vice chairman Ed Woodward said the club was facing “ one of the most extraordinary and @ @ @ @ @ @ @ .
Manchester United reported a drop of more than 50 per cent in broadcast revenue to just £26m , largely due to a £15m rebate owed to its broadcaster partners due to the postponement of fixtures .
The club said it expected its rebate to total £20m for the full 38-game season .
The Red Devils ’ matchday revenue also dropped eight per cent to £29.1m over the quarter , while commercial revenue rose three per cent to £68.6m .
The decline prompted a 42 per cent rise in net debt to £429.1m @ @ @ @ @ @ @ pre-tax loss of £28.6m , compared to an £11.1m profit last year .
The figures come as clubs continue to lobby for the football season to restart amid concerns about the financial impact of the crisis .
Premier League players returned to training this week for the first time since the competition was put on hold on 13 March and clubs hope to restart matches next month behind closed doors .
Woodward said he hoped United could complete all of its outstanding matches by the end of August and start next season in @ @ @ @ @ @ @ 2021 as scheduled .
Read more : Football clubs fear EFL sanctions unless they sack staff or make pay cuts Manchester United , which is owned by the Glazer family , were in fifth place when the league was halted , chasing a lucrative Champions League spot .
The club has not played since their 5-0 Europa League victory over Austria ’ s LASK Linz behind closed doors on 12 March .

Manchester United revenue drops almost £30m due to Covid-19
Manchester United today said its revenue fell by almost £30m in the third quarter after the football season was brought to a halt due to the Covid-19 pandemic.
The New York-listed football club reported total revenue of £123.7m in the three months to the end of March, down from £152.1m in the same period last year.
The company withdrew its guidance for the full year as executive vice chairman Ed Woodward said the club was facing “one of the most extraordinary and testing periods” in its 142-year history.
Manchester United reported a drop of more than 50 per cent in broadcast revenue to just £26m, largely due to a £15m rebate owed to its broadcaster partners due to the postponement of fixtures.
The club said it expected its rebate to total £20m for the full 38-game season.
The Red Devils’ matchday revenue also dropped eight per cent to £29.1m over the quarter, while commercial revenue rose three per cent to £68.6m.
The decline prompted a 42 per cent rise in net debt to £429.1m, while the club swung to a pre-tax loss of £28.6m, compared to an £11.1m profit last year.
The figures come as clubs continue to lobby for the football season to restart amid concerns about the financial impact of the crisis.
Premier League players returned to training this week for the first time since the competition was put on hold on 13 March and clubs hope to restart matches next month behind closed doors.
Woodward said he hoped United could complete all of its outstanding matches by the end of August and start next season in time for it to end in May 2021 as scheduled.
Manchester United, which is owned by the Glazer family, were in fifth place when the league was halted, chasing a lucrative Champions League spot.
The club has not played since their 5-0 Europa League victory over Austria’s LASK Linz behind closed doors on 12 March.


cityam--2020-05-22--Children’s exposure to TV adverts halves over last decade amid rise of streaming

Children ’ s exposure to TV adverts has almost halved in the last decade as young people increasingly tune in to streaming services .
Children aged four to 15 saw an average of 115.9 ads per week last year , down more than 47 per cent compared to 2008 , according to new figures from the Advertising Standards Authority ( ASA ) .
Read more : Adverts in adversity : Johnny Hornby on the case for advertising through Covid-19 Exposure to TV ads has suffered a steady decline since its peak in 2013 , when children saw on average 229.3 @ @ @ @ @ @ @ has also declined but at a much slower rate , with exposure down 11.4 per cent from its peak in 2011 .
The figures highlight a sharp divide in viewing habits between generations , with children no longer exposed to the majority of TV ads .
Last year children saw on average just over one advert for every three seen by adults .
It comes as young people increasingly turn to streaming services such as Netflix and Amazon , as well as social media platforms like Youtube , at the expense of traditional @ @ @ @ @ @ @ average of 7.5 hours of TV per week , less than half viewing levels in 2010 , according to data from the Broadcasters Audience Research Board ( Barb ) .
Figures released last year by media regulator Ofcom revealed that broadcast viewing among 16 to 24-year-olds has also plunged by more than half since 2010 .
While the decline spells trouble for broadcasters , it has resulted in a decline of children ’ s exposure to adverts in age-restricted product categories .
Children ’ s exposure to TV ads for alcohol products has @ @ @ @ @ @ @ viewing of gambling ads has returned to its low-point in the same year .
The advertising watchdog welcomed the decline , but said it would remain vigilant in policing age-restricted ads in other media formats , particularly online .
Read more : Alan Sugar bares his teeth in dental row with advertising watchdog “ Our latest report shows that children ’ s exposure to TV ads for alcohol and gambling products remains low , ” said ASA chief executive Guy Parker .
“ We will continue our proactive monitoring to make sure this @ @ @ @ @ @ @ well as carrying out further monitoring online so that we limit children ’ s exposure to age-restricted ads wherever they appear .
”

Children’s exposure to TV adverts halves over last decade amid rise of streaming
Children’s exposure to TV adverts has almost halved in the last decade as young people increasingly tune in to streaming services.
Children aged four to 15 saw an average of 115.9 ads per week last year, down more than 47 per cent compared to 2008, according to new figures from the Advertising Standards Authority (ASA).
Exposure to TV ads has suffered a steady decline since its peak in 2013, when children saw on average 229.3 ads per week.
Viewing among adults has also declined but at a much slower rate, with exposure down 11.4 per cent from its peak in 2011.
The figures highlight a sharp divide in viewing habits between generations, with children no longer exposed to the majority of TV ads.
Last year children saw on average just over one advert for every three seen by adults.
It comes as young people increasingly turn to streaming services such as Netflix and Amazon, as well as social media platforms like Youtube, at the expense of traditional TV.
In 2019 children watched an average of 7.5 hours of TV per week, less than half viewing levels in 2010, according to data from the Broadcasters Audience Research Board (Barb).
Figures released last year by media regulator Ofcom revealed that broadcast viewing among 16 to 24-year-olds has also plunged by more than half since 2010.
While the decline spells trouble for broadcasters, it has resulted in a decline of children’s exposure to adverts in age-restricted product categories.
Children’s exposure to TV ads for alcohol products has dropped almost two-thirds since 2008, while viewing of gambling ads has returned to its low-point in the same year.
The advertising watchdog welcomed the decline, but said it would remain vigilant in policing age-restricted ads in other media formats, particularly online.
“Our latest report shows that children’s exposure to TV ads for alcohol and gambling products remains low,” said ASA chief executive Guy Parker.
“We will continue our proactive monitoring to make sure this remains the case for TV ads as well as carrying out further monitoring online so that we limit children’s exposure to age-restricted ads wherever they appear.”


cityam--2020-05-22--Stelios accuses Easyjet of ‘voting fraud’ after failing to oust management

Easyjet founder Sir Stelios Haji-Ioannou accused the airline of “ voting fraud ” today after his attempt to oust key management figures was defeated .
Haji-Ioannou launched the attempt to remove the management team after a row over Easyjet ’ s continuation of a deal to buy 107 Airbus planes for £4.5bn which Haji-Ioannou says puts the future of the business at risk .
Read more : Easyjet says it has defeated Stelios in crunch board vote Easyjet today told a virtual shareholder meeting that Haji-Ioannou ’ s proposals had been defeated .
In a statement , Haji-Ioannou said : @ @ @ @ @ @ @ at least 15 per cent of the shares held by the three ‘ strawmen ’ ( Invesco , 91 and Phoenix ) are controlled by Airbus and were therefore ‘ related parties ’ in this vote .
“ If the c60m shares in Easyjet that are controlled by Airbus that we know about , and there could be more , are excluded , my resolutions to remove the directors would have been approved by a margin of 133m shares to remove and 120m shares to retain .
“ We will never stop in @ @ @ @ @ @ @ ’ and prove that these shares should not have been counted under the Listing Rules for related party transactions for listed companies.
” In a statement after the results of the votes were announced , Easyjet chair John Barton said : “ On behalf of the board I would like to thank shareholders for their support .
“ The airline industry is facing unprecedented challenges and the board ’ s immediate priority has been to take the necessary steps to successfully guide Easyjet through this period of uncertainty .
“ We are relentlessly @ @ @ @ @ @ @ Easyjet emerges from the Covid-19 crisis in a strong competitive position .
“ The board seeks good relationships with all of the company ’ s shareholders and hopes to be able to re-engage constructively with Sir Stelios.
” Read more : Easyjet woes grow after it is hit with massive group action claim over data breach Haji-Ioannou ’ s statement continued : “ The chair of the Scoundrels gave this pathetic answer to my question about Airbus controlling shares : ‘ I didn ’ t ask Airbus if they control any shares because @ @ @ @ @ @ @ control any shares ’ ( or weasel words to that effect ) .
Ask the bloody question Mr Barton and get a bloody answer out of Airbus .
Yes or no.
” Haji-Ioannou , who controls 34 per cent of the company , had previously offered a £5m reward to any “ whistleblower ” who can provide information leading to the cancellation of the airline ’ s 107-plane deal with Airbus .
He today said the reward had “ already yielded some very useful results ” .
In January , Airbus agreed to @ @ @ @ @ @ @ fine to authorities in the UK , US and France to settle claims that it engaged in wholesale bribery to win contracts .
Haji-Ioannou said he was attempting to find evidence of corruption in the relationship between Airbus and Easyjet in an attempt to stop the plane deal .
“ If the Airbus contract was found to have been made using illegal bribes , it can be cancelled and Airbus sued for compensation which will increase the value of our easyJet shares , ” he said .
Read more : Easyjet to restart @ @ @ @ @ @ @ wear face masks Haji-Ioannou also said he would sue the company for misleading the market if it went bust in the next 12 months .
“ The Scoundrels did say today that in their opinion the company is able to pay its debts as they fall due for the next 12 months .
If the company goes bust before that 12 months ’ period ends , I will sue the scoundrels personally for misleading the market today , ” he said .

Stelios accuses Easyjet of ‘voting fraud’ after failing to oust management
Stelios Haji-Ioannou sued the Telegraph and one of its journalists for libel
Easyjet founder Sir Stelios Haji-Ioannou accused the airline of “voting fraud” today after his attempt to oust key management figures was defeated.
Haji-Ioannou launched the attempt to remove the management team after a row over Easyjet’s continuation of a deal to buy 107 Airbus planes for £4.5bn which Haji-Ioannou says puts the future of the business at risk.
Easyjet today told a virtual shareholder meeting that Haji-Ioannou’s proposals had been defeated.
In a statement, Haji-Ioannou said: “The results constitute voting fraud as at least 15 per cent of the shares held by the three ‘strawmen’ (Invesco, 91 and Phoenix) are controlled by Airbus and were therefore ‘related parties’ in this vote.
“If the c60m shares in Easyjet that are controlled by Airbus that we know about, and there could be more, are excluded, my resolutions to remove the directors would have been approved by a margin of 133m shares to remove and 120m shares to retain.
“We will never stop in our quest to out these ‘strawmen’ and prove that these shares should not have been counted under the Listing Rules for related party transactions for listed companies.”
In a statement after the results of the votes were announced, Easyjet chair John Barton said: “On behalf of the board I would like to thank shareholders for their support.
“The airline industry is facing unprecedented challenges and the board’s immediate priority has been to take the necessary steps to successfully guide Easyjet through this period of uncertainty.
“We are relentlessly focused on cash conservation and ensuring that Easyjet emerges from the Covid-19 crisis in a strong competitive position.
“The board seeks good relationships with all of the company’s shareholders and hopes to be able to re-engage constructively with Sir Stelios.”
Haji-Ioannou’s statement continued: “The chair of the Scoundrels gave this pathetic answer to my question about Airbus controlling shares:
‘I didn’t ask Airbus if they control any shares because I didn’t believe they do control any shares’ ( or weasel words to that effect). Ask the bloody question Mr Barton and get a bloody answer out of Airbus. Yes or no.”
Haji-Ioannou, who controls 34 per cent of the company, had previously offered a £5m reward to any “whistleblower” who can provide information leading to the cancellation of the airline’s 107-plane deal with Airbus.
He today said the reward had “already yielded some very useful results”.
In January, Airbus agreed to pay a record €3.6bn (£3.2bn) fine to authorities in the UK, US and France to settle claims that it engaged in wholesale bribery to win contracts.
Haji-Ioannou said he was attempting to find evidence of corruption in the relationship between Airbus and Easyjet in an attempt to stop the plane deal.
“If the Airbus contract was found to have been made using illegal bribes, it can be cancelled and Airbus sued for compensation which will increase the value of our easyJet shares,” he said.
Haji-Ioannou also said he would sue the company for misleading the market if it went bust in the next 12 months.
“The Scoundrels did say today that in their opinion the company is able to pay its debts as they fall due for the next 12 months. If the company goes bust before that 12 months’ period ends, I will sue the scoundrels personally for misleading the market today,” he said.


cityam--2020-05-22--Oil prices tumble as US-China tensions rise over Hong Kong

Oil prices have fallen after a rise in US-China tensions that was spurred by Beijing moving to impose security laws on Hong Kong and as fresh doubts set in about demand amid the coronavirus recovery .
Brent crude oil , the main global price , fell 4.9 per cent to $ 34.40 per barrel .
Meanwhile US benchmark WTI crude dropped 5.7 per cent to $ 32 per barrel .
Read more : China poised to tighten grip on Hong Kong with new national security laws The oil sell-off came after China said it would impose security laws on semi-autonomous @ @ @ @ @ @ @ Kong ’ s Hang Seng index to plunge more than five per cent overnight as investors feared a new wave of protests and a rise in US-China tensions .
US President Donald Trump said his government would react “ very strongly ” if China pressed ahead with the laws , which would ban “ treason , sedition and subversion ” in Hong Kong .
Craig Erlam , senior market analyst at currency platform Oanda , said : “ It ’ s been a good run for oil prices but rising US-China tensions have @ @ @ @ @ @ @ decision by Beijing not to set a GDP growth target also weighed on oil prices .
It showed that China may not be able to continue the rapid economic expansion that has caused it to guzzle oil in recent years .
Oil markets have had a wild few months amid the coronavirus crisis .
The deepest global recession since the 1930s has caused demand , and so oil prices , to plunge .
Evaporating demand , storage problems and market quirks combined last month to send the US oil price into negative territory @ @ @ @ @ @ @ off their hands .
It has since recovered dramatically , however , as countries gradually reopen their economies and demand returns .
Read more : FTSE 100 slides as China moves to impose Hong Kong security law Yet Erlam cautioned : “ The outlook is still highly uncertain and numerous risks lie on the horizon , even before you taken recent tensions into consideration.
” “ There ’ ll be nothing normal or straightforward about this recovery , ” he added .

Oil prices tumble as US-China tensions rise over Hong Kong
US oil prices fell into negative territory last month as demand evaporated
Oil prices have fallen after a rise in US-China tensions that was spurred by Beijing moving to impose security laws on Hong Kong and as fresh doubts set in about demand amid the coronavirus recovery.
Brent crude oil, the main global price, fell 4.9 per cent to $34.40 per barrel. Meanwhile US benchmark WTI crude dropped 5.7 per cent to $32 per barrel.
The oil sell-off came after China said it would impose security laws on semi-autonomous city Hong Kong. That caused Hong Kong’s Hang Seng index to plunge more than five per cent overnight as investors feared a new wave of protests and a rise in US-China tensions.
US President Donald Trump said his government would react “very strongly” if China pressed ahead with the laws, which would ban “treason, sedition and subversion” in Hong Kong.
Craig Erlam, senior market analyst at currency platform Oanda, said: “It’s been a good run for oil prices but rising US-China tensions have proven a step too far.”
A decision by Beijing not to set a GDP growth target also weighed on oil prices. It showed that China may not be able to continue the rapid economic expansion that has caused it to guzzle oil in recent years.
Oil markets have had a wild few months amid the coronavirus crisis. The deepest global recession since the 1930s has caused demand, and so oil prices, to plunge.
Evaporating demand, storage problems and market quirks combined last month to send the US oil price into negative territory. Sellers paid buyers to take oil off their hands.
It has since recovered dramatically, however, as countries gradually reopen their economies and demand returns.
Yet Erlam cautioned: “The outlook is still highly uncertain and numerous risks lie on the horizon, even before you taken recent tensions into consideration.”
“There’ll be nothing normal or straightforward about this recovery,” he added.


cityam--2020-05-22--Supermarket delivery slots: Which grocers offer home delivery amid UK coronavirus outbreak?

UK supermarkets are racing to increase capacity as the demand for home delivery services soars amid the coronavirus pandemic .
All UK supermarkets are prioritising home delivery slots for those who are vulnerable , elderly , disabled or self-isolating .
Many have introduced special in-store shopping hours dedicated to key workers .
The surge in demand following the coronavirus outbreak in the UK had forced grocers to restrict supermarket delivery slots , but they have now increased capacity .
But where do you stand the best chance of successfully placing a home delivery order ?
We look at each supermarket @ @ @ @ @ @ @ among the UK supermarkets to launch a Volunteer Shopping Card .
This is to make it easier for people to shop for those who are self-isolating , older or medically vulnerable .
Delivery slots are being prioritised for the most vulnerable .
Asda has emailed those customers in England to offer them first access .
The grocer said it is working on similar programmes in Scotland , Wales and Northern Ireland .
Read more : Coronavirus : When are supermarket opening times for NHS and pensioners ?
The supermarket has increased its capacity @ @ @ @ @ @ @ from 450,000 .
“ [ We ] would continue to urge customers who are able to visit shops to think of how they can support others in their community and if they can shop for them – allowing us to maximise our online capacity for those who need it most , ” a spokesperson said .
Asda has also recently announced that it has launched a free prescription delivery service across all of its 255 pharmacies to help get vital medication to its customers who are currently self-isolating , or less able to @ @ @ @ @ @ @ announced a new foodbox which allows consumers to purchase a £30 box for family and friends , with two day delivery .
The box includes hard to find items like bread , pasta , long-life milk and tinned food .
Morrisons has doubled its delivery slots during the coronavirus outbreak , and has introduced a click and collect service at 280 of its stores .
The supermarkets has also doubled its business with Amazon ’ s Prime delivery service and is selling pre-prepared food boxes .
Morrisons has launched a telesales option for @ @ @ @ @ @ @ delivery slots , to cater for those who have not used an online delivery service before .
Morrisons said customers will be able to place orders over the phone , and the home delivery will be made the next day from a local store .
Customers ordering on the phone will be able to choose products from a list of 47 essential items and pay by card on delivery .
Chief executive David Potts said : “ This new telephone service will ensure that more people who can ’ t leave their home @ @ @ @ @ @ @ get a delivery.
” Potts said Morrisons had taken on an additional 25,000 staff to help with in-store demand and cover higher than usual absences .
Like other supermarkets , Sainsbury ’ s is prioritising deliveries for elderly , disabled and vulnerable customers .
The grocer is aiming to increase its capacity to 600,000 supermarket delivery and click and collect slots .
Sainsbury ’ s said it had received a list of the most vulnerable people from the government and was in the process of contacting 150,000 of those it had identified as @ @ @ @ @ @ @ : Shoppers spend extra £524m at UK supermarkets in April Sainsbury ’ s previously announced it will trial a bike delivery system from closed convenience stores in London .
It has now expanded the Chop Chop service to 20 cities across the UK to extend grocery home delivery .
It comes after it launched from its Blackfriars convenience store .
Shoppers can order home delivery for up to 20 essential items at a time via the Chop Chop app .
Read more : Coronavirus : Sainsbury ’ s to extend supermarket opening hours @ @ @ @ @ @ @ of its delivery slots to a million , and has recruited an extra 12,000 new staff to pick and prepare the orders .
The grocer has also hired 4,000 new delivery drivers .
Like other grocers , Tesco has already identified and contacted 75,000 vulnerable customers from a list of provided by the government .
Read more : Tesco expands online order capacity to 1m slots a week during coronavirus crisis Tesco is releasing slots for home delivery online when they become available but the demand is still high .
Shoppers who are @ @ @ @ @ @ @ in stores or make use of the click and collect service , so slots can be prioritised for more vulnerable customers .
Click and collect deliveries can be ordered up to three weeks in advance , and can be held for two hours .
Priority slots are given to vulnerable customers and have an eight-hour delivery window from 10am to 6pm and 2pm to 10pm .
Online supermarket Ocado increased the number of delivery slots available .
The previous limits on the number of items on sale , put in place to stop @ @ @ @ @ @ @ been rolled back .
Ocado has eliminated bottled water from orders which it says has allowed delivery to an additional 6,000 households .
Read more : Coronavirus : Ocado closes website down as demand soars It had previously been forced to suspend the entire service briefly , and temporarily pulled its app due to the spike in orders .
However , the supermarket said today that existing customers without priority access will have an opportunity to book a home delivery slot over the next few days .
In total , 16,000 supermarket delivery @ @ @ @ @ @ @ 6pm tonight for delivery on Wednesday , Thursday and Friday this week .

Supermarket delivery slots: Which grocers offer home delivery amid UK coronavirus outbreak?
(Photo by JUSTIN TALLIS/AFP via Getty Images)
UK supermarkets are racing to increase capacity as the demand for home delivery services soars amid the coronavirus pandemic.
All UK supermarkets are prioritising home delivery slots for those who are vulnerable, elderly, disabled or self-isolating. Many have introduced special in-store shopping hours dedicated to key workers.
The surge in demand following the coronavirus outbreak in the UK had forced grocers to restrict supermarket delivery slots, but they have now increased capacity.
But where do you stand the best chance of successfully placing a home delivery order? We look at each supermarket’s delivery policy.
Asda
Asda is among the UK supermarkets to launch a Volunteer Shopping Card. This is to make it easier for people to shop for those who are self-isolating, older or medically vulnerable.
Delivery slots are being prioritised for the most vulnerable. Asda has emailed those customers in England to offer them first access.
The grocer said it is working on similar programmes in Scotland, Wales and Northern Ireland.
The supermarket has increased its capacity to 700,000 slots per week, up from 450,000.
“[We] would continue to urge customers who are able to visit shops to think of how they can support others in their community and if they can shop for them – allowing us to maximise our online capacity for those who need it most,” a spokesperson said.
Asda has also recently announced that it has launched a free prescription delivery service across all of its 255 pharmacies to help get vital medication to its customers who are currently self-isolating, or less able to get into stores.
Asda has also announced a new foodbox which allows consumers to purchase a £30 box for family and friends, with two day delivery. The box includes hard to find items like bread, pasta, long-life milk and tinned food.
Morrisons
Morrisons has doubled its delivery slots during the coronavirus outbreak, and has introduced a click and collect service at 280 of its stores.
The supermarkets has also doubled its business with Amazon’s Prime delivery service and is selling pre-prepared food boxes.
Morrisons has launched a telesales option for elderly and vulnerable people to secure home delivery slots, to cater for those who have not used an online delivery service before.
Morrisons said customers will be able to place orders over the phone, and the home delivery will be made the next day from a local store.
Customers ordering on the phone will be able to choose products from a list of 47 essential items and pay by card on delivery.
Chief executive David Potts said: “This new telephone service will ensure that more people who can’t leave their home to go shopping will be able to get a delivery.”
Potts said Morrisons had taken on an additional 25,000 staff to help with in-store demand and cover higher than usual absences.
Sainsbury’s
Like other supermarkets, Sainsbury’s is prioritising deliveries for elderly, disabled and vulnerable customers. The grocer is aiming to increase its capacity to 600,000 supermarket delivery and click and collect slots.
Sainsbury’s said it had received a list of the most vulnerable people from the government and was in the process of contacting 150,000 of those it had identified as Sainsbury’s customers.
The supermarket said that it is still prioritising vulnerable customers, but it has secured capacity to offer some slots to other shoppers.
It has also launched a telephone ordering service for vulnerable shoppers that have been unable to place an order online.
Delivery slots are temporarily limited to one per customer within a seven day period.
Sainsbury’s said it has extended its opening hours to reduce queuing times, with most stores now open between 8am and 10pm. Convenience store opening hours have also been extended to 10pm or 11pm.
The grocer recommended that customers visit stores throughout the day to avoid queues in the morning.
Sainsbury’s previously announced it will trial a bike delivery system from closed convenience stores in London. It has now expanded the Chop Chop service to 20 cities across the UK to extend grocery home delivery.
It comes after it launched from its Blackfriars convenience store. Shoppers can order home delivery for up to 20 essential items at a time via the Chop Chop app.
Tesco
Tesco has doubled the number of its delivery slots to a million, and has recruited an extra 12,000 new staff to pick and prepare the orders. The grocer has also hired 4,000 new delivery drivers.
Like other grocers, Tesco has already identified and contacted 75,000 vulnerable customers from a list of provided by the government.
Tesco is releasing slots for home delivery online when they become available but the demand is still high. Shoppers who are able to have been urged to shop in stores or make use of the click and collect service, so slots can be prioritised for more vulnerable customers.
Click and collect deliveries can be ordered up to three weeks in advance, and can be held for two hours.
Priority slots are given to vulnerable customers and have an eight-hour delivery window from 10am to 6pm and 2pm to 10pm.
The supermarket has introduced a limit of 85 items per online order but is removing purchase limits on most products.
Some items including toilet roll, alcohol, pasta and hand sanitiser are still subject to restrictions until Tesco has fully stocked up on those products.
Ocado
Online supermarket Ocado increased the number of delivery slots available. The previous limits on the number of items on sale, put in place to stop customers from panic buying, have since been rolled back.
Ocado has eliminated bottled water from orders which it says has allowed delivery to an additional 6,000 households.
It had previously been forced to suspend the entire service briefly, and temporarily pulled its app due to the spike in orders.
However, the supermarket said today that existing customers without priority access will have an opportunity to book a home delivery slot over the next few days.
In total, 16,000 supermarket delivery slots will be available to book from 6pm tonight for delivery on Wednesday, Thursday and Friday this week.


cityam--2020-05-22--Competition watchdog launches investigation into fake online reviews

The competition watchdog has opened an investigation into several major websites over whether they are doing enough to protect shoppers from fake and misleading reviews .
The Competition and Markets Authority ( CMA ) said it will probe how the sites detect , investigate and respond to issues such as suspicious reviews — for example where one user has reviewed an unlikely range of products or services .
Read more : Facebook and Ebay pledge to combat trading of fake reviews , says competition watchdog It will also examine whether firms are manipulating reviews or providing users with payment or @ @ @ @ @ @ @ The CMA did not name the websites being probed in its investigation and said it was not currently alleging that any platform had acted illegally .
“ During lockdown , we ’ re more dependent than ever on online shopping , so it ’ s really important that the online reviews we read are genuine opinions , ” said CMA chief executive Andrea Coscelli .
“ If someone is persuaded to buy something after reading a fake or misleading review , they could end up wasting their money on a product or service @ @ @ @ @ @ @ ” The watchdog said it would take enforcement action — including through the courts — if it found evidence that any of the websites were breaking the law .
Read more : RBS under fire over fake reviews for new app It comes after the CMA secured commitments from Instagram to crack down on people buying and selling fake reviews through its platform .
Facebook and Ebay have also pledged to better identify and respond to the trading of fake reviews on their sites following pressure from the watchdog .

Competition watchdog launches investigation into fake online reviews
The competition watchdog has opened an investigation into several major websites over whether they are doing enough to protect shoppers from fake and misleading reviews.
The Competition and Markets Authority (CMA) said it will probe how the sites detect, investigate and respond to issues such as suspicious reviews — for example where one user has reviewed an unlikely range of products or services.
It will also examine whether firms are manipulating reviews or providing users with payment or other incentives to write positive reviews.
The CMA did not name the websites being probed in its investigation and said it was not currently alleging that any platform had acted illegally.
“During lockdown, we’re more dependent than ever on online shopping, so it’s really important that the online reviews we read are genuine opinions,” said CMA chief executive Andrea Coscelli.
“If someone is persuaded to buy something after reading a fake or misleading review, they could end up wasting their money on a product or service that wasn’t what they wanted.”
The watchdog said it would take enforcement action — including through the courts — if it found evidence that any of the websites were breaking the law.
It comes after the CMA secured commitments from Instagram to crack down on people buying and selling fake reviews through its platform.
Facebook and Ebay have also pledged to better identify and respond to the trading of fake reviews on their sites following pressure from the watchdog.


cityam--2020-05-22--Easyjet woes grow after it is hit with massive group action claim over data breach

Struggling budget airline Easyjet suffered another blow today after it was hit with a massive group action claim following its data breach which was announced earlier this month .
Law firm PGMBM today said it had issued the group action claim in the High Court on behalf of customers whose details were exposed in the breach .
Read more : Easyjet says it has defeated Stelios in crunch board vote Earlier this week Easyjet said hackers had obtained the email and travel details of 9m customers , and the credit card details of a further 2,000 .
The law firm @ @ @ @ @ @ @ , representing £2,000 per impacted customer .
PGMBM said it was seeking a group litigation and said it had instructed a team of barristers from Serle Court and 4 New Square chambers to advise on the claim .
Tom Goodhead , PGMBM managing partner , said : “ This is a monumental data breach and a terrible failure of responsibility that has a serious impact on Easyjet ’ s customers .
“ This is personal information that we trust companies with , and customers rightly expect that every effort is made to protect @ @ @ @ @ @ @ has leaked sensitive personal information of nine million customers from all around of the world.
” Last year , British Airways was fined £183m by the Information Commissioner ’ s Office after hackers harvested the details of 500,000 customers .
Fines for breaching the European GDPR data regulations can reach 25 per cent of annual turnover .
Easyjet today said that its founder Sir Stelios Haji-Ioannou has failed in his bid to oust key management including the chief executive , according to the initial result of a shareholder vote .
Haji-Ioannou launched the @ @ @ @ @ @ @ a row over Easyjet ’ s continuation of a deal to buy 107 Airbus planes for £4.5bn which Haji-Ioannou says puts the future of the business at risk .
The chair of the company told a virtual shareholder meeting that Haji-Ioannou ’ s resolutions would be defeated .
“ Based on the proxy votes lodged with our registrar before the meeting , we expect all four resolutions put to the meeting to be defeated , ” chair John Barton said .

Easyjet woes grow after it is hit with massive group action claim over data breach
Struggling budget airline Easyjet suffered another blow today after it was hit with a massive group action claim following its data breach which was announced earlier this month.
Law firm PGMBM today said it had issued the group action claim in the High Court on behalf of customers whose details were exposed in the breach.
Earlier this week Easyjet said hackers had obtained the email and travel details of 9m customers, and the credit card details of a further 2,000.
The law firm said the potential claim could reach £18bn, representing £2,000 per impacted customer.
PGMBM said it was seeking a group litigation and said it had instructed a team of barristers from Serle Court and 4 New Square chambers to advise on the claim.
Tom Goodhead, PGMBM managing partner, said: “This is a monumental data breach and a terrible failure of responsibility that has a serious impact on Easyjet’s customers.
“This is personal information that we trust companies with, and customers rightly expect that every effort is made to protect their privacy.
“Unfortunately, Easyjet has leaked sensitive personal information of nine million customers from all around of the world.”
Last year, British Airways was fined £183m by the Information Commissioner’s Office after hackers harvested the details of 500,000 customers.
Fines for breaching the European GDPR data regulations can reach 25 per cent of annual turnover.
Easyjet today said that its founder Sir Stelios Haji-Ioannou has failed in his bid to oust key management including the chief executive, according to the initial result of a shareholder vote.
Haji-Ioannou launched the attempt to remove the management team after a row over Easyjet’s continuation of a deal to buy 107 Airbus planes for £4.5bn which Haji-Ioannou says puts the future of the business at risk.
The chair of the company told a virtual shareholder meeting that Haji-Ioannou’s resolutions would be defeated.
“Based on the proxy votes lodged with our registrar before the meeting, we expect all four resolutions put to the meeting to be defeated,” chair John Barton said.
Easyjet was contacted for comment.


cityam--2020-05-22--FTSE 100 slides as China moves to impose Hong Kong security law

The FTSE 100 sank 1.2 per cent today after Asian stocks plunged on fears of fresh riots in Hong Kong in the middle of the coronavirus pandemic .
The UK ’ s blue-chip index had shed 72 points by 12pm to fall to 5,942 , giving up the 6,000 milestone it passed in Monday ’ s four per cent rally .
Read more : China poised to tighten grip on Hong Kong with new national security laws That was nowhere near as bad as Hong Kong ’ s Hang Seng index , which slid 5.6 per cent overnight after China @ @ @ @ @ @ @ .
China ’ s CSI 300 index dropped 2.3 per cent .
Markets were shaken after China announced plans to assert its authority over Hong Kong .
Ahead of the National People ’ s Congress today , it said it would move to ban treason , secession , sedition and subversion in the city.The shock announcement caused Hong Kong ’ s Hang Seng index to plunge 5.5 per cent overnight .
Despite social distancing measures in place over coronavirus , traders now fear a return to the rioting of 2019 .
That was @ @ @ @ @ @ @ by Hong Kong – that would have extradited citizens to face courts in China .
“ Shares in Hong Kong plunged on fears Beijing ’ s tough stance will spark fresh pro-democracy protests , potentially leading to the kind of widescale unrest we saw last year , ” Neil Wilson , chief market analyst at Markets.com , said .
“ This is a potentially significant flash point that will stir local protests and will anger the US .
At a time of already strained relations between China and the West , this decision @ @ @ @ @ @ @ “ Investors will need to add renewed Hong Kong-Beijing tensions into their mix of geopolitical risks , whilst the way it fits into the broader US-China rivalry will be closely watched , ” he added .
The move pushed FTSE 100 and European stocks traders into a decidedly risk-off mode .
Germany and France did not quite match the fall in the FTSE 100 , but still posted declines .
Germany ’ s Dax slumped 0.85 per cent and France ’ s Cac shrank 0.65 per cent .
The pan-European Stoxx 600 fell @ @ @ @ @ @ @ China poised to tighten grip on Hong Kong with new national security laws The move calls into question Hong Kong ’ s status as a global banking centre , said Axicorp chief global strategist Stephen Innes .
He also raised the prospect of “ riots in the street and plummeting real estate markets ” .
Activists , who staged protests for much of last year , have already called for flash mobs and street action to oppose the move .
The FTSE 100 ’ s fall was compounded by awful retail sales data @ @ @ @ @ @ @ clothing sales halved .
Online retailers did better than others as digital sales rose to a record 30.7 per cent of all retail .
But the extent of the plunge , coupled with a record spike in borrowing in April , led some economists to warn the UK ’ s deficit could grow beyond £300bn in 2020 .
Read more : Government borrowing hits record £62bn in April over coronavirus measures Investors feared that China ’ s actions will lead to another bitter dispute with the US .
President Donald Trump said his @ @ @ @ @ @ @ if China tried to impose new security laws on Hong Kong .
Jim Reid of Deutsche Bank said the US-China relationship “ feels more in terminal decline now than it did six to 12 months ago ” .
Nonetheless , he said , the FTSE 100 and other markets do not appear to be reacting as badly to the latest rise in tensions as they did to trade disputes a year ago .
“ Maybe the answer to this puzzle lays in the central bank liquidity surge , ” Reid said .
On @ @ @ @ @ @ @ is set to have stayed roughly flat this week .
It surged on Monday on hopes of a coronavirus vaccine but has subsided since then .
The dollar gained strength as investors fled equities in search of less risk .
The pound fell 0.5 per cent to $ 1.217 .
Some traders have said they are bearish on the pound with the global economy in so much uncertainty and with Brexit talks still hanging over the UK .

Markets live: FTSE 100 and US stocks slip on rising Hong Kong tensions
A few workers have cautiously returned to the ghostly City of London after the worst of the coronavirus pandemic
The FTSE 100 closed in the red and US stocks fell as investors weighed up rising US-China tensions in the wake of Beijing’s move to assert its authority in Hong Kong.
The UK’s blue-chip index fell around two per cent this morning but pared some of its losses throughout the day. It finished 0.3 per cent lower this afternoon at 5,999 points.
Read more: China poised to tighten grip on Hong Kong with new national security laws
Markets were more positive in Europe, with Germany’s Dax index swinging from red to green and climbing 0.2 per cent. But the continent-wide was Stoxx 600 down 0.1 per cent.
In the US, the Dow Jones index was 0.5 per cent lower in morning trading. The S&P 500 fell 0.3 per cent.
The sell-off was driven by China’s move to impose national security legislation on Hong Kong. The law could ban what Beijing sees as treason and sedition and is likely to reignite the city-wide protests seen last year.
It caused Hong Kong’s Hang Seng stock index to plunge 5.6 per cent overnight. Stephen Innes, chief strategist at Axicorp, said the security plan will “most certainly bring into question HK status as a global banking center”.
It also drew the ire of Washington, spooking investors fearful of another trade war. US President Donald Trump said his government would react “very strongly” if China pressed ahead.
Nonetheless, Jim Reid of Deutsche Bank said, the FTSE 100 and other markets did not appear to be reacting as badly to the latest rise in tensions as they did to trade disputes a year ago. “Maybe the answer to this puzzle lays in the central bank liquidity surge,” Reid said.
Hong Kong tensions knock FTSE 100
The biggest fallers on the FTSE 100 today were companies firmly plugged in to the global economy. Those with strong links to Asia suffered in particular.
Insurer Prudential, which now only focuses on Asia and the US, was the biggest faller. Its shares plummeted eight per cent.
HSBC, which has its roots in Hong Kong and a dual listing there, plunged five per cent. Asia-centric Standard Chartered, which also has a dual listing, dropped two per cent.
British Airways-owner IAG slid seven per cent as US-China tensions raised questions about the global economy.
Utilities and energy groups Severn Trent, United Utilities, National Grid and Centrica also suffered, dropping between three and five per cent in part over worries about demand.
David Madden, market analyst at CMC Markets, said: “Burberry shares have seen some volatility today as they initially traded lower, but they have been in positive territory for the remainder of the session.”
“The pandemic has had a very negative impact on the group in terms of shops and manufacturing,” he said.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Neil Wilson, chief markets analyst at Markets.com, said Beijing’s move gave FTSE 100 investors a new headache. He said they will “need to add renewed Hong Kong-Beijing tensions into their mix of geopolitical risks”.
“The way it fits into the broader US-China rivalry will be closely watched,” he added.
Oil prices slide on fears over demand
Oil prices fell along with the FTSE 100 in the wake of the rise in US-China tensions. Investors fear that Beijing’s move in Hong Kong could cause the US to retaliate economically, perhaps with more tariffs. That would dent demand for oil.
Brent crude oil, the main global price, fell 3.9 per cent to $34.70 per barrel. Meanwhile US benchmark WTI crude dropped 3.5 per cent to $32.70 per barrel.
Oil prices have climbed in recent weeks after a torrid April. Last month, a combination of evaporating demand and market quirks drove the US oil price into negative territory.
“The oil dynamics have undoubtedly improved and it passed the June expiry test with flying colours,” said Craig Erlam, senior market analyst at currency firm Oanda.
He said overall sentiment was being supported by the reopening of economies. “But the outlook is still highly uncertain and numerous risks lie on the horizon, even before you take recent tensions into consideration,” he said.
The dollar gained strength and the pound slipped as investors sold FTSE 100 stocks in search of less risk. Sterling fell 0.4 per cent to $1.218.
Some traders have said they are bearish on the pound with Brexit talks still hanging over the UK.
On US-China tensions, CMC Markets’ Madden said: “Overnight, Beijing said they are committed to the trade deal they struck with the US in January, but given what is going on in relation to Hong Kong, traders are worried the relationship might deteriorate.”
Yet Madden pointed out that Anthony Fauci, a medical expert in the field of infectious diseases, said the results of drug company Moderna’s coronavirus vaccine trial were “promising”.
“That is possibly why stocks haven’t fallen further as some optimism is doing the rounds in relation to the health crisis.”


cityam--2020-05-22--Lloyds suspends job cuts until October amid coronavirus crisis

Lloyds Banking Group said today it has suspended all job cuts until October to help employees through the coronavirus crisis .
City A.M. revealed last month that staff already going through redundancy processes feared the bank would leave them jobless at the height of the pandemic .
Read more : Exclusive : Lloyds staff facing redundancy fear being left jobless by bank amid pandemic Lloyds had previously suspended all new job cuts , but those already working towards exit dates were worried they would be cast out into a bleak job market .
The bank suspended exits in April and @ @ @ @ @ @ @ on a rolling monthly basis .
Today the bank committed to suspend all involuntary staff exits until October .
A Lloyds spokesperson said : “ We have made a number of commitments to our colleagues to address their concerns during the current crisis , including continuing to pay them in full regardless of their working circumstances .
“ We have also pledged that any colleague placed on notice of redundancy will not leave the group before October .
We will continue to review these and other commitments to our colleagues on an ongoing @ @ @ @ @ @ @ committed to suspending plans to cut 780 jobs amid surging customer demand and the economic uncertainty leavers would face .
Barclays told staff last month it was halting new redundancies while the coronavirus crisis is ongoing .
It said it would support staff already going through redundancy processes .
Read more : Lloyds hit by investor backlash over executive pay package The bank said staff being made redundant would be placed on a furlough scheme similar to the government ’ s job retention scheme .
Barclays , rather than the state , would @ @ @ @ @ @ @ s wages .
Building society Nationwide said earlier this month it would not make any compulsory redundancies during 2020 .

Lloyds suspends job cuts until October amid coronavirus crisis
Lloyds Banking Group fined £64m after mistreating mortgage customers
Lloyds Banking Group said today it has suspended all job cuts until October to help employees through the coronavirus crisis.
City A.M. revealed last month that staff already going through redundancy processes feared the bank would leave them jobless at the height of the pandemic.
Lloyds had previously suspended all new job cuts, but those already working towards exit dates were worried they would be cast out into a bleak job market.
The bank suspended exits in April and again in May with the decision taken on a rolling monthly basis.
Today the bank committed to suspend all involuntary staff exits until October.
A Lloyds spokesperson said: “We have made a number of commitments to our colleagues to address their concerns during the current crisis, including continuing to pay them in full regardless of their working circumstances.
“We have also pledged that any colleague placed on notice of redundancy will not leave the group before October. We will continue to review these and other commitments to our colleagues on an ongoing basis.”
In March the bank had committed to suspending plans to cut 780 jobs amid surging customer demand and the economic uncertainty leavers would face.
Barclays told staff last month it was halting new redundancies while the coronavirus crisis is ongoing. It said it would support staff already going through redundancy processes.
The bank said staff being made redundant would be placed on a furlough scheme similar to the government’s job retention scheme. Barclays, rather than the state, would pay 80 per cent of people’s wages.
Building society Nationwide said earlier this month it would not make any compulsory redundancies during 2020.