cityam--2020-05-12--Job retention scheme: Rishi Sunak extends furlough scheme until October

Chancellor Rishi Sunak has extended the government ’ s coronavirus job retention scheme until October and has promised workers they will not see a dip in their salary until it ends .
Sunak announced today that the scheme will remain the same until the end of July , but from August to October there will be “ greater flexibility ” .
Read more : Furlough : When will the job retention scheme end and will it be extended ?
The chancellor said details on what this flexibility will look like will be revealed later this month .
“ Employers will @ @ @ @ @ @ @ part time .
We will ask employers to share the costs of paying people ’ s salaries , ” Sunak said .
“ Workers will , through the combined efforts of government and employers , continue to receive the same level of overall support as they do now at 80 per cent of their current salary up to £2,500 a month.
” The scheme was operational from the end of last month , with HM Revenue and Customs creating a brand new online portal for the emergency package .
Its original version saw @ @ @ @ @ @ @ wages , up to £2,500 a month , to furloughed employees .
Just over 7m people are being paid through the scheme and it is estimated it will cost the Treasury up to £14bn a month .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Responding to the scheme ’ s extension , Institute of Directors ( IoD ) policy director Edwin Morgan said : “ We ’ re delighted the Treasury has taken on the IoD ’ s consistent @ @ @ @ @ @ @ Many firms will be operating far below normal capacity for the foreseeable future .
A part-time furlough provides a much-needed launch ramp so businesses can start to get back up to speed.
” British Chambers of Commerce director general Adam Marshall added : “ The extension of the Job Retention Scheme will come as a huge help and a huge relief for businesses across the UK .
“ Further support may yet be needed for companies who are unable to operate for an extended period , or those who face reduced capacity or @ @ @ @ @ @ @ shadow chancellor Anneliese Dodds welcomed the extension , but asked Sunak for more details on how people who have lost their jobs during the coronavirus crisis will be able to get back to work .
“ People up and down this country believe in the dignity of their work – going to work , providing for their families , it is not their fault their business has been forced to close , it is not their fault they ’ ve been asked to stay at home , ” Sunak said .
“ I @ @ @ @ @ @ @ Trades Union Congress ( TUC ) and CBI particularly about the future of helping those get back into work who may lose their jobs in this period.
” The chancellor ’ s statement comes after former Bank of England governor Lord Mervyn King today said Sunak should extend the scheme indefinitely .
He told BBC Radio 4 that it should only end when the UK ’ s GDP returned to pre-lockdown levels .
“ Keep it at 80 per cent , I don ’ t think it makes sense to regard this as @ @ @ @ @ @ @ in economic terms .
Read more : Extend job retention scheme or risk ‘ second wave ’ of unemployment , says think tank “ These payments under economic schemes are transferred from taxpayers in general to businesses , it will lead to an increase in national debt , we can finance that over a long period , particularly giving to the real level of long-term interest rates .
“ The real cost of this shutdown is not measured on the impact of public finances , but by the lost incomes and output in @ @ @ @

Job retention scheme: Rishi Sunak extends furlough scheme until October
Chancellor Rishi Sunak has extended the government’s coronavirus job retention scheme until October and has promised furloughed workers they will not see a further dip in their salary until it ends.
Sunak announced today that the scheme will remain the same until the end of July, but from August to October there will be “greater flexibility”, including allowing part-time workers on the scheme and making employers contribute towards some of it.
The chancellor said details on what this flexibility will look like will be revealed later this month. However, it is understood the government will still pay at least 50 per cent of wages through the scheme after July.
Government will ask firms to part-pay wages
It is also understood that all businesses will be asked to pay some of the furlough scheme from July, even if they haven’t opened yet.
“Employers will be able to bring furloughed employees back part time. We will ask employers to share the costs of paying people’s salaries,” Sunak said.
“Workers will, through the combined efforts of government and employers, continue to receive the same level of overall support as they do now at 80 per cent of their current salary up to £2,500 a month.”
The scheme became operational at the end of last month, with HM Revenue and Customs creating a brand new online portal for the emergency package.
Its original version saw the government paying 80 per cent of wages, up to £2,500 a month, to furloughed employees.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
A total of 7.5m jobs from more than 1m businesses are being paid through the scheme, with £10bn so far paid out.
The Office of Budget Responsibility (OBR) estimates the scheme will cost £40bn for every three months it runs.
Responding to the scheme’s extension, Institute of Directors (IoD) policy director Edwin Morgan said: “We’re delighted the Treasury has taken on the IoD’s consistent calls for a flexible furlough.
“Many firms will be operating far below normal capacity for the foreseeable future. A part-time furlough provides a much-needed launch ramp so businesses can start to get back up to speed.”
BCC: Job retention scheme extension ‘huge relief’
British Chambers of Commerce director general Adam Marshall added: “The extension of the job retention scheme will come as a huge help and a huge relief for businesses across the UK.
“Further support may yet be needed for companies who are unable to operate for an extended period, or those who face reduced capacity or demand due to ongoing restrictions.”
“People up and down this country believe in the dignity of their work – going to work, providing for their families,” Sunak added.
“It is not their fault their business has been forced to close, it is not their fault they’ve been asked to stay at home.
“I’ve already been talking to the Trades Union Congress (TUC) and CBI particularly about the future of helping those get back into work who may lose their jobs in this period.”
Labour: How many furloughed workers will have jobs?
Labour shadow chancellor Anneliese Dodds welcomed the extension. But she asked Sunak for more details on how people who have lost their jobs during the coronavirus crisis will be able to get back to work.
Mel Stride, chair of the Treasury Committee, welcomed the extension of the furlough scheme.
“The devil though will be in the detail, which will be set out later this month when the Treasury Committee looks forward to carefully scrutinising these changes,” he added.
“The chancellor also said that there will be no changes to the scheme until July. This will be worrying for those who continue to fall through the gaps of the government’s support measures, such as the lack of furlough support to help cover dividend income generated through self-employment.”
FSB welcomes part-time furlough
The Federation of Small Businesses (FSB) said the job retention scheme’s part-time provision will protect thousands. But it also echoed Stride’s concern and called on the government to “look very closely at additional hardship funds”.
FSB national chairman Mike Cherry added: “Many have benefited from the hugely ambitious income support scheme that was established for them – some have not – but they will all need additional help from this government over the coming months.
“We await further detail on the contributions that will be required of small employers after July. We need to ensure that those obligations are affordable for the many businesses that have had no revenue coming in for months now, but still have fixed overheads to worry about.”
Mervyn King – extend scheme indefinitely
The chancellor’s statement comes after former Bank of England governor Lord Mervyn King today said Sunak should extend the scheme indefinitely.
He told BBC Radio 4 that it should only end when the UK’s GDP returns to pre-lockdown levels.
“Keep it at 80 per cent. I don’t think it makes sense to regard this as the major cost of the Covid-19 crisis in economic terms,” King said.
“These payments under economic schemes are transferred from taxpayers in general to businesses. It will lead to an increase in national debt. [But] we can finance that over a long period, particularly giving to the real level of long-term interest rates.
“The real cost of this shutdown is not measured on the impact of public finances, but by the lost incomes and output in the economy.”


cityam--2020-05-12--Upcycling: Putting the wheels in motion

Upcycling: Putting the wheels in motion

Coronavirus .
COVID-19 .
The pandemic .
The Plague of 2020 .
I don ’ t know how we ’ ll remember this extraordinary , strange , terrible time we ’ re living through , but it ’ s certain that we will , and that it will be—has already been—transformative , for businesses and for society more generally .
I ’ m an entrepreneur , and my business is reputation .
What ’ s been fascinating for me is how companies in all sectors have adapted to the circumstances of lockdown and quarantine not only to position themselves advantageously @ @ @ @ @ @ @ , in many cases , genuinely to do good for the world .
That ’ s the zeitgeist : while politicians may say ‘ we ’ re all in this together ’ , the words themselves mean little , and the public is now looking with a critical eye for deeds to put flesh on the bones of the words , and genuinely get things done .
I ’ ve known Will Butler-Adams for about a year now , though of course I ’ ve known him by reputation for much longer .
@ @ @ @ @ @ @ Bicycles , and he ’ s an ebullient figure with a straightforward can-do attitude that always appeals to me .
( In that , I ’ ve learned and absorbed a lot from spending so much time in the US : if my team come to me with a problem , fine , but it ’ s so much better for everyone if they also bring a proposed solution . )
Brompton are known globally for their hugely successful folding bikes .
A staple of suburban commuters and urban travellers alike , they @ @ @ @ @ @ @ store , a brilliant example of British engineering .
The passion of the team at Brompton comes through in everything they do , from the craftsmanship through the marketing to the after-sales care , and it really is true that when you buy a Brompton , you buy membership of a community of enthusiasts : a community which includes celebrities like Owen Wilson and Hugh Jackman as well as the travelling public like me .
Part of Brompton ’ s response to the crisis has been the Wheels for Heroes scheme .
They @ @ @ @ @ @ @ of thousands of Brompton bikes to rent to NHS workers for free , allowing these key employees to travel to work safely , efficiently and without exposing themselves to the potentially infectious atmosphere of public transport .
Simple , straightforward , open-handed and open-hearted : and , what ’ s a joy to see , matched by the generosity of the British public , who have so far raised over £300,000 to help the scheme .
What really stands out for me is that this isn ’ t just a temporary fix , @ @ @ @ @ @ @ .
Brompton , true to their vision of a sustainable and cycle-friendly future , have already planned a legacy for the Wheels for Heroes scheme .
The bikes will remain in use by the NHS for a nominal maintenance fee of £1 per bike hire , and some of them will be donated to hospitals to manage as a fleet , or for graduate doctors and nurses .
The pièce de resistance is that Brompton Bike Hire have said publicly that they will not make any profit from the scheme , and that @ @ @ @ @ @ @ used by the factory to build and supply bicycles will be donated to NHS charities .
It really is a win-win-win scenario .
Will Butler-Adams may have a keen philanthropic sense , but he has a sharp marketing eye too .
The Wheels for Heroes scheme is being replicated in New York , where the public are encouraged to donate bicycles which Brompton and their partners Spinlister will help to supply to key workers in the healthcare sector .
This is a brilliant piece of profile-raising for Brompton in a growing market , @ @ @ @ @ @ @ too , encouraging philanthropy , fitness and engagement with the workforce on whom we all reply .
I ’ m proud to say that we are helping Brompton in this enterprise , and it ’ s an honour to do so .
This really encapsulates the new spirit of our times .
We face an unprecedented crisis , and we are forced to find new ways to respond and to dig deep into our resourcefulness .
Wheels for Heroes represents a perfect synergy between the private sector and the public at large , @ @ @ @ @ @ @ between commercial opportunity and the good of the many .
I hope other companies , here and in the US , will take this as a model , and understand that this is the sort of thing that the public wants to see—and will reward in the long term .

Upcycling: Putting the wheels in motion
Will Butler-Adams OBE, CEO of Brompton Bicycles
Coronavirus. COVID-19. The pandemic. The Plague of 2020. I don’t know how we’ll remember this extraordinary, strange, terrible time we’re living through, but it’s certain that we will, and that it will be—has already been—transformative, for businesses and for society more generally.
I’m an entrepreneur, and my business is reputation. What’s been fascinating for me is how companies in all sectors have adapted to the circumstances of lockdown and quarantine not only to position themselves advantageously for their public image, but also, in many cases, genuinely to do good for the world. That’s the zeitgeist: while politicians may say ‘we’re all in this together’, the words themselves mean little, and the public is now looking with a critical eye for deeds to put flesh on the bones of the words, and genuinely get things done.
I’ve known Will Butler-Adams for about a year now, though of course I’ve known him by reputation for much longer. He’s the CEO of Brompton Bicycles, and he’s an ebullient figure with a straightforward can-do attitude that always appeals to me. (In that, I’ve learned and absorbed a lot from spending so much time in the US: if my team come to me with a problem, fine, but it’s so much better for everyone if they also bring a proposed solution.)
Brompton are known globally for their hugely successful folding bikes. A staple of suburban commuters and urban travellers alike, they are easy to use and handy to store, a brilliant example of British engineering. The passion of the team at Brompton comes through in everything they do, from the craftsmanship through the marketing to the after-sales care, and it really is true that when you buy a Brompton, you buy membership of a community of enthusiasts: a community which includes celebrities like Owen Wilson and Hugh Jackman as well as the travelling public like me.
Part of Brompton’s response to the crisis has been the Wheels for Heroes scheme. They sought crowdfunding assistance to provide a fleet of thousands of Brompton bikes to rent to NHS workers for free, allowing these key employees to travel to work safely, efficiently and without exposing themselves to the potentially infectious atmosphere of public transport. Simple, straightforward, open-handed and open-hearted: and, what’s a joy to see, matched by the generosity of the British public, who have so far raised over £300,000 to help the scheme.
What really stands out for me is that this isn’t just a temporary fix, a sticking plaster on a fresh wound. Brompton, true to their vision of a sustainable and cycle-friendly future, have already planned a legacy for the Wheels for Heroes scheme. The bikes will remain in use by the NHS for a nominal maintenance fee of £1 per bike hire, and some of them will be donated to hospitals to manage as a fleet, or for graduate doctors and nurses. The pièce de resistance is that Brompton Bike Hire have said publicly that they will not make any profit from the scheme, and that any money donated which cannot be used by the factory to build and supply bicycles will be donated to NHS charities. It really is a win-win-win scenario.
Will Butler-Adams may have a keen philanthropic sense, but he has a sharp marketing eye too. The Wheels for Heroes scheme is being replicated in New York, where the public are encouraged to donate bicycles which Brompton and their partners Spinlister will help to supply to key workers in the healthcare sector. This is a brilliant piece of profile-raising for Brompton in a growing market, but it is complete societal good, too, encouraging philanthropy, fitness and engagement with the workforce on whom we all reply. I’m proud to say that we are helping Brompton in this enterprise, and it’s an honour to do so.
This really encapsulates the new spirit of our times. We face an unprecedented crisis, and we are forced to find new ways to respond and to dig deep into our resourcefulness. Wheels for Heroes represents a perfect synergy between the private sector and the public at large, between private capital and public generosity, between commercial opportunity and the good of the many. I hope other companies, here and in the US, will take this as a model, and understand that this is the sort of thing that the public wants to see—and will reward in the long term.


cityam--2020-05-12--Hundreds of firms yet to receive money through furlough scheme

Hundreds of UK firms who have furloughed staff during the coronavirus pandemic are yet to receive money through the government ’ s scheme .
The job retention scheme has been a cornerstone of the Chancellor ’ s coronavirus support package .
It sees the government pay up to 80 per cent of wages , of up to £2,5000 a month , to workers on furlough during the pandemic .
Read more : Rishi Sunak to outline future of furlough scheme tomorrow Smaller businesses are missing out on furlough support A survey of more than 900 firms commissioned by comparison website @ @ @ @ @ @ @ UK firms have furloughed staff , with a quarter making employees redundant .
The Treasury has promised that every successful business to apply will receive payment within six days after they lodge their claim .
But 71 per cent of UK firms have not received support through the scheme , even though it is due to wind down next month .
The UK ’ s smallest businesses have been the worst hit , with 86 per cent of micro businesses not yet receiving furlough money .
Additionally , 65 per cent of small @ @ @ @ @ @ @ medium businesses – between 50 and 249 employees – have not yet received support .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
On the whole , respondents were happier with the government ’ s loan schemes , notably the CBILs scheme which provides financial support to SMEs hit by the coronavirus outbreak .
Banks have faced criticism for being slow to process applications and the survey shows there is some divergence in how it has been received by different @ @ @ @ @ @ @ companies surveyed – firms with over 250 employees – 85 per cent have been successful in an application and have since received a loan .
This falls to just 56 per cent in small businesses , and 34 per cent of medium-sized businesses .
Rishi Sunak introduced the bounce back loan scheme after small firms complained they were being shut out of CBILs .
The new scheme , launched last month , offers the UK ’ s smallest firms loans worth 25 per cent of turnover , up to £50,000 .
They are @ @ @ @ @ @ @ .
Nic Redfern , finance director at KnowYourMoney , said : “ Evidently , with closures and furloughing taking place on a huge scale , there is significant need for financial support within the private sector.
” Read more : Furlough : When will the job retention scheme end and will it be extended ?
“ That is why it is not only essential that loans are made available to businesses of all shapes and sizes , but also the process of applying for those loans is made as simple as possible.
” @ @ @ @ @ @ @ research illustrates that the funds must then be released quicker – thousands of companies are waiting for money they have successfully applied for and this delay could run them into the ground.
” Get the news as it happens by following City A.M. on Twitter .

Hundreds of firms yet to receive money through furlough scheme
Hundreds of UK firms who have furloughed staff during the coronavirus pandemic are yet to receive money through the government’s scheme.
The job retention scheme has been a cornerstone of the Chancellor’s coronavirus support package. It sees the government pay up to 80 per cent of wages, of up to £2,500 a month, to workers on furlough during the pandemic.
Smaller businesses are missing out on furlough support
A survey of more than 900 firms commissioned by comparison website KnowYourMoney.co.uk, found that nearly half of UK firms have furloughed staff, with a quarter making employees redundant.
The Treasury has promised that every successful business to apply will receive payment within six days after they lodge their claim. But 71 per cent of UK firms have not received support through the scheme, even though it is due to wind down next month.
The UK’s smallest businesses have been the worst hit, with 86 per cent of micro businesses not yet receiving furlough money. Additionally, 65 per cent of small businesses, and 46 per cent of medium businesses – between 50 and 249 employees – have not yet received support.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Larger firms benefit from CBILs scheme
Firms including many in the City of London have put thousands of workers on furlough, where they will be paid through the government’s job retention scheme
On the whole, respondents were happier with the government’s loan schemes, notably the CBILs scheme which provides financial support to SMEs hit by the coronavirus outbreak.
Banks have faced criticism for being slow to process applications and the survey shows there is some divergence in how it has been received by different sized businesses.
Of the 360 large companies surveyed – firms with over 250 employees – 85 per cent have been successful in an application and have since received a loan. This falls to just 56 per cent in small businesses, and 34 per cent of medium-sized businesses.
Rishi Sunak introduced the bounce back loan scheme after small firms complained they were being shut out of CBILs. The new scheme, launched last month, offers the UK’s smallest firms loans worth 25 per cent of turnover, up to £50,000. They are 100 per cent guaranteed by the government.
Nic Redfern, finance director at KnowYourMoney, said: “Evidently, with closures and furloughing taking place on a huge scale, there is significant need for financial support within the private sector.”
“That is why it is not only essential that loans are made available to businesses of all shapes and sizes, but also the process of applying for those loans is made as simple as possible.”
“What’s more, our research illustrates that the funds must then be released quicker – thousands of companies are waiting for money they have successfully applied for and this delay could run them into the ground.”
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-05-12--Coronavirus: Contact-tracing app to launch in mid-May

The coronavirus contact-tracing app will be rolled out across England in mid-May , health secretary Matt Hancock confirmed today .
The NHS app , which authorities hope will help to track the spread of the virus , was launched on a trial basis on the Isle of Wight last week .
Read more : Coronavirus : NHS contact-tracing app trial launched on Isle of Wight Hancock today said the government was “ pleased ” with progress made during the trial and would look to roll the app out in the coming weeks .
“ The Isle of Wight project has @ @ @ @ @ @ @ ve learned a lot about how the app operates , also about people who don ’ t have the app — how to make sure that they can get testing and the contact tracing can work for them — the interaction of the technology and the human-based contact tracing , ” he told Sky News .
Roughly 50,000 people had downloaded the app by the end of last week , which represents less than half of the island ’ s population .
Officials have said that at least 60 per cent of Brits @ @ @ @ @ @ @ order for it to be effective .
The government has also begun to develop a second contact-tracing app using technology made by Google and Apple after islanders reported teething problems with the NHS app , the Financial Times reported last week .
But Hancock today insisted the wider rollout of the original app will go ahead as planned .
“ We ’ re going to learn the lessons from the technical improvements that we ’ re making from what we ’ ve seen on the Isle of Wight , ” he said .
@ @ @ @ @ @ @ the government ’ s “ test , track and track ” strategy for easing the coronavirus strategy , though updates on the technology were absent from Prime Minister Boris Johnson ’ s speech on Sunday night .
The prime minister said the spread of Covid-19 would be labelled according to a new five-level alert system , with one marking the eradication of the virus and five the most critical level .
The alert level will be primarily determined by the reproductive rate of the virus — known as R — which must remain @ @ @ @ @ @ @ R was “ broadly in the middle of the range ” of 0.5 to 0.9 .
Read more : Coronavirus : What is the NHS contact-tracing app and how does it work ?
But the app may be crucial to identifying local flare-ups of Covid-19 , as well as establishing a broader national picture .
Johnson said the government would “ not hesitate to put the brakes on ” its lockdown easing plan on a regional or national level if there is a dangerous second wave of infections .

Coronavirus: Contact-tracing app to launch in mid-May
The coronavirus contact-tracing app will be rolled out across England in mid-May, health secretary Matt Hancock confirmed today.
The NHS app, which authorities hope will help to track the spread of the virus, was launched on a trial basis on the Isle of Wight last week.
Hancock today said the government was “pleased” with progress made during the trial and would look to roll the app out in the coming weeks.
“The Isle of Wight project has gone well so far, we’ve learned a lot about how the app operates, also about people who don’t have the app — how to make sure that they can get testing and the contact tracing can work for them — the interaction of the technology and the human-based contact tracing,” he told Sky News.
Roughly 50,000 people had downloaded the app by the end of last week, which represents less than half of the island’s population.
Officials have said that at least 60 per cent of Brits will need to use the app in order for it to be effective.
The government has also begun to develop a second contact-tracing app using technology made by Google and Apple after islanders reported teething problems with the NHS app, the Financial Times reported last week.
But Hancock today insisted the wider rollout of the original app will go ahead as planned.
“We’re going to learn the lessons from the technical improvements that we’re making from what we’ve seen on the Isle of Wight,” he said.
The app forms a key part of the government’s “test, track and track” strategy for easing the coronavirus strategy, though updates on the technology were absent from Prime Minister Boris Johnson’s speech on Sunday night.
The prime minister said the spread of Covid-19 would be labelled according to a new five-level alert system, with one marking the eradication of the virus and five the most critical level.
The alert level will be primarily determined by the reproductive rate of the virus — known as R — which must remain below one. Hancock today said the R was “broadly in the middle of the range” of 0.5 to 0.9.
But the app may be crucial to identifying local flare-ups of Covid-19, as well as establishing a broader national picture.
Johnson said the government would “not hesitate to put the brakes on” its lockdown easing plan on a regional or national level if there is a dangerous second wave of infections.


cityam--2020-05-12--Elon Musk reopens Tesla factory in defiance of lockdown rules

Tesla ’ s chief executive Elon Musk has said that the electric car firm will restart production at its factory in California despite an order forcing it to remain closed .
In a tweet last night , Musk said that if anyone had to be arrested over the decision , it should be him : Read more : Elon Musk tweets that Tesla stock price is ‘ too high ’ as he rails against lockdown again “ Tesla is restarting production today against Alameda County rules .
I will be on the line with everyone else .
If anyone is @ @ @ @ @ @ @ be me ” , he wrote .
Over the weekend , the billionaire businessman had threatened to move Tesla ’ s US operations from California to Texas or Nevada due to working restrictions .
Health officials in Aladema County , where Tesla ’ s factory is based , have told the company it can not operate without a county-approved plan .
In an email to staff seen by Reuters , Musk referred to an order by California ’ s governor Gavin Newsom telling manufacturers to resume production .
Musk tweeted that the county @ @ @ @ @ @ @ s decision .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
The email said that as of Sunday , employees who had been on furlough were now returned to full employment status .
Aladema County authorities released a statement saying they hoped Tesla would comply with regulations “ without further enforcement measures ” .
According to its lockdown orders , breaches can be punished by fine , imprisonment or both .
Officials from number of states , including Texas , @ @ @ @ @ @ @ have used Twitter to try and encourage Musk to relocate after his threats over the weekend .
The billionaire has spoken in the past about the possibility of opening another factory outside of California in the past .
Read more : Elon Musk and Grimes name son X Æ A-12 But California governor Newsom said he had spoken to Musk and the billionaire ’ s concerns had played a role in prompting the state ’ s reopening of manufacturing .
US treasury secretary Steve Mnuchin also said that California should do whatever was @ @ @ @ @ @ @ losing the business to another state .

Elon Musk reopens Tesla factory in defiance of lockdown rules
Tesla’s chief executive Elon Musk has said that the electric car firm will restart production at its factory in California despite an order forcing it to remain closed.
In a tweet last night, Musk said that if anyone had to be arrested over the decision, it should be him:
Tesla is restarting production today against Alameda County rules. I will be on the line with everyone else. If anyone is arrested, I ask that it only be me. — Elon Musk (@elonmusk) May 11, 2020
“Tesla is restarting production today against Alameda County rules. I will be on the line with everyone else. If anyone is arrested, I ask that it only be me”, he wrote.
Over the weekend, the billionaire businessman had threatened to move Tesla’s US operations from California to Texas or Nevada due to working restrictions.
Health officials in Aladema County, where Tesla’s factory is based, have told the company it cannot operate without a county-approved plan.
In an email to staff seen by Reuters, Musk referred to an order by California’s governor Gavin Newsom telling manufacturers to resume production.
Musk tweeted that the county had “illegally overridden” California’s decision.
Yes, California approved, but an unelected county official illegally overrode. Also, all other auto companies in US are approved to resume. Only Tesla has been singled out. This is super messed up! — Elon Musk (@elonmusk) May 11, 2020
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
The email said that as of Sunday, employees who had been on furlough were now returned to full employment status.
Aladema County authorities released a statement saying they hoped Tesla would comply with regulations “without further enforcement measures”.
According to its lockdown orders, breaches can be punished by fine, imprisonment or both.
Officials from number of states, including Texas, Utah, Nevada, Georgia and Oklahoma have used Twitter to try and encourage Musk to relocate after his threats over the weekend.
The billionaire has spoken in the past about the possibility of opening another factory outside of California in the past.
But California governor Newsom said he had spoken to Musk and the billionaire’s concerns had played a role in prompting the state’s reopening of manufacturing.
US treasury secretary Steve Mnuchin also said that California should do whatever was necessary to help Tesla reopen or risk losing the business to another state.


cityam--2020-05-12--Moss Bros reopens online store after government return to work guidance

Menswear retailer Moss Bros has reopened its online store following updated government advice for more people to return to work .
The company said it will relaunch its e-commerce operations from tomorrow after implementing safety measures and following updated government guidance on returning to work .
Read more : Coronavirus : Moss Bros shares dive as bidder looks for exit Moss Bros , which closed its physical and online stores in March , said it was developing plans to open its stores from 1 June in light of the government update .
The retailer said it had made redundancies “ @ @ @ @ @ @ @ that the board had reduced their salaries by between 60 per cent to 70 per cent during the crisis .
All non-essential capital expenditure has been paused and the retailer is in talks with suppliers and landlords over payment terms .
The firm is also still in talks with the Takeover Panel after Brigadier Acquisition Company pulled out of a £22m deal to take the suit retail private .
Brigadier , which owns Crew Clothing , is seeking a ruling from the Takeover Panel to cancel the offer .
However , Moss Bros @ @ @ @ @ @ @ track .
In a statement this morning Moss Bros said : “ Taking all the above into account , the board is now confident that the group has sufficient cash resources to continue trading through the second half of FY21 and beyond .
“ The Group remains debt free and retains cash in the bank .
”

Moss Bros reopens online store after government return to work guidance
Menswear retailer Moss Bros has reopened its online store following updated government advice for more people to return to work.
The company said it will relaunch its e-commerce operations from tomorrow after implementing safety measures and following updated government guidance on returning to work.
Moss Bros, which closed its physical and online stores in March, said it was developing plans to open its stores from 1 June in light of the government update.
The retailer said it had made redundancies “where necessary and unavoidable”, and that the board had reduced their salaries by between 60 per cent to 70 per cent during the crisis.
All non-essential capital expenditure has been paused and the retailer is in talks with suppliers and landlords over payment terms.
The firm is also still in talks with the Takeover Panel after Brigadier Acquisition Company pulled out of a £22m deal to take the suit retail private.
Brigadier, which owns Crew Clothing, is seeking a ruling from the Takeover Panel to cancel the offer. However, Moss Bros is fighting to keep the sale on track.
In a statement this morning Moss Bros said: “Taking all the above into account, the board is now confident that the group has sufficient cash resources to continue trading through the second half of FY21 and beyond.
“The Group remains debt free and retains cash in the bank.”


cityam--2020-05-12--Coronavirus lockdown: Commuters should prepare to queue, government says

The government has said that commuters using public transport should prepare to queue as more people begin to return to workplaces on Wednesday .
In new guidance published today by the Department for Transport ( DfT ) , people are urged to avoid public transport where possible and to prepare for journeys to take longer than normal .
Read more : TfL : Londoners should wear face masks on Tube “ If you do travel , thinking carefully about the times , routes and ways you travel will mean we will all have more space to stay safe ” , @ @ @ @ @ @ @ travellers may have to queue or use different entrances or exits as a result of health measures .
They are also told to catch the next service if they believe they can not maintain social distancing on a particular journey .
DfT admitted it will not always be possible for passengers to observe social distancing measures on public transport , such as when boarding or alighting , walking through interchanges or travelling at busier times of the day .
In a statement , it said that it “ recognises that there will be @ @ @ @ @ @ @ where social distancing is not possible ” .
It said that the guidelines would help commuters to minimise the duration of time when they could not keep two metres apart from other passengers .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Anyone using public transport is encouraged to use a face mask , avoid rush hour , pay for tickets using contactless or online methods and to wash and sanitise their hands as much as soon as possible before @ @ @ @ @ @ @ social distancing can not be managed , passengers are advised to face away from other people and avoid physical contact .
In order to make as much space for social distancing , transport secretary Grant Shapps has instructed firms to increase the number of services over the coming weeks .
He also urged commuters to join in with a “ walking and cycling revolution ” in order to ease pressure on services .
On Saturday , Shapps announced a £2bn package of investment into these “ active travel ” measures to try and @ @ @ @ @ @ @ government ’ s guidance also sets out steps operators should take to provide safe workplaces and services for their staff .
However , the RMT union warned that transport firms and workers had not been given enough time to prepare for tomorrow ’ s return to work .
Read more : TfL set for £4bn loss as operator seeks government bailout In a statement , it said : “ The governments ’ ‘ return to work ’ policy from Wednesday morning risks unleashing total chaos on a transport network which has not been @ @ @ @ @ @ @ numbers until next Monday .
“ Maintaining social distancing on trains and tube is a massive logistical exercise that requires planning , resources and the protection of staff managing the flows of passengers .
To rush that exercise is a disgrace ” .

Coronavirus lockdown: Commuters should prepare to queue, government says
The government has said that commuters using public transport should prepare to queue as more people begin to return to workplaces on Wednesday.
In new guidance published today by the Department for Transport (DfT), people are urged to avoid public transport where possible and to prepare for journeys to take longer than normal.
“If you do travel, thinking carefully about the times, routes and ways you travel will mean we will all have more space to stay safe”, it said.
It also said that travellers may have to queue or use different entrances or exits as a result of health measures.
They are also told to catch the next service if they believe they cannot maintain social distancing on a particular journey.
DfT admitted it will not always be possible for passengers to observe social distancing measures on public transport, such as when boarding or alighting, walking through interchanges or travelling at busier times of the day.
In a statement, it said that it “recognises that there will be times and some settings on public transport where social distancing is not possible”.
It said that the guidelines would help commuters to minimise the duration of time when they could not keep two metres apart from other passengers.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Anyone using public transport is encouraged to use a face mask, avoid rush hour, pay for tickets using contactless or online methods and to wash and sanitise their hands as much as soon as possible before and after travel.
In situations where social distancing cannot be managed, passengers are advised to face away from other people and avoid physical contact.
In order to make as much space for social distancing, transport secretary Grant Shapps has instructed firms to increase the number of services over the coming weeks.
He also urged commuters to join in with a “walking and cycling revolution” in order to ease pressure on services.
On Saturday, Shapps announced a £2bn package of investment into these “active travel” measures to try and keep people off public transport.
The government’s guidance also sets out steps operators should take to provide safe workplaces and services for their staff.
However, the RMT union warned that transport firms and workers had not been given enough time to prepare for tomorrow’s return to work.
In a statement, it said: “The governments’ ‘return to work’ policy from Wednesday morning risks unleashing total chaos on a transport network which has not been told to prepare for a rise in numbers until next Monday.
“Maintaining social distancing on trains and tube is a massive logistical exercise that requires planning, resources and the protection of staff managing the flows of passengers. To rush that exercise is a disgrace”.


cityam--2020-05-12--Deliveroo launches in-app fundraising tool for free NHS meals

Deliveroo today announced the launch of a new in-app fundraising tool allowing users to donate meals to NHS workers .
From this week customers will be able to either round up their bill to the nearest pound or add an additional tip at checkout on the Deliveroo app .
These funds will go towards the cost of delivering free meals to the NHS or new vouchers for health workers .
Any excess proceeds will be donated to the NHS directly .
It comes after Deliveroo pledged to deliver half a million free meals to NHS staff across the country .
@ @ @ @ @ @ @ donated by Pizza Hut and other restaurant chains , while customers have also been able to donate funds .
The delivery company said it has so far raised £500,000 from customers , which has helped it to deliver 250,000 free meals to hospitals and vulnerable communities .
The firm has also made 50,000 vouchers worth £20 each available to NHS workers , allowing them to enjoy a meal at home after a long shift .
Deliveroo today said it will provide another 30,000 vouchers to coincide with what would have been Florence Nightingale @ @ @ @ @ @ @ want to recognise and celebrate Florence Nightingale ’ s work on the frontline all those years ago as well as the incredible work nurses and all NHS staff are doing right now , ” said Will Shu , chief executive and co-founder of Deliveroo .
Read more : Coronavirus : Morrisons partners with Deliveroo to boost order capacity “ We ’ ve seen incredible support from customers and our partners to bring free meals to NHS workers .
We hope this new fundraising tool makes it even easier for customers to donate to @ @ @ @ @ @ @ those working on the frontline in the NHS .
”

Deliveroo launches in-app fundraising tool for free NHS meals
Deliveroo today announced the launch of a new in-app fundraising tool allowing users to donate meals to NHS workers.
From this week customers will be able to either round up their bill to the nearest pound or add an additional tip at checkout on the Deliveroo app.
These funds will go towards the cost of delivering free meals to the NHS or new vouchers for health workers. Any excess proceeds will be donated to the NHS directly.
It comes after Deliveroo pledged to deliver half a million free meals to NHS staff across the country. A large proportion of these meals were donated by Pizza Hut and other restaurant chains, while customers have also been able to donate funds.
The delivery company said it has so far raised £500,000 from customers, which has helped it to deliver 250,000 free meals to hospitals and vulnerable communities.
The firm has also made 50,000 vouchers worth £20 each available to NHS workers, allowing them to enjoy a meal at home after a long shift.
Deliveroo today said it will provide another 30,000 vouchers to coincide with what would have been Florence Nightingale’s 200th birthday.
“We want to recognise and celebrate Florence Nightingale’s work on the frontline all those years ago as well as the incredible work nurses and all NHS staff are doing right now,” said Will Shu, chief executive and co-founder of Deliveroo.
“We’ve seen incredible support from customers and our partners to bring free meals to NHS workers. We hope this new fundraising tool makes it even easier for customers to donate to help us deliver even more meals to those working on the frontline in the NHS.”


cityam--2020-05-12--Bank of England must weigh up negative interest rates, says deputy governor

Bank of England deputy governor Ben Broadbent has raised the possibility of negative interest rates in the UK , but said the BoE would have to think hard about the challenges they pose .
Asked about negative rates on CNBC , Broadbent said it was “ a question that ’ s been thought about on and off since the financial crisis and it ’ s a balanced judgment ” .
Read more : Bank of England : UK economy could suffer biggest crash in 300 years He said it is “ quite possible that more monetary easing will be needed @ @ @ @ @ @ @ England slashed interest rates in March to 0.1 per cent , a record low , in a bid to tackle the coronavirus crash .
In its meeting last week , it chose to keep them on hold .
Although once unimaginable , negative interest rates have been put in place in various central banks around the world over the last decade .
The European Central Bank ( ECB ) , for example , charges banks to hold money with it in an effort to force them to lend .
Negative rates come with @ @ @ @ @ @ @ lending by penalising banks for sitting on money .
But they also limit the profits banks can make through lending and the interest on savers ’ deposits .
Broadbent , who is deputy governor for monetary policy , said : “ These are the balanced questions the committee has to think about and … has been thinking about for the past decade.
” Read more : UK economy : Is the Bank of England ’ s 2021 rebound scenario too optimistic ?
However , Bank of England governor Andrew Bailey said in March @ @ @ @ @ @ @ favour of negative interest rates ” .
Should the Bank decide to unleash more stimulus , most analysts think it will ramp up its £645 billion quantitative easing ( QE ) programme .
Under QE , the Bank creates digital money and uses it to buy bonds – mainly government Gilts – in the secondary market .

Bank of England must weigh up negative interest rates, says deputy governor
Bank of England deputy governor for monetary policy Ben Broadbent spoke to CNBC this morning
Bank of England deputy governor Ben Broadbent has raised the possibility of negative interest rates in the UK, but said the BoE would have to think hard about the challenges they pose.
Asked about negative rates on CNBC, Broadbent said it was “a question that’s been thought about on and off since the financial crisis and it’s a balanced judgment”.
The Bank of England slashed interest rates in March to 0.1 per cent, a record low, in a bid to tackle the coronavirus crash. In its meeting last week, it chose to keep them on hold.
Although once unimaginable, negative interest rates have been put in place in various central banks around the world over the last decade. The European Central Bank (ECB), for example, charges banks to hold money with it in an effort to force them to lend.
Negative rates come with pros and cons. They help spur lending by penalising banks for sitting on money. But they also limit the profits banks can make through lending and the interest on savers’ deposits.
Broadbent, who is deputy governor for monetary policy, said: “These are the balanced questions the committee has to think about and … has been thinking about for the past decade.”
However, Bank of England governor Andrew Bailey said in March that he is “actually not in favour of negative interest rates”.
Should the Bank decide to unleash more stimulus, most analysts think it will ramp up its £645 billion quantitative easing (QE) programme. Under QE, the Bank creates digital money and uses it to buy bonds – mainly government Gilts – in the secondary market.
Broadbent said it is “quite possible that more monetary easing will be needed over time”.


cityam--2020-05-12--UK retail sales suffer record decline as online surge fails to offset impact of closed shops

A sharp rise in online shopping failed to offset plummeting UK retail sales last month , which suffered a record decline in April due to the coronavirus lockdown .
Total sales plunged 19.1 per cent in April , against an increase of 2.4 per cent last year , which is the worst decline since records began in 1995 .
Read more : UK retail sales ‘ obliterated ’ in record fall over coronavirus Over the three months to April , in-store UK retail sales of non-food items plunged 36 per cent on a total basis .
Food sales increased 4.5 @ @ @ @ @ @ @ April .
However , last month food sales declined year-on-year as Brits held back on Easter spending in lockdown , according to the latest research by the BRC .
Online non-food UK retail sales surged by 57.9 per cent last month , compared to a growth of four per cent last year , and the online penetration rate increased from 29.9 per cent to 69.9 per cent .
Read more : Coronavirus : Half of major UK retailers ‘ could run out of cash ’ as sales dive “ With lockdown measures in @ @ @ @ @ @ @ fall in retail sales , ” said Helen Dickinson , BRC chief executive .
“ Food sales were disappointing , with the virus preventing large family gatherings and turning Easter into a more modest affair.
” She added : “ Even the dramatic rise in online sales could not make up for the loss of instore purchases .
“ Coronavirus has accelerated many of the trends seen prior to the outbreak and it is likely that as the lockdown wears on , these new shopping habits – such as the trend towards online @ @ @ @ @ @ @ many consumers.
” Meanwhile , the latest spending data from Barclaycard published this morning showed that consumer spending contracted 36.5 per cent year on year in April .
Spending on non-essential items fell 47.7 per cent with travel , which includes public transport , suffering a decline of 86.8 per cent as people worked from home rather than commuting .
Read more : UK retail sales suffer worst fall in 25 years due to lockdown The closure of bars , pubs and clubs saw spending at those venues fall 96.9 per cent .
@ @ @ @ @ @ @ more at food and drink specialist stores such as off-licences , greengrocers , butchers and bakeries , as consumers sought to support local businesses .

UK retail sales suffer record decline as online surge fails to offset impact of closed shops
A sharp rise in online shopping failed to offset plummeting UK retail sales last month, which suffered a record decline in April due to the coronavirus lockdown.
Total sales plunged 19.1 per cent in April, against an increase of 2.4 per cent last year, which is the worst decline since records began in 1995.
Over the three months to April, in-store UK retail sales of non-food items plunged 36 per cent on a total basis.
Food sales increased 4.5 per cent on a total basis in April. However, last month food sales declined year-on-year as Brits held back on Easter spending in lockdown, according to the latest research by the BRC.
Online non-food UK retail sales surged by 57.9 per cent last month, compared to a growth of four per cent last year, and the online penetration rate increased from 29.9 per cent to 69.9 per cent.
“With lockdown measures in full swing, April saw a record fall in retail sales,” said Helen Dickinson, BRC chief executive.
“Food sales were disappointing, with the virus preventing large family gatherings and turning Easter into a more modest affair.”
She added: “Even the dramatic rise in online sales could not make up for the loss of instore purchases.
“Coronavirus has accelerated many of the trends seen prior to the outbreak and it is likely that as the lockdown wears on, these new shopping habits – such as the trend towards online purchases – will become more entrenched for many consumers.”
Meanwhile, the latest spending data from Barclaycard published this morning showed that consumer spending contracted 36.5 per cent year on year in April.
Spending on non-essential items fell 47.7 per cent with travel, which includes public transport, suffering a decline of 86.8 per cent as people worked from home rather than commuting.
The closure of bars, pubs and clubs saw spending at those venues fall 96.9 per cent.
However, Brits spent 37.7 per cent more at food and drink specialist stores such as off-licences, greengrocers, butchers and bakeries, as consumers sought to support local businesses.


cityam--2020-05-12--Coronavirus: A third of small firms fear collapse amid redundancy plans

A third of small firms are considering redundancies while thousands fear they will never reopen as the Covid-19 crisis devastates the UK economy .
Roughly 40 per cent of small businesses have been forced to close their doors since the beginning of the coronavirus lockdown in March .
Of those that have closed , more than a third said they are not sure if they will ever reopen .
The grim figures , which were published by the Federation of Small Businesses ( FSB ) , lay bare the scale of the damage caused by the virus .
More than @ @ @ @ @ @ @ had failed to make or were struggling to make rent or mortgage payments due to the pandemic .
As a result , more than a third said they were considering redundancies or had already been forced to lay people off .
Employers have been granted some hope after chancellor Rishi Sunak yesterday announced that the job retention scheme will be extended until October .
The scheme will remain the same until the end of July , but from August to October there will be “ greater flexibility ” , such as supporting part-time @ @ @ @ @ @ @ the costs .
The job retention scheme has been a key lifeline for small companies , with more than 70 per cent furloughing staff to help their business survive .
The vast majority of firms said the ability to partially furlough workers would benefit them as the economy begins to reopen .
“ The government has stepped-up with a huge range of support for millions of small businesses and sole traders , from income support schemes , to cash grants , to help with accessing finance and business rates breaks , ” said @ @ @ @ @ @ @ now need to realise that the economy will not go from zero to a hundred overnight once we ’ re into the recovery phase .
The crucial support that ’ s on offer needs to be kept under review , and adapted to reflect the new normal as we chart a course back to economic recovery.
” Aside from the furlough scheme , some small businesses have also been struggling with other government support .
Business owners have cited difficulties accessing grants linked to the payment of business rates and universal credit , @ @ @ @ @ @ @ for the self-employed .
Read more : Hundreds of firms yet to receive money through furlough scheme “ The support measures that we ’ ve secured are helping the vast majority , but they ’ re not helping absolutely everyone , ” Cherry added .
“ Policymakers need to be in listening mode and prepared to help the most vulnerable over the challenging months ahead .
No one should be left behind .
”

Coronavirus: A third of small firms fear collapse amid redundancy plans
A third of small firms are considering redundancies while thousands fear they will never reopen as the Covid-19 crisis devastates the UK economy.
Roughly 40 per cent of small businesses have been forced to close their doors since the beginning of the coronavirus lockdown in March.
Of those that have closed, more than a third said they are not sure if they will ever reopen.
The grim figures, which were published by the Federation of Small Businesses (FSB), lay bare the scale of the damage caused by the virus.
More than a quarter of small businesses said they had failed to make or were struggling to make rent or mortgage payments due to the pandemic.
As a result, more than a third said they were considering redundancies or had already been forced to lay people off.
Employers have been granted some hope after chancellor Rishi Sunak yesterday announced that the job retention scheme will be extended until October.
The scheme will remain the same until the end of July, but from August to October there will be “greater flexibility”, such as supporting part-time workers and making employers share some of the costs.
The job retention scheme has been a key lifeline for small companies, with more than 70 per cent furloughing staff to help their business survive.
The vast majority of firms said the ability to partially furlough workers would benefit them as the economy begins to reopen.
“The government has stepped-up with a huge range of support for millions of small businesses and sole traders, from income support schemes, to cash grants, to help with accessing finance and business rates breaks,” said FSB chairman Mike Cherry.
“Policymakers now need to realise that the economy will not go from zero to a hundred overnight once we’re into the recovery phase. The crucial support that’s on offer needs to be kept under review, and adapted to reflect the new normal as we chart a course back to economic recovery.”
Aside from the furlough scheme, some small businesses have also been struggling with other government support.
Business owners have cited difficulties accessing grants linked to the payment of business rates and universal credit, while company directors remain excluded from support for the self-employed.
“The support measures that we’ve secured are helping the vast majority, but they’re not helping absolutely everyone,” Cherry added.
“Policymakers need to be in listening mode and prepared to help the most vulnerable over the challenging months ahead. No one should be left behind.”


cityam--2020-05-12--Restaurants hit out at delivery platform fees during lockdown

Restaurant industry experts have hit out at takeaway delivery companies during the coronavirus outbreak , saying Deliveroo , Just Eat and Uber Eats make more than £1bn a year in fees through UK restaurants .
A study found that three in five consumers have tried to support their favourite local restaurant during the lockdown by ordering through an online marketplace .
Read more : UK lockdown : No pubs or restaurants to reopen until July ‘ at very earliest ’ However , 48 per cent of customers were unaware that up to one-third of their payment was taken as commission @ @ @ @ @ @ @ was unfair to charge high commission , according to a survey by online ordering tech firm Flipdish .
Takeaway market expert Peter Backman estimated that the three major takeaway ordering platforms Deliveroo , Just Eat and Uber Eats were securing more than £1bn in annual fees from UK restaurants .
More venues have begun to accept deliveries during the coronavirus pandemic , as it offers an additional revenue stream while physical restaurants are closed during lockdown .
“ Many operators , who have previously steered clear of delivery , are having to switch @ @ @ @ @ @ @ , ” Backman said .
“ It ’ s not an ideal model in terms of the bottom line but it puts cash in the till and businesses will take anything they can get in this unprecedented time.
” However , Tom Salt , executive chef at Manicomio , said : “ Big tech firms are holding small independent restaurants to ransom.
” “ Post-Covid , restaurants will need to find extra revenue streams , ” he said .
“ For some , the answer might be takeaway and delivery but at what @ @ @ @ @ @ @ of independent Caribbean restaurant Rock of Virtue in Cambridge , added : “ The public don ’ t quite realise how much money food delivery companies like Just Eat and Deliveroo take from independent restaurants .
They take a ridiculous cut.
” Read more : Robot waiters , half the tables , and crossed fingers : How restaurants will reopen after UK lockdown ends All restaurants were forced to close under the UK ’ s coronavirus lockdown , although they are allowed to offer takeaway and delivery services .
The sector will remain @ @ @ @ @ @ @ the government has said there could be a phased reopening of hospitality businesses .
Deliveroo , Just Eat and Uber Eats all said they have measures in place to support restaurant partners , and that fees were used for operating costs .
“ Deliveroo is passionate about supporting the small , independent restaurant partners on the platform , who benefit from being able to access a wider customer base through delivery , ” a spokesperson said .
“ Deliveroo is committed to supporting our partners ’ growth.
” The platform has suspended joining @ @ @ @ @ @ @ .
A spokesperson for Uber Eats said it was committed to supporting restaurants during the coronavirus crisis .
They said : “ At the beginning of the crisis , we put in place a range of initiatives to help restaurant partners , particularly small business owners , as they keep their kitchens firing to feed people across the country.
” “ Just Eat is only successful if our restaurant partners are successful and we believe our commission rates are aligned with the value we provide to our partners , ” a Just Eat @ @ @

Restaurants hit out at delivery platform fees during lockdown
Restaurant industry experts have hit out at takeaway delivery companies during the coronavirus outbreak, saying Deliveroo, Just Eat and Uber Eats make more than £1bn a year in fees through UK restaurants.
A study found that three in five consumers have tried to support their favourite local restaurant during the lockdown by ordering through an online marketplace.
However, 48 per cent of customers were unaware that up to one-third of their payment was taken as commission, and 59 per cent felt it was unfair to charge high commission, according to a survey by online ordering tech firm Flipdish.
Takeaway market expert Peter Backman estimated that the three major takeaway ordering platforms Deliveroo, Just Eat and Uber Eats were securing more than £1bn in annual fees from UK restaurants.
More venues have begun to accept deliveries during the coronavirus pandemic, as it offers an additional revenue stream while physical restaurants are closed during lockdown.
“Many operators, who have previously steered clear of delivery, are having to switch to a takeaway and delivery only offer,” Backman said.
“It’s not an ideal model in terms of the bottom line but it puts cash in the till and businesses will take anything they can get in this unprecedented time.”
However, Tom Salt, executive chef at Manicomio, said: “Big tech firms are holding small independent restaurants to ransom.”
“Post-Covid, restaurants will need to find extra revenue streams,” he said. “For some, the answer might be takeaway and delivery but at what cost?”
Tanisha Broady, owner of independent Caribbean restaurant Rock of Virtue in Cambridge, added: “The public don’t quite realise how much money food delivery companies like Just Eat and Deliveroo take from independent restaurants. They take a ridiculous cut.”
All restaurants were forced to close under the UK’s coronavirus lockdown, although they are allowed to offer takeaway and delivery services.
The sector will remain closed until at least July, when the government has said there could be a phased reopening of hospitality businesses.
Deliveroo, Just Eat and Uber Eats all said they have measures in place to support restaurant partners, and that fees were used for operating costs.
“Deliveroo is passionate about supporting the small, independent restaurant partners on the platform, who benefit from being able to access a wider customer base through delivery,” a spokesperson said. “Deliveroo is committed to supporting our partners’ growth.”
The platform has suspended joining fees during the crisis, it said.
A spokesperson for Uber Eats said it was committed to supporting restaurants during the coronavirus crisis.
They said: “At the beginning of the crisis, we put in place a range of initiatives to help restaurant partners, particularly small business owners, as they keep their kitchens firing to feed people across the country.”
“Just Eat is only successful if our restaurant partners are successful and we believe our commission rates are aligned with the value we provide to our partners,” a Just Eat spokesperson said.


cityam--2020-05-12--Coronavirus: UK relief package for self-employed opens today

Applications will open this morning for the government ’ s £9bn coronavirus support package for the self-employed , with first payments expected on 25 May .
The scheme will open weeks earlier than initially anticipated , and will see self-employed workers get paid up to £7,500 as a lump sum for three months ’ income .
Funds are expected in applicants ’ bank accounts within six days of making a claim .
The scheme sees the government hand over a taxable grant worth 80 per cent of monthly profits , up to £2,500 a month , for the nation ’ @ @ @ @ @ @ @ earn more than half of their income from this type of work and have half yearly profits of less than £50,000 are eligible .
The scheme is also only open to people who filed a tax return for the 2018-19 financial year , meaning newly self-employed people are not eligible .
The scheme was announced in March , with an expected start date of June .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Sunak explained at the time that @ @ @ @ @ @ @ chance to send in their tax returns to HM Revenue and Customs , which were already due in January .
Brian Berry , chief executive of the Federation of Master Builders , welcomed the early announcement .
“ The self-employed account for 40 per cent of the construction workforce so the government ’ s decision to bring forward the payment to the end May will be very welcome news for the many independent tradespeople who operate in construction , ” he said .
“ The government ’ s support package to date has @ @ @ @ @ @ @ will be welcoming this cash boost at a time when they need it most.
” The package had previously attracted criticism from mayor of London Sadiq Khan , who said the package neglected Londoners .
He wrote to Sunak last month , claiming that up to 290,000 Londoners , 12 per cent of the capital ’ s total workforce , are not eligible to receive anything from the scheme .
Read more : Exclusive : Sadiq Khan says Londoners neglected by coronavirus self-employed package Khan said the £50,000 threshold did not account for @ @ @ @ @ @ @ and that the scheme needs to be altered to create a “ sliding scale of support ” for those earning over that amount .
He also called for newly self-employed people and those who earn less than half their pay from this type of work to be included in the package .

Coronavirus: UK relief package for self-employed opens today
Applications will open this morning for the government’s £9bn coronavirus support package for the self-employed, with first payments expected on 25 May.
The scheme will open weeks earlier than initially anticipated, and will see self-employed workers get paid up to £7,500 as a lump sum for three months’ income.
Funds are expected in applicants’ bank accounts within six days of making a claim.
The scheme sees the government hand over a taxable grant worth 80 per cent of monthly profits, up to £2,500 a month, for the nation’s self-employed workers.
Only those who earn more than half of their income from this type of work and have half yearly profits of less than £50,000 are eligible.
The scheme is also only open to people who filed a tax return for the 2018-19 financial year, meaning newly self-employed people are not eligible.
The scheme was announced in March, with an expected start date of June.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Sunak explained at the time that the gap was to give people a chance to send in their tax returns to HM Revenue and Customs, which were already due in January.
Brian Berry, chief executive of the Federation of Master Builders, welcomed the early announcement.
“The self-employed account for 40 per cent of the construction workforce so the government’s decision to bring forward the payment to the end May will be very welcome news for the many independent tradespeople who operate in construction,” he said.
“The government’s support package to date has been targeted at businesses so the self-employed will be welcoming this cash boost at a time when they need it most.”
The package had previously attracted criticism from mayor of London Sadiq Khan, who said the package neglected Londoners.
He wrote to Sunak last month, claiming that up to 290,000 Londoners, 12 per cent of the capital’s total workforce, are not eligible to receive anything from the scheme.
Khan said the £50,000 threshold did not account for London’s higher cost of living and that the scheme needs to be altered to create a “sliding scale of support” for those earning over that amount.
He also called for newly self-employed people and those who earn less than half their pay from this type of work to be included in the package.


cityam--2020-05-12--Exclusive: UK-Japan trade deal to give London a £383m per year boost

A potential UK-Japan free trade deal would provide a £383m boost to London ’ s economy each year , City A.M. can reveal .
Estimates from the Department of International Trade , and seen by City A.M. , show a trade deal between the two nations would be a major boon to the capital , particularly its financial and professional services industries .
Read more : Exclusive : EU accused of ‘ politicising ’ City of London in Brexit trade talks It comes as the UK set out its negotiating objectives today for its Japan trade talks , with formal @ @ @ @ @ @ @ the highest priorities is to “ diversify [ the UK ’ s ] supply chains beyond the EU and China ” and to “ reduce barriers to cross-border trade and investment , support co-operation on financial regulation and make it easier for professionals to operate in Japan ” .
The department said the deal would “ aim to secure cutting edge provisions on digital trade ” , which would in turn “ benefit innovative sectors such as e-commerce and the creative industries ” .
Listen to our daily City View podcast as we @ @ @ @ @ @ @ of the coronavirus pandemic .
It is estimated that the deal would add £1.5bn to the UK ’ s economy annually .
International trade secretary Liz Truss told City A.M. that the trade deal would be highly geared toward the capital in particular .
“ Our new trade deal with Japan will be specifically tailored to the UK economy and will aim to create new opportunities for businesses in every part of the country , ” she said .
“ London is among the regions set to benefit the most from the new @ @ @ @ @ @ @ professional services providers will benefit from cutting edge provisions on digital trade and intellectual property , bringing a boost for tech firms across the UK.
” Securing a post-Brexit free trade deal with Japan has been among the highest priorities for the government ’ s “ global Britain ” agenda .
The talks with Japan would go alongside already active negotiations with the EU and the US .
Writing for City A.M. in December , European Centre for International Political Economy director Hosuk Lee-Makiyama outlined the importance of a UK-Japan trade deal .
@ @ @ @ @ @ @ the supply chains in the world ’ s fastest-growing economies including south-east Asia and China , ” he said .
Read more : Why the UK should upgrade the EU trade deal with Japan “ And when it comes to the UK seeking CPTPP ( Comprehensive and Progressive Agreement for Trans-Pacific Partnership ) membership , negotiations with Japan are effectively a pre-requisite .
“ An upgraded Japan-UK agreement will also act as a “ down-payment ” for further regulatory cooperation with Japan in future , not least for equivalence decisions in banking .
@

Exclusive: UK-Japan trade deal to give London a £383m per year boost
LONDON, ENGLAND – MARCH 18: A view over the City of London Skyline at twilight on March 18, 2019 in London, England. (Photo by Dan Kitwood/Getty Images)
A potential UK-Japan free trade deal would provide a £383m boost to London’s economy each year, City A.M. can reveal.
Estimates from the Department of International Trade, and seen by City A.M., show a trade deal between the two nations would be a major boon to the capital, particularly its financial and professional services industries.
It comes as the UK set out its negotiating objectives today for its Japan trade talks, with formal negotiations expected to start shortly.
Among the highest priorities is to “diversify [the UK’s] supply chains beyond the EU and China” and to “reduce barriers to cross-border trade and investment, support co-operation on financial regulation and make it easier for professionals to operate in Japan”.
The department said the deal would “aim to secure cutting edge provisions on digital trade”, which would in turn “benefit innovative sectors such as e-commerce and the creative industries”.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
It is estimated that the deal would add £1.5bn to the UK’s economy annually.
International trade secretary Liz Truss told City A.M. that the trade deal would be highly geared toward the capital in particular.
“Our new trade deal with Japan will be specifically tailored to the UK economy and will aim to create new opportunities for businesses in every part of the country,” she said.
“London is among the regions set to benefit the most from the new deal.
“Its world-renowned financial and professional services providers will benefit from cutting edge provisions on digital trade and intellectual property, bringing a boost for tech firms across the UK.”
Securing a post-Brexit free trade deal with Japan has been among the highest priorities for the government’s “global Britain” agenda.
The talks with Japan would go alongside already active negotiations with the EU and the US.
Writing for City A.M. in December, European Centre for International Political Economy director Hosuk Lee-Makiyama outlined the importance of a UK-Japan trade deal.
“Japanese capital forms the backbone of the supply chains in the world’s fastest-growing economies including south-east Asia and China,” he said.
“And when it comes to the UK seeking CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership) membership, negotiations with Japan are effectively a pre-requisite.
“An upgraded Japan-UK agreement will also act as a “down-payment” for further regulatory cooperation with Japan in future, not least for equivalence decisions in banking.”


cityam--2020-05-12--UK house market to restart as government relaxes regulations

The government has relaxed lockdown rules from tomorrow to allow the UK house market to restart .
Under the new regulations people will be able to visit estate agents , view properties and move house without breaking lockdown rules .
Read more : UK house prices dip in April as coronavirus lockdown brings market to standstill Those involved will be expected to observe social distancing rules and wear gloves or masks where necessary .
The UK ’ s housing market has effectively been frozen since tough coronavirus lockdown restrictions were introduced in March .
David Cox , chief executive of @ @ @ @ @ @ @ ’ s great news for consumers and the industry that the housing market is being opened up and people can let , rent , buy and sell properties again .
“ The new regulations provide clarity to agents and will allow them to deal with pent up demand from consumers .
Read more : How badly will coronavirus hit UK house prices in 2020 ?
“ It ’ s also a step to reinvigorating the housing market and will be a boost to the economy.
” Recent figures from estate agents Knight Frank @ @ @ @ @ @ @ 2 May were 54 per cent below their five-year average .
However , data on new buyer registrations suggested that people are starting to prepare for life after the lockdown .
In the week ending 28 March registrations were 77 per cent below the five-year average for London .
By 2 May this narrowed to a decline of 60 per cent , while the number of new prospective buyers doubled over this period .
Analysts have predicted that house prices will fall as a result of the pandemic which has hit the economy @ @ @ @ @ @ @ house prices tend to fall when the economy shrinks as a result of falling output , ” says Richard Donnell , research director at property platform Zoopla .
“ [ This ] has a knock on impact for unemployment or higher borrowing costs – all things that can result in more ‘ forced sellers ’ .
” “ Thus the scale of the impact on house prices depends upon the scale of the economic impact from Covid-19 .
”

UK house market to restart as government relaxes regulations
The stamp duty holiday helped boost market activity and house prices
The government has relaxed lockdown rules from tomorrow to allow the UK house market to restart.
Under the new regulations people will be able to visit estate agents, view properties and move house without breaking lockdown rules.
Those involved will be expected to observe social distancing rules and wear gloves or masks where necessary.
The UK’s housing market has effectively been frozen since tough coronavirus lockdown restrictions were introduced in March.
David Cox, chief executive of ARLA Propertymark, said: “It’s great news for consumers and the industry that the housing market is being opened up and people can let, rent, buy and sell properties again.
“The new regulations provide clarity to agents and will allow them to deal with pent up demand from consumers.
“It’s also a step to reinvigorating the housing market and will be a boost to the economy.”
Recent figures from estate agents Knight Frank showed transaction numbers in the week ending 2 May were 54 per cent below their five-year average.
However, data on new buyer registrations suggested that people are starting to prepare for life after the lockdown.
In the week ending 28 March registrations were 77 per cent below the five-year average for London. By 2 May this narrowed to a decline of 60 per cent, while the number of new prospective buyers doubled over this period.
Analysts have predicted that house prices will fall as a result of the pandemic which has hit the economy hard.
“History tells us that house prices tend to fall when the economy shrinks as a result of falling output,” says Richard Donnell, research director at property platform Zoopla.
“[This] has a knock on impact for unemployment or higher borrowing costs – all things that can result in more ‘forced sellers’.”
“Thus the scale of the impact on house prices depends upon the scale of the economic impact from Covid-19.”


cityam--2020-05-12--Suits you: TM Lewin bought by private equity firm SCP

British menswear brand TM Lewin has today been acquired by SCP Private Equity via special purpose vehicle Torque Brands .
TM Lewin , which was established in 1898 , was sold to SCP for an undisclosed amount by Bain Capital Credit which acquired the shirt-and-tie retailer in 2015 .
Read more : UK retailers warn government coronavirus aid not enough to prevent ‘ imminent collapse ’ SCP has acquired the business as a going concern , taking over the full store network and with plans to maintain key supplier relationships .
TM Lewin has sales of over £120m in financial @ @ @ @ @ @ @ rival retailer Charles Tyrwhitt has mulled an offer for the business .
TM Lewin has 66 UK stores and five in Australia .
Approximately 650 of the company ’ s 700 staff have been furloughed under the government ’ s job retention scheme .
Read more : Victoria ’ s Secret owner L Brands calls off £422m sale to private equity firm Sycamore James Cox , managing partner of SCP , said : “ There are significant headwinds against great retail businesses in the current environment – posing a very real threat to @ @ @ @ @ @ @ We wholeheartedly believe that specialist vertical-specific British brands , such as TM Lewin , will continue to hold a premier position in the eyes of the global consumer , and look forward to the challenge of helping the company adapt to the rapidly changing retail landscape Brad Palmer , a managing director at Bain Capital Credit , said : “ Notwithstanding the challenges facing the retail sector , and most recently from COVID-19 , since our ownership the business now has a true multi-channel business in the UK across stores and online , @ @ @ @ @ @ @ an even stronger brand proposition.
” Corporate finance firm Alantra and law firm TLT advised SCP on the acquisition .

Suits you: TM Lewin bought by private equity firm SCP
British menswear brand TM Lewin has today been acquired by SCP Private Equity via special purpose vehicle Torque Brands.
TM Lewin, which was established in 1898, was sold to SCP for an undisclosed amount by Bain Capital Credit which acquired the shirt-and-tie retailer in 2015.
SCP has acquired the business as a going concern, taking over the full store network and with plans to maintain key supplier relationships.
TM Lewin has sales of over £120m in financial year 2020.
Sky News reported that rival retailer Charles Tyrwhitt has mulled an offer for the business.
TM Lewin has 66 UK stores and five in Australia. Approximately 650 of the company’s 700 staff have been furloughed under the government’s job retention scheme.
James Cox, managing partner of SCP, said: “There are significant headwinds against great retail businesses in the current environment – posing a very real threat to the sector’s future.”
“We wholeheartedly believe that specialist vertical-specific British brands, such as TM Lewin, will continue to hold a premier position in the eyes of the global consumer, and look forward to the challenge of helping the company adapt to the rapidly changing retail landscape
Brad Palmer, a managing director at Bain Capital Credit, said: “Notwithstanding the challenges facing the retail sector, and most recently from COVID-19, since our ownership the business now has a true multi-channel business in the UK across stores and online, a large and loyal customer base and an even stronger brand proposition.”
Corporate finance firm Alantra and law firm TLT advised SCP on the acquisition.


cityam--2020-05-12--Boost for broadcasters as filming resumes on film and TV productions

Filming on UK film and TV productions will be allowed to resume from this week as long as social distancing guidelines are observed , the government has confirmed .
Firms had been forced to halt work on productions across the UK after the country was plunged into lockdown to stop the spread of Covid-19 .
Read more : Coronavirus lockdown : Boris Johnson tells millions to get back to work But the sector will be encouraged to resume filming as part of a gradual easing of restrictions .
Prime Minister Boris Johnson on Sunday urged thousands of workplaces to open @ @ @ @ @ @ @ work from home to get back to work .
The government has issued so-called Covid-secure guidelines for employers to ensure that Brits are kept safe in the workplace .
This includes redesigning workplaces to ensure the 2m distancing rule is observed , or installing barriers where this is not possible .
However , it is unclear how production teams will be able to apply social distancing rules on set .
While broadcasters have been able to maintain much news and daytime programming through remote working , they will face a far greater challenge @ @ @ @ @ @ @ the Department for Digital , Culture , Media and Sport said : “ The government is working closely with the screen sector to understand how different types of productions can comply with social distancing guidelines , and give confidence to people in the TV and film industries that there are safe ways in which they can return to work.
” However , they declined to provide details on how social distancing guidelines would be applied in a broadcast environment .
Nevertheless , the changes come as a welcome boost for broadcasters , which @ @ @ @ @ @ @ due to the lockdown .
In March the BBC was forced to suspend filming on Eastenders and has reduced the number of episodes it broadcasts per week as a result .
ITV has also reduced its output of Coronation Street episodes due to the pandemic .
Commercial broadcaster ITV has been hit particularly hard by Covid-19 , warning of a 42 per cent slump in advertising revenue in April while also losing major TV hits such as Love Island and Euro 2020 .
An ITV spokesperson said the company was working with industry @ @ @ @ @ @ @ protocol and would share further updates in due course .

Boost for broadcasters as filming resumes on film and TV productions
Filming on UK film and TV productions will be allowed to resume from this week as long as social distancing guidelines are observed, the government has confirmed.
Firms had been forced to halt work on productions across the UK after the country was plunged into lockdown to stop the spread of Covid-19.
But the sector will be encouraged to resume filming as part of a gradual easing of restrictions.
Prime Minister Boris Johnson on Sunday urged thousands of workplaces to open up to allow people who cannot work from home to get back to work.
The government has issued so-called Covid-secure guidelines for employers to ensure that Brits are kept safe in the workplace.
This includes redesigning workplaces to ensure the 2m distancing rule is observed, or installing barriers where this is not possible.
However, it is unclear how production teams will be able to apply social distancing rules on set.
While broadcasters have been able to maintain much news and daytime programming through remote working, they will face a far greater challenge in filming dramas.
A spokesperson for the Department for Digital, Culture, Media and Sport said: “The government is working closely with the screen sector to understand how different types of productions can comply with social distancing guidelines, and give confidence to people in the TV and film industries that there are safe ways in which they can return to work.”
However, they declined to provide details on how social distancing guidelines would be applied in a broadcast environment.
Nevertheless, the changes come as a welcome boost for broadcasters, which are facing a dearth of new programming due to the lockdown.
In March the BBC was forced to suspend filming on Eastenders and has reduced the number of episodes it broadcasts per week as a result. ITV has also reduced its output of Coronation Street episodes due to the pandemic.
Commercial broadcaster ITV has been hit particularly hard by Covid-19, warning of a 42 per cent slump in advertising revenue in April while also losing major TV hits such as Love Island and Euro 2020.
An ITV spokesperson said the company was working with industry and government on a “return-to-production” protocol and would share further updates in due course.


cityam--2020-05-12--UK banks lend £15bn through coronavirus loan schemes

The chancellor Rishi Sunak today said the UK banking and finance industry has provided almost £15bn to almost 304,000 businesses through three government-backed coronavirus loan schemes .
In the week since the bounce back loan scheme ( BBLS ) launched , £8.4bn has been approved to 268,173 businesses – an average of 38,000 loans a day .
Read more : Lloyds says it has provided £4bn support to businesses during coronavirus crisis Lenders have provided £6.1bn through the coronavirus business interruption loan scheme ( CBILS ) according to figures from UK Finance .
Lenders have approved £359m under the coronavirus @ @ @ @ @ @ @ ) to 59 mid-sized and larger UK businesses .
Under BBLS , SMEs can apply for loans of up to £50,000 and expect to get the cash within as little as 24 hours .
Read more : Banks blasted over ‘ disappointingly slow ’ pace of lending as coronavirus loans hit £5.5bn The government has guaranteed 100 per cent of such loans .
Sunak announced them earlier this month after criticism banks have been slow to lend out larger sums to small businesses struggling amid coronavirus .
Stephen Jones , chief executive of @ @ @ @ @ @ @ banking and finance industry is determined to play its part in helping businesses of all sizes get through these tough times .
“ Bank staff are working tirelessly to get financing quickly to those firms who need it , with almost £15 billion of lending provided to over 304,000 businesses through government-backed schemes so far .
“ This forms part of the industry ’ s broad package of support for businesses including commercial lending , capital repayment holidays , extended overdrafts and asset-based finance .
“ It ’ s important to remember that @ @ @ @ @ @ @ a debt not a grant , and so firms should carefully consider their ability to repay before applying .
”

UK banks lend £15bn through coronavirus loan schemes
(Photo by Dan Kitwood/Getty Images)
The chancellor Rishi Sunak today said the UK banking and finance industry has provided almost £15bn to almost 304,000 businesses through three government-backed coronavirus loan schemes.
In the week since the bounce back loan scheme (BBLS) launched, £8.4bn has been approved to 268,173 businesses – an average of 38,000 loans a day.
Lenders have provided £6.1bn through the coronavirus business interruption loan scheme (CBILS) according to figures from UK Finance.
Lenders have approved £359m under the coronavirus large business interruption loan scheme (CLBILS) to 59 mid-sized and larger UK businesses.
Under BBLS, SMEs can apply for loans of up to £50,000 and expect to get the cash within as little as 24 hours.
The government has guaranteed 100 per cent of such loans. Sunak announced them earlier this month after criticism banks have been slow to lend out larger sums to small businesses struggling amid coronavirus.
Stephen Jones, chief executive of UK Finance, said: “The banking and finance industry is determined to play its part in helping businesses of all sizes get through these tough times.
“Bank staff are working tirelessly to get financing quickly to those firms who need it, with almost £15 billion of lending provided to over 304,000 businesses through government-backed schemes so far.
“This forms part of the industry’s broad package of support for businesses including commercial lending, capital repayment holidays, extended overdrafts and asset-based finance.
“It’s important to remember that any lending provided under government-backed schemes is a debt not a grant, and so firms should carefully consider their ability to repay before applying.”


cityam--2020-05-12--Sumstreetsumwhere can keep Purton on road to the title

THINGS continue to ebb and flow in the jockeys ’ title race in Hong Kong and it really is anyone ’ s guess who is going to emerge victorious .
This time last week , Joao Moreira held the narrowest of advantages over Zac Purton by one winner , but as we know in HK , things changed very quickly .
A five-winner blitz by the ‘ Zac-Man ’ at the Valley last Wednesday suddenly put him clear of his rival , only for the ‘ Magic Man ’ to hit back with a treble at Sha Tin on Sunday @ @ @ @ @ @ @ the Australian pilot ’ s favour .
There can be no dispute , however , that the reigning champ Purton is the ultimate master at Happy Valley .
His record on the tight and tricky circuit is staggering .
So far this season he has over a 50 % win and place record , with 48 winners and 58 places from 208 rides .
Moreira , on the other hand , has only had 28 winners from 211 mounts .
While the Brazilian has a full book of rides on the nine-race programme @ @ @ @ @ @ @ , but still most have winning chances .
Last start winner Compassion Star will be at the forefront of the betting , despite an awkward draw in the Mount Kellett Handicap ( 1.15pm ) , while the likes of Victoriam in the Cheung Lin Shan Handicap ( 2.45pm ) and hat-trick seeking Tangmere in the D ’ Aguilar Peak Handicap ( 3.50pm ) will be difficult to beat .
All should go close to extending Purton ’ s tally , but his best ride of the afternoon could be SUMSTREETSUMWHERE , who lines-up @ @ @ @ @ @ @ ) over the extended mile .
The five-year-old bounced back to near his best when a gallant third over course and distance last month .
Having already won over the track and trip from a 16-pound higher mark last season and with a low draw now in his favour , he looks ready to win again .
Purton taking over in the saddle and he should be bang there at the finish .

Sumstreetsumwhere can keep Purton on road to the title
THINGS continue to ebb and flow in the jockeys’ title race in Hong Kong and it really is anyone’s guess who is going to emerge victorious.
This time last week, Joao Moreira held the narrowest of advantages over Zac Purton by one winner, but as we know in HK, things changed very quickly.
A five-winner blitz by the ‘Zac-Man’ at the Valley last Wednesday suddenly put him clear of his rival, only for the ‘Magic Man’ to hit back with a treble at Sha Tin on Sunday cutting the deficit back to one in the Australian pilot’s favour.
There can be no dispute, however, that the reigning champ Purton is the ultimate master at Happy Valley.
His record on the tight and tricky circuit is staggering.
So far this season he has over a 50% win and place record, with 48 winners and 58 places from 208 rides.
Moreira, on the other hand, has only had 28 winners from 211 mounts.
While the Brazilian has a full book of rides on the nine-race programme, Purton surprisingly only has half-a-dozen mounts, but still most have winning chances.
Last start winner Compassion Star will be at the forefront of the betting, despite an awkward draw in the Mount Kellett Handicap (1.15pm), while the likes of Victoriam in the Cheung Lin Shan Handicap (2.45pm) and hat-trick seeking Tangmere in the D’Aguilar Peak Handicap (3.50pm) will be difficult to beat.
All should go close to extending Purton’s tally, but his best ride of the afternoon could be SUMSTREETSUMWHERE, who lines-up in the Pottinger Peak Handicap (12.15pm) over the extended mile.
The five-year-old bounced back to near his best when a gallant third over course and distance last month.
Having already won over the track and trip from a 16-pound higher mark last season and with a low draw now in his favour, he looks ready to win again.
Purton taking over in the saddle and he should be bang there at the finish.
POINTERS
Sumstreetsumwhere 12.15pm Happy Valley