cityam--2020-04-23--CBILS application process ‘soul destroying’ says director of film industry business

The process of applying to the lenders administering the coronavirus business interruption loan scheme ( CBILS ) has been “ soul destroying , ” the director of a small film industry business said .
Diane Nyiry of Devon-based Cine Power International told City A.M. : “ I have been shocked at the way the banks have been behaving , they haven ’ t been very angelic .
They seem to be capitalising on the small businesses that the chancellor very generously was trying to assist.
” Cine Power supplies the film industry with power and lighting equipment and has been @ @ @ @ @ @ @ Read more : Firms ‘ still missing out ’ as coronavirus loans double to £2.8bn but only half are approved Nyiry , who is in her 70s and has been with the company since it was founded , said the closure of the film industry meant that Cine Powers ’ order book had been frozen .
Last month she furloughed her four staff and alongside her son Ben , also a director of the business , set about trying to access funds to see the company through the industry shutdown .
“ The @ @ @ @ @ @ @ scheme was a Godsend , ” she said .
However , she said the experience of trying to apply for a loan was “ soul destroying ” and a “ total and complete nightmare ” .
CBILS was set up to offer loans to firms with a turnover of up to £45m .
Companies can access the money through more than 40 approved lenders and 80 per cent of the loan is guaranteed by the government .
Nyiry said the company , which is profitable , had been “ turned down flat ” @ @ @ @ @ @ @ and Aurora Capital .
She also said that the voluminous paperwork required by lenders , including her own bank Coutts , was tough on small businesses and expensive to comply with .
Read more : The Long Read : The coronavirus loan scheme risks failing the people it was designed to help “ We bank with Coutts , they have introduced a CBILS package that terrified me .
I read the terms and i thought ‘ oh my God , ’ I have been with them since 1979 and I couldn ’ t @ @ @ @ @ @ @ their application , ” she said , Nyiry said the company was contacting further lenders to try and apply for a CBILS loan .
“ We will have to keep trying , but it ’ s really tough and very soul-destroying when being treated so badly , ” she said .
“ I truly do not believe this is the government or the chancellor ’ s intention at all , ” she added .

CBILS application process ‘soul destroying’, says director of film industry business
Film studios worldwide have closed during the coronavirus pandemic (Photo by Amy Sussman/Getty Images)
The process of applying to the lenders administering the coronavirus business interruption loan scheme (CBILS) has been “soul destroying,” the director of a small film industry business has said.
Diane Nyiry of Devon-based Cine Power International told City A.M.: “I have been shocked at the way the banks have been behaving, they haven’t been very angelic. They seem to be capitalising on the small businesses that the chancellor very generously was trying to assist.”
Cine Power supplies the film industry with power and lighting equipment and has been operating for more than 50 years.
Nyiry, who is in her 70s and has been with the company since it was founded, said the closure of the film industry meant that Cine Power’s order book had been frozen.
Last month she furloughed her four staff. Alongside her son Ben, also a director of the business, she set about trying to access funds to see the company through the industry shutdown.
“The announcement by the chancellor of the CBILS scheme was a Godsend,” she said.
However, she said the experience of trying to apply for a loan was “soul destroying” and a “total and complete nightmare”.
CBILS was set up to offer loans to firms with a turnover of up to £45m. Companies can access the money through more than 40 approved lenders and 80 per cent of the loan is guaranteed by the government.
Nyiry said the company, which is profitable, had been “turned down flat” with no explanation given by Esme Loans and Aurora Capital.
She also said that the voluminous paperwork required by lenders, including her own bank Coutts, was tough on small businesses and expensive to comply with.
“We bank with Coutts, they have introduced a CBILS package that terrified me. I read the terms and I thought ‘oh my God,’ I have been with them since 1979 and I couldn’t believe the terms they had added into their application,” she said,
Nyiry said the company was contacting further lenders to try and apply for a CBILS loan.
“We will have to keep trying, but it’s really tough and very soul-destroying when being treated so badly,” she said.
“I truly do not believe this is the government or the chancellor’s intention at all,” she added.


cityam--2020-04-23--Pressure grows from backbench Tory MPs to ease coronavirus lockdown

Backbench Conservative MPs have begun to speak out about the length of the UK ’ s coronavirus lockdown , warning that prolonged social distancing measures will have irreparable damage on the economy .
Several Tory MPs raised concerns about the prolonged lockdown in a Westminster select committee hearing this morning , with one warning that many businesses are “ on the verge of bankruptcy ” .
Read more : UK to raise £225bn from bond sales to fund coronavirus measures The 1922 committee , a meeting of all Tory backbenchers , met last night with many airing their concerns about @ @ @ @ @ @ @ One backbencher told the BBC that the government had achieved its goal of protecting the NHS from being overburdened and that social distancing should be eased next month .
“ If we don ’ t do that , we really will see thousands of businesses go under , ” they said .
Chief medical officer Chris Whitty said yesterday at the daily press conference that people should be prepared for some form of social distancing measures for the rest of the calendar year .
He said the only way out of it was @ @ @ @ @ @ @ drug treatment were available and that there was an “ incredibly small probability ” of that happening in “ the next calendar year ” .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Speaking at a hearing of Westminster ’ s Business , Energy and Industrial Strategy Committee today , Tory MP Nusrat Ghani voiced her concern at the economic impacts of the lockdown .
“ Many businesses feel that they are on the verge of bankruptcy , especially if @ @ @ @ @ @ @ talk about the economic and social impacts but they are both the same , ” she said .
Business secretary Alok Sharma said his department , the Department of Business , Energy and Industrial Strategy , was having discussions with the private sector and other Whitehall teams about how businesses can get back to work .
“ We have not shut down the economy , ” he said .
“ There are millions of people who are working from home , you do have businesses which are open .
“ I agree that @ @ @ @ @ @ @ ” The Times reported today that the government is looking at creating a coronavirus tracking and tracing mobile app so it can ease some restrictions .
Thousands of council staff and civil servants are reportedly being drafted to maintain the system , which could be up and running in three weeks .
The tracing programme would see people alerting a mobile app that they have coronavirus symptoms .
The app would then trace everyone that person has been in contact with and alert them that they have been around someone who may now @ @ @ @ @ @ @ app alert would be forced to self-isolate for up to 14 days .
The app would follow the lead of countries such as South Kore and Singapore who managed to control their coronavirus outbreaks through intensive tracking and testing programmes .

Pressure grows from backbench Tory MPs to ease coronavirus lockdown
Chief medical officer Chris Whitty said yesterday at the daily press conference that people should be prepared for some form of social distancing measures for the rest of the calendar year.
Backbench Conservative MPs have begun to speak out about the length of the UK’s coronavirus lockdown, warning that prolonged social distancing measures will have irreparable damage on the economy.
Several Tory MPs raised concerns about the prolonged lockdown in a Westminster select committee hearing this morning, with one warning that many businesses are “on the verge of bankruptcy”.
The 1922 committee, a meeting of all Tory backbenchers, met last night with many airing their concerns about the economic impact of the lockdown.
One backbencher told the BBC that the government had achieved its goal of protecting the NHS from being overburdened and that social distancing should be eased next month.
“If we don’t do that, we really will see thousands of businesses go under,” they said.
Chief medical officer Chris Whitty said yesterday at the daily press conference that people should be prepared for some form of social distancing measures for the rest of the calendar year.
He said the only way out of it was if a widely distributable vaccine or effective drug treatment were available and that there was an “incredibly small probability” of that happening in “the next calendar year”.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Speaking at a hearing of Westminster’s Business, Energy and Industrial Strategy Committee today, Tory MP Nusrat Ghani voiced her concern at the economic impacts of the lockdown.
“Many businesses feel that they are on the verge of bankruptcy, especially if they lose this summer and obviously people talk about the economic and social impacts but they are both the same,” she said.
Business secretary Alok Sharma said his department, the Department of Business, Energy and Industrial Strategy, was having discussions with the private sector and other Whitehall teams about how businesses can get back to work.
“We have not shut down the economy,” he said.
“There are millions of people who are working from home, you do have businesses which are open.
“I agree that of course we need to show direction.”
The Times reported today that the government is looking at creating a coronavirus tracking and tracing mobile app so it can ease some restrictions.
Thousands of council staff and civil servants are reportedly being drafted to maintain the system, which could be up and running in three weeks.
The tracing programme would see people alerting a mobile app that they have coronavirus symptoms.
The app would then trace everyone that person has been in contact with and alert them that they have been around someone who may now have Covid-19.
Anyone who receives the app alert would be forced to self-isolate for up to 14 days.
The app would follow the lead of countries such as South Kore and Singapore who managed to control their coronavirus outbreaks through intensive tracking and testing programmes.


cityam--2020-04-23--Green light for £250m Netflix and Amazon film studio complex in Kent

Developers have been given the green light to build a £250m film complex in Kent to provide much-needed studio space for streaming giants such as Netflix and Amazon .
Local councillors last night approved plans for Ashford International Film Studios , which will boast 240,000 square feet of production space .
Read more : UK tycoons buy Twickenham Studios as they launch £500m film venture The complex , built on a 13-acre site at Kent ’ s derelict Newtown Railway Works , will also feature a media village , educational centre and hotel .
It aims to create 2,000 jobs @ @ @ @ @ @ @ The Ashford studios form part of a wider project launched by The Creative District Improvement Company ( TCDI ) to invest £500m in new UK studio space .
TCDI , led by British media tycoons Piers Read and Jeremy Rainbird , has already acquired Twickenham Studios and aims to open 1m square feet of production space by 2024 .
Netflix and Amazon are among the streaming giants to express interest in the scheme amid booming demand for new films and TV shows .
This demand is likely to surge further once lockdown measures @ @ @ @ @ @ @ has forced production companies to put all filming on hold .
“ Amidst this current global pandemic , it is extremely exciting to be given the go-ahead by the council to start work on what will become one of the UK ’ s biggest creative hubs , ” TCDI founders Read and Rainbird said in a joint statement .
“ Global streaming giants have already expressed interest in the scheme as demand for their services booms and before there is a huge backlog in production , as people stay at home and burn @ @ @ @ @ @ @ Work is set to begin immediately on the Grade II-listed building at the Newtown Works , the former home of a locomotive manufacturing company that was abandoned in the 1980s .
The studio space will be located close to the Ashford Eurostar stop , providing links with Netflix ’ s European hub in Amsterdam and France ’ s TF1 network .
“ The UK screen industries have been experiencing an exceptional boom time and we look forward to building on this by continuing as an industry to invest in skills and develop our @ @ @ @ @ @ @ , chief executive of the British Film Commission and Film London .
“ Today ’ s announcement highlights the industry ’ s commitment to an ongoing strategy to ensure its sustainability , building on the UK ’ s rich history of attracting filmmakers , nurturing talent and creating world class content.
” Read more : US film company plots launch of UK ’ s largest studio complex Developers have been lining up to meet the surging demand for new studio space in the UK .
Sky has announced plans for a new 32-acre @ @ @ @ @ @ @ Blackhall Studios has inked a £150m deal to build the country ’ s largest purpose-built studio complex near Reading .

Green light for £250m Netflix and Amazon film studio complex in Kent
Developers have been given the green light to build a £250m film complex in Kent to provide much-needed studio space for streaming giants such as Netflix (NFLX) and Amazon (AMZN).
Local councillors last night approved plans for Ashford International Film Studios, which will boast 240,000 square feet of production space.
Derelict railway works
The complex, built on a 13-acre site at Kent’s derelict Newtown Railway Works, will also feature a media village, educational centre and hotel. It aims to create 2,000 jobs when it opens in early 2022.
The Ashford studios form part of a wider project launched by The Creative District Improvement Company (TCDI) to invest £500m in new UK studio space.
TCDI, led by British media tycoons Piers Read and Jeremy Rainbird, has already acquired Twickenham Studios and aims to open 1m square feet of production space by 2024.
Netflix and Amazon are among the streaming giants to express interest in the scheme amid booming demand for new films and TV shows.
Demand to surge
This demand is likely to surge further once lockdown measures have been lifted, as the pandemic has forced production companies to put all filming on hold.
“Amidst this current global pandemic, it is extremely exciting to be given the go-ahead by the council to start work on what will become one of the UK’s biggest creative hubs,” TCDI founders Read and Rainbird said in a joint statement.
“Global streaming giants have already expressed interest in the scheme as demand for their services booms and before there is a huge backlog in production, as people stay at home and burn through original content at record levels.”
Work is set to begin immediately on the Grade II-listed building at the Newtown Works, the former home of a locomotive manufacturing company that was abandoned in the 1980s.
The studio space will be located close to the Ashford Eurostar stop, providing links with Netflix’s European hub in Amsterdam and France’s TF1 network.
Exceptional boom time
“The UK screen industries have been experiencing an exceptional boom time and we look forward to building on this by continuing as an industry to invest in skills and develop our world-class infrastructure,” said Adrian Wootton, chief executive of the British Film Commission and Film London.
“Today’s announcement highlights the industry’s commitment to an ongoing strategy to ensure its sustainability, building on the UK’s rich history of attracting filmmakers, nurturing talent and creating world class content.”
Developers have been lining up to meet the surging demand for new studio space in the UK.
Sky has announced plans for a new 32-acre production hub in Elstree, while US-based Blackhall Studios has inked a £150m deal to build the country’s largest purpose-built studio complex near Reading.
Main image credit: TCDI


cityam--2020-04-23--Firms 'still missing out' as coronavirus loans double to £2.8bn but only half are approved

Banks have approved less than half of applications for coronavirus loans , as industry figures warn firms risk missing out .
Loans for businesses increased £1.45bn in the week from 14 April to 21 April .
It brings total lending under the Coronavirus Business Interruption Loan Scheme ( CBILS ) to £2.8bn , according to UK Finance data .
Read more : Exclusive : Businesses call for bank-by-bank breakdown of coronavirus lending Over 9,000 loans have been provided in the past week bringing the total number to over 16,600 .
However , the loan scheme has come under fire from @ @ @ @ @ @ @ to respond to the coronavirus threat .
Banks are working through a large backdrop , with just 16,624 applications approved out of 36,000 .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
While the scheme is picking up , the figures pale in comparison to other countries ’ programmes .
Sunak has faced calls to increase the government guarantee to 100 per cent .
The chancellor is not convinced by the idea .
Earlier this week he said : “ @ @ @ @ @ @ @ what we ’ re doing , it ’ s more significant in scope and in scale of most of those other countries [ offering 100 per cent loan guarantees ] .
” Industry figures have welcomed the new figures which show the coronavirus loans are reaching more and more businesses .
The British Chamber of Commerce ’ s ( BCC ) head of economics , Suren Thiru , said the figures were “ encouraging ” .
However , Rain Newton-Smith , chief economist at the CBI , said that while the pace is @ @ @ @ @ @ @ missing out.
” Read more : Treasury Committee calls on banks to provide daily updates on coronavirus business interruption loan scheme lending “ More loans must get out the door faster for the businesses facing distress , especially smaller businesses , ” she added .
Melissa Davies , economist at Redburn , said government support is “ slow to get into the lifeblood of the UK economy ” .
Thiru said the number of applications processed and approved needs to increase .
It is a “ crunch week for firms urgently trying to @ @ @ @ @ @ @ on the government and financial institutions to work together “ to ensure that cash gets to the frontline as quickly as possible.
” Davies echoed this sentiment , calling on the government and BoE to “ throw the kitchen sink at this to prevent a downward spiral in employment and demand ” .
By 21 April , HSBC had lent £480.5m to 3,539 firms through CBILS .
Barclays had approved 2,971 CBILS loans worth £586m .
Get the news as it happens by following City A.M. on Twitter .

Coronavirus loans double to £2.8bn but only half are approved
Banks have approved less than half of applications for coronavirus loans, as industry figures warn firms risk missing out.
Loans for businesses increased £1.45bn in the week from 14 April to 21 April. It brings total lending under the Coronavirus Business Interruption Loan Scheme (CBILS) to £2.8bn, according to UK Finance data.
Over 9,000 loans have been provided in the past week bringing the total number to over 16,600. However, the loan scheme has come under fire from firms who say it is too slow to respond to the coronavirus threat.
Banks are working through a large backdrop, with just 16,624 applications approved out of 36,000.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
While the scheme is picking up, the figures pale in comparison to other countries’ programmes. Sunak has faced calls to increase the government guarantee to 100 per cent.
The chancellor is not convinced by the idea. Earlier this week he said: “When you look at the totality of what we’re doing, it’s more significant in scope and in scale of most of those other countries [offering 100 per cent loan guarantees].”
Industry calls for quicker approvals
Industry figures have welcomed the new figures which show the coronavirus loans are reaching more and more businesses. The British Chamber of Commerce’s (BCC) head of economics, Suren Thiru, said the figures were “encouraging”.
However, Rain Newton-Smith, chief economist at the CBI, said that while the pace is picking up “many firms are still missing out.”
“More loans must get out the door faster for the businesses facing distress, especially smaller businesses,” she added.
Melissa Davies, economist at Redburn, said government support is “slow to get into the lifeblood of the UK economy”.
Thiru said the number of applications processed and approved needs to increase. It is a “crunch week for firms urgently trying to access financial support”. He called on the government and financial institutions to work together “to ensure that cash gets to the frontline as quickly as possible.”
Davies echoed this sentiment, calling on the government and BoE to “throw the kitchen sink at this to prevent a downward spiral in employment and demand”.
By 21 April, HSBC had lent £480.5m to 3,539 firms through CBILS. Barclays had approved 2,971 CBILS loans worth £586m.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-04-23--FTSE 100 slips as oil rebounds but uncertainty sets in

The FTSE 100 has fallen slightly today as investors are pulled in different directions by a rebound in oil prices but dire economic data and earnings reports amid the coronavirus pandemic .
Britain ’ s FTSE 100 stock index was down marginally by midday at 5,768 points after climbing more than two per cent yesterday .
It had fallen roughly five per cent of Monday and Tuesday , however , as plunging oil prices rocked investors .
European markets were mixed .
The pan-European Stoxx 600 was up 0.1 per cent .
France ’ s CAC 40 had climbed 0.1 @ @ @ @ @ @ @ was 0.2 per cent lower .
Oil prices have found a foothold , however .
The Brent crude oil price , the international benchmark , rose eight per cent to $ 21.90 per barrel .
WTI crude , the US benchmark , jumped 12 per cent to $ 15.40 per barrel .
The FTSE 100 was largely unaffected by dire economic data which showed the UK ’ s private sector suffered an unprecedented blow in April .
A closely-watched gauge of the health of the services and manufacturing sectors collapsed to its lowest @ @ @ @ @ @ @ years ago .
“ Markets seem to have taken today ’ s incredible readings in their stride , or at least in a relatively calm fashion , ” said Chris Beauchamp , chief market analyst at trading platform IG .
The FTSE 100 was held down by a weak set of results from consumer giant Unilever .
The firm ’ s shares are down three per cent after it scrapped a full-year forecast and said it had suffered a sharp decline in activity in China .
The mixed picture comes a day after @ @ @ @ @ @ @ due to chaos in the oil markets .
WTI crude oil prices fell into negative territory for the first time ever on Monday .
“ In the latter half of yesterday ’ s session , the oil market underwent a huge rebound , and that helped boost sentiment across the board , ” said David Madden , market analyst at CMC Markets .
Later today , the US will release its weekly jobless claims figures .
Figures from the last few weeks have been unprecedented , with 22m Americans making a new claim @ @ @ @ @ @ @ .
However , investors have so far shrugged at economic data and instead chosen to focus on stimulus measures from governments and central banks .
US stocks are set to open only slightly lower , according to futures prices .
Sentiment has also been supported today by a $ 480bn ( £390bn ) stimulus package from the US Congress that is set to be passed this afternoon .
It would take the US ’ s total fiscal stimulus to around $ 3 trillion .
Mark Haefele , chief investment officer at UBS Global @ @ @ @ @ @ @ few catalysts for stock market stabilisation .
“ One , stabilisation in the oil markets ; two , COVID-19 policy support ; and three , economic normalization .
Stocks could continue to move higher if we see more signs pointing the way to our upside scenario.
” In the currency markets the pound was up 0.3 per cent against the dollar at $ 1.237 .
The dollar rose 0.3 per cent on an index against other currencies .
Read more : Bank of England policymaker : UK economy in worst slump ‘ in @ @ @ @ @ @ @ 10-year government bond , or Gilt , fell after the Treasury announced a huge increase in bond sales to fund its coronavirus support programmes .
It was down two basis points ( 0.02 percentage points ) to 0.307 per cent .
Yields move inversely to price .

FTSE 100 rises despite awful economic data as oil rebounds
The FTSE 100 recovered from a dip today to post a one per cent climb by the mid-afternoon, despite dire economic data as oil prices rebounded.
Britain’s FTSE 100 stock index was down marginally by midday at 5,768 points after climbing more than two per cent yesterday.
But by 3.30pm London’s index had risen 1.1 per cent to 5,833 points.
It had fallen roughly five per cent of Monday and Tuesday, however, as plunging oil prices rocked investors.
Today oil prices found a foothold, however. The Brent crude oil price, the international benchmark, rose 10.6 per cent to over $22 per barrel. WTI crude, the US benchmark, rocketed 28 per cent to $17.65.
FTSE 100 unmoved by dire economic data
That appeared to offset dire economic data released today in the UK and Eurozone.
UK manufacturers and services sector firms saw record falls over April in today’s flash IHS Markit purchasing managers’ index.
The overall reading crashed to a survey-record 12.9 for the month. Anything below 50 represents a contraction.
And the Eurozone fared little better, hitting 13.5. The appalling scores showed the severe impact of coronavirus lockdowns on the economy.
But the FTSE 100 was largely unaffected by the scale of the impact.
And European markets were mixed. By the mid-afternoon Germany’s Dax had risen 1.3 per cent and France’s Cac was up 1.6 per cent.
The pan-European Stoxx 600 was up 1.2 per cent.
“Markets seem to have taken today’s incredible readings in their stride, or at least in a relatively calm fashion,” said Chris Beauchamp, chief market analyst at trading platform IG.
‘Ugly’ data offset by jump in oil prices
Connor Campbell, financial analyst at online trader Spreadex, said the economic data was “ugly as all hell”. But he said investors showed “relative calm” in their response.
Brent crude’s nine per cent jump to $22.23 helped stabilise the FTSE 100 and European stocks despite UK and Eurozone PMIs proving to be awful.
“PMIs were far worse than forecast – and those forecasts were already dire,” Campbell said.
“Heavy losses for FTSE 100 and pound alike would have been excusable. Instead the UK index was effectively flat, while sterling actually added 0.2 per cent against the dollar.”
Earnings season weighs on FTSE 100
The FTSE 100 was initially held down by a weak set of results from consumer giant Unilever. The firm’s shares are down three per cent after it scrapped a full-year forecast and said it had suffered a sharp decline in activity in China.
The mixed picture comes a day after stocks rallied following two days of falls due to chaos in the oil markets. WTI crude oil prices fell into negative territory for the first time ever on Monday.
“In the latter half of yesterday’s session, the oil market underwent a huge rebound, and that helped boost sentiment across the board,” said David Madden, market analyst at CMC Markets.
US stocks rise despite 26m unemployed
US jobless claims spiralled again, hitting 4.4m last week, new figures revealed today. That means 26m Americans have now made unemployment claims in the last five weeks.
In contrast, the highest weekly total of US jobless claims during the financial crisis was 800,000.
However, while the FTSE 100 and European stocks fell temporarily into the red today, US stocks defied the data to climb.
The S&P 500, the Dow Jones and the Nasdaq all posted gains of around one per cent.
Russ Mould, AJ Bell investment director, pointed out that the S&P 500 is now just four per cent off all-time highs last year.
“If you had said to someone a year ago that a global pandemic would strike, large parts of the US economy would be in lockdown and that stocks would only fall four per cent from record-highs over the next 12 months you would have probably been told you were off your rocker,” he said.
Stocks supported by US stimulus
Sentiment has also been supported today by a $480bn (£390bn) stimulus package from the US Congress that is set to be passed this afternoon. It would take the US’s total fiscal stimulus to around $3 trillion.
Mark Haefele, chief investment officer at UBS Global Wealth Management, said he sees a few catalysts for stock market stabilisation.
“One, stabilisation in the oil markets; two, COVID-19 policy support; and three, economic normalization. Stocks could continue to move higher if we see more signs pointing the way to our upside scenario.”
In the currency markets the pound was up 0.3 per cent against the dollar at $1.237. The dollar rose 0.3 per cent on an index against other currencies.
The yield on the UK 10-year government bond, or Gilt, fell after the Treasury announced a huge increase in bond sales to fund its coronavirus support programmes.
It was down two basis points (0.02 percentage points) to 0.307 per cent. Yields move inversely to price.


cityam--2020-04-23--Blackmore Bond topples into administration owing £45m

The joint administrators , Geoff Bouchier and Benjamin Wiles of Duff & Phelps , were appointed yesterday .
Blackmore was founded in Manchester in 2016 .
It issued mini-bonds to retail investors with a minimum investment of £5,000 .
The company used the money to invest in a portfolio of property development projects .
Read more : FSCS says it is ‘ too early to predict ’ London Capital & Finance compensation levels Duff & Phelps said the value of outstanding bonds was around £45m .
Blackmore investors have not received their quarterly interest payments since October , despite assurance @ @ @ @ @ @ @ resolved .
A bondholder recently took steps to issue a winding up petition against the company .
The security trustee decided to appoint administrator after healing about the petition and because of “ increasing concern about activities affecting the interests of the bondholders , ” Duff and Phelps said .
Geoff Bouchier , joint administrator , said : “ There has been concern regarding the company ’ s affairs for several months so it will be a relief for bondholders that independent professionals have now been appointed to the company .
Read more @ @ @ @ @ @ @ handful of London Capital & Finance investors eligible for compensation “ We are immediately undertaking a review of the properties and will immediately commence an investigation into the company financial position.
” The collapsed of Blackmore follows the failure of mini-bond firm London Capital & Finance which went into administration in January 2019 owing £236m to more than 11,000 investors .

Blackmore Bond topples into administration owing £45m
Mini-bond investment firm Blackmore Bond has collapsed into administration.
The joint administrators, Geoff Bouchier and Benjamin Wiles of Duff & Phelps, were appointed yesterday.
Blackmore was founded in Manchester in 2016. It issued mini-bonds to retail investors with a minimum investment of £5,000.
The company used the money to invest in a portfolio of property development projects.
Duff & Phelps said the value of outstanding bonds was around £45m.
Blackmore investors have not received their quarterly interest payments since October, despite assurance from directors that the situation would be resolved.
A bondholder recently took steps to issue a winding up petition against the company.
The security trustee decided to appoint administrator after healing about the petition and because of “increasing concern about activities affecting the interests of the bondholders,” Duff and Phelps said.
Geoff Bouchier, joint administrator, said: “There has been concern regarding the company’s affairs for several months so it will be a relief for bondholders that independent professionals have now been appointed to the company.
“We are immediately undertaking a review of the properties and will immediately commence an investigation into the company financial position.”
The collapsed of Blackmore follows the failure of mini-bond firm London Capital & Finance which went into administration in January 2019 owing £236m to more than 11,000 investors.


cityam--2020-04-23--Bank of England policymaker: UK economy in worst slump ‘in centuries’

The UK economy is experiencing the fastest and deepest contraction in “ the past century or possibly several centuries ” during the coronavirus lockdown , a Bank of England rate-setter has said .
However , Bank monetary policy committee ( MPC ) member Gertjan Vlieghe , also said that “ in principle ” the economy “ should return approximately to the pre-virus trajectory ” if it is given the right support .
Vlieghe also defended the Bank against accusations that it was funding government spending in a way that could drive up inflation .
He said the Bank is not @ @ @ @ @ @ @ Zimbabwe , ” which suffered hyperinflation .
The MPC member ’ s comments came as data showed the UK economy suffered an unprecedented blow in April , with activity in the enormous services sector plunging .
The UK ’ s budget watchdog said last week that British GDP could contract by 35 per cent in the second quarter .
Bank of England governor Andrew Bailey and deputy governor Ben Broadbent have both said such a drop is well within the realms of possibility .
However , Bailey said he could not endorse the @ @ @ @ @ @ @ in which the economy quickly bounced back .
He suggested there could be some “ scarring ” .
Vlieghe , one of the Bank ’ s external MPC members , today said made the BoE ’ s starkest statement yet that the economy is imploding .
“ It seems that we are experiencing an economic contraction that is faster and deeper than anything we have seen in the past century , or possibly several centuries , ” he said .
Read more : Coronavirus : Bank of England says 35 per cent GDP @ @ @ @ @ @ @ things would be worse had the government and Bank of England not used unprecedented firepower in tackling the economic effects of the virus .
He said Bank policies such as slashing interest rates and ramping up bond-buying “ are all working in the same direction of preventing an unwarranted tightening in financial conditions that would , if left unaddressed , lead to an even sharper economic downturn ” .
Vlieghe struck a more positive tone than many of his fellow economists , saying the UK ’ s productive potential should recover once the @ @ @ @ @ @ @ pandemic is over , and other things equal , in principle it should return approximately to the pre-virus trajectory , ” he said .
“ The current priority for monetary policy , with a lot of help from fiscal policy , is to return the economy to that pre-virus trajectory as soon as possible.
” Bank is not doing ‘ monetary financing ’ He also batted away suggestions that the Bank is engaging in “ monetary financing , ” printing money on a permanent basis to fund government spending .
He said the @ @ @ @ @ @ @ central bank of the Weimar Republic or Zimbabwe ” because the government was not “ telling the central bank what to do , implicitly or explicitly , in order to achieve fiscal objective ” .
Read more : Bank governor Andrew Bailey warns against lifting coronavirus measures too quickly “ Central banks use their balance sheets to achieve monetary policy objectives .
In doing so , they affect government finances , ” he said .
“ That has always been the case , and that continues to be the case .
This in @ @ @ @ @ @ @ ’ s independence and its ability to hit the inflation target .
”

Bank of England policymaker: UK economy in worst slump ‘in centuries’
The UK economy is experiencing the fastest and deepest contraction in “the past century or possibly several centuries” during the coronavirus lockdown, a Bank of England rate-setter has said.
However, Bank monetary policy committee (MPC) member Gertjan Vlieghe, also said that “in principle” the economy “should return approximately to the pre-virus trajectory” if it is given the right support.
Vlieghe also defended the Bank against accusations that it was funding government spending in a way that could drive up inflation. He said the Bank is not acting like “the Weimar Republic or Zimbabwe,” which suffered hyperinflation.
The MPC member’s comments came as data showed the UK economy suffered an unprecedented blow in April, with activity in the enormous services sector plunging.
The UK’s budget watchdog said last week that British GDP could contract by 35 per cent in the second quarter. Bank of England governor Andrew Bailey and deputy governor Ben Broadbent have both said such a drop is well within the realms of possibility.
However, Bailey said he could not endorse the Office for Budget Responsibility’s scenario in which the economy quickly bounced back. He suggested there could be some “scarring”.
Vlieghe, one of the Bank’s external MPC members, today said made the BoE’s starkest statement yet that the economy is imploding.
“It seems that we are experiencing an economic contraction that is faster and deeper than anything we have seen in the past century, or possibly several centuries,” he said.
Vlieghe said things would be worse had the government and Bank of England not used unprecedented firepower in tackling the economic effects of the virus.
He said Bank policies such as slashing interest rates and ramping up bond-buying “are all working in the same direction of preventing an unwarranted tightening in financial conditions that would, if left unaddressed, lead to an even sharper economic downturn”.
Economy should bounce back
Vlieghe struck a more positive tone than many of his fellow economists, saying the UK’s productive potential should recover once the virus has passed.
“Once the pandemic is over, and other things equal, in principle it should return approximately to the pre-virus trajectory,” he said.
“The current priority for monetary policy, with a lot of help from fiscal policy, is to return the economy to that pre-virus trajectory as soon as possible.”
Bank is not doing ‘monetary financing’
He also batted away suggestions that the Bank is engaging in “monetary financing,” printing money on a permanent basis to fund government spending.
He said the BoE is not acting like “the central bank of the Weimar Republic or Zimbabwe” because the government was not “telling the central bank what to do, implicitly or explicitly, in order to achieve fiscal objective”.
“Central banks use their balance sheets to achieve monetary policy objectives. In doing so, they affect government finances,” he said.
“That has always been the case, and that continues to be the case. This in no way detracts from the central bank’s independence and its ability to hit the inflation target.”


cityam--2020-04-23--Tullow Oil shares jump as firm sells Uganda assets for $575m

Tullow Oil has sold its last remaining stakes in its Uganda business to French major Total , the first step in its plan to bolster its fragile finances .
The deal will see Total pay the Africa-focused oil firm $ 575m ( £465.2m ) for its Ugandan assets , the first move in a portfolio management programme aiming to raise $ 1bn .
Shares in the firm jumped 25 per cent this morning on the back of the announcement .
The move will provide the firm with some much needed relief after a 12 month period in which its market @ @ @ @ @ @ @ .
Even before the coronavirus pandemic , Tullow had announced plans to shrink its workforce by a third .
In addition , the current volatility in the oil and gas market has left many producers scrabbling to boost liquidity amid a record slump in demand .
Tullow ’ s executive chair Dorothy Thompson told Reuters that raising at least $ 1bn from divestments would eliminate the prospect of any debt-for-equity swap .
The announcement comes just days after it was revealed that Delonex chief executive Rahul Dhir would take over as Tullow ’ @ @ @ @ @ @ @ has been without a chief executive since November , with Paul McDade stepped down due to the firm ’ s poor performance .
Thompson said : “ This deal is important for Tullow and forms the first step of our programme of portfolio management .
“ It represents an excellent start towards our previously announced target of raising in excess of US $ 1 billion to strengthen the balance sheet and secure a more conservative capital structure ” .
Listen to our daily City View podcast as we chart the economic fallout and @ @ @ @ @ @ @ Total chief Patrick Pouyanne said : “ We are pleased to announce that a new agreement has been reached with Tullow for less than $ 2 a barrel in line with our strategy of acquiring long-term resources at low cost ” .
Nicholas Hyett of Hargreaves Lansdown said that Tullow had “ done an excellent job making the best of a bad situation ” : “ The Ugandan field has been problematic for some time , and realising some value up front would be welcome in any scenario .
“ The cash reinforces @ @ @ @ @ @ @ to be some rocky times for the sector and there ’ s even scope for further payments if the oil price picks up ” .
Tullow also said that it had achieved production of 75,800 barrels a day , in line with its guidance .
It also managed a price of $ 56 per barrel through the quarter due to its hedging positions , which is impressive considering the volatility .
Hyett said : “ Meanwhile an extensive hedging programme has kept the group ’ s received oil prices well above the pretty @ @ @ @ @ @ @ to continue doing so for much of the next year .
Read more : Tullow Oil swings axe at workforce after massive 2019 loss “ Further efforts to reduce costs have also yielded results and , as a result , Tullow looks better placed to weather the current market turmoil than many larger companies , at least in the short term .
“ New CEO Rahul Dhir is taking over a business in much better health than anyone might have expected .
”

Tullow Oil shares jump as firm sells Uganda assets for $575m
Tullow Oil has sold its last remaining stakes in its Uganda business to French major Total, the first step in its plan to bolster its fragile finances.
The deal will see Total pay the Africa-focused oil firm $575m (£465.2m) for its Ugandan assets, the first move in a portfolio management programme aiming to raise $1bn.
Shares in the firm jumped 25 per cent this morning on the back of the announcement.
The move will provide the firm with some much needed relief after a 12 month period in which its market capitalization shrank by roughly 90 per cent.
Even before the coronavirus pandemic, Tullow had announced plans to shrink its workforce by a third.
In addition, the current volatility in the oil and gas market has left many producers scrabbling to boost liquidity amid a record slump in demand.
Tullow’s executive chair Dorothy Thompson told Reuters that raising at least $1bn from divestments would eliminate the prospect of any debt-for-equity swap.
The announcement comes just days after it was revealed that Delonex chief executive Rahul Dhir would take over as Tullow’s chief executive.
The oil explorer has been without a chief executive since November, with Paul McDade stepped down due to the firm’s poor performance.
Thompson said: “This deal is important for Tullow and forms the first step of our programme of portfolio management.
“It represents an excellent start towards our previously announced target of raising in excess of US$1 billion to strengthen the balance sheet and secure a more conservative capital structure”.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Total chief Patrick Pouyanne said: “We are pleased to announce that a new agreement has been reached with Tullow for less than $2 a barrel in line with our strategy of acquiring long-term resources at low cost”.
Tullow making ‘the best of a bad situation’:
Nicholas Hyett of Hargreaves Lansdown said that Tullow had “done an excellent job making the best of a bad situation”:
“The Ugandan field has been problematic for some time, and realising some value up front would be welcome in any scenario.
“The cash reinforces the balance sheet ahead of what look to be some rocky times for the sector and there’s even scope for further payments if the oil price picks up”.
Tullow also said that it had achieved production of 75,800 barrels a day, in line with its guidance.
It also managed a price of $56 per barrel through the quarter due to its hedging positions, which is impressive considering the volatility.
Hyett said: “Meanwhile an extensive hedging programme has kept the group’s received oil prices well above the pretty ugly market price, and looks set to continue doing so for much of the next year.
“Further efforts to reduce costs have also yielded results and, as a result, Tullow looks better placed to weather the current market turmoil than many larger companies, at least in the short term.
“New CEO Rahul Dhir is taking over a business in much better health than anyone might have expected.”


cityam--2020-04-23--Consumer confidence teeters on brink of record low during coronavirus lockdown

Consumer confidence plummeted at the beginning of April but held steady for the rest of the month as the UK adjusted to life under lockdown .
The latest research showed that consumer confidence stayed at minus 34 points throughout the month , just five points above the record low reported in July 2008 .
Read more : Eurozone consumer confidence hits lows last seen in financial crisis The measure for the general economic situation of the country during the last 12 months dropped four points to minus 44 in April , a year on year fall of 14 points .
@ @ @ @ @ @ @ in April , 51 points lower than it was in April last year , as retail sales plunged during the coronavirus lockdown , according to the latest survey by GfK .
The research did find that there was a three point increase in consumer ’ s expectations for their personal finances over the next 12 months .
However the index remained low at minus 14 , a 14 point drop compared to April last year .
Gfk client strategy director Joe Staton said : “ Consumer Confidence has stayed at the minus -34 @ @ @ @ @ @ @ of 6 April .
“ It is impossible to say if this is at the bottom after weeks of adjustment to the reality of lockdown life , or if further falls are to come.
” Read more : UK consumer confidence plunges after deepest quarterly decline on record He added : “ It ’ s no surprise that the Major Purchase Index remains low .
Despite households making online purchases of home cooking equipment , freezers , TVs , monitors and other goods , these surges in demand have not compensated for the @ @ @ @ @ @ @ the closure of physical stores .
“ There is no guarantee that the fall in consumer confidence has ended and we are only five points away from the record minus 39 low seen in July 2008 .
”

Consumer confidence teeters on brink of record low during coronavirus lockdown
Oxford Street during the UK coronavirus lockdown
Consumer confidence plummeted at the beginning of April but held steady for the rest of the month as the UK adjusted to life under lockdown.
The latest research showed that consumer confidence stayed at minus 34 points throughout the month, just five points above the record low reported in July 2008.
The measure for the general economic situation of the country during the last 12 months dropped four points to minus 44 in April, a year on year fall of 14 points.
The Major Purchase Index was minus 52 in April, 51 points lower than it was in April last year, as retail sales plunged during the coronavirus lockdown, according to the latest survey by GfK.
The research did find that there was a three point increase in consumer’s expectations for their personal finances over the next 12 months. However the index remained low at minus 14, a 14 point drop compared to April last year.
Gfk client strategy director Joe Staton said: “Consumer Confidence has stayed at the minus -34 points recorded in our first Covid-19 flash of 6 April.
“It is impossible to say if this is at the bottom after weeks of adjustment to the reality of lockdown life, or if further falls are to come.”
He added: “It’s no surprise that the Major Purchase Index remains low. Despite households making online purchases of home cooking equipment, freezers, TVs, monitors and other goods, these surges in demand have not compensated for the loss of overall retail sales due to the closure of physical stores.
“There is no guarantee that the fall in consumer confidence has ended and we are only five points away from the record minus 39 low seen in July 2008.”


cityam--2020-04-23--Has the black swan left us with white elephants?

The coronavirus crept up on us , in some ways .
It began with a single illness in China in mid-November 2019 , a 55-year-old in Hubei province , some records suggest , and it wasn ’ t until January this year that it became clear that there was an epidemic of this new respiratory disease in the city of Wuhan .
In March , the World Health Organisation declared there was a pandemic of coronavirus , and , since , then , nothing has been the same .
That our world has been transformed is beyond dispute .
“ @ @ @ @ @ @ @ “ social distancing ” —these are the linguistics of the new reality .
I ’ ve been at home in the countryside for five weeks now , my bi-monthly trips across the Atlantic almost like a folk myth , the usual round of meetings and breakfasts and lunches unthinkable now .
I was already well used to conference calls , but they ’ ve become an absolute staple of existence , and I ’ m ruing the fact that I wasn ’ t a shareholder in Zoom or Skype or Epic Games , @ @ @ @ @ @ @ app .
This is how we work now , and it ’ s been entertaining to watch public figures develop ever-more polished and professional-looking settings for their remote interviews , with carefully ordered bookshelves and mobile devices adjusted to the perfect height and angle .
Even Parliament is in on the act now , with the House of Commons operating partly over Zoom ( the Lords are on Microsoft Teams and thus far have not opened their new procedures to the public ) , and , while some people hate the distance and @ @ @ @ @ @ @ to confess that I ’ ve rather come to like it .
My eye was caught last week by a letter to a local newspaper , which found its way into the limelight of Twitter .
Short and to the point , it posed a simple question : with the NHS under pressure as never before , and working patterns changing perhaps for ever , why are we still pushing ahead with a plan which will see us spend £100 billion on HS2 ?
The arguments behind HS2 are straightforward : construction of @ @ @ @ @ @ @ journey times from London to the North of England , and make a huge addition to the capacity too .
A spokesman for the project noted that it would carry more people per hour than two motorways .
That ’ s fine .
There are a dozen minor arguments you can make—Manchester and Leeds hardly mark the northernmost point of our United Kingdom ; £100 billion is a lot of money and represents a budget that seems dangerously expansionist ; the timeframe for the project keeps extending , with a current end date @ @ @ @ @ @ @ new infratsructure network is devastating for the areas through which it is to run .
But these are second-order questions , fundamentally , because none of them challenges the central assumption , which is that we need HS2 at all .
I ’ m not one of these doom-mongers who opposes and grand public works project and foresees expensive catastrophe round every corner .
Sometimes you need to spend big to achieve great things , and you certainly can look at the Channel Tunnel for evidence of that .
Yes , it ended @ @ @ @ @ @ @ ’ s money , but there ’ s no doubt that it has revolutionised our concept of travel to the Continent .
It would be an eccentric decision now to fly from the South of England to Paris or Brussels : probably more expensive , probably less convenient , possibly no quicker and certainly more environmentally damaging than letting the train take the strain .
I do , though , think that HS2 needs a serious rethink , if it ’ s not to look like the UK fighting the last war .
@ @ @ @ @ @ @ changing before coronavirus .
Shortening train journeys was posited on the notion that time spent on a train was ‘ dead ’ time : unproductive and out of contact .
That ’ s simply not true now .
WiFi is a given ( though of varying reliability ) , and business people can be in constant contact with their clients , customers and colleagues as they travel between one city and another .
You might be out of the office , but you ’ re never really away from your desk .
Much @ @ @ @ @ @ @ notion of an office , and of face-to-face meetings , is being challenged by force majeure .
Told that we can ’ t connect physically with people to do business , we ’ ve discovered that , in fact , we don ’ t need to .
When the crisis ends , and it will , only a fool would expect things to go back to the way they were .
The whole construct around which we ’ ve built our working lives has changed , and some of that is for good @ @ @ @ @ @ @ £100 billion .
As a yardstick , that ’ s not far off the NHS ’ s annual budget .
Of course , the Government ’ s selling it as an investment in our future , building infrastructure so that we ’ re competitive , but , really , is that true ?
The more I think about it , the more I think it ’ s an investment in a way of work that just doesn ’ t exist any more .
The beat of the black swan ’ s wings has @ @ @ @ @ @

Has the black swan left us with white elephants?
Less than a third of people who take the train to work think it is good value
The coronavirus crept up on us, in some ways. It began with a single illness in China in mid-November 2019, a 55-year-old in Hubei province, some records suggest, and it wasn’t until January this year that it became clear that there was an epidemic of this new respiratory disease in the city of Wuhan. In March, the World Health Organisation declared there was a pandemic of coronavirus, and, since, then, nothing has been the same.
That our world has been transformed is beyond dispute. “Self-isolation”, “lockdown”, “social distancing”—these are the linguistics of the new reality. I’ve been at home in the countryside for five weeks now, my bi-monthly trips across the Atlantic almost like a folk myth, the usual round of meetings and breakfasts and lunches unthinkable now. I was already well used to conference calls, but they’ve become an absolute staple of existence, and I’m ruing the fact that I wasn’t a shareholder in Zoom or Skype or Epic Games, who own the creators of the Houseparty app.
This is how we work now, and it’s been entertaining to watch public figures develop ever-more polished and professional-looking settings for their remote interviews, with carefully ordered bookshelves and mobile devices adjusted to the perfect height and angle. Even Parliament is in on the act now, with the House of Commons operating partly over Zoom (the Lords are on Microsoft Teams and thus far have not opened their new procedures to the public), and, while some people hate the distance and delay which it imposes, I have to confess that I’ve rather come to like it.
My eye was caught last week by a letter to a local newspaper, which found its way into the limelight of Twitter. Short and to the point, it posed a simple question: with the NHS under pressure as never before, and working patterns changing perhaps for ever, why are we still pushing ahead with a plan which will see us spend £100 billion on HS2?
The arguments behind HS2 are straightforward: construction of this new high-speed network dramatically cut the journey times from London to the North of England, and make a huge addition to the capacity too. A spokesman for the project noted that it would carry more people per hour than two motorways.
That’s fine. There are a dozen minor arguments you can make—Manchester and Leeds hardly mark the northernmost point of our United Kingdom; £100 billion is a lot of money and represents a budget that seems dangerously expansionist; the timeframe for the project keeps extending, with a current end date of 2035; the creation of this new infratsructure network is devastating for the areas through which it is to run. But these are second-order questions, fundamentally, because none of them challenges the central assumption, which is that we need HS2 at all.
I’m not one of these doom-mongers who opposes and grand public works project and foresees expensive catastrophe round every corner. Sometimes you need to spend big to achieve great things, and you certainly can look at the Channel Tunnel for evidence of that. Yes, it ended up costing around £16 billion in today’s money, but there’s no doubt that it has revolutionised our concept of travel to the Continent. It would be an eccentric decision now to fly from the South of England to Paris or Brussels: probably more expensive, probably less convenient, possibly no quicker and certainly more environmentally damaging than letting the train take the strain.
I do, though, think that HS2 needs a serious rethink, if it’s not to look like the UK fighting the last war. Patterns and methods of work were already changing before coronavirus. Shortening train journeys was posited on the notion that time spent on a train was ‘dead’ time: unproductive and out of contact. That’s simply not true now. WiFi is a given (though of varying reliability), and business people can be in constant contact with their clients, customers and colleagues as they travel between one city and another. You might be out of the office, but you’re never really away from your desk.
Much more significantly, though, the very notion of an office, and of face-to-face meetings, is being challenged by force majeure. Told that we can’t connect physically with people to do business, we’ve discovered that, in fact, we don’t need to. When the crisis ends, and it will, only a fool would expect things to go back to the way they were. The whole construct around which we’ve built our working lives has changed, and some of that is for good.
Which brings us back to the £100 billion. As a yardstick, that’s not far off the NHS’s annual budget. Of course, the Government’s selling it as an investment in our future, building infrastructure so that we’re competitive, but, really, is that true? The more I think about it, the more I think it’s an investment in a way of work that just doesn’t exist any more. The beat of the black swan’s wings has created a huge white elephant.


cityam--2020-04-23--Brexit trade talks: Will the deadline be extended over coronavirus?

Despite coronavirus , the UK ’ s chief Brexit negotiator David Frost , Boris Johnson ’ s so-called sherpa , and his Brussels counterpart Michel Barnier recommenced trade negotiations on Monday via video conference .
The week-long negotiating round is the first of three to be held over the next six weeks .
The ultimate aim is to thrash out and ratify a UK-EU Brexit trade deal by the 31 December deadline .
Read more : UK would ‘ say no ’ to EU request for extension of Brexit trade talks Read more : Exclusive : Growing divide in Boris @ @ @ @ @ @ @ deal extension Some have predicted that an extension to Brexit negotiations is inevitable due to the coronavirus pandemic .
However , Downing Street has steadfastly insisted there would be no change to the negotiating timetable .
Items on the agenda for this week ’ s talks include aviation , law enforcement , energy , data protection , foreign policy and governance .
Three of the most high-profile , and most contentious , issues they will discuss will be around financial services , the trade of goods and fisheries .
How will Brexit negotiations @ @ @ @ @ @ @ of London firms will be keeping a close eye on negotiations involving financial services regulation .
Brussels only grants access to its markets if they agree to an equivalence regime with its trading partner .
This means the country seeking a trade deal must set similar financial services regulations .
For Square Mile firms , most of which were opposed to Brexit , it is crucial they retain access to the EU .
Almost half of all debt and equity issuance for non-financial Eurozone firms between 2012 and 2018 came from banks based @ @ @ @ @ @ @ Javid : I ’ ll give the City the flexibility it needs to thrive outside the EU Former chancellor Sajid Javid , writing exclusively in City A.M. , said in February that the UK would pass a “ full range of equivalence assessments by June 2020 ” .
However , he also called for a so-called permanent equivalence deal for “ decades to come ” .
That would mean the UK could in future change its financial regulations but still maintain EU access .
Barnier was quick to deride the proposal , telling @ @ @ @ @ @ @ “ not kid themselves ” and that they will not be granted a deal which gives the country equivalence in perpetuity .
“ There will not be general open-ended or ongoing equivalence negotiations on financial services , ” he said .
“ We will keep control of these tools and will retain a free hand to take these decisions.
” Frost ’ s negotiating team will seek to maintain tariff-free trade of goods with the EU , according to the government ’ s “ approach to negotiations ” white paper .
Released in @ @ @ @ @ @ @ provisions on market access should be comprehensive and ensure there are no tariffs , fees , charges and quantitative restrictions on trade in manufactured and agricultural goods between the UK and the EU , where goods meet the relevant rules of origin.
” Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
The European Commission said in February that for the UK to “ maintain quota-free , tariff-free trade relations ” that it will need to guarantee a “ fair playing @ @ @ @ @ @ @ amounts to “ guarantees for equal rules on , among other things , social , environmental , tax , state aid , consumer protection and climate matters ” .
Shanker Singham , chief executive of trade law and economic policy consultancy firm Competere , said the two sides were “ not as far apart as some would suggest ” on some of these key issues and that there was a “ landing zone ” for a deal to be struck .
So long , and thanks for all the fish A 2016 University @ @ @ @ @ @ @ 92 per cent of Brits working in the fishing industry voted to leave the EU in the Brexit referendum .
This was primarily due to a feeling that the UK fishing industry had been fleeced by the EU ’ s Common Fisheries Policy .
The policy allows vessels from other EU countries to commercially fish in UK waters , leaving British fishermen to compete with super trawlers from countries such as France and Spain .
The government has stressed the UK must have control of its waters .
But Frost and his team @ @ @ @ @ @ @ this could look like .
However , it is understood that Barnier will push for EU states to retain some access .
Read more : Brexit trade talks set to resume next week with no deadline extension Brexit negotiations over fishing policy will be crucial , with an EU official telling the Express last month that “ if there is no progress on fish , there can be no progress in other areas of the talks ” .
Singham said the talks over fishing access would be “ very tough [ Brexit ] @ @ @ @ @ @ @ to realise that the UK needs to be an independent coastal state , ” he said .
What happens if there ’ s no Brexit trade deal in 2020 ?
The UK is currently in a transition period , where it is still operating under EU rules and regulations , despite leaving the bloc in January .
If no deal is struck by 31 December then new taxes and trade barriers will be implemented on World Trade Organisation ( WTO ) terms between the EU and UK .
This has prompted fears that @ @ @ @ @ @ @ cliff edge moments .
That would be similar to last year , when many feared the UK could crash out of the EU without a deal .
However , it is important to note that leaving the EU without a trade deal is very different from leaving without a deal at all .
The withdrawal agreement settled vital issues , such as the Northern Irish border question .
This ensured there would be less disruption if the UK left without a trade deal than if it had left with no deal at all @ @ @ @ @ @ @ that there will be no delay to the 31 December Brexit deadline .
This is despite two negotiating rounds being cancelled and Michel Barnier being forced out of action for a period last month after contracting coronavirus .
Read more : Boris Johnson discharged from hospital as he recovers from coronavirus Then Boris Johnson became seriously sick with coronavirus , and Brexit negotiations will now happen over video conference .
It is understood that the EU would be willing to discuss extending the deadline .
But the Prime Minister ’ s official spokesman @ @ @ @ @ @ @ refuse an extension if Brussels asked for one .
City A.M. exclusively reported yesterday that some of Frost ’ s negotiating team are uneasy about the hardline approach taken by Downing Street .
The negotiating team is made up of politically appointed advisers and civil servants from several departments .
Read more : Exclusive : Growing divide in Boris Johnson ’ s Brexit unit over trade deal extension Sources close to the negotiating team said some civil servants thought a Brexit extension should be considered in light of the coronavirus crisis .
Others @ @ @ @ @ @ @ Leave campaign veterans , are steadfast in their determination to leave the EU ’ s clutches entirely by 31 December .
International Monetary Fund chair Kristalina Georgieva last week urged both sides to extend the deadline in order to reduce political uncertainty as the global economy reels from the Covid-19 pandemic .
Read more : IMF : UK must extend Brexit trade deal deadline during coronavirus Veteran City of London pundit David Buik said an extension was inevitable , but that the government ’ s negotiating team should not concede that yet .
@ @ @ @ @ @ @ extension in the end , I don ’ t think it ’ s possible to do the deal in that time , but if the UK gives an inch now the EU will take miles , ” he said .
Read more : David Buik : Tories could lose next election over coronavirus loans delays

Brexit trade talks: Will the deadline be extended over coronavirus?
European Union chief Brexit negotiator Michel Barnier (R) and the British Prime Minister’s Europe adviser David Frost pose for a photograph at start of the first round of post-Brexit trade deal talks between the EU and the United Kingdom, in Brussels on March 2, 2020.
Despite coronavirus, the UK’s chief Brexit negotiator David Frost, Boris Johnson’s so-called sherpa, and his Brussels counterpart Michel Barnier recommenced trade negotiations on Monday via video conference.
The week-long negotiating round is the first of three to be held over the next six weeks. The ultimate aim is to thrash out and ratify a UK-EU Brexit trade deal by the 31 December deadline.
Some have predicted that an extension to Brexit negotiations is inevitable due to the coronavirus pandemic.
However, Downing Street has steadfastly insisted there would be no change to the negotiating timetable.
Items on the agenda for this week’s talks include aviation, law enforcement, energy, data protection, foreign policy and governance.
Three of the most high-profile, and most contentious, issues they will discuss will be around financial services, the trade of goods and fisheries.
How will Brexit negotiations affect the City of London?
How could Brexit trade talks impact the City?
City of London firms will be keeping a close eye on negotiations involving financial services regulation.
Brussels only grants access to its markets if they agree to an equivalence regime with its trading partner. This means the country seeking a trade deal must set similar financial services regulations.
For Square Mile firms, most of which were opposed to Brexit, it is crucial they retain access to the EU. Almost half of all debt and equity issuance for non-financial Eurozone firms between 2012 and 2018 came from banks based in London.
Former chancellor Sajid Javid, writing exclusively in City A.M., said in February that the UK would pass a “full range of equivalence assessments by June 2020”.
However, he also called for a so-called permanent equivalence deal for “decades to come”. That would mean the UK could in future change its financial regulations but still maintain EU access.
Barnier was quick to deride the proposal, telling MEPs in Strasbourg that UK negotiators should “not kid themselves” and that they will not be granted a deal which gives the country equivalence in perpetuity.
“There will not be general open-ended or ongoing equivalence negotiations on financial services,” he said.
“We will keep control of these tools and will retain a free hand to take these decisions.”
The future trading of goods
Frost’s negotiating team will seek to maintain tariff-free trade of goods with the EU, according to the government’s “approach to negotiations” white paper.
Released in February, it said: “The provisions on market access should be comprehensive and ensure there are no tariffs, fees, charges and quantitative restrictions on trade in manufactured and agricultural goods between the UK and the EU, where goods meet the relevant rules of origin.”
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
The European Commission said in February that for the UK to “maintain quota-free, tariff-free trade relations” that it will need to guarantee a “fair playing field” on future competition.
This amounts to “guarantees for equal rules on, among other things, social, environmental, tax, state aid, consumer protection and climate matters”.
Shanker Singham, chief executive of trade law and economic policy consultancy firm Competere, said the two sides were “not as far apart as some would suggest” on some of these key issues and that there was a “landing zone” for a deal to be struck.
So long, and thanks for all the fish
A 2016 University of Aberdeen poll found that a staggering 92 per cent of Brits working in the fishing industry voted to leave the EU in the Brexit referendum.
This was primarily due to a feeling that the UK fishing industry had been fleeced by the EU’s Common Fisheries Policy.
The policy allows vessels from other EU countries to commercially fish in UK waters, leaving British fishermen to compete with super trawlers from countries such as France and Spain.
The government has stressed the UK must have control of its waters. But Frost and his team have not released any details about what this could look like.
However, it is understood that Barnier will push for EU states to retain some access.
Brexit negotiations over fishing policy will be crucial, with an EU official telling the Express last month that “if there is no progress on fish, there can be no progress in other areas of the talks”.
Singham said the talks over fishing access would be “very tough [Brexit] negotiations”.
“The EU has to realise that the UK needs to be an independent coastal state,” he said.
What happens if there’s no Brexit trade deal in 2020?
The UK is currently in a transition period, where it is still operating under EU rules and regulations, despite leaving the bloc in January.
If no deal is struck by 31 December then new taxes and trade barriers will be implemented on World Trade Organisation (WTO) terms between the EU and UK.
This has prompted fears that the UK could face another series of cliff edge moments. That would be similar to last year, when many feared the UK could crash out of the EU without a deal.
However, it is important to note that leaving the EU without a trade deal is very different from leaving without a deal at all.
The withdrawal agreement settled vital issues, such as the Northern Irish border question. This ensured there would be less disruption if the UK left without a trade deal than if it had left with no deal at all.
Could coronavirus delay Brexit trade talks?
Downing Street has repeated ad nauseam that there will be no delay to the 31 December Brexit deadline.
This is despite two negotiating rounds being cancelled and Michel Barnier being forced out of action for a period last month after contracting coronavirus.
Then Boris Johnson became seriously sick with coronavirus, and Brexit negotiations will now happen over video conference.
It is understood that the EU would be willing to discuss extending the deadline. But the Prime Minister’s official spokesman said last week that Downing Street would refuse an extension if Brussels asked for one.
City A.M. exclusively reported yesterday that some of Frost’s negotiating team are uneasy about the hardline approach taken by Downing Street.
The negotiating team is made up of politically appointed advisers and civil servants from several departments.
Sources close to the negotiating team said some civil servants thought a Brexit extension should be considered in light of the coronavirus crisis.
Others on the team, including several Vote Leave campaign veterans, are steadfast in their determination to leave the EU’s clutches entirely by 31 December.
International Monetary Fund chair Kristalina Georgieva last week urged both sides to extend the deadline in order to reduce political uncertainty as the global economy reels from the Covid-19 pandemic.
Veteran City of London pundit David Buik said an extension was inevitable, but that the government’s negotiating team should not concede that yet.
“Of course they will have an extension in the end, I don’t think it’s possible to do the deal in that time, but if the UK gives an inch now the EU will take miles,” he said.


cityam--2020-04-23--Coronavirus testing expanded to all essential workers

All the UK ’ s essential workers will be able to request a coronavirus test from tomorrow as the government tries to hit its target of administering 100,000 tests by next Thursday .
Health secretary Matt Hancock said at today ’ s press briefing that essential workers “ will be able to book an appointment for themselves directly ” on a government website from tomorrow .
Read more : UK less than a quarter of the way to 100,000 coronavirus tests target From today , employers will be able to book their staff in for a Covid-19 test .
Hancock @ @ @ @ @ @ @ 51,000 , which was “ ahead of our plans ” , however there were only 22,814 Covid-19 tests administered in the 24 hours to 9am yesterday .
Hancock set a target of 100,000 tests a day by the end of April earlier this month , which is just one week away .
Professor John Newton , who is co-ordinating the government ’ s testing programme , said at the press conference that “ we are ahead of where we thought we ’ d be at this stage ” .
Listen to our daily @ @ @ @ @ @ @ economic fallout and business impact of the coronavirus pandemic .
Hancock said the plan was always to increase capacity first and to then increase the number of people who could access testing .
“ Because capacity has increased so substantially , we can now expand who gets the test , ” he said .
“ Our ultimate goal is that everyone who could benefit from a test , gets a test .
“ But we had to start by prioritising patients in hospital , followed by NHS and care colleagues , and for @ @ @ @ @ @ @ announced plans for a coronavirus testing and tracing app to be released in a matter of weeks .
The government will recruit 18,000 people , including 3,000 health workers and specialists , to build and administer the initiative .
He said the tracking and tracing app would be “ critical to keep the virus under control ” and to stop a second peak .
He said : “ If you become unwell , you will be able to tell the app , the app will then send an alert to other app users @ @ @ @ @ @ @ with in recent days , even before you had symptoms , so they know and they can act accordingly so we can get tests to people even if they ’ re asymptomatic.
” The health secretary also gave more details of what he called the “ biggest virus and infection antibody study this country ’ s ever seen ” .
The study will include 300,000 people over the next year and will see people “ provide regular samples through self administered swabs ” and also answer questions by health workers .
Hancock said @ @ @ @ @ @ @ the big choices we have to make on social distancing measures and how to return to a normal life ” .

Coronavirus testing expanded to all essential workers
Britain’s Health Secretary Matt Hancock leaves from 10 Downing Street in central London after attending the Government’s daily COVID-19 briefing, on April 21, 2020. – The British government on Monday said there were “encouraging signs” that the coronavirus outbreak was easing but warned it was too early to lift the lockdown despite new evidence of the economic toll. Some 16,509 people hospitalised with COVID-19 in Britain have now died, new health ministry figures showed, up by 449 — the lowest daily toll for a fortnight. (Photo by Isabel Infantes / AFP) (Photo by ISABEL INFANTES/AFP via Getty Images)
All the UK’s essential workers will be able to request a coronavirus test from tomorrow as the government tries to hit its target of administering 100,000 tests by next Thursday.
Health secretary Matt Hancock said at today’s press briefing that essential workers “will be able to book an appointment for themselves directly” on a government website from tomorrow.
From today, employers will be able to book their staff in for a Covid-19 test.
Hancock said daily testing capacity was now at 51,000, which was “ahead of our plans”, however there were only 22,814 Covid-19 tests administered in the 24 hours to 9am yesterday.
Hancock set a target of 100,000 tests a day by the end of April earlier this month, which is just one week away.
Professor John Newton, who is co-ordinating the government’s testing programme, said at the press conference that “we are ahead of where we thought we’d be at this stage”.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Hancock said the plan was always to increase capacity first and to then increase the number of people who could access testing.
“Because capacity has increased so substantially, we can now expand who gets the test,” he said.
“Our ultimate goal is that everyone who could benefit from a test, gets a test.
“But we had to start by prioritising patients in hospital, followed by NHS and care colleagues, and for those in care homes.”
Hancock also announced plans for a coronavirus testing and tracing app to be released in a matter of weeks.
The government will recruit 18,000 people, including 3,000 health workers and specialists, to build and administer the initiative.
He said the tracking and tracing app would be “critical to keep the virus under control” and to stop a second peak.
He said: “If you become unwell, you will be able to tell the app, the app will then send an alert to other app users that you have been in significant contact with in recent days, even before you had symptoms, so they know and they can act accordingly so we can get tests to people even if they’re asymptomatic.”
The health secretary also gave more details of what he called the “biggest virus and infection antibody study this country’s ever seen”.
The study will include 300,000 people over the next year and will see people “provide regular samples through self administered swabs” and also answer questions by health workers.
Hancock said the study would “inform us on the big choices we have to make on social distancing measures and how to return to a normal life”.


cityam--2020-04-23--Hong Kong Racing Tips: Waikuku looks a Beauty of a bet to upset Generation

THERE is high-class action in Hong Kong on Sunday morning as Sha Tin stages three Group Ones worth over £6million in prize money for its FWD Champions Day card .
The impact of the COVID-19 pandemic has meant that for the first time in 25 years there are no overseas challengers , but there are still the best Hong Kong has to offer coming together for the feature races .
The star of the show is certainly the world ’ s top-rated miler , Beauty Generation , who is seeking a hat-trick in the £2million Champions Mile ( 9.00am ) @ @ @ @ @ @ @ renewals .
The John Moore-trained seven-year-old has broken every record in Hong Kong in recent years .
He became the first horse to break the HK $ 100,000,000 ( just shy of £10million ) prize-money barrier , went 18 months without losing and is a two-time Horse of the Year winner in the territory .
This season , however , hasn ’ t been quite as easy .
After winning a Group Two on his seasonal appearance , he suffered four consecutive defeats before getting back on track with a couple of victories @ @ @ @ @ @ @ s Trophy earlier this month .
His jockey Zac Purton is adamant he is back to near his best and enjoying his races again , but one gets the impression his instant acceleration which destroyed rivals over the last couple of seasons has gone .
As such , he is there for the taking .
The obvious alternative has to be WAIKUKU , who will be seeking to give trainer John Size his fourth victory in the race and jockey Joao Moreira a third .
The son of Harbour Watch comes into the @ @ @ @ @ @ @ behind Beauty Generation when an odds-on favourite in the Chairman ’ s Trophy earlier this month .
Size believes an 11-week break between races was the contributing factor for the disappointing performance and he subsequently trialled impressively over six furlongs last week .
It is also worth mentioning that Waikuku had beaten Beauty Generation in their four previous encounters this season and looked to have progressed past his great rival .
Ka Ying Star , placed twice behind Beauty Generation in Group races this season , will be a popular each-way fancy , @ @ @ @ @ @ @ More Than This .
The ex-UK import , known under the same name , had an unblemished of three-from-three record when trained by Richard Fahey .
He has been placed in all three HK Classic series races this season and is now reunited with jockey Karis Teetan , who is unbeaten in three races aboard him .
This is going to be a race to savour , and obviously it would be great to see Beauty Generation deliver again , but Waikuku has to be the logical choice if you ’ re happy @ @ @ @ @ @ @ horses have an off day and he represents good value .
Placepots are now available with the Tote on Hong Kong racing

Hong Kong Racing Tips: Waikuku looks a Beauty of a bet to upset Generation
THERE is high-class action in Hong Kong on Sunday morning as Sha Tin stages three Group Ones worth over £6million in prize money for its FWD Champions Day card.
The impact of the COVID-19 pandemic has meant that for the first time in 25 years there are no overseas challengers, but there are still the best Hong Kong has to offer coming together for the feature races.
The star of the show is certainly the world’s top-rated miler, Beauty Generation, who is seeking a hat-trick in the £2million Champions Mile (9.00am) after back-to-back wins in the previous two renewals.
The John Moore-trained seven-year-old has broken every record in Hong Kong in recent years.
He became the first horse to break the HK$100,000,000 (just shy of £10million) prize-money barrier, went 18 months without losing and is a two-time Horse of the Year winner in the territory.
This season, however, hasn’t been quite as easy.
After winning a Group Two on his seasonal appearance, he suffered four consecutive defeats before getting back on track with a couple of victories, notably the Group Two Chairman’s Trophy earlier this month.
His jockey Zac Purton is adamant he is back to near his best and enjoying his races again, but one gets the impression his instant acceleration which destroyed rivals over the last couple of seasons has gone.
As such, he is there for the taking.
The obvious alternative has to be WAIKUKU, who will be seeking to give trainer John Size his fourth victory in the race and jockey Joao Moreira a third.
The son of Harbour Watch comes into the contest under a cloud having finished well behind Beauty Generation when an odds-on favourite in the Chairman’s Trophy earlier this month.
Size believes an 11-week break between races was the contributing factor for the disappointing performance and he subsequently trialled impressively over six furlongs last week.
It is also worth mentioning that Waikuku had beaten Beauty Generation in their four previous encounters this season and looked to have progressed past his great rival.
Ka Ying Star, placed twice behind Beauty Generation in Group races this season, will be a popular each-way fancy, while it’s also worth mentioning More Than This.
The ex-UK import, known under the same name, had an unblemished of three-from-three record when trained by Richard Fahey.
He has been placed in all three HK Classic series races this season and is now reunited with jockey Karis Teetan, who is unbeaten in three races aboard him.
This is going to be a race to savour, and obviously it would be great to see Beauty Generation deliver again, but Waikuku has to be the logical choice if you’re happy to ignore his last run.
Most horses have an off day and he represents good value.
POINTERS
Waikuku 9:00am Sha Tin
PYRAH’S PLACEPOT PICKS
Placepots are now available with the Tote on Hong Kong racing
7.50am – 1 & 11
8.25am – 1 &10
9.00am – 2
9.40am – 1
10.15am – 4 & 7
10.50am – 3 & 6


cityam--2020-04-23--Hong Kong Racing Tips: Trailblazing Aethero has the answers in Chairman’s Sprint

THERE look to be more questions than answers when determining the winner of the £1.8m Chairman ’ s Sprint Prize ( 7:50am ) .
Will potential superstar AETHERO , found sick after finishing a close-up third in the Group One HK Sprint in December , put a disappointing eighth on his return earlier this month behind him and bounce back to form ?
Can Hot King Prawn , despite having won or been placed in all six starts this season , finally win his first Group One ?
Will Voyage Warrior , a winner of five of his 10 races @ @ @ @ @ @ @ Sprint Cup victory earlier this month was no fluke ?
With a track bias on soft ground favouring front-runners , he appeared to steal the race over his better fancied rivals .
Then there is Thanks Forever , already placed in Group company this season , but looking just short of top-class .
Will the addition of blinkers be the key to his success ?
Taking all that into account , it might just be worth taking a chance on Aethero finally proving he is one of the best sprinters in the world @ @ @ @ @ @ @ winner , with the likes of Hot King Prawn , DB Pin and Full Of Beauty well behind , and produced an eye-catching gallop on Thursday morning .
With gate five in his favour , that draw number has been the most successful in recent years , he can bounce out in front and lead all the way .
Three-time Group One winner Exultant , an unlucky loser when runner-up to Japan ’ s Win Bright in last season ’ s edition of the £2.5m QEII Cup ( 9:40am ) , will be @ @ @ @ @ @ @ one better this time around .
He should be too strong here , with last season ’ s HK Derby victor , Furore , and Time Warp the ones to follow him home .

Hong Kong Racing Tips: Trailblazing Aethero has the answers in Chairman’s Sprint
THERE look to be more questions than answers when determining the winner of the £1.8m Chairman’s Sprint Prize (7:50am).
Will potential superstar AETHERO, found sick after finishing a close-up third in the Group One HK Sprint in December, put a disappointing eighth on his return earlier this month behind him and bounce back to form?
Can Hot King Prawn, despite having won or been placed in all six starts this season, finally win his first Group One?
Will Voyage Warrior, a winner of five of his 10 races, prove that his recent Group Two Sprint Cup victory earlier this month was no fluke?
With a track bias on soft ground favouring front-runners, he appeared to steal the race over his better fancied rivals.
Then there is Thanks Forever, already placed in Group company this season, but looking just short of top-class. Will the addition of blinkers be the key to his success?
Taking all that into account, it might just be worth taking a chance on Aethero finally proving he is one of the best sprinters in the world.
He was a recent dominant trial winner, with the likes of Hot King Prawn, DB Pin and Full Of Beauty well behind, and produced an eye-catching gallop on Thursday morning.
With gate five in his favour, that draw number has been the most successful in recent years, he can bounce out in front and lead all the way.
Three-time Group One winner Exultant, an unlucky loser when runner-up to Japan’s Win Bright in last season’s edition of the £2.5m QEII Cup (9:40am), will be a very short priced favourite to go one better this time around.
He should be too strong here, with last season’s HK Derby victor, Furore, and Time Warp the ones to follow him home.
POINTERS
Aethero 7.50am Sha Tin


cityam--2020-04-23--Commercial landlords banned from using 'aggressive' rent collection tactics

UK shops , restaurants and pubs will be protected against aggressive rent recovery action during the coronavirus crisis after the government issued new rules for commercial landlords .
The government has temporarily banned the use of statutory demands and winding up orders until at least June following pressure from the retail and hospitality sectors .
Read more : UK retail parks fare better in lockdown than high streets and shopping centres Many retail , hospitality and leisure tenants have struggled to pay rent while their sites are closed during the coronavirus lockdown , with some warning forced payment could result @ @ @ @ @ @ @ Landlords will also not be able to use Commercial Rent Arrears Recovery unless they are owed 90 days of unpaid rent .
“ This extra space will allow businesses to survive and to find a way to work with landlords , ” said UK Hospitality chief executive Kate Nichols .
She added : “ If social distancing measures are to be in place for some time , as we now believe they will , this measure may need to be extended to ensure that businesses can survive.
” However , concerns have been @ @ @ @ @ @ @ have on commercial landlords who may also be struggling financially .
The government has said tenants should pay if they can and work with landlords to come to an agreement .
“ I know that like all businesses they are under pressure , but I would urge them to show forbearance to their tenants , ” business secretary Alok Sharma said .
Nickie Aiken , MP for Westminster and the City , told City A.M. that the new measures would be a “ lifeline ” for small and independent businesses , but warned @ @ @ @ @ @ @ high street must pay rents .
Vivienne King , chief executive of retail property association Revo , which represents both tenants and landlords , said : “ The moratorium on evictions , while well-intended , has been exploited by some well-capitalised businesses as a rent holiday .
Read more : UK retail sales suffer worst fall in 25 years due to lockdown “ A moratorium on winding up petitions and statutory demands removes the incentive of last resort for property owners and there is every reason to fear it will also be used @ @ @ @ @ @ @ Federation chief executive Melanie Leech added : “ Alongside extending additional protection to tenants , the government should be robust in encouraging landlords and tenants to work together and making clear that those businesses who are able to meet their liabilities should do so , for the long-term health of the complex funding ecosystem underpinning the UK ’ s economy .
”

Commercial landlords banned from using ‘aggressive’ rent collection tactics
Oxford Street during the UK coronavirus lockdown
UK shops, restaurants and pubs will be protected against aggressive rent recovery action during the coronavirus crisis after the government issued new rules for commercial landlords.
The government has temporarily banned the use of statutory demands and winding up orders until at least June following pressure from the retail and hospitality sectors.
Many retail, hospitality and leisure tenants have struggled to pay rent while their sites are closed during the coronavirus lockdown, with some warning forced payment could result in business failures and job losses.
Landlords will also not be able to use Commercial Rent Arrears Recovery unless they are owed 90 days of unpaid rent.
“This extra space will allow businesses to survive and to find a way to work with landlords,” said UK Hospitality chief executive Kate Nichols.
She added: “If social distancing measures are to be in place for some time, as we now believe they will, this measure may need to be extended to ensure that businesses can survive.”
However, concerns have been raised over the impact the measures could have on commercial landlords who may also be struggling financially.
The government has said tenants should pay if they can and work with landlords to come to an agreement.
“I know that like all businesses they are under pressure, but I would urge them to show forbearance to their tenants,” business secretary Alok Sharma said.
Nickie Aiken, MP for Westminster and the City, told City A.M. that the new measures would be a “lifeline” for small and independent businesses, but warned that “big players” on the high street must pay rents.
Vivienne King, chief executive of retail property association Revo, which represents both tenants and landlords, said: “The moratorium on evictions, while well-intended, has been exploited by some well-capitalised businesses as a rent holiday.
“A moratorium on winding up petitions and statutory demands removes the incentive of last resort for property owners and there is every reason to fear it will also be used in the same way.”
British Property Federation chief executive Melanie Leech added: “Alongside extending additional protection to tenants, the government should be robust in encouraging landlords and tenants to work together and making clear that those businesses who are able to meet their liabilities should do so, for the long-term health of the complex funding ecosystem underpinning the UK’s economy.”


cityam--2020-04-23--Jury discharged due to coronavirus in fraud trial of ex-Locke Lord partner Jonathan Denton

The jury in the fraud trial of Jonathan Denton – a former partner in the London office of US law firm Locke Lord – has been discharged because of fears of coronavirus .
Denton , 60 , was on trial alongside four other defendants facing charges of fraud by false representation .
However , the 16-week trial at Birmingham Crown Court has now been halted with the jury discharged .
The trial has been rescheduled for 11 January 2021 with a pre-trial review listed on 11 December .
Denton was arrested at Birmingham Airport in October 2015 in connection with @ @ @ @ @ @ @ he partially ran out of Locke Lord ’ s London office .
He was fired from the firm in July 2015 and struck off as a solicitor in 2018 .
Locke Lord received a record £500,000 fine from regulator the Solicitors Regulation Authority ( SRA ) for its handling of the matter .
The firm is also facing ongoing professional negligence claims in connection with the case .
A spokesperson for Locke Lord said : “ It is not appropriate for us to comment on the ongoing trial .
“ The SRA and @ @ @ @ @ @ @ in 2017 when the SRA accepted our position that the firm and its senior officers did not act dishonestly or with conscious impropriety .
“ These matters only concerned the actions of Denton and related only to clients for whom he worked.
” Locke Lord is not a party to the criminal trial and has not been accused of criminal wrongdoing .
Prior to joining Locke Lord in 2012 , Denton was a banking and finance partner at Mishcon de Reya , Salans ( now Dentons ) and Wragge & Co ( now @ @ @ @

Jury discharged due to coronavirus in fraud trial of ex-Locke Lord partner Jonathan Denton
(ADRIAN DENNIS/AFP/Getty Images)
The jury in the fraud trial of Jonathan Denton – a former partner in the London office of US law firm Locke Lord – has been discharged because of fears of coronavirus.
Denton, 60, was on trial alongside four other defendants facing charges of fraud by false representation.
However, the 16-week trial at Birmingham Crown Court has now been halted with the jury discharged.
The trial has been rescheduled for 11 January 2021 with a pre-trial review listed on 11 December.
Denton was arrested at Birmingham Airport in October 2015 in connection with an allegedly fraudulent £21m investment scheme that he partially ran out of Locke Lord’s London office.
He was fired from the firm in July 2015 and struck off as a solicitor in 2018.
Locke Lord received a record £500,000 fine from regulator the Solicitors Regulation Authority (SRA) for its handling of the matter.
The firm is also facing ongoing professional negligence claims in connection with the case.
A spokesperson for Locke Lord said: “It is not appropriate for us to comment on the ongoing trial.
“The SRA and Locke Lord cooperatively resolved this matter back in 2017 when the SRA accepted our position that the firm and its senior officers did not act dishonestly or with conscious impropriety.
“These matters only concerned the actions of Denton and related only to clients for whom he worked.”
Locke Lord is not a party to the criminal trial and has not been accused of criminal wrongdoing.
Prior to joining Locke Lord in 2012, Denton was a banking and finance partner at Mishcon de Reya, Salans (now Dentons) and Wragge & Co (now Gowling WLG).