cityam--2020-04-17--FTSE 100 jumps on hopes of coronavirus drug breakthrough

The FTSE 100 has surged despite dire Chinese economic data as investors are cheered by hopes of a medical breakthrough and signs that the US is on its way to reopening parts of its economy .
Britain ’ s FTSE 100 index jumped 3.4 per cent in morning trading to 5,810 points as investors looked past China to the US , where a trial of Gilead ’ s coronavirus drug remdesivir showed positive signs .
The pan-European Stoxx 600 had also surged , by 2.8 per cent .
Germany ’ s Dax jumped 3.4 per cent .
China ’ s @ @ @ @ @ @ @ records began in the first three months of the year , official data showed today , by 6.7 per cent .
But “ the markets are already treating today ’ s GDP print as a backward-looking measure , ” said Matthew Cady , investment strategist at investment manager Brooks Macdonald .
He added that investors had already priced in a big hit to the Chinese economy , and were looking ahead to other developments .
Markets were instead fixated on events in the US , where a report said drug firm Gilead may @ @ @ @ @ @ @ coronavirus , according to early trials .
Medical news site Stat reported that University of Chicago Medicine ’ s trial of the Gilead drug recruited 113 people with severe Covid-19 .
It said most of them have been discharged but two patients died .
The report sent US stock futures surging .
Shares in Gilead rose 16 per cent in after-hours trading .
Sign up to City A.M. ’ s Midday Update newsletter , delivered to your inbox every lunchtime Connor Campbell , market analyst at trading platform Spreadex , said : “ @ @ @ @ @ @ @ disrupt this growth , the Dow Jones itself is targeting a 750 point surge this afternoon.
” He said that would leave it “ within touching distance of 24,300 ” which is “ a level last seen over 5 weeks ago ” .
Jasper Lawler of London Capital Group said the FTSE 100 and European shares “ are reacting to the improved prospect for coronavirus treatment ” .
Yet he added : “ It was a small trial and there was no control group so there ’ s plenty of room for error.
@ @ @ @ @ @ @ President Donald Trump last night released guidelines saying it was up to states to choose when to lift social distancing measures .
The first steps towards some clarity about when economies might reopen , combined with the prospect of an effective drug treatment , has solidified hopes that an economic recovery could be around the corner .
Read more : US oil price tumbles as coronavirus gloom returns to energy market “ There is a clear optimism over the possibility that some semblance of normality could soon return , ” said Joshua Mahony @ @ @ @ @ @ @ IG .
“ Stocks associated with global travel have received a welcome boost as traders react to plans from the likes of Germany and the US to ease lockdown restrictions , ” he said .
Rolls-Royce , Carnival , Intercontinental Hotels , and IAG have all risen .

FTSE 100 jumps on hopes of coronavirus drug breakthrough
The FTSE 100 surged today despite dire Chinese economic data as investors are cheered by hopes of a medical breakthrough and signs that the US is on its way to reopening parts of its economy.
Britain’s FTSE 100 index finished 2.8 per cent higher at 5,786 points. It had climbed as much as 3.4 per cent in morning trading as investors looked to the US, where a trial of Gilead’s coronavirus drug remdesivir showed positive signs.
The pan-European Stoxx 600 also surged, by 2.4 per cent. Germany’s Dax jumped 3.1 per cent and France’s CAC 40 rose 3.4 per cent.
China’s economy shrank for the first time since records began in the first three months of the year, official data showed today, by 6.7 per cent.
But “the markets are already treating today’s GDP print as a backward-looking measure,” said Matthew Cady, investment strategist at investment manager Brooks Macdonald.
Investors were instead fixated on events in the US, where a report said drug firm Gilead may have developed a treatment that effectively tackles coronavirus, according to early trials.
Sign up to City A.M.’s Midday Update newsletter, delivered to your inbox every lunchtime
Medical news site Stat reported that University of Chicago Medicine’s trial of the Gilead drug recruited 113 people with severe Covid-19. It said most of them have been discharged but two patients died.
FTSE 100 hopes for return to ‘normality’
Jasper Lawler of London Capital Group said the FTSE 100 and European shares “are reacting to the improved prospect for coronavirus treatment”.
Yet he added: “It was a small trial and there was no control group so there’s plenty of room for error.”
Investor optimism has also risen after President Donald Trump last night released guidelines saying it was up to states to choose when to lift social distancing measures.
The first steps towards some clarity about when economies might reopen, combined with the prospect of an effective drug treatment, has solidified hopes that an economic recovery could be around the corner.
“There is a clear optimism over the possibility that some semblance of normality could soon return,” said Joshua Mahony, senior market analyst at trading platform IG.
“Stocks associated with global travel have received a welcome boost as traders react to plans from the likes of Germany and the US to ease lockdown restrictions,” he said. Rolls-Royce, Carnival, Intercontinental Hotels, and IAG have all risen.


cityam--2020-04-17--US oil price tumbles as coronavirus gloom returns to energy market

US oil prices have tumbled as doubts set in about the country ’ s plan to reopen its economy and investors question whether cuts to supply will be enough to meet the plunge in demand caused by the coronavirus pandemic .
West Texas Intermediate crude oil – the benchmark for the US market – had fallen 8.2 per cent by mid-morning UK time to $ 18.25 per barrel .
The international benchmark Brent crude was up just 0.1 per cent at $ 27.85 per barrel .
Read more : China ’ s economy shrinks for first time in decades on @ @ @ @ @ @ @ Chinese economic data underlined coronavirus ’ s effect on global growth .
The world ’ s second-largest economy shrank 6.8 per cent in the first quarter , figures showed today .
Doubts also settled in about US President Donald Trump ’ s strategy for reopening the economy .
Trump last night rolled out guidelines that said it states should have a “ downward trajectory ” of cases for 14 days before reopening .
But some social distancing measures would stay in place , which would prevent many businesses from operating normally .
The @ @ @ @ @ @ @ than many expected and suggest lockdown measures could remain in place for months in some areas .
A longer lockdown would further reduce demand for oil .
Meanwhile , the US remains the world ’ s biggest producer as other countries cut their output , adding to the supply of WTI crude and holding down prices .
Investors are also sceptical that the oil production cuts agreed by Saudi Arabia , Russia and other major producers last week will be enough to meet the dramatic fall in demand .
The group of producers @ @ @ @ @ @ @ per day .
But an estimate from Japanese bank MUFG said oil demand will fall by 19.1m barrels per day in April and by 12.3m on average in the second quarter .
Read more : FTSE 100 jumps despite dire China data on hopes of coronavirus drug breakthrough “ We think the cuts will do little to offset the near-term destruction in demand , ” said UBS analysts in a note .
“ Lower prices are needed to trigger further production shut-ins in North and South America and prevent inventories reaching capacity limits @ @

US oil price tumbles as coronavirus gloom returns to energy market
A surge in supply and slump in demand has seen oil prices crash during the coronavirus pandemic
US oil prices have tumbled as doubts set in about the country’s plan to reopen its economy and investors question whether cuts to supply will be enough to meet the plunge in demand caused by the coronavirus pandemic.
West Texas Intermediate crude oil – the benchmark for the US market – had fallen 8.2 per cent by mid-morning UK time to $18.25 per barrel. The international benchmark Brent crude was up just 0.1 per cent at $27.85 per barrel.
The fall came after dire Chinese economic data underlined coronavirus’s effect on global growth. The world’s second-largest economy shrank 6.8 per cent in the first quarter, figures showed today.
Doubts also settled in about US President Donald Trump’s strategy for reopening the economy.
Trump last night rolled out guidelines that said it states should have a “downward trajectory” of cases for 14 days before reopening. But some social distancing measures would stay in place, which would prevent many businesses from operating normally.
The President’s remarks were more cautious than many expected and suggest lockdown measures could remain in place for months in some areas.
A longer lockdown would further reduce demand for oil. Meanwhile, the US remains the world’s biggest producer as other countries cut their output, adding to the supply of WTI crude and holding down prices.
Investors are also sceptical that the oil production cuts agreed by Saudi Arabia, Russia and other major producers last week will be enough to meet the dramatic fall in demand.
The group of producers agreed to cut production by 9.7m barrels per day. But an estimate from Japanese bank MUFG said oil demand will fall by 19.1m barrels per day in April and by 12.3m on average in the second quarter.
“We think the cuts will do little to offset the near-term destruction in demand,” said UBS analysts in a note.
“Lower prices are needed to trigger further production shut-ins in North and South America and prevent inventories reaching capacity limits.”


cityam--2020-04-17--Coronavirus: Government launches taskforce to develop vaccine

The government has launched a taskforce , including both industry and academics , to develop a coronavirus vaccine .
Business secretary Alok Sharma announced this afternoon that the taskforce , which will include Sir John Bell , Astrazeneca , and the Wellcome Trust , will focus on developing a vaccine as fast as possible to make it available to the public .
Read more : Coronavirus : GSK chief urges drug firms to work together to develop vaccines “ We are looking forward so when we do make a breakthrough we areready to manufacture by the millions , ” Sharma @ @ @ @ @ @ @ process could take “ many months ” and that there were no guarantees .
“ We can not put a date on when we will get a vaccine but we live in a country with a rich history of pioneering science , ” he said .
Chief scientific adviser Patrick Vallance said when a vaccine is available they would make sure the most vulnerable are protected first before it is rolled out to the wider population .
Read more : GSK partners with Sanofi to develop coronavirus vaccine “ But that is some @ @ @ @ @ @ @ The government has given the go ahead for 21 research projects with funding of £14m , including the development of a vaccine at Imperial College London .
Sharma also refused to be drawn on when the government might lift the coronavirus lockdown , after it was announced yesterday that the restrictions will be in place for at least another three weeks .
Read more : US stocks rise as investors hope for coronavirus breakthrough He reiterated the government ’ s message to “ stay home and save lives ” .
The number of @ @ @ @ @ @ @ the past 24 hours , bringing the total death toll 14,576 .
Vallance said that hospital cases are plateauing and going down in some places , which will lead to fewer people going to intensive care

Coronavirus: Government launches taskforce to develop vaccine
The government has launched a taskforce, including both industry and academics, to develop a coronavirus vaccine.
Business secretary Alok Sharma announced this afternoon that the taskforce, which will include Sir John Bell, Astrazeneca, and the Wellcome Trust, will focus on developing a vaccine as fast as possible to make it available to the public.
“We are looking forward so when we do make a breakthrough we areready to manufacture by the millions,” Sharma said.
However he warned that the process could take “many months” and that there were no guarantees.
“We cannot put a date on when we will get a vaccine but we live in a country with a rich history of pioneering science,” he said.
Chief scientific adviser Patrick Vallance said when a vaccine is available they would make sure the most vulnerable are protected first before it is rolled out to the wider population.
“But that is some way off,” Vallance said.
The government has given the go ahead for 21 research projects with funding of £14m, including the development of a vaccine at Imperial College London.
Sharma also refused to be drawn on when the government might lift the coronavirus lockdown, after it was announced yesterday that the restrictions will be in place for at least another three weeks.
He reiterated the government’s message to “stay home and save lives”.
The number of UK coronavirus deaths rose by 847 in the past 24 hours, bringing the total death toll 14,576.
Vallance said that hospital cases are plateauing and going down in some places, which will lead to fewer people going to intensive care


cityam--2020-04-17--Jewish Chronicle plunged into bitter row as bidders circle

The Jewish Chronicle has been plunged into a bitter row as rival factions line up bids to take control of the newspaper ahead of a crunch meeting next week .
Earlier this month the London weekly announced it was seeking a creditors ’ voluntary liquidation alongside the Jewish News , with which it had previously agreed to merge .
Read more : Jewish Chronicle and Jewish News collapse into liquidation The Kessler Foundation — the charity that has owned the Jewish Chronicle since 1984 — last week said it had submitted a bid for the assets of both newspapers .
@ @ @ @ @ @ @ by Theresa May ’ s former comms chief Robbie Gibb has now tabled a rival offer , sparking division at the newspaper .
Jewish Chronicle editor Stephen Pollard today resigned after 15 years at the helm and threw his weight behind the Gibb consortium , stating its offer was in the best interests of the paper , its creditors and the Jewish community .
“ It has been reported that they will make our creditors whole and that they will look to retain many of our current team , ” he said .
@ @ @ @ @ @ @ writers to whom I owe whatever success I have had as editor .
The Kessler Foundation has made no such commitment.
” The consortium intends to retain Pollard as editor if its bid is successful — something Pollard said he was willing to discuss .
If the Kessler Foundation ’ s bid is successful , it will replace Pollard with Jewish News editor Richard Ferrer .
The Kessler Foundation may be well-placed to take control of the assets due to a £950,000 loan it paid to the company in June 2019 to help @ @ @ @ @ @ @ scheme and secure its future .
However , City A.M. understands that Gibb ’ s consortium has tabled a dramatic last-minute offer of roughly £2m ahead of a creditor ’ s meeting scheduled for Monday .
The group , whose bid was first reported by the Financial Times , includes high-profile figures from banking , media and politics .
Former Labour MP John Woodcock , Investec executive Robert Swerling and Kirkland and Ellis partner Jonathan Kandel are among the people to have stumped up money for the bid alongside unnamed Jewish philanthropists .
@ @ @ @ @ @ @ there was “ zero transparency ” about who had funded the consortium ’ s bid .
In a statement the Gibb consortium said : “ We are deeply disappointed with the Kessler Foundation ’ s conduct during this process , and consider it a cynical move to have put the paper into liquidation during the Jewish festival of Passover and over the bank holiday weekend , a move designed to rush through an outcome that maintains their control , but is clearly to the detriment of the paper and its creditors.
” City @ @ @ @ @ @ @ referring the Kessler Foundation to HMRC and the Charities Commission for alleged misconduct .
“ There are matters that need clarification and investigation .
That is all we are prepared to say at the moment , ” a source close to the newspaper said .
It comes at a turbulent time for the Jewish Chronicle , which posted a £1.5m loss last year .
Alongside Jewish News , the newspaper is battling a squeeze on advertising revenue — compounded by the coronavirus crisis — as well as falling readership amid a decline in @ @ @ @ @ @ @ said the in-fighting between bidders was against the interests of the Jewish community , describing the title as “ part of the glue that holds us all together ” .
It is not clear how many jobs either bidder would be able to save after all staff were told they would be made redundant .
“ We were devastated to learn on the eve of Passover that the Jewish Chronicle would be put into liquidation , ” the Jewish Chronicle NUJ chapel said .
Read more : Guardian , Financial Times and Telegraph @ @ @ @ @ @ @ “ This was made worse when we saw a war of words over the paper ’ s future and our livelihoods break out in another newspaper.
” The NUJ called for urgent clarification from both the Kessler Foundation and the consortium on the details of their bids and their plans for the newspaper ’ s future .

Jewish Chronicle plunged into bitter row as bidders circle
The Jewish Chronicle has been plunged into a bitter row as rival factions line up bids to take control of the newspaper ahead of a crunch meeting next week.
Earlier this month the London weekly announced it was seeking a creditors’ voluntary liquidation alongside the Jewish News, with which it had previously agreed to merge.
The Kessler Foundation — the charity that has owned the Jewish Chronicle since 1984 — last week said it had submitted a bid for the assets of both newspapers.
However, a consortium of buyers led by Theresa May’s former comms chief Robbie Gibb has now tabled a rival offer, sparking division at the newspaper.
Jewish Chronicle editor Stephen Pollard today resigned after 15 years at the helm and threw his weight behind the Gibb consortium, stating its offer was in the best interests of the paper, its creditors and the Jewish community.
“It has been reported that they will make our creditors whole and that they will look to retain many of our current team,” he said.
“Many of those creditors are the writers to whom I owe whatever success I have had as editor. The Kessler Foundation has made no such commitment.”
The consortium intends to retain Pollard as editor if its bid is successful — something Pollard said he was willing to discuss.
If the Kessler Foundation’s bid is successful, it will replace Pollard with Jewish News editor Richard Ferrer.
The Kessler Foundation may be well-placed to take control of the assets due to a £950,000 loan it paid to the company in June 2019 to help pay off the newspaper’s pension scheme and secure its future.
However, City A.M. understands that Gibb’s consortium has tabled a dramatic last-minute offer of roughly £2m ahead of a creditor’s meeting scheduled for Monday.
The group, whose bid was first reported by the Financial Times, includes high-profile figures from banking, media and politics.
Former Labour MP John Woodcock, Investec executive Robert Swerling and Kirkland and Ellis partner Jonathan Kandel are among the people to have stumped up money for the bid alongside unnamed Jewish philanthropists.
A spokesperson for the Kessler Foundation said there was “zero transparency” about who had funded the consortium’s bid.
In a statement the Gibb consortium said: “We are deeply disappointed with the Kessler Foundation’s conduct during this process, and consider it a cynical move to have put the paper into liquidation during the Jewish festival of Passover and over the bank holiday weekend, a move designed to rush through an outcome that maintains their control, but is clearly to the detriment of the paper and its creditors.”
City A.M. understands minority shareholders are also considering referring the Kessler Foundation to HMRC and the Charities Commission for alleged misconduct.
“There are matters that need clarification and investigation. That is all we are prepared to say at the moment,” a source close to the newspaper said.
It comes at a turbulent time for the Jewish Chronicle, which posted a £1.5m loss last year.
Alongside Jewish News, the newspaper is battling a squeeze on advertising revenue — compounded by the coronavirus crisis — as well as falling readership amid a decline in the London Jewish community.
One insider said the in-fighting between bidders was against the interests of the Jewish community, describing the title as “part of the glue that holds us all together”.
It is not clear how many jobs either bidder would be able to save after all staff were told they would be made redundant.
“We were devastated to learn on the eve of Passover that the Jewish Chronicle would be put into liquidation,” the Jewish Chronicle NUJ chapel said.
“This was made worse when we saw a war of words over the paper’s future and our livelihoods break out in another newspaper.”
The NUJ called for urgent clarification from both the Kessler Foundation and the consortium on the details of their bids and their plans for the newspaper’s future.


cityam--2020-04-17--US stocks rise as investors hope for coronavirus breakthrough

US stocks have risen in afternoon trading despite dire economic data from China as investors grow optimism about a possible coronavirus drug breakthrough .
The Dow Jones was up 1.6 per cent in morning trading in the US .
The S & P 500 was 1.5 per cent higher and the Nasdaq had risen 0.6 per cent .
European shares were also boosted by positive reports about a drug from US firm Gilead .
The UK ’ s FTSE 100 was up 2.8 per cent and Germany ’ s Dax was 2.9 per cent higher .
The pan-European Stoxx 600 @ @ @ @ @ @ @ looked firmly past data from China overnight that showed the economy contracted for the first time since quarterly records began in the first three months of the year .
Instead , they fixated on a report from medical news site Stat that said Gilead ’ s coronavirus drug had shown positive signs during a trial in Chicago .
A University of Chicago hospital that is part of a wider trial of the drug said its patients taking the medicine were rapidly recovering from fever and respiratory systems , according to Stat .
“ @ @ @ @ @ @ @ clinical trial was very small , ” said Craig Erlam , market analyst at currency firm Oanda .
“ Everyone is being urged to treat them with caution.
” “ But let ’ s face it , we ’ ve waited a long time for some hope in the fight against this horrendous disease , people are going to get carried away.
” Investors were also excited by the prospect that the US could soon reopen parts of its economy .
President Donald Trump yesterday laid out “ guidelines ” for states about @ @ @ @ @ @ @ see a sustained fall in new cases .
They are the first official steps towards the world ’ s largest economy returning to some kind of normality .
Read more : FTSE 100 jumps on hopes of coronavirus drug breakthrough David Madden , market analyst at CMC Markets , said : “ Some businesses in Italy , Spain and Austria re-opened this week , and Germany will follow suit next week.
” “ The steps taken so far to return to normal have been small , but at least they are heading in @ @ @ @ @

US stocks rise as investors hope for coronavirus breakthrough
Wall Street has rallied in recent weeks after crashing in February and March
US stocks have risen in afternoon trading despite dire economic data from China as investors grow optimism about a possible coronavirus drug breakthrough.
The Dow Jones was up 1.6 per cent in morning trading in the US. The S&P 500 was 1.5 per cent higher and the Nasdaq had risen 0.6 per cent.
European shares were also boosted by positive reports about a drug from US firm Gilead. The UK’s FTSE 100 was up 2.8 per cent and Germany’s Dax was 2.9 per cent higher. The pan-European Stoxx 600 had risen XX per cent.
Investors looked firmly past data from China overnight that showed the economy contracted for the first time since quarterly records began in the first three months of the year.
Instead, they fixated on a report from medical news site Stat that said Gilead’s coronavirus drug had shown positive signs during a trial in Chicago.
A University of Chicago hospital that is part of a wider trial of the drug said its patients taking the medicine were rapidly recovering from fever and respiratory systems, according to Stat.
“It’s worth noting that the clinical trial was very small,” said Craig Erlam, market analyst at currency firm Oanda. “Everyone is being urged to treat them with caution.”
“But let’s face it, we’ve waited a long time for some hope in the fight against this horrendous disease, people are going to get carried away.”
Investors were also excited by the prospect that the US could soon reopen parts of its economy. President Donald Trump yesterday laid out “guidelines” for states about reopening, saying they had to first see a sustained fall in new cases.
They are the first official steps towards the world’s largest economy returning to some kind of normality.
David Madden, market analyst at CMC Markets, said: “Some businesses in Italy, Spain and Austria re-opened this week, and Germany will follow suit next week.”
“The steps taken so far to return to normal have been small, but at least they are heading in the right direction.”


Pessimism & reluctance

A moment of nostalgia for sterling and relief for the euro .
Sterling was not unduly worried this week , having a surprisingly successful week .
Over the eight-day week it strengthened by an average of 0.5 % , losing out only to the puzzlingly mismatched Australian dollar and Japanese yen .
It added one euro cent and one and one eighth US cents , a 0.9 % gain in both cases .
PM Boris Johnson left hospital and retreated to Chequers , his country residence , to fully recover .
Foreign Secretary Dominic Raab is still de facto leader @ @ @ @ @ @ @ to the lockdown .
Five key criteria ’ s must be met before the UK will lift the lockdown , and those seem quite far off , for now .
Economic news this week was bleak to the say the least , but investors didn ’ t seem too unperturbed , probably because the rest of the world is in the same boat .
The Office for Budgetary Responsibility ( OBR ) sees the UK economy shrinking by 13 % in 2020 .
The OBR report features estimates from a handful of other @ @ @ @ @ @ @ ranging from the OBR ’ s -35 % to KPMG ’ s best case scenario of -2.1 % .
A high amount of guesswork is needed to make the prediction , for example how long the UK is in lockdown , the bigger the economic hit .
Other data of note includes the British Retail Consortium report which stated that March brought , “ the worst decline in retail sales on record.
” Many jobs are at risk within hospitality and retail , as well as their supply chains .
Despite the gloom @ @ @ @ @ @ @ euro .
In the three months to February UK imports fell £10.1 billion , with exports down £3.5 billion , creating £1.4 billion trade surplus .
While the figures were better than expected , the relevance of the data ( being from February ) , is minimal .
After much haggling , EU finance ministers compromised and managed to reach an agreement on financial support .
The €500 billion relief package is for European countries hit hardest by the tragic Covid-19 pandemic , such as Italy and Spain .
The plan involves tapping @ @ @ @ @ @ @ the amount , the balance coming from the European Investment Bank and the European Commission .
In some quarters there is disappointment that the Netherlands and others remain resistant to the notion of shared debt but at least they managed to get something off the blocks .
The euro weakened by an average of 0.3 % over the long weekend , giving up four fifths of a cent to sterling .
President of the European Commission Ursula von der Leyen offered on behalf of the EU a heartfelt apology to Italy for “ @ @ @ @ @ @ @ of the coronavirus .
No EU country responded to Italy ’ s initial call for aid via the bloc ’ s emergency mechanism .
Fresh evidence emerging has suggested that few European countries have actually achieved any herd immunity , as some begin to remove lockdown measures , albeit it cautiously and slowly .
Economic statistics from the euro zone was wholly forgettable , but dreary .
The International Monetary Fund sees annual contractions of 7.5 % in Euroland and 7 % in Germany .
German inflation slowed from 1.7 % to 1.4 @ @ @ @ @ @ @ production declined by 0.1 % in February and was down by 1.9 % from the same month last year .
The euro was equally dull , holding steady against the US dollar and losing a cent to sterling .
Even in these uncertain times , you may have international payments to make , and working with a specialist means that you ’ ll get expert guidance and reassurance throughout the process .
With moneycorp , you can make international payments online and via the mobile app 24/7 , wherever you are .
You @ @ @ @ @ @ @ no transfer fees , and all the support you need while the FX market is in flux .
With a specialist team based in the company ’ s UK HQ to provide support , access to an online account and a mobile app mean that you can act quickly if the need arises and track all your payments .
moneycorp is a trading name of TTT Moneycorp Limited which is authorised by the Financial Conduct Authority under the Payment Service Regulations 2017 ( reference number 308919 ) for the provision of payment services @

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Pessimism & reluctance
A moment of nostalgia for sterling and relief for the euro.
Sterling was not unduly worried this week, having a surprisingly successful week. Over the eight-day week it strengthened by an average of 0.5%, losing out only to the puzzlingly mismatched Australian dollar and Japanese yen. It added one euro cent and one and one eighth US cents, a 0.9% gain in both cases.
PM Boris Johnson left hospital and retreated to Chequers, his country residence, to fully recover. Foreign Secretary Dominic Raab is still de facto leader, and announced a three week extension to the lockdown. Five key criteria’s must be met before the UK will lift the lockdown, and those seem quite far off, for now. Economic news this week was bleak to the say the least, but investors didn’t seem too unperturbed, probably because the rest of the world is in the same boat.
The Office for Budgetary Responsibility (OBR) sees the UK economy shrinking by 13% in 2020. The OBR report features estimates from a handful of other forecasters, with quarter-on-quarter growth in Q2 ranging from the OBR’s -35% to KPMG’s best case scenario of -2.1%. A high amount of guesswork is needed to make the prediction, for example how long the UK is in lockdown, the bigger the economic hit.
Other data of note includes the British Retail Consortium report which stated that March brought, “the worst decline in retail sales on record.” Many jobs are at risk within hospitality and retail, as well as their supply chains. Despite the gloom, sterling was roughly steady against the euro.
In the three months to February UK imports fell £10.1 billion, with exports down £3.5 billion, creating £1.4 billion trade surplus. While the figures were better than expected, the relevance of the data (being from February), is minimal.
After much haggling, EU finance ministers compromised and managed to reach an agreement on financial support. The €500 billion relief package is for European countries hit hardest by the tragic Covid-19 pandemic, such as Italy and Spain. The plan involves tapping the European Stability Mechanism for about half the amount, the balance coming from the European Investment Bank and the European Commission. In some quarters there is disappointment that the Netherlands and others remain resistant to the notion of shared debt but at least they managed to get something off the blocks. The euro weakened by an average of 0.3% over the long weekend, giving up four fifths of a cent to sterling.
President of the European Commission Ursula von der Leyen offered on behalf of the EU a heartfelt apology to Italy for “letting it down” at the start of the coronavirus. No EU country responded to Italy’s initial call for aid via the bloc’s emergency mechanism. Fresh evidence emerging has suggested that few European countries have actually achieved any herd immunity, as some begin to remove lockdown measures, albeit it cautiously and slowly.
Economic statistics from the euro zone was wholly forgettable, but dreary. The International Monetary Fund sees annual contractions of 7.5% in Euroland and 7% in Germany. German inflation slowed from 1.7% to 1.4%, as expected. Euroland industrial production declined by 0.1% in February and was down by 1.9% from the same month last year. The euro was equally dull, holding steady against the US dollar and losing a cent to sterling.
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cityam--2020-04-17--UK 'too slow to act' on coronavirus, and 40,000 Brits could die

The UK government was “ too slow ” in dealing with the coronavirus outbreak and 40,000 people could die , a leading public health professor warned MPs today .
“ Where were the system errors that led us to have probably the highest death rates in Europe ?
” Anthony Costello , professor of International Child Health and director of the UCL Institute for Global Health , told the Health and Social Care Committee .
Read more : UK coronavirus hospital deaths rise by 847 to 14,576 “ We have to face the reality of that : We were too @ @ @ @ @ @ @ ” Costello told the committee .
“ We could see 40,000 deaths by the time it ’ s over.
” The UK has suffered 14,576 deaths due to coronavirus , according to the latest figures .
That number does not include the latest deaths in care homes and outside hospitals .
Costello , a paediatrician who is an expert in epidemiology , said the UK must ensure it acts faster over a second wave of coronavirus infections .
He added that widescale testing was essential to deal with further spikes in numbers of @ @ @ @ @ @ @ The recent estimates , even from the chief scientific officer , is that after this wave – we could see 40,000 deaths by the time it ’ s over , ” he warned .
“ We could only have maybe 10 per cent , 15 per cent of the population infected or covered , ” he said .
“ So the idea of herd immunity would mean another five , six waves maybe in order to get to 60 per cent , ” he said .
“ We have got to pray the @ @ @ @ @ @ @ ] .
” Health secretary Matt Hancock responded to Costello ’ s stark warning by saying mass community testing was part of the UK coronavirus strategy .
“ It is part of the strategy , we will be introducing it when we can , ” Hancock told the committee .
Read more : Rishi Sunak expands coronavirus loan scheme to include all UK businesses He said testing was being expanded to include the police , the fire service , prison staff , critical local authority staff , the judiciary , and the work @ @ @ @ @ @ @ his concerns regarding the increase in deaths not related to Covid-19 , an indication that patients are too frightened to visit hospitals during the pandemic .
“ Far , far fewer people are coming forward , ” he said .
“ We ’ d spent an awful lot of time driving up those coming forward for cancer treatment .
“ And that has been brought to a juddering halt by this virus .
”

UK ‘too slow to act’ on coronavirus, and 40,000 Brits could die
The UK government was “too slow” in dealing with the coronavirus outbreak and 40,000 people could die, a leading public health professor warned MPs today.
“Where were the system errors that led us to have probably the highest death rates in Europe?” Anthony Costello, professor of International Child Health and director of the UCL Institute for Global Health, told the Health and Social Care Committee.
“We have to face the reality of that: We were too slow with a number of things,” Costello told the committee.
“We could see 40,000 deaths by the time it’s over.”
The UK has suffered 14,576 deaths due to coronavirus, according to the latest figures.
That number does not include the latest deaths in care homes and outside hospitals.
Costello, a paediatrician who is an expert in epidemiology, said the UK must ensure it acts faster over a second wave of coronavirus infections.
He added that widescale testing was essential to deal with further spikes in numbers of Brits being infected by coronavirus.
“The recent estimates, even from the chief scientific officer, is that after this wave – we could see 40,000 deaths by the time it’s over,” he warned.
“We could only have maybe 10 per cent, 15 per cent of the population infected or covered,” he said.
“So the idea of herd immunity would mean another five, six waves maybe in order to get to 60 per cent,” he said. “We have got to pray the vaccinologists come up [with a vaccine].”
Health secretary Matt Hancock responded to Costello’s stark warning by saying mass community testing was part of the UK coronavirus strategy.
“It is part of the strategy, we will be introducing it when we can,” Hancock told the committee.
He said testing was being expanded to include the police, the fire service, prison staff, critical local authority staff, the judiciary, and the work and pensions ministry.
Hancock also voiced his concerns regarding the increase in deaths not related to Covid-19, an indication that patients are too frightened to visit hospitals during the pandemic.
“Far, far fewer people are coming forward,” he said. “We’d spent an awful lot of time driving up those coming forward for cancer treatment.
“And that has been brought to a juddering halt by this virus.”


cityam--2020-04-17--Coronavirus: When are supermarket opening times for NHS and pensioners?

As the UK heads into lockdown because of the coronavirus outbreak , supermarkets have enforced tighter restrictions and changed opening hours .
Prime Minister Boris Johnson yesterday ordered all “ non-essential ” shops to close , leaving supermarkets one of the few stores to remain open .
In recent weeks supermarkets have struggled to keep shelves replenished as consumers embarked on coronavirus panic buying sprees in anticipation of tighter restrictions .
When are supermarkets ’ opening times during the coronavirus outbreak ?
Johnson said supermarkets will stay open amid the lockdown , but some shops have cut hours in a @ @ @ @ @ @ @ reduced its store opening hours to 8am to 10pm , to give workers more time to restock shelves .
The supermarket has also temporarily closed its non-essential services such as pizza and rotisserie counters .
Tesco has also announced that 24-hour stores will close from 10pm to 6am to aid restocking .
And several others announced they will operate slightly shorter trading hours .
Aldi previously introduced an earlier closing time of 8pm to give staff the opportunity to restock .
However the budget supermarket has since decided to extend its opening hours @ @ @ @ @ @ @ and Saturday , saying shelves are now well stocked throughout the day .
Lidl also opens at 8am , with most stores open until 10pm .
The discount store told customers that the busiest time to shop is between 8am and 11am , while afternoons are quieter .
The quietest time to shop is after 2pm until closing time .
Iceland stores open from 9am , while Morrisons has not yet announced any changes to opening times , with most opening at 7am .
Sainsbury ’ s stores are open between 8am and @ @ @ @ @ @ @ 6am and 10pm .
What are the supermarket opening times for NHS workers and pensioners ?
Over the weekend , the PM said 1.5m vulnerable and elderly people will have to self-isolate for up to 12 weeks during the coronavirus outbreak .
Some supermarkets have dedicated hours to the elderly and vulnerable to ensure they ’ re able to pick supplies amid the coronavirus outbreak without worrying if items are sold out .
In a similar vein , some supermarkets are prioritising NHS workers after mass panic buying left some stores stripped of @ @ @ @ @ @ @ opening hour of all its supermarket opening times will be dedicated to elderly and vulnerable customers every Monday , Wednesday and Friday , except at Express stores .
NHS staff who show a valid ID card are able to shop for an hour before normal opening hours every Tuesday and Thursday at Tesco .
NHS workers are also able to browse for an hour before checkouts open on Sundays .
Tesco extended the NHS shopping hours following feedback from customers .
Sainsbury ’ s supermarkets will be open to the elderly between 8am @ @ @ @ @ @ @ Friday .
NHS workers have a dedicated slot between 7.30am and 8am Monday to Saturday at Sainsbury ’ s .
Customers that have been identified as vulnerable have been given priority access to Sainsbury ’ s home delivery slots .
Sainsbury ’ s is also preparing to launch a volunteers shopping card , to make it easier for people to buy essentials for others that are self-isolating .
Waitrose has also made the first opening hour of its supermarkets available only to vulnerable shoppers .
It does not have any opening hours reserved @ @ @ @ @ @ @ will hold aside some of the most popular items for such staff .
Marks & Spencer will invite only elderly and vulnerable shoppers into its supermarkets for their first hour of trading on Mondays and Thursdays .
NHS workers will get sole access on Tuesdays and Fridays .
Similarly , Asda has given priority to NHS workers in its larger stores every Monday , Wednesday and Friday from 8am to 9am .
It has not reserved any opening hours solely for elderly or vulnerable shoppers .
The supermarket has launched a volunteers shopping @ @ @ @ @ @ @ to help vulnerable people with their shopping .
NHS staff will have dedicated shopping times at Morrisons supermarkets between 7am and 8am throughout the week , save for Sundays .
NHS workers are also eligible for a 10 per cent discount until at least 12 July , and the supermarket has launched an NHS click and collect box which will be delivered directly to hospitals .
The supermarket is also offering a telesales option for elderly and vulnerable customers that may not be familiar with online ordering and are unable to get to @ @ @ @ @ @ @ orders have been limited to customers who are over state pension age , those in self-isolation and other vulnerable people .
The last hour of in-store trading each day is reserved for NHS workers .
Can I order online during the coronavirus outbreak ?
In his address to the nation , the Prime Minister urged Brits to move to online delivery as he tightened coronavirus restrictions .
“ You should not be going shopping except for essentials like food and medicine – and you should do this as little as you can .
@ @ @ @ @ @ @ can , ” Johnson said .
However in recent weeks , supermarkets ’ online delivery services have faced a surge in demand in the face of coronavirus restrictions .
Ocado shut its website for several days as it struggled to cope with the surge in demand .
It has stopped any deliveries to new online accounts as it attempts to meet demand and prioritises vulnerable customers .
Sign up to City A.M. ’ s Midday Update newsletter , delivered to your inbox every lunchtime Tesco has already identified and contacted 75,000 vulnerable customers @ @ @ @ @ @ @ government .
The supermarket also made 40,000 home delivery slots available to its most vulnerable customers on Sunday , the first time it has completed orders on Easter Sunday .
The supermarket has increased its home delivery and click and collect capacity to around 958,000 slots .
That compares to 808,000 two weeks ago .
This week the supermarket will add more than 8,000 new slots per day .
Tesco said it has plans to add hundreds of thousands of slots in the coming weeks .
It said it had hired an additional @ @ @ @ @ @ @ stock pickers but is continuing to urge customers to shop in store if they are able to .
Sainsbury ’ s announced it will have 600,000 online delivery and click and collect slots by the end of next week .
Slots have been scarce and the supermarket stopped taking orders from newly created accounts to prioritise elderly and vulnerable customers .
Morrisons has launched a food box service for people who can not get a delivery slot .
Shoppers can pay £35 for a box of shopping but they can not choose what @ @ @ @ @ @ @ has promised it is full of essentials .
Waitrose announced that it will treble its rapid delivery slots by the end of next week , with 40 per cent of the new capacity reserved for elderly and vulnerable customers .
The supermarket will boost the number of slots from 2,000 to 7,000 .
The rapid delivery service , which offers delivery within two hours or less or on the same day , has been trialled from eight London shops , as well as in Hove , East Sussex .
From today the service @ @ @ @ @ @ @ 25 items , will be available in the areas surrounding an additional 20 shops across London .
Waitrose has also announced that it will offer an additional 10,000 online grocery collection slots , taking the total number available each week to 30,000 , Milk & More was delivering shopping as early as last week but it has seen shortages of in-demand products such as eggs .
Shoppers have struggled to access the website , and when they do , face huge shopping queues .
Supermarkets have begun to ease restrictions on the number @ @ @ @ @ @ @ has improved .
Earlier this month , major supermarkets were forced to limit the number of items shoppers could buy , after a period of panic buying .
Aldi had limited shoppers to four items on all products but has since announced that , while the purchase of some in-demand products is still limited , restrictions on most have been limited .
Items such as toilet roll , pasta and alcohol are still subject to the four-per-person rule .
Hand wash , bleach , shower gel , some canned goods and part baked @ @ @ @ @ @ @ said people can buy up to three of any product across hand washing and baby milk products in store , and customers are limited to three of each item online .
Sainsbury ’ s has also started removing restrictions from its supermarket goods , although there are still limits on pasta , UHT milk , antibacterial products and some tinned and frozen foods .
The supermarket had previously told customers they can buy a maximum of three of any grocery product .
Morrisons has increased the limit for some items from three to @ @ @ @ @ @ @ products have been removed to encourage customers to donate to food banks , which have reported a slump in donations .
Tesco is introducing floor markings in car parkings to help customers maintain safe distances when queuing , and similar measures will be taken in stores .
Co-op announced this morning that it would lift restrictions on the number of products customers can buy .
The retailer said the two-items per customer rule would be lifted across most products , except for baby milk , hand wash , household cleaning products , tinned @ @ @ @ @ @ @ , flour and eggs .
Debbie Robinson , Central England Co-op chief executive , said : “ Thanks to the work of our colleagues and suppliers and support from our communities , we are pleased to be able to lift the majority of restrictions we have in place on products in our stores.
” Waitrose and Sainsbury ’ s have limited the number of people allowed in stores at any one time to ensure social distancing measures are adhered to .
Waitrose said it will operate a one in , one out policy @ @ @ @ @ @ @ supermarket said marshals will help to manage queues outside stores and enforce the two-metre social distancing rule .
Floor stickers will also be introduced into all Waitrose supermarkets to ensure customers keep two metres apart while queuing at a checkout .
Read more : Waitrose and Lidl impose stricter coronavirus measures in supermarkets As part of efforts to protect staff , the supermarket has ordered checkout screens and protective visors for staff .
Supermarkets are also encouraging customers to use contactless cards to pay , not cash .
Lidl and Aldi have already @ @ @ @ @ @ @ staff and customers .
Tesco is reportedly also installing screens at checkouts .
Aldi and Waitrose have both urged shoppers to use contactless payments where possible to avoid cash .
It comes after the spending limit for contactless card payments was raised from £30 to £45 yesterday amid the coronavirus outbreak .
Sainsbury ’ s will now only admit one shopper per household to its stores in a bid to limit the spread of coronavirus .
Coupe said “ This helps us keep people a safe distance apart and also helps to reduce @ @ @ @ @ @ @ the news as it happens by following City A.M. on Twitter .

Coronavirus: When are supermarket opening times for NHS and pensioners?
As the UK heads into lockdown because of the coronavirus outbreak, supermarkets have enforced tighter restrictions and changed opening hours.
Prime Minister Boris Johnson yesterday ordered all “non-essential” shops to close, leaving supermarkets one of the few stores to remain open.
In recent weeks supermarkets have struggled to keep shelves replenished as consumers embarked on coronavirus panic buying sprees in anticipation of tighter restrictions.
When are supermarkets’ opening times during the coronavirus outbreak?
Johnson said supermarkets will stay open amid the lockdown, but some shops have cut hours in a bid to restock shelves.
Asda has reduced its store opening hours to 8am to 10pm, to give workers more time to restock shelves. The supermarket has also temporarily closed its non-essential services such as pizza and rotisserie counters.
Tesco has also announced that 24-hour stores will close from 10pm to 6am to aid restocking. And several others announced they will operate slightly shorter trading hours.
Aldi previously introduced an earlier closing time of 8pm to give staff the opportunity to restock.
However the budget supermarket has since decided to extend its opening hours to 8 am to 10pm between Monday and Saturday, saying shelves are now well stocked throughout the day.
Lidl also opens at 8am, with most stores open until 10pm. The discount store told customers that the busiest time to shop is between 8am and 11am, while afternoons are quieter. The quietest time to shop is after 2pm until closing time.
Iceland stores open from 9am, while Morrisons has not yet announced any changes to opening times,with most opening at 7am.
Sainsbury’s stores are open between 8am and 8pm, and Tesco is open between 6am and 10pm.
What are the supermarket opening times for NHS workers and pensioners?
Over the weekend, the PM said 1.5m vulnerable and elderly people will have to self-isolate for up to 12 weeks during the coronavirus outbreak.
Some supermarkets have dedicated hours to the elderly and vulnerable to ensure they’re able to pick supplies amid the coronavirus outbreak without worrying if items are sold out.
In a similar vein, some supermarkets are prioritising NHS workers after mass panic buying left some stores stripped of goods.
Tesco
Tesco has said the first opening hour of all its supermarket opening times will be dedicated to elderly and vulnerable customers every Monday, Wednesday and Friday, except at Express stores.
NHS staff who show a valid ID card are able to shop for an hour before normal opening hours every Tuesday and Thursday at Tesco. NHS workers are also able to browse for an hour before checkouts open on Sundays. Tesco extended the NHS shopping hours following feedback from customers.
Sainsbury’s
Sainsbury’s supermarkets will be open to the elderly between 8am and 9am every Monday, Wednesday and Friday.
NHS workers have a dedicated slot between 7.30am and 8am Monday to Saturday at Sainsbury’s.
Customers that have been identified as vulnerable have been given priority access to Sainsbury’s home delivery slots.
Sainsbury’s is also preparing to launch a volunteers shopping card, to make it easier for people to buy essentials for others that are self-isolating.
Waitrose
Waitrose has also made the first opening hour of its supermarkets available only to vulnerable shoppers.
It does not have any opening hours reserved for key coronavirus workers. But it will hold aside some of the most popular items for such staff.
M&S
Marks & Spencer will invite only elderly and vulnerable shoppers into its supermarkets for their first hour of trading on Mondays and Thursdays. NHS workers will get sole access on Tuesdays and Fridays.
Asda
Similarly, Asda has given priority to NHS workers in its larger stores every Monday, Wednesday and Friday from 8am to 9am. It has not reserved any opening hours solely for elderly or vulnerable shoppers.
The supermarket has launched a volunteers shopping card to make it easier for people to help vulnerable people with their shopping.
Morrisons
NHS staff will have dedicated shopping times at Morrisons supermarkets between 7am and 8am throughout the week, save for Sundays.
NHS workers are also eligible for a 10 per cent discount until at least 12 July, and the supermarket has launched an NHS click and collect box which will be delivered directly to hospitals.
The supermarket is also offering a telesales option for elderly and vulnerable customers that may not be familiar with online ordering and are unable to get to stores.
Iceland
Iceland has announced that online orders have been limited to customers who are over state pension age, those in self-isolation and other vulnerable people. The last hour of in-store trading each day is reserved for NHS workers.
A shopper walks past empty milk and dairy shelves amidst the novel coronavirus COVID-19 pandemic, in Manchester, northern England (Photo by OLI SCARFF/AFP via Getty Images)
Can I order online during the coronavirus outbreak?
In his address to the nation, the Prime Minister urged Brits to move to online delivery as he tightened coronavirus restrictions.
“You should not be going shopping except for essentials like food and medicine – and you should do this as little as you can. And use food delivery services where you can,” Johnson said.
However in recent weeks, supermarkets’ online delivery services have faced a surge in demand in the face of coronavirus restrictions.
Ocado online delivery
Ocado shut its website for several days as it struggled to cope with the surge in demand. It has stopped any deliveries to new online accounts as it attempts to meet demand and prioritises vulnerable customers.
Sign up to City A.M.’s Midday Update newsletter, delivered to your inbox every lunchtime
Tesco online delivery
Tesco has already identified and contacted 75,000 vulnerable customers from a list of provided by the government.
Read more: Coronavirus: Tesco adds 100,000 online delivery and collect slots
The supermarket also made 40,000 home delivery slots available to its most vulnerable customers on Sunday, the first time it has completed orders on Easter Sunday.
The supermarket has increased its home delivery and click and collect capacity to around 958,000 slots. That compares to 808,000 two weeks ago.
This week the supermarket will add more than 8,000 new slots per day.
Tesco said it has plans to add hundreds of thousands of slots in the coming weeks.
It said it had hired an additional 200 vans, 2,500 drivers and 5,000 stock pickers but is continuing to urge customers to shop in store if they are able to.
Sainsbury’s online delivery
Sainsbury’s announced it will have 600,000 online delivery and click and collect slots by the end of next week. Slots have been scarce and the supermarket stopped taking orders from newly created accounts to prioritise elderly and vulnerable customers.
Morrisons online delivery
Morrisons has launched a food box service for people who cannot get a delivery slot. Shoppers can pay £35 for a box of shopping but they cannot choose what’s inside, although the supermarket has promised it is full of essentials.
Waitrose online delivery
Waitrose announced that it will treble its rapid delivery slots by the end of next week, with 40 per cent of the new capacity reserved for elderly and vulnerable customers. The supermarket will boost the number of slots from 2,000 to 7,000.
The rapid delivery service, which offers delivery within two hours or less or on the same day, has been trialled from eight London shops, as well as in Hove, East Sussex.
From today the service, which allows customers to choose from 25 items, will be available in the areas surrounding an additional 20 shops across London.
Waitrose has also announced that it will offer an additional 10,000 online grocery collection slots, taking the total number available each week to 30,000,
Online delivery outfit Milk & More
Milk & More was delivering shopping as early as last week but it has seen shortages of in-demand products such as eggs. Shoppers have struggled to access the website, and when they do, face huge shopping queues.
Milk & More shopping queue amid the coronavirus impact on shopping
How are supermarkets preventing coronavirus stockpiling?
Supermarkets have begun to ease restrictions on the number of productions customers can buy as availability has improved.
Earlier this month, major supermarkets were forced to limit the number of items shoppers could buy, after a period of panic buying.
Aldi had limited shoppers to four items on all products but has since announced that, while the purchase of some in-demand products is still limited, restrictions on most have been limited.
Items such as toilet roll, pasta and alcohol are still subject to the four-per-person rule. Hand wash, bleach, shower gel, some canned goods and part baked breads are also restricted.
Asda has said people can buy up to three of any product across hand washing and baby milk products in store, and customers are limited to three of each item online.
Sainsbury’s has also started removing restrictions from its supermarket goods, although there are still limits on pasta, UHT milk, antibacterial products and some tinned and frozen foods.
The supermarket had previously told customers they can buy a maximum of three of any grocery product.
Morrisons has increased the limit for some items from three to four per customers. Restrictions on some products have been removed to encourage customers to donate to food banks, which have reported a slump in donations.
Tesco is introducing floor markings in car parkings to help customers maintain safe distances when queuing, and similar measures will be taken in stores.
Co-op announced this morning that it would lift restrictions on the number of products customers can buy. The retailer said the two-items per customer rule would be lifted across most products, except for baby milk, hand wash, household cleaning products, tinned vegetables, fish and meat, pasta, flour and eggs.
Debbie Robinson, Central England Co-op chief executive, said: “Thanks to the work of our colleagues and suppliers and support from our communities, we are pleased to be able to lift the majority of restrictions we have in place on products in our stores.”
What are supermarkets’ social distancing measures?
Waitrose and Sainsbury’s have limited the number of people allowed in stores at any one time to ensure social distancing measures are adhered to.
Waitrose said it will operate a one in, one out policy when shops are at capacity.
The supermarket said marshals will help to manage queues outside stores and enforce the two-metre social distancing rule. Floor stickers will also be introduced into all Waitrose supermarkets to ensure customers keep two metres apart while queuing at a checkout.
As part of efforts to protect staff, the supermarket has ordered checkout screens and protective visors for staff. Supermarkets are also encouraging customers to use contactless cards to pay, not cash.
Lidl and Aldi have already rolled out protective screens nationwide to protect staff and customers. Tesco is reportedly also installing screens at checkouts.
Aldi and Waitrose have both urged shoppers to use contactless payments where possible to avoid cash. It comes after the spending limit for contactless card payments was raised from £30 to £45 yesterday amid the coronavirus outbreak.
Sainsbury’s will now only admit one shopper per household to its stores in a bid to limit the spread of coronavirus. Coupe said “This helps us keep people a safe distance apart and also helps to reduce queues to get into stores.”
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-04-17--Boeing shares jump after it says it will restart aircraft production

Shares in Boeing climbed more than 10 per cent today after it said it would restart aircraft production next week after suspending operations last month in response to the spread of coronavirus .
Boeing ’ s share price jumped 11.3 per cent to $ 149.50 during early trading in New York .
The US aerospace giant said it would resume manufacturing in Washington state but its chief executive warned that the company would need financial support from the government .
Read more : Easyjet founder refers airline to watchdog over Airbus deal “ Our industry will need the government ’ @ @ @ @ @ @ @ to ensuring access to credit markets and likely take the form of loans versus outright grants , ” Boeing boss Dave Calhoun told employees in a letter seen by Reuters .
“ Our team continues to focus on the best ways to keep liquidity flowing through our business and to our supply chain until our customers are buying airplanes again , ” it said .
About 27,000 Boeing workers in the Puget Sound area will return to production of the 747 , 767 , 777 and 787 jet programs .
Employees in the @ @ @ @ @ @ @ and 777 will return starting on 20 April , while employees on the 787 program will return on 23 or 24 April .
In January , Boeing halted production of the 737 Max after two fatal crashes in five months .
Employees on the 737 program in Puget Sound are returning to work starting on 20 April as they resume working toward restarting Max production , the company said .
Read more : Coronavirus set to cost the world ’ s airlines up to $ 314bn Boeing , which said around 200 employees @ @ @ @ @ @ @ is instituting a series of safeguards including staggering shift start times , adding floor markings and signage to create physical distance and requiring face coverings for employees at company sites in Washington .
Boeing is asking employees to perform self-health checks before coming to work and to stay home if ill .
It will conduct employee wellness checks before every shift and voluntary temperature screening at many manufacturing locations .
A Boeing spokesman declined to say whether the company would seek government assistance .
Boeing said last month it wanted the government to @ @ @ @ @ @ @ ( £48bn ) in access to public and private liquidity , including loan guarantees , for the aerospace manufacturing industry.
” Calhoun said in March he did not want the US Treasury to take an equity stake as a condition of government loans .
At the same time , US President Donald Trump has repeatedly vowed to help Boeing .
Read more : Heathrow Airport forecasts 90 per cent passenger number plunge in April “ Boeing has not asked for aid yet but I think they probably will , ” Trump said last @ @ @ @ @ @ @ let anything happen to Boeing.
” Last week , Boeing hired investment banks Lazard and Evercore to assess potential US government assistance or private sector loans , Reuters reported .
Last week , Boeing suspended production of its 787 airplane at its facilities in South Carolina .
Boeing ’ s airline customers have deferred taking new aircraft and making pre-delivery downpayments , compounding the crisis over the grounding of Boeing ’ s previously fast-selling 737 Max .
Boeing on Tuesday reported another 75 cancellations for its 737 Max in March .
Boeing ’ @ @ @ @ @ @ @ three months of the year were the lowest since 1984 for the first quarter .

Boeing shares jump after it says it will restart aircraft production
Aircraft orders went up to 427 in November.
Shares in Boeing climbed more than 10 per cent today after it said it would restart aircraft production next week after suspending operations last month in response to the spread of coronavirus.
Boeing’s share price jumped 11.3 per cent to $149.50 during early trading in New York.
The US aerospace giant said it would resume manufacturing in Washington state but its chief executive warned that the company would need financial support from the government.
“Our industry will need the government’s support, which will be critical to ensuring access to credit markets and likely take the form of loans versus outright grants,” Boeing boss Dave Calhoun told employees in a letter seen by Reuters. “Our team continues to focus on the best ways to keep liquidity flowing through our business and to our supply chain until our customers are buying airplanes again,” it said.
About 27,000 Boeing workers in the Puget Sound area will return to production of the 747, 767, 777 and 787 jet programs.
Employees in the Puget Sound for the 747, 767 and 777 will return starting on 20 April, while employees on the 787 program will return on 23 or 24 April.
In January, Boeing halted production of the 737 Max after two fatal crashes in five months. Employees on the 737 program in Puget Sound are returning to work starting on 20 April as they resume working toward restarting Max production, the company said.
Boeing, which said around 200 employees globally have tested positive for coronavirus, is instituting a series of safeguards including staggering shift start times, adding floor markings and signage to create physical distance and requiring face coverings for employees at company sites in Washington.
Boeing is asking employees to perform self-health checks before coming to work and to stay home if ill. It will conduct employee wellness checks before every shift and voluntary temperature screening at many manufacturing locations.
A Boeing spokesman declined to say whether the company would seek government assistance.
Boeing said last month it wanted the government to “ensure a minimum of $60bn (£48bn) in access to public and private liquidity, including loan guarantees, for the aerospace manufacturing industry.”
Calhoun said in March he did not want the US Treasury to take an equity stake as a condition of government loans.
At the same time, US President Donald Trump has repeatedly vowed to help Boeing.
“Boeing has not asked for aid yet but I think they probably will,” Trump said last week. “We can’t let anything happen to Boeing.”
Last week, Boeing hired investment banks Lazard and Evercore to assess potential US government assistance or private sector loans, Reuters reported.
Last week, Boeing suspended production of its 787 airplane at its facilities in South Carolina.
Boeing’s airline customers have deferred taking new aircraft and making pre-delivery downpayments, compounding the crisis over the grounding of Boeing’s previously fast-selling 737 Max.
Boeing on Tuesday reported another 75 cancellations for its 737 Max in March. Boeing’s 50 planes delivered in the first three months of the year were the lowest since 1984 for the first quarter.


cityam--2020-04-17--Andrew Bailey: Banks should 'put their back into' coronavirus lending

Bank of England governor Andrew Bailey has sternly told banks to “ put their back into ” lending to struggling firms during the coronavirus outbreak .
Lenders have come in for criticism that they are being too slow at handing out money through government-backed support schemes designed to stave off business collapses .
Read more : Lending through UK coronavirus scheme hits £1.1bn after three weeks Last week , City A.M. revealed that only 2,022 small and medium-sized firms had accessed loans worth £292m through the government ’ s main scheme .
This had increased to £1.1bn this week .
@ @ @ @ @ @ @ move more quickly .
“ Notwithstanding the stress that we ’ re all operating under in terms of the current working environment , they have got to put their backs into it and get on with it , frankly , ” he said in a virtual press conference .
“ It does have to be tackled because otherwise we are going to destroy people ’ s livelihoods or get scarring of the economy , ” he said .
The governor said that the UK budget watchdog ’ s scenario of a 35 per @ @ @ @ @ @ @ quarter was “ not implausible ” .
Yet he would not say whether the UK economy will bounce back strongly , as the Office for Budget Responsibility said it thought it would .
He said the Bank ’ s monetary policy committee ( MPC ) would be looking into this and would lay out its view in forthcoming forecasts .
Bailey reiterated that the Bank stands ready to support the economy during the coronavirus crisis .
He said “ there is an awful lot of commitment ” from policymakers around the world to @ @ @ @ @ @ @ ” .
Read more : UK government extends coronavirus job retention scheme until end of June The Bank has slashed interest rates to record lows and ramped up its bond-buying programme to ease the pain in the financial markets .
It has also started buying up firms ’ short-term debt .
The BoE is due to make another monetary policy decision on 7 May , when it will also produce a keenly awaited report into the economy .

Andrew Bailey: Banks should ‘put their back into’ coronavirus lending
Bank of England governor Andrew Bailey told banks to ramp up their lending
Bank of England governor Andrew Bailey has sternly told banks to “put their back into” lending to struggling firms during the coronavirus outbreak.
Lenders have come in for criticism that they are being too slow at handing out money through government-backed support schemes designed to stave off business collapses.
Last week, City A.M. revealed that only 2,022 small and medium-sized firms had accessed loans worth £292m through the government’s main scheme. This had increased to £1.1bn this week.
But Bailey told banks they needed to move more quickly. “Notwithstanding the stress that we’re all operating under in terms of the current working environment, they have got to put their backs into it and get on with it, frankly,” he said in a virtual press conference.
“It does have to be tackled because otherwise we are going to destroy people’s livelihoods or get scarring of the economy,” he said.
The governor said that the UK budget watchdog’s scenario of a 35 per cent drop in GDP in the second quarter was “not implausible”.
Yet he would not say whether the UK economy will bounce back strongly, as the Office for Budget Responsibility said it thought it would.
He said the Bank’s monetary policy committee (MPC) would be looking into this and would lay out its view in forthcoming forecasts.
Bailey reiterated that the Bank stands ready to support the economy during the coronavirus crisis. He said “there is an awful lot of commitment” from policymakers around the world to doing “what needs to be done”.
The Bank has slashed interest rates to record lows and ramped up its bond-buying programme to ease the pain in the financial markets. It has also started buying up firms’ short-term debt.
The BoE is due to make another monetary policy decision on 7 May, when it will also produce a keenly awaited report into the economy.


cityam--2020-04-17--UK government extends coronavirus job retention scheme until end of June

The Treasury has announced it will extend the UK ’ s coronavirus job retention scheme by one month until the end of June in a sign that an economic recovery may be some way off .
Chancellor Rishi Sunak said it was “ the right decision ” after the government extended the coronavirus lockdown for another three weeks yesterday .
Read more : CBI says firms need clarity on job retention scheme timeline The job retention scheme allows firms to “ furlough ” employees – keep them on the staff without them working – with the government paying cash grants @ @ @ @ @ @ @ up to a maximum of £2,500 .
It was originally open for three months and backdated from the 1 March to the end of May , when the Treasury had hoped the economic picture might brighten .
But it will now run until at least the end of June .
The move followed calls from business groups such as the CBI to give businesses more clarity about when the scheme might end .
CBI chief Dame Carolyn Fairbairn today told the BBC that because employers had to engage in a 45-day redundancy process @ @ @ @ @ @ @ off workers next week .
Sunak said : “ With the extension of the coronavirus lockdown measures yesterday , it is the right decision to extend the furlough scheme for a month to the end of June to provide clarity.
” The move is also a sign that the government is bracing for a long and deep recession that will mean providing further support to businesses and workers .
At the start of the coronavirus outbreak , figures such as Bank of England governor Mark Carney said the UK should expect to rebound @ @ @ @ @ @ @ now that the UK economy is set to crash in 2020 .
The UK ’ s budget watchdog said GDP could fall 13 per cent this year .
However , the Treasury ’ s unprecedented actions have won praise from institutions such as the International Monetary Fund ( IMF ) , which said the UK ’ s economic response to coronavirus has done “ all the right things ” .
The British Chambers of Commerce ( BCC ) has said that roughly 50 per cent of UK firms are expected to use the @ @ @ @ @ @ @ are expected to be furloughed .
Read more : Lending through UK coronavirus scheme hits £1.1bn after three weeks Although unemployment will rise markedly , the scheme means the UK can expect to avoid the harrowing level of job losses seen in the US .
More than 22m Americans have filed jobless claims in the last month .
Sunak said the job retention scheme will remain under review .
“ It is vital for people ’ s livelihoods that the UK economy gets up and running again when it is safe to do @ @ @ @ @ @ @ review the scheme so it is supporting our recovery , ” he said .
Business groups welcomed the extension of the furlough scheme beyond the end of May .
Dame Carolyn Fairbairn , CBI director-general , said it would “ help protect the economy and prevent unnecessary job losses through this new lockdown phase ” .
“ This extension means that firms will no longer be forced to issue redundancy notices over the next few to days to comply with 45-day consultation requirements , ” she added .
“ Instead [ they can @ @ @ @ @ @ @ and their businesses ’ .
Read more : Rishi Sunak expands coronavirus loan scheme to include all UK businesses “ No firm wants the scheme to last for longer than it needs to , but it ’ s absolutely clear that these vital support systems must stay in place until it ’ s safe for people to return to work and we can begin to restart and revive our economy.
” ADS chief executive Paul Everitt added : “ Extending this important scheme allows employers to continue furloughing arrangements without having to confront @ @ @ @ @ @ @ after the next review of lockdown measures .
“ This is a welcome announcement that protects jobs , limiting the impact of the crisis on workers and supporting the recovery that will be needed once the Government is able to begin to release restrictions on movement .
”

UK government extends coronavirus job retention scheme until end of June
Chancellor Rishi Sunak
The Treasury has announced it will extend the UK’s coronavirus job retention scheme by one month until the end of June in a sign that an economic recovery may be some way off.
Chancellor Rishi Sunak said it was “the right decision” after the government extended the coronavirus lockdown for another three weeks yesterday.
The job retention scheme allows firms to “furlough” employees – keep them on the staff without them working – with the government paying cash grants of 80 per cent of their wages up to a maximum of £2,500.
It was originally open for three months and backdated from the 1 March to the end of May, when the Treasury had hoped the economic picture might brighten. But it will now run until at least the end of June.
The move followed calls from business groups such as the CBI to give businesses more clarity about when the scheme might end.
CBI chief Dame Carolyn Fairbairn today told the BBC that because employers had to engage in a 45-day redundancy process, firms might have to start laying off workers next week.
Sunak said: “With the extension of the coronavirus lockdown measures yesterday, it is the right decision to extend the furlough scheme for a month to the end of June to provide clarity.”
UK braces for recession
The move is also a sign that the government is bracing for a long and deep recession that will mean providing further support to businesses and workers.
At the start of the coronavirus outbreak, figures such as Bank of England governor Mark Carney said the UK should expect to rebound relatively quickly.
But the consensus is now that the UK economy is set to crash in 2020. The UK’s budget watchdog said GDP could fall 13 per cent this year.
However, the Treasury’s unprecedented actions have won praise from institutions such as the International Monetary Fund (IMF), which said the UK’s economic response to coronavirus has done “all the right things”.
The British Chambers of Commerce (BCC) has said that roughly 50 per cent of UK firms are expected to use the job retention scheme. Around 9m workers are expected to be furloughed.
Although unemployment will rise markedly, the scheme means the UK can expect to avoid the harrowing level of job losses seen in the US. More than 22m Americans have filed jobless claims in the last month.
Sunak said the job retention scheme will remain under review. “It is vital for people’s livelihoods that the UK economy gets up and running again when it is safe to do so, and I will continue to review the scheme so it is supporting our recovery,” he said.
Businesses welcome job retention scheme extension
Business groups welcomed the extension of the furlough scheme beyond the end of May.
Dame Carolyn Fairbairn, CBI director-general, said it would “help protect the economy and prevent unnecessary job losses through this new lockdown phase”.
“This extension means that firms will no longer be forced to issue redundancy notices over the next few to days to comply with 45-day consultation requirements,” she added. “Instead [they can] return to focusing on protecting jobs and their businesses’.
“No firm wants the scheme to last for longer than it needs to, but it’s absolutely clear that these vital support systems must stay in place until it’s safe for people to return to work and we can begin to restart and revive our economy.”
ADS chief executive Paul Everitt added: “Extending this important scheme allows employers to continue furloughing arrangements without having to confront difficult decisions on future staffing levels until after the next review of lockdown measures.
“This is a welcome announcement that protects jobs, limiting the impact of the crisis on workers and supporting the recovery that will be needed once the Government is able to begin to release restrictions on movement.”


cityam--2020-04-17--Uber abandons 2020 guidance amid Covid-19 lockdown

Uber has withdrawn its 2020 financial guidance and plans to write down around $ 2bn in investments amid the Covid-19 lockdown .
The ride-hailing firm had expected to book adjusted net revenue of up to $ 17bn and an adjusted loss of between $ 1.45bn and $ 1.25bn .
Read more : Netflix ’ s value hits record $ 196bn in coronavirus lockdown But Uber yesterday said Covid-19 made it “ impossible ” to predict future financial results .
The company added : “ Given that much of the world is currently on some form of coronavirus lockdown , we @ @ @ @ @ @ @ the carrying value of some of our minority equity investments .
“ We believe these investments will be reduced by an estimated range of $ 1.9bn to $ 2.2bn during the three months ended March 31 , 2020 , due to the impact of the pandemic on the estimated value of these entities.
” A financial assistance programme for drivers and delivery people struggling due to the pandemic has also hit revenue .
The scheme will cost Uber up to $ 22m in the first quarter and an estimated $ 60m to $ @ @ @ @ @ @ @ ’ s share price actually rose 1.7 per cent today , though , after the stock slumped in early March as coronavirus spread into Europe and later the US .
Uber CEO Dara Khosrowshahi assured analysts on last month that even in an extreme scenario where ride revenue declines by 80 per cent for the rest of the year , Uber will still have $ 4bn of unrestricted cash .
The company has also pointed to a surge in demand for food delivery , which is expected to make up for some of @ @ @ @ @ @ @ is scheduled to release its quarterly report on 6 May .
Read more : Just Eat Takeaway orders soar 50 per cent amid coronavirus lockdown The firm said it looked “ forward to sharing further details on the steps we are taking to continue to strengthen our financial and operational position , improve our cost structure , and support our communities during this crisis ” .
“ We will also provide details on how our businesses are performing across the broad geographical footprint where we operate , as well as trends we are @ @ @ @ @ @ @ added .

Uber abandons 2020 guidance amid Covid-19 lockdown
Uber chief executive Dara Khosrowshahi told analysts today that Uber had enough cash to survive the effects of the coronavirus crisis.
Uber has withdrawn its 2020 financial guidance and plans to write down around $2bn in investments amid the Covid-19 lockdown.
The ride-hailing firm had expected to book adjusted net revenue of up to $17bn and an adjusted loss of between $1.45bn and $1.25bn.
But Uber yesterday said Covid-19 made it “impossible” to predict future financial results.
The company added: “Given that much of the world is currently on some form of coronavirus lockdown, we expect to record an impairment charge against the carrying value of some of our minority equity investments.
“We believe these investments will be reduced by an estimated range of $1.9bn to $2.2bn during the three months ended March 31, 2020, due to the impact of the pandemic on the estimated value of these entities.”
A financial assistance programme for drivers and delivery people struggling due to the pandemic has also hit revenue.
The scheme will cost Uber up to $22m in the first quarter and an estimated $60m to $80m in the second quarter.
Uber’s share price actually rose 1.7 per cent today, though, after the stock slumped in early March as coronavirus spread into Europe and later the US.
Uber CEO Dara Khosrowshahi assured analysts on last month that even in an extreme scenario where ride revenue declines by 80 per cent for the rest of the year, Uber will still have $4bn of unrestricted cash.
The company has also pointed to a surge in demand for food delivery, which is expected to make up for some of the shortfall in taxi journeys.
Uber is scheduled to release its quarterly report on 6 May.
The firm said it looked “forward to sharing further details on the steps we are taking to continue to strengthen our financial and operational position, improve our cost structure, and support our communities during this crisis”.
“We will also provide details on how our businesses are performing across the broad geographical footprint where we operate, as well as trends we are seeing across business lines,” Uber added.


cityam--2020-04-18--Read all about it: Newspapers feel the strain of Covid-19

Newspaper editors will have been no doubt heartened to see Oliver Dowden , the culture secretary , chivvying Brits to “ buy a paper ” this weekend .
Dowden called newspapers the “ fourth emergency service.
” Like the others , they are under strain .
For weeks on end British newspapers have reported on the coronavirus crisis , covering the spread of the pandemic , its deadly impact and the devastating economic fallout .
And yet these organisations are themselves not immune from the crisis .
In fact , even while more and more people flock to trusted news @ @ @ @ @ @ @ newspapers are now facing a fight for survival .
Read more : Guardian , Financial Times and Telegraph furlough staff as coronavirus hits newspaper revenue While no sector has been unaffected by the coronavirus outbreak , for newspapers the pandemic represents an attack on all fronts .
Perhaps the largest and most immediate impact has been on advertising , which has all but collapsed as brands cut spend amid a wider economic downturn .
Research carried out by Econsultancy last month found 90 per cent of marketing budgets have been delayed or put @ @ @ @ @ @ @ forecast that the impact on advertising revenue for newspapers will be roughly £330m .
At the same time , the pandemic has put a squeeze on print .
Lockdown measures have hit printing and distribution , while retail closures such as WH Smith have made it harder for readers to get their hands on a newspaper .
Free titles that distribute to commuters have been particularly hurt by the decline in footfall .
Even conferences and events — a line of business previously touted as a key area for revenue diversification — has @ @ @ @ @ @ @ note to staff seen by City A.M. Financial Times chief executive John Ridding said the pandemic “ constitutes the most serious shock to the FT ’ s business in modern history ” .
The cruel paradox of the crisis for news organisations is that demand for journalism has surged .
Most titles have reported soaring website hits , while the Guardian yesterday said it has hit record levels of digital subscriptions over the last six weeks .
But without advertising to fund it , the rise in readership is of limited commercial value @ @ @ @ @ @ @ concerns about so-called advertising blacklists , which automatically block online ad campaigns from appearing next to certain keywords .
Industry body Newsworks has warned that the use of blacklisting on terms related to coronavirus could cost news sites £50m in lost revenue .
Dowden has written to the country ’ s hundred biggest advertisers asking them not to ban appearing next to stories about Covid-19 .
And even when subscriptions rise , media firms face a squeeze on cashflow .
In an email to staff , seen by City A.M. , Telegraph Media @ @ @ @ @ @ @ revenue “ tends to lag… whereas when you lose ad revenue it all hits in the moment ” .
In reality , many of the issues arising from the pandemic are structural problems that news organisations have been battling for years , such as a shift in reader behaviour from print to digital .
Yet the sudden and catastrophic impact of the virus means these challenges have been brought into the here and now , and newspapers have been forced to respond .
For most news organisations , cost-cutting has been the name @ @ @ @ @ @ @ come through the furloughing of staff — which allows companies to take advantage of government support — as well as executive pay cuts .
The Financial Times , Telegraph and Guardian this week all announced plans to put dozens of non-editorial employees on paid leave and reduce salaries for top editors , managers and board members .
City A.M. has also taken its own steps to ride out the storm , temporarily suspending the print operation .
The Evening Standard has also furloughed staff and cut circulation , while Mirror and Express publisher @ @ @ @ @ @ @ of regional titles , has said it will furlough roughly a fifth of its employees .
News UK , the publisher of the Times and Sun titles , is not planning on furloughing staff but will reconsider planned bonuses and have asked for volunteers for paid leave .
Nonetheless , one member of staff told City A.M. : “ Never have I been so glad about Rupert Murdoch ’ s deep pockets.
” But perhaps the most distinctive response has been from Daily Mail and General Trust ( DGMT ) , the publishing @ @ @ @ @ @ @ and — following its recent £50m takeover — the i newspaper .
The company has announced that all members of staff earning over £40,000 will take a pay cut , ranging from one per cent for the lowest earners to 26 per cent for the very highest .
However , employees will each month be handed shares equal in value to their pay sacrifice .
At the end of the year , staff will have the choice of selling these shares or keeping them as an investment .
If the share price falls @ @ @ @ @ @ @ compensate the difference .
“ It is my sincere hope that most of you will hang on to at least some of your shares in the long term and share in the continued success of our company , ” chairman Lord Rothermere wrote in a letter to staff .
DMGT has been able to leverage its position as a listed company in a way not available to most other news organisations , and the move appears to have softened the blow of the cuts .
“ I wouldn ’ t say anything like @ @ @ @ @ @ @ ’ , but there ’ s certainly a recognition that management has handled it in a decent way , ” one employee told City A.M. Read more : Jewish Chronicle plunged into bitter row as bidders circle Across the sombre emails sent out to employees in recent weeks , one theme has remained constant : newspapers are vowing to double down on their editorial output .
With a once-in-a-lifetime crisis comes a renewed sense of purpose for journalists , as keeping the public informed — and entertained — has perhaps never felt so @ @ @ @ @ @ @ for news brands to reestablish their value to readers .
However , no amount of editorial excellence will resolve the commercial issues that have been laid bare by Covid-19 .
Instead , companies have been forced to fast track their plans for adapting the business model of news as media consumption habits change .
At the heart of this is a rapidly accelerating shift to digital .
In February , just weeks before the crisis engulfed the UK , Reach unveiled plans to hit 7m registered customers by the end of 2022 — @ @ @ @ @ @ @ end of last year .
Other newspapers have also been ramping up their digital efforts , such as the recent launches of Mail Plus and a US version of the Sun ’ s website .
But these strategies will now be put into overdrive .
So , too , will the need to generate revenue directly from these readers , rather than purely from advertising .
For outlets across the sector , drastic moves such as furloughing staff and cutting circulation will , it is hoped , be merely a short-term necessity .
@ @ @ @ @ @ @ immediacy of the coronavirus crisis means newspapers no longer have time on their side , and must face the future now .

Read all about it: Newspapers feel the strain of Covid-19
Newspaper editors will have been no doubt heartened to see Oliver Dowden, the culture secretary, chivvying Brits to “buy a paper” this weekend.
Dowden called newspapers the “fourth emergency service.” Like the others, they are under strain.
For weeks on end British newspapers have reported on the coronavirus crisis, covering the spread of the pandemic, its deadly impact and the devastating economic fallout.
And yet these organisations are themselves not immune from the crisis. In fact, even while more and more people flock to trusted news sources for information about Covid-19, many newspapers are now facing a fight for survival.
The headlines: An existential threat
While no sector has been unaffected by the coronavirus outbreak, for newspapers the pandemic represents an attack on all fronts.
Perhaps the largest and most immediate impact has been on advertising, which has all but collapsed as brands cut spend amid a wider economic downturn.
Research carried out by Econsultancy last month found 90 per cent of marketing budgets have been delayed or put under review, while Enders Analysis has forecast that the impact on advertising revenue for newspapers will be roughly £330m.
At the same time, the pandemic has put a squeeze on print. Lockdown measures have hit printing and distribution, while retail closures such as WH Smith have made it harder for readers to get their hands on a newspaper. Free titles that distribute to commuters have been particularly hurt by the decline in footfall.
Even conferences and events — a line of business previously touted as a key area for revenue diversification — has ground to a halt.
In a note to staff seen by City A.M. Financial Times chief executive John Ridding said the pandemic “constitutes the most serious shock to the FT’s business in modern history”.
The cruel paradox of the crisis for news organisations is that demand for journalism has surged. Most titles have reported soaring website hits, while the Guardian yesterday said it has hit record levels of digital subscriptions over the last six weeks.
But without advertising to fund it, the rise in readership is of limited commercial value. Moreover, industry leaders have raised concerns about so-called advertising blacklists, which automatically block online ad campaigns from appearing next to certain keywords.
Industry body Newsworks has warned that the use of blacklisting on terms related to coronavirus could cost news sites £50m in lost revenue. Dowden has written to the country’s hundred biggest advertisers asking them not to ban appearing next to stories about Covid-19.
And even when subscriptions rise, media firms face a squeeze on cashflow. In an email to staff, seen by City A.M., Telegraph Media Group chief executive Nick Hugh said subscription revenue “tends to lag… whereas when you lose ad revenue it all hits in the moment”.
In reality, many of the issues arising from the pandemic are structural problems that news organisations have been battling for years, such as a shift in reader behaviour from print to digital. Yet the sudden and catastrophic impact of the virus means these challenges have been brought into the here and now, and newspapers have been forced to respond.
Cuttings: How are newspapers responding?
For most news organisations, cost-cutting has been the name of the game. Largely this has come through the furloughing of staff — which allows companies to take advantage of government support — as well as executive pay cuts.
The Financial Times, Telegraph and Guardian this week all announced plans to put dozens of non-editorial employees on paid leave and reduce salaries for top editors, managers and board members. City A.M. has also taken its own steps to ride out the storm, temporarily suspending the print operation.
The Evening Standard has also furloughed staff and cut circulation, while Mirror and Express publisher Reach, which also owns a stable of regional titles, has said it will furlough roughly a fifth of its employees.
News UK, the publisher of the Times and Sun titles, is not planning on furloughing staff but will reconsider planned bonuses and have asked for volunteers for paid leave. Nonetheless, one member of staff told City A.M.: “Never have I been so glad about Rupert Murdoch’s deep pockets.”
But perhaps the most distinctive response has been from Daily Mail and General Trust (DGMT), the publishing behemoth behind the Mail titles, Metro and — following its recent £50m takeover — the i newspaper.
The company has announced that all members of staff earning over £40,000 will take a pay cut, ranging from one per cent for the lowest earners to 26 per cent for the very highest.
However, employees will each month be handed shares equal in value to their pay sacrifice. At the end of the year, staff will have the choice of selling these shares or keeping them as an investment. If the share price falls below the grant price, DMGT will compensate the difference.
“It is my sincere hope that most of you will hang on to at least some of your shares in the long term and share in the continued success of our company,” chairman Lord Rothermere wrote in a letter to staff.
DMGT has been able to leverage its position as a listed company in a way not available to most other news organisations, and the move appears to have softened the blow of the cuts.
“I wouldn’t say anything like this could really be considered ‘popular’, but there’s certainly a recognition that management has handled it in a decent way,” one employee told City A.M.
Facing the future
Across the sombre emails sent out to employees in recent weeks, one theme has remained constant: newspapers are vowing to double down on their editorial output.
With a once-in-a-lifetime crisis comes a renewed sense of purpose for journalists, as keeping the public informed — and entertained — has perhaps never felt so important. It also offers the opportunity for news brands to reestablish their value to readers.
However, no amount of editorial excellence will resolve the commercial issues that have been laid bare by Covid-19.
Instead, companies have been forced to fast track their plans for adapting the business model of news as media consumption habits change.
At the heart of this is a rapidly accelerating shift to digital. In February, just weeks before the crisis engulfed the UK, Reach unveiled plans to hit 7m registered customers by the end of 2022 — up from fewer than 1m at the end of last year.
Other newspapers have also been ramping up their digital efforts, such as the recent launches of Mail Plus and a US version of the Sun’s website.
But these strategies will now be put into overdrive. So, too, will the need to generate revenue directly from these readers, rather than purely from advertising.
For outlets across the sector, drastic moves such as furloughing staff and cutting circulation will, it is hoped, be merely a short-term necessity. But one thing is clear: the immediacy of the coronavirus crisis means newspapers no longer have time on their side, and must face the future now.