cityam--2020-06-23--Twitter apologises to business users for data breach

Twitter has begun contacting businesses to inform them of a data breach on its platform , it emerged today , which could have leaked private information to other users .
Business users ’ billing information was being stored in their browser ’ s cache if they accessed the data via its analytics or advertising platforms , making it available for other users on that computer or network to see .
Data that could have been accessed included the business user ’ s email addresses , phone numbers , and the last four-digits of their credit card number associated with the @ @ @ @ @ @ @ to ‘ overtake Twitter ’ as a source of news Twitter said there is no evidence to suggest the exposed information was compromised .
It added that it first became aware of the breach on 20 May .
The breach is the latest in a string of privacy incidents for Twitter .
In February it disclosed an incident in which a large network of fake accounts were being used to match usernames to phone numbers .
“ We became aware of an incident where if you viewed your billing information on ads.twitter.com or @ @ @ @ @ @ @ stored in the browser ’ s cache , ” a spokesperson said .
“ As soon as we discovered this was happening , we resolved the issue and communicated to potentially impacted clients to make sure they were aware and informed on how to protect themselves moving forward .
”

Twitter apologises to business users for data breach
Twitter has begun contacting businesses to inform them of a data breach on its platform, it emerged today, which could have leaked private information to other users.
Business users’ billing information was being stored in their browser’s cache if they accessed the data via its analytics or advertising platforms, making it available for other users on that computer or network to see.
Data that could have been accessed included the business user’s email addresses, phone numbers, and the last four-digits of their credit card number associated with the account.
Twitter said there is no evidence to suggest the exposed information was compromised.
It added that it first became aware of the breach on 20 May.
The breach is the latest in a string of privacy incidents for Twitter. In February it disclosed an incident in which a large network of fake accounts were being used to match usernames to phone numbers.
“We became aware of an incident where if you viewed your billing information on ads.twitter.com or analytics.twitter.com the billing information may have been stored in the browser’s cache,” a spokesperson said.
“As soon as we discovered this was happening, we resolved the issue and communicated to potentially impacted clients to make sure they were aware and informed on how to protect themselves moving forward.”


cityam--2020-06-23--US new home sales rebound more than expected in May

Sales of new single-family homes in the US increased more than expected in May , indicating that the country ’ @ @ @ @ @ on the cusp of recovery after being battered by the Covid-19 pandemic .
New home @ @ @ @ @ to a seasonally adjusted annual rate of 676,000 units last month , according to new @ @ @ @ @ department .
New home sales are counted at the signing of a contract , making @ @ @ @ @ indicator for the world ’ s largest economy .
Read more : UK house prices @ @ @ @ @ this year April ’ s sales pace was revised down to 580,000 units from the @ @ @ @ @ Economists polled by Reuters had forecast new home sales , which account for about 10 @ @ @ @ @ market sales , rising 2.9 per cent to a pace of 640,000 in May .

US new home sales rebound more than expected in May
The US housing market has been hammered by the Covid-19 pandemic
Sales of new single-family homes in the US increased more than expected in May, indicating that the country’s housing market could be on the cusp of recovery after being battered by the Covid-19 pandemic.
New home sales jumped 16.6 per cent to a seasonally adjusted annual rate of 676,000 units last month, according to new data from the US commerce department.
New home sales are counted at the signing of a contract, making them a leading housing market indicator for the world’s largest economy.
April’s sales pace was revised down to 580,000 units from the previously reported 623,000 units.
Economists polled by Reuters had forecast new home sales, which account for about 10 per cent of total housing market sales, rising 2.9 per cent to a pace of 640,000 in May.


cityam--2020-06-23--Peer-to-peer lender Zopa launches digital bank after receiving full licence

Zopa is launching a new digital bank after receiving its full banking licence , the British peer-to-peer lender announced today .
The peer-to-peer loan sector has come under pressure from increased regulatory scrutiny and weakening demand from investors , placing pressure on firms to diversify their revenue streams .
Zopa first announced plans to pursue a second revenue stream in the form of retail banking in 2018 .
It secured a partial banking licence that year , and made its first foray into banking the following year .
“ Now more than ever the banking industry needs innovative , agile @ @ @ @ @ @ @ , ” said Zopa chief executive Jaidev Janardana .
“ Securing our banking licence enables Zopa to play a wider role in the financial lives of our customers , as well as offering much needed choice and competition to the wider market , ” he added .
Founded in 2005 , Zopa says it has had 500,000 customers across its peer-to-peer lending and investment arms .
Zopa ’ s new bank will first offer a fixed-term savings account before introducing a credit card later this year , the company said .
The lender @ @ @ @ @ @ @ to date – last year to allow it to meet regulatory capital requirements to become a bank .
The cash injection was provided by an entity connected to US-based private investment firm IAG Capital Partners and its UK arm , Silverstripe .
“ Beyond the current pandemic , Zopa is uniquely placed to provide a compelling alternative to traditional banking by leveraging its significant technological and financial services expertise to offer a wider range of great products , ” said Janardana .

Peer-to-peer lender Zopa launches digital bank after receiving full licence
Zopa chief executive Jaidev Janardana (image: Zopa)
Zopa is launching a new digital bank after receiving its full banking licence, the British peer-to-peer lender announced today.
The peer-to-peer loan sector has come under pressure from increased regulatory scrutiny and weakening demand from investors, placing pressure on firms to diversify their revenue streams.
Zopa first announced plans to pursue a second revenue stream in the form of retail banking in 2018. It secured a partial banking licence that year, and made its first foray into banking the following year.
“Now more than ever the banking industry needs innovative, agile providers who work on behalf of customers,” said Zopa chief executive Jaidev Janardana.
“Securing our banking licence enables Zopa to play a wider role in the financial lives of our customers, as well as offering much needed choice and competition to the wider market,” he added.
Founded in 2005, Zopa says it has had 500,000 customers across its peer-to-peer lending and investment arms.
Zopa’s new bank will first offer a fixed-term savings account before introducing a credit card later this year, the company said.
The lender raised £140m – its largest funding round to date – last year to allow it to meet regulatory capital requirements to become a bank.
The cash injection was provided by an entity connected to US-based private investment firm IAG Capital Partners and its UK arm, Silverstripe.
“Beyond the current pandemic, Zopa is uniquely placed to provide a compelling alternative to traditional banking by leveraging its significant technological and financial services expertise to offer a wider range of great products,” said Janardana.


cityam--2020-06-23--Staycation nation: Johnson urges public to take a UK holiday

Prime Minister Boris Johnson today gave the green light for hotels , B & Bs and campsites in the UK to reopen from 4 July , and urged the public to revitalise the hospitality industry by taking a “ staycation ” within the UK .
In a major easing of social distancing rules , the PM today provided a lifeline for the hospitality industry after he announced that “ people will be free to stay overnight in self-contained accommodation ” within the UK from 4 July , meaning “ staycations ” are back on the cards this summer .
“ @ @ @ @ @ @ @ a welcoming signal to those from other parts of our country [ and ] to roll out the welcome mat , ” he added .
“ I wouldn ’ t hesitate to recommend staycations.
” Hotels , B & Bs , cottages , bungalows and caravan parks in the UK will be allowed to reopen , but hostels will remain shuttered for the moment , as shared dormitories and washing facilities are still considered unsafe .
Industry figures welcomed Johnson ’ s announcement today , adding that the 4 July reopening date would @ @ @ @ @ @ @ key summer season .
The £130 billion-a-year domestic tourism industry has been crippled by the coronavirus pandemic , with 80 per cent of the hospitality industry currently furloughed as hotels , pubs and campsites remained shuttered across the country .
Visit England director Patricia Yates said : “ The confirmed timeline for reopening is great news for England ’ s tourism industry and the millions of jobs and local economies that depend on it.
” “ Giving certainty to businesses means they can work with confidence on their plans to welcome visitors back @ @ @ @ @ @ @ much of the peak summer season as possible.
” Park Holidays UK , one of Britain ’ s largest holiday park operators , said they were pleasantly surprised by Johnson ’ s speech .
It was thought campervans would be excluded from a list of holiday venues allowed to reopen due to hygiene concerns of shared facilities , but Johnson today declared them safe to reopen from 4 July .
“ Within an hour of the PM ’ s announcement , our bookings began to soar to record levels , ” said Park @ @ @ @ @ @ @ Our staff teams are also overjoyed at the prospect of seeing their parks buzzing with activity once again , and I think it ’ s going to be a very emotional time.
” Some of the UK ’ s biggest hotel chains announced a slew of changes today ahead of their 4 July reopening .
Jurys Inn , which operates 38 hotels in the UK , and Leonardo Hotel Groups today announced a “ five point plan ” to prepare for reopening , including cashless payment and room service only .
Meanwhile French @ @ @ @ @ @ @ Novotel , Mercure , Ibis and Sofitel , said it plans to reopen some of its 270 hotels from the start of July .
The chain will remove paperwork and telephones out of rooms , and guests will be encouraged to eat “ grab and go ” meals in their hotel rooms , the Guardian reported .
However , some prominent figures in the hotel industry warned that business will not return to normal levels until international travel resumes .
Hotelier Sir Rocco Forte , who owns 14 luxury hotels around Europe , @ @ @ @ @ @ @ maintain the 14-day quarantine for international travellers to the UK , warning that it would significantly hamper Britain ’ s hotel sector.. “ It ’ s no good just reducing the social distancing rule from two metres to one metre – that won ’ t help businesses which rely on international travellers because they simply won ’ t be coming here .
It leaves many unable to open their UK hotels because it is just not economically viable.
” Meanwhile Gloria Guevara , chief executive of the World Travel & Tourism Council ( @ @ @ @ @ @ @ s new guidelines did not go far enough .
She said : “ This does nothing to bring greater clarity for when travellers and holidaymakers can start venturing abroad or when international travellers can arrive into the UK on air bridges or travel corridors without having to be quarantined for 14 days.
” “ WTTC believes the recovery of the wider Travel & Tourism sector desperately needs a clear timeline for when overseas travel can resume.
” The UK last weekend agreed an “ air bridge ” with Spain , which will allow @ @ @ @ @ @ @ Health secretary Matt Hancock today hinted that a revision of the current quarantine rules might be on the horizon .
“ A lot of work is being done on travel corridors and we have a formal review date of the quarantine policy at the end of this month on the 29 June , ” he said .
But while the Prime Minister ’ s announcement was greeted by big figures in the hospitality sector , others warned that the July reopening date— which is just two weeks from now — did provide businesses @ @ @ @ @ @ @ , head of hospitality and leisure at EY , said : “ We expect to see many business-orientated hotels delay their reopening dates beyond 4 July and unfortunately , the recent pace of announced restaurant closures and resulting redundancies may continue across the remainder of 2020.
” UK travel trade association Abta said the sector remains “ perilous state ” , and that Johnson ’ s announcement today does not rule out the possibility of further redundancies .
“ We need a more comprehensive road map as soon as possible that includes time @ @ @ @ @ @ @ so businesses and customers can plan ahead , ” an Abta spokesperson said .
‘ The process of sending people on holiday is not like turning on a tap .
As much advance notice as possible from the government is required for travel companies to restart operations.
” Before the Open : Get the jump on the markets with our early morning newsletter

Staycation nation: Johnson urges public to take a UK holiday
Prime Minister Boris Johnson today gave the green light for hotels, B&Bs and campsites in the UK to reopen from 4 July, and urged the public to revitalise the hospitality industry by taking a “staycation” within the UK.
In a major easing of social distancing rules, the PM today provided a lifeline for the hospitality industry after he announced that “people will be free to stay overnight in self-contained accommodation” within the UK from 4 July, meaning “staycations” are back on the cards this summer.
“Now is the time to send out a welcoming signal to those from other parts of our country [and] to roll out the welcome mat,” he added. “I wouldn’t hesitate to recommend staycations.”
Hotels, B&Bs, cottages, bungalows and caravan parks in the UK will be allowed to reopen, but hostels will remain shuttered for the moment, as shared dormitories and washing facilities are still considered unsafe.
Passport to recovery
Industry figures welcomed Johnson’s announcement today, adding that the 4 July reopening date would allow them to cash in on the key summer season.
The £130 billion-a-year domestic tourism industry has been crippled by the coronavirus pandemic, with 80 per cent of the hospitality industry currently furloughed as hotels, pubs and campsites remained shuttered across the country.
Visit England director Patricia Yates said: “The confirmed timeline for reopening is great news for England’s tourism industry and the millions of jobs and local economies that depend on it.”
“Giving certainty to businesses means they can work with confidence on their plans to welcome visitors back safely and in time to save as much of the peak summer season as possible.”
Park Holidays UK, one of Britain’s largest holiday park operators, said they were pleasantly surprised by Johnson’s speech. It was thought campervans would be excluded from a list of holiday venues allowed to reopen due to hygiene concerns of shared facilities, but Johnson today declared them safe to reopen from 4 July.
“Within an hour of the PM’s announcement, our bookings began to soar to record levels,” said Park Holidays UK director Tony Clish. “Our staff teams are also overjoyed at the prospect of seeing their parks buzzing with activity once again, and I think it’s going to be a very emotional time.”
Menu changes
Some of the UK’s biggest hotel chains announced a slew of changes today ahead of their 4 July reopening.
Jurys Inn, which operates 38 hotels in the UK, and Leonardo Hotel Groups today announced a “five point plan” to prepare for reopening, including cashless payment and room service only.
Meanwhile French firm Accor, which owns brands including Novotel, Mercure, Ibis and Sofitel, said it plans to reopen some of its 270 hotels from the start of July. The chain will remove paperwork and telephones out of rooms, and guests will be encouraged to eat “grab and go” meals in their hotel rooms, the Guardian reported.
Foreign travel
However, some prominent figures in the hotel industry warned that business will not return to normal levels until international travel resumes.
Hotelier Sir Rocco Forte, who owns 14 luxury hotels around Europe, criticised the government’s decision to maintain the 14-day quarantine for international travellers to the UK, warning that it would significantly hamper Britain’s hotel sector.. “It’s no good just reducing the social distancing rule from two metres to one metre – that won’t help businesses which rely on international travellers because they simply won’t be coming here. It leaves many unable to open their UK hotels because it is just not economically viable.”
Meanwhile Gloria Guevara, chief executive of the World Travel & Tourism Council (WTTC), warned that today’s new guidelines did not go far enough.
She said: “This does nothing to bring greater clarity for when travellers and holidaymakers can start venturing abroad or when international travellers can arrive into the UK on air bridges or travel corridors without having to be quarantined for 14 days.”
“WTTC believes the recovery of the wider Travel & Tourism sector desperately needs a clear timeline for when overseas travel can resume.”
The UK last weekend agreed an “air bridge” with Spain, which will allow UK visitors to bypass quarantine measures.
Health secretary Matt Hancock today hinted that a revision of the current quarantine rules might be on the horizon. “A lot of work is being done on travel corridors and we have a formal review date of the quarantine policy at the end of this month on the 29 June,” he said.
Enough warning?
But while the Prime Minister’s announcement was greeted by big figures in the hospitality sector, others warned that the July reopening date— which is just two weeks from now — did provide businesses enough time to prepare.
Christian Mole, head of hospitality and leisure at EY, said: “We expect to see many business-orientated hotels delay their reopening dates beyond 4 July and unfortunately, the recent pace of announced restaurant closures and resulting redundancies may continue across the remainder of 2020.”
UK travel trade association Abta said the sector remains “perilous state”, and that Johnson’s announcement today does not rule out the possibility of further redundancies.
“We need a more comprehensive road map as soon as possible that includes time frames for relaxing international travel restrictions too so businesses and customers can plan ahead,” an Abta spokesperson said.
‘The process of sending people on holiday is not like turning on a tap. As much advance notice as possible from the government is required for travel companies to restart operations.”
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-06-23--JD Sports buys back Go Outdoors from administrators in £56.5m pre-pack deal

JD Sports has bought back its struggling outdoor clothing chain Go Outdoors from administrators for £56.5m .
The move , which is designed to “ preserve as many jobs as possible ” , comes with a major restructuring plan aimed at retaining the “ majority ” of stores , JD Sports said .
Big Four accountancy giant Deloitte had been appointed by JD Sports as administrator for Go Outdoors , which employs about 2,400 people across 67 stores .
The outdoor sports chain , which sells hiking and camping equipment , has struggled along with many other retailers during the @ @ @ @ @ @ @ already dire before the outbreak , reporting a £40m loss in the six months to 3 August last year .
The retailer confirmed this evening that although it had considered selling Go Outdoors , but had decided that the business had a potential future at the group if it was “ fundamentally restructured ” .
Existing staff will be transferred as part of the pre-pack .
Peter Cowgill , executive chairman of JD Sports , said : “ As a consequence of Covid-19 , Go Outdoors was no longer viable as previously structured @ @ @ @ @ @ @ unsustainable rate for the foreseeable future .
“ Having investigated all available options for the business , we firmly believe that this restructuring will provide Go Outdoors with a platform from which it can progress whilst remaining a member of the group .
“ Most importantly , we are pleased that it will protect the maximum number of jobs possible.
” Michael Magnay , joint administrator , said : “ Like many high street retailers , Go Outdoors Ltd has been seeking to address a number of underlying business challenges in the current @ @ @ @ @ @ @ exacerbated by the impact of Covid-19 .
Read more : JD Sports lines up administrators for Go Outdoors “ This successful sale will provide Go Outdoors with an opportunity to restructure its business to secure its future for the long term .
“ I ’ m particularly pleased that we have been able to secure the employment of all the company ’ s workforce , and we ’ d like to thank all employees and key stakeholders for their support throughout this process .
”

JD Sports buys back Go Outdoors from administrators in £56.5m pre-pack deal
JD Sports has bought back its struggling outdoor clothing chain Go Outdoors from administrators for £56.5m.
The move, which is designed to “preserve as many jobs as possible”, comes with a major restructuring plan aimed at retaining the “majority” of stores, JD Sports said.
Big Four accountancy giant Deloitte had been appointed by JD Sports as administrator for Go Outdoors, which employs about 2,400 people across 67 stores.
The outdoor sports chain, which sells hiking and camping equipment, has struggled along with many other retailers during the pandemic. However its financial situation was already dire before the outbreak, reporting a £40m loss in the six months to 3 August last year.
The retailer confirmed this evening that although it had considered selling Go Outdoors, but had decided that the business had a potential future at the group if it was “fundamentally restructured”.
Existing staff will be transferred as part of the pre-pack.
Peter Cowgill, executive chairman of JD Sports, said: “As a consequence of Covid-19, Go Outdoors was no longer viable as previously structured and would have absorbed capital at an unsustainable rate for the foreseeable future.
“Having investigated all available options for the business, we firmly believe that this restructuring will provide Go Outdoors with a platform from which it can progress whilst remaining a member of the group.
“Most importantly, we are pleased that it will protect the maximum number of jobs possible.”
Michael Magnay, joint administrator, said: “Like many high street retailers, Go Outdoors Ltd has been seeking to address a number of underlying business challenges in the current UK retail environment, which have been exacerbated by the impact of Covid-19.
“This successful sale will provide Go Outdoors with an opportunity to restructure its business to secure its future for the long term.
“I’m particularly pleased that we have been able to secure the employment of all the company’s workforce, and we’d like to thank all employees and key stakeholders for their support throughout this process.”


cityam--2020-06-24--Rent day: Landlords braced for as little as one-sixth of quarterly payments

Commercial property owners are braced to receive as little as 15 per cent of the rent they are owed today , with quarterly payments due by the end of today .
Experts have warned of an impending crisis on both the landlord and tenant side without further government support , with businesses across the spectrum unable to pay their rent after the coronavirus lockdown all but wiped out their revenues .
Read more : Boxpark chief : Rent crisis could be disastrous for London hospitality The government last week extended anti-eviction measures until the end of September , but calls @ @ @ @ @ @ @ for those unable to pay , rather than simply allowing payments to be deferred .
Vivienne King , chief executive at Revo , which represents landlords , tenants and local authorities , said : “ Without doubt quarter rent day will intensify pressure on both retailers and property owners , and loss of income will travel quickly through the payment chain to all corners of the economy .
“ This will be a difficult quarter for all our members with fears that between 15 per cent and 40 per cent of rent due @ @ @ @ @ @ @ that is the case , it will have severe implications for property owners , their lenders and ultimately pensioners and savers who rely directly or indirectly on retail property for income.
” “ This level of financial distress demands direct intervention from government to underwrite rents in order for the retail sector and the millions of people involved in it to support the UK recovery and the government ’ s levelling up agenda.
” Meanwhile , Julie Palmer , a partner at insolvency expert Begbies Traynor , noted that with many major retail @ @ @ @ @ @ @ recent months , there could be “ a crisis of confidence in the business of owning retail space ” .
“ Unfortunately retail rent day is likely to expose yet more holes in the retail sector as this crisis impacts the landlords that have enjoyed increasing rent for years.
” “ Whilst retailers will have to adapt to survive , the knock on effect will be that landlords have to do the same.
” It comes after retail landlord Intu told investors yesterday that it has lined up administrators in case ongoing talks @ @ @ @ @ @ @ future fail .
It has appointed Big Four accountancy firm KPMG as administrator as part of a “ contingency plan ” as it continues to engage lenders about new funding .
The owner of the Trafford and Lakeside shopping centres first began talks with lenders in March , but had been struggling financially before the coronavirus pandemic forced the closure of most retail stores .
Read more : Retail landlord Intu seeks debt standstill as rent payments fall in lockdown Intu said discussions have centred on a standstill on loan repayments , which @ @ @ @ @ @ @ than 18 months .
It added that it does not expect the standstill to be agreed for more than 15 months .
England ’ s non-essential retailers were allowed to reopen their doors to customers last week , while pubs and restaurants will be allowed to start trading again on 4 July .

Rent day: Landlords braced for as little as one-sixth of quarterly payments
Commercial property owners are braced to receive as little as 15 per cent of the rent they are owed today, with quarterly payments due by the end of today.
Experts have warned of an impending crisis on both the landlord and tenant side without further government support, with businesses across the spectrum unable to pay their rent after the coronavirus lockdown all but wiped out their revenues.
The government last week extended anti-eviction measures until the end of September, but calls are increasing for it to underwrite rents for those unable to pay, rather than simply allowing payments to be deferred.
Vivienne King, chief executive at Revo, which represents landlords, tenants and local authorities, said: “Without doubt quarter rent day will intensify pressure on both retailers and property owners, and loss of income will travel quickly through the payment chain to all corners of the economy.
“This will be a difficult quarter for all our members with fears that between 15 per cent and 40 per cent of rent due today will be paid.
“If that is the case, it will have severe implications for property owners, their lenders and ultimately pensioners and savers who rely directly or indirectly on retail property for income.”
“This level of financial distress demands direct intervention from government to underwrite rents in order for the retail sector and the millions of people involved in it to support the UK recovery and the government’s levelling up agenda.”
Meanwhile, Julie Palmer, a partner at insolvency expert Begbies Traynor, noted that with many major retail chains renegotiating terms on their leases in recent months, there could be “a crisis of confidence in the business of owning retail space”.
“Unfortunately retail rent day is likely to expose yet more holes in the retail sector as this crisis impacts the landlords that have enjoyed increasing rent for years.”
“Whilst retailers will have to adapt to survive, the knock on effect will be that landlords have to do the same.”
It comes after retail landlord Intu told investors yesterday that it has lined up administrators in case ongoing talks regarding the shopping centre owner’s future fail.
It has appointed Big Four accountancy firm KPMG as administrator as part of a “contingency plan” as it continues to engage lenders about new funding.
The owner of the Trafford and Lakeside shopping centres first began talks with lenders in March, but had been struggling financially before the coronavirus pandemic forced the closure of most retail stores.
Read more: Retail landlord Intu seeks debt standstill as rent payments fall in lockdown
Intu said discussions have centred on a standstill on loan repayments, which some stakeholders want to limit to less than 18 months. It added that it does not expect the standstill to be agreed for more than 15 months.
England’s non-essential retailers were allowed to reopen their doors to customers last week, while pubs and restaurants will be allowed to start trading again on 4 July.


cityam--2020-06-24--Softbank secures $14.8bn in first wave from T-Mobile US share sale

Softbank is set to gain almost $ 15bn from the first in a series of transactions to unwind its stake in T-Mobile US , as it seeks to bolster its cash reserves following a major annual loss .
T-Mobile said it has priced a sale of its shares at $ 103 each — a four per cent discount on yesterday ’ s closing price .
The pricing means Softbank ’ s total intake from the first wave of the selloff will be valued at $ 14.8bn , people familiar with the matter told the Financial Times .
The Japanese investment @ @ @ @ @ @ @ 20bn of stock in T-Mobile , as it seeks funding for a $ 41bn share buyback and debt reduction scheme .
Read more : Softbank to sell down $ 20bn T-Mobile stake as network suffers widespread outage T-Mobile said in a regulatory filing that the transaction will involve some of Softbank ’ s stake being sold back to T-Mobile ’ s parent Deutsche Telekom , giving the German group majority ownership of the business .
The US mobile network operator completed its merger with Softbank-backed Sprint in April , following a lengthy antitrust @ @ @ @ @ @ @ beset by issues , after swinging to a record annual loss in March as a result of a number of soured bets made by its star Vision Fund .
Read more : Softbank triples spending on share buybacks in June to £1.4bn Softbank reported a ¥1.4 trillion operating loss in the year to 31 March .
It had reported a profit of $ 19.6bn the previous year .
It more than tripled its spending on buying back shares to ¥188.3bn ( £1.4bn ) between 1 June and 15 June , compared to ¥61bn @ @ @ @ @ @ @ Yesterday ’ s offering from T-Mobile US to fund the purchase of the Softbank stake was the biggest secondary stock offering of the year , according to data from Refinitiv .

Softbank secures $14.8bn in first wave from T-Mobile US share sale
Softbank is set to gain almost $15bn from the first in a series of transactions to unwind its stake in T-Mobile US, as it seeks to bolster its cash reserves following a major annual loss.
T-Mobile said it has priced a sale of its shares at $103 each — a four per cent discount on yesterday’s closing price. The pricing means Softbank’s total intake from the first wave of the selloff will be valued at $14.8bn, people familiar with the matter told the Financial Times.
The Japanese investment giant plans to divest more than $20bn of stock in T-Mobile, as it seeks funding for a $41bn share buyback and debt reduction scheme.
T-Mobile said in a regulatory filing that the transaction will involve some of Softbank’s stake being sold back to T-Mobile’s parent Deutsche Telekom, giving the German group majority ownership of the business.
The US mobile network operator completed its merger with Softbank-backed Sprint in April, following a lengthy antitrust investigation by regulators.
Softbank is itself beset by issues, after swinging to a record annual loss in March as a result of a number of soured bets made by its star Vision Fund.
Softbank reported a ¥1.4 trillion operating loss in the year to 31 March. It had reported a profit of $19.6bn the previous year.
It more than tripled its spending on buying back shares to ¥188.3bn (£1.4bn) between 1 June and 15 June, compared to ¥61bn for the entire month of May.
Yesterday’s offering from T-Mobile US to fund the purchase of the Softbank stake was the biggest secondary stock offering of the year, according to data from Refinitiv.


cityam--2020-06-24--Andrew Balding updates on leading Investec Derby contender Kameko

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

Andrew Balding updates on leading Investec Derby contender Kameko
NEWMARKET, ENGLAND – JUNE 06: Kameko ridden Oisin Murphy approaches the finish line to win the Qipco 2000 Guineas Stakes at Newmarket Racecourse on June 06, 2020 in Newmarket, England. (Photo by Edward Whitaker/Pool via Getty Images)
Trainer Andrew Balding has updated fans on his Investec Derby hopeful Kameko, who aims to win the second colts’ Classic of the season having won the 2000 Guineas at Newmarket earlier this month.
“We are really pleased with the way that Kameko came out of Newmarket, he is a very laid back horse. He slept that night got up the next morning on Monday morning and back to work and hasn’t looked back since. We sent him upsides on Saturday which was his first faster piece since the Guineas and I was really pleased with him, he is just such a professional and I couldn’t be happier at this stage. We have got one more big piece of work to go and as long as that goes well we are all systems go.”
Reflecting on Kameko’s success at Newmarket, Balding said:
“We went into the Guineas with high hopes that he would run very well but I was really pleased with the way he won the race. I think it was a strong Guineas, I think both Wichita and Pinatubo are two very good horses and he picked them up and was on top at the end and that was important. I think his last furlong was his best furlong even though he hung slightly across the track he was really strong at the end of the race. I think that has got to be encouraging in terms of looking towards Epsom.”
On training Kameko he added:
“From the day he arrived in the yard Kameko has just been the most sensational horse to have anything to do with. He’s so relaxed, he’s so professional, he’s always worked to a high standard. He is an easy horse to read which is important and helpful for a trainer. The only time I think I felt we got it wrong was when we had him a little too fresh for the Royal Lodge that day but we learnt from that and he is a horse who needs and enjoys plenty of work and thats fantastic, we have had a good lead up to Epsom so hopefully we can keep that going for another ten days that would be great.”
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cityam--2020-06-24--FCA proposes assessment of pension value for money rules

The financial watchdog has proposed a tightening of rules to check whether members of workplace pension schemes are getting value for money .
In a consultation paper released this morning , the Financial Conduct Authority ( FCA ) announced it would bring forward the proposals to make it easier for Independent Governance Committees ( IGCs ) and Governance Advisory Arrangements ( GAAs ) to compare pension products and services .
Read more : Pensions watchdog gives go-ahead to superfund deals The watchdog has proposed a framework for the annual assessment process , including a definition of value for money .
@ @ @ @ @ @ @ determining value were charges and costs , investment performance and quality of service .
Since 2015 personal workplace pensions have been overseen by IGCs to ensure customers are not being ripped off .
However , a lack of consistency in the way IGCs and GAAs operate means a number of members of workplace pension schemes may not be getting the best deal .
The review found that some IGCs lack the necessary independence and were “ ineffective at challenging firms to ensure value for money for workplace pension scheme members ” .
Additionally @ @ @ @ @ @ @ behalf of pension providers were less effective at ensuring value for money .
Executive director of supervision , Megan Butler said : “ Our separate review into IGCs and GAAs lays out the key lessons that need to be learned to ensure that workplace pension holders get a fair deal.
” “ The FCA has carefully considered these findings and is asking firms that do not meet our requirements to make improvements.
” Get the news as it happens by following City A.M. on Twitter .

FCA proposes assessment of pension value for money rules
The FCA has launched a new campaign in the hope of tempting whistleblowers in financial services to come forward about potential wrongdoing.
The financial watchdog has proposed a tightening of rules to check whether members of workplace pension schemes are getting value for money.
In a consultation paper released this morning, the Financial Conduct Authority (FCA) announced it would bring forward the proposals to make it easier for Independent Governance Committees (IGCs) and Governance Advisory Arrangements (GAAs) to compare pension products and services.
The watchdog has proposed a framework for the annual assessment process, including a definition of value for money. It said the three key factors for determining value were charges and costs, investment performance and quality of service.
Since 2015 personal workplace pensions have been overseen by IGCs to ensure customers are not being ripped off. However, a lack of consistency in the way IGCs and GAAs operate means a number of members of workplace pension schemes may not be getting the best deal.
The review found that some IGCs lack the necessary independence and were “ineffective at challenging firms to ensure value for money for workplace pension scheme members”. Additionally, GAAs operated by third-party firms on behalf of pension providers were less effective at ensuring value for money.
Executive director of supervision, Megan Butler said: “Our separate review into IGCs and GAAs lays out the key lessons that need to be learned to ensure that workplace pension holders get a fair deal.”
“The FCA has carefully considered these findings and is asking firms that do not meet our requirements to make improvements.”
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-06-24--ECB chief economist: Don’t get too excited by solid eurozone data

Solid data may not be a good guide to how the eurozone is recovering from its deepest economic crisis in recent memory , the European Central Bank ’ s ( ECB ) chief economist said .
Having suffered a historic drop in output in April , the bloc ’ s economy is starting to revive as some restrictions to limit the spread of the virus are gradually lifted .
Surprisingly strong readings from economic surveys have helped raise hopes of a relatively quick , V-shaped recovery .
But Philip Lane said today that while “ substantial improvement ” in near-term @ @ @ @ @ @ @ the contraction , this data was not a good guide for the future .
Speaking at a webinar organised by the Association of Foreign Banks in Germany , Lane also warned that activity would remain far below its pre-coronavirus levels for an extended period given that many restrictions are still in place .
“ Income losses and precautionary savings continue to weigh on consumption , ” he said .
Before the Open newsletter : Start your day with the City View podcast and key market data “ Likewise , weak demand , continued @ @ @ @ @ @ @ are hampering the normalisation of economic activity.
” Lane said that he was getting more confident that a slew of negative inflation readings — which some expected due to crashing oil prices — could be avoided , but that fiscal measures were crucial .
“ The measures we ’ re taking and also the fiscal measures should keep inflation in positive territory , ” Lane said .
“ We may be more optimistic that negative inflation can be avoided.
” Read more : ECB may expand bond buying in future but no need @ @ @ @ @ @ @ that fiscal measures , particularly talks over a €750bn EU recovery package , were also likely to have a major impact on how quickly confidence rebounded .
“ The outcome of negotiations about the EU recovery fund will be an important factor in determining the future path for the euro area economy , ” Lane said .

ECB chief economist: Don’t get too excited by solid eurozone data
Philip Lane said demand would remain below its pre-crisis levels for a long time
Solid data may not be a good guide to how the eurozone is recovering from its deepest economic crisis in recent memory, the European Central Bank’s (ECB) chief economist said.
Having suffered a historic drop in output in April, the bloc’s economy is starting to revive as some restrictions to limit the spread of the virus are gradually lifted. Surprisingly strong readings from economic surveys have helped raise hopes of a relatively quick, V-shaped recovery.
But Philip Lane said today that while “substantial improvement” in near-term indicators was normal given the depth of the contraction, this data was not a good guide for the future.
Speaking at a webinar organised by the Association of Foreign Banks in Germany, Lane also warned that activity would remain far below its pre-coronavirus levels for an extended period given that many restrictions are still in place.
“Income losses and precautionary savings continue to weigh on consumption,” he said.
Before the Open newsletter: Start your day with the City View podcast and key market data
“Likewise, weak demand, continued supply constraints and ongoing social distancing restrictions are hampering the normalisation of economic activity.”
Lane said that he was getting more confident that a slew of negative inflation readings — which some expected due to crashing oil prices — could be avoided, but that fiscal measures were crucial.
“The measures we’re taking and also the fiscal measures should keep inflation in positive territory,” Lane said. “We may be more optimistic that negative inflation can be avoided.”
He added that fiscal measures, particularly talks over a €750bn EU recovery package, were also likely to have a major impact on how quickly confidence rebounded.
“The outcome of negotiations about the EU recovery fund will be an important factor in determining the future path for the euro area economy,” Lane said.


cityam--2020-06-24--Brits back Boris Johnson’s lockdown lifting

Almost two thirds of British people back the government ’ s plans to reopen pubs , restaurants , museums and hairdressers in England on 4 July , a new poll has found .
A snap poll by Yougov yesterday found that 64 per cent of British people support Prime Minister Boris Johnson ’ s plans to reopen cinemas , galleries and pubs next month , while 73 per cent support being able to be indoors with another household .
Read more : Pubs and restaurants express relief as their lockdown ends A poll of 2,264 British adults found that 47 @ @ @ @ @ @ @ rule , while 24 per cent strongly supported the new measures .
Meanwhile , 19 per cent of Brits somewhat opposed the new one metre-plus guidelines , and 10 per cent strongly disagreed with them .
Scientists have voiced concern that Britain ’ s lockdown is being lifted too quickly , but Yougov ’ s polling shows that the public agrees that the government is proceeding at the right pace .
Almost half of respondents said the lockdown changes were about right , compared to 37 per cent who said they had gone @ @ @ @ @ @ @ that said the new measures did not go far enough .
Johnson yesterday announced the reopening of a slew of industries that have been shuttered for more than three months , but left many sectors in the dark .
Nightclubs , casinos , bowling alleys , spas , beauty salons , swimming pools and cricket pitches will not reopen on 4 July , the Prime Minister said yesterday .
Support for the PM ’ s announcement seemed to be split across party lines , according to the Yougov poll .
Almost 60 per @ @ @ @ @ @ @ measures , compared to just 40 per cent of Labour and Liberal Democrat supporters , although the measures are backed by most people across all voting groups .
Almost two thirds of Labour voters back the new policy to reopen venues , and 66 per cent support the new households policy .
But nearly half of Labour and Lib Dem voters thought the new measures went too far , compared to just a quarter of Conservative supporters .
Johnson yesterday said that a dramatic fall in the rate of infection means “ we @ @ @ @ @ @ @ England ” .
“ Today we can say that our long national hibernation is beginning to come to an end and life is beginning to return to our streets and our shops.
” However , he warned that the government will not hesitate to put the apply the brakes if the the number of infections start to rise .
“ The virus has no interest in these debates , ” he said .
“ We will not hesitate… to reintroduce restrictions even at national level if required.
” It comes as 171 further @ @ @ @ @ @ @ yesterday , up from just 15 the day before .
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Brits back Boris Johnson’s lockdown lifting
Almost two thirds of British people back the government’s plans to reopen pubs, restaurants, museums and hairdressers in England on 4 July, a new poll has found.
A snap poll by Yougov yesterday found that 64 per cent of British people support Prime Minister Boris Johnson’s plans to reopen cinemas, galleries and pubs next month, while 73 per cent support being able to be indoors with another household.
A poll of 2,264 British adults found that 47 per cent somewhat supported easing the two-metre rule, while 24 per cent strongly supported the new measures.
Meanwhile, 19 per cent of Brits somewhat opposed the new one metre-plus guidelines, and 10 per cent strongly disagreed with them.
Scientists have voiced concern that Britain’s lockdown is being lifted too quickly, but Yougov’s polling shows that the public agrees that the government is proceeding at the right pace.
Almost half of respondents said the lockdown changes were about right, compared to 37 per cent who said they had gone too far, and seven per cent that said the new measures did not go far enough.
Johnson yesterday announced the reopening of a slew of industries that have been shuttered for more than three months, but left many sectors in the dark. Nightclubs, casinos, bowling alleys, spas, beauty salons, swimming pools and cricket pitches will not reopen on 4 July, the Prime Minister said yesterday.
Support for the PM’s announcement seemed to be split across party lines, according to the Yougov poll. Almost 60 per cent of Conservative voters backed the new measures, compared to just 40 per cent of Labour and Liberal Democrat supporters, although the measures are backed by most people across all voting groups.
Almost two thirds of Labour voters back the new policy to reopen venues, and 66 per cent support the new households policy.
But nearly half of Labour and Lib Dem voters thought the new measures went too far, compared to just a quarter of Conservative supporters.
Johnson yesterday said that a dramatic fall in the rate of infection means “we can now safely ease the lockdown in England”.
“Today we can say that our long national hibernation is beginning to come to an end and life is beginning to return to our streets and our shops.”
However, he warned that the government will not hesitate to put the apply the brakes if the the number of infections start to rise.
“The virus has no interest in these debates,” he said. “We will not hesitate… to reintroduce restrictions even at national level if required.”
It comes as 171 further coronavirus-related deaths were recorded in the UK yesterday, up from just 15 the day before.
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-06-24--Coronavirus gives chance to move to 'different type of railway', Grant Shapps says

Transport secretary Grant Shapps has confirmed that the government will use its emergency control of the UK ’ s railways to change the way the current franchise system operates .
Speaking to the transport select committee this morning , Shapps said : “ We were already going to be moving to a different type of railway and different types of contracts and so the point that I wanted to make was there is now the opportunity to move things along a little bit faster than might otherwise have been the case ” .
Read more : Calls for rail reform @ @ @ @ @ @ @ March ministers took the decision to bring the railways under the government ’ s control through so-called “ emergency measures agreements ” , protecting franchises from revenue damage due to plummeting passenger numbers .
Many in the industry had suggested that the move , which has cost the government £3.5bn so far , would give authorities the chance to make changes to the creaking franchises model .
Shapps confirmed these expectations , saying : “ We already knew the railway had to change .
Before the Open newsletter : Start your day with @ @ @ @ @ @ @ data “ The coronavirus situation provides significant challenges but also significant opportunities to move faster to a different type of railway ” .
Asked whether the government would use the time to speed through the long-awaited Williams review into the system , Shapps confirmed that there would be more details on the report by the end of the year .
He confirmed suggestions that the review contained recommendations to change the rail network to a system far closer to Transport for London ’ s concession model , in which the operator lets contracts @ @ @ @ @ @ @ .
A new strategic body designed to “ bring the railway back together ” has also been recommended , he said .
Read more : Railway bailout has cost £3.5bn so far , government reveals Shapps suggested the reforms would largely follow the review ’ s findings , saying : “ Clearly , what we need to do is get to a situation which gets us to the Williams review .
“ The route between where we are and where we were has been changing and you might say speeded up ” .

Coronavirus gives chance to move to ‘different type of railway’, Grant Shapps says
Energy secretary Grant Shapps
Transport secretary Grant Shapps has confirmed that the government will use its emergency control of the UK’s railways to change the way the current franchise system operates.
Speaking to the transport select committee this morning, Shapps said: “We were already going to be moving to a different type of railway and different types of contracts and so the point that I wanted to make was there is now the opportunity to move things along a little bit faster than might otherwise have been the case”.
In March ministers took the decision to bring the railways under the government’s control through so-called “emergency measures agreements”, protecting franchises from revenue damage due to plummeting passenger numbers.
Many in the industry had suggested that the move, which has cost the government £3.5bn so far, would give authorities the chance to make changes to the creaking franchises model.
Shapps confirmed these expectations, saying: “We already knew the railway had to change.
Before the Open newsletter: Start your day with the City View podcast and key market data
“The coronavirus situation provides significant challenges but also significant opportunities to move faster to a different type of railway”.
Asked whether the government would use the time to speed through the long-awaited Williams review into the system, Shapps confirmed that there would be more details on the report by the end of the year.
He confirmed suggestions that the review contained recommendations to change the rail network to a system far closer to Transport for London’s concession model, in which the operator lets contracts to run some services to other operators.
A new strategic body designed to “bring the railway back together” has also been recommended, he said.
Shapps suggested the reforms would largely follow the review’s findings, saying: “Clearly, what we need to do is get to a situation which gets us to the Williams review.
“The route between where we are and where we were has been changing and you might say speeded up”.


cityam--2020-06-24--Baggage handler Swissport to make 'devastating' 4,175 job cuts

Airport baggage handler Swissport is set to make 4,175 job cuts as pressure grows on the government to produce a financial package for the aviation industry .
Swissport said the coronavirus pandemic has “ hit us hard ” since the collapse of regional flyer Flybe in March .
GMB and Unite , which represent Swissport workers , described the redundancies as “ devastating news ” .
Read more : Hollowed out : Which UK companies have made job cuts during the coronavirus pandemic ?
And they renewed their calls on the government to come up with a financial package for @ @ @ @ @ @ @ Individual airlines have secured government bailouts but GMB and Unite urged the government to step in on an industry-wide basis .
“ This is devastating news .
At least 4,000 workers – and possibly many more – will lose jobs which are essential to regional economies , ” GMB national officer Nadine Houghton said .
“ With Swissport now considering job cuts on this scale we have deep concerns about the viability of many of our regional airports and the benefits for regional connectivity that they bring.
” Oliver Richardson , Unite national @ @ @ @ @ @ @ ’ t wait any longer , the UK government needs to urgently intervene with a bespoke financial package and an extension of the 80 per cent furlough scheme for the aviation industry .
“ Speed is of the essence if the government is to save thousands of aviation jobs and livelihoods .
It ’ s not too late.
” Swissport ’ s UK and Ireland CEO Jason Holt said the coronavirus travel bans caused revenue to crash by 75 per cent by May .
“ At its core , our business relies on @ @ @ @ @ @ @ .
When aircraft aren ’ t flying , our source of revenue disappears , ” he said .
“ We are grateful for the help of government support schemes , which have allowed us to take the time to properly consider our position and do everything possible to work for solutions that will protect jobs .
“ But we now must adapt to the unfortunate reality that there simply aren ’ t enough aircraft flying for our business to continue running as it did before Covid-19 ; and there won ’ t be @ @ @ @ @ @ @ It is with regret that today we are taking steps to reduce the size of Swissport ’ s workforce .
Of our circa 8,500 Swissport employees , we expect upwards of 4,000 will leave us , comprising around 50 per cent of our workforce .
“ I want to stress that this isn ’ t in any way a reflection on the dedication of our teams and the quality of their work .
The situation we ’ re facing is one shared by the whole industry .
These are very challenging existential times @ @ @ @ @ @ @ loss in ‘ worst year in aviation history ’ “ This is a hard decision to make , but immeasurably harder for our colleagues to hear .
But it ’ s an essential decision if we are to keep operating and to protect as many livelihoods as possible in the long run.
” Swissport told City A.M. it has not applied for bailout funds from the government , which has given £600m to Easyjet to keep flying .
But it said it has “ been pressing for an aviation strategy from the government @ @ @ @ @ @ @ .

Baggage handler Swissport to make ‘devastating’ 4,175 job cuts
Swissport is set to make at least 4,000 job cuts amid the coronavirus pandemic, unions GMB and Unite have warned
Airport baggage handler Swissport is set to make 4,175 job cuts as pressure grows on the government to produce a financial package for the aviation industry.
Swissport said the coronavirus pandemic has “hit us hard” since the collapse of regional flyer Flybe in March.
GMB and Unite, which represent Swissport workers, described the redundancies as “devastating news”.
And they renewed their calls on the government to come up with a financial package for the aviation industry as a whole.
Individual airlines have secured government bailouts but GMB and Unite urged the government to step in on an industry-wide basis.
“This is devastating news. At least 4,000 workers – and possibly many more – will lose jobs which are essential to regional economies,” GMB national officer Nadine Houghton said.
“With Swissport now considering job cuts on this scale we have deep concerns about the viability of many of our regional airports and the benefits for regional connectivity that they bring.”
Oliver Richardson, Unite national officer, added: “We can’t wait any longer, the UK government needs to urgently intervene with a bespoke financial package and an extension of the 80 per cent furlough scheme for the aviation industry.
“Speed is of the essence if the government is to save thousands of aviation jobs and livelihoods. It’s not too late.”
Swissport’s UK and Ireland CEO Jason Holt said the coronavirus travel bans caused revenue to crash by 75 per cent by May.
“At its core, our business relies on a high volume of flights taking place. When aircraft aren’t flying, our source of revenue disappears,” he said.
“We are grateful for the help of government support schemes, which have allowed us to take the time to properly consider our position and do everything possible to work for solutions that will protect jobs.
“But we now must adapt to the unfortunate reality that there simply aren’t enough aircraft flying for our business to continue running as it did before Covid-19; and there won’t be for some time to come.
“It is with regret that today we are taking steps to reduce the size of Swissport’s workforce. Of our circa 8,500 Swissport employees, we expect upwards of 4,000 will leave us, comprising around 50 per cent of our workforce.
“I want to stress that this isn’t in any way a reflection on the dedication of our teams and the quality of their work. The situation we’re facing is one shared by the whole industry. These are very challenging existential times.
“This is a hard decision to make, but immeasurably harder for our colleagues to hear. But it’s an essential decision if we are to keep operating and to protect as many livelihoods as possible in the long run.”
Swissport told City A.M. it has not applied for bailout funds from the government, which has given £600m to Easyjet to keep flying.
But it said it has “been pressing for an aviation strategy from the government, and for business rates relief”.
More to follow.


cityam--2020-06-24--Hollowed out: Which UK companies have made job cuts during the coronavirus pandemic?

The coronavirus pandemic has battered the UK economy since it arrived in early 2020 – and no sector has remained unscathed , with more than 100,000 job cuts planned during the pandemic .
The government ’ s furlough scheme has allowed millions of people to keep getting a paycheck , but fears are growing that when this is phased out many will have no job to return to .
As a result , some of the UK ’ s biggest companies have been forced to cut thousands of jobs .
In total , UK companies are set to make a @ @ @ @ @ @ @ , and they are cutting 103,090 roles overall .
Here is a rundown of which UK firms have been hardest hit .
When British Airways bought Spanish airline Iberia in 2011 , forming parent company IAG , it was in part to make the company more resilient to market shocks .
But they did not anticipate a shock this big , or this long-lasting , with the vast majority of flights grounded for months , and little hope of things returning to normal any time soon .
As a result , BA announced @ @ @ @ @ @ @ 12,000 jobs , leading MPs to brand it a “ national disgrace ” .
Richard Branson ’ s airline had spent much of the last year campaigning to be recognised as a “ second flag carrier , ” behind arch-rival BA .
Now , the company is fighting for survival , cutting at least 3,000 jobs and pulling out of Gatwick Airport .
Chief executive Shai Weiss said : “ We have weathered many storms since our first flight 36 years ago but none has been as devastating as Covid-19 and the associated @ @ @ @ @ @ @ many.
” Virgin Atlantic announced the return of flights to 17 destinations in June and called on the government to scrap its 14-day quarantine for inbound travellers .
Read more : Virgin Atlantic to restart flights to 17 destinations in August Easyjet has been one of the strongest performers in UK aviation in recent years , but like it ’ s peers , it has had nowhere to fly for nearly three months .
As a result , it is cutting about 30 per cent of its staff , equating to 4,500 jobs @ @ @ @ @ @ @ “ We realise that these are very difficult times and we are having to consider very difficult decisions which will impact our people , but we want to protect as many jobs as we can for the long-term.
” Read more : Easyjet boss warns that more jobs could be lost due to quarantine plans Ryanair boss Michael O ’ Leary has a reputation for not mincing his words , and as he announced that he would be forced to cut 3,000 jobs , he complained that foreign airlines such as Lufthansa have @ @ @ @ @ @ @ Air France and Lufthansa are subsidy junkies hoovering up state aid , ” he said on BBC Radio 4 ’ s Today programme .
Ryanair employees who survive the round of cuts will be forced to take pay cuts as much as one-fifth of their salaries .
Read more : Ryanair set to cut up to 3,000 jobs due to coronavirus The Irish airline is also part of IAG , along with British Airways and Iberia .
It has been forced to cut 900 jobs .
It has faced widespread criticism for slashing @ @ @ @ @ @ @ much as 70 per cent ( yes , you read that right ) .
Baggage handler Swissport has been faced with much the same issues as the rest of the aviation industry , and it announced on 24 June that it would cut 4,175 jobs – about half of its workforce .
“ This is devastating news .
At least 4,000 workers – and possibly many more – will lose jobs which are essential to regional economies , ” GMB national officer Nadine Houghton said .
“ With Swissport now considering job cuts @ @ @ @ @ @ @ about the viability of many of our regional airports and the benefits for regional connectivity that they bring.
” The UK ’ s main international airport saw passenger numbers drop to an all time low in May , down 97 per cent on normal levels .
It has already cut about 500 managerial jobs , but has launched a voluntary redundancy scheme for the rest of its workforce .
About one-third of its 7,000 strong workforce is at risk .
John Holland Kaye , Heathrow CEO , told City A.M. last month that @ @ @ @ @ @ @ at the airport unless the government relaxes quarantine rules to boost travel .
The owner of British Gas has been hit hard by the pandemic , and is looking to cut nearly one-fifth of its workforce , or 5,000 jobs .
More than half of these will be in management roles , with the company trying to slim down its operation and reduce bureaucracy .
Of its 40-strong leadership team , 20 are likely to be heading for the exit .
The UK ’ s second largest energy supplier is planning to cut @ @ @ @ @ @ @ .
Ovo , which closed a £500m deal for SSE ’ s retail arm this year , said the coronavirus pandemic had accelerated its integration plans for the businesses .
The oil giant plans to make 10,000 people redundant across the globe , including an estimated 2,000 UK job cuts .
It comes after the coronavirus dramatically reduced global demand for oil .
In an email to staff , chief executive Bernard Looney said : “ The oil price has plunged well below the level we need to turn a profit .
“ @ @ @ @ @ @ @ than we make – I am talking millions of dollars , every day.
” Read more : Oil prices hit highest levels since early March as Opec+ pledges cut compliance Manufacturing giant Bombardier today said it will cut 2,500 jobs in its aviation division as the coronavirus crisis sparks a slump in demand .
Its Northern Ireland manufacturing plant will account for 600 UK job cuts .
The jet engine maker has long been one of the jewels in the crown of British manufacturing .
But that was not enough to stop it @ @ @ @ @ @ @ will be in the UK .
About 1,500 of these UK job cuts will be at its Derby headquarters , where it is partway through building a massive new engine manufacturing facility .
Chief executive Warren East said : “ This is not a crisis of our making .
But it is the crisis that we face and must deal with.
” Read more : Rolls-Royce to swing axe at 9,000 employees over coronavirus The luxury car manufacturer has around 4,200 employees , but nearly a quarter of those will go in the @ @ @ @ @ @ @ to grow its sales while it embarked on a restructuring plan , allowing it to avoid cutting UK jobs .
However , it said this plan was “ clearly derailed by the impact of the pandemic ” .
Since its disastrous Initial Public Offering in 2018 , Aston Martin has been struggling , and the coronavirus could not have come at a worse time .
The firm is also looking to cut costs in other areas , including contractor numbers , marketing and travel , as it battles its way back to profitability @ @ @ @ @ @ @ , the billionaire fashion tycoon , took over the firm in January .
CEO Andy Palmer was sacked under a management shake-up in late May .
Read more : Aston Martin to cut 500 jobs as business reset continues The British manufacturing giant is to cut 1,100 jobs from its UK factories .
It will likely affect people working at Halewood on Merseyside , and Solihull and Castle Bromwich in the West Midlands .
Read more : Jaguar Land Rover falls to half a billion loss in final quarter HSBC is resuming a @ @ @ @ @ @ @ on pause after the outbreak of coronavirus , with 35,000 jobs set to be cut worldwide .
The job cuts will be made over the medium term , while the lender will also freeze almost all external recruitment , chief executive Noel Quinn said in a memo sent to the bank ’ s 235,000 staff worldwide .
HSBC had postponed the job cuts , part of a wider restructuring programme to cut $ 4.5bn ( £3.6bn ) in costs , in March .
At the time , the lender said the extraordinary circumstances @ @ @ @ @ @ @ have been wrong to cut staff .
Read more : HSBC to cut 35,000 jobs as bank resumes redundancy plan Manufacturing firm Johnson Matthey announced that it will cut 2,500 jobs over the next three years as a result of the pandemic .
The FTSE 100 company said that the crisis had knocked its underlying profit by £60m as it unveiled its annual results earlier this month .
In a statement , Johnson Matthey boss Robert MacLeod said that although the firm had already made £120m in cost savings , it needed to @ @ @ @ @ @ @ maintain its competitiveness .
The Restaurant Group – at least 1,500 UK job cuts The owner of Wagamama , Frankie & Benny ’ s and Chiquito initially said in March that most Chiquito branches and all of its Food & Fuel pubs would not reopen after the lockdown , leading to 1,500 UK job cuts .
Then , in June , it announced plans to close 125 of its sites , mostly Frankie & Benny ’ s , as the company seeks to push down rents to weather the financial storm of the @ @ @ @ @ @ @ 3,000 jobs at risk .
Read more : Restaurant Group to close 125 sites as it looks to cut costs Monsoon Accessorize founder Peter Simon bought the struggling business out of administration earlier this month , in a move aimed at saving both brands but cutting 545 jobs in the process .
Simon will try to renegotiate with landlords to get a better deal on the remaining 162 store leases , meaning that if this is unsuccessful , more redundancies could be around the corner .
Clarks is preparing to slash 900 corporate @ @ @ @ @ @ @ by the creation of 200 new jobs .
Around 700 workers are expected to leave the footwear retailer over the next 18 months , as the company “ reviews funding options with selected advisers ” to address the short-term liquidity needs caused by the pandemic .
Oasis and Warehouse were bought out of administration by Hilco in April , resulting in 1,800 UK job cuts .
The company ’ s digital brands were later bought out by fast fashion retailer Boohoo .
Read more : Boohoo buys Oasis and Warehouse as revenue rockets @ @ @ @ @ @ @ said in June it will cut a quarter of its global workforce , and has started a consultation with the 470 staff at risk .
Read more : Mulberry looks to cut a quarter of workforce Travis Perkins will cut 2,500 jobs – around nine per cent of its workforce – as a result of the pandemic .
The builders merchant said the losses would result from the closure of around 165 of its branches , plus UK job cuts within its distribution , administration and sales functions .

UK firms cut more than 106,000 jobs amid coronavirus pandemic
British Airways is one of many UK companies making a collective 98,000 job cuts during the pandemic
The coronavirus pandemic has battered the UK economy since it arrived in early 2020 – and no sector has remained unscathed, with more than 100,000 job cuts planned during the pandemic.
The government’s furlough scheme has allowed millions of people to keep getting a paycheck, but fears are growing that when this is phased out in October many will have no job to return to.
Some of the UK’s largest companies including British Airways, Marks & Spencer and BP have cut thousands of jobs with further announcements expected in the coming months.
In total, 106,319 UK job cuts are the direct or indirect result of the pandemic. But including HSBC’s 35,000 redundancies planned before coronavirus struck, the total is closer to 150,000.
Here is a rundown of which UK firms have been hardest hit.
British Airways – 12,000 jobs
When British Airways bought Spanish airline Iberia in 2011, forming parent company IAG, it was in part to make the company more resilient to market shocks.
But they did not anticipate a shock this big, or this long-lasting, with the vast majority of flights grounded for months, and little hope of things returning to normal any time soon.
As a result, BA announced that it was holding consultations to cut 12,000 jobs, leading MPs to brand it a “national disgrace”.
Virgin Atlantic – at least 3,000 jobs
Richard Branson’s airline had spent much of the last year campaigning to be recognised as a “second flag carrier,” behind arch-rival BA. Now, the company is fighting for survival, cutting at least 3,000 jobs and pulling out of Gatwick Airport.
Chief executive Shai Weiss said: “We have weathered many storms since our first flight 36 years ago but none has been as devastating as Covid-19 and the associated loss of life and livelihood for so many.”
Virgin Atlantic is cutting more than one-third of its workforce
Virgin Atlantic announced the return of flights to 17 destinations in June and called on the government to scrap its 14-day quarantine for inbound travellers.
Easyjet – 4,500 jobs
Easyjet has been one of the strongest performers in UK aviation in recent years, but like it’s peers, it has had nowhere to fly for nearly three months. As a result, it is cutting about 30 per cent of its staff, equating to 4,500 jobs.
Easyjet boss Johan Lundgren said: “We realise that these are very difficult times and we are having to consider very difficult decisions which will impact our people, but we want to protect as many jobs as we can for the long-term.”
Ryanair – 3,000 jobs
Ryanair boss Michael O’Leary has a reputation for not mincing his words, and as he announced that he would be forced to cut 3,000 jobs, he complained that foreign airlines such as Lufthansa have had more support than Ryanair.
“Air France and Lufthansa are subsidy junkies hoovering up state aid,” he said on BBC Radio 4’s Today programme. Ryanair employees who survive the round of cuts will be forced to take pay cuts as much as one-fifth of their salaries.
Ryanair boss Michael O’Leary has bemoaned the state aid given to competitors such as Lufthansa
Aer Lingus – 900 jobs
The Irish airline is also part of IAG, along with British Airways and Iberia. It has cut 900 jobs. It has faced widespread criticism for slashing some staff’s pay by as much as 70 per cent (yes, you read that right).
Marks & Spencer – 7,950 jobs
The supermarket chain announced in mid-August that it was slashing 7,000 jobs within three months after coronavirus hit its already struggling business.
Marks & Spencer said the cuts would focus on its central support centre, regional management and UK stores. The job losses come on top of a previously announced round of 950 store management roles announced in July.
Swissport – 4,175 jobs
Baggage handler Swissport has been faced with much the same issues as the rest of the aviation industry, and it announced on 24 June that it would cut 4,175 jobs – about half of its workforce.
“This is devastating news. At least 4,000 workers – and possibly many more – will lose jobs which are essential to regional economies,” GMB national officer Nadine Houghton said.
“With Swissport now considering job cuts on this scale we have deep concerns about the viability of many of our regional airports and the benefits for regional connectivity that they bring.”
Heathrow airport – at least 500 jobs
The UK’s main international airport saw passenger numbers drop to an all time low in May, down 97 per cent on normal levels.
It has already cut about 500 managerial jobs, but has launched a voluntary redundancy scheme for the rest of its workforce. About one-third of its 7,000 strong workforce is at risk.
John Holland Kaye, Heathrow CEO, told City A.M. last month that as many as 25,000 jobs could go at the airport unless the government relaxes quarantine rules to boost travel.
Centrica – 5,000 jobs
The owner of British Gas has been hit hard by the pandemic, and is looking to cut nearly one-fifth of its workforce, or 5,000 jobs.
More than half of these will be in management roles, with the company trying to slim down its operation and reduce bureaucracy. Of its 40-strong leadership team, 20 are likely to be heading for the exit.
Centrica is the owner of British Gas
Ovo Energy – 2,600 jobs
The UK’s second largest energy supplier is planning to cut 2,600 jobs following its merger with SSE.
Ovo, which closed a £500m deal for SSE’s retail arm this year, said the coronavirus pandemic had accelerated its integration plans for the businesses.
BP – 10,000 jobs
The oil giant plans to make 10,000 people redundant across the globe, including an estimated 2,000 UK job cuts. It comes after the coronavirus dramatically reduced global demand for oil.
In an email to staff, chief executive Bernard Looney said: “The oil price has plunged well below the level we need to turn a profit.
“We are spending much, much more than we make – I am talking millions of dollars, every day.”
BP blamed job cuts on plummeting oil prices
Airbus – 1,700 UK job cuts
Europe’s largest planemaker Airbus said that it will cut 1,700 jobs in the UK as part of 15,000 redundancies around the world.
The UK’s Unite union said plans by Airbus to cut 1,700 jobs in Britain will affect its operations across the country, including at its two biggest factories.
Unite said 1,116 manufacturing jobs would be lost, with Airbus’ largest UK factories in North Wales and Bristol to be affected, along with 611 office jobs.
Bombardier – 600 UK job cuts
Manufacturing giant Bombardier today said it will cut 2,500 jobs in its aviation division as the coronavirus crisis sparks a slump in demand. Its Northern Ireland manufacturing plant will account for 600 UK job cuts.
Rolls-Royce – 9,000 jobs
The jet engine maker has long been one of the jewels in the crown of British manufacturing. But that was not enough to stop it cutting 9,000 jobs, of which 3,000 will be in the UK.
About 1,500 of these UK job cuts will be at its Derby headquarters, where it is partway through building a massive new engine manufacturing facility.
Chief executive Warren East said: “This is not a crisis of our making. But it is the crisis that we face and must deal with.”
Rolls-Royce is expected to cut 20 per cent of its workforce
Bentley – 1,000 UK job cuts
The luxury car manufacturer has around 4,200 employees, but nearly a quarter of those will go in the near future.
The company had hoped to grow its sales while it embarked on a restructuring plan, allowing it to avoid cutting UK jobs. However, it said this plan was “clearly derailed by the impact of the pandemic”.
Aston Martin – 500 jobs
Since its disastrous Initial Public Offering in 2018, Aston Martin has been struggling, and the coronavirus could not have come at a worse time.
The firm is also looking to cut costs in other areas, including contractor numbers, marketing and travel, as it battles its way back to profitability.
It comes months after Lawrence Stroll, the billionaire fashion tycoon, took over the firm in January. CEO Andy Palmer was sacked under a management shake-up in late May.
Jaguar Land Rover – 1,100 UK job cuts
The British manufacturing giant is to cut 1,100 jobs from its UK factories. It will likely affect people working at Halewood on Merseyside, and Solihull and Castle Bromwich in the West Midlands.
Jaguar Land Rover is one of Britain’s biggest car makers
HSBC – 35,000 jobs
HSBC is resuming a massive redundancy plan that had been put on pause after the outbreak of coronavirus, with 35,000 jobs set to be cut worldwide.
The job cuts will be made over the medium term, while the lender will also freeze almost all external recruitment, chief executive Noel Quinn said in a memo sent to the bank’s 235,000 staff worldwide.
HSBC had postponed the job cuts, part of a wider restructuring programme to cut $4.5bn (£3.6bn) in costs, in March.
At the time, the lender said the extraordinary circumstances of the coronavirus pandemic meant it would have been wrong to cut staff.
Long before the pandemic hit the UK properly, HSBC was forced to clear its research department earlier this year as a worker was found to have coronavirus
TSB – 929 jobs at risk
TSB has told cashiers that their jobs will be phased out at the start of 2021, following a steep decline in customers banking in its branches due to the pandemic.
Those affected by the cuts will have to retrain, change roles or take voluntary redundancy, according to a staff memo seen by Reuters.
A total of 929 staff will be involved in the restructuring, a TSB spokesman said.
G4S – 1,150 job cuts
Outsourcing giant G4S will cut more than 1,150 jobs as part of a restructuring of its cash solutions division.
The firm said it was streamlining its cash handling service to “better align it with the needs of our customers”.
Accenture – up to 900 job cuts
US consultancy firm Accenture, which employs 10,000 people in the UK, will make up to 900 roles redundant.
The firm will start consulting on the job cuts in the middle of this month. It expects between 700 to 900 employees to depart.
In a note to staff seen by the Guardian, which first reported the cuts, Accenture said: “We went into the crisis with an overcapacity of people relative to demand. The crisis has caused additional strain on the business due to lower demand and reduced national attrition.
Johnson Matthey – 2,500 UK job cuts
Manufacturing firm Johnson Matthey announced that it will cut 2,500 jobs over the next three years as a result of the pandemic.
The FTSE 100 company said that the crisis had knocked its underlying profit by £60m as it unveiled its annual results earlier this month.
In a statement, Johnson Matthey boss Robert MacLeod said that although the firm had already made £120m in cost savings, it needed to be “even more efficient” to maintain its competitiveness.
The Restaurant Group – at least 1,500 UK job cuts
The owner of Wagamama, Frankie & Benny’s and Chiquito initially said in March that most Chiquito branches and all of its Food & Fuel pubs would not reopen after the lockdown, leading to 1,500 UK job cuts.
Then, in June, it announced plans to close 125 of its sites, mostly Frankie & Benny’s, as the company seeks to push down rents to weather the financial storm of the coronavirus crisis. The closure puts around 3,000 jobs at risk.
A closed sign in the window of Wagamama
Monsoon Accessorize – 545 jobs
Monsoon Accessorize founder Peter Simon bought the struggling business out of administration earlier this month, in a move aimed at saving both brands but cutting 545 jobs in the process.
Simon was on track to reopen 157 stores of the original 230 by the end of July, 57 more than planned following landlord negotiations.
That would save potentially 2,400 jobs after Monsoon Accessorize fell victim to the coronavirus lockdown.
Clarks – 900 UK job cuts
Clarks is preparing to slash 900 corporate roles, which will be partially offset by the creation of 200 new jobs.
Around 700 workers are expected to leave the footwear retailer over the next 18 months, as the company “reviews funding options with selected advisers” to address the short-term liquidity needs caused by the pandemic.
Clarks is one of many non-essential retailers forced to close for three months under lockdown
Oasis and Warehouse – 1,800 jobs
Oasis and Warehouse were bought out of administration by Hilco in April, resulting in 1,800 UK job cuts.
The company’s digital brands were later bought out by fast fashion retailer Boohoo.
Mulberry – 470 UK job cuts
The fashion and accessories brand said in June it will cut a quarter of its global workforce, and has started a consultation with the 470 staff at risk.
John Lewis – 1,300 jobs at risk
John Lewis has announced it will not reopen eight stores after lockdown, putting around 1,300 jobs at risk.
The retailer said the stores, which include its Birmingham’s Bullring store, had been struggling before the pandemic hit.
Around 1,300 employees will enter consultations over potential redundancies. The department store said it will attempt to offer alternative jobs within the business, such as at Waitrose or online, to workers that are made redundant.
TM Lewin – 600 job cuts
Last month century-old shirtmaker TM Lewin went into administration, with 600 jobs lost as a result.
The company will close all 66 of its physical stores, and will only continue trading online, after a company hired to restructure the menswear company decided its high street offering was beyond saving.
The decision came less than two months after the 122-year-old retailer was bought by Stonebridge Private Equity through its subsidiary Torque Brands.
High street staple TM Lewin will close all of its physical stores as a result of the pandemic, with 600 jobs to be lost.
Boots – 4,000 jobs
Boots has announced it will close 48 stores and cut 4,000 jobs after months of closure during lockdown.
The pharmacy chain has said it will shift its focus to online sales by investing in its digital platform, after its website saw a 78 per cent increase in sales over lockdown.
Burger King – 1,600 jobs at risk
Burger King has warned up to 10 per cent of its stores could close, putting up to 1,600 jobs at risk.
Chief executive Alasdair Murdoch said the restaurant chain could close between five and 10 per cent of its 530 restaurants, which could affect 800 to 1,600 jobs.
“If we can possibly avoid it, we will,” Murdoch told the BBC.
SSP Group – 5,000 job cuts
Catering company SPP, which owns Upper Crust, said it would slash 5,000 jobs due to the ongoing damage to the travel sector.
The job cuts will largely affect SSP’s UK head office and UK operations, the company said, at a cost of between £8m and £10m.
Coronavirus has forced SSP to find cost savings as travel bans and UK-wide lockdowns led to a severe drop in revenue.
Travis Perkins – 2,500 UK job cuts
Travis Perkins will cut 2,500 jobs – around nine per cent of its workforce – as a result of the pandemic.
The builders merchant said the losses would result from the closure of around 165 of its branches, plus UK job cuts within its distribution, administration and sales functions.
Building materials and DIY group Travis Perkins announced the loss of 2,500 jobs and the closure of 165 branches.
DW Sports – 1,700 jobs at risk
Gym chain and sportswear retailer DW Sports has collapsed into administration, putting 1,700 jobs at risk.
DW Sports closed 25 of its 75 stores and ceased trading through its website immediately.
The remaining 50 retail sites will continue to trade, but have been moved into closing down sales.
DW Sports said it is “inevitable” that some of its 73 gyms will permanently close following the coronavirus lockdown.
Pizza Express – 1,100 job losses
Pizza Express is planning to close 67 UK restaurants due to the coronavirus pandemic, putting 1,100 jobs at risk, as the casual dining chain put itself up for sale.
The company announced that it will launch a company voluntary arrangement (CVA) in the “near future”, which will see it close 15 per cent of its 449 restaurants in the UK.
Pizza Express has appointed investment bank Lazard & Co to launch a sales process. It will also divest its business in China.
“The Covid-19 crisis has had a profound impact on the entire hospitality sector, with the UK-wide lockdown reducing revenues significantly,” Pizza Express said in a statement this morning.
“The business and its advisers have therefore undertaken an extensive review of its operations to plan appropriately for the future.”
Dixons Carphone – 800 roles cut
Dixons Carphone has announced it will slash 800 roles as part of a store management restructuring plan.
The retailer, which owns Carphone Warehouse and Currys PC World, said the job cuts were part of a plan to create “one joined up business”.
Dixons Carphone said it will remove retail manager, assistant manager and team leader roles, as well as business adviser positions in stores without a business hub.
It will create new sales manage, customer experience manager and operational excellence manager roles as t seeks to integrate its electricals and mobile teams.
Debenhams – 6,500
Debenhams has axed 2,500 jobs as it seeks to reduce costs following the coronavirus lockdown, in the latest blow for the struggling UK high street.
The department store chain, which permanently closed 20 stores during lockdown, said the trading environment is “clearly a long way from returning to normal” after lockdown restrictions were lifted.
The latest round of cuts are on top of the 4,000 redundancies announced since May, the BBC reported, meaning the high street brand has now cut a third of its workforce during the coronavirus pandemic.
BBC – 970 job cuts
The BBC said it will axe 520 jobs in its news department as a result of the coronavirus crisis, marking 70 more redundancies than the broadcaster had originally planned.
The BBC said in January that it intended to axe 450 jobs within its news department, but plans were put on hold due to the pandemic.
The redundancies are separate to the 450 job cuts in the BBC’s regional news units announced last week.
Guardian Media Group – 180 job cuts
The paper announced plans to cut 180 jobs in both its editorial and commercial departments, after revenue plunged more than £25m during the coronavirus crisis.
The newspaper group said the job cuts will mostly affect its advertising, Guardian Jobs, marketing and Guardian Live departments, with 70 additional redundancies in its editorial unit.
The job cuts will reduce the Guardian’s overall workforce by 12 per cent.
Arup – 350 job cuts
Engineering consultancy Arup said it would get rid of 350 jobs from its UK arm, roughly five per cent of its staff.
The firm said it needed to reshape its business in light of the pandemic.
Pret A Manger – 1,000 jobs
The sandwich chain said in July that it would close 30 stores putting 1,000 jobs at risk. The lockdown and moved to home working hurt Pret which relies heavily on office workers and commuters picking up sandwiches and drinks at its city centre locations.
Natwest – 500 jobs
The bank said in August that it would closed one of its London offices and slash up to 500 jobs.
Natwest said it will carry out a voluntary redundancy plan affecting 550 roles in its branches and premier banking service. It will also close its Regents House office in Angel, which served as one of the bank’s biggest tech hubs and can house roughly 2,500 employees.
In total roughly 800 staff members are expected to leave in the redundancy round once part-time workers are included, Reuters reported, citing the Unite union.


cityam--2020-06-24--FTSE 100 falls as new coronavirus cases unsettle investors

The FTSE 100 opened lower this morning as increasing numbers of new coronavirus cases helped cool optimism about the speed of the global economic recovery from the pandemic .
The blue-chip index was down 2.21 per cent by 11.30am as mounting numbers of new infections compounded fears over a second wave of cases , sending jitters through equity markets .
The FTSE ’ s losses follow some concerning coronavirus case figures from the US overnight , with seven states reporting record Covid-19 hospitalisations .
Dr Anthony Fauci , head of the US Institute of Allergy and Infectious Diseases , warned @ @ @ @ @ @ @ ” rise in the number of new coronavirus cases in some states .
FTSE 100 drops as experts warn of second wave risk UK health experts today called for an urgent review to prepare the public for a second wave of Covid-19 infections .
In an open letter , the experts pressed the government to act in order to prevent more coronavirus deaths and economic damage if a second wave occurs during winter .
The smaller , domestically-focused FTSE 250 also tumbled into the red , shedding nearly two per cent .
Before @ @ @ @ @ @ @ with the City View podcast and key market data Housebuilder Crest Nicholson fell to the bottom of the mid-cap index after announcing a grim forecast for the year .
The company posted a loss before tax for the first half , and said it expected annual adjusted pretax profit to fall around 60 to 70 per cent due to disruptions caused by Covid-19 .
Read more : US mulls $ 3.1bn of new tariffs on UK and European goods European shares tumble as US mulls new tariffs The FTSE ’ s European peers @ @ @ @ @ @ @ Germany ’ s DAX shedding as much as 2.22 per cent and France ’ s CAC 40 slipping 1.93 per cent .
It came after news that the US is mulling new tariffs on $ 3.1bn of exports from the UK , France , Germany and Spain .
The US Trade Representative ( USTR ) is looking to increase tariffs on European exports , including olives , beer and gin , in what could lead to further trade disputes this summer .
The USTR has launched a month-long comment period on the proposals @ @ @ @ @ @ @ .
Like FTSE traders , European investors were also shaken by mounting concerns of a second coronavirus wave .
“ Momentarily granted some relief thanks to Tuesday ’ s largely better than forecast flash PMIs , Europe cliff-dived back into the red on Wednesday as the Covid-19 situation in the US grew increasingly grim , ” said Spreadex analyst Connor Campbell .
“ It may feel like in the UK that , following Boris Johnson ’ s announcement of a large swathe of lockdown-easing measures from 4 July , we are out the @ @ @ @ @ @ @ he continued .
“ All evidence would suggest that isn ’ t the case.
” Asian stocks traded slightly higher on Wednesday to touch a four-month high , with investors remaining stubbornly optimistic about the prospect of re-opening the global economy , even as coronavirus cases looked to be accelerating to new peaks .
MSCI ’ s broadest index of Asia-Pacific shares outside Japan added 0.5 per cent to reach its highest since pandemic lockdowns first hammered markets in early March .

Global stocks sink deep into red as second wave fears bite
Twenty per cent of FTSE 100 CEOs left their roles during the pandemic.
Global stocks plunged further into the red this afternoon as fears of a second wave of the pandemic mounted and investors worried about a slowdown in the global economic recovery.
The FTSE 100 closed down 3.11 per cent as growing numbers of new infections compounded fears over a second wave of cases, sending jitters through equity markets.
Read more: Accounting watchdog investigates London Capital & Finance audits
The FTSE 100’s losses follow some concerning coronavirus case figures from the US, with seven states reporting record Covid-19 hospitalisations.
US stocks opened markedly lower while European markets spent the session in the red as concerns of a transatlantic trade dispute grow.
FTSE 100 drops as experts warn of second wave risk
UK health experts today called for an urgent review to prepare the public for a second wave of Covid-19 infections.
In an open letter, the experts pressed the government to act in order to prevent more coronavirus deaths and economic damage if a second wave occurs during winter.
The smaller, domestically-focused FTSE 250 also tumbled into the red, and finished the session down 2.84 per cent.
Before the Open newsletter: Start your day with the City View podcast and key market data
Housebuilder Crest Nicholson fell to the bottom of the mid-cap index, shedding as much as 18 per cent after announcing a grim forecast for the year.
The company posted a loss before tax for the first half, and said it expected annual adjusted pretax profit to fall around 60 to 70 per cent due to disruptions caused by Covid-19.
Read more: US mulls $3.1bn of new tariffs on UK and European goods
European shares tumble as US mulls new tariffs
The FTSE’s European peers also sank into the red, with Germany’s DAX shedding 3.2 per cent and France’s CAC 40 dropping 2.82 per cent.
It came after news that the US is mulling new tariffs on $3.1bn of exports from the UK, France, Germany and Spain.
The US Trade Representative (USTR) is looking to increase tariffs on European exports, including olives, beer and gin, in what could lead to further trade disputes this summer.
The USTR has launched a month-long comment period on the proposals, which will end on 26 July.
Like FTSE traders, European investors were also shaken by mounting concerns of a second coronavirus wave.
“Momentarily granted some relief thanks to Tuesday’s largely better than forecast flash PMIs, Europe cliff-dived back into the red on Wednesday as the Covid-19 situation in the US grew increasingly grim,” said Spreadex analyst Connor Campbell.
“It may feel like in the UK that, following Boris Johnson’s announcement of a large swathe of lockdown-easing measures from 4 July, we are out the other side of the pandemic,” he continued. “All evidence would suggest that isn’t the case.”
Read more: Asian stocks pass four-month high despite rising coronavirus cases
Asian stocks traded slightly higher on Wednesday to touch a four-month high, with investors remaining stubbornly optimistic about the prospect of re-opening the global economy, even as coronavirus cases looked to be accelerating to new peaks.
MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.5 per cent to reach its highest since pandemic lockdowns first hammered markets in early March.
Wall Street slumps amid flaring coronavirus cases
Wall Street’s three major indices slumped on open as investors weigh up the possible economic impact of spiking coronavirus cases in several US states.
Top US infectious disease official Dr Anthony Fauci warned that there was a “disturbing” rise in the number of new coronavirus cases in some states.
Fauci said that the next two weeks could be critical in containing the outbreak.
The Dow Jones sat 1.95 per cent lower by mid afternoon, while the S&P 500 fell 1.78 per cent lower. The Nasdaq, which has reached all-time highs following a raft of stimulus measures, slipped 1.4 per cent.
The S&P 500 and Dow Jones Industrials are now around seven per cent and 11.5 per cent from their respective February record closing highs.
“Coming off the back of a huge market recovery in the months following the March low, we are finally seeing markets wake up to the obvious risks of getting too carried away at the first sign of a recovery,” said Joshua Mahony, senior market analyst at IG.
“We are used to the Federal Reserve or Trump administration stepping in at every turn, but that reliance is certainly not A healthy reason to buy stocks.”
Wall Street could also face even steeper losses as equity markets rebalance ahead of quarter-end next week.
“With the S&P 500 currently up over 20% since the end of March, there is a clear requirement to shift a huge amount of assets out of stocks and into bonds in a bid to re-balance portfolios back into their desired bonds/equity split,” Mahony added.
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