cityam--2020-04-16--Informa launches share issue and suspends dividend in coronavirus crisis move

Exhibition and media group Informa today launched a share issue worth 20 per cent of its existing capital and suspended its dividend as it looked to bolster its balance sheet during the coronavirus crisis .
The company , which is also applying for the Bank of England ’ s covid corporate finance facility , said the placing of up to 250.3m new shares will increase its total liquidity to more than £2.3bn .
Informa said the impact on its events businesses , which generate around 65 per cent of revenue , has worsened significantly since the initial first-quarter disruption in @ @ @ @ @ @ @ in April , the company said .
Read more : In the brave new world , information is king Informa expects this reduced level of activity to stretch through the second and much of the third quarter , “ with a gradual and phased recovery from Q3 into the final quarter of the year ” .
The company said it had rescheduled 60 large and 350 small events , worth £460m in revenue , to the last four months of the year .
Sign up to City A.M. ’ s Midday Update newsletter @ @ @ @ @ @ @ It has also cancelled or rephased events that would have generated £150m in revenue .
Informa said cost cutting measures such as pausing recruitment , reviewing consultants and contractors and pay cuts for managements had led to more than £130m in annualised savings so far .
It said it is in talks over a covenant waiver for its US private placement debt .
Chief executive Stephen Carter said : “ Since the beginning of 2020 , the impact of the covid-19 pandemic has become progressively deeper and more far-reaching than initially predicted .
@ @ @ @ @ @ @ respond quickly , always prioritising the safety of colleagues and customers , making decisions for the long-term value of our brands and businesses and seeking to preserve jobs and invest in our intellectual property.
” He added : “ In the near-term , we are facing material disruption in our events-related businesses , with expectations for a gradual and phased recovery .
“ Today we are taking action to stay ahead of this by building further stability and strength across our business .
Through a range of measures , further reducing direct and @ @ @ @ @ @ @ securing our finances , we are ensuring we can continue to manage Informa in the best interests of its long-term stability and strength .
”

Informa launches share issue and suspends dividend in coronavirus crisis move
Exhibition and media group Informa today launched a share issue worth 20 per cent of its existing capital and suspended its dividend as it looked to bolster its balance sheet during the coronavirus crisis.
The company, which is also applying for the Bank of England’s covid corporate finance facility, said the placing of up to 250.3m new shares will increase its total liquidity to more than £2.3bn.
Informa said the impact on its events businesses, which generate around 65 per cent of revenue, has worsened significantly since the initial first-quarter disruption in China, with no events taking place in April, the company said.
Informa expects this reduced level of activity to stretch through the second and much of the third quarter, “with a gradual and phased recovery from Q3 into the final quarter of the year”.
The company said it had rescheduled 60 large and 350 small events, worth £460m in revenue, to the last four months of the year.
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It has also cancelled or rephased events that would have generated £150m in revenue.
Informa said cost cutting measures such as pausing recruitment, reviewing consultants and contractors and pay cuts for managements had led to more than £130m in annualised savings so far.
It said it is in talks over a covenant waiver for its US private placement debt.
Chief executive Stephen Carter said: “Since the beginning of 2020, the impact of the covid-19 pandemic has become progressively deeper and more far-reaching than initially predicted.
“We have continued to adapt and respond quickly, always prioritising the safety of colleagues and customers, making decisions for the long-term value of our brands and businesses and seeking to preserve jobs and invest in our intellectual property.”
He added: “In the near-term, we are facing material disruption in our events-related businesses, with expectations for a gradual and phased recovery.
“Today we are taking action to stay ahead of this by building further stability and strength across our business. Through a range of measures, further reducing direct and indirect costs, supporting colleagues and fully securing our finances, we are ensuring we can continue to manage Informa in the best interests of its long-term stability and strength.”
Informa shares rose 1.8 per cent to 424p today.


cityam--2020-04-16--Storage firm Big Yellow suffers drop in occupancy due to UK coronavirus lockdown

Storage provider Big Yellow suffered a drop in occupancy after the coronavirus lockdown was announced as customers rushed to collect their belongings .
There was a spike in activity after the government imposed coronavirus lockdown measures , with a net overall occupancy loss of 23,000 sq ft in the final two weeks of March , compared to a 25,000 sq ft increase the previous year .
Between 1 April and 15 April Big Yellow reported loss of occupancy of 32,000 sq ft compared to a loss for the same period last year of 12,000 sq ft .
The business has @ @ @ @ @ @ @ of £76m .
Chief executive James Gibson said : “ Our investment in our digital platform in the last decade and our stores which allow automated access to existing customers , has enabled us to amend our operating practices to continue to provide secure storage services in this lockdown environment.
” Sign up to City A.M. ’ s Midday Update newsletter , delivered to your inbox every lunchtime He added : “ Given the levels of distress in the economy it is not possible to make accurate judgements about future trading until we @ @ @ @ @ @ @ not immune from this very challenging environment , however , we believe our business model will provide the Group with a good deal of resilience.
” Read more : One in four UK firms temporarily closed due to coronavirus Big Yellow ’ s year-on-year revenue growth for April to date is 2.6 per cent .
In the quarter ended 31 March , revenue was up 3.8 per cent , the company said this morning .
Construction on new Big Yellow sites in Battersea and Camberwell has been paused during the lockdown , while @ @ @ @ @ @ @ site in Bracknell .

Storage firm Big Yellow suffers drop in occupancy due to UK coronavirus lockdown
Storage provider Big Yellow suffered a drop in occupancy after the coronavirus lockdown was announced as customers rushed to collect their belongings.
There was a spike in activity after the government imposed coronavirus lockdown measures, with a net overall occupancy loss of 23,000 sq ft in the final two weeks of March, compared to a 25,000 sq ft increase the previous year.
Between 1 April and 15 April Big Yellow reported loss of occupancy of 32,000 sq ft compared to a loss for the same period last year of 12,000 sq ft.
The business has headroom of cash and undrawn bank facilities of £76m.
Chief executive James Gibson said: “Our investment in our digital platform in the last decade and our stores which allow automated access to existing customers, has enabled us to amend our operating practices to continue to provide secure storage services in this lockdown environment.”
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He added: “Given the levels of distress in the economy it is not possible to make accurate judgements about future trading until we have improved visibility. We are self-evidently not immune from this very challenging environment, however, we believe our business model will provide the Group with a good deal of resilience.”
Big Yellow’s year-on-year revenue growth for April to date is 2.6 per cent. In the quarter ended 31 March, revenue was up 3.8 per cent, the company said this morning.
Construction on new Big Yellow sites in Battersea and Camberwell has been paused during the lockdown, while limited fit-out work is continuing at its site in Bracknell.


cityam--2020-04-16--Tesla to face shareholder lawsuit Elon Musk’s ‘funding secured’ tweet

Tesla boss Elon Musk must face a shareholder lawsuit over a tweet in which he stated the company had secured funding for a go-private deal worth $ 72bn ( £58bn ) , a judge has ruled .
Shareholders have filed a suit alleging the billionaire founder attempted to defraud them with a 2018 tweet that read : “ Am considering taking Tesla private at $ 420 .
Funding secured.
” Read more : Tesla to furlough workers and cut salaries due to coronavirus Musk had argued the tweet was not false or misleading because Tesla ’ s directors would still @ @ @ @ @ @ @ .
But US district judge Edward Chen yesterday ruled investors could push ahead with the lawsuit .
He said they could also try to prove that Musk ’ s tweet was the “ proximate cause ” of volatility in Tesla ’ s share price that caused billions of dollars of losses .
Shares in Tesla rose 13 per cent following the tech boss ’ shock tweet , but these gains were soon reversed and 10 days later the stock was 11 per cent lower than it had been before the tweet .
Some @ @ @ @ @ @ @ to harm short sellers who were betting Tesla ’ s shares would fall .
Three weeks after the message , Musk tweeted that Tesla would remain private .
Read more : Tesla shares rise as it unveils plan for $ 2bn stock issue The US Securities and Exchange Commission fined Musk $ 20m to settle fraud charges and forced him to step down as chairman .
The regulator also required Tesla lawyers to vet some of the founder ’ s tweets and hit the company with a separate $ 20m fine .

Tesla to face shareholder lawsuit Elon Musk’s ‘funding secured’ tweet
Tesla boss Elon Musk must face a shareholder lawsuit over a tweet in which he stated the company had secured funding for a go-private deal worth $72bn (£58bn), a judge has ruled.
Shareholders have filed a suit alleging the billionaire founder attempted to defraud them with a 2018 tweet that read: “Am considering taking Tesla private at $420. Funding secured.”
Musk had argued the tweet was not false or misleading because Tesla’s directors would still have been required to approve the transaction.
But US district judge Edward Chen yesterday ruled investors could push ahead with the lawsuit.
He said they could also try to prove that Musk’s tweet was the “proximate cause” of volatility in Tesla’s share price that caused billions of dollars of losses.
Shares in Tesla rose 13 per cent following the tech boss’ shock tweet, but these gains were soon reversed and 10 days later the stock was 11 per cent lower than it had been before the tweet.
Some investors have accused Musk of deliberately trying to harm short sellers who were betting Tesla’s shares would fall.
Three weeks after the message, Musk tweeted that Tesla would remain private.
The US Securities and Exchange Commission fined Musk $20m to settle fraud charges and forced him to step down as chairman.
The regulator also required Tesla lawyers to vet some of the founder’s tweets and hit the company with a separate $20m fine.


cityam--2020-04-16--One in four UK firms temporarily closed due to coronavirus

A quarter of UK firms have temporarily closed or paused trading as coronavirus ravages the economy , new figures have @ @ @ @ @ still in action , on average more than 20 per cent of staff have been @ @ @ @ @ s job retention scheme , the Office for National Statistics ( ONS ) said .
@ @ @ @ @ lockdown measures have effectively put the economy on hold , with demand for bricks and @ @ @ @ @ public stays indoors .
The Office for Budget Responsibility ( OBR ) on Tuesday said @ @ @ @ @ by 35 per cent in the second quarter .
Lockdown measures are hitting businesses hard @ @ @ @ @ today .
The UK ’ s official statistics body said 38 per cent of firms @ @ @ @ @ lower than normal ” .

One in four UK firms temporarily closed due to coronavirus
Coronavirus lockdown measures have forced huge numbers of UK businesses to close
A quarter of UK firms have closed or paused trading as coronavirus ravages the economy, new figures have shown.
For those businesses still open, on average more than 20 per cent of staff have been furloughed using the government’s job retention scheme, the Office for National Statistics (ONS) said.
The figures, which cover the period from 23 March to 5 April, come as coronavirus lockdown measures have effectively put the economy on hold. Demand at bricks and mortar shops has tumbled as the public stays indoors.
The Office for Budget Responsibility (OBR) on Tuesday said the UK economy could shrink by 35 per cent in the second quarter.
Lockdown measures are hitting businesses hard, the ONS figures confirmed today. The UK’s official statistics body said 38 per cent of firms said turnover was “substantially lower than normal”.
More than 40 per cent of those businesses that are continuing to trade said they were reducing staff levels in the short term. Nearly 30 per cent reported having to decrease working hours.
Almost half of the staff of firms still in business were working from home, while 37 per cent were still doing their jobs from their normal place of work and 16 per cent had other arrangements.
In a sign of the toll the coronavirus lockdown is taking, more than half of those surveyed said the situation had affected their wellbeing.
The ONS figures also showed that the prices of “high demand products” such as hand wash and medicines have soared in recent weeks, rising 4.4 per cent in just a month. Pet food, rice and tomato puree were the biggest risers last week.
The figures from the ONS are part of its effort to keep the government and public updated about changes in the economy. Its figures usually lag events by at least a month.
“The information from these surveys is providing vital insight to the UK Government into how people are responding to, and feeling about, the current situation,” the ONS said.


cityam--2020-04-16--Coronavirus: UK pubs and restaurants suffer 60 per cent sales dive in March

The UK ’ s pubs , restaurants and bars suffered an almost 60 per cent drop in sales last month as a lockdown was implemented to slow the spread of coronavirus .
Managed pubs reported a 57.8 per cent sales drop , restaurant sales plunged 56.2 per cent and bars suffered a 60 per cent dive in sales .
Read more : Coronavirus measures to have ‘ devastating ’ impact on UK hospitality sector London was hardest hit by the drop in footfall at the beginning of March and the full lockdown at the end of the month , as @ @ @ @ @ @ @ the rest of the UK , sales fell 56.8 per cent .
By the end of the month the eating and drinking out sector had fallen into a year on year decline , down 4.1 per cent on the previous 12 months , according to the Coffer Peach Business Tracker .
Delivery accounted for 7.4 per cent of sales among the casual dining groups , up from 5.5 per cent in January , as consumers order food to their homes during the coronavirus lockdown .
“ With shutdown wiping out April sales , @ @ @ @ @ @ @ income , and May likely to be the same , the devastating effect on the market is self-evident .
“ Even if there is an early easing of restrictions , which is far from certain , reopening of the market will almost certainly be phased and gradual .
We are looking at a substantial loss of revenue right across the sector , ” CGA director Karl Chessell said .
Read more : London coronavirus cases : How many infections are in your London borough ?
Mark Sheehan , managing director at Coffer Corporate @ @ @ @ @ @ @ outlets to full capacity will take months and the sector desperately needs ongoing support .
“ Whilst an earlier release from lockdown appears at first sight to be a good thing ; consumers will be anxious about socialising and trading levels will be subdued .
The future in terms of consumer behaviour is very uncertain making any form of planning for the future very difficult .
”

Coronavirus: UK pubs and restaurants suffer 60 per cent sales dive in March
Government needs to go further to help pubs, MPs have warned.
The UK’s pubs, restaurants and bars suffered an almost 60 per cent drop in sales last month as a lockdown was implemented to slow the spread of coronavirus.
Managed pubs reported a 57.8 per cent sales drop, restaurant sales plunged 56.2 per cent and bars suffered a 60 per cent dive in sales.
London was hardest hit by the drop in footfall at the beginning of March and the full lockdown at the end of the month, as sales plunged 60.4 per cent. In the rest of the UK, sales fell 56.8 per cent.
By the end of the month the eating and drinking out sector had fallen into a year on year decline, down 4.1 per cent on the previous 12 months, according to the Coffer Peach Business Tracker.
Delivery accounted for 7.4 per cent of sales among the casual dining groups, up from 5.5 per cent in January, as consumers order food to their homes during the coronavirus lockdown.
“With shutdown wiping out April sales, apart from a small amount of delivery income, and May likely to be the same, the devastating effect on the market is self-evident.
“Even if there is an early easing of restrictions, which is far from certain, reopening of the market will almost certainly be phased and gradual. We are looking at a substantial loss of revenue right across the sector,” CGA director Karl Chessell said.
Mark Sheehan, managing director at Coffer Corporate Leisure added: “The re-opening of outlets to full capacity will take months and the sector desperately needs ongoing support.
“Whilst an earlier release from lockdown appears at first sight to be a good thing; consumers will be anxious about socialising and trading levels will be subdued. The future in terms of consumer behaviour is very uncertain making any form of planning for the future very difficult.”


cityam--2020-04-16--Demand for IT workers soars during coronavirus lockdown

The number of advertised jobs in the IT and logistics sectors soared last month as businesses adapt to the coronavirus lockdown , new data has revealed .
The logistics sector saw the biggest increase in available roles in March while demand for staff in IT and tech remained strong , according to figures from Totaljobs and the British Chambers of Commerce ( BCC ) .
Read more : BoE rate-setter : Economy to take ‘ extremely large ’ hit and inflation to dip The figures show that while some industries have been negatively impacted , other areas of the labour @ @ @ @ @ @ @ to cope with the pandemic .
Job hunters are also increasingly turning to these sectors during the crisis , with searches for IT roles increasing 31 per cent in the second week of April .
Meanwhile jobs in warehouse operations and driving have attracted applications from 68,000 new users on Totaljobs , equivalent to a third of new applicants across the entire site .
There has also been increased demand for healthcare workers as the coronavirus crisis puts the NHS under strain .
In the last two weeks of March , the number @ @ @ @ @ @ @ per cent for doctors and seven per cent for nurses compared with the previous two weeks .
Equally , employer and candidate demand for social care roles has also risen in recent weeks .
“ With so many firms facing serious challenges as a result of the pandemic , it is encouraging to see that opportunities remain in some parts of the labour market during these extraordinary times , ” said BCC director general Dr Adam Marshall .
“ This reflects the huge efforts that the NHS and social care sector , logistics @ @ @ @ @ @ @ after those affected by Covid-19 and keep vital supplies flowing across the United Kingdom.
” It comes after research earlier this month revealed that IT and tech workers could migrate away from London in the long term due to the capital ’ s high cost of living .
Three-quarters of tech workers based in greater London said they were likely to relocate for work within three years , according to a study by CW Jobs .
Manchester is set to be the biggest beneficiary of the moves , with more than a quarter @ @ @ @ @ @ @ as the best location to launch a business outside London .
Read more : Jobs lost as Oasis and Warehouse fall into administration due to coronavirus “ From our research the cost of living and getting on the ladder are key drivers for tech workers considering whether to relocate , ” said CW Jobs director Dominic Harvey .
“ These can be very difficult things to do in London , which is why workers may be considering finding Manchester and other locations more appealing as they strive for that better work-life balance .
@

Demand for IT workers soars during coronavirus lockdown
The number of advertised jobs in the IT and logistics sectors soared last month as businesses adapt to the coronavirus lockdown, new data has revealed.
The logistics sector saw the biggest increase in available roles in March while demand for staff in IT and tech remained strong, according to figures from Totaljobs and the British Chambers of Commerce (BCC).
The figures show that while some industries have been negatively impacted, other areas of the labour market are booming as the economy adapts to cope with the pandemic.
Job hunters are also increasingly turning to these sectors during the crisis, with searches for IT roles increasing 31 per cent in the second week of April.
Meanwhile jobs in warehouse operations and driving have attracted applications from 68,000 new users on Totaljobs, equivalent to a third of new applicants across the entire site.
There has also been increased demand for healthcare workers as the coronavirus crisis puts the NHS under strain.
In the last two weeks of March, the number of healthcare roles advertised increased by 17 per cent for doctors and seven per cent for nurses compared with the previous two weeks.
Equally, employer and candidate demand for social care roles has also risen in recent weeks.
“With so many firms facing serious challenges as a result of the pandemic, it is encouraging to see that opportunities remain in some parts of the labour market during these extraordinary times,” said BCC director general Dr Adam Marshall.
“This reflects the huge efforts that the NHS and social care sector, logistics firms and others are making to look after those affected by Covid-19 and keep vital supplies flowing across the United Kingdom.”
It comes after research earlier this month revealed that IT and tech workers could migrate away from London in the long term due to the capital’s high cost of living.
Three-quarters of tech workers based in greater London said they were likely to relocate for work within three years, according to a study by CW Jobs.
Manchester is set to be the biggest beneficiary of the moves, with more than a quarter of IT decision makers choosing the city as the best location to launch a business outside London.
“From our research the cost of living and getting on the ladder are key drivers for tech workers considering whether to relocate,” said CW Jobs director Dominic Harvey.
“These can be very difficult things to do in London, which is why workers may be considering finding Manchester and other locations more appealing as they strive for that better work-life balance.”


cityam--2020-04-16--Rishi Sunak expands coronavirus loan scheme to include all UK businesses

The government has expanded its £330bn coronavirus loan scheme to cover all financially viable UK businesses regardless of size .
The Coronavirus Large Business Interruption Loans Scheme ( CLBILS ) will allow companies with a turnover of more than £45 million to apply for up to £25 million of finance .
Firms with a turnover of more than £250 million can apply for up to £50m .
The government will underwrite 80 per cent of all loans , with finance available from a number of accredited lenders .
The scheme will be rolled out on Monday to complement the Coronavirus @ @ @ @ @ @ @ , which provides loans for small-to-medium-sized businesses with turnover of under £45m .
Chancellor Rishi Sunak said : “ I want to ensure that no viable business slips through our safety net of support as we help protect jobs and the economy.
” There had been concern in some quarters , prior to today ’ s announcement , that many companies were in the so-called “ stranded middle ” and not eligible for government support .
The government announced CBILS to cater for businesses with turnover of under £45m , while very large @ @ @ @ @ @ @ of England ’ s ( BoE ) coronavirus bond-buying programme .
British Chamber of Commerce director general Adam Marshall said today ’ s announcement filled “ an important gap in government support ” and “ could make a real difference to medium-sized and larger-firms navigating challenging circumstances ” .
Chief CBI economist Rain Newton-Smith added : “ This scheme is clearly targeted at helping several thousand mid-tier firms , rather than those already up and running for small and larger businesses .
“ What ’ s essential now is to get the loans @ @ @ @ @ @ @ to those businesses in need.
” The government ’ s existing loan scheme has come into some criticism for not giving businesses access to loans at a quick enough pace .
As of yesterday , 6,020 loans worth £1.1bn had been given to small and medium-sized businesses through CBILS .
Swiss banks , in comparison , managed to hand out £12.4bn to more than 75,000 businesses in just one week of its equivalent loan scheme .
Stephen Jones , chief executive of banking lobby group UK Finance , yesterday said Swiss banks were @ @ @ @ @ @ @ underwriting 100 per cent of all loans , instead of 80 per cent like in the UK .
Read more : Bank lobby chief says changes to coronavirus loan scheme may be necessary This means the government will step in to pay back an entire loan if businesses are unable to do so .
Jones said this could be an option in the UK for smaller businesses , but that if the government begins to guarantee 100 per cent of loans for all businesses then it may lead to reckless lending .

Rishi Sunak expands coronavirus loan scheme to include all UK businesses
Chancellor Rishi Sunak leaves Downing Street after the C-19 committee meeting on April 6
The government has expanded its £330bn coronavirus loan scheme to cover all financially viable UK businesses regardless of size.
The Coronavirus Large Business Interruption Loans Scheme (CLBILS) will allow companies with a turnover of more than £45 million to apply for up to £25 million of finance.
Firms with a turnover of more than £250 million can apply for up to £50m.
The government will underwrite 80 per cent of all loans, with finance available from a number of accredited lenders.
The scheme will be rolled out on Monday to complement the Coronavirus Business Interruption Loan Scheme (CBILS), which provides loans for small-to-medium-sized businesses with turnover of under £45m.
Chancellor Rishi Sunak said: “I want to ensure that no viable business slips through our safety net of support as we help protect jobs and the economy.”
There had been concern in some quarters, prior to today’s announcement, that many companies were in the so-called “stranded middle” and not eligible for government support.
The government announced CBILS to cater for businesses with turnover of under £45m, while very large investment grade companies could access the Bank of England’s (BoE) coronavirus bond-buying programme.
British Chamber of Commerce director general Adam Marshall said today’s announcement filled “an important gap in government support” and “could make a real difference to medium-sized and larger-firms navigating challenging circumstances”.
Chief CBI economist Rain Newton-Smith added: “This scheme is clearly targeted at helping several thousand mid-tier firms, rather than those already up and running for small and larger businesses.
“What’s essential now is to get the loans flowing as smoothly and swiftly as possible to those businesses in need.”
The government’s existing loan scheme has come into some criticism for not giving businesses access to loans at a quick enough pace.
As of yesterday, 6,020 loans worth £1.1bn had been given to small and medium-sized businesses through CBILS.
Swiss banks, in comparison, managed to hand out £12.4bn to more than 75,000 businesses in just one week of its equivalent loan scheme.
Stephen Jones, chief executive of banking lobby group UK Finance, yesterday said Swiss banks were lending much faster because its government was underwriting 100 per cent of all loans, instead of 80 per cent like in the UK.
This means the government will step in to pay back an entire loan if businesses are unable to do so.
Jones said this could be an option in the UK for smaller businesses, but that if the government begins to guarantee 100 per cent of loans for all businesses then it may lead to reckless lending.


cityam--2020-04-16--UK needs coronavirus testing and tracing 'command centre' to beat virus

The UK must create a 24/7 coronavirus testing and tracing “ command centre ” to exit its Covid-19 lockdown , according to a new report .
A study from right-leaning think tank Policy Exchange said the command centre should be created “ to oversee and implement a national testing and tracing strategy for hunting down and defeating Covid-19 ” .
Read more : UK extends coronavirus lockdown for at least three more weeks The report said the government could model the plan on similar examples in Taiwan and Singapore and those within UK Counter Terrorism , and that it would @ @ @ @ @ @ @ outbreaks .
Policy Exchange senior fellow Richard Walton said : “ The recent outbreak of COVID-19 has exposed the limitations of traditional manual contact tracing methods , a fact that leaders of some Asian economies – including South Korea and Singapore – had already understood after their handling of previous pandemics .
“ The UK will need to go much further in the use of new technology if it is to supress further outbreaks of the disease.
” It comes as a study out today from the Adam Smith Institute , a free @ @ @ @ @ @ @ economy will suffer without a coronavirus exit strategy .
Labour leader Sir Keir Starmer has also urged the government this week to publish its exit plan for how it will ease coronavirus social distancing restrictions .
Read more : UK coronavirus deaths jump by 861 to take total past 13,000 The Adam Smith Institute report said : “ A phased plan would allow companies to assess the feasibility of their operations and calculate the worth of borrowing ; the longer lockdown continues , the less feasible an option this is .
“ An @ @ @ @ @ @ @ likely to ensure a broad public and that measures , such as strict social distancing , can be maintained for as long as is necessary .
”

UK needs coronavirus testing and tracing ‘command centre’ to beat virus
A man wears a mask as he walks the near-deserted streets of the City of london on April 16, 2020, during the novel coronavirus Covid-19 pandemic. – The British government on Thursday was expected to extend a nationwide lockdown for another three weeks, while the country’s coronavirus death toll spiked by 861 — a greater increase than in recent days. (Photo by Tolga Akmen / AFP) (Photo by TOLGA AKMEN/AFP via Getty Images)
The UK must create a 24/7 coronavirus testing and tracing “command centre” to exit its Covid-19 lockdown, according to a new report.
A study from right-leaning think tank Policy Exchange said the command centre should be created “to oversee and implement a national testing and tracing strategy for hunting down and defeating Covid-19”.
The report said the government could model the plan on similar examples in Taiwan and Singapore and those within UK Counter Terrorism, and that it would allow the country to avoid new Covid-19 outbreaks.
Policy Exchange senior fellow Richard Walton said: “The recent outbreak of COVID-19 has exposed the limitations of traditional manual contact tracing methods, a fact that leaders of some Asian economies – including South Korea and Singapore – had already understood after their handling of previous pandemics.
“The UK will need to go much further in the use of new technology if it is to supress further outbreaks of the disease.”
It comes as a study out today from the Adam Smith Institute, a free market think tank, claims the UK economy will suffer without a coronavirus exit strategy.
Labour leader Sir Keir Starmer has also urged the government this week to publish its exit plan for how it will ease coronavirus social distancing restrictions.
The Adam Smith Institute report said: “A phased plan would allow companies to assess the feasibility of their operations and calculate the worth of borrowing; the longer lockdown continues, the less feasible an option this is.
“An open and transparent exit plan is more likely to ensure a broad public and that measures, such as strict social distancing, can be maintained for as long as is necessary.”


cityam--2020-04-16--Donald Trump set to lay out 'guidelines' for reopening US

US president Donald Trump is tonight expected to release medically-approved guidelines to reopen parts of the country ’ s economy , which has been decimated by the coronavirus pandemic .
A White House official said that the president would use this evening ’ s press conference to lay out the “ recommendations ” , which are “ flexible and data-driven ” .
Read more : US stocks fall after dire jobless claims data The official added that the guidelines had been signed off by members of Trump ’ s White House coronavirus taskforce .
The social distancing measures that have @ @ @ @ @ @ @ an unprecedented number of people out of work .
Data provided by the US labor department today showed that an extra 5.2m people had applied for unemployment benefit as of last week , taking the total number of jobless claims in the last month to over 22m .
The guidelines , which Trump will first discuss with state governors , will differ according to the severity of the coronavirus outbreak in different states .
The official said that state governors would have the choice as to whether to carry out the guidelines , @ @ @ @ @ @ @ looked on in such terms .
Sign up to City A.M. ’ s Midday Update newsletter , delivered to your inbox every lunchtime Governors have grouped together according to their regional situation to coordinate on the reopening , with groups forming on both coasts and in the Midwest .
More than 90 per cent of the country has been under stay-at-home orders with businesses , schools , restaurants and entertainment venues shuttered .
US coronavirus deaths rose above 32,000 today , by far the highest in the world .
Trump has traded blows @ @ @ @ @ @ @ of reopening parts of the economy in recent days , at one point claiming “ total authority ” to do so according to his will .
Andrew Cuomo , the governor of New York state , which has the worst outbreak in the US , has pushed back against the claims .
Read more : Coronavirus : New York extends lockdown to mid-May Trump ’ s re-election hopes for November hinge on the performance of the country ’ s economy , so he is keen to get parts of the nation up and @ @ @ @ @ @ @ president is expected to address the press at 10pm GMT .

Donald Trump set to lay out ‘guidelines’ for reopening US
US president Donald Trump is tonight expected to release medically-approved guidelines to reopen parts of the country’s economy, which has been decimated by the coronavirus pandemic.
A White House official said that the president would use this evening’s press conference to lay out the “recommendations”, which are “flexible and data-driven”.
The official added that the guidelines had been signed off by members of Trump’s White House coronavirus taskforce.
The social distancing measures that have been implemented across the US have put an unprecedented number of people out of work.
Data provided by the US labor department today showed that an extra 5.2m people had applied for unemployment benefit as of last week, taking the total number of jobless claims in the last month to over 22m.
The guidelines, which Trump will first discuss with state governors, will differ according to the severity of the coronavirus outbreak in different states.
The official said that state governors would have the choice as to whether to carry out the guidelines, stressing that they were meant to be looked on in such terms.
Sign up to City A.M.’s Midday Update newsletter, delivered to your inbox every lunchtime
Governors have grouped together according to their regional situation to coordinate on the reopening, with groups forming on both coasts and in the Midwest.
More than 90 per cent of the country has been under stay-at-home orders with businesses, schools, restaurants and entertainment venues shuttered.
US coronavirus deaths rose above 32,000 today, by far the highest in the world.
Trump has traded blows with several state governors about the issue of reopening parts of the economy in recent days, at one point claiming “total authority” to do so according to his will.
Andrew Cuomo, the governor of New York state, which has the worst outbreak in the US, has pushed back against the claims.
Trump’s re-election hopes for November hinge on the performance of the country’s economy, so he is keen to get parts of the nation up and running as soon as practicable.
The president is expected to address the press at 10pm GMT.


cityam--2020-04-16--Verizon snaps up Blue Jeans amid booming demand for video conferencing

Verizon today said it has entered into an agreement to buy video conferencing firm Blue Jeans as the coronavirus lockdown fuels huge demand for remote working .
The US telecoms giant did not disclose the value of the deal but the Wall Street Journal reported a price tag of under $ 500m ( £401m ) .
Read more : Zoom vows to fix security issues as daily user numbers surge to 200m California-based Blue Jeans provide video conferencing services for business customers .
Alongside rivals such as Skype and Zoom the company has faced a surge in demand as millions @ @ @ @ @ @ @ at home during the pandemic .
Verizon said the video platform would complement its portfolio of communications offerings and play into the company ’ s 5G strategy .
In particular , the company said Blue Jeans ’ technology would be integrated into its services for areas such as telemedicine , distance learning and field service work .
“ As the way we work continues to change , it is absolutely critical for businesses and public sector customers to have access to a comprehensive suite of offerings that are enterprise ready , secure , @ @ @ @ @ @ @ , ” said Tami Erwin , chief executive of Verizon Business .
“ Collaboration and communications have become top of the agenda for businesses of all sizes and in all sectors in recent months.
” Blue Jeans was founded in 2009 and has established itself as a key business rival to services such as Zoom and Skype , which offer free versions and are often used for social video chats .
Blue Jeans ’ founders and management will join Verizon after the deal has completed .
“ The combination of Blue Jeans ’ @ @ @ @ @ @ @ trusted brand with Verizon Business ’ next generation edge computing innovation will deliver highly differentiated and compelling solutions to our joint customers , ” said Quentin Gallivan , chief executive of Blue Jeans Network .
“ We are very excited about joining the Verizon team and we truly believe the future of business communications starts today.
” Read more : Standard Chartered bans staff from using Zoom and Google Hangouts It comes as Zoom faces growing scrutiny over its security policies following a string of so-called Zoombombing issues , in which hackers have @ @ @ @ @ @ @ disrupt the call — often with racial slurs or lewd imagery .
Earlier this week Standard Chartered became the first major bank to ban employees from using Zoom due to cybersecurity concerns .

Verizon snaps up Blue Jeans amid booming demand for video conferencing
Verizon today said it has entered into an agreement to buy video conferencing firm Blue Jeans as the coronavirus lockdown fuels huge demand for remote working.
The US telecoms giant did not disclose the value of the deal but the Wall Street Journal reported a price tag of under $500m (£401m).
California-based Blue Jeans provide video conferencing services for business customers. Alongside rivals such as Skype and Zoom the company has faced a surge in demand as millions of workers worldwide are forced to stay at home during the pandemic.
Verizon said the video platform would complement its portfolio of communications offerings and play into the company’s 5G strategy.
In particular, the company said Blue Jeans’ technology would be integrated into its services for areas such as telemedicine, distance learning and field service work.
“As the way we work continues to change, it is absolutely critical for businesses and public sector customers to have access to a comprehensive suite of offerings that are enterprise ready, secure, frictionless and that integrate with existing tools,” said Tami Erwin, chief executive of Verizon Business.
“Collaboration and communications have become top of the agenda for businesses of all sizes and in all sectors in recent months.”
Blue Jeans was founded in 2009 and has established itself as a key business rival to services such as Zoom and Skype, which offer free versions and are often used for social video chats. Blue Jeans’ founders and management will join Verizon after the deal has completed.
“The combination of Blue Jeans’ world class enterprise video collaboration platform and trusted brand with Verizon Business’ next generation edge computing innovation will deliver highly differentiated and compelling solutions to our joint customers,” said Quentin Gallivan, chief executive of Blue Jeans Network.
“We are very excited about joining the Verizon team and we truly believe the future of business communications starts today.”
It comes as Zoom faces growing scrutiny over its security policies following a string of so-called Zoombombing issues, in which hackers have broken into strangers’ video chats to disrupt the call — often with racial slurs or lewd imagery.
Earlier this week Standard Chartered became the first major bank to ban employees from using Zoom due to cybersecurity concerns.


cityam--2020-04-16--Oil majors slash spending plans by a quarter as demand collapses

The world ’ s biggest oil firms have cut their capital spending programmes by a combined 26 per cent for 2020 due to the collapse in oil prices caused by the coronavirus outbreak .
In total , Reuters data shows that the combined sum of the cuts comes to $ 60.5bn ( £48.2bn ) , as firms seek to conserve cash among an unprecedented fall in demand .
Read more : Oil prices continue slump as prospects for recovery look slim State-owned oil behemoth Saudi Aramco leads the way , cutting $ 10bn of its $ 37bn budget , whilst @ @ @ @ @ @ @ by $ 5bn and $ 3bn respectively .
Both stocks were among the FTSE 100 ’ ’ s biggest fallers today as benchmark Brent crude prices stuck around the $ 27 mark .
Of the US majors , Exxon Mobil also cut spending by $ 10bn , while Chevron and Conoco Phillips dropped their capex forecasts by $ 4bn and £2.3bn .
US crude prices are set to fall to their lowest levels in 18 years after Opec lowered its global oil demand forecast .
Worryingly for investors , prices have continued to @ @ @ @ @ @ @ its allies including Russia , which it was hoped would stabilise the market .
Sign up to City A.M. ’ s Midday Update newsletter , delivered to your inbox every lunchtime However , with demand set to slump by 29m barrels per day in April alone , the alliance ’ s 10m barrel cut , which is expected to be supplemented by falling output in the US , still leaves an enormous overhang .
The problem for oil majors , explained Hargreaves Lansdown analyst Nicholas Hyett , is that while oil crises normally @ @ @ @ @ @ @ current coronavirus shutdown has hit both elements .
Due to March ’ s production war between Russia and Saudi Arabia , the market was flooded with crude stocks just as demand crashed to levels not seen since 1995 .
Hyett said that for majors like BP and Shell , cutting capex and living off reserves would work in the short term , but there “ would come a point ” when they had to choose between maintaining payments of dividends or expensive spending programmes for low-emissions energy programmes .
Earlier today Shell unveiled @ @ @ @ @ @ @ a net zero company by 2050 at the latest .
Read more : Oil prices slump back below $ 30 as record production cuts fail to cheer investors If BP and Shell are forced to cut their dividends , Hyett said , the “ income output of the FTSE will be dramatically reduced ” .
Currently the two firms are among six stocks – including the tobacco and pharma giants – which make up roughly 50 per cent of FTSE 100 dividend payments .

Oil majors slash spending plans by a quarter as demand collapses
The world’s biggest oil firms have cut their capital spending programmes by a combined 26 per cent for 2020 due to the collapse in oil prices caused by the coronavirus outbreak.
In total, Reuters data shows that the combined sum of the cuts comes to $60.5bn (£48.2bn), as firms seek to conserve cash among an unprecedented fall in demand.
State-owned oil behemoth Saudi Aramco leads the way, cutting $10bn of its $37bn budget, whilst UK blue-chips Shell and BP slashed spending by $5bn and $3bn respectively.
Both stocks were among the FTSE 100’’s biggest fallers today as benchmark Brent crude prices stuck around the $27 mark.
Of the US majors, Exxon Mobil also cut spending by $10bn, while Chevron and Conoco Phillips dropped their capex forecasts by $4bn and £2.3bn.
US crude prices are set to fall to their lowest levels in 18 years after Opec lowered its global oil demand forecast.
Worryingly for investors, prices have continued to fall despite record production curbs Opec and its allies including Russia, which it was hoped would stabilise the market.
Sign up to City A.M.’s Midday Update newsletter, delivered to your inbox every lunchtime
However, with demand set to slump by 29m barrels per day in April alone, the alliance’s 10m barrel cut, which is expected to be supplemented by falling output in the US, still leaves an enormous overhang.
The problem for oil majors, explained Hargreaves Lansdown analyst Nicholas Hyett, is that while oil crises normally affect either supply or demand, the current coronavirus shutdown has hit both elements.
Due to March’s production war between Russia and Saudi Arabia, the market was flooded with crude stocks just as demand crashed to levels not seen since 1995.
Hyett said that for majors like BP and Shell, cutting capex and living off reserves would work in the short term, but there “would come a point” when they had to choose between maintaining payments of dividends or expensive spending programmes for low-emissions energy programmes.
Earlier today Shell unveiled such a programme, committing to becoming a net zero company by 2050 at the latest.
If BP and Shell are forced to cut their dividends, Hyett said, the “income output of the FTSE will be dramatically reduced”.
Currently the two firms are among six stocks – including the tobacco and pharma giants – which make up roughly 50 per cent of FTSE 100 dividend payments.


cityam--2020-04-16--Netflix shares hit record high as valuation overtakes Disney

Netflix shares rose to record highs today amid surging demand during the coronavirus lockdown , pushing its market capitalisation past fierce rival Disney .
The US streaming giant ’ s stock rose more than three per cent in afternoon trading to $ 440 per share , having closed at a record high of $ 426.75 yesterday .
Read more : Netflix donates £1m to emergency coronavirus fund for film and TV crew The rise took Netflix ’ s market valuation to more than $ 193bn , ahead of the $ 183bn price tag for rival entertainment behemoth Disney .
It @ @ @ @ @ @ @ to TV shows and films as they stay at home during the coronavirus crisis .
While Netflix does not reveal details about its viewing figures , the streaming firm has garnered praise for its wildly popular documentary series Tiger King .
It also offers reruns of classic shows such as Friends and The Office , which are reportedly among the platform ’ s most-viewed content .
Disney has also cashed in on the lockdown , with its recently-launched streaming service Disney Plus hitting 50m subscribers earlier this month .
But the House of @ @ @ @ @ @ @ pandemic in other parts of its empire , and the company has been forced to close its theme parks and cancel cruises .
Read more : Disney Plus : UK launch to go ahead amid coronavirus outbreak Despite the current viewing boom , however , both media firms are likely to be hit by the shutdown in filming , which will impact content slates for 2021 .
Netflix is set to report its first-quarter earnings next week — its first since the launch of Disney Plus in the UK .

Netflix shares hit record high as valuation overtakes Disney
Steven Spielberg has signed a new deal with Netflix for his production company Amblin Partners to make multiple feature films a year for the streaming giant.
Netflix shares rose to record highs today amid surging demand during the coronavirus lockdown, pushing its market capitalisation past fierce rival Disney.
The US streaming giant’s stock rose more than three per cent in afternoon trading to $440 per share, having closed at a record high of $426.75 yesterday.
The rise took Netflix’s market valuation to more than $193bn, ahead of the $183bn price tag for rival entertainment behemoth Disney.
It comes as millions of viewers tune in to TV shows and films as they stay at home during the coronavirus crisis.
While Netflix does not reveal details about its viewing figures, the streaming firm has garnered praise for its wildly popular documentary series Tiger King.
It also offers reruns of classic shows such as Friends and The Office, which are reportedly among the platform’s most-viewed content.
Disney has also cashed in on the lockdown, with its recently-launched streaming service Disney Plus hitting 50m subscribers earlier this month.
But the House of Mouse has been harder hit by the pandemic in other parts of its empire, and the company has been forced to close its theme parks and cancel cruises.
Despite the current viewing boom, however, both media firms are likely to be hit by the shutdown in filming, which will impact content slates for 2021.
Netflix is set to report its first-quarter earnings next week — its first since the launch of Disney Plus in the UK.


cityam--2020-04-16--Coronavirus: New York extends lockdown to mid-May

New York will extend restrictions on schools and businesses until 15 May as the number of deaths and hospitalizations from coronavirus fell to their lowest levels in over a week .
The number of deaths reported today fell to 606 , the lowest level in 10 days , while the number of people admitted to hospital fell below 18,000 .
Read more : Coronavirus : More than 5m Americans made new jobless claims last week State governor Andrew Cuomo said that the rate had slowed as a result of people ’ s actions , which is why the figures had @ @ @ @ @ @ @ in the US ’ worst hit state .
Cuomo ’ s decision to extend the stay-at-home measures for another week will be implemented in partnership with other states in the region .
The move comes as US president Donald Trump is expected to announce his strategy to begin reopening parts of the US , despite the country suffering a record 2,500 deaths yesterday The total number of cases nationwide rose nearly 30,000 yesterday to 637,000 , the biggest increase in five days .
Sign up to City A.M. ’ s Midday Update newsletter @ @ @ @ @ @ @ Trump will speak to state governors later this afternoon and is expected to share details of the plan at a press conference later today .
The Republican incumbent ’ s hopes of reelection in November hang on the strength of the US economy , which is suffering unprecedented levels of damage due to the pandemic .
Earlier today data revealed that a further 5.2m US workers had filed unemployment claims this week , taking the total number of jobless claims in the last month to 22m .
Across the entire extent of 2008-2009 @ @ @ @ @ @ @ jobless claims reached 9m .
Read more : US stocks fall after dire jobless claims data Republican governor of North Dakota Doug Burgum is the only state authority who had thus far issued their own instructions for lifting restrictions .
Burgum has issued guideline to begin reopening the rural state on 1 May .

Coronavirus: New York extends lockdown to mid-May
New York will extend restrictions on schools and businesses until 15 May as the number of deaths and hospitalizations from coronavirus fell to their lowest levels in over a week.
The number of deaths reported today fell to 606, the lowest level in 10 days, while the number of people admitted to hospital fell below 18,000.
State governor Andrew Cuomo said that the rate had slowed as a result of people’s actions, which is why the figures had not hit the levels shown by models in the US’ worst hit state.
Cuomo’s decision to extend the stay-at-home measures for another week will be implemented in partnership with other states in the region.
The move comes as US president Donald Trump is expected to announce his strategy to begin reopening parts of the US, despite the country suffering a record 2,500 deaths yesterday
The total number of cases nationwide rose nearly 30,000 yesterday to 637,000, the biggest increase in five days.
Sign up to City A.M.’s Midday Update newsletter, delivered to your inbox every lunchtime
Trump will speak to state governors later this afternoon and is expected to share details of the plan at a press conference later today.
The Republican incumbent’s hopes of reelection in November hang on the strength of the US economy, which is suffering unprecedented levels of damage due to the pandemic.
Earlier today data revealed that a further 5.2m US workers had filed unemployment claims this week, taking the total number of jobless claims in the last month to 22m.
Across the entire extent of 2008-2009’s financial crisis the number of jobless claims reached 9m.
Republican governor of North Dakota Doug Burgum is the only state authority who had thus far issued their own instructions for lifting restrictions.
Burgum has issued guideline to begin reopening the rural state on 1 May.


cityam--2020-04-16--UK extends coronavirus lockdown for at least three more weeks

The UK will remain in coronavirus lockdown for at least the next three weeks , after today ’ s meeting of the government ’ s top scientific body .
Foreign secretary Dominic Raab said at today ’ s press briefing that “ the advice from Sage ( Scientific Advisory Group for Emergencies ) is that relaxing any of the [ social distancing ] measures in place would risk damage to public health and our economy ” .
Read more : London coronavirus cases : How many infections are in your London borough ?
It comes after the UK recorded another @ @ @ @ @ @ @ total to 13,839 .
There have now been over 100,000 confirmed infections .
“ The very clear advice we received is any change to our social distancing measures now would risk a significant increase in the spread of the virus , ” Raab said .
“ That would threaten a second peak of the virus and substantially increase the number of deaths .
It would undo the progress we ’ ve made to this date and as a result require an even longer period of the more restrictive social distancing measures.
” Raab @ @ @ @ @ @ @ must be passed for the government to ease social distancing restrictions .
He said the NHS must be protected and be able to provide “ sufficient critical care ” ; there needs to be a sustained and consistent fall in coronavirus deaths ; there must be “ reliable data ” from Sage showing the rate of infection decreasing to “ manageable levels ” ; there must be enough protective equipment and testing capacity to meet future demand ; and there must be confidence that adjustments to the coronavirus lockdown would not cause a @ @ @ @ @ @ @ we are confident on these 5 points…we will look to adjust the measures to make the effective as possible in protection public health while allowing some economic and social activities to resume , ” Raab said .
“ It could involve relaxing measures in some areas while strengthening measures in other areas.
” The government ’ s chief scientific adviser Sir Patrick Vallance said the rate of infection was beginning to flatten .
“ It ’ s looking in a good place , it ’ s beginning to come down and stabilise in @ @ @ @ @ @ @ all the measures we ’ re taking stay in place in order to maintain this level of control and see the epidemic decrease , ” he said .
Vallance added that “ the way out of this ” was through “ vaccines and therapeutics ” .
The decision to extend the lockdown was supported by Labour leader Sir Keir Starmer .
Read more : UK coronavirus deaths jump by 861 to take total past 13,000  ” The priority now must be to ensure we see a ramp up in testing , that @ @ @ @ @ @ @ desperately need and more is done to protect our care homes from the virus , ” he said .
“ We also need clarity about what plans are being put in place to lift the lockdown when the time is right .
”

UK extends coronavirus lockdown for at least three more weeks
A man wearing a face mask walks past a banner supporting Nation Health Service workers at Maudsley Hospital, opposition Kings College Hospital on April 16
The UK will remain in coronavirus lockdown for at least the next three weeks, after today’s meeting of the government’s top scientific body.
Foreign secretary Dominic Raab said at today’s press briefing that “the advice from Sage (Scientific Advisory Group for Emergencies) is that relaxing any of the [social distancing] measures in place would risk damage to public health and our economy”.
It comes after the UK recorded another 861 coronavirus deaths today, bringing the total to 13,839.
There have now been over 100,000 confirmed infections.
“The very clear advice we received is any change to our social distancing measures now would risk a significant increase in the spread of the virus,” Raab said.
“That would threaten a second peak of the virus and substantially increase the number of deaths. It would undo the progress we’ve made to this date and as a result require an even longer period of the more restrictive social distancing measures.”
Raab said that there are five tests that must be passed for the government to ease social distancing restrictions.
He said the NHS must be protected and be able to provide “sufficient critical care”; there needs to be a sustained and consistent fall in coronavirus deaths; there must be “reliable data” from Sage showing the rate of infection decreasing to “manageable levels”; there must be enough protective equipment and testing capacity to meet future demand; and there must be confidence that adjustments to the coronavirus lockdown would not cause a second peak of infections.
“When we are confident on these 5 points…we will look to adjust the measures to make the effective as possible in protection public health while allowing some economic and social activities to resume,” Raab said.
“It could involve relaxing measures in some areas while strengthening measures in other areas.”
The government’s chief scientific adviser Sir Patrick Vallance said the rate of infection was beginning to flatten.
“It’s looking in a good place, it’s beginning to come down and stabilise in some places and it’s important all the measures we’re taking stay in place in order to maintain this level of control and see the epidemic decrease,” he said.
Vallance added that “the way out of this” was through “vaccines and therapeutics”.
The decision to extend the lockdown was supported by Labour leader Sir Keir Starmer.
”The priority now must be to ensure we see a ramp up in testing, that staff get the protective personal equipment they desperately need and more is done to protect our care homes from the virus,” he said.
“We also need clarity about what plans are being put in place to lift the lockdown when the time is right.”


cityam--2020-04-17--CMA clears Amazon's Deliveroo £442 investment due to coronavirus

A UK watchdog today cleared Amazon ’ s massive £442m investment into food delivery firm Deliveroo due to the risk the food delivery firm faces from coronavirus .
The Competition and Markets Authority ( CMA ) called the decision “ wholly unprecedented ” but said the cash was “ realistically only available from Amazon ” .
Deliveroo has seen a significant decline in revenues from the UK coronavirus lockdown , as restaurants and cafes closed under orders from the government .
Grocery deliveries have failed to make up for the impact of these restaurant closures , Deliveroo has told the @ @ @ @ @ @ @ reached the conclusion Deliveroo ’ s collapse would have been “ inevitable ” without Amazon ’ s funding .
Stuart McIntosh , chair of the CMA ’ s independent inquiry group , said : “ These wholly unprecedented circumstances have meant reassessing the focus of this investigation , reacting quickly to the impact of the coronavirus and deciding what it would mean for the businesses involved in this transaction and , in turn , for customers .
“ Without additional investment , which we currently think is only realistically available from Amazon , @ @ @ @ @ @ @ not be able to meet its financial commitments and would have to exit the market .
“ This could mean that some customers are cut off from online food delivery altogether , with others facing higher prices or a reduction in service quality .
Faced with that stark outcome , we feel the best course of action is to provisionally clear Amazon ’ s investment in Deliveroo .
”

CMA provisionally clears Amazon’s £442m Deliveroo investment over coronavirus
A UK watchdog today provisionally cleared Amazon’s massive £442m investment into Deliveroo due to the risk the food delivery firm faces from coronavirus.
The Competition and Markets Authority (CMA) called the situation “wholly unprecedented” but said the cash was “realistically only available from Amazon”.
Deliveroo has seen a significant decline in revenues from the UK coronavirus lockdown. Restaurants and cafes have closed since late March under orders from the government.
Deliveroo has pivoted to grocery deliveries, and last week announced a partnership with Morrisons.
However, supermarket deliveries have failed to make up for the impact of restaurant closures, Deliveroo told the CMA. The takeaway app warned the regulator that it would be forced to exit the market without the Amazon investment.
The CMA said it had reached the conclusion Deliveroo’s collapse would have been “inevitable” without Amazon’s funding.
Stuart McIntosh, chair of the CMA’s independent inquiry group, said: “These wholly unprecedented circumstances have meant reassessing the focus of this investigation, reacting quickly to the impact of the coronavirus and deciding what it would mean for the businesses involved in this transaction and, in turn, for customers.
“Without additional investment, which we currently think is only realistically available from Amazon, it’s clear that Deliveroo would not be able to meet its financial commitments and would have to exit the market.”
That has led it to provisionally approving Amazon’s investment. It will seek views on its decision until 11 May, before making a final decision in June.
The CMA launched a full investigation into the funding in December. That came after the first phase of the probe found that the investment could give Amazon the ability to “exercise material influence over Deliveroo”.
The watchdog also raised concerns that the deal could cause higher prices and lower quality for customers. However, the CMA today said if Deliveroo collapsed, some customers would be unable to access online food delivery.
“This could mean that some customers are cut off from online food delivery altogether, with others facing higher prices or a reduction in service quality,” McIntosh added.
“Faced with that stark outcome, we feel the best course of action is to provisionally clear Amazon’s investment in Deliveroo.”
A Deliveroo spokesperson said: “The unprecedented health crisis we all face has disrupted businesses across the country.
“This investment will help us to overcome immediate and long-term challenges, allow us to continue to improve our service for customers, enable us to develop new innovations and offer people even greater choice.”
News of Deliveroo’s difficulties pulled Just Eat Takeaway’s shares down 2.6 per cent in afternoon trading.
Just Eat Takeaway has seen ortders surge 50 per cent in the ongoing coronavirus lockdown.
Yesterday the CMA took the decision to revoke its ban on Just Eat and Takeaway.com integrating their businesses, though it continues to probe the tie-up.
Takeaway.com won a bidding war against rival Prosus for the FTSE-listed delivery firm earlier this year.
“Based on the evidence it has received in its assessment of the transaction to date, it is appropriate to revoke the initial enforcement order,” the CMA said.


cityam--2020-04-17--CBI says firms need clarity on job retention scheme timeline

The head of the CBI has cautioned that employers could end up sacking workers unless the government ’ s scheme to pay furloughed workers ’ wages amid the coronavirus pandemic is extended .
Carolyn Fairbairn said the job retention scheme , under which the government will pay 80 per cent of the wages of workers who would otherwise be sacked , “ was one of the best in the world ” .
Read more : UK must beef up coronavirus economic response , says think tank Yet she told BBC Breakfast that its three-month duration meant jobs were at risk @ @ @ @ @ @ @ CBI has said firms need clarity soon about whether the scheme will continue .
This is because employers have to start redundancy proceedings 45 days in advance , meaning there is an effective deadline next week .
“ This is quite urgent , ” Fairbairn said .
She highlighted the risk that some workers could be sacked “ unnecessarily ” .
Employers can apply for funds at the end of April , which will cover wages from the start of March .
The government expects more than 9m workers to be furloughed through @ @ @ @ @ @ @ Chambers of Commerce have suggested roughly half of UK firms will take part in some way .
The Treasury has always been clear that it will consult on extending the scheme if needs be .
But it hopes the economic situation will have improved in three months .
The CBI ’ s intervention came a day after the Resolution Foundation think tank called on the government to take “ further radical policy steps ” , amid huge uncertainty over the length of the outbreak .
The Resolution Foundation praised the government ’ s @ @ @ @ @ @ @ of lending and support for the self-employed .
Yet it said more must be done to ensure the economy recovers from the coronavirus slowdown .
It said the government should ensure furloughed workers can return to work part-time if this can be done safely .

CBI says firms need clarity on job retention scheme timeline
The head of the CBI has cautioned that employers could end up sacking workers unless the government’s scheme to pay furloughed workers’ wages amid the coronavirus pandemic is extended.
Carolyn Fairbairn said the job retention scheme, under which the government will pay 80 per cent of the wages of workers who would otherwise be sacked, “was one of the best in the world”.
Yet she told BBC Breakfast that its three-month duration meant jobs were at risk if there was no extension.
The CBI has said firms need clarity soon about whether the scheme will continue. This is because employers have to start redundancy proceedings 45 days in advance, meaning there is an effective deadline next week.
“This is quite urgent,” Fairbairn said. She highlighted the risk that some workers could be sacked “unnecessarily”.
Employers can apply for funds at the end of April, which will cover wages from the start of March.
The government expects more than 9m workers to be furloughed through the scheme. Figures from the British Chambers of Commerce have suggested roughly half of UK firms will take part in some way.
The Treasury has always been clear that it will consult on extending the scheme if needs be. But it hopes the economic situation will have improved in three months.
The CBI’s intervention came a day after the Resolution Foundation think tank called on the government to take “further radical policy steps”, amid huge uncertainty over the length of the outbreak.
The Resolution Foundation praised the government’s response so far, which includes £330bn of lending and support for the self-employed.
Yet it said more must be done to ensure the economy recovers from the coronavirus slowdown. It said the government should ensure furloughed workers can return to work part-time if this can be done safely.


cityam--2020-04-17--Coronavirus: London mayor Sadiq Khan calls for face masks on Tube

London mayor Sadiq Khan called on the government today to make coronavirus face masks compulsory for people using the Tube or shopping .
The mayor said that evidence from around the world was that face coverings help stop the spread of coronavirus .
Read more : London coronavirus cases : How many infections are in your London borough ?
New York has ordered residents to wear masks or substitute face coverings when in any public situation that may not allow them to be at least six feet away from others .
“ In those circumstances where its not possible for @ @ @ @ @ @ @ think of public transport usage , think of when you ’ re in a shop , we should be using non-medical facial coverings like bandanas , like scarves , like reusable masks , ” Khan told the BBC .
The government ’ s social distancing measures do not mention the wearing of face masks .
But Khan said that should change .
The UK extended its coronavirus lockdown by at least three weeks yesterday as its death toll rose to 13,729 .
Opposition Labour Party leader , Keir Starmer , has cautioned that @ @ @ @ @ @ @ in Europe .
And in London alone the number of coronavirus infections is now close to 20,000 .
Brent is the worst affected London borough with 1,063 coronavirus cases , followed closely by Croydon with 1,006 .
Barnet now has 977 and Lambeth 926 .
Read more : Coronavirus : The Mayor must do more to protect London ’ s key workers Khan ’ s rival , Tory Shaun Bailey , has hit out at the mayor over protecting London ’ s Tube workers amid coronavirus .
Writing in City A.M. , Bailey @ @ @ @ @ @ @ protect London transport workers after it emerged 26 have now died .
“ We should remember why TfL staff are key workers , ” Bailey said .
“ They put themselves in harm ’ s way so that doctors and nurses can get to hospitals .
Every day that TfL staff turn up for work is another day our NHS can function .
“

Coronavirus: London mayor Sadiq Khan calls for face masks on Tube
London mayor Sadiq Khan called on the government today to make coronavirus face masks compulsory for people using the Tube or shopping.
London mayor Sadiq Khan called on the government today to make coronavirus face masks compulsory for people using the Tube or shopping.
The mayor said that evidence from around the world was that face coverings help stop the spread of coronavirus.
New York has ordered residents to wear masks or substitute face coverings when in any public situation that may not allow them to be at least six feet away from others.
“In those circumstances where its not possible for us to keep our social distance, think of public transport usage, think of when you’re in a shop, we should be using non-medical facial coverings like bandanas, like scarves, like reusable masks,” Khan told the BBC.
The government’s social distancing measures do not mention the wearing of face masks. But Khan said that should change.
The UK extended its coronavirus lockdown by at least three weeks yesterday as its death toll rose to 13,729.
Opposition Labour Party leader, Keir Starmer, has cautioned that the UK risks becoming the worst hit in Europe.
London coronavirus cases approach 20,000
And in London alone the number of coronavirus infections is now close to 20,000.
Brent is the worst affected London borough with 1,063 coronavirus cases, followed closely by Croydon with 1,006.
Barnet now has 977 and Lambeth 926.
Khan’s rival, Tory Shaun Bailey, has hit out at the mayor over protecting London’s Tube workers amid coronavirus.
Writing in City A.M., Bailey this week called on the mayor to protect London transport workers after it emerged 26 have now died.
“We should remember why TfL staff are key workers,” Bailey said. “They put themselves in harm’s way so that doctors and nurses can get to hospitals. Every day that TfL staff turn up for work is another day our NHS can function. “


cityam--2020-04-17--Exclusive: Lloyds staff facing redundancy fear being left jobless by bank amid pandemic

Staff at Lloyds Banking Group who are being made redundant fear the bank will leave them jobless amid the savage economic downturn triggered by the coronavirus pandemic .
The bank publicly committed last month to pause plans to cut 780 jobs amid surging customer demand and the economic uncertainty leavers would face .
However , it has not communicated an official position regarding the fate of staff who have already been handed their notice .
One Lloyds staffer who spoke to City A.M. on the condition of anonymity said : “ It feels like they are knowingly pushing people into @ @ @ @ @ @ @ is extend any redundancy for two to three months… or add these colleagues to furlough.
” Screenshots seen by City A.M. of a thread on Lloyds ’ internal intranet dated 15 April showed concerns from multiple staff about their future .
Read more : Lloyds staff complain their offices are not clean enough amid covid-19 crisis One said : “ There is enough uncertainty in the world right now .
A definitive update on this would be appreciated.
” Another said : “ This ongoing uncertainty..is not helpful and disappointing after so many @ @ @ @ @ @ @ staffer said : “ My team has had this hanging over us…and have struggled to get any clear communication.
” Lloyds will not exit staff in April A source close to the bank said Lloyds would not be exiting any staff during April .
And the bank is expected to review its policy on an ongoing monthly basis .
Lloyds would not give an on the record statement about its policy towards staff already going through redundancy .
Barclays told staff this week it was halting new redundancies while the coronavirus crisis is @ @ @ @ @ @ @ staff already going through redundancy processes .
The bank said staff being made redundant would be placed on a furlough scheme similar to the government ’ s job retention scheme .
Lloyds , rather than the state , would pay 80 per cent of people ’ s wages .
Building society Nationwide said earlier this month it would not make any compulsory redundancies during 2020 .

Exclusive: Lloyds staff facing redundancy fear being left jobless by bank amid pandemic
Lloyds Banking Group fined £64m after mistreating mortgage customers
Staff at Lloyds Banking Group who are being made redundant fear the bank will leave them jobless amid the savage economic downturn triggered by the coronavirus pandemic.
The bank publicly committed last month to pause plans to cut 780 jobs amid surging customer demand and the economic uncertainty leavers would face.
However, it has not communicated an official position regarding the fate of staff who have already been handed their notice.
One Lloyds staffer who spoke to City A.M. on the condition of anonymity said: “It feels like they are knowingly pushing people into redundancy when the least they could do is extend any redundancy for two to three months… or add these colleagues to furlough.”
Screenshots seen by City A.M. of a thread on Lloyds’ internal intranet dated 15 April showed concerns from multiple staff about their future.
One said: “There is enough uncertainty in the world right now. A definitive update on this would be appreciated.”
Another said: “This ongoing uncertainty..is not helpful and disappointing after so many years with the company.”
A third staffer said: “My team has had this hanging over us…and have struggled to get any clear communication.”
Lloyds will not exit staff in April
A source close to the bank said Lloyds would not be exiting any staff during April. And the bank is expected to review its policy on an ongoing monthly basis.
Lloyds would not give an on the record statement about its policy towards staff already going through redundancy.
A Lloyds spokesperson said: “The group has confirmed to its full-time and part-time permanent colleagues that they will continue to be paid their contracted hours as normal – no matter what their role is, how the outbreak affects their role, or what their circumstances are.
“Combined with measures taken to safeguard the safety of our front-line colleagues, this ensures that we are able to continue to serve all our customers where they need us most.”
Barclays told staff this week it was halting new redundancies while the coronavirus crisis is ongoing. It said it would support staff already going through redundancy processes.
The bank said staff being made redundant would be placed on a furlough scheme similar to the government’s job retention scheme. Barclays, rather than the state, would pay 80 per cent of people’s wages.
Building society Nationwide said earlier this month it would not make any compulsory redundancies during 2020.


cityam--2020-04-17--Ex-EY partner wins $11m gold smuggling cover-up case against firm

An ex-EY partner today triumphed in an $ 11m ( £8.8m ) claim against the Big Four firm which he accused of conniving in the cover up of gold smuggling and money laundering .
Ex-EY partner Amjad Rihan sued EY after he said he was forced to flee Dubai after alleging the firm helped cover up the smuggling of gold for suspected money laundering .
Today a High Court judge awarded Rihan $ 10.8m in damages and found that EY breached the principles of integrity , objectivity and professional behaviour EY had carried out an audit of Dubai refinery Kaloti @ @ @ @ @ @ @ received large quantities of gold coated in silver from Morocco which had been declared as gold to Dubai authorities but may have been declared as silver to Morocco authorities to evade export restrictions .
The audit also found that 40 per cent , amounting to $ 5.2bn , of Kaloti ’ s business was conducted in cash .
Rihan said his bosses at EY tried to water down the report into Kaloti and did not want the results to become public .
Read more : EY accused of failing to report drug gang @ @ @ @ @ @ @ 2013 Rihan fled Dubai and subsequently resigned from the firm .
He published the findings of the audit in 2014 , despite legal threats from EY ’ s lawyers .
In a statement , Rihan said : “ Almost seven years of agony for me and my family has come to an end with a total vindication by the court .
“ My life was turned upside down as I was cruelly and harshly punished for insisting on doing my job ethically , professionally and lawfully in relation to the gold audits in @ @ @ @ @ @ @ of Leigh Day , said : “ For years EY has refused to admit any wrongdoing in relation to the Kaloti audit .
Instead it accused Mr Rihan of being a liar and a fantasist .
Sign up to City A.M. ’ s Midday Update newsletter , delivered to your inbox every lunchtime “ Our client ’ s character and actions have now been completely vindicated by the court .
By contrast it is EY which has been found to have committed serious professional misconduct at the highest echelons of the organisation.
” @ @ @ @ @ @ @ surprised and disappointed ” at the court ’ s decision and said it would appeal .
EY Global said in a statement : “ It was the work of an EY Dubai assurance team that uncovered serious irregularities and reported them to the proper authorities .
Their work ultimately resulted in sanctions against the refiner and contributed to significant changes in the sourcing of precious metals and the regulation of refiners in Dubai .
“ The judge ’ s decision calls into question the objectivity and integrity of the Dubai regulator and suggests @ @ @ @ @ @ @ the assurance engagement in accordance with the regulatory standards of Dubai .
”

Ex-EY partner wins $11m gold smuggling cover-up case against firm
An ex-EY partner today triumphed in an $11m (£8.8m) claim against the Big Four firm which he accused of conniving in the cover up of gold smuggling and money laundering.
Ex-EY partner Amjad Rihan sued EY after he said he was forced to flee Dubai after alleging the firm helped cover up the smuggling of gold for suspected money laundering.
Today a High Court judge awarded Rihan $10.8m in damages and found that EY breached the principles of integrity, objectivity and professional behaviour
EY had carried out an audit of Dubai refinery Kaloti and discovered that in 2013 it had received large quantities of gold coated in silver from Morocco which had been declared as gold to Dubai authorities but may have been declared as silver to Morocco authorities to evade export restrictions.
The audit also found that 40 per cent, amounting to $5.2bn, of Kaloti’s business was conducted in cash.
Rihan said his bosses at EY tried to water down the report into Kaloti and did not want the results to become public.
In 2013 Rihan fled Dubai and subsequently resigned from the firm. He published the findings of the audit in 2014, despite legal threats from EY’s lawyers.
The judge, Justice Kerr, heavily criticised EY’s conduct and accused the firm and its staff of “failing to act with integrity”.
The Defendants “were not acting with integrity because it was obvious that the proposed audit report would mislead by omitting or playing down the damning findings about how Kaloti was running its business in March 2012.
“They were not acting with objectivity because they proposed to bow to pressure from the DMCC [Dubai Multi Commodities Centre], which was obviously not impartial and unbiased, to conceal or minimise Kaloti’s wrongdoing.
“The defendants thereby sought to involve the claimant in
unethical conduct, putting them in breach of the audit duty of care,” the judgment said.
The judgment also found there was no evidence EY had a policy to protect whistleblowers.
“The EY organisation was supposed to have a written whistleblowing policy, though I have no evidence that it had one,” the judge wrote.
Justice Kerr also criticised the evidence of three witnesses called by EY who were all senior member of the firm’s management team at the time.
Mark Otty – formerly Europe managing partner and now global emerging markets deputy chair, Herve Labaude – formery global deputy general counsel and now retired, and Bernard Heller – professional practice director for Europe Middle East,
India and Africa.
“I did not find Mr Labaude to be a reliable or candid witness on undocumented matters,” the judgment read.
The judge said Otty was “calculating and given in search of legal advantage, without regard for objective truth or accurate recollection”.
The judgment described Heller as “not a satisfactory witness” and said: “His answers to questions attempted to minimise his
involvement in a drafting exercise in which… he was centrally
involved.”
In a statement, Rihan said: “Almost seven years of agony for me and my family has come to an end with a total vindication by the court.
“My life was turned upside down as I was cruelly and harshly punished for insisting on doing my job ethically, professionally and lawfully in relation to the gold audits in Dubai.”
His solicitor, Paul Dowling of Leigh Day, said: “For years EY has refused to admit any wrongdoing in relation to the Kaloti audit. Instead it accused Mr Rihan of being a liar and a fantasist.
Sign up to City A.M.’s Midday Update newsletter, delivered to your inbox every lunchtime
“Our client’s character and actions have now been completely vindicated by the court. By contrast it is EY which has been found to have committed serious professional misconduct at the highest echelons of the organisation.”
EY Global today said it was “surprised and disappointed” at the court’s decision and said it would appeal.
EY Global said in a statement: “It was the work of an EY Dubai assurance team that uncovered serious irregularities and reported them to the proper authorities. Their work ultimately resulted in sanctions against the refiner and contributed to significant changes in the sourcing of precious metals and the regulation of refiners in Dubai.
“The judge’s decision calls into question the objectivity and integrity of the Dubai regulator and suggests that it was not sufficient to conduct the assurance engagement in accordance with the regulatory standards of Dubai.”


cityam--2020-04-17--Kurt Geiger: Customers will remember retailers' coronavirus response

Businesses that protect employees and support the NHS during the coronavirus pandemic will be rewarded by customers when the crisis is over , according to Kurt Geiger chief executive Neil Clifford .
“ Customers will remember who has done the right thing , and who maybe hasn ’ , t and we want to be on the right side of that when we come out on the other side , ” Clifford told City A.M ’ s The City View podcast today .
Read more : The City View , from City A.M. , with Neil Clifford – CEO of @ @ @ @ @ @ @ must be dreadful , to worry about whether you ’ re going to have a job , are you going to get paid , that ’ s why we made the commitment that we will protect all of our sales staff for the length of the event , ” he said .
All shop teams are currently still receiving their full salaries , following support from majority shareholder Cinven and Lloyds bank .
Clifford has also suspended his salary while the shoe shop ’ s stores are closed .
Kurt Geiger will also @ @ @ @ @ @ @ workers throughout the crisis .
Other retail bosses that have taken a pay cut include Dunelm boss Nick Wilkinson , who has volunteered to take a 90 per cent pay cut , and Primark chief executive Paul Marchant , who has cut his salary in half .
Some supermarkets have also increased staff bonuses and offered NHS staff discounts .
Read more : UK retail sales suffer worst fall in 25 years due to lockdown Meanwhile , luxury goods manufacturers such as Burberry and Louis Vuitton owner LVMH have pivoted to producing hospital @ @ @ @ @ @ @ other retailers have been criticised for their response to the coronavirus outbreak .
Sports Direct owner Mike Ashley was forced to issue an apology after his firm initially sought to keep stores open , claiming the budget sports retailer was an essential store .

Kurt Geiger: Customers will remember retailers’ coronavirus response
Businesses that protect employees and support the NHS during the coronavirus pandemic will be rewarded by customers when the crisis is over, according to Kurt Geiger’s chief executive.
“Customers will remember who has done the right thing, and who maybe hasn’t, and we want to be on the right side of that when we come out on the other side,” Neil Clifford told City A.M’s The City View podcast today.
“For our consumers it must be dreadful, to worry about whether you’re going to have a job, are you going to get paid, that’s why we made the commitment that we will protect all of our sales staff for the length of the event,” he said.
All Kurt Geiger’s shop teams are currently still receiving their full salaries, following support from majority shareholder Cinven and Lloyds bank. Clifford has also suspended his salary while the shoe chain’s stores are closed.
Kurt Geiger will also give £5m worth of stock to NHS workers throughout the crisis.
Other retail bosses that have taken a pay cut include Dunelm boss Nick Wilkinson, who has volunteered to take a 90 per cent pay cut, and Primark chief executive Paul Marchant, who has cut his salary in half.
Some supermarkets have also increased staff bonuses and offered NHS staff discounts.
Meanwhile, luxury goods manufacturers such as Burberry and Louis Vuitton owner LVMH have pivoted to producing hospital gowns and hand sanitiser.
However, other retailers have been criticised for their response to the coronavirus outbreak.
Sports Direct owner Mike Ashley was forced to issue an apology after his firm initially sought to keep stores open, claiming the budget sports retailer was an essential store.


cityam--2020-04-17--Netflix's value hits record $196bn in coronavirus lockdown

Netflix has become a more valuable company than both US oil giant Exxo Mobil and rival Disney as demand for home entertainment booms amid the coronavirus lockdown .
Shares in the streaming company climbed five per cent on Thursday to a new record high of $ 448 , taking its market value to $ 196bn .
Read more : FTSE 100 jumps on hopes of coronavirus drug breakthrough At the same time , Exxon Mobil ’ s share price fell three per cent to $ 39.30 , giving it a market capitalisation of $ 166bn as the price of oil @ @ @ @ @ @ @ , Netflix has been buoyed by the success of original content released after lockdown measures were imposed .
This includes Netflix ’ s recent seven-part documentary series Tiger King , which tells the story of Joe Exotic , an eccentric zoo owner in Oklahoma .
It is also thought that as Hollywood productions are suspended , Netflix is freeing up its cash flow as it accumulates revenue .
Other streaming giants such as Amazon Prime , with an estimated 118m customers , and the newly-launched Disney Plus , have also benefited from new @ @ @ @ @ @ @ , which includes the original Star Wars series The Mandalorian , went live in the UK and other western European markets in February .
It has already doubled its global subscriber base to 50m .
But shares in Disney have nonetheless fallen after it was forced to close its theme parks and postpone film releases .
Analysts have estimated that the company could be facing an 11m fall in visitor numbers across its theme parks , at a potential cost of $ 500m .
Disney , which also owns sports broadcaster ESPN and @ @ @ @ @ @ @ valued below $ 184bn .
This is significantly down on its market value last year , when it was valued at $ 258bn .
Meanwhile , oil giants Exxon Mobil and UK-headquartered BP and Royal Dutch Shell have seen their stocks collapse as demand for oil has fallen to its lowest level in 25 years .
Read more : China says Wuhan coronavirus death toll 50 per cent higher than previously reported Earlier this month , Exxon Mobil announced that their capital investments for 2020 are now expected to be about $ 23bn @ @ @ @ @ @ @ 33bn .
Chairman Darren Woods said : “ After a thorough evaluation of the impacts of the pandemic and market conditions , we have worked closely with business partners to plan and execute capital adjustments that preserve long-term value , maximize cost efficiency , and put us in the strongest position when market conditions improve .
”

Netflix’s value hits record $196bn in coronavirus lockdown
Tiger King is one of the most popular shows in lockdown, heloing Netflix’s market cap surge to $196bn
Netflix has become a more valuable company than both US oil giant Exxo Mobil and rival Disney as demand for home entertainment booms amid the coronavirus lockdown.
Shares in the streaming company climbed five per cent on Thursday to a new record high of $448, taking its market value to $196bn.
At the same time, Exxon Mobil’s share price fell three per cent to $39.30, giving it a market capitalisation of $166bn as the price of oil slumped.
With over 160m subscribers worldwide, Netflix has been buoyed by the success of original content released after lockdown measures were imposed.
This includes Netflix’s recent seven-part documentary series Tiger King, which tells the story of Joe Exotic, an eccentric zoo owner in Oklahoma.
It is also thought that as Hollywood productions are suspended, Netflix is freeing up its cash flow as it accumulates revenue.
Other streaming giants such as Amazon Prime, with an estimated 118m customers, and the newly-launched Disney Plus, have also benefited from new users during the pandemic.
Disney Plus, which includes the original Star Wars series The Mandalorian, went live in the UK and other western European markets in February.
It has already doubled its global subscriber base to 50m.
But shares in Disney have nonetheless fallen after it was forced to close its theme parks and postpone film releases.
Analysts have estimated that the company could be facing an 11m fall in visitor numbers across its theme parks, at a potential cost of $500m.
Disney, which also owns sports broadcaster ESPN and a cruise line operation, is now valued below $184bn.
This is significantly down on its market value last year, when it was valued at $258bn.
Meanwhile, oil giants Exxon Mobil and UK-headquartered BP and Royal Dutch Shell have seen their stocks collapse as demand for oil has fallen to its lowest level in 25 years.
Earlier this month, Exxon Mobil announced that their capital investments for 2020 are now expected to be about $23bn, down from a previously announced $33bn.
Chairman Darren Woods said: “After a thorough evaluation of the impacts of the pandemic and market conditions, we have worked closely with business partners to plan and execute capital adjustments that preserve long-term value, maximize cost efficiency, and put us in the strongest position when market conditions improve.”


cityam--2020-04-17--Coronavirus: £7bn wiped off Brewin Dolphin funds

Wealth management firm Brewin Dolphin took a £7.1bn hit on the funds it manages in its latest quarter due to the coronavirus pandemic .
Brewin Dolphin ’ s total funds decreased by 14.6 per cent to £41.4bn in the second quarter , down from £48.5bn , with discretionary funds down 14.6 per cent to £35.7bn from £41.8bn .
Read more : US oil price tumbles as coronavirus gloom returns to energy market The MSCI WMA Private Investor Balanced Index fell by 15.2 per cent and the FTSE 100 Index fell by 24.8 per cent , during the quarter ended 31 @ @ @ @ @ @ @ caused by the coronavirus crisis .
The London-based firm warned it could not predict the impact of the coronavirus pandemic on profitability .
However it said it currently had no intention in participating in government schemes set up to help businesses that are struggling during the crisis .
Brewin Dolphin hief executive David Nicol said : “ We were encouraged by our good performance in the first quarter with improving markets and positive discretionary net inflows , which strongly accelerated into the second quarter .
“ Not surprisingly , the rapid spread of @ @ @ @ @ @ @ global markets , has negatively impacted the value of our clients ’ funds and consequently our second quarter total income .
“ We have a strong balance sheet with good cash generation , and a robust regulatory capital position , which will support us as markets recover and enable us to service the growing demand for financial advice in the UK and Ireland .
We currently have no intention of participating in any government schemes.
” Read more : China says Wuhan coronavirus death toll 50 per cent higher than previously reported Larger @ @ @ @ @ @ @ under its management fell by nearly a trillion dollars at the end of its fourth quarter due to the market turmoil .
Meanwhile , British peers Ashmore and Jupiter Fund Management posted 22 per cent and 18.3 per cent drops in assets under management respectively .

Coronavirus: £7bn wiped off Brewin Dolphin funds
Wealth management firm Brewin Dolphin took a £7.1bn hit on the funds it manages in its latest quarter due to the coronavirus pandemic.
Brewin Dolphin’s total funds decreased by 14.6 per cent to £41.4bn in the second quarter, down from £48.5bn, with discretionary funds down 14.6 per cent to £35.7bn from £41.8bn.
The MSCI WMA Private Investor Balanced Index fell by 15.2 per cent and the FTSE 100 Index fell by 24.8 per cent, during the quarter ended 31 March 2020, due to the uncertainty caused by the coronavirus crisis.
The London-based firm warned it could not predict the impact of the coronavirus pandemic on profitability. However it said it currently had no intention in participating in government schemes set up to help businesses that are struggling during the crisis.
Brewin Dolphin hief executive David Nicol said: “We were encouraged by our good performance in the first quarter with improving markets and positive discretionary net inflows, which strongly accelerated into the second quarter.
“Not surprisingly, the rapid spread of Covid-19 and the unprecedented reaction of the global markets, has negatively impacted the value of our clients’ funds and consequently our second quarter total income.
“We have a strong balance sheet with good cash generation, and a robust regulatory capital position, which will support us as markets recover and enable us to service the growing demand for financial advice in the UK and Ireland. We currently have no intention of participating in any government schemes.”
Larger US rival BlackRock yesterday said its assets under its management fell by nearly a trillion dollars at the end of its fourth quarter due to the market turmoil.
Meanwhile, British peers Ashmore and Jupiter Fund Management posted 22 per cent and 18.3 per cent drops in assets under management respectively.