cityam--2020-06-15--Coronavirus: Imperial College vaccine set to begin human trials

Clinical researchers will this week begin human trials of Imperial College London ’ s coronavirus vaccine , the first time the treatment has been tested on a human subject .
The trial will test whether the vaccine can produce an effective immune response against the new disease .
Read more : Astrazeneca to supply Europe with 400m doses of Oxford coronavirus vaccine The government has already put £41m towards the treatment , while an additional £5m has been donated through the public ’ s philanthropy .
If the vaccine shows a promising immune response , then larger Phase III trials @ @ @ @ @ @ @ the year with around 6000 healthy volunteers to test its effectiveness .
The vaccine has undergone rigorous pre-clinical safety tests and has been shown to be safe and produced promising signs of an effective immune response in animal studies .
Over the coming weeks , 300 healthy participants will receive two doses of the vaccine .
Before the Open : Get the jump on the markets with our early morning newsletter Business secretary , Alok Sharma , said : “ I am incredibly proud the vaccine being developed by Imperial College London is @ @ @ @ @ @ @ .
“ We are fully backing its research with over £40m government funding , as part of our wider vaccines development programme ” .
In addition to its potential to provide protection against the coronavirus pandemic , the treatment is based on a revolutionary new way of designing a vaccine .
Unlike most vaccines , which are based on weakened versions of the disease , the Imperial treatment uses synthetic strands of the disease ’ s genetic code to build the vaccine .
Professor Robin Shattock , from the department of infectious disease @ @ @ @ @ @ @ work , said : “ The Covid-19 pandemic has claimed thousands of lives and had a huge impact on daily life .
“ In the long-term , a viable vaccine could be vital for protecting the most vulnerable , enabling restrictions to be eased and helping people to get back to normal life .

Coronavirus: Imperial College vaccine set to begin human trials
Scientists at the University of Oxford have today published breakthrough research that identifies the level of antibodies needed to prevent symptomatic Covid, which they said could help speed up the development of new vaccines.
Clinical researchers will this week begin human trials of Imperial College London’s coronavirus vaccine, the first time the treatment has been tested on a human subject.
The trial will test whether the vaccine can produce an effective immune response against the new disease.
The government has already put £41m towards the treatment, while an additional £5m has been donated through the public’s philanthropy.
If the vaccine shows a promising immune response, then larger Phase III trials would be planned to begin later in the year with around 6000 healthy volunteers to test its effectiveness.
The vaccine has undergone rigorous pre-clinical safety tests and has been shown to be safe and produced promising signs of an effective immune response in animal studies.
Over the coming weeks, 300 healthy participants will receive two doses of the vaccine.
Before the Open: Get the jump on the markets with our early morning newsletter
Business secretary, Alok Sharma, said: “I am incredibly proud the vaccine being developed by Imperial College London is one of the world’s front-runners.
“We are fully backing its research with over £40m government funding, as part of our wider vaccines development programme”.
In addition to its potential to provide protection against the coronavirus pandemic, the treatment is based on a revolutionary new way of designing a vaccine.
Unlike most vaccines, which are based on weakened versions of the disease, the Imperial treatment uses synthetic strands of the disease’s genetic code to build the vaccine.
Professor Robin Shattock, from the department of infectious disease at Imperial and who is leading the work, said: “The Covid-19 pandemic has claimed thousands of lives and had a huge impact on daily life.
“In the long-term, a viable vaccine could be vital for protecting the most vulnerable, enabling restrictions to be eased and helping people to get back to normal life.


cityam--2020-06-15--IAG chief hits back after MPs blast BA as 'national disgrace' over job cuts

The chief executive of British Airways ( BA ) owner IAG has hit back at MPs after a report from the transport select committee labelled the UK ’ s flag carrier a “ national disgrace ” .
Tensions between lawmakers and the airline have become inflamed over BA ’ s plans to make 12,000 of its staff redundant during the coronavirus crisis .
The report found that BA ’ s actions were a “ calculated attempt to take advantage of the pandemic to cut 12,000 jobs and to downgrade the terms and conditions of approximately 35,000 employees ” .
However @ @ @ @ @ @ @ committee chair Huw Merriman , IAG chief Willie Walsh rejected the paper ’ s findings .
You made clear several weeks ago that the report would be “ fuelled by the kind and impassioned messages ” you received , rather than the facts ” , he wrote .
“ The facts , however , are clear ” .
Walsh said that the carrier was acting legally in its use of so-called “ fire and rehire ” tactics to renegotiate the roles of its remaining 30,000 staff .
He wrote : “ Much of @ @ @ @ @ @ @ British Airways wishes to change terms and conditions to save jobs .
Before the Open : Get the jump on the markets with our early morning newsletter “ British Airways is , at this stage , only proposing changes that it wishes to consult over with a view to seeking an agreement , as required by the Trade Union and Labour Relations ( Consolidation ) Act 1992 ” .
Walsh added that in 2010 ’ s High Court proceedings against BA union Unite ’ s legal counsel had admitted that the approach was @ @ @ @ @ @ @ Gavin Newlands last week proposed an emergency bill to outlaw the controversial tactics .
He suggested that BA ’ s workers had been “ betrayed by their trade union representatives ” , who have not met with the firm over the consultation .
Neither Unite or GMB have yet met with the airline .
Walsh added that it was clear that the UK government was not going to take steps to help restart the sector , citing the 14-day quarantine as an example .
He finished : “ British Airways is fighting for @ @ @ @ @ @ @ overwhelming and unprecedented challenges , while respecting the fundamental British value of the rule of law .
This is not a disgrace ” .

IAG chief hits back after MPs blast BA as ‘national disgrace’ over job cuts
The chief executive of British Airways (BA) owner IAG has hit back at MPs after a report from the transport select committee labelled the UK’s flag carrier a “national disgrace”.
Tensions between lawmakers and the airline have become inflamed over BA’s plans to make 12,000 of its staff redundant during the coronavirus crisis.
The report found that BA’s actions were a “calculated attempt to take advantage of the pandemic to cut 12,000 jobs and to downgrade the terms and conditions of approximately 35,000 employees”.
However, in a letter this evening to committee chair Huw Merriman, IAG chief Willie Walsh rejected the paper’s findings.
You made clear several weeks ago that the report would be “fuelled by the kind and impassioned messages” you received, rather than the facts”, he wrote. “The facts, however, are clear”.
Walsh said that the carrier was acting legally in its use of so-called “fire and rehire” tactics to renegotiate the roles of its remaining 30,000 staff.
He wrote: “Much of your criticism is based on concerns that British Airways wishes to change terms and conditions to save jobs.
Before the Open: Get the jump on the markets with our early morning newsletter
“British Airways is, at this stage, only proposing changes that it wishes to consult over with a view to seeking an agreement, as required by the Trade Union and Labour Relations (Consolidation) Act 1992”.
Walsh added that in 2010’s High Court proceedings against BA union Unite’s legal counsel had admitted that the approach was “perfectly lawful”.
SNP MP Gavin Newlands last week proposed an emergency bill to outlaw the controversial tactics.
He suggested that BA’s workers had been “betrayed by their trade union representatives”, who have not met with the firm over the consultation.
Neither Unite or GMB have yet met with the airline.
Walsh added that it was clear that the UK government was not going to take steps to help restart the sector, citing the 14-day quarantine as an example.
He finished: “British Airways is fighting for its survival, in the face of overwhelming and unprecedented challenges, while respecting the fundamental British value of the rule of law. This is not a disgrace”.


cityam--2020-06-15--Lufthansa seeking to make equivalent of 22,000 jobs redundant

German flag carrier Lufthansa is looking to make the equivalent of 22,000 full-time roles redundant as it seeks to restructure after the coronavirus crisis .
The airline said that it was aiming to have made agreements with workers ’ representatives by 22 June .
The job cuts , which will impact 600 pilots , 2,600 cabin crew members and 1,500 ground staff , comes after the German state took a 20 percent stake in the airline .
The deal , which was worth €9bn , came after the airline was forced to ground its planes due to the spread of @ @ @ @ @ @ @ it expected that its fleet size would be cut by 100 planes as a result of the restructuring .
The other job losses will come from other companies in the Lufthansa group , with 4,500 jobs at threat at Lufthansa Technik and 8,300 jobs to be lost from the group ’ s catering company .
“ We want to keep as many colleagues on board as possible throughout the crisis and avoid layoffs , ” the airline said .
Before the Open : Get the jump on the markets with our early morning @ @ @ @ @ @ @ airlines to have been forced into sweeping job cuts after the pandemic sent passenger demand flatlining in April and May .
Rival British Airways is in the midst of a heated spat with the UK government over its plans to make 12,000 roles redundant .
In return for its state bailout , Lufthansa has been forced to give up some of its profitable landing slots to rivals .
The deal is the largest German corporate rescue since the coronavirus crisis began , with authorities aiming to sell their stake in the airline by @ @ @ @ @ @ @ of wrangling between Lufthansa and Berlin over how much control the airline was willing to give up in exchange for vital support to survive a slump in passenger demand during the pandemic .
The deal , which will see the government buy roughly €300m worth of shares , requires Lufthansa to waive future dividends payments and place limits of executive pay .

Lufthansa seeking to make equivalent of 22,000 jobs redundant
German flag carrier Lufthansa is looking to make the equivalent of 22,000 full-time roles redundant as it seeks to restructure after the coronavirus crisis.
The airline said that it was aiming to have made agreements with workers’ representatives by 22 June.
The job cuts, which will impact 600 pilots, 2,600 cabin crew members and 1,500 ground staff, comes after the German state took a 20 percent stake in the airline.
The deal, which was worth €9bn, came after the airline was forced to ground its planes due to the spread of Covid-19.
Lufthansa had already said that it expected that its fleet size would be cut by 100 planes as a result of the restructuring.
The other job losses will come from other companies in the Lufthansa group, with 4,500 jobs at threat at Lufthansa Technik and 8,300 jobs to be lost from the group’s catering company.
“We want to keep as many colleagues on board as possible throughout the crisis and avoid layoffs,” the airline said.
Before the Open: Get the jump on the markets with our early morning newsletter
The carrier is one of many airlines to have been forced into sweeping job cuts after the pandemic sent passenger demand flatlining in April and May.
Rival British Airways is in the midst of a heated spat with the UK government over its plans to make 12,000 roles redundant.
In return for its state bailout, Lufthansa has been forced to give up some of its profitable landing slots to rivals.
The deal is the largest German corporate rescue since the coronavirus crisis began, with authorities aiming to sell their stake in the airline by 2023.
The agreement came after weeks of wrangling between Lufthansa and Berlin over how much control the airline was willing to give up in exchange for vital support to survive a slump in passenger demand during the pandemic.
The deal, which will see the government buy roughly €300m worth of shares, requires Lufthansa to waive future dividends payments and place limits of executive pay.


cityam--2020-06-15--Former Ebay executives arrested in cyberstalking campaign

Six former top executives and employees at Ebay have been charged with cyberstalking , following a campaign of harassment against a couple who ran a negative newsletter about the company .
Among those arrested were Ebay ’ s former senior director of safety and security James Baugh , and David Harville , former director of global resiliency .
The former staff are accused of sending “ disturbing ” packages to the unnamed couple ’ s home which included live cockroaches , a bloody pig mask and a funeral wreath .
They are also accused of having pornography delivered to neighbouring @ @ @ @ @ @ @ .
In a second phase of the campaign , some of those involved allegedly planned to send private messages to the couple threatening to publish personal details such as their home address online , as part of a tactic that is called doxxing .
An internal investigation into the matter at Ebay also involved its former chief executive David Wenig , but the firm said while “ [ his ] communications were inappropriate , there was no evidence that he knew in advance about or authorised the actions that were later directed toward @ @ @ @ @ @ @ Wenig resigned from Ebay in September last year , citing disagreements with the board .
In a statement given to media Ebay said : “ Ebay took these allegations very seriously from the outset .
Upon learning of them , Ebay moved quickly to investigate thoroughly and take appropriate action .
The company cooperated fully and extensively with law enforcement authorities throughout the process .
“ Ebay does not tolerate this kind of behaviour .
Ebay apologises to the affected individuals and is sorry that they were subjected to this .
Ebay holds @ @ @ @ @ @ @ and ethics and will continue to take appropriate action to ensure these standards are followed.
” The US attorney general in Boston charged each of the six former staff with conspiracy to commit cyberstalking and conspiracy to tamper with witnesses .
They will appear in a Boston court at a later date .

Former Ebay executives arrested in cyberstalking campaign
The deal is expected to close later this year or early next year, as it is pending approval from the Bank of Korea.
Six former top executives and employees at Ebay have been charged with cyberstalking, following a campaign of harassment against a couple who ran a negative newsletter about the company.
Among those arrested were Ebay’s former senior director of safety and security James Baugh, and David Harville, former director of global resiliency.
The former staff are accused of sending “disturbing” packages to the unnamed couple’s home which included live cockroaches, a bloody pig mask and a funeral wreath.
They are also accused of having pornography delivered to neighbouring houses in the couple’s names. In a second phase of the campaign, some of those involved allegedly planned to send private messages to the couple threatening to publish personal details such as their home address online, as part of a tactic that is called doxxing.
An internal investigation into the matter at Ebay also involved its former chief executive David Wenig, but the firm said while “[his] communications were inappropriate, there was no evidence that he knew in advance about or authorised the actions that were later directed toward the blogger and her husband”.
Wenig resigned from Ebay in September last year, citing disagreements with the board.
In a statement given to media Ebay said: “Ebay took these allegations very seriously from the outset. Upon learning of them, Ebay moved quickly to investigate thoroughly and take appropriate action. The company cooperated fully and extensively with law enforcement authorities throughout the process.
“Ebay does not tolerate this kind of behaviour. Ebay apologises to the affected individuals and is sorry that they were subjected to this. Ebay holds its employees to high standards of conduct and ethics and will continue to take appropriate action to ensure these standards are followed.”
The US attorney general in Boston charged each of the six former staff with conspiracy to commit cyberstalking and conspiracy to tamper with witnesses. They will appear in a Boston court at a later date.


cityam--2020-06-15--DEBATE: Are shoppers ready to go back?

DEBATE: Are shoppers ready to go back?

Are Brits really ready to go back to the shops ?
Georgina Nelson , chief executive and founder of TruRating , says YES .
While it would be hard to argue that there won ’ t be some degree of caution as non-essential retail opens its doors again this week , from the evidence we ’ ve seen , there is a desire to get back to stores .
In a recent poll over 20,000 UK customers , we found that 76 per cent were positive about shops reopening , with 20 per cent rating themselves as excited .
Compared @ @ @ @ @ @ @ excited ) however , there does appear to be a little more reticence from the Brits .
In various markets where restrictions have eased — including Australia and New Zealand — year-on-year spend is up 50 per cent per shop .
This shows that , when customers do feel safe , there ’ s a healthy appetite to shop , which is good news for retailers and our economy .
So how is that sense of safety achieved ?
One major US retailer found that 97 per cent of customers said that new @ @ @ @ @ @ @ Businesses will have to re-earn their customers ’ trust — and being proactive here will be incredibly important during these first days back .
Read more : Shops reopen to long queues as social distancing measures come into force Cas Paton , managing director of OnBuy , says NO .
A recent survey from OnBuy.com has found that more than 70 per cent of shoppers won ’ t return to the shops just yet .
Indeed , 67 per cent were incredibly uneasy at the thought of visiting a shopping centre , while @ @ @ @ @ @ @ shops reopening , concerned that they have perhaps opened too soon — especially as many Brits are disgruntled that they can legally return to shops before seeing their immediate family without social distancing measures .
It also seems that shoppers are less likely to now “ pop ” to the shops as we used to do , as only 21 per cent said they would do so now as restrictions are eased .
If the industry wants to encourage shoppers to return , retailers should leverage the technology available and make it clear @ @ @ @ @ @ @ keep people safe .
For example , retailers can use technology to monitor crowds and oversee how many customers should be in a shop at once , taking into consideration the size , number of floors and spacing between aisles , to assess and flag whether the shop is safe .
Read more : High street footfall jumps 50 per cent as shops reopen for business Main image credit : Getty

DEBATE: Are shoppers ready to go back?
Are Brits really ready to go back to the shops?
Georgina Nelson, chief executive and founder of TruRating, says YES.
While it would be hard to argue that there won’t be some degree of caution as non-essential retail opens its doors again this week, from the evidence we’ve seen, there is a desire to get back to stores.
In a recent poll over 20,000 UK customers, we found that 76 per cent were positive about shops reopening, with 20 per cent rating themselves as excited. Compared to US consumers (40 per cent excited) however, there does appear to be a little more reticence from the Brits.
In various markets where restrictions have eased — including Australia and New Zealand — year-on-year spend is up 50 per cent per shop. This shows that, when customers do feel safe, there’s a healthy appetite to shop, which is good news for retailers and our economy.
So how is that sense of safety achieved? One major US retailer found that 97 per cent of customers said that new cleaning procedures made them feel safe.
Businesses will have to re-earn their customers’ trust — and being proactive here will be incredibly important during these first days back.
Cas Paton, managing director of OnBuy, says NO.
A recent survey from OnBuy.com has found that more than 70 per cent of shoppers won’t return to the shops just yet. Indeed, 67 per cent were incredibly uneasy at the thought of visiting a shopping centre, while 54 per cent were outright opposed to shops reopening, concerned that they have perhaps opened too soon — especially as many Brits are disgruntled that they can legally return to shops before seeing their immediate family without social distancing measures.
It also seems that shoppers are less likely to now “pop” to the shops as we used to do, as only 21 per cent said they would do so now as restrictions are eased.
If the industry wants to encourage shoppers to return, retailers should leverage the technology available and make it clear that they are taking steps to help keep people safe.
For example, retailers can use technology to monitor crowds and oversee how many customers should be in a shop at once, taking into consideration the size, number of floors and spacing between aisles, to assess and flag whether the shop is safe.


cityam--2020-06-15--Body of US fighter pilot in North Sea crash recovered

The body of the pilot of the US fighter jet which crashed into the North Sea this morning has been found and confirmed to be deceased .
In a statement , the US Air Force said : “ The pilot of the downed F-15C Eagle from the 48th Fighter Wing has been located , and confirmed deceased , ” said a spokesperson .
“ The name of the pilot will not be released until all next of kin notifications have been made .
“ This is a tragic loss for the 48th Fighter Wing community , and our deepest condolences @ @ @ @ @ @ @ family and the 493rd Fighter Squadron.
” Before the Open : Get the jump on the markets with our early morning newsletter Earlier this afternoon HM Coastguard found the wreckage of the pilot ’ s aircraft , which crashed 74 nautical miles off Flamborough Head on the East Yorkshire coast at around 9:40am .
The jet was from the 48th Fighter Wing at RAF Lakenheath in Suffolk .
The reason for the crash are not yet known .
The 48th Fighter Wing said that at the time of the incident , the pilot @ @ @ @ @ @ @ A search and rescue mission was launched and coordinated by HM Coastguard .

Body of US fighter pilot in North Sea crash recovered
The body of the pilot of the US fighter jet which crashed into the North Sea this morning has been found and confirmed to be deceased.
In a statement, the US Air Force said: “The pilot of the downed F-15C Eagle from the 48th Fighter Wing has been located, and confirmed deceased,” said a spokesperson.
“The name of the pilot will not be released until all next of kin notifications have been made.
“This is a tragic loss for the 48th Fighter Wing community, and our deepest condolences go out to the pilot’s family and the 493rd Fighter Squadron.”
Before the Open: Get the jump on the markets with our early morning newsletter
Earlier this afternoon HM Coastguard found the wreckage of the pilot’s aircraft, which crashed 74 nautical miles off Flamborough Head on the East Yorkshire coast at around 9:40am.
The jet was from the 48th Fighter Wing at RAF Lakenheath in Suffolk.
The reason for the crash are not yet known. The 48th Fighter Wing said that at the time of the incident, the pilot was participating in a training mission.
A search and rescue mission was launched and coordinated by HM Coastguard.
More to follow.


cityam--2020-06-15--Brexit: Boris Johnson says 'a bit of oomph' is needed in trade talks

Boris Johnson and the heads of the EU have agreed that “ new momentum ” is needed in trade negotiations for a deal to be struck by the 31 December deadline .
In a joint statement issued after their Brexit summit today , leaders of the UK and EU said they needed to “ intensify the talks in July and to create the most conducive conditions for concluding and ratifying a deal before the end of 2020 ” .
Read more : Sterling sheds gains against dollar as Brexit fears weigh The statement also noted that there will definitely not @ @ @ @ @ @ @ a trade deal .
Johnson said shortly after the meeting that both sides needed to “ put a tiger in the tank ” and add “ a bit of oomph in the negotiations ” .
He also said the two sides were not very far apart and that a deal could be done by next month .
The long-awaited meeting was held between Johnson , EU Commission President Ursula von der Leyen , European Council President Charles Michel and EU Parliament President David Sassoli .
The meeting came after the UK and EU @ @ @ @ @ @ @ both sides saying they were at a stalemate over several key issues .
These include EU access to UK fishing waters , business competition regulations and overall governance of the deal .
Last week , UK and EU negotiators agreed to a new negotiating timetable , which will see some meetings happen in person for the first time in months .
There will be five consecutive week-long negotiating rounds starting next month .
Before the Open newsletter : Start your day with the City View podcast and key market data Today ’ s @ @ @ @ @ @ @ a way for gaps to be bridged through high-level political intervention .
“ They supported the plans agreed by Chief Negotiators to intensify the talks in July and to create the most conducive conditions for concluding and ratifying a deal before the end of 2020 .
“ This should include , if possible , finding an early understanding on the principles underlying any agreement.
” Johnson also spoke to The Sun after the talks to underscore the need for more urgency in talks .
He said : “ As I said to the @ @ @ @ @ @ @ a tiger in the tank ’ , because it ’ s very clear what the UK needs and what our EU friends need to understand .
“ We can ’ t have the involvement of the European Court of Justice in this country , we can ’ t have a system by where we continue to have to obey EU law even when we ’ re out of the EU and we ’ ve got to get a great deal for our fish .
“ It ’ s very clear what we need @ @ @ @ @ @ @ think we ’ re actually that far apart , but what we need to see now is a bit of oomph in the negotiations .
What we all really said is the faster we can do this the better – there is no reason why you shouldn ’ t get this done in July.
” Charles Michel tweeted in response to Johnson that the EU was “ ready to put a tiger in the tank ” , but not “ to buy a pig in a poke ” .
UK negotiators have said @ @ @ @ @ @ @ of summer whether it is worth continuing in talks or to instead walk away and prepare to leave the transition period on no-deal terms .
The Prime Minister ’ s spokesman said today that it was imperative to give UK and EU businesses enough time to prepare for new conditions next year .
Fishing policy is one of the major flashpoints in talks , with EU member states pushing to retain the same access to UK fishing waters as they had when Britain was in the EU .
Chief UK negotiator Frost has @ @ @ @ @ @ @ ” and is asking for a “ zonal attachment ” agreement , which can be periodically reviewed .
Frost said the UK would be “ an independent coastal nation ” on 1 January next year in any case .
The EU is also asking for the UK to match regulations on things like labour laws , environmental protection and state aid provisions .
Read more : Brexit : Boris Johnson and Ursula von der Leyen to hold summit on Monday In return for this level-playing field for businesses on both sides , the @ @ @ @ @ @ @ trading with the UK .
UK negotiators have said they will not allow the EU to set British regulations on these issues .
Last week , chief EU negotiator Michel Barnier said the UK was trying to “ cherry pick ” benefits of EU membership without the added responsibilities .

Brexit: Boris Johnson says ‘a bit of oomph’ is needed in trade talks
Britain’s Prime Minister Boris Johnson greets European Commission President Ursula von der Leyen outside 10 Downing Street in central London on January 8, 2020
Boris Johnson and the heads of the EU have agreed that “new momentum” is needed in trade negotiations for a deal to be struck by the 31 December deadline.
In a joint statement issued after their Brexit summit today, leaders of the UK and EU said they needed to “intensify the talks in July and to create the most conducive conditions for concluding and ratifying a deal before the end of 2020”.
The statement also noted that there will definitely not be an extension to the deadline for a trade deal.
Johnson said shortly after the meeting that both sides needed to “put a tiger in the tank” and add “a bit of oomph in the negotiations”.
He also said the two sides were not very far apart and that a deal could be done by next month.
The long-awaited meeting was held between Johnson, EU Commission President Ursula von der Leyen, European Council President Charles Michel and EU Parliament President David Sassoli.
The meeting came after the UK and EU had completed four negotiating rounds, with both sides saying they were at a stalemate over several key issues.
These include EU access to UK fishing waters, business competition regulations and overall governance of the deal.
Last week, UK and EU negotiators agreed to a new negotiating timetable, which will see some meetings happen in person for the first time in months.
There will be five consecutive week-long negotiating rounds starting next month.
Before the Open newsletter: Start your day with the City View podcast and key market data
Today’s video conference summit was expected to provide a way for gaps to be bridged through high-level political intervention.
“The Parties agreed…that new momentum was required,” today’s statement read.
“They supported the plans agreed by Chief Negotiators to intensify the talks in July and to create the most conducive conditions for concluding and ratifying a deal before the end of 2020.
“This should include, if possible, finding an early understanding on the principles underlying any agreement.”
Johnson also spoke to The Sun after the talks to underscore the need for more urgency in talks.
He said: “As I said to the three presidents you know, ‘put a tiger in the tank’, because it’s very clear what the UK needs and what our EU friends need to understand.
“We can’t have the involvement of the European Court of Justice in this country, we can’t have a system by where we continue to have to obey EU law even when we’re out of the EU and we’ve got to get a great deal for our fish.
“It’s very clear what we need to achieve, I don’t think we’re actually that far apart, but what we need to see now is a bit of oomph in the negotiations. What we all really said is the faster we can do this the better – there is no reason why you shouldn’t get this done in July.”
Charles Michel tweeted in response to Johnson that the EU was “ready to put a tiger in the tank”, but not “to buy a pig in a poke”.
UK negotiators have said that they will decide before the end of summer whether it is worth continuing in talks or to instead walk away and prepare to leave the transition period on no-deal terms.
The Prime Minister’s spokesman said today that it was imperative to give UK and EU businesses enough time to prepare for new conditions next year.
Fishing policy is one of the major flashpoints in talks, with EU member states pushing to retain the same access to UK fishing waters as they had when Britain was in the EU.
Chief UK negotiator Frost has described this as a “non runner” and is asking for a “zonal attachment” agreement, which can be periodically reviewed.
Frost said the UK would be “an independent coastal nation” on 1 January next year in any case.
The EU is also asking for the UK to match regulations on things like labour laws, environmental protection and state aid provisions.
In return for this level-playing field for businesses on both sides, the EU has said it will allow zero-tariff trading with the UK.
UK negotiators have said they will not allow the EU to set British regulations on these issues.
Last week, chief EU negotiator Michel Barnier said the UK was trying to “cherry pick” benefits of EU membership without the added responsibilities.


cityam--2020-06-16--US retail sales bounce back in May as economy starts to recover

US retail sales jumped 17.7 per cent in May , posting a strong performance as many states began to ease @ @ @ @ @ and food services sales for the month were $ 485.5bn , an increase of 17.7 @ @ @ @ @ figure .
The measure had plunged 14.7 per cent in April as lockdown measures to @ @ @ @ @ were implemented across the US .

US retail sales post record resurgence in May
US retail sales recorded a record jump in May, rising far above expectations as Americans began to return to work and resume spending after weeks of lockdown.
US retail sales rose 17.7 per cent in May, data from the US Commerce Department showed, reinforcing views that the worst of the economic slump triggered by the coronavirus pandemic is over.
US retail and food services sales for the month were $485.5bn, an increase of 17.7 percent on April’s figure.
However May’s rebound only retraces a fraction of the historic drops posted in March and April amid the coronavirus lockdowns. The index had plunged 14.7 per cent in April alone as lockdown measures to limit the spread of Covid-19 were implemented across the US.
May’s gain exceeded the previous record increase of 6.7 per cent in October 2001 as Americans resumed spending following what was then a record pullback in the aftermath of the 9/11 attacks.
US retail sales had been expected to increase eight per cent in May, according to economists polled by Reuters.
Before the Open newsletter: Start your day with the City View podcast and key market data
The yields on US benchmark 10-year Treasuries rose to 0.768 per cent from 0.756 per cent after the release of the US retail sales figures. US stock futures also rose sharply after the data was released.
The sales rebound was helped by strong auto sales as the relaxing of lockdowns across the country allowed car dealership showrooms to reopen. May’s sales rate climbed above 12m vehicles per year after dropping below 9m in April, according to Wards Intelligence.
The closely watched “retail control” figure, which further excludes building materials, food services and gasoline sales as well as setting aside automotive-related sales, rose by a record 11.0 per cent, the report showed.
Economists had been expecting the figure, which most closely tracks the consumer spending component of gross domestic product, to see a gain of 4.7 per cent.


cityam--2020-06-16--US firms to be allowed to work with Huawei on 5G standards

The US is to amend a ruling which prohibited companies from working with Chinese tech giant Huawei on setting standards for upcoming 5G networks .
The new ruling , signed by the US Commerce Department and other agencies , is set to be published on the Federal Register as soon as today .
“ The United States will not cede leadership in global innovation , ” US commerce secretary Wilbur Ross told Reuters .
“ The department is committed to protecting US national security and foreign policy interests by encouraging US industry to fully engage and advocate for US technologies @ @ @ @ @ @ @ s involvement in western 5G networks has become a major sticking point for the US and other countries , as a result of security concerns stemming from its relationship with the Chinese government .
Huawei has consistently denied the existence of backdoors or other security links to Beijing .
The US placed Huawei on the Commerce Department ’ s so-called entity list last year , which restricted sales of US goods and technology to the company , citing national security .
The role of Huawei in the UK ’ s own 5G network @ @ @ @ @ @ @ following threats from US President Donald Trump that it would not preserve its so-called special relationship with the UK should it allow the use of Huawei equipment .
In January the UK ruled Huawei will be subject to a market cap , with its technology only permitted to power 35 per cent of the country ’ s telecoms infrastructure .
Ministers are reportedly applying pressure on Prime Minister Boris Johnson to determine a cut-off date by which Huawei equipment must be removed from UK networks , and to prevent telecoms firms from buying @ @ @ @ @ @ @ companies were concerned that the country would fall behind in innovation were it not allowed to work with Huawei on setting standards for 5G development .
A Huawei spokesperson was contacted for further comment .

US firms to be allowed to work with Huawei on 5G standards
The US is to amend a ruling which prohibited companies from working with Chinese tech giant Huawei on setting standards for upcoming 5G networks.
The new ruling, signed by the US Commerce Department and other agencies, is set to be published on the Federal Register as soon as today.
“The United States will not cede leadership in global innovation,” US commerce secretary Wilbur Ross told Reuters.
“The department is committed to protecting US national security and foreign policy interests by encouraging US industry to fully engage and advocate for US technologies to become international standards.”
Huawei’s involvement in western 5G networks has become a major sticking point for the US and other countries, as a result of security concerns stemming from its relationship with the Chinese government. Huawei has consistently denied the existence of backdoors or other security links to Beijing.
The US placed Huawei on the Commerce Department’s so-called entity list last year, which restricted sales of US goods and technology to the company, citing national security.
The role of Huawei in the UK’s own 5G network was the subject of significant debate, following threats from US President Donald Trump that it would not preserve its so-called special relationship with the UK should it allow the use of Huawei equipment.
In January the UK ruled Huawei will be subject to a market cap, with its technology only permitted to power 35 per cent of the country’s telecoms infrastructure.
Ministers are reportedly applying pressure on Prime Minister Boris Johnson to determine a cut-off date by which Huawei equipment must be removed from UK networks, and to prevent telecoms firms from buying new Huawei equipment from 2023.
US companies were concerned that the country would fall behind in innovation were it not allowed to work with Huawei on setting standards for 5G development.
A Huawei spokesperson said: “Inclusiveness and productive dialogue will better promote the formulation of technical standards and encourage the healthy development of the industry and the global economy. Huawei’s stance remains unchanged on these matters.
“We would like to continue holding sincere discussions in relation to standards for new technologies with our counterparts, including those in the US, contributing to the technological advancement of society at large.”


cityam--2020-06-16--UK scientists make 'major breakthrough' as common steroid found to cut coronavirus death rate

A common steroid has been labelled a “ major breakthrough ” in the fight against coronavirus by researchers after trials showed it cut the risk of death for those patients on ventilators by a third .
The drug , which is called dexamethasone , is widely available , and scientists said it would be “ instantly affordable ” worldwide .
The results of the trial showed that the drug reduced the death rate of those on ventilators from 41 per cent to 28 per cent , and of those requiring oxygen from 25 per cent to 20 per cent .
@ @ @ @ @ @ @ 8 ventilated patients treated with the drug one life would be saved .
Likewise , one in every 25 patients requiring oxygen would be survive through the use of the drug alone .
The Recovery trial was carried out by scientists at the University of Oxford and involved a total of 2104 patients .
Professor Peter Horby , one of the trial ’ s chief investigators , said that the drug should now become the “ standard care ” for those sick enough to need oxygen .
He said : “ Dexamethasone is @ @ @ @ @ @ @ improve survival in COVID-19 .
This is an extremely welcome result .
Before the Open : Get the jump on the markets with our early morning newsletter “ The survival benefit is clear and large in those patients who are sick enough to require oxygen treatment , so dexamethasone should now become standard of care in these patients .
“ Dexamethasone is inexpensive , on the shelf , and can be used immediately to save lives worldwide ” .
Fellow chief investigator Professor Martin Landray agreed , saying it was “ fantastic that @ @ @ @ @ @ @ is one that is instantly available and affordable worldwide ” .
The scientists said that the full results of the trial would be made available as soon as possible .
Nick Cammack of the Welcome Trust called the results of the trial “ remarkable ” .
Read more : Astrazeneca CEO : Coronavirus vaccine will likely protect for a year “ Potentially preventing 1 death in every 8 ventilated patients would be remarkable ” , he said .
“ Finding effective treatments like this will transform the impact of the Covid-19 pandemic on @ @ @ @ @ @ @

UK scientists make ‘major breakthrough’ as common steroid found to cut coronavirus death rate
A common steroid has been labelled a “major breakthrough” in the fight against coronavirus by researchers after trials showed it cut the risk of death for those patients on ventilators by a third.
The drug, which is called dexamethasone, is widely available, and scientists said it would be “instantly affordable” worldwide.
The results of the trial showed that the drug reduced the death rate of those on ventilators from 41 per cent to 28 per cent, and of those requiring oxygen from 25 per cent to 20 per cent.
Based on the results, for every 8 ventilated patients treated with the drug one life would be saved.
Likewise, one in every 25 patients requiring oxygen would be survive through the use of the drug alone.
England’s chief medical officer Chris Whitty said the findings were “the most important trial result” for the disease so far.
The Recovery trial was carried out by scientists at the University of Oxford and involved a total of 2104 patients.
Professor Peter Horby, one of the trial’s chief investigators, said that the drug should now become the “standard care” for those sick enough to need oxygen.
He said: “Dexamethasone is the first drug to be shown to improve survival in COVID-19. This is an extremely welcome result.
Before the Open: Get the jump on the markets with our early morning newsletter
“The survival benefit is clear and large in those patients who are sick enough to require oxygen treatment, so dexamethasone should now become standard of care in these patients.
“Dexamethasone is inexpensive, on the shelf, and can be used immediately to save lives worldwide”.
Fellow chief investigator Professor Martin Landray agreed, saying it was “fantastic that the first treatment demonstrated to reduce mortality is one that is instantly available and affordable worldwide”.
The scientists said that the full results of the trial would be made available as soon as possible.
Nick Cammack of the Welcome Trust called the results of the trial “remarkable”.
“Potentially preventing 1 death in every 8 ventilated patients would be remarkable”, he said.
“Finding effective treatments like this will transform the impact of the Covid-19 pandemic on lives and economies across the world.


cityam--2020-06-16--Marcus Rashford scores! Summer free school meals announced for 1.3m students

An estimated 1.3m children in England will be given free school meal vouchers throughout the summer , after pressure from Manchester United footballer Marcus Rashford .
Students on the free school meals programme will receive vouchers for the six-week break and they will be worth £15 per child a week , which is in line with existing support .
Read more : Boris Johnson expected to merge Foreign Office and International Development Department The scheme is expected to cost £120m and represents a U-turn from the government ’ s position yesterday .
“ I don ’ t even know what @ @ @ @ @ @ @ “ Just look at what we can do when we come together , THIS is England in 2020.
” It comes after Rashford , 22 , began a campaign just days ago to call for underprivileged students to continue receive free school meals during the coronavirus crisis .
He ratcheted it up with a column in The Times today , writing that he was “ clued up on the difference a U-turn decision would make on the 1.3 million vulnerable children across the UK who are registered for free school meals because ten @ @ @ @ @ @ @ ” .
Before the Open newsletter : Start your day with the City View podcast and key market data He added : “ Today I am asking that all MPs put their rivalries aside and stand in solidarity on an issue that could prove detrimental to the stability of families across the country for generations to come.
” The Prime Minister ’ s official spokesman told a group of journalists that Johnson had decided to make the call at today ’ s cabinet meeting .
“ Owing to the coronavirus , the Prime @ @ @ @ @ @ @ an unprecedented situation over the summer , ” he said .
Read more : UK unemployment : 612,000 workers lose jobs as vacancies crash to record low in lockdown “ To reflect this we will be providing a Covid summer food fund .
This will provide food vouchers covering the 6 week holiday period .
“ The scheme will not continue beyond this summer and those eligible will be those already qualified for free school meals.
” He also paid tribute to Rashford , saying the Prime Minister “ welcomes his contribution to @ @ @ @ @ @ @ fact he ’ s been using his profile as a leading sportsman to highlight important issues ” .
“ The thought of 1.3 million children going hungry this summer was unimaginable , ” he said .
“ Well done to March Rashford and many others who spoke out so powerfully about this issue .
”

Marcus Rashford scores! Summer free school meals announced for 1.3m students
It comes after Rashford, 22, began a campaign just days ago to call for underprivileged students to continue receive free school meals during the coronavirus crisis.
An estimated 1.3m children in England will be given free school meal vouchers throughout the summer, after pressure from Manchester United footballer Marcus Rashford.
Students on the free school meals programme will receive vouchers for the six-week break and they will be worth £15 per child a week, which is in line with existing support.
The scheme is expected to cost £120m and represents a U-turn from the government’s position yesterday.
“I don’t even know what to say,” Rashford tweeted.
“Just look at what we can do when we come together, THIS is England in 2020.”
It comes after Rashford, 22, began a campaign just days ago to call for underprivileged students to continue receive free school meals during the coronavirus crisis.
He ratcheted it up with a column in The Times today, writing that he was “clued up on the difference a U-turn decision would make on the 1.3 million vulnerable children across the UK who are registered for free school meals because ten years ago I was one of them”.
Before the Open newsletter: Start your day with the City View podcast and key market data
He added: “Today I am asking that all MPs put their rivalries aside and stand in solidarity on an issue that could prove detrimental to the stability of families across the country for generations to come.”
The Prime Minister’s official spokesman told a group of journalists that Johnson had decided to make the call at today’s cabinet meeting.
“Owing to the coronavirus, the Prime Minister fully understands children and parents face an unprecedented situation over the summer,” he said.
“To reflect this we will be providing a Covid summer food fund. This will provide food vouchers covering the 6 week holiday period.
“The scheme will not continue beyond this summer and those eligible will be those already qualified for free school meals.”
He also paid tribute to Rashford, saying the Prime Minister “welcomes his contribution to the debate around poverty and respect the fact he’s been using his profile as a leading sportsman to highlight important issues”.
Labour leader Sir Keir Starmer welcomed the policy U-turn.
“The thought of 1.3 million children going hungry this summer was unimaginable,” he said.
“Well done to March Rashford and many others who spoke out so powerfully about this issue.”


cityam--2020-06-16--Frustrations grow for women in private equity as  pay gap issues continue

Women in private equity are still battling gender pay gap issues and a male-dominated industry , according to new research .
A fifth of women surveyed by Investec claim to be more dissatisfied with their work in private equity , compared to just 8.2 per cent of men .
Read more : Private equity activity reaches new peak but firms brace for difficult year However , women are not pursuing other options within the private equity world .
The number of women considering starting their own firm has dropped from a measly 2.3 per cent in 2019 to zero per @ @ @ @ @ @ @ nearly 15 per cent of male general partners , according to Investec ’ s global GP trends report .
The frustration is evident as 14.7 per cent of women said if they left their current roles they would look to start a business outside of the private equity world .
This compares to 11 per cent of men .
Before the Open : Get the jump on the markets with our early morning newsletter Additionally , 20.6 per cent of women would consider a move within the finance industry , while just 3.2 @ @ @ @ @ @ @ this possibility .
Emily Cvijan at Investec Private Bank suggests these figures reflect the low numbers of women in private equity , around 18 per cent .
The industries firms recruit out of – law , investment banking and accountancy firms – have their own gender diversity issues .
A lack of representation will add to the frsutration felt by females .
Given there are so few women in the industry making it up the management rankings “ women don ’ t feel like they have the experience to set up their own @ @ @ @ @ @ @ Before the Open newsletter : Start your day with the City View podcast and key market data Cvijan also suggests that the gender pay gap is fuelling dissatisfaction among female GPs .
Three in five women believe they would be paid more for doing the same job if they were male .
This sentiment is even higher amongst women below partner at 75 per cent .
Much has been made of the importance of diversity in helping fund performances .
Private equity risks falling behind if initiatives , like those being put in @ @ @ @ @ @ @ are not adopted .
Read more : Domino ’ s Pizza scolded by the IA over lack of gender diversity While the government has suspended the pay gap reporting , Cvijan tells City A.M. it is crucial PE firms publish data to increase transparency .
And diversity will be even more valuable through the Covid-19 crisis , says Cvijan .
“ I hope that the pandemic is going to highlight the importance of having diverse workforces and the work… A diverse table gives you a more relatable route to success.
” Get the @ @ @ @ @ @ @ A.M. on Twitter .

Frustrations grow for women in private equity as pay gap issues continue
Women in private equity are still battling gender pay gap issues and a male-dominated industry, according to new research.
A fifth of women surveyed by Investec claim to be more dissatisfied with their work in private equity, compared to just 8.2 per cent of men.
However, women are not pursuing other options within the private equity world. The number of women considering starting their own firm has dropped from a measly 2.3 per cent in 2019 to zero per cent this year.
This compares to nearly 15 per cent of male general partners, according to Investec’s global GP trends report.
The frustration is evident as 14.7 per cent of women said if they left their current roles they would look to start a business outside of the private equity world. This compares to 11 per cent of men.
Before the Open: Get the jump on the markets with our early morning newsletter
Additionally, 20.6 per cent of women would consider a move within the finance industry, while just 3.2 per cent of men have looked at this possibility.
Emily Cvijan at Investec Private Bank suggests these figures reflect the low numbers of women in private equity, around 18 per cent.
The industries firms recruit out of – law, investment banking and accountancy firms – have their own gender diversity issues. A lack of representation will add to the frsutration felt by females. Given there are so few women in the industry making it up the management rankings “women don’t feel like they have the experience to set up their own firm,” Cvijan tells City A.M.
Before the Open newsletter: Start your day with the City View podcast and key market data
Cvijan also suggests that the gender pay gap is fuelling dissatisfaction among female GPs.
Three in five women believe they would be paid more for doing the same job if they were male. This sentiment is even higher amongst women below partner at 75 per cent.
Much has been made of the importance of diversity in helping fund performances. Private equity risks falling behind if initiatives, like those being put in place in the wider financial industry, are not adopted.
While the government has suspended the pay gap reporting, Cvijan tells City A.M. it is crucial PE firms publish data to increase transparency.
And diversity will be even more valuable through the Covid-19 crisis, says Cvijan. “I hope that the pandemic is going to highlight the importance of having diverse workforces and the work… A diverse table gives you a more relatable route to success.”
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-06-16--EU opens antitrust cases against Apple over App Store and Apple Pay

The European Commission today launched two new antitrust cases against Apple , bolstering its fight against market dominance in the technology sector .
The first investigation will explore whether Apple ’ s practice of charging a 30 per cent commission fee on sales and subscriptions made via its App Store is anti-competitive , following complaints by Spotify and Rakuten .
Spotify ’ s complaint argued Apple was utilising the practice in favour of its own Apple Music service .
Rakuten filed a similar complaint , alleging it ’ s unfair for Apple to market its own Apple Books platform while @ @ @ @ @ @ @ other ebook services .
“ We need to ensure that Apple ’ s rules do not distort competition in markets where Apple is competing with other app developers , for example with its music streaming service Apple Music or with Apple Books , ” said the EU ’ s competition commissioner Margrethe Vestager .
The second probe will look at Apple ’ s terms and conditions on how Apple Pay should be used in merchants ’ apps and websites , and also the company ’ s refusal to allow rivals access to the @ @ @ @ @ @ @ Apple sets the conditions on how Apple Pay should be used in merchants ’ apps and websites , ” Vestager added .
“ It also reserves the ‘ tap and go ’ functionality of iPhones to Apple Pay .
It is important that Apple ’ s measures do not deny consumers the benefits of new payment technologies , including better choice , quality , innovation and competitive prices.
” Apple hit back strongly at the complaints , and criticised the EU for listening to the companies in launching their investigations .
“ It @ @ @ @ @ @ @ advancing baseless complaints from a handful of companies who simply want a free ride , and don ’ t want to play by the same rules as everyone else , ” it said in a statement .
“ We don ’ t think that ’ s right — we want to maintain a level playing field where anyone with determination and a great idea can succeed.
” An Apple-backed study released yesterday revealed its App Store created $ 519bn in estimated total billings and sales of both physical products and services and digital @ @ @ @ @ @ @ has become known for its major antitrust cases against large technology companies , prompting other countries to follow suit .
Vestager ’ s unit has levied more than $ 9bn in fines against Google to date , and is currently planning investigations against the likes of Amazon alongside probing Apple .

EU opens antitrust cases against Apple over App Store and Apple Pay
The European Commission today launched two new antitrust cases against Apple, bolstering its fight against market dominance in the technology sector.
The first investigation will explore whether Apple’s practice of charging a 30 per cent commission fee on sales and subscriptions made via its App Store is anti-competitive, following complaints by Spotify and Rakuten.
Spotify’s complaint argued Apple was utilising the practice in favour of its own Apple Music service. Rakuten filed a similar complaint, alleging it’s unfair for Apple to market its own Apple Books platform while taking a 30 per cent cut from other ebook services.
“We need to ensure that Apple’s rules do not distort competition in markets where Apple is competing with other app developers, for example with its music streaming service Apple Music or with Apple Books,” said the EU’s competition commissioner Margrethe Vestager.
The second probe will look at Apple’s terms and conditions on how Apple Pay should be used in merchants’ apps and websites, and also the company’s refusal to allow rivals access to the payment system.
“It appears that Apple sets the conditions on how Apple Pay should be used in merchants’ apps and websites,” Vestager added.
“It also reserves the ‘tap and go’ functionality of iPhones to Apple Pay. It is important that Apple’s measures do not deny consumers the benefits of new payment technologies, including better choice, quality, innovation and competitive prices.”
Apple hit back strongly at the complaints, and criticised the EU for listening to the companies in launching their investigations.
“It’s disappointing the European Commission is advancing baseless complaints from a handful of companies who simply want a free ride, and don’t want to play by the same rules as everyone else,” it said in a statement.
“We don’t think that’s right — we want to maintain a level playing field where anyone with determination and a great idea can succeed.”
An Apple-backed study released yesterday revealed its App Store created $519bn in estimated total billings and sales of both physical products and services and digital goods in 2019.
The European Commission has become known for its major antitrust cases against large technology companies, prompting other countries to follow suit.
Vestager’s unit has levied more than $9bn in fines against Google to date, and is currently planning investigations against the likes of Amazon alongside probing Apple.


cityam--2020-06-16--FTSE 100 bounces back as Fed announces additional stimulus

The FTSE 100 surged this morning on news that the Federal Reserve is set to start buying individual corporate bonds .
London ’ s blue-chip index jumped 2.44 per cent to 6,212 points , erasing Monday ’ s losses when traders were jittery on second wave fears .
Read more : UK unemployment : 612,000 workers lose jobs as vacancies crash to record low in lockdown The US central bank yesterday said it was looking to buy individual corporate bonds , as well as the exchange-traded funds it is already purchasing .
It is part of a continuing effort to @ @ @ @ @ @ @ The FTSE 100 maintained its early surge , trading up 2.39 per cent at 6,209 points at 10.15am .
Investors were buoyed by speculation that President Donald Trump is preparing a $ 1 trillion infrastructure spending plan which would help to stimulate the economy through the coronavirus recovery .
Before the Open newsletter : Start your day with the City View podcast and key market data Overnight , US stocks recovered to finish in the green after markets faltered in early trading .
The Dow Jones closed 0.6 per cent higher .
While @ @ @ @ @ @ @ day up 0.8 per cent and the Nasdaq finished 1.4 per cent higher .
“ There is nothing like a fresh round of stimulus to boost risk sentiment in the markets , ” said Fiona Cincotta , market analyst at Gain Capital .
“ Fears of a second wave have been calmed by the fact that the Fed has your back and that Trump is prepared to increase spending significantly to inject life back into the economy.
” US futures point to a more positive day , with the Dow Jones due to @ @ @ @ @ @ @ The benchmark S & P 500 is set to open 1.17 per cent higher .
Read more : Brexit : Boris Johnson says ‘ a bit of oomph ’ is needed in trade talks FTSE traders were also boosted by renewed optimism in the Brexit negotiations following talks between Prime Minister Boris Johnson and EU presidents .
Both sides pledged to push “ new momentum ” into their talks in order to strike a deal before the December deadline .
Boris Johnson , who said both sides needed to add a “ bit @ @ @ @ @ @ @ said a deal could be agreed by next month .
European stocks also pared back yesterday ’ s losses , as the pan-European Stoxx 600 climbed 2.18 per cent by 10.15am .
Germany ’ s Dax surged 2.62 per cent , while France ’ s Cac jumped 2.24 per cent .
Additionally , FTSE investors may take some solace in the news that the UK unemployment rate unexpectedly remained unchanged , at 3.9 per cent , in the three months to April .
However , the impact of coronavirus on the job market @ @ @ @ @ @ @ number of workers on company payrolls fell 612,000 between March and May and vacancies fell to a record low .
Analysts point to the government ’ s job retention scheme as a buffer through the worst of the outbreak .
But , “ we can expect to see this start to unravel in the coming months as the scheme is gradually withdrawn , ” says Cincotta .
Before the Open : Get the jump on the markets with our early morning newsletter Equipment rental firm , Ashtead Group , led the FTSE 100 @ @ @ @ @ @ @ The announcement that it would maintain its dividend sent shares up 9.27 per cent .
Russ Mould , investment director at stockbroker AJ Bell , said the dividend announcement means the full-year payment is up very slightly on last year “ to bot confound analysts ’ expectations of a cut and maintain an annual dividend growth streak that stretches back to 2006.
” Mould also points to the mounting speculation that President Trump will announce a $ 1 trillion spending plan , akin to the New Deal plan in the 1930s .
“ @ @ @ @ @ @ @ schemes are to be implemented quickly and it will be interesting to see if US industrial sentiment surveys start to pick up more rapidly , ” he said .
British Airways owner IAG and Easyjet saw shares climb 7.93 per cent and 7.37 per cent respectively as European countries started to open up for tourism .
Yesterday , Easyjet took to the skies for the first time in nearly three months .
Get the news as it happens by following City A.M. on Twitter .

FTSE 100 closes higher on new coronavirus drug hopes
Chair of the Federal Reserve Jerome Powell.
The FTSE 100 extended its gains this afternoon closing up nearly three per cent after a major development in an Oxford University clinical trial.
London’s blue-chip index climbed to highs of 3.53 per cent in the afternoon, before closing up 2.96 per cent. It erased Monday’s losses when traders were jittery on second wave fears.
The FTSE jumped in the last half an hour of the day after the government gave the NHS immediate authorisation to use the first drug shown to reduce the virus death rates.
Trials carried out by Oxford University showed that the steroid dexamethasone had been proven to reduce the risk of death in patients with severe forms of Covid-19.
Investors opened the day higher on news that the Fed would start buying individual corporate bonds, in addition to the exchange-traded funds it is already purchasing. It is part of a continuing effort to support the economy through the pandemic.
Speculation that President Donald Trump is preparing a $1 trillion infrastructure spending plan helped the index inch up throughout the day.
Before the Open newsletter: Start your day with the City View podcast and key market data
“There is nothing like a fresh round of stimulus to boost risk sentiment in the markets,” said Fiona Cincotta, market analyst at Gain Capital. “Fears of a second wave have been calmed by the fact that the Fed has your back and that Trump is prepared to increase spending significantly to inject life back into the economy.”
US stocks extended gains to open higher on the Federal Reserve’s announcement, but momentum slowed down on news that Beijing was due to shut schools on second wave fears.
US market gains fade
US stocks started the day off well, rebounding from Thursday’s losses. Investors wobbled last week after a strong rally since the selloff in March but the Fed announcement has settled nerves somewhat.
Markets also welcomed a record increase in retail sales last month, beating expectations. Data from the US Commerce Department showed US retail sales rose 17.7 per cent in May, reinforcing the view that the worst of the economic impact is over.
The Dow Jones opened 3.29 per cent higher, while the benchmark S&P 500 climbed 2.64 per cent. However, gains have now faded as news that Beijing was shutting schools dented investors’ optimism.
The Dow Jones is up 1.93 per cent, while the S&P 500 has fallen back to trade 1.87 per cent higher. The Nasdaq index is up 1.64 per cent at 4.45pm.
FTSE travel stocks push higher on summer holiday hopes
Equipment rental firm, Ashtead Group, led the FTSE 100’s biggest risers today. The announcement that it would maintain its dividend sent shares up 10.76 per cent by the afternoon, to close up 14.37 per cent.
Russ Mould, investment director at stockbroker AJ Bell, said the dividend announcement means the full-year payment is up very slightly on last year “to bot confound analysts’ expectations of a cut and maintain an annual dividend growth streak that stretches back to 2006.”
Mould also points to the mounting speculation that President Trump will announce a $1 trillion spending plan, akin to the New Deal plan in the 1930s.
“Its equipment will be needed if such schemes are to be implemented quickly and it will be interesting to see if US industrial sentiment surveys start to pick up more rapidly,” he said.
Travel stocks also led today’s FTSE risers , with Easyjet climbing 4.66 per cent while British Airways owner IAG finished 5.86 per cent higher.
“The UK focus is geared towards the travel sector, with the likes of Carnival, IAG, and easyJet all surging as they look to capture
some of the summer demand that has been lost to this crisis,” Joshua Mahony, senior market analyst at IG said.
“While Spain is threatening to retaliate to the UK’s quarantine policy with a like-for-like measure, this could actually provide a boost for airlines as the pressure builds on the government to backtrack on their current stance.”
Traders boosted by Brexit optimism
FTSE 100 traders were also boosted by renewed optimism in the Brexit negotiations following talks between Prime Minister Boris Johnson and EU presidents.
Both sides pledged to push “new momentum” into their talks in order to strike a deal before the December deadline. Boris Johnson, who said both sides needed to add a “bit of oomph in the negotiations”, said a deal could be agreed by next month.
Before the Open: Get the jump on the markets with our early morning newsletter
European stocks also pared back yesterday’s losses, as the pan-European Stoxx 600 climbed 3.4 per cent by 2.30pm. Germany’s Dax jumped 3.79 per cent, while France’s Cac traded up 3.49 per cent.
Additionally, FTSE investors may take some solace in the news that the UK unemployment rate unexpectedly remained unchanged, at 3.9 per cent, in the three months to April.
However, the impact of coronavirus on the job market was stark. ONS figures showed the number of workers on company payrolls fell 612,000 between March and May and vacancies fell to a record low.
Analysts point to the government’s job retention scheme as a buffer through the worst of the outbreak. But, “we can expect to see this start to unravel in the coming months as the scheme is gradually withdrawn,” says Cincotta.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-06-16--Sky to claw back £330m from sports cancellations ahead of Premier League restart

Sky is set to receive rebates of up to £330m from organisers of leading sporting events , as the broadcaster seeks to shore up its balance sheet after months of cancelled events .
The Premier League has agreed to return £170m to Sky , the Financial Times reported , after the UK broadcaster allowed customers to halt sports subscriptions during the lockdown .
Read more : MPs call for total ban on gambling adverts ahead of Premier League restart The rebate is one of many being negotiated by Sky in a bid to “ mitigate the impact on our business @ @ @ @ @ @ @ sport over the past 12 weeks ” , said Sky Sports managing director Rob Webster .
The repayments will be deferred until next season to assist clubs facing a funding drought from a lack of live ticketed events .
Football fans will still be unable to attend the Premier League in person when it restarts tomorrow , but will instead be available on free-to-air TV and non-paywalled versions of subscription channels .
Sky has also been in negotiations to receive rebates from organisers of English cricket , Formula One , and other sporting @ @ @ @ @ @ @ exclusive screening rights for events that were cancelled or postponed due to the coronavirus crisis .
“ The vast majority of [ rebate ] conversations have reached a conclusion where the sport itself is able to continue to thrive and to have funding certainty over the short to medium term , ” said Webster .
It comes as major sporting events will return to TV this week , following pressure from the UK government .
Sky will show 35 of the total 92 Premier League games on its free-to-view Pick channel .
Four @ @ @ @ @ @ @ , marking the first time Premier League games will be screened on terrestrial TV since the competition ’ s launch in 1992 .
Frozen Sky Sports accounts will be reactivated to coincide with the Premier League ’ s return , and the broadcaster will offer viewers the option of simulated crowd noise .
Read more : Coronavirus crisis set to wipe $ 17bn off sports sponsorship market But it also warned that free broadcasting of sports events is unlikely to become a regular occurrence .
“ The starting point in all our discussions @ @ @ @ @ @ @ exclusivity because that is what drives our business , ” Webster told the Financial Times , noting the exceptional circumstances that led to matches being aired for free this season .
Analysts have argued that the financial fallout from the pandemic will likely cause broadcasters to spend loss on rights in the future .
In the last Premier League screening rights auction , broadcasting giants Sky , BT and Amazon paid a combined total of £5bn to screen matches in the UK between 2019 and 2022 .
Sky did not respond to requests @ @ @ @ @ @ @ Get the jump on the markets with our early morning newsletter

Sky to claw back £330m from sports cancellations ahead of Premier League restart
Sky is set to receive rebates of up to £330m from organisers of leading sporting events, as the broadcaster seeks to shore up its balance sheet after months of cancelled events.
The Premier League has agreed to return £170m to Sky, the Financial Times reported, after the UK broadcaster allowed customers to halt sports subscriptions during the lockdown.
The rebate is one of many being negotiated by Sky in a bid to “mitigate the impact on our business [from] the lack of live sport over the past 12 weeks”, said Sky Sports managing director Rob Webster.
The repayments will be deferred until next season to assist clubs facing a funding drought from a lack of live ticketed events. Football fans will still be unable to attend the Premier League in person when it restarts tomorrow, but will instead be available on free-to-air TV and non-paywalled versions of subscription channels.
Sky has also been in negotiations to receive rebates from organisers of English cricket, Formula One, and other sporting events. The broadcaster spent billions securing exclusive screening rights for events that were cancelled or postponed due to the coronavirus crisis.
“The vast majority of [rebate] conversations have reached a conclusion where the sport itself is able to continue to thrive and to have funding certainty over the short to medium term,” said Webster.
It comes as major sporting events will return to TV this week, following pressure from the UK government.
Sky will show 35 of the total 92 Premier League games on its free-to-view Pick channel. Four matches will be shown on the BBC, marking the first time Premier League games will be screened on terrestrial TV since the competition’s launch in 1992.
Frozen Sky Sports accounts will be reactivated to coincide with the Premier League’s return, and the broadcaster will offer viewers the option of simulated crowd noise.
But it also warned that free broadcasting of sports events is unlikely to become a regular occurrence.
“The starting point in all our discussions on rights centres around the nature of exclusivity because that is what drives our business,” Webster told the Financial Times, noting the exceptional circumstances that led to matches being aired for free this season.
Analysts have argued that the financial fallout from the pandemic will likely cause broadcasters to spend loss on rights in the future. In the last Premier League screening rights auction, broadcasting giants Sky, BT and Amazon paid a combined total of £5bn to screen matches in the UK between 2019 and 2022.
Sky did not respond to requests for comment.
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cityam--2020-06-16--Activist investor Cerberus vows to continue push for change at Commerzbank

Activist investor Cerberus has said it will use “ alternative paths ” to push for change at Commerzbank if the lender continues to resist calls to reform .
Cerberus did not outline what paths it might take in a letter sent to the chair of Commerzbank ’ s supervisory board dated yesterday and seen by Reuters .
Read more : Commerzbank set to cut more jobs and branches , says board member One possibility is for the investor to invoke an extraordinary general meeting and ask other shareholders to back its demand for “ substantial change ” in leadership at @ @ @ @ @ @ @ letter was sent after the bank last week rebuffed Cerberus ’ demands for two seats on its supervisory board .
Launching its campaign last week , the activist investor also called on the lender to cut costs and adopt a new strategy , complaining that it had failed to heed its advice after more than 70 meetings .
Before the Open newsletter : Start your day with the City View podcast and key market data Shares in Commerzbank have fallen about 60 per cent since Cerberus bought a five per stake in the @ @ @ @ @ @ @ committed to achieving substantial change to the leadership of Commerzbank and to the bank ’ s operational and strategic paths for the benefit of all of Commerzbank ’ s stakeholders , ” Cerberus said in the letter .
Commerzbank , which last year announced plans to cut thousands of jobs , is currently in the process of identifying more cost cuts and will announce plans when it releases second quarter earnings in August .
Read more : Commerzbank to continue cost-cutting after quarterly loss Cerberus said the supervisory board bore responsibility for the @ @ @ @ @ @ @ in the letter , Reuters reported .
“ Unfortunately , it is a matter of fact that Commerzbank has not yet embraced or executed on any of our suggested actions , ” the investor wrote .
A spokesperson for the bank declined to comment .

Activist investor Cerberus vows to continue push for change at Commerzbank
Shares in Commerzbank have fallen sharply since Cerberus took on a five per cent stake in the lender in 2017
Activist investor Cerberus has said it will use “alternative paths” to push for change at Commerzbank if the lender continues to resist calls to reform.
Cerberus did not outline what paths it might take in a letter sent to the chair of Commerzbank’s supervisory board dated yesterday and seen by Reuters.
One possibility is for the investor to invoke an extraordinary general meeting and ask other shareholders to back its demand for “substantial change” in leadership at Germany’s second-largest bank.
The letter was sent after the bank last week rebuffed Cerberus’ demands for two seats on its supervisory board.
Launching its campaign last week, the activist investor also called on the lender to cut costs and adopt a new strategy, complaining that it had failed to heed its advice after more than 70 meetings.
Before the Open newsletter: Start your day with the City View podcast and key market data
Shares in Commerzbank have fallen about 60 per cent since Cerberus bought a five per stake in the lender in 2017.
“We stay committed to achieving substantial change to the leadership of Commerzbank and to the bank’s operational and strategic paths for the benefit of all of Commerzbank’s stakeholders,” Cerberus said in the letter.
Commerzbank, which last year announced plans to cut thousands of jobs, is currently in the process of identifying more cost cuts and will announce plans when it releases second quarter earnings in August.
Cerberus said the supervisory board bore responsibility for the bank’s “dire situation” in the letter, Reuters reported.
“Unfortunately, it is a matter of fact that Commerzbank has not yet embraced or executed on any of our suggested actions,” the investor wrote.
A spokesperson for the bank declined to comment.


cityam--2020-06-16--SFO ends corruption probe into banknote printer De La Rue

The UK ’ s Serious Fraud Office ( SFO ) has ended its 11-month investigation into banknote printer De La Rue , concluding it didn ’ t meet the sufficient threshold for prosecutors .
Fraud investigators opened a probe into De La Rue last July over suspected corruption in South Sudan .
Read more : De La Rue reveals turnaround plan to slash £35m of costs a year In a statement the SFO said : “ Following extensive investigation and a thorough and detailed review of the available evidence , the SFO has concluded that this case did not meet @ @ @ @ @ @ @ in the Code for Crown Prosecutions.
” De La Rue has been investigated three times in the past 13 years .
A decade ago it admitted it had falsified some documents , and three years prior another probe was launched .
In a statement on its website , the firm said it was “ pleased ” that the investigation had closed and that the fraud office was taking no further action .
It ends a year of uncertainty for De La Rue , whose shares sank to a two decade-low last year in @ @ @ @ @ @ @ the SFO investigation .
Troubles started after its lost fight to deliver a £490m contract to print Britain ’ s blue passports to rival Gemalto .
Debt rocketed from £107.5m in 2018 to £170.7m in November 2019 , when it failed to pay a dividend as it dropped to a £9m loss .
In February , the firm revealed it planned to cut £35m in annual costs after it lost the passport contract .
Shares in the note printer surged 10.14 per cent today .
Get the news as it happens by following @ @ @ @ @

SFO ends corruption probe into banknote printer De La Rue
The UK’s Serious Fraud Office (SFO) has ended its 11-month investigation into banknote printer De La Rue, concluding it didn’t meet the sufficient threshold for prosecutors.
Fraud investigators opened a probe into De La Rue last July over suspected corruption in South Sudan.
In a statement the SFO said: “Following extensive investigation and a thorough and detailed review of the available evidence, the SFO has concluded that this case did not meet the relevant test for prosecution as defined in the Code for Crown Prosecutions.”
De La Rue has been investigated three times in the past 13 years. A decade ago it admitted it had falsified some documents, and three years prior another probe was launched.
In a statement on its website, the firm said it was “pleased” that the investigation had closed and that the fraud office was taking no further action.
It ends a year of uncertainty for De La Rue, whose shares sank to a two decade-low last year in the wake of two profit warnings and the SFO investigation. Troubles started after its lost fight to deliver a £490m contract to print Britain’s blue passports to rival Gemalto.
Debt rocketed from £107.5m in 2018 to £170.7m in November 2019, when it failed to pay a dividend as it dropped to a £9m loss.
In February, the firm revealed it planned to cut £35m in annual costs after it lost the passport contract.
Shares in the note printer surged 10.14 per cent today.
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cityam--2020-06-16--Lufthansa's largest shareholder hits out at bailout deal

Lufthansa ’ s largest shareholder has hit out at the German flag carrier ’ s bailout deal , saying he hoped that alternatives could be explored .
Speaking to German newspaper FAZ , Heinz Hermann Thiele said he had upped his stake in the embattled flyer to 15 per cent .
Read more : Lufthansa seeking to make equivalent of 22,000 jobs redundant At the beginning of June , the carrier announced that the German government would take a 20 per cent stake in it in exchange for €9bn in funding .
“ I appreciate [ Carsten ] Spohr ( @ @ @ @ @ @ @ but I ’ m not satisfied by his statement that everything was examined and that some ideas could not have been implemented ” , he said .
“ I believe that negotiations could have been more intense ” .
Thiele said that he would vote against the deal , which will also see authorities take two seats on the airline ’ s board , at the firm ’ s extraordinary general meeting on 25 June .
He added : “ My goal is to create an understanding that there could actually be an @ @ @ @ @ @ @ denied by management .
Before the Open : Get the jump on the markets with our early morning newsletter “ It is possible to hold talks and clarify where there is leeway ” .
According to Thiele , who is the chairman of brakes firm Knorr-Bremse , an indirect state participation via bank KfW could be an alternative to an outright government stake .
Lufthansa ’ s bailout has been the subject of much scrutiny due to weeks of wrangling over how much control the airline was willing to give up in exchange @ @ @ @ @ @ @ in passenger demand during the pandemic .
The deal , which will see the government buy roughly €300m worth of shares , requires Lufthansa to waive future dividends payments and place limits of executive pay .
Under the bailout package Berlin will also inject €5.7bn in non-voting capital , known as a silent participation .
Lufthansa will separately receive a €3bn three-year loan from state-backed KfW and private banks .

Lufthansa’s largest shareholder hits out at bailout deal
Lufthansa’s largest shareholder has hit out at the German flag carrier’s bailout deal, saying he hoped that alternatives could be explored.
Speaking to German newspaper FAZ, Heinz Hermann Thiele said he had upped his stake in the embattled flyer to 15 per cent.
At the beginning of June, the carrier announced that the German government would take a 20 per cent stake in it in exchange for €9bn in funding.
“I appreciate [Carsten] Spohr (Lufthansa’s chief executive), but I’m not satisfied by his statement that everything was examined and that some ideas could not have been implemented”, he said.
“I believe that negotiations could have been more intense”.
Thiele said that he would vote against the deal, which will also see authorities take two seats on the airline’s board, at the firm’s extraordinary general meeting on 25 June.
He added: “My goal is to create an understanding that there could actually be an alternative – even though this is being denied by management.
Before the Open: Get the jump on the markets with our early morning newsletter
“It is possible to hold talks and clarify where there is leeway”.
According to Thiele, who is the chairman of brakes firm Knorr-Bremse, an indirect state participation via bank KfW could be an alternative to an outright government stake.
Lufthansa’s bailout has been the subject of much scrutiny due to weeks of wrangling over how much control the airline was willing to give up in exchange for vital support to survive a slump in passenger demand during the pandemic.
The deal, which will see the government buy roughly €300m worth of shares, requires Lufthansa to waive future dividends payments and place limits of executive pay.
Under the bailout package Berlin will also inject €5.7bn in non-voting capital, known as a silent participation.
Lufthansa will separately receive a €3bn three-year loan from state-backed KfW and private banks.


cityam--2020-06-16--Boohoo set to swoop for bankrupt Oasis and Warehouse

Online fashion giant Boohoo is set to announce the purchase of high street brands Oasis and Warehouse , which went bankrupt at the end of April .
Sky News reported that the deal could be announced tomorrow when Boohoo releases its first quarter results .
Read more : High street jobs lost as no buyer found for Oasis and Warehouse stores When the two brands collapsed into administration on 30 April , with 1,803 redundancies , their intellectual property assets and stock were bought by Hilco Capital .
City sources told Sky that Oasis and Warehouse ’ s online business @ @ @ @ @ @ @ bought by Boohoo .
The price of the deal is not yet known , but it is anticipated to be considerably less than the £18m Boohoo paid for Karen Millen last year .
If the acquisition is completed , it will mean that Boohoo will have expanded the number of brands under its umbrella to nine .
Before the Open : Get the jump on the markets with our early morning newsletter Boohoo , which was set up in 2006 , now has a market capitalisation of £4.7bn , two times that of @ @ @ @ @ @ @ – which included snapping up the minority stake of Pretty Little Thing for £324m last month – underlines the dramatic shift taking place on the UK high street .
The devastation wreaked on physical retailers by the coronavirus pandemic has accelerated the shift to online shopping , and led to a number of the UK ’ s most prominent high street names going bust .
Since the outbreak of the virus , Cath Kidston , Debenhams and Laura Ashley have collapsed into insolvency processes .
Read more : Boohoo gears up for row @ @ @ @ @ @ @ packet With £198m of fresh equity recently raised in order to pursue further acquisitions , Boohoo ’ s streak of purchases is anticipated to continue .
City A.M. has contacted Boohoo for comment .

Boohoo set to swoop for bankrupt Oasis and Warehouse
Online fashion giant Boohoo is set to announce the purchase of high street brands Oasis and Warehouse, which went bankrupt at the end of April.
Sky News reported that the deal could be announced tomorrow when Boohoo releases its first quarter results.
When the two brands collapsed into administration on 30 April, with 1,803 redundancies, their intellectual property assets and stock were bought by Hilco Capital.
City sources told Sky that Oasis and Warehouse’s online business and their associated intellectual property would be bought by Boohoo.
The price of the deal is not yet known, but it is anticipated to be considerably less than the £18m Boohoo paid for Karen Millen last year.
If the acquisition is completed, it will mean that Boohoo will have expanded the number of brands under its umbrella to nine.
Before the Open: Get the jump on the markets with our early morning newsletter
Boohoo, which was set up in 2006, now has a market capitalisation of £4.7bn, two times that of Marks & Spencer.
The buying spree – which included snapping up the minority stake of Pretty Little Thing for £324m last month – underlines the dramatic shift taking place on the UK high street.
The devastation wreaked on physical retailers by the coronavirus pandemic has accelerated the shift to online shopping, and led to a number of the UK’s most prominent high street names going bust.
Since the outbreak of the virus, Cath Kidston, Debenhams and Laura Ashley have collapsed into insolvency processes.
With £198m of fresh equity recently raised in order to pursue further acquisitions, Boohoo’s streak of purchases is anticipated to continue.
City A.M. has contacted Boohoo for comment.


cityam--2020-06-16--China-India border dispute: 20 Indian soldiers dead

Twenty Indian soldiers have lost their lives in a “ violent physical confrontation ” with the Chinese army over a disputed border in the western Himalayas .
For weeks , the two superpowers have faced off in the border area , but yesterday ’ s clash marked the first major violence between the neighbours since 1967 .
Read more : Trump signs executive order to reform US police The world ’ s two most populous countries have long been unable to settle their disagreement over the delineation of the lengthy frontier .
Since early May , hundreds of troops on @ @ @ @ @ @ @ in the Ladakh desert , which is located east of Kashmir .
In a statement , the Indian army said that the two sides had come to blows last night , with 20 Indian casualties .
China ’ s foreign ministry made no mention of any fatalities , but the Indian statement referred to casualties on both sides .
Before the Open : Get the jump on the markets with our early morning newsletter A source told Reuters that the two sides had fought with iron rods and stones , and that no @ @ @ @ @ @ @ sought to blame the other for the clash , with Indian foreign ministry spokesman Anurag Srivastava saying that it could have been avoided if China had followed the border consensus “ more scrupulously ” .
Chinese foreign ministry spokesman Zhao Lijian said that India had “ severely violated our consensus and twice crossed the border line and provoked and attacked the Chinese forces ” .
In 1962 the two nuclear-armed nations fought a month-long war over the border , which has been the site of unrest ever since .
Read more : Beijing @ @ @ @ @ @ @ escalate Experts said the reason for the heightened tensions was that India ’ s development of its infrastructure in the area .
After it completed a road to an airfield last month , Beijing asked India to cease all construction activity .

China-India border dispute: 20 Indian soldiers dead
Twenty Indian soldiers have lost their lives in a “violent physical confrontation” with the Chinese army over a disputed border in the western Himalayas.
For weeks, the two superpowers have faced off in the border area, but yesterday’s clash marked the first major violence between the neighbours since 1967.
The world’s two most populous countries have long been unable to settle their disagreement over the delineation of the lengthy frontier.
Since early May, hundreds of troops on both sides have been in a stand-off in the Ladakh desert, which is located east of Kashmir.
In a statement, the Indian army said that the two sides had come to blows last night, with 20 Indian casualties.
China’s foreign ministry made no mention of any fatalities, but the Indian statement referred to casualties on both sides.
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A source told Reuters that the two sides had fought with iron rods and stones, and that no shots had been fired.
Both sides sought to blame the other for the clash, with Indian foreign ministry spokesman Anurag Srivastava saying that it could have been avoided if China had followed the border consensus “more scrupulously”.
Chinese foreign ministry spokesman Zhao Lijian said that India had “severely violated our consensus and twice crossed the border line and provoked and attacked the Chinese forces”.
In 1962 the two nuclear-armed nations fought a month-long war over the border, which has been the site of unrest ever since.
Experts said the reason for the heightened tensions was that India’s development of its infrastructure in the area.
After it completed a road to an airfield last month, Beijing asked India to cease all construction activity.


cityam--2020-06-16--Former Credit Suisse boss Tidjane Thiam and Emma Watson to join Kering board

The former chief executive of Credit Suisse is to join the board of Gucci owner Kering , alongside actress Emma Watson and the president of ride-hailing giant Didi Chuxing .
Tidjane Thiam , who left Credit Suisse in February amid a major spying scandal , will chair Kering ’ s audit committee .
Thiam , who previously ran insurer Prudential , had said he knew nothing of the alleged activities at the bank which included snooping on former executives .
Read more : Credit Suisse cuts ex-boss Thiam ’ s bonus in wake of spying scandal He led cost cuts @ @ @ @ @ @ @ were credited with helping it return to profit .
He will be joined by actress Emma Watson , who will lead the board ’ s sustainability committee , and Didi Chuxing president Jean Liu .
Luxury companies such as Kering , which also owns Saint Laurent and Balenciaga , are facing a sales hit from the coronavirus outbreak as they shutter shops and shelve advertising campaigns .
Read more : Coronavirus : Gucci owner scraps ad campaigns and store openings in China Restrictions on international travel are set to weigh on the premium @ @ @ @ @ @ @ especially in shopping capitals like Paris .
Luxury companies have been doubling down on efforts to win over clients , including by improving on sustainability .

Former Credit Suisse boss Tidjane Thiam and Emma Watson to join Kering board
The former chief executive of Credit Suisse is to join the board of Gucci owner Kering, alongside actress Emma Watson and the president of ride-hailing giant Didi Chuxing.
Tidjane Thiam, who left Credit Suisse in February amid a major spying scandal, will chair Kering’s audit committee.
Thiam, who previously ran insurer Prudential, had said he knew nothing of the alleged activities at the bank which included snooping on former executives.
He led cost cuts and a restructuring at Credit Suisse which were credited with helping it return to profit.
He will be joined by actress Emma Watson, who will lead the board’s sustainability committee, and Didi Chuxing president Jean Liu.
Luxury companies such as Kering, which also owns Saint Laurent and Balenciaga, are facing a sales hit from the coronavirus outbreak as they shutter shops and shelve advertising campaigns.
Restrictions on international travel are set to weigh on the premium fashion sector for months to come, especially in shopping capitals like Paris.
Luxury companies have been doubling down on efforts to win over clients, including by improving on sustainability.