cityam--2020-10-05--Bristol-Myers Squibb to buy heart drugmaker MyoKardia for $13.1bn

US pharmaceuticals giant Bristol-Myers Squibb is set to acquire California drugmaker MyoKardia for $ 13.1bn ( £10.1bn ) , in a merger deal that will significantly expand its roster of cardiovascular drugs .
Bristol-Myers Squibb today said it had agreed to pay $ 225 a share for the drugmaker , marking more than a 60 per cent premium on MyoKardia ’ s closing price on Friday .
Read more : Covid-19 vaccine could be rolled out across the UK in less than three months The deal was unanimously approved by both companies ’ boards , and is expected to close @ @ @ @ @ @ @ Bristol-Myers said it will fund the deal with a combination of cash and debt .
The announcement sent MyoKardia shares soaring , with the Nasdaq-listed stock up more than 58 per cent to $ 220.64 in morning trading .
Bristol-Myers Squibb ’ s chief executive Giovanni Caforio said the California company ’ s drug mavacamten had the potential to be a “ multibillion-dollar franchise in the second half of the decade ” .
The drug , which is expected to be submitted to the FDA for approval early next year , treats obstructive @ @ @ @ @ @ @ thickness in the heart thought to affect around one in 500 people .
Mavacamten is one of a number of drugs made by MyoKardia found in trials to significantly improve heart-related health problems .
The merger marks a significant boost for heart-focused drugmakers , as cardiovascular disease remains the number-one killer worldwide .
Cardiovascular-related illnesses currently kill twice as many people per year as cancer , and almost 13 times as many fatalities as road accidents .
Bristol-Myers Squibb already has a significant portfolio of cardiovascular drugs , including blood clot prevention medicine @ @ @ @ @ @ @ further strengthens our portfolio , pipeline and scientific capabilities , and is expected to add a meaningful medium- and long-term growth driver , ” said Caforio .
MyoKardia , founded in 2012 by healthcare-focused venture capital firm Third Rock Ventures , said the merger would “ accelerate ” innovation within its “ unparalleled pipeline of targeted therapeutics ” .
Read more : Covid-19 : AstraZeneca vaccine trials resume in Japan but talks with US continue Chief executive Tassos Gianakakos said : “ Bristol Myers Squibb shares our vision for transforming the treatment of @ @ @ @ @ @ @ and the potential of our platform and , most importantly , share our unwavering commitment to placing patients at the center of everything we do .
“ Together , our complementary strengths and expanded resources and reach will further accelerate the pace at which we can discover , develop and commercialize our novel medicines.
” Before the Open : Get the jump on the markets with our early morning newsletter

Bristol-Myers Squibb to buy heart drugmaker MyoKardia for $13.1bn
US pharmaceuticals giant Bristol-Myers Squibb is set to acquire California drugmaker MyoKardia for $13.1bn (£10.1bn), in a merger deal that will significantly expand its roster of cardiovascular drugs.
Bristol-Myers Squibb today said it had agreed to pay $225 a share for the drugmaker, marking more than a 60 per cent premium on MyoKardia’s closing price on Friday.
The deal was unanimously approved by both companies’ boards, and is expected to close by the end of the year. Bristol-Myers said it will fund the deal with a combination of cash and debt.
The announcement sent MyoKardia shares soaring, with the Nasdaq-listed stock up more than 58 per cent to $220.64 in morning trading.
Bristol-Myers Squibb’s chief executive Giovanni Caforio said the California company’s drug mavacamten had the potential to be a “multibillion-dollar franchise in the second half of the decade”.
The drug, which is expected to be submitted to the FDA for approval early next year, treats obstructive hypertrophic cardiomyopathy — a serious condition causing thickness in the heart thought to affect around one in 500 people.
Mavacamten is one of a number of drugs made by MyoKardia found in trials to significantly improve heart-related health problems.
The merger marks a significant boost for heart-focused drugmakers, as cardiovascular disease remains the number-one killer worldwide. Cardiovascular-related illnesses currently kill twice as many people per year as cancer, and almost 13 times as many fatalities as road accidents.
Bristol-Myers Squibb already has a significant portfolio of cardiovascular drugs, including blood clot prevention medicine Eliquis.
“The acquisition of MyoKardia further strengthens our portfolio, pipeline and scientific capabilities, and is expected to add a meaningful medium- and long-term growth driver,” said Caforio.
MyoKardia, founded in 2012 by healthcare-focused venture capital firm Third Rock Ventures, said the merger would “accelerate” innovation within its “unparalleled pipeline of targeted therapeutics”.
Chief executive Tassos Gianakakos said: “Bristol Myers Squibb shares our vision for transforming the treatment of cardiovascular disease. They value our team and the potential of our platform and, most importantly, share our unwavering commitment to placing patients at the center of everything we do.
“Together, our complementary strengths and expanded resources and reach will further accelerate the pace at which we can discover, develop and commercialize our novel medicines.”
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-10-05--Matt Hancock: Covid data glitch did not affect policy decisions

A technical glitch that resulted in almost 16,000 positive Covid cases not recorded in the official data last week did not affect the government ’ s policy decisions , according to health secretary Matt Hancock .
The government implemented more stringent lockdown restrictions in the North West last week , including in Liverpool , but the health secretary said no other measures would have been implemented if the glitch did not happen .
Read more : Technical glitch in UK ’ s coronavirus testing system fixed , minister says Hancock told MPs today that the glitch happened due to a @ @ @ @ @ @ @ data ” between Covid testing labs and Public Health England , and that the Joint Biosecurity Centre believed “ this has not impacted decisions about local action that was taken last week ” .
“ The just under 16,000 cases were essentially evenly spread , so it hasn ’ t changed the shape of the epidemic – it has changed the level in terms of where we are finding the epidemic and in what sorts of groups , ” he said .
Hancock added : “ This incident should never have happened , @ @ @ @ @ @ @ minimise its impact .
“ The problem emerged in a PHE legacy system and we had already decided in July to replace this system and I commissioned a new data system to replace the legacy one and contracts were awarded in August and work on the upgrade is underway.
” Before the Open newsletter : Start your day with the City View podcast and key market data The glitch occurred last week and led to contacts of the positive cases not being traced , meaning thousands of people may have had the virus @ @ @ @ @ @ @ secretary Jon Ashworth estimated that the number of contacts not traced was 48,000 people .
The health secretary said only about half of the contacts had been traced so far .
“ As of 9am this morning 51 per cent of these cases have been contacted by the contact trace system and their contacts are contacted immediately after that initial contact – so concurrently , ” he said .
Ashworth hit out at the government for its handling of the data loss .
Read more : Boris Johnson : Contacts of missing positive @ @ @ @ @ @ @ is not just a shambles , it ’ s so much worse than that , ” he said .
“ And it gives me no comfort to say it – it ’ s putting lives at risk , and he should apologise .
”

Matt Hancock: Covid data glitch did not affect policy decisions
A technical glitch that resulted in almost 16,000 positive Covid cases not recorded in the official data last week did not affect the government’s policy decisions, according to health secretary Matt Hancock.
The government implemented more stringent lockdown restrictions in the North West last week, including in Liverpool, but the health secretary said no other measures would have been implemented if the glitch did not happen.
Hancock told MPs today that the glitch happened due to a “failure of the automated transfer of data” between Covid testing labs and Public Health England, and that the Joint Biosecurity Centre believed “this has not impacted decisions about local action that was taken last week”.
“The just under 16,000 cases were essentially evenly spread, so it hasn’t changed the shape of the epidemic – it has changed the level in terms of where we are finding the epidemic and in what sorts of groups,” he said.
Hancock added: “This incident should never have happened, but the team has acted swiftly to minimise its impact.
“The problem emerged in a PHE legacy system and we had already decided in July to replace this system and I commissioned a new data system to replace the legacy one and contracts were awarded in August and work on the upgrade is underway.”
Before the Open newsletter: Start your day with the City View podcast and key market data
The glitch occurred last week and led to contacts of the positive cases not being traced, meaning thousands of people may have had the virus without knowing it.
Labour shadow health secretary Jon Ashworth estimated that the number of contacts not traced was 48,000 people.
The health secretary said only about half of the contacts had been traced so far.
“As of 9am this morning 51 per cent of these cases have been contacted by the contact trace system and their contacts are contacted immediately after that initial contact – so concurrently,” he said.
Ashworth hit out at the government for its handling of the data loss.
“This is not just a shambles, it’s so much worse than that,” he said.
“And it gives me no comfort to say it – it’s putting lives at risk, and he should apologise.”


cityam--2020-10-05--Reverse new rules on hospitality - or businesses will be lost forever

David Abrahamovitch is founder and CEO of GRIND The very last thing that the hospitality industry needed was a set of new rules , especially ones that undermine consumer confidence and set the entire sector back even further .
It ’ s incredibly difficult to understand the 10pm curfew and the ‘ rule of six ’ in the context of the current data , especially in London where the death and hospitalisation rates remain so low , and when the risks for those without pre-existing conditions who are under the age of 65 remain so miniscule .
Until the announcement @ @ @ @ @ @ @ like confidence was returning following the ‘ Eat Out to Help Out ’ scheme , and Central London was feeling ever so slightly more like normal .
Read more : Three-quarters of hospitality businesses considering layoffs and restructuring The scheme brought an extra 10 million diners through the doors of hospitality venues , giving the industry a much needed boost following months of no trade .
Consumers were really starting to move on and UK diners were learning to live with COVID-19 , not around it .
Like lockdown , the curfew and @ @ @ @ @ @ @ instruments , with little basis on science and are a hammer blow to confidence around the UK .
All of a sudden , any chance of decent trade through the vital Christmas party season feels incredibly unlikely for many UK businesses , which will result in the closures and redundancies across the country .
Public Health England ’ s statistics show that around only 3 % of transmissions are happening in hospitality venues , which is incredibly low .
To implement such a targeted attack on hospitality , to offer no data to @ @ @ @ @ @ @ to offer such limited financial support is completely unacceptable .
I own Grind , a group of ten cafe/restaurant/bars in Central London .
We ’ ve gradually been reopening our venues since restrictions were lifted , with six out of our ten venues now operational , but we ’ re doing it with limited menus , and , in some cases , opening hours .
Read more : London without hospitality is not the capital we know and love Trade was slowly rebuilding , but London is a shadow of its former self @ @ @ @ @ @ @ and in the last week we ’ ve started going backwards again .
Fortunately , Grind trades right through the day , seven days per week – and so is not particularly reliant on post 10pm trade .
Because of this , and thanks to our diversification online ; and our access to the various government schemes – the business will survive the coming months .
But unless these rules are reversed , many others won ’ t be so lucky ; and hundreds of businesses and hundreds of thousands of jobs will @ @ @ @ @ @ @ not reversed , and fast .

Reverse new rules on hospitality – or businesses will be lost forever
David Abrahamovitch is founder and CEO of GRIND
The very last thing that the hospitality industry needed was a set of new rules, especially ones that undermine consumer confidence and set the entire sector back even further.
It’s incredibly difficult to understand the 10pm curfew and the ‘rule of six’ in the context of the current data, especially in London where the death and hospitalisation rates remain so low, and when the risks for those without pre-existing conditions who are under the age of 65 remain so miniscule.
Until the announcement of these new rules, it felt like confidence was returning following the ‘Eat Out to Help Out’ scheme, and Central London was feeling ever so slightly more like normal.
Read more: Three-quarters of hospitality businesses considering layoffs and restructuring
The scheme brought an extra 10 million diners through the doors of hospitality venues, giving the industry a much needed boost following months of no trade.
Consumers were really starting to move on and UK diners were learning to live with COVID-19, not around it.
Like lockdown, the curfew and the rule of six are incredibly blunt instruments, with little basis on science and are a hammer blow to confidence around the UK.
All of a sudden, any chance of decent trade through the vital Christmas party season feels incredibly unlikely for many UK businesses, which will result in the closures and redundancies across the country.
Public Health England’s statistics show that around only 3% of transmissions are happening in hospitality venues, which is incredibly low. To implement such a targeted attack on hospitality, to offer no data to support the new rules, and then to offer such limited financial support is completely unacceptable.
I own Grind, a group of ten cafe/restaurant/bars in Central London. We’ve gradually been reopening our venues since restrictions were lifted, with six out of our ten venues now operational, but we’re doing it with limited menus, and, in some cases, opening hours.
Read more: London without hospitality is not the capital we know and love
Trade was slowly rebuilding, but London is a shadow of its former self and desperately needs footfall to return, and in the last week we’ve started going backwards again.
Fortunately, Grind trades right through the day, seven days per week – and so is not particularly reliant on post 10pm trade. Because of this, and thanks to our diversification online; and our access to the various government schemes – the business will survive the coming months.
But unless these rules are reversed, many others won’t be so lucky; and hundreds of businesses and hundreds of thousands of jobs will be lost forever if these rules are not reversed, and fast.


cityam--2020-10-06--Bounce Back Loan scheme could cost the taxpayer up to £26bn

The cost to the taxpayer of the government ’ s emergency loan scheme for struggling small businesses could be as much as £26bn , a new report has found .
According to the National Audit Office ( NAO ) , the cost of the government ’ s Bounce Back Loan scheme “ has the potential to be very high ” through a combination of firms being unable to pay back the loans and fraud .
Read more : Exclusive : MPs slam ‘ inconsistency and incompetence ’ as SMEs struggle to get bounce back loans BBLs are 100 per cent @ @ @ @ @ @ @ businesses afloat through the economic disruption caused by the Covid-19 pandemic .
Businesses can apply for up to £50,000 in loans under the scheme and have 10 years to repay .
As of 20 September , loans totalling just over £38bn had been approved for 1.3m small businesses under the scheme , according to Treasury figures .
The five largest UK lenders have been responsible for 89 per cent of the value of the loans distributed , the NAO said .
In addition , 90 per cent of the loans have gone to @ @ @ @ @ @ @ £632,000 .
In the last week the scheme has come under increased scrutiny because of fears over the speed at which it was set up .
“ This lower level of checks presents credit risks as it increases the likelihood that loans are made to businesses which will not be able to repay them , leading to losses of taxpayers ’ money ” , the report said .
“ Government also recognises that the decision to provide funds quickly leaves public money exposed to the risk of fraud.
” Before the Open newsletter @ @ @ @ @ @ @ View podcast and key market data The British Business Bank , which administers the scheme , and the Department of Business , Energy and Industrial Strategy ( BEIS ) estimates that the scheme will have lent up to £48bn by 4 November .
However , due to increased risk of credit and fraud risk , it has been estimated that between 35 and 60 per cent of lenders could default on the losses .
Assuming the scheme lends £43bn , this would imply a potential cost to the government of £15bn to £26bn @ @ @ @ @ @ @ that the estimates was “ highly uncertain ” .
“ Over the coming months , the extent of losses due to fraud will become clearer , but the full extent of losses , both credit and fraud , will not emerge until the loans are due to start being repaid from 4 May 2021.
” The NAO ’ s head , Gareth Davies , said : “ Unfortunately , the cost to the taxpayer has the potential to be very high , if the estimated losses turn out to be correct .
“ @ @ @ @ @ @ @ debt collection and fraud investigation arrangements are in place to minimise the impact of these potential losses to the public purse .
“ It should also take this opportunity to consider now the controls it would put in place to protect against the abuse of any future such schemes.
” Because the loans are fully backed by the government , the incentive for lenders to recover the money is lower , the report added .
In response to the findings , the BBB said : “ Since launch the fraud risks within the @ @ @ @ @ @ @ undertaking standard fraud checks as part of the scheme ’ s application process and for new business customers the scheme insists lenders apply their standard Anti-Money Laundering ( AML ) and Know Your Customer ( KYC ) checks .
“ In addition , the Bank , the government , fraud prevention services , fraud bureaux and the banking and alternative finance sectors have acted swiftly post-Scheme launch to put in place additional measures , beyond the standard checks , to further mitigate fraud risks .
“ The Bank has also worked with lenders @ @ @ @ @ @ @ , including accrediting a range of lenders forming a diverse set of providers under the scheme .
”

Bounce Back Loan scheme could cost the taxpayer up to £26bn
Small businesses had access to government loans to survive the Covid lockdowns but manyy say they cannot yet repay them
The cost to the taxpayer of the government’s emergency loan scheme for struggling small businesses could be as much as £26bn, a new report has found.
According to the National Audit Office (NAO), the cost of the government’s Bounce Back Loan scheme “has the potential to be very high” through a combination of firms being unable to pay back the loans and fraud.
BBLs are 100 per cent government-backed loans introduced to help keep small businesses afloat through the economic disruption caused by the Covid-19 pandemic.
Businesses can apply for up to £50,000 in loans under the scheme and have 10 years to repay.
As of 20 September, loans totalling just over £38bn had been approved for 1.3m small businesses under the scheme, according to Treasury figures.
The five largest UK lenders have been responsible for 89 per cent of the value of the loans distributed, the NAO said.
In addition, 90 per cent of the loans have gone to so-called microbusinesses – those with turnover below £632,000.
In the last week the scheme has come under increased scrutiny because of fears over the speed at which it was set up.
“This lower level of checks presents credit risks as it increases the likelihood that loans are made to businesses which will not be able to repay them, leading to losses of taxpayers’ money”, the report said.
“Government also recognises that the decision to provide funds quickly leaves public money exposed to the risk of fraud.”
Before the Open newsletter: Start your day with the City View podcast and key market data
The British Business Bank, which administers the scheme, and the Department of Business, Energy and Industrial Strategy (BEIS) estimates that the scheme will have lent up to £48bn by 4 November.
However, due to increased risk of credit and fraud risk, it has been estimated that between 35 and 60 per cent of lenders could default on the losses.
Assuming the scheme lends £43bn, this would imply a potential cost to the government of £15bn to £26bn, the NAO said, but added that the estimates was “highly uncertain”.
“Over the coming months, the extent of losses due to fraud will become clearer, but the full extent of losses, both credit and fraud, will not emerge until the loans are due to start being repaid from 4 May 2021.”
The NAO’s head, Gareth Davies, said: “Unfortunately, the cost to the taxpayer has the potential to be very high, if the estimated losses turn out to be correct.
“Government will need to ensure that robust debt collection and fraud investigation arrangements are in place to minimise the impact of these potential losses to the public purse.
“It should also take this opportunity to consider now the controls it would put in place to protect against the abuse of any future such schemes.”
Because the loans are fully backed by the government, the incentive for lenders to recover the money is lower, the report added.
In response to the findings, the BBB said: “Since launch the fraud risks within the scheme have been mitigated by accredited lenders undertaking standard fraud checks as part of the scheme’s application process and for new business customers the scheme insists lenders apply their standard Anti-Money Laundering (AML) and Know Your Customer (KYC) checks.
“In addition, the Bank, the government, fraud prevention services, fraud bureaux and the banking and alternative finance sectors have acted swiftly post-Scheme launch to put in place additional measures, beyond the standard checks, to further mitigate fraud risks.
“The Bank has also worked with lenders and HMG colleagues to implement BBLS successfully, including accrediting a range of lenders forming a diverse set of providers under the scheme.”


cityam--2020-10-06--Rishi Sunak unveils plan to create England Freeports

The Treasury will soon start taking bids from cities and towns in England to become Freeports next year , which will see businesses benefit from tax breaks and relaxed customs procedures .
The government announced today that its selection process will begin before the end of the year and will see the first England Freeports set up by the end of 2021 .
Creating Freeports in the UK has been a long discussed prospect since the country voted in favour of leave the EU in 2016 .
The initiative will be made possible when the country leaves the EU ’ @ @ @ @ @ @ @ 31 December this year .
Businesses in Freeports will get tax cuts on investment spending , while also benefitting from “ new measures to speed up planning processes ” to accelerate development , according to the Treasury .
Before the Open newsletter : Start your day with the City View podcast and key market data They will also be able to import goods tariff-free , before “ processing them into a final good and then either pay a tariff on goods sold into the domestic market , or export the final goods without @ @ @ @ @ @ @ Sunak said the Freeports will be “ national hubs for trade , innovation and commerce ” .
“ They will attract investment from around the world as we embrace new opportunities following our departure from the EU and will be a key driver for economic recovery as we build back better post coronavirus , ” he said .
Eamonn Butler , director of the free market Adam Smith Institute think tank , said today ’ s announcement was a “ promising package of measures ” .
Read more : Rishi Sunak signals that @ @ @ @ @ @ @ time “ Allowing Britain to trade freely on the global stage and rebuild the maritime industry and our economy battered by the pandemic , ” he said .
“ This process to become a freeport should be free and transparent and fair as possible , in doing so it will underline the basis of Britain ’ s platform pushing a liberal agenda of free trade around the world .
”

Rishi Sunak unveils plan to create England Freeports
The Treasury will soon start taking bids from cities and towns in England to become Freeports next year, which will see businesses benefit from tax breaks and relaxed customs procedures.
The government announced today that its selection process will begin before the end of the year and will see the first England Freeports set up by the end of 2021.
Creating Freeports in the UK has been a long discussed prospect since the country voted in favour of leave the EU in 2016.
The initiative will be made possible when the country leaves the EU’s single market and customs union on 31 December this year.
Businesses in Freeports will get tax cuts on investment spending, while also benefitting from “new measures to speed up planning processes” to accelerate development, according to the Treasury.
Before the Open newsletter: Start your day with the City View podcast and key market data
They will also be able to import goods tariff-free, before “processing them into a final good and then either pay a tariff on goods sold into the domestic market, or export the final goods without paying UK tariffs”.
Chancellor Rishi Sunak said the Freeports will be “national hubs for trade, innovation and commerce”.
“They will attract investment from around the world as we embrace new opportunities following our departure from the EU and will be a key driver for economic recovery as we build back better post coronavirus,” he said.
Eamonn Butler, director of the free market Adam Smith Institute think tank, said today’s announcement was a “promising package of measures”.
“Allowing Britain to trade freely on the global stage and rebuild the maritime industry and our economy battered by the pandemic,” he said.
“This process to become a freeport should be free and transparent and fair as possible, in doing so it will underline the basis of Britain’s platform pushing a liberal agenda of free trade around the world.”


cityam--2020-10-06--US stocks fall after President Trump calls off stimulus talks

President Donald Trump has called off talks with congressional Democrats on a new stimulus package until after November ’ s election , sending US stocks sharply lower .
Less than 24 hours after being discharged from hospital , Trump said he had instructed his representatives to stop negotiating with the Democrats until after the election .
In a tweet the US president said Nancy Pelosi , the Democratic speaker of the House Representatives , was “ not negotiating in good faith ” .
“ I am rejecting their… request , and looking to the future of our Country .
I @ @ @ @ @ @ @ until after the election when , immediately after I win , we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business.
” US stocks fell sharply into the red , reversing solid gains after big swings in recent sessions .
The S & P 500 and Dow Jones both shed 1.2 per cent while the Nasdaq Composite dropped 1.4 per cent .
Republicans and Democrats have been at an impasse for months over a relief package , but negotiations between Pelosi and Treasury secretary Steven Mnuchin had picked @ @ @ @ @ @ @ s announcement followed US Federal Reserve Chair Jerome Powell ’ s warning of serious economic repercussions if Congress fails to pass additional stimulus .
“ The recovery will be stronger and move faster ” if the government supports the economy ” until it is clearly out of the woods ” , Powell said in remarks to be delivered at a virtual conference on Tuesday .
Read more : President Trump says he will leave hospital tonight “ Even if policy actions prove greater than needed they will not go to waste ” , @ @ @ @ @ @ @ he had told Senate majority leader Mitch McConnell to “ instead focus full time on approving my outstanding nominee to the United States Supreme Court , Amy Coney Barrett.
” The time for Senate Republicans to confirm Barrett to the court is narrowing as a growing number test positive for coronavirus .

US stocks fall after President Trump calls off stimulus talks
(Photo by Win McNamee/Getty Images)
President Donald Trump has called off talks with congressional Democrats on a new stimulus package until after November’s election, sending US stocks sharply lower.
Less than 24 hours after being discharged from hospital, Trump said he had instructed his representatives to stop negotiating with the Democrats until after the election.
In a tweet the US president said Nancy Pelosi, the Democratic speaker of the House Representatives, was “not negotiating in good faith”.
“I am rejecting their… request, and looking to the future of our Country. I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business.”
US stocks fell sharply into the red, reversing solid gains after big swings in recent sessions.
The S&P 500 and Dow Jones both shed 1.2 per cent while the Nasdaq Composite dropped 1.4 per cent.
Republicans and Democrats have been at an impasse for months over a relief package, but negotiations between Pelosi and Treasury secretary Steven Mnuchin had picked up in recent days.
Trump’s announcement followed US Federal Reserve Chair Jerome Powell’s warning of serious economic repercussions if Congress fails to pass additional stimulus.
“The recovery will be stronger and move faster” if the government supports the economy”until it is clearly out of the woods”, Powell said in remarks to be delivered at a virtual conference on Tuesday.
“Even if policy actions prove greater than needed they will not go to waste”, he added.
Trump also tweeted that he had told Senate majority leader Mitch McConnell to “instead focus full time on approving my outstanding nominee to the United States Supreme Court, Amy Coney Barrett.”
The time for Senate Republicans to confirm Barrett to the court is narrowing as a growing number test positive for coronavirus.


cityam--2020-10-06--Major evacuation from St Paul's after suspected gas leak

More than 200 people have been evacuated from St Paul ’ s Cathedral and surrounding businesses after a suspected gas leak .
The London Fire Brigade said it had been called to a restaurant and office block in St Paul ’ s Churchyard at 1.20pm on Tuesday .
The fire service said it believed it had been a gas leak from a basement .
Fifty people were evacuated from the Cathedral and a further 200 from commercial premises in the area .
In an update on Twitter earlier this afternoon City of London Police confirmed St Paul ’ s Churchyard @ @ @ @ @ @ @ both directions due to the leak .
They later confirmed that there were further closures , including Paternoster Square and Ludgate Hill which were likely to remain into the night .
City of London Police officers and two fire brigades are in attendance .
A spokesperson for St Paul ’ s Cathedral said : “ St Paul ’ s Cathedral was evacuated along with a number of neighbouring buildings due to a suspected gas leak nearby.
” “ The Cathedral will remain closed for sightseeing and services for the remainder of today .
@ @ @ @ @ @ @ touch to rearrange their tickets for a later date ” .
The incident in the City came moments before firefighters were called to a gas leak at a number of shops on Regent Street .

Major evacuation from St Paul’s after suspected gas leak
Cenkos Securities secured a profit in 2020.
More than 200 people have been evacuated from St Paul’s Cathedral and surrounding businesses after a suspected gas leak.
The London Fire Brigade said it had been called to a restaurant and office block in St Paul’s Churchyard at 1.20pm on Tuesday.
The fire service said it believed it had been a gas leak from a basement. Fifty people were evacuated from the Cathedral and a further 200 from commercial premises in the area.
In an update on Twitter earlier this afternoon City of London Police confirmed St Paul’s Churchyard and Creeds Lane had been closed in both directions due to the leak.
They later confirmed that there were further closures, including Paternoster Square and Ludgate Hill which were likely to remain into the night.
City of London Police officers and two fire brigades are in attendance.
⛔ ROAD CLOSURE ⛔
St Pauls Churchyard and Creed Lane are currently closed in both directions due to a gas leak.
There is a cordon in place and our officers and @LondonFire are in attendance.
Updates to follow. pic.twitter.com/cwCNFNcrAA — City of London Police (@CityPolice) October 6, 2020
A spokesperson for St Paul’s Cathedral said: “St Paul’s Cathedral was evacuated along with a number of neighbouring buildings due to a suspected gas leak nearby.”
“The Cathedral will remain closed for sightseeing and services for the remainder of today. Ticket holders are welcome to get in touch to rearrange their tickets for a later date”.
The incident in the City came moments before firefighters were called to a gas leak at a number of shops on Regent Street.
More to follow


cityam--2020-10-06--Uncle Ben’s purchase consideration increases after rebrand

Following the global protests over the killing of George Floyd in June , Mars Food was one of several FMCG giants that promised to review its brands that could be seen as racially insensitive , with Uncle Ben ’ s coming under close attention .
When the brand first entered the market over 70 years ago “ uncle ” was used as a derogatory term against black people in the US south .
Its familiar packaging supposedly featured Frank Brown , the head waiter at an up-market Chicago restaurant at the time .
Following the review , Mars announced it @ @ @ @ @ @ @ Ben ’ s by early 2021 , rebranding it as Ben ’ s Original and removing the image of Frank Brown from the packaging .
Mars further said it understood the inequalities associated with the brand and would be donating to scholarships for black chefs in the US .
New YouGov BrandIndex data suggests that the changes to the brand have been positively received .
Following the announcement on the 23 September , Uncle Ben ’ s Word of Mouth Exposure score ( whether someone has talked about the brand with friends and @ @ @ @ @ @ @ grew 9.6 points to 12.3 .
Its Reputation score ( whether someone is proud or embarrassed to work for a brand ) also increased 6.1 points , while its Impression score ( whether someone has a positive or negative impression of a brand ) also increased by 6.9 points .
Additionally , the brand ’ s Purchase Consideration score ( whether someone would consider purchasing from the brand in future ) increased by 11.7 points in the week following the announcement .
Although this has subsequently begun to even off , scores haven @ @ @ @ @ @ @ .
Its Purchase Intent score , which shows whether a brand is someone ’ s first choice when buying , also increased – rising from 1.7 to 5.6 at its peak .
In my previous column I looked at how brands are becoming increasingly more willing to take a vocal stance on social issues .
The public reaction to Uncle Ben ’ s name change suggests that consumers are reacting positively and may purchase from these brands more often .

Uncle Ben’s purchase consideration increases after rebrand
Following the global protests over the killing of George Floyd in June, Mars Food was one of several FMCG giants that promised to review its brands that could be seen as racially insensitive, with Uncle Ben’s coming under close attention.
When the brand first entered the market over 70 years ago “uncle” was used as a derogatory term against black people in the US south. Its familiar packaging supposedly featured Frank Brown, the head waiter at an up-market Chicago restaurant at the time.
Following the review, Mars announced it will change the name of the Uncle Ben’s by early 2021, rebranding it as Ben’s Original and removing the image of Frank Brown from the packaging. Mars further said it understood the inequalities associated with the brand and would be donating to scholarships for black chefs in the US.
New YouGov BrandIndex data suggests that the changes to the brand have been positively received. Following the announcement on the 23 September, Uncle Ben’s Word of Mouth Exposure score (whether someone has talked about the brand with friends and family in the last two weeks) grew 9.6 points to 12.3. Its Reputation score (whether someone is proud or embarrassed to work for a brand) also increased 6.1 points, while its Impression score (whether someone has a positive or negative impression of a brand) also increased by 6.9 points.
Additionally, the brand’s Purchase Consideration score (whether someone would consider purchasing from the brand in future) increased by 11.7 points in the week following the announcement. Although this has subsequently begun to even off, scores haven’t dipped to the pre-announcement levels. Its Purchase Intent score, which shows whether a brand is someone’s first choice when buying, also increased – rising from 1.7 to 5.6 at its peak.
In my previous column I looked at how brands are becoming increasingly more willing to take a vocal stance on social issues. The public reaction to Uncle Ben’s name change suggests that consumers are reacting positively and may purchase from these brands more often.


cityam--2020-10-06--Bill Gates issues warning over spread of ‘titillating untruths’ on social media

Bill Gates today took aim at social media platforms for allowing the spread of misinformation relating to the coronavirus pandemic .
The business mogul said the Covid-19 crisis had highlighted the “ urgent ” need to crack down misleading and false information online , which he said spread “ so much faster than the truth ” .
“ There ’ s certainly a human weakness that very titillating things can spread very quickly and the digital platforms allow them , ” he said during the Wall Street Journal CEO Council conference .
But the Microsoft founder acknowledged that tech companies @ @ @ @ @ @ @ ” of what material should be allowed to remain alone .
“ We ’ re seeing in a very urgent way the question of how do you restrict that weakness and still preserve free speech , ” he said .
Pressed on what measures could be taken , Gates said that “ some level of fact checking was valuable ” , but warned against the kinds of information control seen in countries such as China .
The billionaire tech mogul said potential solutions to the problem of misinformation were “ less creative than @ @ @ @ @ @ @ Gates has been an active campaigner during the coronavirus crisis , donating $ 250m to tackle the pandemic through the philanthropic foundation he runs with his wife Melinda .
Much of the funding has been directed towards developing and distributing a vaccine for Covid-19 .
Gates today said the rich world could be nearly back to normal by late 2021 if a successful vaccine is found .
However , he said countries including the US were facing the problem of “ vaccine hesitancy ” and should think about which trusted figures or organisations @ @ @ @ @ @ @ .
Read more : Architecture firm denies reports that Bill Gates has bought £500m hydrogen yacht In a further swipe at the US response to the pandemic , the business magnate said President Donald Trump ’ s decision to withdraw his country ’ s support for the World Health Organization ( WHO ) had created a “ vacuum of leadership ” .
Gates urged the US to engage with other countries around the world to help prevent the further spread of infections .

Bill Gates issues warning over spread of ‘titillating untruths’ on social media
Bill Gates today took aim at social media platforms for allowing the spread of misinformation relating to the coronavirus pandemic.
The business mogul said the Covid-19 crisis had highlighted the “urgent” need to crack down misleading and false information online, which he said spread “so much faster than the truth”.
“There’s certainly a human weakness that very titillating things can spread very quickly and the digital platforms allow them,” he said during the Wall Street Journal CEO Council conference.
But the Microsoft founder acknowledged that tech companies faced the challenge of being “arbitrators” of what material should be allowed to remain alone.
“We’re seeing in a very urgent way the question of how do you restrict that weakness and still preserve free speech,” he said.
Pressed on what measures could be taken, Gates said that “some level of fact checking was valuable”, but warned against the kinds of information control seen in countries such as China.
The billionaire tech mogul said potential solutions to the problem of misinformation were “less creative than we need at this point”.
Gates has been an active campaigner during the coronavirus crisis, donating $250m to tackle the pandemic through the philanthropic foundation he runs with his wife Melinda.
Much of the funding has been directed towards developing and distributing a vaccine for Covid-19.
Gates today said the rich world could be nearly back to normal by late 2021 if a successful vaccine is found.
However, he said countries including the US were facing the problem of “vaccine hesitancy” and should think about which trusted figures or organisations could be used to promote the treatment.
In a further swipe at the US response to the pandemic, the business magnate said President Donald Trump’s decision to withdraw his country’s support for the World Health Organization (WHO) had created a “vacuum of leadership”.
Gates urged the US to engage with other countries around the world to help prevent the further spread of infections.


cityam--2020-10-06--Fed’s Jay Powell: Too much stimulus is better than too little

It is better for US policymakers to do too much to try to help the economy than to do too little , US Federal Reserve chair Jay Powell said in some of his most pointed comments about stimulus to date .
Powell told the National Association for Business Economics that the recovery from the coronavirus lockdowns of the spring “ is still far from complete ” .
Read more : IMF and WTO : Economy brighter than expected but big risks remain He said rising coronavirus cases posed a major danger to the US economy ’ s rebound .
And @ @ @ @ @ @ @ hit the most vulnerable hardest and worsen inequality .
In this climate , Powell said , “ too little support would lead to a weak recovery , creating unnecessary hardship for households and businesses ” .
He said unemployment and insolvencies would harm the economy ’ s productive capacity over time .
“ By contrast , the risks of overdoing it seem , for now , to be smaller , ” Powell said in an online event .
“ Even if policy actions ultimately prove to be greater than needed , they will @ @ @ @ @ @ @ recovery will be stronger and move faster if monetary policy and fiscal policy continue to work side by side to provide support to the economy until it is clearly out of the woods.
” The remarks were widely seen as aimed at Congress and the White House .
Both sides have so far failed to agree on a new stimulus package for the US economy .
In the second quarter , the US economy contracted by an enormous 9.5 per cent quarter on quarter .
Although it has since rebounded strongly , growth @ @ @ @ @ @ @ cooling .
Many economists argue the economy needs another injection of stimulus .
Republicans and Democrats are currently locked in negotiations .
The Democrats want more than $ 2 trillion ( £1.5 trillion ) of spending but the Republicans have argued the economy needs far less .
Powell again signalled that interest rates would stay at their cent record-low level of between zero and 0.25 per cent for the foreseeable future .

Fed’s Jay Powell: Too much stimulus is better than too little
Federal Reserve chair Jay Powell once again said fiscal stimulus should work alongside monetary policy
It is better for US policymakers to do too much to try to help the economy than to do too little, US Federal Reserve chair Jay Powell said in some of his most pointed comments about stimulus to date.
Powell told the National Association for Business Economics that the recovery from the coronavirus lockdowns of the spring “is still far from complete”.
He said rising coronavirus cases posed a major danger to the US economy’s rebound. And he cautioned that a slowdown now could hit the most vulnerable hardest and worsen inequality.
In this climate, Powell said, “too little support would lead to a weak recovery, creating unnecessary hardship for households and businesses”. He said unemployment and insolvencies would harm the economy’s productive capacity over time.
“By contrast, the risks of overdoing it seem, for now, to be smaller,” Powell said in an online event. “Even if policy actions ultimately prove to be greater than needed, they will not go to waste.
“The recovery will be stronger and move faster if monetary policy and fiscal policy continue to work side by side to provide support to the economy until it is clearly out of the woods.”
The remarks were widely seen as aimed at Congress and the White House. Both sides have so far failed to agree on a new stimulus package for the US economy.
In the second quarter, the US economy contracted by an enormous 9.5 per cent quarter on quarter. Although it has since rebounded strongly, growth is slowing and the jobs market is cooling.
Many economists argue the economy needs another injection of stimulus.
Republicans and Democrats are currently locked in negotiations. The Democrats want more than $2 trillion (£1.5 trillion) of spending but the Republicans have argued the economy needs far less.
Powell again signalled that interest rates would stay at their cent record-low level of between zero and 0.25 per cent for the foreseeable future.


cityam--2020-10-06--England's 10pm curfew may be scrapped as government delays vote

The future of England ’ s 10pm curfew is in doubt , with the government being forced to delay a parliamentary vote in the face of growing backbench opposition .
A group of prominent backbench Tory MPs met today to discuss the prospect of rebelling against the government and voting against confirming England ’ s 10pm curfew on pubs , bars and restaurants .
The government is allowing votes for recent Covid restrictions that have been applied England-wide , such as the rule of six and the hospitality curfew .
The rule of six vote is happening this evening , @ @ @ @ @ @ @ .
However , a Conservative rebellion against the 10pm curfew is continuing to grow with some speculating that up to 45 MPs are prepared to defy the party whip and vote against the Prime Minister .
The curfew has been widely criticised for leading to packed Tube stations and street parties after venues shut , with London mayor Sadiq Khan claiming that it may be driving Covid rates up .
Before the Open newsletter : Start your day with the City View podcast and key market data The parliamentary vote on the curfew @ @ @ @ @ @ @ however it has now been delayed and will likely be next week .
Conservative MP Sir Christopher Chope told The Telegraph that the government was “ running scared ” of the 10pm curfew vote .
One ringleader of the Tory backbench MPs told City A.M. that a whipping operation for the rebellion is starting to take shape .
“ Many colleagues believe the curfew looks like a disaster and that it is having consequences the government did not intend , ” they said .
The England restrictions will only be voted on by @ @ @ @ @ @ @ 156-majority .
This means that 79 Conservative MPs – and all opposition MPs – would need to vote against the curfew for it to be overturned .
It is currently unclear how Labour will vote .
Read more : Tory rebellion amendment will not be voted on by MPs It is understood that Tory MP Steve Baker has been asked to lead the rebellion and to garner enough votes to overturn the curfew .
He said the curfew “ is poorly evidenced ” and that the government should “ reconsider ” .

England’s 10pm curfew may be scrapped as government delays vote
A street cleaner walks past a pub in Soho as the 10pm curfew kicks in
The future of England’s 10pm curfew is in doubt, with the government being forced to delay a parliamentary vote in the face of growing backbench opposition.
A group of prominent backbench Tory MPs met today to discuss the prospect of rebelling against the government and voting against confirming England’s 10pm curfew on pubs, bars and restaurants.
The government is allowing votes for recent Covid restrictions that have been applied England-wide, such as the rule of six and the hospitality curfew.
The rule of six vote is happening this evening, with the government expected to win comfortably.
However, a Conservative rebellion against the 10pm curfew is continuing to grow with some speculating that up to 45 MPs are prepared to defy the party whip and vote against the Prime Minister.
The curfew has been widely criticised for leading to packed Tube stations and street parties after venues shut, with London mayor Sadiq Khan claiming that it may be driving Covid rates up.
Before the Open newsletter: Start your day with the City View podcast and key market data
The parliamentary vote on the curfew was originally meant to happen tomorrow, however it has now been delayed and will likely be next week.
Conservative MP Sir Christopher Chope told The Telegraph that the government was “running scared” of the 10pm curfew vote.
One ringleader of the Tory backbench MPs told City A.M. that a whipping operation for the rebellion is starting to take shape.
“Many colleagues believe the curfew looks like a disaster and that it is having consequences the government did not intend,” they said.
The England restrictions will only be voted on by English MPs, giving the government a 156-majority.
This means that 79 Conservative MPs – and all opposition MPs – would need to vote against the curfew for it to be overturned.
It is currently unclear how Labour will vote.
It is understood that Tory MP Steve Baker has been asked to lead the rebellion and to garner enough votes to overturn the curfew.
He said the curfew “is poorly evidenced” and that the government should “reconsider”.


cityam--2020-10-06--Microsoft boss warns against rapid transition to working from home

Microsoft ’ s chief executive has warned against the total transition to working from home during the pandemic , saying it would be “ replacing one dogma with another dogma ” .
Satya Nadella , who has served at the helm of Microsoft since 2014 , said it was “ best not to get overly dogmatic ” about where employees can work , despite the world ’ s top companies encouraging staff not to go into the office for the foreseeable future .
Read more : Businesses plan long-term return to office despite home working boom Microsoft has seen shares @ @ @ @ @ @ @ the start of the pandemic , with the US tech giant reporting quarterly revenue in July more than $ 1bn ahead of Wall Street ’ s forecasts .
The global shift online during the coronavirus crisis added $ 269.9bn to Microsoft ’ s market capitalisation , making it the second-most prosperous tech company during the pandemic after Amazon .
The company cashed in on its cloud computing software communications app Teams , which was used by 75m people a day in April — up from 20m in late 2019 .
However , Nadella @ @ @ @ @ @ @ grounded approach ” to working from home policies , “ If 30 or 40 per cent of the world can work from home , the rest of us should go to work , ” the tech boss told the Wall Street Journal CEO Council .
“ We are all burning some amount of social capital — all of the connections we usually have at work , we don ’ t have those , we don ’ t run into people.
” Nadella said Microsoft has tried to incorporate daily routines into its software @ @ @ @ @ @ @ of people working from home , including building in virtual commutes to its Teams app to “ give you those cognitive breaks between meetings ” .
“ Commutes — they were painful and annoying , but it turns out that they were important transition times , ” he said .
It comes after Prime Minister Boris Johnson earlier this month U-turned on previous advice to “ return to work where possible ” , instead urging employees to work from home “ for at least six months ” to quell a spike in infections @ @ @ @ @ @ @ Google , Natwest and Deutsche Bank have subsequently informed staff not to return to the office until at least 2021 , while others look at making working from home a permanent option .
A survey of around 1,000 firms released last week by the Institute of Directors ( IoD ) showed that that three-quarters plan on keeping current working from home policies beyond the pandemic .
Meanwhile , more than half of businesses surveyed said they were mulling plans to reduce long-term leases of office space .
Read more : Tired of working @ @ @ @ @ @ @ nomad ’ visa But Johnson ’ s orders to work from home has fallen on deaf ears in the capital , with London businesses continuing to see greater numbers of staff returning to the office since the nationwide lockdown in March .
Research by data specialists Huq Industries released last week showed a five per cent jump in workplace attendance in the capital in the week ending 27 September .
Before the Open : Get the jump on the markets with our early morning newsletter

Microsoft boss warns against rapid transition to working from home
Microsoft’s chief executive has warned against the total transition to working from home during the pandemic, saying it would be “replacing one dogma with another dogma”.
Satya Nadella, who has served at the helm of Microsoft since 2014, said it was “best not to get overly dogmatic” about where employees can work, despite the world’s top companies encouraging staff not to go into the office for the foreseeable future.
Microsoft has seen shares soar more than 52 per cent since the start of the pandemic, with the US tech giant reporting quarterly revenue in July more than $1bn ahead of Wall Street’s forecasts.
The global shift online during the coronavirus crisis added $269.9bn to Microsoft’s market capitalisation, making it the second-most prosperous tech company during the pandemic after Amazon.
The company cashed in on its cloud computing software and communications app Teams, which was used by 75m people a day in April — up from 20m in late 2019.
However, Nadella today said companies should adopt a “grounded approach” to working from home policies.
“If 30 or 40 per cent of the world can work from home, the rest of us should go to work,” the tech boss told the Wall Street Journal CEO Council.
“We are all burning some amount of social capital — all of the connections we usually have at work, we don’t have those, we don’t run into people.”
Nadella said Microsoft has tried to incorporate daily routines into its software to improve the “mental health” of people working from home, including building in virtual commutes to its Teams app to “give you those cognitive breaks between meetings”.
“Commutes — they were painful and annoying, but it turns out that they were important transition times,” he said.
Government U-turn
It comes after Prime Minister Boris Johnson earlier this month U-turned on previous advice to “return to work where possible”, instead urging employees to work from home “for at least six months” to quell a spike in infections across the UK.
Major firms including Google, Natwest and Deutsche Bank have subsequently informed staff not to return to the office until at least 2021, while others look at making working from home a permanent option.
A survey of around 1,000 firms released last week by the Institute of Directors (IoD) showed that that three-quarters plan on keeping current working from home policies beyond the pandemic.
Meanwhile, more than half of businesses surveyed said they were mulling plans to reduce long-term leases of office space.
But Johnson’s orders to work from home has fallen on deaf ears in the capital, with London businesses continuing to see greater numbers of staff returning to the office since the nationwide lockdown in March.
Research by data specialists Huq Industries released last week showed a five per cent jump in workplace attendance in the capital in the week ending 27 September.
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-10-06--Hackney Marshes pipe burst leaves east Londoners without water

UPDATE 22:58 : Thames Water have told City A.M. they are drafting in experts to deal with the outage , caused by issues in the Hackney Marshes area .
A spokesman told us : “ We ’ re really sorry to those customers affected by low pressure or no water .
This has been caused by a burst on a large pipe in the Hackney Marshes area .
We are deploying all resources possible to fix this as a priority .
“ It ’ s a complex job , but we ’ re drafting in more staff and working as @ @ @ @ @ @ @ can begin a repair as soon as we ’ ve pinpointed the damaged section .
In the meantime , we ’ ve brought tankers into the area to improve the situation by pumping water into our local supply network and working as hard as we can to get things back to normal as quickly as possible.
” Thames Water have sent specialist engineers to investigate a significant water outage affecting customers across east London .
Across Tuesday afternoon , a number of residents in east London took to complain of low or no @ @ @ @ @ @ @ Arsenal ’ s Gunnersaurus mascot be saved from redundancy after Ozil offer ?
Thames Water tweeted : “ Our specialist engineers are already on their way to investigate the problem , and they will be doing everything they can to get things up and running as quickly as possible.
” Thames Water later clarified it had been caused by a burst pipe in the Hackney Marshes area .
A spokesperson for Thames Water apologised for the outage and said the company was bringing in more staff to work on the issue .
“ @ @ @ @ @ @ @ customers affected by low pressure or no water… In the meantime , we ’ ve brought tankers into the area to improve the situation by pumping water into our local supply network and working as hard as we can to get things back to normal as quickly as possible.
” Read more : Exclusive : The small businesses missing out on bounce back loans The provider told customers to check their website for details .

East London water outage: “Intermittent supply” this morning but services returning
Thames Water have confirmed to City A.M. that supplies are “now returning” to thousands of east London homes after an outage that began Tuesday afternoon.
However the supplier warned of an intermittent supply as “it will take some time to fully recover as pressure in the network rebuilds.”
The outage has been traced to a major pipe burst in a heavily wooded area of Hackney Marshes at Wick Woodland.
Postcodes affected include E6, E7, E10, E11, E12, E13, E15, E16 and E20.
Across Tuesday afternoon, a number of residents in east London took to complain of low or no water pressure.
Read more: Could Arsenal’s Gunnersaurus mascot be saved from redundancy after Ozil offer?
https://twitter.com/jessicaelgot/status/1313528341803208706?s=20
Hey @thameswater what's going on in East London? No water coming out of our taps in Manor Park nor in my son's home in Forest Gate? — Simon Mares (@SimonMaresITV) October 6, 2020
Hey @thameswater What’s going on in Forest Gate? Lots of people reporting a huge drop in pressure or no water at all… — Kerena 💉💉 (@fussellface) October 6, 2020
A spokesman for Thames Water told City A.M.: “We’re really sorry to everyone who’s experienced no water or low pressure since last night. We know how worrying and inconvenient it is, and we’re pleased supplies are now returning to the area. They should continually improve over the course of the morning.
“However, it will take some time to fully recover as pressure in the network rebuilds, meaning customers may experience an intermittent supply. Until things are back to normal we’re continuing to prioritise assistance for vulnerable customers and will ensure they have bottled water delivered to them.
“Overnight our engineers located and isolated the burst pipe that’s causing the problem, and we brought tankers into the area to improve the situation by pumping water straight into our local supply network.”
Read more: Exclusive: The small businesses missing out on bounce back loans
The provider told customers to check their website for details.


cityam--2020-10-07--British woman charged after being found with £1.9m cash at Heathrow Airport

A British woman who tried to flee to Duabai from Heathrow Airport with five suitcases stuffed full of £1.9m in cash has been charged with money laundering , UK Border Force announced today .
Tara Hanlon , a 30-year-old woman from Leeds , was stopped at Heathrow ’ s Terminal 2 at 8pm last Saturday attempting to board a flight to Dubai .
Read more : Rishi Sunak mulls plans to block suspect companies listing on stock exchange Border force officers found £1.9m-worth of banknotes spread across five suitcases , marking the largest cash bust at the border so far @ @ @ @ @ @ @ a 28-year-old woman , also from Yorkshire , before being referred to the National Crime Agency .
Hanlon was charged with money laundering at Uxbridge Magistrates Court on Monday , where she was remanded in custody until her next court appearance on 5 November .
Chris Philp , Tory MP and minister for immigration compliance , said : “ This is the largest individual cash seizure at the border so far in 2020 and I am delighted with the efforts of Border Force officers .
“ Preventing the export of undeclared cash from @ @ @ @ @ @ @ clamping down on organised criminal gangs.
” The National Economic Crime Centre ( NECC ) has led recent calls for new regulation to ensure businesses ’ supervisory systems are able to identify potential money laundering activity , which costs the UK more than £100bn each year .
Following a spate of high-profile money laundering scandals last year , the NECC said the fresh regulation was urgent to clamp down on the criminal money , which “ results in a loss of confidence in [ the ] UK economy which has far reaching consequences @ @ @ @ @ @ @ of the NECC said : “ Virtually all high-end money laundering schemes , and several cash based ones , are facilitated by the abuse of legitimate processes and services.
” Before the Open : Get the jump on the markets with our early morning newsletter

British woman charged after being found with £1.9m cash at Heathrow Airport
A British woman who tried to flee to Dubai from Heathrow Airport with five suitcases stuffed full of £1.9m in cash has been charged with money laundering, UK Border Force announced today.
Tara Hanlon, a 30-year-old woman from Leeds, was stopped at Heathrow’s Terminal 2 at 8pm last Saturday attempting to board a flight to Dubai.
Border Force officers found £1.9m-worth of banknotes spread across five suitcases, marking the largest cash bust at the border so far this year.
She was arrested alongside a 28-year-old woman, also from Yorkshire, before being referred to the National Crime Agency.
Hanlon was charged with money laundering at Uxbridge Magistrates Court on Monday, where she was remanded in custody until her next court appearance on 5 November.
Chris Philp, Tory MP and minister for immigration compliance, said: “This is the largest individual cash seizure at the border so far in 2020 and I am delighted with the efforts of Border Force officers.
“Preventing the export of undeclared cash from the UK is a vital step in clamping down on organised criminal gangs.”
The National Economic Crime Centre (NECC) has led recent calls for new regulation to ensure businesses’ supervisory systems are able to identify potential money laundering activity, which costs the UK more than £100bn each year.
Following a spate of high-profile money laundering scandals last year, the NECC said the fresh regulation was urgent to clamp down on the criminal money, which “results in a loss of confidence in [the] UK economy which has far reaching consequences for us all”.
Rick Kent of the NECC said: “Virtually all high-end money laundering schemes, and several cash based ones, are facilitated by the abuse of legitimate processes and services.”
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-10-07--Get the Keirs in? Starmer calls for review of 10pm curfew

Sir Keir Starmer has called for the government to review its 10pm curfew on pubs , restaurants and bars if it can not provide any scientific evidence for its effectiveness .
The Labour leader said at Prime Minister ’ s Questions ( PMQs ) today that parliament and the public “ deserves to know ” if there is a scientific basis for the restriction and that this question was “ now screaming out ” .
Read more : England ’ s 10pm curfew may be scrapped as government delays vote Parliament will vote on England ’ s 10pm hospitality venue @ @ @ @ @ @ @ number of Tory backbenchers preparing to vote against the measure .
Boris Johnson did not say whether he would publish any scientific evidence before that vote .
“ The basis on which we set out the curtailment of hospitality is the basis which [ Starmer ] accepted it two weeks ago , which is to reduce the spreadof the virus , ” Johnson said .
Before the Open newsletter : Start your day with the City View podcast and key market data The curfew has been widely criticised for leading to packed Tube @ @ @ @ @ @ @ , with London mayor Sadiq Khan claiming that it may be driving Covid rates up .
A Conservative rebellion against the 10pm curfew is continuing to grow with some speculating that up to 45 MPs are prepared to defy the party whip and vote against the Prime Minister .
The England restrictions will only be voted on by English MPs , giving the government a 156-majority .
This means that 79 Conservative MPs – and all opposition MPs – would need to vote against the curfew for it to be overturned .
Starmer @ @ @ @ @ @ @ vote when the 10pm curfew comes before parliament .
“ The Prime Minister knows there are deeply held views across the country on this , ” he said .
Read more : Greene King to close pubs as 10pm curfew cripples sales “ One question is now screaming out – is there a scientific basis for the 10pm rule ?
“ The public deserve to know , parliament deserves to know .
If there is [ evidnece for the rule ] , why doesn ’ t government do itself a favour and publish @ @ @ @ @ @ @ ’ t the government review the rule ?
”

Get the Keirs in? Starmer calls for review of 10pm curfew
Parliament will vote on England’s 10pm hospitality venue curfew next week, with a growing number of Tory backbenchers preparing to vote against the measure.
Sir Keir Starmer has called for the government to review its 10pm curfew on pubs, restaurants and bars if it cannot provide any scientific evidence for its effectiveness.
The Labour leader said at Prime Minister’s Questions (PMQs) today that parliament and the public “deserves to know” if there is a scientific basis for the restriction and that this question was “now screaming out”.
Parliament will vote on England’s 10pm hospitality venue curfew next week, with a growing number of Tory backbenchers preparing to vote against the measure.
Boris Johnson did not say whether he would publish any scientific evidence before that vote.
“The basis on which we set out the curtailment of hospitality is the basis which [Starmer] accepted it two weeks ago, which is to reduce the spreadof the virus,” Johnson said.
Before the Open newsletter: Start your day with the City View podcast and key market data
The curfew has been widely criticised for leading to packed Tube stations and street parties after venues shut, with London mayor Sadiq Khan claiming that it may be driving Covid rates up.
A Conservative rebellion against the 10pm curfew is continuing to grow with some speculating that up to 45 MPs are prepared to defy the party whip and vote against the Prime Minister.
The England restrictions will only be voted on by English MPs, giving the government a 156-majority.
This means that 79 Conservative MPs – and all opposition MPs – would need to vote against the curfew for it to be overturned.
Starmer did not today say how Labour would vote when the 10pm curfew comes before parliament.
“The Prime Minister knows there are deeply held views across the country on this,” he said.
“One question is now screaming out – is there a scientific basis for the 10pm rule?
“The public deserve to know, parliament deserves to know. If there is [evidnece for the rule], why doesn’t government do itself a favour and publish it and if not, why doesn’t the government review the rule?”


cityam--2020-10-07--Greene King to close pubs as 10pm curfew cripples sales

Pub chain Greene King is preparing to permanently close 26 sites , putting hundreds of jobs at risk of redundancy , due to a sharp drop in sales exacerbated by the 10pm curfew on hospitality venues .
It has launched a consultation process with 800 employees over the potential job cuts , Sky News reported .
The company is seeking to redeploy as many of the affected members of staff as possible throughout its estate .
In total 79 of the chain ’ s pubs and restaurants will close , with one third of those closures expected to be permanent @ @ @ @ @ @ @ London sites will remain closed , although the company is hoping to reopen them in the future .
Greene King urged the government to provide sector specific support for the pub industry , warning further closures and job losses could be on the horizon without extra help A spokesperson for Greene King said : “ The continued tightening of the trading restrictions for pubs , which may last another six months , along with the changes to government support was always going to make it a challenge to reopen some of our pubs @ @ @ @ @ @ @ of London and Greene King apologise for slavery links “ Therefore , we have made the difficult decision to close 26 sites permanently and not reopen a further 53 pubs for now .
We are working hard with our teams to try and find them a role in another of our pubs wherever possible .
“ We urgently need the government to step in and provide tailored support to help the sector get through to the spring and prevent further pub closures and job losses .
”

Greene King to close pubs as 10pm curfew cripples sales
Pub chain Greene King is preparing to permanently close 26 sites, putting hundreds of jobs at risk of redundancy, due to a sharp drop in sales exacerbated by the 10pm curfew on hospitality venues.
It has launched a consultation process with 800 employees over the potential job cuts, Sky News reported.
The company is seeking to redeploy as many of the affected members of staff as possible throughout its estate.
In total 79 of the chain’s pubs and restaurants will close, with one third of those closures expected to be permanent.
City A.M. understands that some central London sites will remain closed, although the company is hoping to reopen them in the future.
Greene King urged the government to provide sector specific support for the pub industry, warning further closures and job losses could be on the horizon without extra help.
Labour leader Keir Starmer today called on the government to review its 10pm curfew onthe hospitality sector.
Speaking at Prime Minister’s Questions Starmer said that parliament and the public “deserves to know” if there is a scientific basis for the rule.
MPs are preparing to vote on the curfew next week.
UK Hospitality chief executive Kate Nicholls last week told the Treasury Committee that the introduction of recent restricitions meant she would need to revise up a previous forecast of 560,000 job losses.
A spokesperson for Greene King said: “The continued tightening of the trading restrictions for pubs, which may last another six months, along with the changes to government support was always going to make it a challenge to reopen some of our pubs.
“Therefore, we have made the difficult decision to close 26 sites permanently and not reopen a further 53 pubs for now. We are working hard with our teams to try and find them a role in another of our pubs wherever possible.
“We urgently need the government to step in and provide tailored support to help the sector get through to the spring and prevent further pub closures and job losses.”


cityam--2020-10-07--Uh-oh, spaghettio: Could Italy be next in line on UK quarantine list?

Italy could be the next country to be added to the quarantine list after the number of coronavirus cases surged past the UK ’ s threshold for reimposing restrictions .
Over the last seven days , the number of cases per 100,000 has risen to 28.6 , according to travel consultancy the PC Agency .
Read more : Heathrow boss : PM told me airport testing will be in place ‘ in October ’ Transport secretary Grant Shapps has said that any country reporting more than 20 cases per 100,000 over a week-long period would be in line to be @ @ @ @ @ @ @ is updated every Thursday .
Last week , Turkey and Poland were added .
Based on the data , mainland Greece could also be in line to be added .
Cases per 100,000 currently stand at 22.5 .
Seven Greek islands , including party destinations like Mykonos , Santorini , and Zante , are already on the restricted list .
For the first time , Germany has also seen cases tick above the threshold , with the rate now standing at 20.3 .
By contrast , the number of cases per 100,000 in @ @ @ @ @ @ @ higher than all but four of the countries on the red list .
Before the Open newsletter : Start your day with the City View podcast and key market data Travellers returning from any country which has seen restrictions reimposed have to quarantine for 14 days on return .
Those who do not abide by the restrictions have been threatened with a maximum fine of up to £10,000 for repeat offences .
If Italy and Greece are made subject to the restrictions , it will mean that the vast majority of mainland Europe @ @ @ @ @ @ @ major blow for airlines and travel firms .
The regime was initially praised by companies when it was first introduced over the hopes that it could help boost their recovery from the crisis , but the subsequent “ tinkering ” has hit passenger confidence , London Southend chief exec Glyn Jones told City A.M. .
“ [ Confidence ] has been completely undermined by the continuous changes in government positions , particularly on quarantine ” , he said .
He repeated calls for the government to implement an airport testing system instead .
@ @ @ @ @ @ @ quarantine free countries you can still visit , after Turkey travel ban Speaking at the Conservative Party Conference earlier this week , Shapps said that there would be an announcement on testing this week .
But overnight it was reported that ministers will launch a new review into how to put such a regime in place , potentially delaying its introduction .

Uh-oh, spaghettio: Could Italy be next in line on UK quarantine list?
Italy could be the next country to be added to the quarantine list after the number of coronavirus cases surged past the UK’s threshold for reimposing restrictions.
Over the last seven days, the number of cases per 100,000 has ticked up to 31.0, according to travel consultancy the PC Agency.
Transport secretary Grant Shapps has said that any country reporting more than 20 cases per 100,000 over a week-long period would be in line to be added to the list.
The list will be updated later today. Last week, Turkey and Poland were added.
Based on the data, mainland Greece could also be in line to be added. Cases per 100,000 currently stand at 23.
Seven Greek islands, including party destinations like Mykonos, Santorini, and Zante, are already on the restricted list.
So too could Estonia, which saw its number leap up to 26 overnight.
For the first time, Germany has also seen cases tick above the threshold, with the rate now standing at 20.3.
By contrast, the number of cases per 100,000 in the UK currently sits at 126 – higher than all but four of the countries on the red list.
Paul Charles, chief exec of the PC Agency, said: “The resurgence of Covid-19 has caught up with Italy which has until recently managed to successfully keep a lid on new infections.
“Its testing is still extensive and that has contributed to some of the rise but sadly it’s now in a position where it’s facing similar issues as much of Europe.
“It may be added to the quarantine list today due to the growing infection rate and the higher test positivity in the wider community.”
Before the Open newsletter: Start your day with the City View podcast and key market data
Travellers returning from any country which has seen restrictions reimposed have to quarantine for 14 days on return.
Those who do not abide by the restrictions have been threatened with a maximum fine of up to £10,000 for repeat offences.
If Italy and Greece are made subject to the restrictions, it will mean that the vast majority of mainland Europe is under the restriction, in a major blow for airlines and travel firms.
Government launches airport testing review
The regime was initially praised by companies when it was first introduced over the hopes that it could help boost their recovery from the crisis, but the subsequent “tinkering” has hit passenger confidence, London Southend chief exec Glyn Jones told City A.M. .
“[Confidence] has been completely undermined by the continuous changes in government positions, particularly on quarantine”, he said.
He repeated calls for the government to implement an airport testing system instead.
However, speaking in the House of Commons yesterday, Shapps instead launched a new Global Travel Taskforce to review how to put such a regime in place.
“This new taskforce will not only help us move towards safer, smoother international travel as we continue to battle this virus but will also support global connectivity – helping facilitate more Covid-secure travel whilst protecting the population from imported cases”, he said.
Airlines welcomed the step, but said that ministers needed to move to implementing a testing regime as soon as possible.
“Today’s announcement is a step in the right direction by the UK Government to restart the economy and protect thousands of jobs across the country”, said Easyjet, Virgin Atlantic, Heathrow and Manchester Airports in a joint statement.
“We support the decision to opt for a single test, private sector-led, passenger-funded approach, that does not impact on the NHS in any way.
“But travellers need a firm commitment that a comprehensive testing regime will be implemented in early November.”
They added that a test on day five of quarantine, as is already being used in Germany, should be the starting point for officials.


cityam--2020-10-07--UK house prices jump again in September as market defies gravity

UK house prices rose at the fastest pace in four years in September despite the raging coronavirus pandemic as people working from home sought more space , according to the Halifax house price index .
Yet the lender said it is “ unlikely ” that the British housing market will “ remain immune ” to the historic economic slowdown .
Read more : London house prices : These capital commuter towns have seen the largest rises House prices grew 1.6 per cent month on month in September , Halifax said , after climbing by the same amount in August .
@ @ @ @ @ @ @ a new record high of £249,870 .
Properties were worth 7.3 per cent more on average than they were a year earlier , the biggest year-on-year rise since June 2016 .
However , Halifax said the annualised figure was flattering because the property market was subdued a year ago due to worries over Brexit .
Russell Galley , managing director at Halifax , said the housing market had been “ extremely strong ” since restrictions on it were lifted in May .
“ There has been a fundamental shift in demand from buyers @ @ @ @ @ @ @ increased home working and a desire for more space , ” Galley said .
He added that “ the stamp duty holiday is incentivising vendors and buyers to close deals at pace before the break ends next March ” .
Chancellor Rishi Sunak in July raised the threshold at which stamp duty is paid to £500,000 until the end of March 2021 .
Analysts say the policy has combined with demand that built up during lockdown to fuel buying .
North London estate agent Jeremy Leaf said : “ These figures very clearly @ @ @ @ @ @ @ the stamp duty holiday and low interest rates on the market post lockdown.
” Lucy Pendleton of estate agents James Pendleton said : “ The often frothy Halifax index has lived up to its reputation and is pushing the bounds of credibility here .
“ However , it underlines just how much the housing market has become the economy ’ s iron lung of late , while its other vital signs flash amber at best.
” Yet Leaf said that “ demand has lost a little momentum over the past few weeks ” @ @ @ @ @ @ @ the resurgence in Covid-19 and new restrictions on businesses… making some buyers a little more nervous ” .
Coronavirus cases have risen sharply in the UK in recent weeks .
It has caused the government to put vast swaths of the country in local lockdowns .
Read more : London house prices : These capital commuter towns have seen the largest rises Sunak produced a new package of economic support in September .
But he confirmed that the furlough scheme – which has supported around 10m jobs – would end this month .
@ @ @ @ @ @ @ government support are likely to weigh on UK house prices towards the end of the year .
House prices could fall by five per cent Halifax ’ s Galley said : “ It is highly unlikely that the housing market will continue to remain immune to the economic impact of the pandemic.
” Howard Archer , chief economic advisor to the EY Item Club , said the housing market “ will come under increasing pressure over late-2020 and the early months of 2021 ” .
He said there is likely to be “ @ @ @ @ @ @ @ pent-up demand ” .
Archer said UK house prices could be around five per cent lower by mid-2021 than they are now .
“ The EY Item Club expects housing market activity to gradually improve over the second half of 2021 , ” Archer said .
“ Very low borrowing costs should also help matters with the Bank of England unlikely to lift interest rates from 0.10 % during 2021 .
”

UK house prices jump again in September as market defies gravity
UK house prices rose at the fastest pace in four years in September despite the raging coronavirus pandemic as people working from home sought more space, according to the Halifax house price index.
Yet the lender said it is “unlikely” that the British housing market will “remain immune” to the historic economic slowdown.
House prices grew 1.6 per cent month on month in September, Halifax said, after climbing by the same amount in August. The rise took the average price to a new record high of £249,870.
Properties were worth 7.3 per cent more on average than they were a year earlier, the biggest year-on-year rise since June 2016.
However, Halifax said the annualised figure was flattering because the property market was subdued a year ago due to worries over Brexit.
Russell Galley, managing director at Halifax, said the housing market had been “extremely strong” since restrictions on it were lifted in May.
Read more: UK house prices hit record high as stamp duty cut powers market
“There has been a fundamental shift in demand from buyers brought about by the structural effects of increased home working and a desire for more space,” Galley said.
He added that “the stamp duty holiday is incentivising vendors and buyers to close deals at pace before the break ends next March”.
Rising house prices are the UK’s ‘iron lung’
Chancellor Rishi Sunak in July raised the threshold at which stamp duty is paid to £500,000 until the end of March 2021. Analysts say the policy has combined with demand that built up during lockdown to fuel buying.
North London estate agent Jeremy Leaf said: “These figures very clearly show the impact of pent-up demand, the stamp duty holiday and low interest rates on the market post lockdown.”
Lucy Pendleton of estate agents James Pendleton said: “The often frothy Halifax index has lived up to its reputation and is pushing the bounds of credibility here.
“However, it underlines just how much the housing market has become the economy’s iron lung of late, while its other vital signs flash amber at best.”
Yet Leaf said that “demand has lost a little momentum over the past few weeks”. He put this down to “the resurgence in Covid-19 and new restrictions on businesses… making some buyers a little more nervous”.
Coronavirus cases have risen sharply in the UK in recent weeks. It has caused the government to put vast swaths of the country in local lockdowns.
Read more: London house prices: These capital commuter towns have seen the largest rises
Sunak produced a new package of economic support in September. But he confirmed that the furlough scheme – which has supported around 10m jobs – would end this month.
Economists say rising Covid cases and unwinding government support are likely to weigh on UK house prices towards the end of the year.
House prices could fall by five per cent
Halifax’s Galley said: “It is highly unlikely that the housing market will continue to remain immune to the economic impact of the pandemic.”
Howard Archer, chief economic advisor to the EY Item Club, said the housing market “will come under increasing pressure over late-2020 and the early months of 2021”.
He said there is likely to be “a significant rise in unemployment and waning pent-up demand”.
Archer said UK house prices could be around five per cent lower by mid-2021 than they are now.
“The EY Item Club expects housing market activity to gradually improve over the second half of 2021,” Archer said.
“Very low borrowing costs should also help matters with the Bank of England unlikely to lift interest rates from 0.10% during 2021.”


cityam--2020-10-07--Frasers Group launches charm offensive to boost reputation over treatment of staff

Mike Ashley ’ s Frasers Group today launched a charm offensive against shareholders and the City over the firm ’ s treatment of workers , which has previously been the subject of intense scrutiny .
Speaking at this morning ’ s annual general meeting , non-executive chairman David Daly said the firm ’ s elevation strategy , which has seen it target a high-end retail reputation , also applied to its employees .
The meeting began with a presentation by non-executive workforce director Cally Price , who was appointed to represent the views of employees , to outline her career @ @ @ @ @ @ @ board member .
Frasers also urged shareholders to back its new £100m employee bonus scheme , and said it is “ confident ” that it can triple its share price within four years to reach the £10 target needed to unlock the payout .
The campaign to boost its reputation comes amid reports that managers were asked to work while furloughed under the government ’ s Coronavirus Jobs Retention Scheme .
Shareholder advisory service Pirc recommended that investors oppose Ashley ’ s re-election as chief executive following the allegations .
Frasers Group , @ @ @ @ @ @ @ its flagship brand Sports Direct , has also faced accusations of poor working conditions at its Shirebrook factory .
“ For many years we didn ’ t really have a strategy for the people inside our company , ” Daly said .
He said the company had taken steps to “ change the way we think about our people ” and had conducted interviews with 150 members of staff about their experiences , with “ encouraging ” feedback .
Frasers will model its employee strategy on that of other sports retailers such as @ @ @ @ @ @ @ Part of the elevation strategy has been to rebrand the firm as Frasers Group to encompass its other brands , which includes Flannels , House of Fraser and Jack Wills .
It is also planning to improve facilities at the Shirebrook site , which was the subject of a 2015 report that found it was operating like a “ Victorian workhouse ” .
Read more : Mike Ashley faces shareholder showdown over re-election as Frasers boss Responding to the reports , first revealed by the Guardian , that Frasers had breached furlough rules @ @ @ @ @ @ @ a “ hot topic ” but said the firm was confident it had followed the rules .
“ Our books are open to anyone , ” he said , including HM Revenue and Customs .
Frasers declined to disclose how much money it had claimed through the jobs retention scheme .

Frasers Group launches charm offensive to boost reputation over treatment of staff
The Frasers Group board said it will not be giving a projection for next year. because of ongoing uncertainty created by the pandemic.
Mike Ashley’s Frasers Group today launched a charm offensive against shareholders and the City over the firm’s treatment of workers, which has previously been the subject of intense scrutiny.
Speaking at this morning’s annual general meeting, non-executive chairman David Daly said the firm’s elevation strategy, which has seen it target a high-end retail reputation, also applied to its employees.
The meeting began with a presentation by non-executive workforce director Cally Price, who was appointed to represent the views of employees, to outline her career trajectory from zero-hour shop floor staff to board member.
Frasers also urged shareholders to back its new £100m employee bonus scheme, and said it is “confident” that it can triple its share price within four years to reach the £10 target needed to unlock the payout.
The campaign to boost its reputation comes amid reports that managers were asked to work while furloughed under the government’s Coronavirus Jobs Retention Scheme.
Shareholder advisory service Pirc recommended that investors oppose Ashley’s re-election as chief executive following the allegations.
Frasers Group, which previously went by the name of its flagship brand Sports Direct, has also faced accusations of poor working conditions at its Shirebrook factory.
“For many years we didn’t really have a strategy for the people inside our company,” Daly said.
He said the company had taken steps to “change the way we think about our people” and had conducted interviews with 150 members of staff about their experiences, with “encouraging” feedback.
Frasers will model its employee strategy on that of other sports retailers such as Nike and Adidas, he said.
Part of the elevation strategy has been to rebrand the firm as Frasers Group to encompass its other brands, which includes Flannels, House of Fraser and Jack Wills.
It is also planning to improve facilities at the Shirebrook site, which was the subject of a 2015 report that found it was operating like a “Victorian workhouse”.
Responding to the reports, first revealed by the Guardian, that Frasers had breached furlough rules, Daly said he appreciated it was a “hot topic” but said the firm was confident it had followed the rules.
“Our books are open to anyone,” he said, including HM Revenue and Customs.
Frasers declined to disclose how much money it had claimed through the jobs retention scheme.


cityam--2020-10-07--New: More than HALF of UK's event companies expect bankruptcy by spring

Stark new figures suggest that some 61 per cent of the UK ’ s events businesses expect to shut up shop within the next six months .
The polling further suggests that 400,000 jobs will be lost in the industry by the end of 2020 without further government support .
The survey was carried out by Feast It , the UK ’ s largest online events platform .
Read more : A second lockdown could effectively destroy the hospitality industry The average business in the industry – which encompasses everything from caterers to marquee suppliers – has lost £83,000 in @ @ @ @ @ @ @ more broadly has been hit hard by new restrictions announced by the Prime Minister a fortnight ago , with a new 10pm curfew in place as well as further obligations placed on event managers and venues which have increased cost and reduced demand .
The events industry is worth £70bn to the UK economy .
Many firms , who rely on busy wedding seasons and summer festivals , are also reporting much lower demand than usual for 2021 , with 56 per cent of suppliers facing another down year .
Adrian Luckie , @ @ @ @ @ @ @ an events business providing Jamaican-style catering , said : “ Our incredible industry has effectively been banned .
We ’ ve been given no clear direction on how we can make it through this crisis and all that we ’ re looking for at this stage is clarity on how we can survive.
” Read more : London without its hospitality businesses isn ’ t the London we love

New: More than HALF of UK’s event companies expect bankruptcy by spring
Glastonbury was amongst a host of music festivals cancelled in 2020, with knock-on effects across the events industry
Stark new figures suggest that some 61 per cent of the UK’s events businesses expect to shut up shop within the next six months.
The polling further suggests that 400,000 jobs will be lost in the industry by the end of 2020 without further government support.
The survey was carried out by Feast It, the UK’s largest online events platform.
Read more: A second lockdown could effectively destroy the hospitality industry
The average business in the industry – which encompasses everything from caterers to marquee suppliers – has lost £83,000 in turnover since March.
The hospitality industry more broadly has been hit hard by new restrictions announced by the Prime Minister a fortnight ago, with a new 10pm curfew in place as well as further obligations placed on event managers and venues which have increased cost and reduced demand.
The events industry is worth £70bn to the UK economy.
Many firms, who rely on busy wedding seasons and summer festivals, are also reporting much lower demand than usual for 2021, with 56 per cent of suppliers facing another down year.
Adrian Luckie, founder of Mama’s Jerk, an events business providing Jamaican-style catering, said: “Our incredible industry has effectively been banned. We’ve been given no clear direction on how we can make it through this crisis and all that we’re looking for at this stage is clarity on how we can survive.”
Read more: London without its hospitality businesses isn’t the London we love