cityam--2020-09-09--On coronavirus, governments have been the most irrational of us all

Decisions , whether by individuals , companies or governments , are often made with imperfect and incomplete information .
This is so obvious as to hardly seem worth stating .
But for well over a century economic theory assumed that decisions were made with complete information .
Economists knew full well that this was not always the case .
The problem was that building a formal model without this assumption was a formidable task .
Read more : London coronavirus cases : How many infections are in your London borough ?
It was solved in the late 1960s by the @ @ @ @ @ @ @ , the enigmatically titled “ Market for Lemons ” , won him the Nobel Prize .
The article is probably the most cited in the entire history of economics .
The coronavirus crisis provides an almost textbook example of how different amounts and quality of information affect the decisions which are made .
In March , initial data from China suggested the death rate was between three and four per cent , a real pandemic .
The chaos in the health system in northern Italy was a prominent feature in the media .
@ @ @ @ @ @ @ ’ s libertarian instincts , a compulsory lockdown was introduced .
Little wonder that people reacted with fear to the virus .
Six months later , whilst there is still much to discover about Covid , far more is now known .
It is well established that almost everyone who has died had some serious pre-existing health condition .
Perhaps even more importantly , virtually no-one under the age of 40 , or even 50 , has died .
Many people have reacted to this information in an entirely rational way .
Those @ @ @ @ @ @ @ or having a health problem continue to shield .
The young see they are at essentially no risk at all and start to behave as they did before the virus appeared .
In Scotland , for example , it seems that around half the new infections are in mere whippersnappers under the age of 25 .
More generally across the UK , although the reported number of new cases is rising , hospital admissions remain very low because new infections are concentrated amongst the young .
These behavioural responses have arisen entirely spontaneously @ @ @ @ @ @ @ has improved .
Many have weighed the costs and benefits in the light of this information and have made rational decisions .
The idea that people would change their behaviour during a pandemic was of course almost entirely absent from the mathematical models used by epidemiologists .
It is this which led to absurd predictions both of half a million deaths in the UK in the first place and of fears of a second wave with even more deaths .
Some individuals who are at little risk remain paralysed by fear .
They @ @ @ @ @ @ @ so behave in non-rational ways .
Read more : The City View : Andy Haldane , Bank of England chief economist , on the risk of contagious pessimism and the prospects for economic recovery But it is governments which right now are the least rational of all .
Nicola Sturgeon wants to eradicate Covid when even New Zealand , a country which can seal its borders , could not .
And governments persist in incurring the costs of lockdown , when people have shown that they are capable of behaving in sensible and @ @ @ @ @ @ @ Ormerod is an economist at Volterra Partners LLP , a Visiting Professor in the Department of Computer Science at UCL , and author of Against the Grain : Insights of an Economic Contrarian , published by the IEA in conjunction with City AM

On coronavirus, governments have been the most irrational of us all
Decisions, whether by individuals, companies or governments, are often made with imperfect and incomplete information.
This is so obvious as to hardly seem worth stating. But for well over a century economic theory assumed that decisions were made with complete information. Economists knew full well that this was not always the case. The problem was that building a formal model without this assumption was a formidable task.
It was solved in the late 1960s by the American economist George Akerlof. His paper, the enigmatically titled “Market for Lemons”, won him the Nobel Prize. The article is probably the most cited in the entire history of economics.
The coronavirus crisis provides an almost textbook example of how different amounts and quality of information affect the decisions which are made.
In March, initial data from China suggested the death rate was between three and four per cent, a real pandemic. The chaos in the health system in northern Italy was a prominent feature in the media.
Little wonder that, against Boris Johnson’s libertarian instincts, a compulsory lockdown was introduced. Little wonder that people reacted with fear to the virus.
Six months later, whilst there is still much to discover about Covid, far more is now known.
It is well established that almost everyone who has died had some serious pre-existing health condition. Perhaps even more importantly, virtually no-one under the age of 40, or even 50, has died.
Many people have reacted to this information in an entirely rational way.
Those who perceive themselves as being either elderly or having a health problem continue to shield. The young see they are at essentially no risk at all and start to behave as they did before the virus appeared.
In Scotland, for example, it seems that around half the new infections are in mere whippersnappers under the age of 25. More generally across the UK, although the reported number of new cases is rising, hospital admissions remain very low because new infections are concentrated amongst the young.
These behavioural responses have arisen entirely spontaneously as the quality and quantity of information has improved. Many have weighed the costs and benefits in the light of this information and have made rational decisions.
The idea that people would change their behaviour during a pandemic was of course almost entirely absent from the mathematical models used by epidemiologists. It is this which led to absurd predictions both of half a million deaths in the UK in the first place and of fears of a second wave with even more deaths.
Some individuals who are at little risk remain paralysed by fear. They are still relying on outdated information and so behave in non-rational ways.
But it is governments which right now are the least rational of all. Nicola Sturgeon wants to eradicate Covid when even New Zealand, a country which can seal its borders, could not.
And governments persist in incurring the costs of lockdown, when people have shown that they are capable of behaving in sensible and rational ways without government interference.
Paul Ormerod is an economist at Volterra Partners LLP, a Visiting Professor in the Department of Computer Science at UCL, and author of Against the Grain: Insights of an Economic Contrarian, published by the IEA in conjunction with City AM


cityam--2020-09-08--Knight Frank launches auction business to battle coronavirus uncertainty

Estate agent Knight Frank has launched an auction business to help clients sell homes faster during the heightened period of uncertainty caused by the coronavirus pandemic .
The property consultancy announced this morning that it will hold seven sales in total , with the next one held on 22 October , following a successful trial in July .
Read more : Coronavirus : Knight Frank and Rightmove call for stamp duty holiday to reignite market Further auctions will take place this December and in February 2021 .
The move follows a trial in early July , after the UK housing @ @ @ @ @ @ @ to lockdown restrictions , which featured eight lots with an average capital value of £910,000 .
The entry into the auctions sector was prompted by the restrictions imposed in March , which prohibited estate agents from viewing and valuing properties .
The service will focus on residential properties initially but commercial lots are likely to be offered in the future , Knight Frank said .
Knight Frank head of UK residential Tim Hyatt said : “ We are dedicated to offering our clients the best possible service .
“ In order to provide @ @ @ @ @ @ @ we have made the decision to progress with a series of auctions following a successful trial of the platform earlier in the year .
“ We are constantly looking at how we can evolve our business in order to best cater for the current demand and market conditions .
Read more : UK mortgage lending rises in July as housing market picks up post-lockdown “ Our auctions facility is the latest in a series of innovations from Knight Frank that aim to better inform and service our diverse range of clients .
“ @ @ @ @ @ @ @ team we have put in place , recruiting Richard Watson to head up the initiative .
”

Knight Frank launches auction business to battle coronavirus uncertainty
Estate agent Knight Frank has launched an auction business to help clients sell homes faster during the heightened period of uncertainty caused by the coronavirus pandemic.
The property consultancy announced this morning that it will hold seven sales in total, with the next one held on 22 October, following a successful trial in July.
Further auctions will take place this December and in February 2021.
The move follows a trial in early July, after the UK housing market spent months at a standstill due to lockdown restrictions, which featured eight lots with an average capital value of £910,000.
The entry into the auctions sector was prompted by the restrictions imposed in March, which prohibited estate agents from viewing and valuing properties.
The service will focus on residential properties initially but commercial lots are likely to be offered in the future, Knight Frank said.
Knight Frank head of UK residential Tim Hyatt said: “We are dedicated to offering our clients the best possible service.
“In order to provide a comprehensive experience for our customers, we have made the decision to progress with a series of auctions following a successful trial of the platform earlier in the year.
“We are constantly looking at how we can evolve our business in order to best cater for the current demand and market conditions.
“Our auctions facility is the latest in a series of innovations from Knight Frank that aim to better inform and service our diverse range of clients.
“I am delighted with the industry leading team we have put in place, recruiting Richard Watson to head up the initiative.”


cityam--2020-09-08--TheCityUK: Brexit provides an opportunity to evolve trade and migration policy

As the UK readies for Brexit there is a unique opportunity to transform trade and migration policy , the leading City lobbying firm has said .
In a joint report with EY , TheCityUK has set out proposals to evolve the UK ’ s decades-old trade and migration policy which could “ deliver real benefits to the economy ” .
Read more : Financial services trade talks with Switzerland may be a template for post-Brexit success TheCityUK makes it clear that one of the biggest risks the UK faces is bot being ambitious enough and missing the opportunity for more @ @ @ @ @ @ @ focuses on how important this is for financial services , the UK ’ s largest net exporting sector , which relies on non-UK talent for 28 per cent of its workforce .
Recent research finds that 38 per cent of EU nationals currently working in finance would not have qualified under the system had it been in place when they arrived .
The lobbying body has called for increased certainty for businesses around short-term travel .
TheCityUK states that in free-trade agreements the UK should “ focus on the form of commitments ” @ @ @ @ @ @ @ and include a granular list of activities that are allowed .
It also recommends a hybrid short-term category to allow “ productive work ” which would see a new immigration route that combines the controls associated with sponsorship with the flexibility of visitor routes .
Read more : Brexit : UK ‘ won ’ t blink ’ in EU trade talks , says chief negotiator Miles Celic , TheCityUK ’ s chief executive said : “ Innovations in domestic immigration policy over recent months have moved at lightning speed .
Previously unthinkable changes @ @ @ @ @ @ @ extensions for essential workers , scrapping switching rules and new virtual rights to work .
“ Two areas where the UK should now seek to be innovative and collaborative are trade agreements and migration policy .
But to do this , significant gaps remain that need to be tackled , otherwise roles vital for the UK economy and supporting global trade will be left unfilled .
Mobility agreements with trading partners , well publicised to UK businesses and backed by detailed implementation , will be critical to helping to address these gaps .
@

TheCityUK: Brexit provides an opportunity to evolve trade and migration policy
Santiago, Rio De Janeiro , Sao Paulo, and Hong Kong were among the lowest ranked cities of choice, according to the BCG report.
As the UK readies for Brexit there is a unique opportunity to transform trade and migration policy, the leading City lobbying firm has said.
In a joint report with EY, TheCityUK has set out proposals to evolve the UK’s decades-old trade and migration policy which could “deliver real benefits to the economy”.
TheCityUK makes it clear that one of the biggest risks the UK faces is bot being ambitious enough and missing the opportunity for more creativity in this area.
The report focuses on how important this is for financial services, the UK’s largest net exporting sector, which relies on non-UK talent for 28 per cent of its workforce.
Recent research finds that 38 per cent of EU nationals currently working in finance would not have qualified under the system had it been in place when they arrived.
The lobbying body has called for increased certainty for businesses around short-term travel. TheCityUK states that in free-trade agreements the UK should “focus on the form of commitments” in the area of short-term business visits and include a granular list of activities that are allowed.
It also recommends a hybrid short-term category to allow “productive work” which would see a new immigration route that combines the controls associated with sponsorship with the flexibility of visitor routes.
Miles Celic, TheCityUK’s chief executive said: “Innovations in domestic immigration policy over recent months have moved at lightning speed. Previously unthinkable changes were delivered overnight, including automatic visa extensions for essential workers, scrapping switching rules and new virtual rights to work.
“Two areas where the UK should now seek to be innovative and collaborative are trade agreements and migration policy. But to do this, significant gaps remain that need to be tackled, otherwise roles vital for the UK economy and supporting global trade will be left unfilled. Mobility agreements with trading partners, well publicised to UK businesses and backed by detailed implementation, will be critical to helping to address these gaps.”


cityam--2020-09-08--Shakespeare: Pret A Manger launches coffee subscription service

On-the-go lunch seller Pret A Manger has made no secret of the difficult time it ’ s had as a result of the coronavirus crisis .
After lockdown , and as Britons continued to work from home and avoid city centres , it announced store closures and job losses after sales tumbled 74 % year-on-year .
In order for the business to survive the new normal the chain has now launched ‘ YourPret Barista ’ , a coffee subscription service costing £20 a month .
The chain ’ s chief executive said the company needed to adapt itself to changing @ @ @ @ @ @ @ doubt that workers will be coming into the office less often than before COVID .
Coffee sales have risen faster than food since reopening in May and the recovery in sales has also been quicker outside central London .
New YouGov BrandIndex data shows that since the scheme was announced last week , Pret A Manger ’ s Word of Mouth Exposures scores ( whether someone has talked about the brand with friends and family in the last two weeks ) rose 11.4 points at its peak while Consideration scores ( whether someone @ @ @ @ @ @ @ future ) rose 4.0 at its peak among those who are current or former customers .
Similarly Customer Satisfaction scores have increased 10 points ( from 35.1 to 45.1 ) as of Tuesday .
More than a third of Pret customers say that they like to indulge in fancy coffee drinks , 11-percentage- points more than the national average ( 37 % versus 26 % ) .
They ’ re also more likely to spend more with ( 55 % versus 36 % ) and be loyal to brands ( 60 % versus @ @ @ @ @ @ @ a member of their loyalty scheme .
A snap poll carried out on Tuesday showed that while the majority said that they wouldn ’ t consider buying a coffee subscription , 9 % of Britons would , with 3 % strongly considering purchasing one .
The proportion of those who would consider purchasing a subscription is highest in London ( 13 % ) followed by the rest of the South ( 9 % ) and the North ( 9 % ) .
Almost a fifth of those aged between 18 and 24 would @ @ @ @ @ @ @ ( 19 % ) .
While the numbers are marginally positive for this new Pret initiative , it remains to be seen whether this will be a clear winner .

Shakespeare: Pret A Manger launches coffee subscription service
On-the-go lunch seller Pret A Manger has made no secret of the difficult time it’s had as a result of the
coronavirus crisis.
After lockdown, and as Britons continued to work from home and avoid city centres, it announced store closures and job losses after sales tumbled 74% year-on-year.
In order for the business to survive the new normal the chain has now launched ‘YourPret Barista’, a
coffee subscription service costing £20 a month. The chain’s chief executive said the company needed to
adapt itself to changing consumer patterns and that there was no doubt that workers will be coming
into the office less often than before COVID.
Coffee sales have risen faster than food since reopening in May and the recovery in sales has also been
quicker outside central London.
New YouGov BrandIndex data shows that since the scheme was announced last week, Pret A Manger’s
Word of Mouth Exposures scores (whether someone has talked about the brand with friends and family
in the last two weeks) rose 11.4 points at its peak while Consideration scores (whether someone would
consider purchasing from the brand in future) rose 4.0 at its peak among those who are current or
former customers. Similarly Customer Satisfaction scores have increased 10 points (from 35.1 to 45.1) as
of Tuesday.
More than a third of Pret customers say that they like to indulge in fancy coffee drinks, 11-percentage-
points more than the national average (37% versus 26%). They’re also more likely to spend more with
(55% versus 36%) and be loyal to brands (60% versus 40%) when they’re a member of their loyalty
scheme.
A snap poll carried out on Tuesday showed that while the majority said that they wouldn’t consider
buying a coffee subscription, 9% of Britons would, with 3% strongly considering purchasing one. The
proportion of those who would consider purchasing a subscription is highest in London (13%) followed
by the rest of the South (9%) and the North (9%). Almost a fifth of those aged between 18 and 24 would
consider subscribing to this sort of service (19%).
While the numbers are marginally positive for this new Pret initiative, it remains to be seen whether this
will be a clear winner.


cityam--2020-09-08--Nearly 100 UK MPs condemn the ethnic cleansing of China's Uighur Muslims

More than 100 British parliamentarians have written to China ’ s UK ambassador to condemn the ethnic cleansing of Uighur Muslims in the country ’ s north .
The letter , written by Labour MP Siobhain McDonagh and signed by 76 MPs and 57 Lords , tells ambassador Liu Xiaoming that “ chilling ” footage of Uighur Muslims being sent to internment camps in China was similar to “ historical footage of Nazi concentration camps ” .
The group of parliamentarians – which includes Liberal Democrat leader Sir Ed Davey and former Tory leader Sir Iain Duncan Smith – expressed @ @ @ @ @ @ @ Chinese state , while accusing it of conducting a “ systematic and calculated programme of ethnic cleansing against the Uighur people ” .
It has been estimated that 1m Uighur Muslims are being held in internment camps in the northern Chinese province of Xinjiang .
Before the Open newsletter : Start your day with the City View podcast and key market data Evidence has also been uncovered of forced sterilisations of Uighur women , with birth rates falling by as much as 60 per cent in some Muslim majority areas .
Xiaoming became @ @ @ @ @ @ @ after he was shown footage during a BBC interview of hundreds of chained Uihurs being loaded onto trains headed for internment camps .
The Chinese ambassador responded to the footage by saying Xinjiang was the most beautiful place in China , before adding that the video was just a “ transfer of prisoners ” and that Uighurs have a “ harmonious ” life .
Tom Tugendhat , Tory MP and chair of parliament ’ s Foreign Affairs Committee , called Xiaoming a “ bully ” in City A.M. ’ s podcast last month @ @ @ @ @ @ @ responsibility to take action and put a stop to the oppression and ethnic cleansing in China .
“ This is a systematic and calculated programme of ethnic cleansing against the Uighur people , ” she said .
“ Condemning it is one thing , taking action against a world super power is another .
“ When the world is presented with such overwhelming evidence of gross human rights abuses , nobody can turn a blind eye.
” Read more : China retaliates with sanctions in US row over Uighur Muslims In July , @ @ @ @ @ @ @ committing “ gross , egregious human rights abuses ” against Uighurs .
However , there has been no formal British sanctions levelled against China for the country ’ s apparent ethnic cleansing campaign .

Nearly 100 UK MPs condemn the ethnic cleansing of China’s Uighur Muslims
More than 100 British parliamentarians have written to China’s UK ambassador to condemn the ethnic cleansing of Uighur Muslims in the country’s north.
The letter, written by Labour MP Siobhain McDonagh and signed by 76 MPs and 57 Lords, tells ambassador Liu Xiaoming that “chilling” footage of Uighur Muslims being sent to internment camps in China was similar to “historical footage of Nazi concentration camps”.
The group of parliamentarians – which includes Liberal Democrat leader Sir Ed Davey and former Tory leader Sir Iain Duncan Smith – expressed their “absolute condemnation” of the Chinese state, while accusing it of conducting a “systematic and calculated programme of ethnic cleansing against the Uighur people”.
It has been estimated that 1m Uighur Muslims are being held in internment camps in the northern Chinese province of Xinjiang.
Before the Open newsletter: Start your day with the City View podcast and key market data
Evidence has also been uncovered of forced sterilisations of Uighur women, with birth rates falling by as much as 60 per cent in some Muslim majority areas.
Xiaoming became a source of controversy in July, after he was shown footage during a BBC interview of hundreds of chained Uihurs being loaded onto trains headed for internment camps.
The Chinese ambassador responded to the footage by saying Xinjiang was the most beautiful place in China, before adding that the video was just a “transfer of prisoners” and that Uighurs have a “harmonious” life.
Tom Tugendhat, Tory MP and chair of parliament’s Foreign Affairs Committee, called Xiaoming a “bully” in City A.M.’s podcast last month.
McDonagh said western countries had a responsibility to take action and put a stop to the oppression and ethnic cleansing in China.
“This is a systematic and calculated programme of ethnic cleansing against the Uighur people,” she said.
“Condemning it is one thing, taking action against a world super power is another.
“When the world is presented with such overwhelming evidence of gross human rights abuses, nobody can turn a blind eye.”
In July, foreign secretary Dominic Raab accused Beijing of committing “gross, egregious human rights abuses” against Uighurs.
However, there has been no formal British sanctions levelled against China for the country’s apparent ethnic cleansing campaign.


cityam--2020-09-08--Coronavirus insolvency measures must be extended, says IoD

The Institute of Directors is calling for an urgent extension to emergency insolvency measures to prevent a swathe of job losses and company collapses .
In June , the government introduced emergency legislation to suspend the threat of liability for “ wrongful trading ” until 30 September 2020 .
Before the measures were introduced , the board of directors had a strict duty to announce a cessation of trading if the company is facing insolvency , and may face financial or legal liabilities if they seek finance instead of doing so .
The Institute of Directors ( IoD ) has @ @ @ @ @ @ @ measures could lead to “ entirely preventable company collapses ” .
It is pushing for an extension to the end of the year , to aid the economic recovery and to safeguard jobs .
Roger Barker , director of policy and corporate governance said : “ The recovery has begun , but businesses are not out of the woods yet .
As we start to emerge from the pandemic , many normally successful small firms are in a perilous position , and we must give them a chance to get back on their @ @ @ @ @ @ @ for a fresh wave of distress as the government ’ s schemes that have kept thousands of companies afloat comes to an end .
Businesses in the retail and hospitality sectors have been hardest hit by the pandemic and subsequent lockdown , with a number of retailers pleading with landlords to cut rents .
Read more : Government to push through insolvency reforms as coronavirus crisis bites It follows calls from numerous industry bodies for the extension of the government ’ s job retention scheme in a bid to stem mass redundancies as @ @ @ @ @ @ @ : “ Without these measures , we could see some entirely preventable company collapses , putting our economic recovery and jobs at risk .
Directors must be in a position to see their organisations through the crisis , they shouldn ’ t be penalised for acting responsibly amid unprecedented circumstances .
”

Coronavirus insolvency measures must be extended, says IoD
(Photo by TOLGA AKMEN/AFP via Getty Images)
The Institute of Directors is calling for an urgent extension to emergency insolvency measures to prevent a swathe of job losses and company collapses.
In June, the government introduced emergency legislation to suspend the threat of liability for “wrongful trading” until 30 September 2020.
Before the measures were introduced, the board of directors had a strict duty to announce a cessation of trading if the company is facing insolvency, and may face financial or legal liabilities if they seek finance instead of doing so.
The Institute of Directors (IoD) has said that a failure to extend these measures could lead to “entirely preventable company collapses”. It is pushing for an extension to the end of the year, to aid the economic recovery and to safeguard jobs.
Roger Barker, director of policy and corporate governance said: “The recovery has begun, but businesses are not out of the woods yet. As we start to emerge from the pandemic, many normally successful small firms are in a perilous position, and we must give them a chance to get back on their feet.”
Some restructuring firms are preparing for a fresh wave of distress as the government’s schemes that have kept thousands of companies afloat comes to an end.
Businesses in the retail and hospitality sectors have been hardest hit by the pandemic and subsequent lockdown, with a number of retailers pleading with landlords to cut rents.
It follows calls from numerous industry bodies for the extension of the government’s job retention scheme in a bid to stem mass redundancies as it unwinds next month.
Barker added: “Without these measures, we could see some entirely preventable company collapses, putting our economic recovery and jobs at risk. Directors must be in a position to see their organisations through the crisis, they shouldn’t be penalised for acting responsibly amid unprecedented circumstances.”


cityam--2020-09-08--Business leaders back switch to airport testing

The majority of UK business leaders believe the government should scrap the current quarantine regime on air travel and replace it with airport testing , new data has shown .
According to a survey by London City Airport , 71 per cent of senior executives think that removing the current restrictions in favour of a testing programme would give firms confidence to begin travelling again .
Read more : Everybody loves a comeback and London ’ s could be glorious A further 64 per cent of respondents said that air travel was important for the future of their businesses , @ @ @ @ @ @ @ were the main obstacle to business travel restarting properly .
Robert Sinclair , London City Airport ’ s chief executive , said : “ Aviation is vital for London ’ s economy .
It brings tourists and business people from all over the world to our city and they , in turn , benefit the London economy by spending in our hotels , restaurants , pubs , theatres , and across the Transport for London network .
“ As our research shows the demand among business leaders to continue flying remains strong and @ @ @ @ @ @ @ a crucial element in our recovery.
” In recent weeks , the UK travel and aviation sector has been united in its calls for the government to implement an airport testing regime in order to get global air travel going again .
Industry representatives point to countries such as Germany , Greece , and Iceland as examples of how effective such a policy can be .
On Sunday the Labour Party said that ministers should review the impact switching to such a system would have , although the government has continued to insist @ @ @ @ @ @ @ silver bullet ” for the problem .
Ministers have however indicated that they are working on ways to reduce the amount of time people have to spend in isolation , with tests after eight days one possible solution .
Before the Open newsletter : Start your day with the City View podcast and key market data Jeremy Rees , chief executive of events venue Excel London , said that implementing airport testing would be a “ much needed shot in the arm ” for business .
Tom Thackray , director of infrastructure and @ @ @ @ @ @ @ said the step was “ essential ” if the government was serious about getting passengers flying safely again .
Lawmakers will debate the issue in parliament on Thursday , with Tory backbenchers widely expected to voice their support for the policy shift .
The new data comes after ministers imposed quarantine restrictions on seven Greek islands , raising hopes from some quarters that it might shift to a regional approach .
However , not everyone was as optimistic about the change of tack , with Kuoni boss Derek Jones labelling it a “ @ @ @ @ @ @ @ holiday firm ’ s UK managing director , the step “ adds complexity and solves nothing ” .
Read more : UK working on reducing quarantine restrictions , says Matt Hancock “ We need a comprehensive testing regime for all UK arrivals ” , he added .
“ Nothing else will make a difference ” .
Global aviation body IATA boss Alexandre de Juniac has also added his voice to the calls , telling the Telegraph that the “ stop-start ” quarantine scheme had not been “ successful ” and was “ vaporising @ @ @

Business leaders back switch to airport testing
Londoners in tier 2 will be urged to travel only if necessary, but it won’t be illegal
The majority of UK business leaders believe the government should scrap the current quarantine regime on air travel and replace it with airport testing, new data has shown.
According to a survey by London City Airport, 71 per cent of senior executives think that removing the current restrictions in favour of a testing programme would give firms confidence to begin travelling again.
A further 64 per cent of respondents said that air travel was important for the future of their businesses, with 48 per cent saying the restrictions were the main obstacle to business travel restarting properly.
Robert Sinclair, London City Airport’s chief executive, said: “Aviation is vital for London’s economy. It brings tourists and business people from all over the world to our city and they, in turn, benefit the London economy by spending in our hotels, restaurants, pubs, theatres, and across the Transport for London network.
“As our research shows the demand among business leaders to continue flying remains strong and getting them back into London will be a crucial element in our recovery.”
In recent weeks, the UK travel and aviation sector has been united in its calls for the government to implement an airport testing regime in order to get global air travel going again.
Industry representatives point to countries such as Germany, Greece, and Iceland as examples of how effective such a policy can be.
On Sunday the Labour Party said that ministers should review the impact switching to such a system would have, although the government has continued to insist that airport testing is not a “silver bullet” for the problem.
Ministers have however indicated that they are working on ways to reduce the amount of time people have to spend in isolation, with tests after eight days one possible solution.
Before the Open newsletter: Start your day with the City View podcast and key market data
Jeremy Rees, chief executive of events venue Excel London, said that implementing airport testing would be a “much needed shot in the arm” for business.
Tom Thackray, director of infrastructure and energy at business body the CBI, said the step was “essential” if the government was serious about getting passengers flying safely again.
Lawmakers will debate the issue in parliament on Thursday, with Tory backbenchers widely expected to voice their support for the policy shift.
The new data comes after ministers imposed quarantine restrictions on seven Greek islands, raising hopes from some quarters that it might shift to a regional approach.
However, not everyone was as optimistic about the change of tack, with Kuoni boss Derek Jones labelling it a “Pyrrhic victory”.
According to the holiday firm’s UK managing director, the step “adds complexity and solves nothing”.
“We need a comprehensive testing regime for all UK arrivals”, he added. “Nothing else will make a difference”.
Global aviation body IATA boss Alexandre de Juniac has also added his voice to the calls, telling the Telegraph that the “stop-start” quarantine scheme had not been “successful” and was “vaporising jobs”.


cityam--2020-09-08--Coronavirus: England to ban meetings of more than six people

Boris Johnson will tomorrow ban social gatherings of more than six people in a tightening of England ’ s coronavirus restrictions .
The Prime Minister will announce at a press conference that the new limit , which will be cut down from 30 , will apply indoors and outdoors and for people of all ages from Monday .
Read more : English coronavirus cases jump to highest level since end of May The change is in response to a jump in coronavirus cases in England , which health secretary Matt Hancock today labelled “ concerning ” .
A total of @ @ @ @ @ @ @ entire UK on Monday , with people in their 20s and 30s the worst affected , according to Hancock .
On Sunday , 2,988 new cases were recorded , which was the highest number of infections since May .
Before the Open newsletter : Start your day with the City View podcast and key market data Johnson is expected to say tomorrow that he needs to “ act now to stop the virus spreading ” and to make the country ’ s Covid-19 restrictions “ easier to understand and for the police to @ @ @ @ @ @ @ add : “ It is absolutely critical that people now abide by these rules and remember the basics – washing your hands , covering your face , keeping space from others , and getting a test if you have symptoms.
” Fines for non-compliance with the new restrictions will be £100 in the first instance and will double for every subsequent violation up to a maximum of £3,200 .
Some exemptions will apply to the rules , such as for weddings , funerals , and for organised team sports that are done in @ @ @ @ @ @ @

Coronavirus: England to ban meetings of more than six people
Boris Johnson will tomorrow ban social gatherings of more than six people in a tightening of England’s coronavirus restrictions.
The Prime Minister will announce at a press conference that the new limit, which will be cut down from 30, will apply indoors and outdoors and for people of all ages from Monday.
The change is in response to a jump in coronavirus cases in England, which health secretary Matt Hancock today labelled “concerning”.
A total of 2,948 Covid-19 cases were recorded throughout the entire UK on Monday, with people in their 20s and 30s the worst affected, according to Hancock.
On Sunday, 2,988 new cases were recorded, which was the highest number of infections since May.
Before the Open newsletter: Start your day with the City View podcast and key market data
Johnson is expected to say tomorrow that he needs to “act now to stop the virus spreading” and to make the country’s Covid-19 restrictions “easier to understand and for the police to enforce”.
He is expected to add: “It is absolutely critical that people now abide by these rules and remember the basics – washing your hands, covering your face, keeping space from others, and getting a test if you have symptoms.”
Fines for non-compliance with the new restrictions will be £100 in the first instance and will double for every subsequent violation up to a maximum of £3,200.
Some exemptions will apply to the rules, such as for weddings, funerals, and for organised team sports that are done in a “Covid secure way”.


cityam--2020-09-08--Royal Albert Hall warns of 'bleak future' as it asks public for donations

The Royal Albert Hall is asking for £20m in donations from the public in a bid to survive the impact of the pandemic .
Since closing its doors in March , the venue has lost £18m in income and refunded over £6.5m in ticket sales .
The chief executive has since warned it could go bust by March next year if it does not receive urgent financial support .
Read more : Southbank Centre to slash 400 jobs as coronavirus hammers the arts The Albert Hall relies on revenue from events , annual contributions from seatholders and donations from organisations @ @ @ @ @ @ @ would ordinarily expect to make approximately £6m surplus each year .
The government announced a £1.57bn rescue package for the arts but the Albert Hall is ineligible for help .
It has been advised to apply for a loan , which it will only receive in December .
Chief executive Craig Hassall said : “ Six months on from enforced closure , and circa £18m down in lost income , we are not eligible for any of the Government ’ s emergency grants .
This leaves us in an extremely perilous position , @ @ @ @ @ @ @ income , apart from a government loan which may or may not materialise.
” Read more : London theatres call for ticket discount scheme to revive West End “ We raised concerns months ago about the potential for independent , unfunded organisations such as the Royal Albert Hall to miss out on government support , and especially having been held up by Government as a ‘ crown jewel ’ that must be saved .
With millions of pounds of essential building work called to a halt owing to COVID we had hoped to @ @ @ @ @ @ @ have been informed that , as we are not a portfolio of nationally spread sites , we are not eligible for this scheme.
” He added : “ The Royal Albert Hall now faces a bleak future unless it can secure not only a repayable Government loan , but also urgent donations to plug our current £20m shortfall .
”

Royal Albert Hall warns of ‘bleak future’ as it asks public for donations
(Photo by Tristan Fewings/Getty Images for Global Citizen)
The Royal Albert Hall is asking for £20m in donations from the public in a bid to survive the impact of the pandemic.
Since closing its doors in March, the venue has lost £18m in income and refunded over £6.5m in ticket sales. The chief executive has since warned it could go bust by March next year if it does not receive urgent financial support.
The Albert Hall relies on revenue from events, annual contributions from seatholders and donations from organisations and members of the public.
It would ordinarily expect to make approximately £6m surplus each year.
The government announced a £1.57bn rescue package for the arts but the Albert Hall is ineligible for help. It has been advised to apply for a loan, which it will only receive in December.
Chief executive Craig Hassall said: “Six months on from enforced closure, and circa £18m down in lost income, we are not eligible for any of the Government’s emergency grants. This leaves us in an extremely perilous position, with no way of replacing our lost income, apart from a government loan which may or may not materialise.”
“We raised concerns months ago about the potential for independent, unfunded organisations such as the Royal Albert Hall to miss out on government support, and especially having been held up by Government as a ‘crown jewel’ that must be saved. With millions of pounds of essential building work called to a halt owing to COVID we had hoped to be eligible for a capital grant but have been informed that, as we are not a portfolio of nationally spread sites, we are not eligible for this scheme.”
He added: “The Royal Albert Hall now faces a bleak future unless it can secure not only a repayable Government loan, but also urgent donations to plug our current £20m shortfall.”


cityam--2020-09-08--UK retailers encouraged to boost exports after Covid-19 batters high streets

UK retail and consumer brands will be encouraged to ramp up international exporting and online sales amid dwindling high street footfall as part of the government ’ s coronavirus bounceback plans .
The Department for International Trade today unveiled a raft of measures to support brands with exporting and improving their ecommerce platforms after the Covid-19 pandemic accelerated the shift to online shopping .
Read more : UK retail sector shows ‘ promising ’ signs of recovery in August Exports minister Graham Stuart told City A.M. that UK firms must “ balance the business ” between online and offline sales @ @ @ @ @ @ @ : “ I think the world has changed .
It is not that the high street is finished , far from it , but ecommerce is only growing in importance .
“ If we want British brands and retailers to be successful we have to encourage them to balance the business between online and offline sales and UK and exports.
” The measures include a digital Consumer and Retail Export Academy – open to businesses of all sizes – to help them secure international opportunities .
Firms will also be given access to @ @ @ @ @ @ @ increase routes to market following store closures due to Covid-19 .
UK consumer and retail businesses will also be able to use the government ’ s presence at high profile events , such as Expo 2020 Dubai , Tokyo Olympics and the Commonwealth games , to showcase their offering to a global audience .
“ More trade and investment is absolutely critical if the industry – and our whole economy – is to overcome such challenges , ” Stuart said .
Read more : Debenhams boss insists retailer is not on a cliff @ @ @ @ @ @ @ and long-term support for businesses that employ so many people across the UK .
“ As we continue to encourage businesses to increase their trade overseas , we will also ensure that they can take full advantage of the opportunities that will be unlocked through our negotiation of Free Trade Agreements with countries around the world .
”

UK retailers encouraged to boost exports after Covid-19 batters high streets
UK retail and consumer brands will be encouraged to ramp up international exporting and online sales amid dwindling high street footfall as part of the government’s coronavirus bounceback plans.
The Department for International Trade today unveiled a raft of measures to support brands with exporting and improving their ecommerce platforms after the Covid-19 pandemic accelerated the shift to online shopping.
Exports minister Graham Stuart told City A.M. that UK firms must “balance the business” between online and offline sales to become more resilient.
He said: “I think the world has changed. It is not that the high street is finished, far from it, but ecommerce is only growing in importance.
“If we want British brands and retailers to be successful we have to encourage them to balance the business between online and offline sales and UK and exports.”
The measures include a digital Consumer and Retail Export Academy – open to businesses of all sizes – to help them secure international opportunities.
Firms will also be given access to new DIT partnerships with business-to-business marketplaces to increase routes to market following store closures due to Covid-19.
UK consumer and retail businesses will also be able to use the government’s presence at high profile events, such as Expo 2020 Dubai, Tokyo Olympics and the Commonwealth games, to showcase their offering to a global audience.
“More trade and investment is absolutely critical if the industry – and our whole economy – is to overcome such challenges,” Stuart said.
“These measures provide both short and long-term support for businesses that employ so many people across the UK.
“As we continue to encourage businesses to increase their trade overseas, we will also ensure that they can take full advantage of the opportunities that will be unlocked through our negotiation of Free Trade Agreements with countries around the world.”


cityam--2020-09-09--Tiffany & Co sues LVMH over delayed $16bn merger

Tiffany & Co has launched legal action against Louis Vuitton owner LVMH after the luxury goods giant said it would walk away from a $ 16bn deal to buy the jewellery firm .
Tiffany has filed a lawsuit seeking to force LVMH to complete the merger after the French conglomerate announced this morning that it could not finalise the deal .
Read more : LVMH explores impact of coronavirus on Tiffany deal terms LVMH said a “ succession of events ” had undermined the acquisition , including a letter from the French European and foreign affairs minister asking it to @ @ @ @ @ @ @ due to the threat of taxes on French products by the US .
LVMH ’ s statement added that Tiffany had also asked the French group to postpone the closing of the deal to 31 December of this year from an already extended deadline of 24 November .
The company said its board had decided to stick to the terms of the original merger agreement , which states that the deal must be completed by 24 November .
“ As things stand , the Group would therefore not be in a position to @ @ @ @ @ @ @ ” it said .
However Tiffany refuted LVMH ’ s suggestion that it had breached its obligations under the merger agreement “ or that the transaction is in some way inconsistent with its patriotic duties as a French corporation ” .
Tiffany accused LVMH of failing to file for antitrust approval in three of the required jurisdictions in an attempt to delay the merger .
Read more : Tiffany & Co earnings dive as Hong Kong protests hurt sales Tiffany chairman Roger N Farah said : “ We regret having to take this @ @ @ @ @ @ @ choice but to commence litigation to protect our company and our shareholders .
“ Tiffany is confident it has complied with all of its obligations under the merger agreement and is committed to completing the transaction on the terms agreed to last year .
Tiffany expects the same of LVMH .
”

Lawsuit at Tiffany’s: Jeweller sues LVMH over delayed $16bn merger
Tiffany & Co has launched legal action against Louis Vuitton owner LVMH after the luxury goods giant said it would walk away from a $16bn deal to buy the jewellery firm.
Tiffany has filed a lawsuit seeking to force LVMH to complete the merger after the French conglomerate announced this morning that it could not finalise the deal.
LVMH said a “succession of events” had undermined the acquisition, including a letter from the French European and foreign affairs minister asking it to defer the deal until after 6 January due to the threat of taxes on French products by the US.
LVMH’s statement added that Tiffany had also asked the French group to postpone the closing of the deal to 31 December of this year from an already extended deadline of 24 November.
The company said its board had decided to stick to the terms of the original merger agreement, which states that the deal must be completed by 24 November.
“As things stand, the Group would therefore not be in a position to carry out the acquisition of Tiffany,” it said.
However Tiffany refuted LVMH’s suggestion that it had breached its obligations under the merger agreement “or that the transaction is in some way inconsistent with its patriotic duties as a French corporation”.
Tiffany accused LVMH of failing to file for antitrust approval in three of the required jurisdictions in an attempt to delay the merger.
Tiffany chairman Roger N Farah said: “We regret having to take this action but LVMH has left us no choice but to commence litigation to protect our company and our shareholders.
“Tiffany is confident it has complied with all of its obligations under the merger agreement and is committed to completing the transaction on the terms agreed to last year. Tiffany expects the same of LVMH.”


cityam--2020-09-09--S4 Capital plots further expansion despite Covid-19 profit hit

Advertising firm S4 Capital today said it was plotting further aggressive expansion despite taking a hit to its first-half profit due to the coronavirus outbreak .
S4 Capital ’ s revenue increased 6.9 per cent on a like-for-like basis to £141.3m in the six months to the end of June .
Adjusted pre-tax profit was £13.9m , down 13.5 per cent on a like-for-like basis .
Adjusted basic net earnings were 2.3p per share , compared to 0.9p per share last year .
Net cash was £7.2m at the end of the period .
S4 Capital , which was founded @ @ @ @ @ @ @ years ago , was bullish in its outlook this morning .
The digital-focused advertising firm has proved resilient in the face of the pandemic , increasing its billings almost 13 per cent to more than £260m , while revenue also rose just under seven per cent .
However , S4 reported a double-digit fall in pre-tax profit over the first-half as the pandemic took its toll .
Despite this , the fledgling firm said it had an “ even stronger fighting chance ” of hitting its target of doubling organically over the three @ @ @ @ @ @ @ A.M. the company had hit its “ nadir ” in the second half of March and April , but was well placed for the remainder of the year and 2021 .
Shares in S4 Capital were trading almost three per cent higher this afternoon .
S4 has grown rapidly since its inception through a string of acquisitions and now has a market capitalisation of roughly $ 2.5bn ( £1.9bn ) .
Its client roster is largely made up of tech firms , with major campaigns running in the first half for brands including @ @ @ @ @ @ @ .
S4 also has a number of fast-moving consumer goods and retail clients , though these have been harder hit by the Covid-19 outbreak .
In a statement today S4 said it had high hopes of adding two more “ whoppers ” — companies representing revenue of more than $ 20m per year — to its roster of clients .
S4 is set to announce one of the new major tech client wins shortly , while Sorrell said the firm is hiring an additional 300 people to work on the new account .
@ @ @ @ @ @ @ reaching 20 clients with over $ 20m of annual revenue .
The ad group has continued its aggressive expansion strategy this year , making five acquisitions totalling roughly £113m .
Most recently the company snapped up data analytics company Brightblue Consulting , which will merge with its Mightyhive data division .
S4 said its merger pipeline was “ extremely strong ” in both content and data .
Speaking to City A.M. , Sorrell said his company was well-placed to weather the Covid-19 storm as a digital business .
He added that many companies @ @ @ @ @ @ @ of their marketing ” in the face of large tech giants such as Google and Facebook .
“ It ’ s very similar to the British people wanting to take back control of the EU , ” he added .
Analysts at Jefferies said S4 had delivered a “ robust ” set of results that supported growth forecasts .
“ A net cash balance sheet , excluding placing proceeds , provides ammunition to capitalise on a wider step change to digital , ” they said .
Read more : S4 Capital acquires data @ @ @ @ @ @ @ These results confirm that S4 Capital is currently in a growth sweetspot and that its digital only , faster , better , cheaper , unitary , ‘ holy trinity ’ model , which combines first party data with digital content , data and digital media , is migrating from brand awareness and trial to conversion at scale , ” said executive chairman Sir Martin Sorrell .
“ After less than two years as a listed company and with a market capitalisation of around $ 2.bn , which is well in to the top @ @ @ @ @ @ @ in a position to build stronger value-adding relationships with tech , healthcare , financial and FMCG clients amongst others and with a strong and liquid balance sheet in a great financial place to expand through further combinations , which will add to our data , content , digital media and technological capabilities .
”

S4 Capital plots further expansion despite Covid-19 profit hit
Advertising firm S4 Capital today said it was plotting further aggressive expansion despite taking a hit to its first-half profit due to the coronavirus outbreak.
The figures
S4 Capital’s revenue increased 6.9 per cent on a like-for-like basis to £141.3m in the six months to the end of June.
Adjusted pre-tax profit was £13.9m, down 13.5 per cent on a like-for-like basis.
Adjusted basic net earnings were 2.3p per share, compared to 0.9p per share last year.
Net cash was £7.2m at the end of the period.
Why it’s interesting
S4 Capital, which was founded by ad mogul Sir Martin Sorrell two years ago, was bullish in its outlook this morning.
The digital-focused advertising firm has proved resilient in the face of the pandemic, increasing its billings almost 13 per cent to more than £260m, while revenue also rose just under seven per cent.
However, S4 reported a double-digit fall in pre-tax profit over the first-half as the pandemic took its toll.
Despite this, the fledgling firm said it had an “even stronger fighting chance” of hitting its target of doubling organically over the three years to 2022.
Sorrell told City A.M. the company had hit its “nadir” in the second half of March and April, but was well placed for the remainder of the year and 2021.
Shares in S4 Capital were trading almost three per cent higher this afternoon.
S4 has grown rapidly since its inception through a string of acquisitions and now has a market capitalisation of roughly $2.5bn (£1.9bn).
Its client roster is largely made up of tech firms, with major campaigns running in the first half for brands including Bumble, Verizon, Shopify and Twitch.
S4 also has a number of fast-moving consumer goods and retail clients, though these have been harder hit by the Covid-19 outbreak.
In a statement today S4 said it had high hopes of adding two more “whoppers” — companies representing revenue of more than $20m per year — to its roster of clients.
S4 is set to announce one of the new major tech client wins shortly, while Sorrell said the firm is hiring an additional 300 people to work on the new account.
The company set a new target of reaching 20 clients with over $20m of annual revenue.
The ad group has continued its aggressive expansion strategy this year, making five acquisitions totalling roughly £113m.
Most recently the company snapped up data analytics company Brightblue Consulting, which will merge with its Mightyhive data division.
S4 said its merger pipeline was “extremely strong” in both content and data.
Speaking to City A.M., Sorrell said his company was well-placed to weather the Covid-19 storm as a digital business.
He added that many companies were keen to “take back control of their marketing” in the face of large tech giants such as Google and Facebook.
“It’s very similar to the British people wanting to take back control of the EU,” he added.
Analysts at Jefferies said S4 had delivered a “robust” set of results that supported growth forecasts.
“A net cash balance sheet, excluding placing proceeds, provides ammunition to capitalise on a wider step change to digital,” they said.
What S4 Capital said
“These results confirm that S4 Capital is currently in a growth sweetspot and that its digital only, faster, better, cheaper, unitary, ‘holy trinity’ model, which combines first party data with digital content, data and digital media, is migrating from brand awareness and trial to conversion at scale,” said executive chairman Sir Martin Sorrell.
“After less than two years as a listed company and with a market capitalisation of around $2.bn, which is well in to the top 200 FTSE companies, we are now in a position to build stronger value-adding relationships with tech, healthcare, financial and FMCG clients amongst others and with a strong and liquid balance sheet in a great financial place to expand through further combinations, which will add to our data, content, digital media and technological capabilities.”


cityam--2020-09-09--Pizza Hut to close 29 restaurants, putting 450 jobs at risk

Pizza Hut has announced plans to close 29 restaurants in the UK , putting 450 jobs at risk .
The fast food chain is the latest firm to launch a company voluntary arrangement ( CVA ) during the coronavirus pandemic , as it seeks to cut rents and exit loss-making stores , according to reports .
Pizza Hut Restaurants , which is separate from Pizza Hut delivery , will ask landlords to agree to turnover-based rents , which would tie its rents to revenue levels at its 245 branches , Sky News reported .
The move makes Pizza Hut the @ @ @ @ @ @ @ insolvency proceedings due to the impact of the coronavirus pandemic .
Last month high street rival Pizza Express unveiled plans to close 73 restaurants , putting 1,100 jobs at risk , as part of a CVA .
The Casual Dining Group , which owns Cafe Rouge , Bella Italia owner Azzurri Group and Carluccio ’ s have all fallen into administration during the pandemic , although parts of their businesses were later rescued by new investors .
In a statement , a Pizza Hut Restaurants spokesperson said : “ We are committed to @ @ @ @ @ @ @ order to secure as many jobs as possible and continue serving our communities , we are working to reach an agreement with our creditors .
Read more : Fedex creates Segway-inspired delivery robot with Pizza Hut and Walmart “ We understand this is a difficult time for everyone involved .
“ We appreciate the support of our business partners and are doing everything we can to help our team members during this process , including speaking with those affected by the consultation .
”

Pizza Hut to close 29 restaurants, putting 450 jobs at risk
Pizza Hut has announced plans to close 29 restaurants in the UK, putting 450 jobs at risk.
The fast food chain is the latest firm to launch a company voluntary arrangement (CVA) during the coronavirus pandemic, as it seeks to cut rents and exit loss-making stores, according to reports.
Pizza Hut Restaurants, which is separate from Pizza Hut delivery, will ask landlords to agree to turnover-based rents, which would tie its rents to revenue levels at its 245 branches, Sky News reported.
The move makes Pizza Hut the latest casual dining chain to turn to insolvency proceedings due to the impact of the coronavirus pandemic.
Last month high street rival Pizza Express unveiled plans to close 73 restaurants, putting 1,100 jobs at risk, as part of a CVA.
The Casual Dining Group, which owns Cafe Rouge, Bella Italia owner Azzurri Group and Carluccio’s have all fallen into administration during the pandemic, although parts of their businesses were later rescued by new investors.
In a statement, a Pizza Hut Restaurants spokesperson said: “We are committed to doing the right thing and, in order to secure as many jobs as possible and continue serving our communities, we are working to reach an agreement with our creditors.
“We understand this is a difficult time for everyone involved.
“We appreciate the support of our business partners and are doing everything we can to help our team members during this process, including speaking with those affected by the consultation.”


cityam--2020-09-09--Thousands sign petition for 'seat out to help out' theatre discount scheme

Thousands of people have signed a petition calling on the government to introduce a “ seat out to help out ” scheme to support the theatre industry .
The petition proposes that for every seat sold for a live performance , the government could pay £10 for an empty seat .
Read more : London theatres call for ticket discount scheme to revive West End More than 44,000 people have lent support to the petition so far .
A discount scheme for the theatre industry was first proposed by think tank Centre for London following the success of the Eat @ @ @ @ @ @ @ hospitality sector .
The petition , addressed to the chancellor , Rishi Sunak , and Oliver Downdon , the culture secretary , said : “ Our industry is on its knees .
This is a real , powerful way to support hundreds of venues , and thousands of us that work in the arts .
“ Please introduce # SeatOutToHelpOut .
Where for every seat sold for a live performance , the government pay £10 for an empty seat.
” UK Theatres and the Society of London Theatres , which represent London ’ @ @ @ @ @ @ @ they support proposals for a discount scheme .
Central London has suffered a sharp drop in footfall following the UK coronavirus lockdown due to a slump in commuter numbers and domestic and international tourists .
Read more : What are the new lockdown rules as casinos and theatres prepare to reopen ?
The Times reported on Sunday that the team behind the “ eat out to help out ” scheme has been tasked with drawing up a plan to encourage people to attend events once restrictions are lifted .
One proposal suggested that @ @ @ @ @ @ @ an offer on Mondays , meaning theatre ticket holders could get a discount on their meal .

Thousands sign petition for ‘seat out to help out’ theatre discount scheme
London’s west end has struggled to stay alive during the pandemic
Thousands of people have signed a petition calling on the government to introduce a “seat out to help out” scheme to support the theatre industry.
The petition proposes that for every seat sold for a live performance, the government could pay £10 for an empty seat.
More than 44,000 people have lent support to the petition so far.
A discount scheme for the theatre industry was first proposed by think tank Centre for London following the success of the Eat Out to Help Out initiative for the hospitality sector.
The petition, addressed to the chancellor, Rishi Sunak, and Oliver Downdon, the culture secretary, said: “Our industry is on its knees. This is a real, powerful way to support hundreds of venues, and thousands of us that work in the arts.
“Please introduce #SeatOutToHelpOut. Where for every seat sold for a live performance, the government pay £10 for an empty seat.”
UK Theatres and the Society of London Theatres, which represent London’s West End venues, previously said they support proposals for a discount scheme.
Central London has suffered a sharp drop in footfall following the UK coronavirus lockdown due to a slump in commuter numbers and domestic and international tourists.
The Times reported on Sunday that the team behind the “eat out to help out” scheme has been tasked with drawing up a plan to encourage people to attend events once restrictions are lifted.
One proposal suggested that theatres and restaurants could team up for an offer on Mondays, meaning theatre ticket holders could get a discount on their meal.


cityam--2020-09-09--Amazon pays just £293m in UK corporation tax despite revenue bounce

Amazon paid out less than £300m in tax to HMRC last year , despite raking in an extra £3bn in revenue .
The e-commerce giant said it paid £293m in direct tax — meaning contributions paid directly to the Treasury through levies such as corporation tax and business rates — in 2019 , rising by more than a third from £220m a year earlier .
Amazon also noted it paid £854m in so-called indirect taxes , such as payments by third parties selling goods on its marketplace and employee taxes .
Read more : Amazon beefs up UK team for @ @ @ @ @ @ @ £13.7bn , up from £10.9bn in 2018 , thanks to an expansion of its grocery delivery service and digital products such as Prime Video .
Today ’ s figures are only the second time Amazon has given details on its contributions to the British public purse , after facing pressure over its lack of transparency despite its outsized presence in the country .
The company did not provide a figure for its overall profit in the UK .
However filings for its operations and logistics arm Amazon UK Services , set to be @ @ @ @ @ @ @ showed its profit jumped 35 per cent to nearly £102m as revenue rose to nearly £3bn .
For that portion of its business Amazon paid £14.46m in corporation tax in 2019 , up three per cent from its tax bill of £14.03m a year earlier .
Read more : Amazon fined by UK watchdog over late documents in Deliveroo probe Amazon has instead opted to plough cash into investing back in its British business , with plans to hire for more than 10,000 new roles in the UK this year alone .
A @ @ @ @ @ @ @ pay all taxes required in the UK and every country where we operate , and focusing on one small piece does not provide a full picture of Amazon ’ s overall contribution to the UK .
“ Corporation tax is based on profits , not revenues , and our profits have remained low given retail is a highly-competitive , low margin business and we continue to invest heavily .
”

Amazon pays just £293m in UK corporation tax despite revenue bounce
Amazon paid out less than £300m in tax to HMRC last year, despite raking in an extra £3bn in revenue.
The e-commerce giant said it paid £293m in direct tax — meaning contributions paid directly to the Treasury through levies such as corporation tax and business rates — in 2019, rising by more than a third from £220m a year earlier.
Amazon also noted it paid £854m in so-called indirect taxes, such as payments by third parties selling goods on its marketplace and employee taxes.
Meanwhile revenue rose to £13.7bn, up from £10.9bn in 2018, thanks to an expansion of its grocery delivery service and digital products such as Prime Video.
Today’s figures are only the second time Amazon has given details on its contributions to the British public purse, after facing pressure over its lack of transparency despite its outsized presence in the country.
The company did not provide a figure for its overall profit in the UK.
However filings for its operations and logistics arm Amazon UK Services, set to be released on Companies House this week, showed its profit jumped 35 per cent to nearly £102m as revenue rose to nearly £3bn.
For that portion of its business Amazon paid £14.46m in corporation tax in 2019, up three per cent from its tax bill of £14.03m a year earlier.
Amazon has instead opted to plough cash into investing back in its British business, with plans to hire for more than 10,000 new roles in the UK this year alone.
A spokesperson for Amazon said: “We pay all taxes required in the UK and every country where we operate, and focusing on one small piece does not provide a full picture of Amazon’s overall contribution to the UK.
“Corporation tax is based on profits, not revenues, and our profits have remained low given retail is a highly-competitive, low margin business and we continue to invest heavily.”


cityam--2020-09-09--Brexit: EU threatened to block Great Britain exports to Northern Ireland

EU negotiators reportedly threatened to block the transport of goods between Great Britain and Northern Ireland during Brexit trade negotiations .
The threat from Brussels infuriated Downing Street , leading to its decision to breach the Brexit withdrawal agreement by adding “ clarifications ” to the deal in a bill to be put before parliament today .
Read more : Brexit : Government minister admits new bill will violate international law Northern Ireland secretary Brandon Lewis yesterday admitted the changes to the withdrawal agreement meant the UK was breaking international law , before adding it was only in a “ @ @ @ @ @ @ @ The Sun reports that breach was due to veiled threats from EU chief negotiator Michel Barnier that Brussels would exploit the withdrawal agreement to cripple trade between Great Britain and Northern Ireland .
Before the Open newsletter : Start your day with the City View podcast and key market data Northern Ireland will enter into a customs union with the EU , while the rest of the UK will not , after the end of the Brexit transition period on 31 December .
This means that some goods – including agricultural goods – @ @ @ @ @ @ @ will be subject to customs checks and export declarations .
Barnier reportedly threatened to ban exports from Great Britain coming into the EU ’ s customs union , effectively stopping trade between Northern Ireland and the rest of the UK .
The chaos has put a cloud over trade negotiations between the UK and EU , which recommenced this week .
Barnier responded to the UK ’ s attempted modification of the withdrawal agreement by threatening to end trade talks .
Trade barriers , including high tariffs on British agricultural exports , would @ @ @ @ @ @ @ the EU and UK if there is no deal between the two sides .

Brexit: EU threatened to block Great Britain exports to Northern Ireland
EU’s Brexit negotiator Michel Barnier holds a news conference after a meeting with Britain’s chief negotiator in Brussels on August 21, 2020. – Barnier said he was worried and “disappointed” at the lack of progress in the latest round of Brexit trade talks. (Photo by YVES HERMAN / POOL / AFP) (Photo by YVES HERMAN/POOL/AFP via Getty Images)
EU negotiators reportedly threatened to block the transport of goods between Great Britain and Northern Ireland during Brexit trade negotiations.
The threat from Brussels infuriated Downing Street, leading to its decision to breach the Brexit withdrawal agreement by adding “clarifications” to the deal in a bill to be put before parliament today.
Northern Ireland secretary Brandon Lewis yesterday admitted the changes to the withdrawal agreement meant the UK was breaking international law, before adding it was only in a “very specific and limited way”.
The Sun reports that breach was due to veiled threats from EU chief negotiator Michel Barnier that Brussels would exploit the withdrawal agreement to cripple trade between Great Britain and Northern Ireland.
Before the Open newsletter: Start your day with the City View podcast and key market data
Northern Ireland will enter into a customs union with the EU, while the rest of the UK will not, after the end of the Brexit transition period on 31 December.
This means that some goods – including agricultural goods – travelling between Great Britain and Northern Ireland will be subject to customs checks and export declarations.
Barnier reportedly threatened to ban exports from Great Britain coming into the EU’s customs union, effectively stopping trade between Northern Ireland and the rest of the UK.
The chaos has put a cloud over trade negotiations between the UK and EU, which recommenced this week.
Barnier responded to the UK’s attempted modification of the withdrawal agreement by threatening to end trade talks.
Trade barriers, including high tariffs on British agricultural exports, would immediately be erected on 1 January between the EU and UK if there is no deal between the two sides.


cityam--2020-09-09--Waste firm Biffa remains on track after revenue recovers

Waste management firm Biffa today said it remains on track to meet full-year expectations , with revenue last month recovering to 90 per cent of pre-coronavirus levels .
In a trading update , the FTSE 250 firm said its business was “ slightly ahead ” of the base scenario it had set at the start of the coronavirus pandemic .
Alongside its total revenue of £1.1bn , industrial and commercial [ I & C ] levels recovered to 87 per cent and landfill to 86 per cent .
Read more : Biffa eyes ‘ steady recovery ’ as revenues start @ @ @ @ @ @ @ has now completed its first I & C business acquisition of the year , of a trade waste business which had pre-Covid-19 run rate revenues of around £4m .
Active negotiations continue on several other deals and the pipeline is expanding as expected , ” Biffa said .
The update also outlined how ongoing pressure on plastic prices will impact trading at the Seaham plant until it starts to produce food grade recycled materials in April 2021 .
Despite this , Biffa ’ s established high density polyethylene [ HDPE ] operations have @ @ @ @ @ @ @ .
Shares in the firm rose 0.94 per cent by 10.30am .
Biffa also said it aims to bring back furloughed staff by the end of this month .
However , it warned that its outlook for the remainder of 2020 would be “ dependent on the pace and shape of the economic recovery ” .
Biffa entered the FTSE-250 in March 2020 , the same month lockdown restrictions were first imposed .
Its latest trading figures , as the leading firm in waste management , will be welcome news across the industry @ @ @ @ @ @ @ edge following the impact of Covid-19 .

Waste firm Biffa remains on track after revenue recovers
Waste management firm Biffa today said it remains on track to meet full-year expectations, with revenue last month recovering to 90 per cent of pre-coronavirus levels.
In a trading update, the FTSE 250 firm said its business was “slightly ahead” of the base scenario it had set at the start of the coronavirus pandemic.
Alongside its total revenue of £1.1bn, industrial and commercial [I&C] levels recovered to 87 per cent and landfill to 86 per cent.
“The collections division has now completed its first I&C business acquisition of the year, of a trade waste business which had pre-Covid-19 run rate revenues of around £4m. Active negotiations continue on several other deals and the pipeline is expanding as expected,” Biffa said.
The update also outlined how ongoing pressure on plastic prices will impact trading at the Seaham plant until it starts to produce food grade recycled materials in April 2021.
Despite this, Biffa’s established high density polyethylene [HDPE] operations have been largely unaffected by these price weaknesses.
Shares in the firm rose 0.94 per cent by 10.30am.
Biffa also said it aims to bring back furloughed staff by the end of this month.
However, it warned that its outlook for the remainder of 2020 would be “dependent on the pace and shape of the economic recovery”.
Biffa entered the FTSE-250 in March 2020, the same month lockdown restrictions were first imposed.
Its latest trading figures, as the leading firm in waste management, will be welcome news across the industry as many sectors remain on a cliff edge following the impact of Covid-19.


cityam--2020-09-09--Astrazeneca pauses Covid-19 vaccine trial after patient contracts mystery illness

Drugs giant Astrazeneca last night said that it had paused trials of its potential coronavirus vaccine after one of the study participants contracted an unknown illness .
The vaccine , which is being developed in conjunction with scientists at the University of Oxford , is widely considered one of the leading candidates in the hunt for a way to prevent the transmission of the new disease .
Read more : Astrazeneca expands tie-up with Oxford Biomedica for Covid-19 vaccine There had been hopes that the vaccine would be rolled out before the end of the year , but the suspension @ @ @ @ @ @ @ the BBC this morning , health secretary Matt Hancock said that the news was a “ challenge ” , but added that “ it ’ s not actually the first time this has happened to the Oxford vaccine.
” Asked whether it would set back the vaccine development process , he said : “ Not necessarily , it depends on what they find when they do the investigation.
” The government had signed a deal with Astrazeneca for an initial 100m doses of the potential treatment .
Before the Open newsletter : Start @ @ @ @ @ @ @ and key market data Astrazeneca said it took a voluntary decision to suspend the trials in order to review the data , but would try to make up the time lost through the process .
“ This is a routine action which has to happen whenever there is a potentially unexplained illness in one of the trials , ” the company said in an emailed statement .
“ In large trials illnesses will happen by chance but must be independently reviewed to check this carefully ” , it added .
The suspension was @ @ @ @ @ @ @ News , which said that the person who contracted the illness was likely to recover .
The nature of the illness has not been revealed , though it said that the participant suffered a “ suspected serious adverse reaction ” .
Citing a person familiar with the situation , the New York Times reported that the person had contracted transverse mylitis , a rare inflammatory condition , but Astrazeneca declined to comment .
Charlie Weller , head of vaccines programme at health charity the Wellcome Trust , said : “ Safety is the @ @ @ @ @ @ @ , and it is right for the trial to be paused while an investigation takes place .
Read more : EU to pay Astrazeneca £300m for Oxford coronavirus vaccine “ This is often a normal part of the process in vaccine trials , which involve tens of thousands of people .
It ’ s critical to quickly understand whether the illness has any relationship to the vaccine or the placebo and to share data openly , as Oxford University and Astra-Zeneca have done.
” The announcement sent Astrazeneca shares down 1.35 per cent @ @ @ @

Astrazeneca pauses Covid-19 vaccine trial after patient contracts mystery illness
Drugs giant Astrazeneca last night said that it had paused trials of its potential coronavirus vaccine after one of the study participants contracted an unknown illness.
The vaccine, which is being developed in conjunction with scientists at the University of Oxford, is widely considered one of the leading candidates in the hunt for a way to prevent the transmission of the new disease.
There had been hopes that the vaccine would be rolled out before the end of the year, but the suspension leaves that now unlikely.
Speaking to the BBC this morning, health secretary Matt Hancock said that the news was a “challenge”, but added that “it’s not actually the first time this has happened to the Oxford vaccine.”
Asked whether it would set back the vaccine development process, he said: “Not necessarily, it depends on what they find when they do the investigation.”
The government had signed a deal with Astrazeneca for an initial 100m doses of the potential treatment.
Before the Open newsletter: Start your day with the City View podcast and key market data
Astrazeneca said it took a voluntary decision to suspend the trials in order to review the data, but would try to make up the time lost through the process.
“This is a routine action which has to happen whenever there is a potentially unexplained illness in one of the trials,” the company said in an emailed statement.
“In large trials illnesses will happen by chance but must be independently reviewed to check this carefully”, it added.
The suspension was first reported by medical health website Stat News, which said that the person who contracted the illness was likely to recover.
The nature of the illness has not been revealed, though it said that the participant suffered a “suspected serious adverse reaction”.
Citing a person familiar with the situation, the New York Times reported that the person had contracted transverse mylitis, a rare inflammatory condition, but Astrazeneca declined to comment.
Charlie Weller, head of vaccines programme at health charity the Wellcome Trust, said: “Safety is the most important consideration when developing any vaccine, and it is right for the trial to be paused while an investigation takes place.
“This is often a normal part of the process in vaccine trials, which involve tens of thousands of people. It’s critical to quickly understand whether the illness has any relationship to the vaccine or the placebo and to share data openly, as Oxford University and Astra-Zeneca have done.”
The announcement sent Astrazeneca shares down 1.35 per cent by mid morning.


cityam--2020-09-09--FTSE 100 rises as investors regain poise after market rout

The FTSE 100 rose this morning after a bloodbath on global markets yesterday saw the tech-heavy US Nasdaq plunge 4.1 per cent .
London ’ s blue-chip index rose 0.79 per cent to 5,977 points shortly after 10.30am .
The FTSE 250 – the 100 ’ s little brother – fell 0.2 per cent , however .
Read more : Tesla shares set for worst day in six months as tech sell-off bites Optimism spread in Europe , too , with the continent-wide Stoxx 600 up 0.6 per cent .
Germany ’ s Dax rose 0.9 per cent .
Overnight @ @ @ @ @ @ @ that dominated the US session continued .
China ’ s CSI 300 slumped 2.3 per cent and Japan ’ s Nikkei 225 dropped one per cent .
Hong Kong ’ s Hang Seng shed 1.2 per cent .
The US big tech sell-off that began last week gathered pace yesterday as traders returned from the Labor Day weekend .
A fall of more than 10 per cent since recent highs took the Nasdaq into correction territory .
The S & P 500 tumbled 2.8 per cent and the Dow Jones fell 2.3 per @ @ @ @ @ @ @ that had driven US stock markets to record highs fell victim to investor panic .
Apple shed seven per cent , Google and Amazon dropped four per cent and Netflix fell two per cent .
But it was Elon Musk ’ s Tesla that took the biggest battering , falling a massive 22 per cent .
“ Last Friday evening ’ s news of the stock not being included in the S & P 500 at this time disappointed investors , ” said Jim Reid of Deutsche Bank .
Tesla was also hit @ @ @ @ @ @ @ a stake in electric vehicle competitor Nikola .
Analysts debated whether the fall in stocks would continue .
Jeffrey Halley , senior market analyst at currency firm Oanda , said that “ the underlying drivers of the ‘ buy-everything ’ rally ” were still “ intact ” .
Those drivers were “ a global savings glut hunting for yield , bottomless amounts of zero per cent central bank money looking for a home and expected post-Covid-19 recovery of sorts in 2021 ” .
The FTSE 100 escaped the rout , however .
It @ @ @ @ @ @ @ in part because it has very few big tech names .
It has also been shielded by a recent bull market in New York , which saw stocks hit record highs .
“ The US market ’ s recent massive outperformance of the FTSE 100 , which has been stuck in the foothills following the coronavirus correction , perhaps explains why the market wobble across the Atlantic hasn ’ t had quite the same impact in London , ” said AJ Bell investment director Russ Mould .
Read more : Coronavirus insolvency measures @ @ @ @ @ @ @ FTSE 100 was once again helped by a fall in the pound as Brexit spooked investors .
It fell 0.3 per cent to $ 1.294 , its lowest level since July .
Brexit fears have come back to markets with a vengeance , after reports that the UK government would override key parts of the withdrawal deal it struck with the EU .
“ Also helping the FTSE shake off any cues from the US has been continuing weakness in sterling amid concern over the direction of Brexit negotiations , ” Mould said @ @ @ @ @ @ @ the relative value of the overseas earnings of the multinational names which dominate the index.
” Investors hoping for a swift end to the coronavirus pandemic were dealt a major setback this morning as Astrazeneca said it had suspended its phase three vaccine trials after a patient contracted a mystery illness .
The announcement sparked a fall in the pharmaceutical giant ’ s share price , though this was limited to a modest one per cent .
“ This is unlikely to be the last setback on a clinical trial for a vaccine @ @ @ @ @ @ @ reflect that , however it also means that the idea we will see a positive vaccine outcome by year end is optimistic at best , ” said Michael Hewson , chief market analyst at CMC Markets .
“ On the extremes markets may well have to adjust to the prospect that scientists may never find a vaccine , given that there is still no cure for the common cold , which can also be classified as a coronavirus.
” It was also another downbeat start to trading for airline shares , which have @ @ @ @ @ @ @ sector faces its worst ever crisis .
Ryanair and Wizzair were both down more than two per cent , while British Airways owner IAG lost three per cent and Easyjet tumbled four per cent .
Ryanair and Easyjet have both announced cuts to passenger numbers as they battled a downturn caused by UK quarantine rules .
On the positive side , Computacenter rose more than six per cent after reporting a rise in profit amid increased home working .

FTSE 100 and US stocks climb as investors regain poise
Workers are gradually returning to the City of London, the capital’s financial centre
The FTSE 100 and US stocks have risen after a bloodbath on global markets yesterday saw big tech names plunge.
London’s blue-chip index rose 1.3 per cent to 6,009 points in afternoon trading. The FTSE 250 – the 100’s little brother – fell 0.2 per cent, however.
Read more: Tesla shares set for worst day in six months as tech sell-off bites
The US’s tech-heavy Nasdaq, which sank 4.1 per cent yesterday, rose 1.3 per cent in early trading. The S&P 500 climbed 1.1 per cent and the Dow Jones rose one per cent.
Optimism spread in Europe, too, with the continent-wide Stoxx 600 up 1.2 per cent. Germany’s Dax rose 1.5 per cent.
The US big tech sell-off that began last week gathered pace yesterday as traders returned from the Labor Day weekend.
A fall of more than 10 per cent since recent highs took the Nasdaq into correction territory. The S&P 500 tumbled 2.8 per cent and the Dow Jones fell 2.3 per cent.
All of the big firms that had driven US stock markets to record highs fell victim to investor panic. Apple shed seven per cent, Google and Amazon dropped four per cent and Netflix fell two per cent.
But it was Elon Musk’s Tesla that took the biggest battering, falling a massive 22 per cent.
FTSE 100 helped by falling pound
The FTSE 100 escaped the rout, however. It fell around 0.1 per cent yesterday, in part because it has very few big tech names.
The blue-chip index had been helped by a falling pound in recent days amid Brexit drama. A lower pound increases the relative value of the overseas earnings of the multinational firms that make up the FTSE.
Brexit fears have come back to markets with a vengeance, after reports that the UK government would override key parts of the withdrawal deal it struck with the EU.
But, counterintuitively, the pound jumped shortly after the government published the bill today that confirmed it would turn its back on some parts of the deal. It was last up 0.2 per cent at $1.30.
Nonetheless, it was trading at around its lowest level since July. “Sterling has been on the decline after Prime Minister Johnson ratcheted up the rhetoric with the EU as Brexit talks resume this week,” said Raffi Boyadjian, investment analyst at trading platform XM.
BT was the biggest FTSE riser, benefitting from takeover rumours as it climbed 5.2 per cent.
Multinationals boosted by the pound’s recent decline also fared well. British American Tobacco, Unilever and Shell all rose around three per cent.
Astrazeneca’s shares fell 1.1 per cent after it paused its phase-three vaccine trials in response to a patient contracting a mystery illness.
US stocks rebound – slightly
US investors regained their nerve and bidded up Wall Street stocks, putting them on the road to recovery from last week and Tuesday’s falls.
The big tech names regained some ground in early trading. Apple was up 2.8 per cent, Amazon was 1.5 per cent higher and Tesla was up a huge 8.8 per cent.
Analysts debated whether the fall in stocks may continue over the coming weeks.
Jeffrey Halley, senior market analyst at currency firm Oanda, said that “the underlying drivers of the ‘buy-everything’ rally” were still “intact”.
Those drivers were “a global savings glut hunting for yield, bottomless amounts of zero per cent central bank money looking for a home and expected post-Covid-19 recovery of sorts in 2021”.
Milan Cutkovic, market analyst at Axicorp, said: “There is currently no panic, and some investors see the latest downturn as a healthy correction after several of the tech giants reached staggering heights.”


cityam--2020-09-09--New Look urges landlords to back restructuring plan after failing to find buyer

New Look has urged its landlords to back its restructuring plans after the struggling high street retailer failed to attract a buyer .
The company said this morning that some parties had expressed an interest in certain New Look assets , however no bid was received for the firm .
Read more : New Look launches restructuring plan to to slash rents New Look ’ s landlords and other creditors will now have to vote on a proposed company voluntary arrangement ( CVA ) – its second in three years – as the retailer seeks to restructure its UK leasehold @ @ @ @ @ @ @ attempting to switch to turnover-based leases across its portfolio , having already closed stores and negotiated rent reductions as part of previous restructuring plans .
The proposals must be backed by 75 per cent of New Look ’ s unsecured creditors at a vote on 15 September in order for the restructuring to go ahead .
“ If unsecured creditors do not support the company ’ s CVA , the directors of the company will have to consider less favourable alternatives than the current transaction for the Group ’ s stakeholders including its @ @ @ @ @ @ @ , customers and employees , ” New Look said in a statement .
New Look has also agreed the key terms of a recapitalisation with its banks and bondholders , including a debt for equity swap which will reduce its debt from £550m to £100m .
Read more : New Look seeks turnover-based rent in second restructuring plan It will also decrease interest costs , gain an extension of working capital facilities and secure an injection of £40m of new capital .
New Look chief executive Nigel Oddy said the recapitalisation , which @ @ @ @ @ @ @ “ can only be delivered if we secure the support of our landlords for our forthcoming CVA ” .

New Look urges landlords to back restructuring plan after failing to find buyer
New Look has urged its landlords to back its restructuring plans after the struggling high street retailer failed to attract a buyer.
The company said this morning that some parties had expressed an interest in certain New Look assets, however no bid was received for the firm.
New Look’s landlords and other creditors will now have to vote on a proposed company voluntary arrangement (CVA) – its second in three years – as the retailer seeks to restructure its UK leasehold obligations.
The high street brand is attempting to switch to turnover-based leases across its portfolio, having already closed stores and negotiated rent reductions as part of previous restructuring plans.
The proposals must be backed by 75 per cent of New Look’s unsecured creditors at a vote on 15 September in order for the restructuring to go ahead.
“If unsecured creditors do not support the company’s CVA, the directors of the company will have to consider less favourable alternatives than the current transaction for the Group’s stakeholders including its creditors (including those unsecured creditors), customers and employees,” New Look said in a statement.
New Look has also agreed the key terms of a recapitalisation with its banks and bondholders, including a debt for equity swap which will reduce its debt from £550m to £100m.
It will also decrease interest costs, gain an extension of working capital facilities and secure an injection of £40m of new capital.
New Look chief executive Nigel Oddy said the recapitalisation, which is aimed at saving 12,000 jobs, “can only be delivered if we secure the support of our landlords for our forthcoming CVA”.


cityam--2020-09-09--Spare a thought for line managers in the world of hybrid working conditions

As I left my bustling neighbourhood in West London recently , to commute to my office in the empty streets of central London , it became clear that a widespread return to office-based work in the UK is tentative to say the least .
Britain ’ s employees are returning to their workplaces at a snail ’ s pace ( just 34 per cent ) , as recorded by AlphaWise , the research arm of US bankers Morgan Stanley .
It is possible that the pandemic has altered working life so extremely that the world of work and our central @ @ @ @ @ @ @ again .
Whether you cautiously welcome that fact , or throw up your hands in horror , will be very much down to individual health concerns , set-ups and circumstances .
What I have learnt very quickly is that our employees want more flexible working in the future .
They also expect to be travelling less , and to see a greater focus on virtual and hybrid meetings .
I believe there is a significant and genuine downside to this – a weakening of the social bonds between colleagues and a challenge to @ @ @ @ @ @ @ a new wave of self-starters and entrepreneurs from the suburban bike mechanics and neighbourhood coffee delivery services , right through to VC-backed virtual platforms .
Even if a vaccine reaches us sooner rather than later there will not be a reversion back to “ Old Normal ” – we live in a hybrid zeitgeist now .
As the leader of a multi-faceted company , I believe that one of the most significant changes will be in the role of line managers .
Post-covid , via remote working , they have become the main @ @ @ @ @ @ @ so much more pressure on them to engage , to communicate , train , and support .
They will need to learn to manage both present and remote colleagues , while leaders must park any bias for particular working styles if they want to create a strong company culture .
That is a massive people issue because some 40 per cent of supervisors and managers have low self confidence in their ability to manage workers remotely , according to a study in the Harvard Business Review .
That makes it essential for leaders @ @ @ @ @ @ @ in training and learning for our teams but specifically for line managers .
This is not as simple as buying some off-the-shelf course material from one of the usual suspects , it requires learning design and insight .
Capability training for leaders of organisations will become more critical and employee engagement needs to work at all levels in an organisation .
Understanding the needs of my team , at whatever level , has become much more important but harder to actually achieve in the hybrid physical and digital world of the office .
@ @ @ @ @ @ @ has become a greater consideration .
Where line managers may not be able to see team members physically on a regular basis , understanding this and preparing them to manage the challenges of their people ’ s mental wellbeing becomes vital .
So , as I head out once again for another day in this era of blended working , perhaps the most important lesson will be that line managers will not only become a more important connection with employees , but also the most important stakeholder when it comes to succeeding in @ @ @ @ @ @ @ group CEO of The Creative Engagement Group

Spare a thought for line managers in the world of hybrid working conditions
As I left my bustling neighbourhood in West London recently, to commute to my office in the empty streets of central London, it became clear that a widespread return to office-based work in the UK is tentative to say the least.
Britain’s employees are returning to their workplaces at a snail’s pace (just 34 per cent), as recorded by AlphaWise, the research arm of US bankers Morgan Stanley.
It is possible that the pandemic has altered working life so extremely that the world of work and our central business districts will never be the same again. Whether you cautiously welcome that fact, or throw up your hands in horror, will be very much down to individual health concerns, set-ups and circumstances.
What I have learnt very quickly is that our employees want more flexible working in the future. They also expect to be travelling less, and to see a greater focus on virtual and hybrid meetings. I believe there is a significant and genuine downside to this – a weakening of the social bonds between colleagues and a challenge to company cultures.
But it will accelerate a new wave of self-starters and entrepreneurs from the suburban bike mechanics and neighbourhood coffee delivery services, right through to VC-backed virtual platforms. Even if a vaccine reaches us sooner rather than later there will not be a reversion back to “Old Normal” – we live in a hybrid zeitgeist now.
As the leader of a multi-faceted company, I believe that one of the most significant changes will be in the role of line managers. Post-covid, via remote working, they have become the main connection with employees. I have seen so much more pressure on them to engage, to communicate, train, and support. They will need to learn to manage both present and remote colleagues, while leaders must park any bias for particular working styles if they want to create a strong company culture.
That is a massive people issue because some 40 per cent of supervisors and managers have low self confidence in their ability to manage workers remotely, according to a study in the Harvard Business Review. That makes it essential for leaders such as myself to step up investment in training and learning for our teams but specifically for line managers.
This is not as simple as buying some off-the-shelf course material from one of the usual suspects, it requires learning design and insight. Capability training for leaders of organisations will become more critical and employee engagement needs to work at all levels in an organisation. Understanding the needs of my team, at whatever level, has become much more important but harder to actually achieve in the hybrid physical and digital world of the office.
Most importantly, physical and mental wellbeing has become a greater consideration. Where line managers may not be able to see team members physically on a regular basis, understanding this and preparing them to manage the challenges of their people’s mental wellbeing becomes vital.
So, as I head out once again for another day in this era of blended working, perhaps the most important lesson will be that line managers will not only become a more important connection with employees, but also the most important stakeholder when it comes to succeeding in the hybrid zeitgeist.
Russ Lidstone is group CEO of The Creative Engagement Group