cityam--2020-05-01--Hunting shafts of light amid coronavirus’s economic gloom

The coronavirus pandemic will cause world GDP to shrink by about seven per cent during the first half of the year – roughly double the scale of contraction seen during the global financial crisis .
That is the headline finding from Oxford Economics ’ April/May 2020 ‘ World Economic Prospects ’ report .
The number is shocking but unsurprising given the scale of the coronavirus tragedy .
The forecasting and analysis group foresee a sharp resurgence in activity in the second half of the year .
But despite this rebound , it is projected that world GDP will shrink by @ @ @ @ @ @ @ year will see world GDP growth rising to almost 6 % in 2021 .
In the here and now , though , the economic data – and the headlines – continue to be grim wherever you turn .
In City AM – a champion of the City – it ’ s been unprecedented stuff : ‘ Global economy to suffer worst year since 1930s ’ ‘ UK economy could shrink by 35 per cent in second quarter ’ ; and , in the past 24 hours , ‘ Dow Jones , S & @ @ @ @ @ @ @ ravages global economy ’ Experts and commentators are trying to keep track of the numbers .
Responding a couple of weeks ago to Office for Budget Responsibility thinking of coronavirus ’ s possible impact on the public finances , Institute for Fiscal Studies ( IFD ) director Paul Johnson said : “ We must not underestimate just how staggering these figures are .
Government borrowing is set to rocket to levels well above those seen during the financial crisis , and debt is set to approach 100 % of GDP .
These figures @ @ @ @ @ @ @ and a swift recovery .
Should the lockdown last for longer than three months or the economy fail to bounce back , the picture would worsen further .
We will need a complete reappraisal of economic policy once the current economic dislocation is behind us.
” Governments worldwide are working over-time to help minimise the damage and prepare for recovery .
New verbs – for example , ‘ furlough ’ – and new acronyms – for example , ‘ CBILS ’ ( the Coronavirus Business Interruption Loan Scheme ) – have rapidly entered @ @ @ @ @ @ @ of the UK ’ s exit from lockdown remains unclear , with public health rightly paramount .
Finally this week we have had a shaft of light , with newly-returned-to-work Boris Johnson announcing that the UK is past the coronavirus peak .
The PM says he will outline the government ’ s plan to ease lockdown next week .
There are short- , medium- and long-term priorities and considerations .
The Treasury select committee is welcoming evidence to its inquiry into the economic impact of coronavirus until 27 May .
How the Government @ @ @ @ @ @ @ among the discussion points .
Within banking and finance , a paper by New Finance suggests 10 things that capital markets can be part of the solution .
Clearly , for all right-thinking businesses , looking after staff must be top priority in these challenging times – a point the think-tank makes .
As New Finance ’ s paper also says , how the banking and finance industry responds to coronavirus and how it behaves in the next few weeks and months will define its relationship with government and society for the next @ @ @ @ @ @ @ DeLandro examines the topic of leadership during the time of coronavirus

What is City Talk? City Talk allows marketers to connect directly with our audience by publishing content on cityam.com
Hunting shafts of light amid coronavirus’s economic gloom
The coronavirus pandemic will cause world GDP to shrink by about seven per cent during the first half of the year – roughly double the scale of contraction seen during the global financial crisis.
That is the headline finding from Oxford Economics’ April/May 2020 ‘World Economic Prospects’ report.
The number is shocking but unsurprising given the scale of the coronavirus tragedy. The forecasting and analysis group foresee a sharp resurgence in activity in the second half of the year. But despite this rebound, it is projected that world GDP will shrink by 2.8% in 2020 overall. Next year will see world GDP growth rising to almost 6% in 2021.
Headline figures leave the experts staggered
In the here and now, though, the economic data – and the headlines – continue to be grim wherever you turn. In City AM – a champion of the City – it’s been unprecedented stuff: ‘Global economy to suffer worst year since 1930s’ ‘UK economy could shrink by 35 per cent in second quarter’; and, in the past 24 hours, ‘Dow Jones, S&P 500 and Nasdaq drop as coronavirus ravages global economy’
Experts and commentators are trying to keep track of the numbers. Responding a couple of weeks ago to Office for Budget Responsibility thinking of coronavirus’s possible impact on the public finances, Institute for Fiscal Studies (IFD) director Paul Johnson said: “We must not underestimate just how staggering these figures are. Government borrowing is set to rocket to levels well above those seen during the financial crisis, and debt is set to approach 100% of GDP. These figures are predicated on a short-term economic hit and a swift recovery. Should the lockdown last for longer than three months or the economy fail to bounce back, the picture would worsen further. We will need a complete reappraisal of economic policy once the current economic dislocation is behind us.”
Capital markets in spotlight as lockdown eases
Governments worldwide are working over-time to help minimise the damage and prepare for recovery. New verbs – for example, ‘furlough’ – and new acronyms – for example, ‘CBILS’ (the Coronavirus Business Interruption Loan Scheme) – have rapidly entered business lexicon.
The timing and manner of the UK’s exit from lockdown remains unclear, with public health rightly paramount. Finally this week we have had a shaft of light, with newly-returned-to-work Boris Johnson announcing that the UK is past the coronavirus peak. The PM says he will outline the government’s plan to ease lockdown next week.
There are short-, medium- and long-term priorities and considerations. The Treasury select committee is welcoming evidence to its inquiry into the economic impact of coronavirus until 27 May. How the Government can work towards a sustained recovery is among the discussion points.
Within banking and finance, a paper by New Finance suggests 10 things that capital markets can be part of the solution. Clearly, for all right-thinking businesses, looking after staff must be top priority in these challenging times – a point the think-tank makes.
As New Finance’s paper also says, how the banking and finance industry responds to coronavirus and how it behaves in the next few weeks and months will define its relationship with government and society for the next decade.
Apater Capital’s Ricky DeLandro examines the topic of leadership during the time of coronavirus


cityam--2020-05-01--Why RBS killed digital bank Bo only five months after launch

The Royal Bank of Scotland ( RBS ) has abandoned its challenger bank Bo just five months after launching it .
In an already dire update on its first quarter performance today , RBS said it would “ wind down Bo as a customer-facing brand ” after launching it only in November .
The Bo platform will instead be integrated with Mettle , Natwest ’ s digital business bank .
Read more : RBS profit nearly halves due to coronavirus uncertainty Chief executive Alison Rose denied that the Bo platform had failed and insisted the decision to merge its two @ @ @ @ @ @ @ .
But Bo appears to have failed to capitalise on the surging popularity of challenger banks such as Monzo and Revolut , which have garnered millions of customers .
RBS started working on Bo in September 2018 in response to the interest in digital banking but has failed to make inroads .
Bo launched in November 2019 to compete with the UK ’ s rising fintech stars , but faced issues from the start .
Just two months after launching , the digital bank ’ s chief executive Mark Bailie left as Rose @ @ @ @ @ @ @ : RBS to rebrand as Natwest as bank posts £4.2bn profit under new boss Alison Rose Bo was also forced to reissue 6,000 debit cards to its customers after failing to comply with EU rules .
Just last week , Bo ’ s chief product officer resigned .
Russ Mould , investment director at AJ Bell , added that the crowded fintech market hasn ’ t helped the challenger .
“ It ’ s a tough time to be a bank right now , there are lots of competitors and IT is changing @ @ @ @ @ @ @ to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
The coronavirus pandemic has made navigating the competitive nature of the challenger bank market even more difficult .
Rose hinted that the outbreak of the virus had in part influenced the decision to wind down Bo .
She said : “ We decided to refocus our efforts based on the current situation.
” RBS is concentrating its efforts on its retail bank after being hit hard by the coronavirus outbreak in the first @ @ @ @ @ @ @ set aside £802m to cover an expected surge in bad loans due to the pandemic .
Read more : RBS pays out 70 per cent of government coronavirus loans “ We are prioritising our investment spend across the bank on products and services that allow us to fully support our customers and that ’ s more critical than ever at this point , ” Rose said .
However , RBS may still find value in Bo ’ s failed experiment , despite cutting it short .
Rose said the “ learnings ” from @ @ @ @ @ @ @ “ Bo was something that we were testing and learning from .
It was launched in the app store but we undertook a consumer launch to introduce any type of acquisition targets , ” she added .
Get the news as it happens by following City A.M. on Twitter .

Why RBS killed digital bank Bo only five months after launch
The Royal Bank of Scotland (RBS) has abandoned its challenger bank Bo just five months after launching it.
In an already dire update on its first quarter performance today, RBS said it would “wind down Bo as a customer-facing brand” after launching it only in November.
The Bo platform will instead be integrated with Mettle, Natwest’s digital business bank.
A competitive fintech market
Chief executive Alison Rose denied that the Bo platform had failed and insisted the decision to merge its two challenger banks had been a prudent one.
But Bo appears to have failed to capitalise on the surging popularity of challenger banks such as Monzo and Revolut, which have garnered millions of customers.
RBS started working on Bo in September 2018 in response to the interest in digital banking but has failed to make inroads.
Bo launched in November 2019 to compete with the UK’s rising fintech stars, but faced issues from the start. Just two months after launching, the digital bank’s chief executive Mark Bailie left as Rose took the top job.
Bo was also forced to reissue 6,000 debit cards to its customers after failing to comply with EU rules. Just last week, Bo’s chief product officer resigned.
Russ Mould, investment director at AJ Bell, added that the crowded fintech market hasn’t helped the challenger. “It’s a tough time to be a bank right now, there are lots of competitors and IT is changing things,” he said.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
RBS had to refocus amid coronavirus
The coronavirus pandemic has made navigating the competitive nature of the challenger bank market even more difficult.
Rose hinted that the outbreak of the virus had in part influenced the decision to wind down Bo. She said: “We decided to refocus our efforts based on the current situation.”
RBS is concentrating its efforts on its retail bank after being hit hard by the coronavirus outbreak in the first quarter. Its profit halved as it set aside £802m to cover an expected surge in bad loans due to the pandemic.
“We are prioritising our investment spend across the bank on products and services that allow us to fully support our customers and that’s more critical than ever at this point,” Rose said.
However, RBS may still find value in Bo’s failed experiment, despite cutting it short.
Rose said the “learnings” from Bo would be valuable to Mettle. “Bo was something that we were testing and learning from. It was launched in the app store but we undertook a consumer launch to introduce any type of acquisition targets,” she added.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-05-01--McDonald's to reopen for delivery this month

McDonald ’ s will reopen some UK restaurants for delivery this month after trialling social distancing measures .
The fast food giant will open 15 stores on 13 May , offering a limited menu for delivery only , after successful social distancing trials this week .
McDonald ’ s UK and Ireland chief executive Paul Pomroy said the restaurants selected to reopen will be announced next week .
The company will install perspex screens and floor markings to enforce social distancing .
Employees ’ temperatures will be checked before each shift and they will also be provided with additional protective @ @ @ @ @ @ @ ensure social distancing measures with its delivery partners Uber Eats and Just Eat .
“ When we return it will be different as we all adjust to this new normal , ” Pomroy said .
“ I want to apologise in advance if our first wave of reopened restaurants does not serve your area .
Read more : McDonalds , Topshop and New Look close stores due to coronavirus “ Rest assured , we are working hard to reopen more restaurants , but I am adamant this must be at the right pace @ @ @ @ @ @ @ suppliers and customers front of mind .
Thank you for your patience .
“ Slowly , but safely we will return to towns and cities across the UK and Ireland and thank you for your continued support as we work through this crisis .
”

McDonald’s to reopen for delivery this month
McDonalds is facing pressure from LGIM to rein its use of antibiotics in meat production
McDonald’s will reopen some UK restaurants for delivery this month after trialling social distancing measures.
The fast food giant will open 15 stores on 13 May, offering a limited menu for delivery only, after successful social distancing trials this week.
McDonald’s UK and Ireland chief executive Paul Pomroy said the restaurants selected to reopen will be announced next week.
The company will install perspex screens and floor markings to enforce social distancing. Employees’ temperatures will be checked before each shift and they will also be provided with additional protective equipment.
McDonald’s will also ensure social distancing measures with its delivery partners Uber Eats and Just Eat.
“When we return it will be different as we all adjust to this new normal,” Pomroy said.
“I want to apologise in advance if our first wave of reopened restaurants does not serve your area.
“Rest assured, we are working hard to reopen more restaurants, but I am adamant this must be at the right pace with the wellbeing of our employees, suppliers and customers front of mind. Thank you for your patience.
“Slowly, but safely we will return to towns and cities across the UK and Ireland and thank you for your continued support as we work through this crisis.”


cityam--2020-05-01--FTSE 100 extends losses after worst daily drop in a month

The FTSE 100 extended its losses today after suffering its worst daily drop in a month yesterday as dire economic reports and weak earnings weighed on traders .
London ’ s blue-chip index was down roughly 2.3 per cent at 5,762 points by around 10.20am today .
By the mid-afternoon the FTSE 100 had trimmed its drop to just under two per cent .
It had lost 115 opoints to hit 5,786 by 3.05pm .
Read more : FTSE 100 ends April in a slump as coronavirus batters Shell and Lloyds That followed the index enduring what analysts dubbed a @ @ @ @ @ @ @ dropped 3.5 per cent yesterday as Shell ’ s share price sank on dire results .
Today dire UK manufacturing figures showing record plunges in April knocked the FTSE 100 .
But the biggest driver was US President Donald Trump ’ s threat of fresh tariffs against China over coronavirus .
Trump has warned he will level new tariffs on the superpower in retaliation for allegedly covering up the full extent of its coronavirus outbreak .
Recently China admitted Wuhan – the epicentre of the outbreak – experienced 1,000 more deaths than reported @ @ @ @ @ @ @ coronavirus struck on a US-China trade deal , analysts said .
“ That has rattled traders , ” David Madden , chief analyst at CMC Markets , said .
“ Phase one of the US-China trade deal was signed in January , after much toing and froing , to say the least .
“ It is possible we could be in for another prolonged period of tough tariff talk .
Some people might think this is just a ploy by Mr Trump to make himself look good ahead of the Presidential election , @ @ @ @ @ @ @ to trim their exposure to stocks.
” “ Trade tensions back on the agenda won ’ t be terribly positive for risk appetite but for now remains something on the margins , ” Neil Wilson , chief analyst at Markets.com , added .
The index ’ s drop today means it has risen then fallen 400 points this week back to below 5,800 .
“ This will be a level bulls will seek to defend , ” Neil Wilson , chief market analyst at Markets.com , said .
UK manufacturing data also weighed @ @ @ @ @ @ @ showed the coronavirus lockdown has had an awful impact on British factories .
New orders , output and employment all posted record falls on IHS Markit ’ s survey .
And economists warned the lack of a backlog for manufacturers is also a concern .
“ The April headline PMI understated the weakness of the manufacturing sector , ” Howard Archer , chief economic adviser to the EY Item Club , said .
“ This is because there was once again a marked positive contribution to the PMI from a record lengthening of @ @ @ @ @ @ @ seen as reflecting strong demand and a positive .
But it has recently been due to the disruption to supply chains stemming from… factory shutdowns around the world and shipping delays due to coronavirus.
” UK bank RBS , meanwhile , jumped three per cent despite profit halving on coronavirus .
Traders were pleased the taxpayer-owned lender managed to stay in profit despite the outbreak .
Lloyds , however , sunk 4.4 per cent to 30.8p after revealing a 95 per cent plunge in first quarter profit yesterday .
Revenues also slumped deeper @ @ @ @ @ @ @ said profits fell 59 per cent to £288m as it set aside £800m for loan losses , ” Wilson said .
“ But revenues were down just 1.6 per cent at £3.2bn – Lloyds reported an 11 per cent decline in revenues .
Something doesn ’ t look right.
” Read more : Lloyds first quarter profit crashes 95 per cent on coronavirus Signs of recovery for the FTSE 100 came to an abrupt end yesterday as the index ended April on a slump .
The European Central Bank decided to leave interest @ @ @ @ @ @ @ yesterday .
Awful economic data showing the Eurozone shrank at its fastest rate on record in the first quarter compounded the problem .
Blue-chip stocks were also dragged down by Shell ’ s dividend cut — its first since the Second World War — and a plunge in profit at Lloyds .
European stocks will see some relief today however , with markets closed for national holidays .
Germany ’ s Dax and the French Cac 40 benchmark both closed down more than two per cent yesterday .
Read more : RBS profit @ @ @ @ @ @ @ markets yesterday also suffered falls , with the Dow Jones , S & P 500 and Nasdaq all closing in the red .
However , the major indices still secured their best month in three decades in April .
US stocks drop for second day runnig US stocks followed the FTSE 100 further down as Wall Street opened this afternoon .
The Nasdaq , S & P 500 and Dow Jones all dropped just shy of two per cent after dire US manufacturing data .
US factories matched the UK ’ s earlier @ @ @ @ @ @ @ pace recorded in data gatherer IHS Markit ’ s 28 years of surveys .
Read more : Stocks sink as US manufacturing shrinks at ‘ unprecedented rate ’ Output posted a record drop for April .
And new orders , employment and inventories fell at their steepest rates since the financial crisis .
“ There is little shock value in today ’ s numbers , ” Binay Chandgothia , a portfolio manager at Principal Global Investors , said .
“ The markets have already moved beyond [ economic data ] to focusing on @ @ @ @ @ @ @ markets would like to see continued progress – moving from a stabilisation phase to a recovery phase.
” Read more : Amazon and Apple earnings : Covid-19 crashes the tech titan party Chris Williamson , chief business economist at IHS Markit , warned a slow recovery will hurt manufacturers ’ hopes of bouncing back .
“ As restrictions are lifted , demand should gradually revive .
But the trade-off between risking a second wave of infections and bringing the economy back to life looks set to be one of the greatest challenges , @ @ @ @ @ @ @ will inevitably be led by caution , meaning recovery will also be frustratingly slow.
” Meanwhile , Nasdaq-listed Amazon dropped five per cent inside an hour of trading after missing profit estimates despite beating revenue predictions .

FTSE 100 extends losses after worst daily drop in a month
The FTSE 100 extended its losses today after suffering its worst daily drop in a month yesterday as dire economic reports and weak earnings weighed on traders.
London’s blue-chip index was down roughly 2.3 per cent at 5,762 points by around 10.20am today.
By the mid-afternoon the FTSE 100 had trimmed its drop to just under two per cent. It had lost 115 opoints to hit 5,786 by 3.05pm.
That followed the index enduring what analysts dubbed a “terrible” session yesterday. It dropped 3.5 per cent yesterday as Shell’s share price sank on dire results.
Trump’s China tariff threats dent FTSE 100
Today dire UK manufacturing figures showing record plunges in April knocked the FTSE 100. But the biggest driver was US President Donald Trump’s threat of fresh tariffs against China over coronavirus.
Trump has warned he will level new tariffs on the superpower in retaliation for allegedly covering up the full extent of its coronavirus outbreak. Recently China admitted Wuhan – the epicentre of the outbreak – experienced 1,000 more deaths than reported.
That could halt progress made before coronavirus struck on a US-China trade deal, analysts said.
“That has rattled traders,” David Madden, chief analyst at CMC Markets, said.
“Phase one of the US-China trade deal was signed in January, after much toing and froing, to say the least.
“It is possible we could be in for another prolonged period of tough tariff talk. Some people might think this is just a ploy by Mr Trump to make himself look good ahead of the Presidential election, but either way it has prompted traders to trim their exposure to stocks.”
“Trade tensions back on the agenda won’t be terribly positive for risk appetite but for now remains something on the margins,” Neil Wilson, chief analyst at Markets.com, added.
The index’s drop today means it has risen then fallen 400 points this week back to below 5,800.
“This will be a level bulls will seek to defend,” Neil Wilson, chief market analyst at Markets.com, said.
Factories suffer dire April in lockdown
UK manufacturing data also weighed down the FTSE 100. Figures today showed the coronavirus lockdown has had an awful impact on British factories.
New orders, output and employment all posted record falls on IHS Markit’s survey. And economists warned the lack of a backlog for manufacturers is also a concern.
“The April headline PMI understated the weakness of the manufacturing sector,” Howard Archer, chief economic adviser to the EY Item Club, said.
“This is because there was once again a marked positive contribution to the PMI from a record lengthening of supplier delivery times. This is normally seen as reflecting strong demand and a positive. But it has recently been due to the disruption to supply chains stemming from… factory shutdowns around the world and shipping delays due to coronavirus.”
FTSE 100: A tale of two banks
UK bank RBS, meanwhile, jumped three per cent despite profit halving on coronavirus. Traders were pleased the taxpayer-owned lender managed to stay in profit despite the outbreak.
Lloyds, however, sunk 4.4 per cent to 30.8p after revealing a 95 per cent plunge in first quarter profit yesterday. Revenues also slumped deeper than those of RBS.
“RBS said profits fell 59 per cent to £288m as it set aside £800m for loan losses,” Wilson said. “But revenues were down just 1.6 per cent at £3.2bn – Lloyds reported an 11 per cent decline in revenues. Something doesn’t look right.”
Signs of recovery for the FTSE 100 came to an abrupt end yesterday as the index ended April on a slump.
The European Central Bank decided to leave interest rates and its bond-buying programme on hold yesterday.
Awful economic data showing the Eurozone shrank at its fastest rate on record in the first quarter compounded the problem.
Blue-chip stocks were also dragged down by Shell’s dividend cut — its first since the Second World War — and a plunge in profit at Lloyds.
European stocks spared another day of falls
European stocks will see some relief today however, with markets closed for national holidays.
Germany’s Dax and the French Cac 40 benchmark both closed down more than two per cent yesterday.
US markets yesterday also suffered falls, with the Dow Jones, S&P 500 and Nasdaq all closing in the red.
However, the major indices still secured their best month in three decades in April.
US stocks drop for second day runnig
US stocks followed the FTSE 100 further down as Wall Street opened this afternoon. The Nasdaq, S&P 500 and Dow Jones all dropped just shy of two per cent after dire US manufacturing data.
US factories matched the UK’s earlier plunge. They sank at the fastest pace recorded in data gatherer IHS Markit’s 28 years of surveys.
Output posted a record drop for April. And new orders, employment and inventories fell at their steepest rates since the financial crisis.
“There is little shock value in today’s numbers,” Binay Chandgothia, a portfolio manager at Principal Global Investors, said. “The markets have already moved beyond [economic data] to focusing on the duration of it.
“The markets would like to see continued progress – moving from a stabilisation phase to a recovery phase.”
Chris Williamson, chief business economist at IHS Markit, warned a slow recovery will hurt manufacturers’ hopes of bouncing back.
“As restrictions are lifted, demand should gradually revive. But the trade-off between risking a second wave of infections and bringing the economy back to life looks set to be one of the greatest challenges,” he said. “The process will inevitably be led by caution, meaning recovery will also be frustratingly slow.”
Meanwhile, Nasdaq-listed Amazon dropped five per cent inside an hour of trading after missing profit estimates despite beating revenue predictions.


cityam--2020-05-01--Stocks sink as US manufacturing shrinks at 'unprecedented rate'

US markets fell as trading opened today as manufacturing slumped at an unprecedented rate in April due to economic shutdowns caused by coronavirus .
The S & P 500 fell 1.9 per cent to 2,856.14 points , the Dow Jones dropped 1.8 per cent to 23,901.77 , and the Nasdaq fell 2.1 per cent to 2852.28 .
Read more : Donald Trump claims to have seen evidence coronavirus started in Wuhan lab US factories saw output slump to 36.1 in April , according to IHS Markit ’ s Purchasing Managers ’ Index ( PMI ) data .
Anything below 50 @ @ @ @ @ @ @ the lowest reading in 11 years , driven by the steepest decline in manufacturing output on record .
New orders , client demand and overseas sales all imploded as production hit lower levels than those recorded during the 2008-2009 financial crisis .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Chris Williamson , chief business economist at IHS Markit , said : “ With orders collapsing at a rate not seen for over a decade , supply chains disrupted to @ @ @ @ @ @ @ outlook hitting a new survey high , rising numbers of firms are culling payroll numbers ” .
Over 30m people in the US have filed for unemployment benefits in the last six weeks , more than three times the number that did so during the financial crisis .
Markets were already reeling after president Donald Trump late last night threatened to slap further tariffs on China due to the coronavirus crisis .
Speaking last night , Trump said that his much-touted trade deal with China was now less important than the pandemic , @ @ @ @ @ @ @ The comments sparked fears amongst businesses that the economy could be set for a return to the uncertainty that gripped it for two years while Trump negotiated the original deal .

Stocks sink as US manufacturing shrinks at ‘unprecedented rate’
US markets fell as trading opened today as manufacturing slumped at an unprecedented rate in April due to economic shutdowns caused by coronavirus.
The S&P 500 fell 1.9 per cent to 2,856.14 points, the Dow Jones dropped 1.8 per cent to 23,901.77, and the Nasdaq fell 2.1 per cent to 2852.28.
US factories saw output slump to 36.1 in April, according to IHS Markit’s Purchasing Managers’ Index (PMI) data. Anything below 50 represents a contraction.
The fall represents the lowest reading in 11 years, driven by the steepest decline in manufacturing output on record.
New orders, client demand and overseas sales all imploded as production hit lower levels than those recorded during the 2008-2009 financial crisis.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Chris Williamson, chief business economist at IHS Markit, said: “With orders collapsing at a rate not seen for over a decade, supply chains disrupted to a record degree and pessimism about the outlook hitting a new survey high, rising numbers of firms are culling payroll numbers”.
Over 30m people in the US have filed for unemployment benefits in the last six weeks, more than three times the number that did so during the financial crisis.
Markets were already reeling after president Donald Trump late last night threatened to slap further tariffs on China due to the coronavirus crisis.
Speaking last night, Trump said that his much-touted trade deal with China was now less important than the pandemic, with his administration discussing retaliatory measures.
The comments sparked fears amongst businesses that the economy could be set for a return to the uncertainty that gripped it for two years while Trump negotiated the original deal.


cityam--2020-05-01--Why does investing in UK SMEs matter?

Why does investing in UK SMEs matter?

The UK has seen an explosion of small- and medium-sized enterprises ( SMEs ) over the past 10 years , bringing with it a love for supporting brave entrepreneurs , innovative start-ups and high street boutiques .
The UK currently boasts more than six million SMEs – businesses with fewer than 250 employees – which employ close to 16 million people .
This equates to about 60 per cent of everyone in the private sector , providing the backbone to the UK economy .
SMEs are responsible for creating jobs within their communities – jobs that have a higher level @ @ @ @ @ @ @ positions at larger and more traditional companies .
In order to start a business and , more importantly , thrive in the current climate you need to be forward thinking , adaptable , passionate and have the willingness to take risks .
This alone means investors can be assured that their support , advice and money will be listened to and used with the greatest care and attention , making every penny count three-fold and over .
SMEs are typically open to looking at innovative and emerging technology , often being early adopters @ @ @ @ @ @ @ social influencers .
A common thread is that , in running a lean business model , they are keen to look at the cost-saving measures and efficient resources available to them .
This applies , for example , to overheads , with the rise of co-working spaces popping up across the UK , with a high concentration in London , Manchester and Leeds .
It is not a coincidence these cities are a host to a high percentage of start-ups and fintech companies .
Silicon Valley investments into UK tech companies have seen @ @ @ @ @ @ @ since 2011 .
Collaborative working and networking are of high importance , clearly seen in the growing number of start-up and industry led informal networking events , brunches , lunches and drinks !
These not only keep the fire alive in the business by encouraging staff to be proactive within the workplace but also create a sense of ownership among employees , which is all part of job satisfaction .
There are , of course , other opportunities that arise from the collaborative mindset that we see within the SME community .
These @ @ @ @ @ @ @ grapevine about possible investment opportunities , and even the next unicorn before the news reaches the mainstream .
This SME generation are very happy to share knowledge and welcome good practice with open arms .
SMEs truly are the heartbeat of the nation and this shared way of co-habit working is further evidence of how SMEs pull tight on the purse strings and ensure little to no wastage , while delivering creativity and a higher work efficiency level .
We certainly have a lot to learn from SMEs within the current climate .
@ @ @ @ @ @ @ periods of change , embracing the major shift in working patterns and being able to adapt to the uncertainness that the coming weeks will bring as landscape changes .
Being nimble and innovative certainly has its benefits .
SMEs play a vital role in the UK economy .
They thrive under pressure , innovate in niche markets , pump lifeblood back into their communities , and are breeding ground of tomorrow ’ s unicorn companies .
If you are looking for an innovative and satisfying investment that has passion in every pound then @ @ @ @ @ @ @ be for you .

What is City Talk? City Talk allows marketers to connect directly with our audience by publishing content on cityam.com
Why does investing in UK SMEs matter?
Getty images
The UK has seen an explosion of small- and medium-sized enterprises (SMEs) over the past 10 years, bringing with it a love for supporting brave entrepreneurs, innovative start-ups and high street boutiques.
The UK currently boasts more than six million SMEs – businesses with fewer than 250 employees – which employ close to 16 million people. This equates to about 60 per cent of everyone in the private sector, providing the backbone to the UK economy.
Willingness to take risks
SMEs are responsible for creating jobs within their communities – jobs that have a higher level of employee satisfaction and retention than many positions at larger and more traditional companies.
In order to start a business and, more importantly, thrive in the current climate you need to be forward thinking, adaptable, passionate and have the willingness to take risks.
This alone means investors can be assured that their support, advice and money will be listened to and used with the greatest care and attention, making every penny count three-fold and over.
Lean business models and leveraging digital
SMEs are typically open to looking at innovative and emerging technology, often being early adopters, leveraging the power of digital and social influencers.
A common thread is that, in running a lean business model, they are keen to look at the cost-saving measures and efficient resources available to them.
This applies, for example, to overheads, with the rise of co-working spaces popping up across the UK, with a high concentration in London, Manchester and Leeds. It is not a coincidence these cities are a host to a high percentage of start-ups and fintech companies.
Silicon Valley investments into UK tech companies have seen an eye watering 252 per cent increase since 2011.
Collaborative mindset reaps rewards
Collaborative working and networking are of high importance, clearly seen in the growing number of start-up and industry led informal networking events, brunches, lunches and drinks!
These not only keep the fire alive in the business by encouraging staff to be proactive within the workplace but also create a sense of ownership among employees, which is all part of job satisfaction.
There are, of course, other opportunities that arise from the collaborative mindset that we see within the SME community. These include being first to hear on the grapevine about possible investment opportunities, and even the next unicorn before the news reaches the mainstream. This SME generation are very happy to share knowledge and welcome good practice with open arms.
SMEs truly are the heartbeat of the nation and this shared way of co-habit working is further evidence of how SMEs pull tight on the purse strings and ensure little to no wastage, while delivering creativity and a higher work efficiency level.
Post lockdown
We certainly have a lot to learn from SMEs within the current climate. Larger firm are having to fast forward periods of change, embracing the major shift in working patterns and being able to adapt to the uncertainness that the coming weeks will bring as landscape changes. Being nimble and innovative certainly has its benefits.
Innovative investments
SMEs play a vital role in the UK economy. They thrive under pressure, innovate in niche markets, pump lifeblood back into their communities, and are breeding ground of tomorrow’s unicorn companies.
If you are looking for an innovative and satisfying investment that has passion in every pound then investing in a UK SME might just be for you.


cityam--2020-05-01--Management considerations in the time of coronavirus

Original and useful leadership guidance is tough to produce at the best of times .
Unfortunately , we are clearly not in the best of times and there can be no playbook for being a Covid-19 leader .
It is impossible to speak with complete authority in this unprecedented environment about how best to run a business , department or team .
To say otherwise is ‘ for the birds ’ .
That said , without meaning to sound like David Attenborough , it is to the birds that I have turned .
Well ducks , swans and magpies to @ @ @ @ @ @ @ row .
Keep Finance leads close .
It always makes sense for you to have as accurate an appreciation of your resources as you can .
You need to know the state of your ducks before you can get them in a row .
Keep your accountant or finance lead as close as ‘ social distancing ’ measures allow .
All decisions , but especially the difficult ones , need to be informed .
Cashflow is king but hopefully you have a range of regular metrics or KPIs ( Key Performance Indicators ) @ @ @ @ @ @ @ on facts .
Being able to refer to these facts when communicating to staff or customers will give them confidence that leadership has at least done its homework .
Where your staff , customers , suppliers and investors are concerned , you need to communicate , communicate and communicate some more .
Personally , I believe in being frank and courteous always .
Fingers crossed your business is having a ‘ toilet roll producer-like ’ Covid-19 experience , however for most of the service sector-based British economy , this has been a nightmare @ @ @ @ @ @ @ this period are delivered calmly and without alarmism .
Regardless of how fast your heart is beating or legs are flapping , as a leader you must channel your inner swan .
You do not have an obligation to have all the answers , but you do have to ensure you never panic publicly .
Bad news is bad news .
It may be impossible to avoid giving difficult messages – however transparency and candour can often make a bitter pill slightly easier to swallow .
Although one size does not fit all @ @ @ @ @ @ @ them informed whenever sensible to do so and sharing your workings will be appreciated .
I believe this approach will ultimately earn you additional respect nine times out of 10 .
The importance of relationships has rarely been more crucial .
I am an optimist and believe it is likely that many professional relationships will be strengthened by the time we come out the other side .
Diamonds after all are created under the most intense of pressure .
My bird references end with a pair of magpies .
We have had plenty @ @ @ @ @ @ @ goes , it is ‘ two for joy ’ .
Leaders need to decide what success looks like in times of crisis , so that all wins can be celebrated .
This lockdown has proven we can spread joy via Zoom , Teams or Facetime with family and friends , so do try to do so with colleagues .
My grandad always said it was “ better to be lucky than good ” .
I agree and wish us all luck .
In our Covid-19 world , I find solace in the words @ @ @ @ @ @ @ Gary Player .
He famously said : “ The harder I work , the luckier I get ” .
Take care , I am off to earn a bit more good fortune .

What is City Talk? City Talk allows marketers to connect directly with our audience by publishing content on cityam.com
Management considerations in the time of coronavirus
Original and useful leadership guidance is tough to produce at the best of times. Unfortunately, we are clearly not in the best of times and there can be no playbook for being a Covid-19 leader.
It is impossible to speak with complete authority in this unprecedented environment about how best to run a business, department or team. To say otherwise is ‘for the birds’. That said, without meaning to sound like David Attenborough, it is to the birds that I have turned. Well ducks, swans and magpies to be exact.
Get Ducks in a row. Keep Finance leads close.
It always makes sense for you to have as accurate an appreciation of your resources as you can. You need to know the state of your ducks before you can get them in a row. Keep your accountant or finance lead as close as ‘social distancing’ measures allow. All decisions, but especially the difficult ones, need to be informed. Cashflow is king but hopefully you have a range of regular metrics or KPIs (Key Performance Indicators) that allow you to draw conclusions based on facts. Being able to refer to these facts when communicating to staff or customers will give them confidence that leadership has at least done its homework.
Where your staff, customers, suppliers and investors are concerned, you need to communicate, communicate and communicate some more. Personally, I believe in being frank and courteous always. Fingers crossed your business is having a ‘toilet roll producer-like’ Covid-19 experience, however for most of the service sector-based British economy, this has been a nightmare.
Channel your inner Swan
It is vital that messages during this period are delivered calmly and without alarmism. Regardless of how fast your heart is beating or legs are flapping, as a leader you must channel your inner swan.
You do not have an obligation to have all the answers, but you do have to ensure you never panic publicly. Bad news is bad news. It may be impossible to avoid giving difficult messages – however transparency and candour can often make a bitter pill slightly easier to swallow. Although one size does not fit all, treating people like adults, keeping them informed whenever sensible to do so and sharing your workings will be appreciated. I believe this approach will ultimately earn you additional respect nine times out of 10.
The importance of relationships has rarely been more crucial. I am an optimist and believe it is likely that many professional relationships will be strengthened by the time we come out the other side. Diamonds after all are created under the most intense of pressure.
Re-define success and celebrate it
My bird references end with a pair of magpies. We have had plenty of sorrow and, as the rhyme goes, it is ‘two for joy’. Leaders need to decide what success looks like in times of crisis, so that all wins can be celebrated. This lockdown has proven we can spread joy via Zoom, Teams or Facetime with family and friends, so do try to do so with colleagues.
My grandad always said it was “better to be lucky than good”. I agree and wish us all luck. In our Covid-19 world, I find solace in the words of golf’s nine-time major winner Gary Player. He famously said: “The harder I work, the luckier I get”. Take care, I am off to earn a bit more good fortune.


cityam--2020-05-02--Five tests to end UK coronavirus lockdown: Which ones have we met?

Prime Minister Boris Johnson yesterday claimed we are “ past the peak and on the downward slope ” of the coronavirus outbreak .
And he has promised to release a “ comprehensive plan ” next week that outlines how to end the UK lockdown .
“ I will be setting out a comprehensive plan next week to explain how we can get our economy moving , our children back to school and into childcare , and thirdly how we can travel to work and make life in the workplace safer , ” he said .
Read more : Coronavirus lockdown @ @ @ @ @ @ @ capital “ In short , how we can continue to suppress the disease and at the same time restart the economy.
” Last month , the government proposed five tests for lifting the UK lockdown – but has it met them ?
Test one : The NHS has adequate capacity The government will first assess if there is the capacity to treat seriously ill Covid-19 patients .
This will be measured by the number of spare beds available in intensive care units .
At the start of the UK outbreak , public health @ @ @ @ @ @ @ the curve ” , hospitals could be overwhelmed .
That would leave doctors with the unenviable decision of deciding who received ventilation support .
In anticipation of a spike of critically ill patients , the NHS set up seven temporary critical care hospitals , including the NHS Nightingale Hospital in east London .
But these overspill facilities have not been overburdened .
Pre-existing hospitals have coped after the NHS managed to double its ICU capacity to 1,555 .
The UK appears to have passed this test .
Read more : Coronavirus lockdowns : @ @ @ @ @ @ @ ?
Test two : A sustained and consistent fall in daily deaths Public health scientists have consistently said the number of UK coronavirus deaths would take a while to fall .
This is because the delay between someone becoming infected and then recovering or dying can be around three to four weeks .
Data from Public Health England suggests the number of overall daily deaths is slowly decreasing .
Yesterday , 674 coronavirus deaths were recorded , which included deaths in care homes and the wider community ‒ down from the 980 recorded @ @ @ @ @ @ @ How and when will the UK coronavirus lockdown end ?
But it appears that care homes are now the epicentres of coronavirus transmissions , and it ’ s not clear if deaths are falling in this area .
More data is needed to determine that deaths from coronavirus are consistently falling .
Test three : The R rate falls below 1 before UK lockdown ends The UK coronavirus infection rate , known as the R value , is a critical factor in ending lockdown .
The R value means the number of people @ @ @ @ @ @ @ up infecting .
Scientists have been eager to keep the UK coronavirus reproduction value below one during lockdown .
This means that , on average , the infected population is spreading coronavirus to less than one other person , causing the virus to slowly die out .
“ The reason we ’ re interested [ in the R value ] is because it not only gives you an idea of how many people the virus is likely to infect , but also an idea about how effective your interventions need to be to @ @ @ @ @ @ @ , professor of molecular virology at the University of Nottingham , told the Telegraph .
Scientists estimate the R value is around 0.7 currently .
This is calculated using different statistical models .
With the number of both confirmed cases and hospital admissions , it is likely the reproduction value has fallen to a satisfactory level .
Read more : The City View podcast , from City A.M. , with Martin Gilbert Test four : Testing and PPE capacity is sufficient The government has been heavily criticised for being too slow to increase @ @ @ @ @ @ @ and care home staff have complained of personal protective equipment ( PPE ) shortages .
Some health workers have been asked to reuse PPE or , in some cases , work without PPE altogether .
The government has now met a target to hit at least 100,000 daily tests .
Although more than 20,000 of these tests were mailed to people on Friday 1 May and have not yet been returned .
MPs on the Science and Technology Committee have heard that a contact-tracing app will be available within two to three weeks @ @ @ @ @ @ @ have been distributed but there are still major concerns about shortages .
With demand for PPE so high across the world , there may well be challenges in sourcing PPE for quite some time .
So far , this test has not been met .
Test five : Avoiding a big second wave after end of UK lockdown The government has been criticised for relaxing the fifth test needed to end UK lockdown .
The test initially stated scientists must be “ confident that any adjustments to the current measures will not risk @ @ @ @ @ @ @ It was later amended to add that the peak of infections should not “ overwhelm the NHS ” .
In any case , the Prime Minister has stated he does not want the R value to rise above one .
If that happened , infections and deaths would rise , and the UK would enter another strict lockdown .
It ’ s not clear how the government can be confident that the R value can be kept below one if shops , schools and workplaces are gradually opened .
To meet this test @ @ @ @ @ @ @ the lockdown incredibly slowly and experiment with different measures .
So far then , this test has not been met .

Five tests to end UK coronavirus lockdown: Which ones have we met?
There are five tests the UK must meet to end lockdown. What are they, and how close are to meeting them?
Prime Minister Boris Johnson yesterday claimed we are “past the peak and on the downward slope” of the coronavirus outbreak.
And he has promised to release a “comprehensive plan” next week that outlines how to end the UK lockdown.
“I will be setting out a comprehensive plan next week to explain how we can get our economy moving, our children back to school and into childcare, and thirdly how we can travel to work and make life in the workplace safer,” he said.
“In short, how we can continue to suppress the disease and at the same time restart the economy.”
Last month, the government proposed five tests for lifting the UK lockdown – but has it met them?
Test one: The NHS has adequate capacity
The government will first assess if there is the capacity to treat seriously ill Covid-19 patients. This will be measured by the number of spare beds available in intensive care units.
At the start of the UK outbreak, public health officials were concerned that without “flattening the curve”, hospitals could be overwhelmed. That would leave doctors with the unenviable decision of deciding who received ventilation support.
In anticipation of a spike of critically ill patients, the NHS set up seven temporary critical care hospitals, including the NHS Nightingale Hospital in east London.
But these overspill facilities have not been overburdened. Pre-existing hospitals have coped after the NHS managed to double its ICU capacity to 1,555.
The UK appears to have passed this test.
Test two: A sustained and consistent fall in daily deaths
Public health scientists have consistently said the number of UK coronavirus deaths would take a while to fall.
This is because the delay between someone becoming infected and then recovering or dying can be around three to four weeks.
Data from Public Health England suggests the number of overall daily deaths is slowly decreasing.
Yesterday, 674 coronavirus deaths were recorded, which included deaths in care homes and the wider community ‒ down from the 980 recorded on 10 April.
But it appears that care homes are now the epicentres of coronavirus transmissions, and it’s not clear if deaths are falling in this area.
More data is needed to determine that deaths from coronavirus are consistently falling.
Test three: The R rate falls below 1 before UK lockdown ends
The UK coronavirus infection rate, known as the R value, is a critical factor in ending lockdown.
The R value means the number of people that each person who contracts coronavirus ends up infecting.
Scientists have been eager to keep the UK coronavirus reproduction value below one during lockdown.
This means that, on average, the infected population is spreading coronavirus to less than one other person, causing the virus to slowly die out.
“The reason we’re interested [in the R value] is because it not only gives you an idea of how many people the virus is likely to infect, but also an idea about how effective your interventions need to be to end the outbreak,” Jonathan Ball, professor of molecular virology at the University of Nottingham, told the Telegraph.
Scientists estimate the R value is around 0.7 currently. This is calculated using different statistical models.
With the number of both confirmed cases and hospital admissions, it is likely the reproduction value has fallen to a satisfactory level.
Test four: Testing and PPE capacity is sufficient
The government has been heavily criticised for being too slow to increase testing and tracing measures.
And hospital and care home staff have complained of personal protective equipment (PPE) shortages.
Some health workers have been asked to reuse PPE or, in some cases, work without PPE altogether.
The government has now met a target to hit at least 100,000 daily tests. Although more than 20,000 of these tests were mailed to people on Friday 1 May and have not yet been returned. MPs on the Science and Technology Committee have heard that a contact-tracing app will be available within two to three weeks.
More than 1bn items of PPE have been distributed but there are still major concerns about shortages. With demand for PPE so high across the world, there may well be challenges in sourcing PPE for quite some time.
So far, this test has not been met.
Test five: Avoiding a big second wave after end of UK lockdown
The government has been criticised for relaxing the fifth test needed to end UK lockdown.
The test initially stated scientists must be “confident that any adjustments to the current measures will not risk a second peak of infections”.
It was later amended to add that the peak of infections should not “overwhelm the NHS”.
In any case, the Prime Minister has stated he does not want the R value to rise above one.
If that happened, infections and deaths would rise, and the UK would enter another strict lockdown.
It’s not clear how the government can be confident that the R value can be kept below one if shops, schools and workplaces are gradually opened.
To meet this test, the government would have to ease the lockdown incredibly slowly and experiment with different measures.
So far then, this test has not been met.


cityam--2020-05-02--The 2.6 Challenge: BDO staff get their blood pumping

When some members of BDO ’ s Leadership Team were asked to take part in The 2.6 Challenge , it seemed like a no-brainer .
Wellbeing is always at the top of our agenda , and it was a great way to ‘ virtually ’ bring together people in the firm and raise money for some very worthy causes .
With the entire workforce currently working remotely , and many with additional responsibilities such as home-schooling , we knew it would take some well-thought-out communication to get people motivated and engaged .
Thankfully , my company-wide email sharing our Leadership @ @ @ @ @ @ @ to inspire others and we had a fantastic response .
We ’ re obviously a competitive bunch !
We asked staff to pledge their own wellbeing activities on our internal social media platform Yammer and to share their chosen charity and donation .
We ’ ve seen a huge number of pledges , including a 2.6-minute headstand , 26 minutes of hula-hooping , 260 burpees , 26.2 miles on a static bike , and a 2.6-mile run every day for 26 days !
And that ’ s just scratching the surface .
We @ @ @ @ @ @ @ and the number of colleagues getting their families ( and pets ) involved has been fantastic .
It ’ s an incredibly challenging time for most of us but , for some , having the opportunity to spend quality time with household members has been really enjoyable – I even managed to convince my wife to join me on my 2.6 Challenge bike ride .
So far , donations from our people total more than £5,000 across a huge number of national and local charities , including Age UK , Sarcoma UK , @ @ @ @ @ @ @ Now and BDO ’ s own charity partner MIND .
As the UK continues to stay home , we are seeing the challenges continue and the donations increase and we ’ re thrilled to be playing a small part in supporting the UK ’ s charities .

The 2.6 Challenge: BDO staff get their blood pumping
When some members of BDO’s Leadership Team were asked to take part in The 2.6 Challenge, it seemed like a no-brainer. Wellbeing is always at the top of our agenda, and it was a great way to ‘virtually’ bring together people in the firm and raise money for some very worthy causes.
With the entire workforce currently working remotely, and many with additional responsibilities such as home-schooling, we knew it would take some well-thought-out communication to get people motivated and engaged. Thankfully, my company-wide email sharing our Leadership Team’s 2.6 Challenge pledges seemed to inspire others and we had a fantastic response. We’re obviously a competitive bunch!
We asked staff to pledge their own wellbeing activities on our internal social media platform Yammer and to share their chosen charity and donation. We’ve seen a huge number of pledges, including a 2.6-minute headstand, 26 minutes of hula-hooping, 260 burpees, 26.2 miles on a static bike, and a 2.6-mile run every day for 26 days! And that’s just scratching the surface.
We’ve seen some really creative challenges and the number of colleagues getting their families (and pets) involved has been fantastic. It’s an incredibly challenging time for most of us but, for some, having the opportunity to spend quality time with household members has been really enjoyable – I even managed to convince my wife to join me on my 2.6 Challenge bike ride.
So far, donations from our people total more than £5,000 across a huge number of national and local charities, including Age UK, Sarcoma UK, Meningitis Now, Refuge, Breast Cancer Now and BDO’s own charity partner MIND.
As the UK continues to stay home, we are seeing the challenges continue and the donations increase and we’re thrilled to be playing a small part in supporting the UK’s charities.
Above: BDO employee Steve Le Bas and family
Karen Duffin
Sarah Hillary


cityam--2020-05-02--The 2.6 Challenge: TP ICAP go above and beyond

At TP ICAP giving back to the communities where we work has always been important and it ’ s a sad reality that during the coronavirus pandemic many charities are struggling .
We wanted to play our part in helping charitable organisations at a time when vulnerable people need them the most .
This is why we are proud to support The 2.6 Challenge – Save UK Charities to help all UK charities , including the 26 charities we supported at the most recent ICAP Charity Day .
An enjoyable part of this experience has been seeing our colleagues unite @ @ @ @ @ @ @ Teams are running marathons over seven days , taking on a 26-day fitness challenge from home or are collectively walking or running 26 miles every day for 26 days .
One of our divisions is raising money by cycling , skipping , climbing , hula hooping and completing planks and press-ups with their families .
One participant is taking part despite a fractured leg !
To ensure we donate as much money as we can , TP ICAP is matching employees ’ funds raised , up to £250 per person .
Our collective @ @ @ @ @ @ @ including The Bobby Moore Fund for Cancer Research UK , Momentum Children ’ s Charity , The Eve Appeal , Veterans with Dogs , Prostate Cancer UK , The Brain Tumour Charity , The Katie Piper Foundation , The Lily Foundation and Nourish .
We created a social media campaign , including a video from Group CEO Nicolas Breteau , to challenge our clients , peers and friends of TP ICAP to join us and play a part in helping the charity sector .
This challenge also highlighted how TP ICAP works together @ @ @ @ @ @ @ all kinds and we ’ re really excited to see how much money we can raise for these important causes .

The 2.6 Challenge: TP ICAP go above and beyond
At TP ICAP giving back to the communities where we work has always been important and it’s a sad reality that during the coronavirus pandemic many charities are struggling. We wanted to play our part in helping charitable organisations at a time when vulnerable people need them the most.
This is why we are proud to support The 2.6 Challenge – Save UK Charities to help all UK charities, including the 26 charities we supported at the most recent ICAP Charity Day.
An enjoyable part of this experience has been seeing our colleagues unite to approach this challenge head on. Teams are running marathons over seven days, taking on a 26-day fitness challenge from home or are collectively walking or running 26 miles every day for 26 days. One of our divisions is raising money by cycling, skipping, climbing, hula hooping and completing planks and press-ups with their families. One participant is taking part despite a fractured leg!
To ensure we donate as much money as we can, TP ICAP is matching employees’ funds raised, up to £250 per person. Our collective fundraising efforts are supporting many charities, including The Bobby Moore Fund for Cancer Research UK, Momentum Children’s Charity, The Eve Appeal, Veterans with Dogs, Prostate Cancer UK, The Brain Tumour Charity, The Katie Piper Foundation, The Lily Foundation and Nourish.
We created a social media campaign, including a video from Group CEO Nicolas Breteau, to challenge our clients, peers and friends of TP ICAP to join us and play a part in helping the charity sector.
This challenge also highlighted how TP ICAP works together as a team to tackle challenges of all kinds and we’re really excited to see how much money we can raise for these important causes.
Above: Jack Crehan
Alice Marston
Bec Simpson


cityam--2020-05-02--The 2.6 Challenge: A simple idea to help those who help

Last Sunday , thousands of runners and spectators should have been turning the capital ’ s streets into a colourful carnival at the 40th edition of the London Marathon .
Instead , across the UK people of all ages were running , cycling , hopping , skipping , cooking , flipping , cartwheeling , bouncing , dressing up and having fun to fundraise in a uniquely British way .
The 2.6 Challenge brought joy to lockdown , dominating the news and social media as the nation united to help save the UK ’ s charities .
Just four days since @ @ @ @ @ @ @ than £7.8 million has been raised from a campaign that was created and delivered in just 22 days .
Read more : BDO staff get active for the 2.6 Challenge Read more : TP ICAP swap desks for trainers for the 2.6 Challenge On Friday 13 March , the postponement of the 2020 Virgin Money London Marathon was announced .
The world ’ s biggest annual one-day fundraising event , which raised a record £66.4 million for charities in 2019 , became one of thousands of fundraising events across the UK to be @ @ @ @ @ @ @ charities has been devastating .
The National Council for Voluntary Organisations estimates that charities have lost £4 billion in income due to the Covid-19 pandemic , with a huge number of them now facing closure .
Services are being cut at a time when vulnerable members of society need them most and crucial research programmes will lose vital funding .
After the postponement of its 40th race , London Marathon Events ( LME ) started thinking about how it could support charities and mark Marathon Day , Sunday 26 April .
The 2.6 @ @ @ @ @ @ @ the UK ’ s mass participation event organisers had created an informal group to discuss ways of improving sustainability practices .
Now the group reassembled – co-chaired by Hugh Brasher ( Event Director of London Marathon Events ) and Nick Rusling ( CEO of Human Race ) – working together to support the UK ’ s charities .
Ideas were shared and discussed , with LME ’ s 2.6 concept the clear winner .
The idea was simple : a call to action to dream up an activity based around the numbers 2 @ @ @ @ @ @ @ chosen charity .
Then the work began , with the newly christened MSO ( mass participation sports events organisers ) leveraging its networks .
Moving at incredible speed , a brand was developed and the website designed and built , including online fundraising platforms .
Webinars were organised for other event organisers , charities and corporates , and in a breathtaking 10 days the campaign was launched on 16 April .
The 2.6 Challenge had begun .
“ The response we ’ ve had to The 2.6 Challenge has been incredible , ” @ @ @ @ @ @ @ so inspiring to see the nation – from superstar celebrities to young children – come together to help save the UK ’ s charities .
“ The best of Great Britain ’ s society shines through whenever we have our backs to the wall .
People have been in their homes for over a month now and I think many of us feel helpless .
While we understand it ’ s necessary to stay at home to save the NHS , many of us want to do something extra to help those in @ @ @ @ @ @ @ us to do that , get active and help save the UK ’ s charities .
It ’ s important to say that Sunday 26 April was just the start of the campaign and we want to encourage people who haven ’ t already taken part to think of a challenge and give it a go.
” As well as the thousands of individuals taking on The 2.6 Challenge , many organisations have also embraced the campaign , says Rusling : “ We ’ ve been blown away by how many businesses have @ @ @ @ @ @ @ , keeping active , building CSR , challenging clients and customers.
” To find out more about how to get involved , visit twopointsixchallenge.co.uk .
The website includes inspiring challenge ideas , a marketing toolkit and links to charity fundraising pages .

The 2.6 Challenge: A simple idea to help those who help
Last Sunday, thousands of runners and spectators should have been turning the capital’s streets into a colourful carnival at the 40th edition of the London Marathon. Instead, across the UK people of all ages were running, cycling, hopping, skipping, cooking, flipping, cartwheeling, bouncing, dressing up and having fun to fundraise in a uniquely British way.
The 2.6 Challenge brought joy to lockdown, dominating the news and social media as the nation united to help save the UK’s charities. Just four days since The 2.6 Challenge was launched, more than £7.8 million has been raised from a campaign that was created and delivered in just 22 days.
Read more: BDO staff get active for the 2.6 Challenge
Read more: TP ICAP swap desks for trainers for the 2.6 Challenge
On Friday 13 March, the postponement of the 2020 Virgin Money London Marathon was announced. The world’s biggest annual one-day fundraising event, which raised a record £66.4 million for charities in 2019, became one of thousands of fundraising events across the UK to be delayed or cancelled.
The impact on charities has been devastating. The National Council for Voluntary Organisations estimates that charities have lost £4 billion in income due to the Covid-19 pandemic, with a huge number of them now facing closure. Services are being cut at a time when vulnerable members of society need them most and crucial research programmes will lose vital funding.
After the postponement of its 40th race, London Marathon Events (LME) started thinking about how it could support charities and mark Marathon Day, Sunday 26 April. The 2.6 Challenge idea was born.
Last year the UK’s mass participation event organisers had created an informal group to discuss ways of improving sustainability practices. Now the group reassembled – co-chaired by Hugh Brasher (Event Director of London Marathon Events) and Nick Rusling (CEO of Human Race) – working together to support the UK’s charities. Ideas were shared and discussed, with LME’s 2.6 concept the clear winner.
The idea was simple: a call to action to dream up an activity based around the numbers 2 and 6 and to fundraise for a chosen charity.
Then the work began, with the newly christened MSO (mass participation sports events organisers) leveraging its networks. Moving at incredible speed, a brand was developed and the website designed and built, including online fundraising platforms. Webinars were organised for other event organisers, charities and corporates, and in a breathtaking 10 days the campaign was launched on 16 April. The 2.6 Challenge had begun.
“The response we’ve had to The 2.6 Challenge has been incredible,” says Brasher. “It has been so inspiring to see the nation – from superstar celebrities to young children – come together to help save the UK’s charities.
“The best of Great Britain’s society shines through whenever we have our backs to the wall. People have been in their homes for over a month now and I think many of us feel helpless. While we understand it’s necessary to stay at home to save the NHS, many of us want to do something extra to help those in greatest need and The 2.6 Challenge allows us to do that, get active and help save the UK’s charities. It’s important to say that Sunday 26 April was just the start of the campaign and we want to encourage people who haven’t already taken part to think of a challenge and give it a go.”
As well as the thousands of individuals taking on The 2.6 Challenge, many organisations have also embraced the campaign, says Rusling: “We’ve been blown away by how many businesses have got involved – perfect for keeping connected, keeping active, building CSR, challenging clients and customers.”
To find out more about how to get involved, visit twopointsixchallenge.co.uk. The website includes inspiring challenge ideas, a marketing toolkit and links to charity fundraising pages.


cityam--2020-05-02--Robot waiters, half the tables, and crossed fingers: How restaurants will reopen after UK lockdown e

Robot waiters , staff in masks and two metres between each table .
This is what dining out could look like when the UK coronavirus lockdown is eased .
At least , for the restaurants that manage to survive .
Official government guidance on reopening has been limited so far .
However , that could change soon as the Prime Minister said he will publish a roadmap for exiting the UK lockdown this week .
Read more : Restaurant bosses to beg ministers to extend UK coronavirus lockdown In the meantime , London ’ s restaurateurs are looking to Europe @ @ @ @ @ @ @ like supermarkets , and to new technology to map out a future for the industry .
For some venues , that future appears bleak .
Social distancing measures will essentially halve the number of customers a restaurant can serve and , with that , their revenue .
Restaurants also fear that when the industry is allowed to reopen , lifelines such as the coronavirus job retention scheme , which has so far avoided mass redundancies in the sector , will end .
Meanwhile , the battle with landlords over rents is ongoing and @ @ @ @ @ @ @ restaurants .
For Martin Williams , the chief executive of M Restaurants and Gaucho , technology will play a big part in getting his restaurants up and running again .
Customers will be able to order online when they book and select their seats on a virtual platform .
Williams ’ restaurants will get rid of the traditional leatherbound menu in favour of disposable or online copies .
Read more : London pedestrian traffic jumps as UK coronavirus lockdown fatigue sets in The restaurant group , which has pencilled in September as a @ @ @ @ @ @ @ the option of robot waiters , where a robot controlled by a member of staff could assist with customer queries , and the use of conveyor belts to serve meals .
Williams believes the industry is well-equipped to step up to the challenge .
“ We have run very safe restaurants for decades , ” he tells City A.M. A bigger challenge could be creating a fun and sociable atmosphere while also maintaining strict social distancing measures once the UK lockdown ends .
Restaurants will also have to encourage customers that are nervous @ @ @ @ @ @ @ who have adapted well to lockdown life , to venture out for dinner .
Read more : Shoppers wary about life after lockdown as restrictions cost UK retailers £2.7bn a week “ Ultimately [ dining out ] is all about meeting people and enjoying the finer things in life , ” says Williams .
“ We are very keen to embrace the relief and almost honeymoon period that will come when people are allowed to gather.
” Organised events are part of the plan for the Social Pantry , which has venues in @ @ @ @ @ @ @ told City A.M. : “ There might be an initial rush and surge , but people are used to food deliveries now , and they have got used to cooking at home.
” “ You need to find different revenue streams , ” she says , pointing to ticketed events such as supper clubs as one way of maintaining social distancing while providing a positive experience for customers .
However , Victor Lugger , the co-founder of Big Mamma Group , which owns Gloria in Shoreditch and Circolo Popolare in Fitzrovia , is @ @ @ @ @ @ @ are “ opposite terms ” he says of post-lockdown life .
“ You go there because you want to connect and have a good time.
” “ It is not going to work , I don ’ t believe there is a way to make these work together .
When you go to a restaurant , it will be less good.
” But he adds : “ We will adjust and not take ourselves too seriously , that is what we have done before Covid , and that will be what we do @ @ @ @ @ @ @ another revenue stream for many restaurants during the UK lockdown , and will continue to support trading when they reopen .
The latest research by food and drink data consultancy CGA found that of the consumers saying they are backing local pubs and restaurants , 36 per cent were using takeaway food or delivery services .
Another 30 per cent had purchased vouchers at local venues to use on re-opening .
Meanwhile 20 per cent had donated to online fundraising initiatives .
Casa do Frango , a Portuguese restaurant with branches in Shoreditch @ @ @ @ @ @ @ when the government announced the lockdown on 23 March .
Instead it pivoted to delivery , which has proved to be a popular decision with customers .
Read more : Working Lunch : Casa do Frango in Shoreditch is the posh Nando ’ s of your dreams “ Delivery will need to remain a big part of our model , ” says co-founder Jake Kasumov .
“ We were popular enough before not to need to do delivery , but we realise that isn ’ t going to be the case for the @ @ @ @ @ @ @ restaurant is also mulling applying for extended opening hours during the UK lockdown in order to serve more customers .
Celebrity chefs Rick Stein and Tom Kerridge have signed a letter to the government warning it not to lift the UK lockdown too soon , fearing doing so could cause widespread closures .
But many bosses are raring to get back to business .
Lugger says : “ When it is safe or possible to reopen , if that is tomorrow , I will open tomorrow .
If it is in six months @ @ @ @ @ @ @ ” Read more : More than 1m hospitality jobs at risk without extra government support , industry warns However , all of these plans rely on the government extending its lockdown support for the UK restaurant industry to counterbalance the inevitable decline in revenue .
The latest research by industry body UK Hospitality showed that the sector expects to reach just 24.28 per cent of last year ’ s trade in June .
By September , this is expected to rise to just 57.81 per cent in the best case scenario .
“ @ @ @ @ @ @ @ inside the restaurant , how far the tables will have to be away from each other , ” says Kasumov , owner of London ’ s Casa do Frango chain .
The restaurant is currently considering a 1.5-metre gap between the backs of each chair .
“ [ In that case ] capacity decreases quite significantly ; we are waiting to see how many covers we can have .
Half the restaurant is the best case scenario.
” If revenue is halved , for many restaurants there is “ very little chance of @ @ @ @ @ @ @ The furlough scheme has been incredible , [ but ] there is a feeling among our company and our peers that it is a little bit kicking the can down the road , ” Kasumov says .
“ If we open and there are social distancing measures , half of our staff are not going to be required .
There will be inevitable redundancies.
” UK Hospitality chief executive Kate Nicholls puts it bluntly .
She says “ a continuation of business support is the only way to avoid carnage in hospitality ” @

Robot waiters, half the tables, and crossed fingers: How restaurants will reopen after UK lockdown ends
Robot waiters, staff in masks and two metres between each table. This is what dining out could look like when the UK coronavirus lockdown is eased. At least, for the restaurants that manage to survive.
Official government guidance on reopening has been limited so far. However, that could change soon as the Prime Minister said he will publish a roadmap for exiting the UK lockdown this week.
In the meantime, London’s restaurateurs are looking to Europe, to sectors that are already open like supermarkets, and to new technology to map out a future for the industry.
For some venues, that future appears bleak. Social distancing measures will essentially halve the number of customers a restaurant can serve and, with that, their revenue.
Restaurants also fear that when the industry is allowed to reopen, lifelines such as the coronavirus job retention scheme, which has so far avoided mass redundancies in the sector, will end. Meanwhile, the battle with landlords over rents is ongoing and could be make or break for many restaurants.
Restaurants across the UK have closed during the coronavirus lockdown
Conveyor belt service and AI waiters
For Martin Williams, the chief executive of M Restaurants and Gaucho, technology will play a big part in getting his restaurants up and running again.
Customers will be able to order online when they book and select their seats on a virtual platform. Williams’ restaurants will get rid of the traditional leatherbound menu in favour of disposable or online copies.
The restaurant group, which has pencilled in September as a likely reopening date, is even exploring the option of robot waiters, where a robot controlled by a member of staff could assist with customer queries, and the use of conveyor belts to serve meals.
Williams believes the industry is well-equipped to step up to the challenge. “We have run very safe restaurants for decades,” he tells City A.M.
Enticing diners back after UK lockdown ends
A bigger challenge could be creating a fun and sociable atmosphere while also maintaining strict social distancing measures once the UK lockdown ends.
Restaurants will also have to encourage customers that are nervous about returning to public spaces, or who have adapted well to lockdown life, to venture out for dinner.
“Ultimately [dining out] is all about meeting people and enjoying the finer things in life,” says Williams.
“We are very keen to embrace the relief and almost honeymoon period that will come when people are allowed to gather.”
Organised events are part of the plan for the Social Pantry, which has venues in Ealing and Battersea.
Founder Alex Head told City A.M.: “There might be an initial rush and surge, but people are used to food deliveries now, and they have got used to cooking at home.”
“You need to find different revenue streams,” she says, pointing to ticketed events such as supper clubs as one way of maintaining social distancing while providing a positive experience for customers.
Closed restaurants inside Brixton Village market during the lockdown
However, Victor Lugger, the co-founder of Big Mamma Group , which owns Gloria in Shoreditch and Circolo Popolare in Fitzrovia, is not convinced.
Restaurants and social distancing are “opposite terms” he says of post-lockdown life. “You go there because you want to connect and have a good time.”
“It is not going to work, I don’t believe there is a way to make these work together. When you go to a restaurant, it will be less good.”
But he adds: “We will adjust and not take ourselves too seriously, that is what we have done before Covid, and that will be what we do in the future.”
Restaurants eye delivery during UK lockdown
Delivery has provided another revenue stream for many restaurants during the UK lockdown, and will continue to support trading when they reopen.
The latest research by food and drink data consultancy CGA found that of the consumers saying they are backing local pubs and restaurants, 36 per cent were using takeaway food or delivery services. Another 30 per cent had purchased vouchers at local venues to use on re-opening. Meanwhile 20 per cent had donated to online fundraising initiatives.
A Deliveroo delivery cyclist stands outside a closed Covent Garden Market on 17 April
Casa do Frango, a Portuguese restaurant with branches in Shoreditch and London Bridge, did not close when the government announced the lockdown on 23 March. Instead it pivoted to delivery, which has proved to be a popular decision with customers.
“Delivery will need to remain a big part of our model,” says co-founder Jake Kasumov. “We were popular enough before not to need to do delivery, but we realise that isn’t going to be the case for the next six to nine months.”
The restaurant is also mulling applying for extended opening hours during the UK lockdown in order to serve more customers.
Redundancies likely without extended coronavirus support
Celebrity chefs Rick Stein and Tom Kerridge have signed a letter to the government warning it not to lift the UK lockdown too soon, fearing doing so could cause widespread closures.
But many bosses are raring to get back to business. Lugger says: “When it is safe or possible to reopen, if that is tomorrow, I will open tomorrow. If it is in six months, I will open in six months.”
However, all of these plans rely on the government extending its lockdown support for the UK restaurant industry to counterbalance the inevitable decline in revenue.
The latest research by industry body UK Hospitality showed that the sector expects to reach just 24.28 per cent of last year’s trade in June. By September, this is expected to rise to just 57.81 per cent in the best case scenario.
“We are looking at the physical measures inside the restaurant, how far the tables will have to be away from each other,” says Kasumov, owner of London’s Casa do Frango chain. The restaurant is currently considering a 1.5-metre gap between the backs of each chair.
“[In that case] capacity decreases quite significantly; we are waiting to see how many covers we can have. Half the restaurant is the best case scenario.”
If revenue is halved, for many restaurants there is “very little chance of survival,” he warns.
“The furlough scheme has been incredible, [but] there is a feeling among our company and our peers that it is a little bit kicking the can down the road,” Kasumov says.
“If we open and there are social distancing measures, half of our staff are not going to be required. There will be inevitable redundancies.”
UK Hospitality chief executive Kate Nicholls puts it bluntly. She says “a continuation of business support is the only way to avoid carnage in hospitality”.


cityam--2020-05-03--Virgin Media and O2 owners in talks over tie-up

Spanish telecoms giant Telefonica is in talks with Liberty Global about a merger of its mobile business O2 with Liberty ’ s Virgin Media cable company .
A combination of O2 and Virgin Media would reshape the UK ’ s telecoms industry , leaving Three and Vodafone stranded without their own fixed-line consumer networks .
Telefonica has been examining options for the business since 2016 when a previous £10.3bn takeover of O2 by Three , controlled by CK Hutchison Holdings , was blocked by European competition regulators .
Read more : Coronavirus lockdown : Office workers to be last to @ @ @ @ @ @ @ deal would end uncertainty around the fate of one Britain ’ s biggest mobile operators after it was repeatedly touted as a possible candidate for a sale or a stock listing in recent years .
It would also offer Telefonica a way to partially cash out from O2 while retaining a presence in Britain , which the company sees as one of its core markets along with Spain , Germany and Brazil .
Liberty combined its Dutch operations with Vodafone ’ s in 2016 in a joint venture deal which could offer the @ @ @ @ @ @ @ Virgin Media , a source told Reuters .
They added that discussions between Telefonica and Liberty were focusing on creating a joint venture equally owned by the two firms .
Telefonica ’ s overriding goal to reduce its debt load – which stood at €37.74bn ( £33.5bn ) at the end of last year – would likely shape the deal , Jefferies analysts wrote in a note after Bloomberg first reported news of the talks .
Read more : Five tests to end UK coronavirus lockdown : Which ones have we met ?
@ @ @ @ @ @ @ for Liberty , they said , but a joint venture structure could still satisfy Telefonica ’ s pressing need to cut its leverage .
Telefonica has been active in the UK since 2006 when it took control of O2 and made it the first British network to offer Apple ’ s iPhone in 2007 , a deal that attracted more high-value customers to the brand .
O2 , led by boss Mark Evans , had 25.8m contracts and pre-paid mobile subscribers at the end of 2019 .
Telefonica ’ s UK business , @ @ @ @ @ @ @ revenue in 2019 , around 14.7 per cent of the group ’ s total , and had 34.5 mobile connections on its network .
But faced with dwindling profits , Telefonica announced in November a turnaround plan to bring in €2bn a year in extra revenue by hiving off part of its Latin American business and focusing on its core markets including Britain .
At the time , chief executive Jose Maria Alvarez-Pallete said the company was open to reviewing possible merger options .
Liberty Global , which has controlled Virgin Media since @ @ @ @ @ @ @ Germany and central Europe to Vodafone in a $ 22bn ( £17.6bn ) deal which was finalised last year , reigniting talk among analysts of a deeper tie-up in Britain .
Read more : UK tech firms suffer worst quarter since financial crisis The firm is expected to plough the cash from the Vodafone sale into the O2 deal , the source told Reuters , but cautioned that no final agreement had been reached .
Virgin Media competes with UK pay-TV market leader Sky , owned by Comcast , in pay-TV , and @ @ @ @ @ @ @ others in broadband .
It had 6m cable customers and 3.3m mobile customers as of the end of 2019 .
Despite its sizeable mobile business , Virgin Media has never owned its own wireless network .
It instead pioneered the MVNO model , whereby an operator piggybacks on an existing network , 20 years ago with a partnership with the forerunner of BT ’ s EE .

Virgin Media and O2 owners in talks over tie-up
Virgin Media
Spanish telecoms giant Telefonica is in talks with Liberty Global about a merger of its mobile business O2 with Liberty’s Virgin Media cable company.
A combination of O2 and Virgin Media would reshape the UK’s telecoms industry, leaving Three and Vodafone stranded without their own fixed-line consumer networks.
Telefonica has been examining options for the business since 2016 when a previous £10.3bn takeover of O2 by Three, controlled by CK Hutchison Holdings, was blocked by European competition regulators.
If successful, the deal would end uncertainty around the fate of one Britain’s biggest mobile operators after it was repeatedly touted as a possible candidate for a sale or a stock listing in recent years.
It would also offer Telefonica a way to partially cash out from O2 while retaining a presence in Britain, which the company sees as one of its core markets along with Spain, Germany and Brazil.
Liberty combined its Dutch operations with Vodafone’s in 2016 in a joint venture deal which could offer the blueprint for a merger of O2 and Virgin Media, a source told Reuters.
They added that discussions between Telefonica and Liberty were focusing on creating a joint venture equally owned by the two firms.
Telefonica’s overriding goal to reduce its debt load – which stood at €37.74bn (£33.5bn) at the end of last year – would likely shape the deal, Jefferies analysts wrote in a note after Bloomberg first reported news of the talks.
A cash acquisition would be within reach for Liberty, they said, but a joint venture structure could still satisfy Telefonica’s pressing need to cut its leverage.
Telefonica has been active in the UK since 2006 when it took control of O2 and made it the first British network to offer Apple’s iPhone in 2007, a deal that attracted more high-value customers to the brand.
O2, led by boss Mark Evans, had 25.8m contracts and pre-paid mobile subscribers at the end of 2019.
Telefonica’s UK business, which includes O2, generated €7.11bn in revenue in 2019, around 14.7 per cent of the group’s total, and had 34.5 mobile connections on its network.
But faced with dwindling profits, Telefonica announced in November a turnaround plan to bring in €2bn a year in extra revenue by hiving off part of its Latin American business and focusing on its core markets including Britain.
At the time, chief executive Jose Maria Alvarez-Pallete said the company was open to reviewing possible merger options.
Liberty Global, which has controlled Virgin Media since 2013, sold its cable networks in Germany and central Europe to Vodafone in a $22bn (£17.6bn) deal which was finalised last year, reigniting talk among analysts of a deeper tie-up in Britain.
The firm is expected to plough the cash from the Vodafone sale into the O2 deal, the source told Reuters, but cautioned that no final agreement had been reached.
Virgin Media competes with UK pay-TV market leader Sky, owned by Comcast, in pay-TV, and with BT, Sky, TalkTalk and others in broadband. It had 6m cable customers and 3.3m mobile customers as of the end of 2019.
Despite its sizeable mobile business, Virgin Media has never owned its own wireless network. It instead pioneered the MVNO model, whereby an operator piggybacks on an existing network, 20 years ago with a partnership with the forerunner of BT’s EE.


cityam--2020-05-03--Coronavirus lockdown: Office workers to be last to return to work

Offices will likely have to wait several more months to open as the government prepares to next week unveil its roadmap to ease the coronavirus lockdown .
Boris Johnson will announce the government ’ s strategy for easing coronavirus social distancing measures at the end of the week .
Read more : Boris Johnson : UK ‘ past the peak ’ of coronavirus outbreak The Sunday Times reports that sectors such as construction , and other jobs that can not be done from home , will be advised to return to their workplaces as early as 25 May .
Office @ @ @ @ @ @ @ continue to work from home for several more months still , while the last businesses to be opened will be pubs , restaurants and theatres .
The Sunday Telegraph reports that primary schools could open by the start of June .
Downing Street ’ s plan is to slowly open up the economy , while keeping the reproduction rate , R , of the coronavirus outbreak to below one .
If the reproduction rate is one then it means every coronavirus carrier will infect one other person .
Chief scientific officer Sir Patrick @ @ @ @ @ @ @ ’ s R was between 0.6 and 0.9 , after being as high as three at the start of the outbreak .
A part of the plan could be to force people to wear face coverings while out in public , particularly on public transport .
A senior government source told the Times that the government was prepared to overturn some of its coronavirus exit strategy if infections started to rise again .
“ If you get spikes and outbreaks , you get in there and you deal with it , ” they @ @ @ @ @ @ @ but if you suddenly get a particular nightmare in one area you intervene to lock down harder.
” A new poll from YouGov/Sunday Times showed just 25 per cent of people felt safe returning to work in the next few weeks , while 49 per cent said they wanted the government to set out a plan to end the lockdown .
The same poll found 67 per cent of people thought the government had prepared badly for the pandemic , but the government still had a +28 per cent approval rating for how @ @ @ @ @ @ @ An Opinium poll saw the government ’ s get a +13 per cent approval rating for how it has handled the crisis – a seven-week low .
Shadow home secretary Nick Thomas-Symonds told Sky News today that Labour wanted to see more transparency from Downing Street .
Read more : Coronavirus testing and tracing app to start Isle of Wight trial “ I do welcome the fact that the Prime Minister has indicated that he has listened to what we ’ ve been saying about publishing an exit strategy and that is going @ @ @ @ @ @ @ said .
“ It is going to be important to be open with the public , who have made so many sacrifices in recent weeks , as to what the future now might hold but also for our frontline public services so that they can plan for the various scenarios that are going to come in the next few weeks .
”

Coronavirus lockdown: Office workers to be last to return to work
Downing Street’s plan is to slowly open up the economy, while keeping the reproduction rate, R, of coronavirus to below one.
Offices will likely have to wait several more months to open as the government prepares to next week unveil its roadmap to ease the coronavirus lockdown.
Boris Johnson will announce the government’s strategy for easing coronavirus social distancing measures at the end of the week.
The Sunday Times reports that sectors such as construction, and other jobs that cannot be done from home, will be advised to return to their workplaces as early as 25 May.
Office staff are expected to be told to continue to work from home for several more months still, while the last businesses to be opened will be pubs, restaurants and theatres.
The Sunday Telegraph reports that primary schools could open by the start of June.
Downing Street’s plan is to slowly open up the economy, while keeping the reproduction rate, R, of the coronavirus outbreak to below one.
If the reproduction rate is one then it means every coronavirus carrier will infect one other person.
Chief scientific officer Sir Patrick Vallance said on Thursday that the UK’s R was between 0.6 and 0.9, after being as high as three at the start of the outbreak.
A part of the plan could be to force people to wear face coverings while out in public, particularly on public transport.
A senior government source told the Times that the government was prepared to overturn some of its coronavirus exit strategy if infections started to rise again.
“If you get spikes and outbreaks, you get in there and you deal with it,” they said.
“We will lift together but if you suddenly get a particular nightmare in one area you intervene to lock down harder.”
A new poll from YouGov/Sunday Times showed just 25 per cent of people felt safe returning to work in the next few weeks, while 49 per cent said they wanted the government to set out a plan to end the lockdown.
The same poll found 67 per cent of people thought the government had prepared badly for the pandemic, but the government still had a +28 per cent approval rating for how well it was handling the outbreak.
An Opinium poll saw the government’s get a +13 per cent approval rating for how it has handled the crisis – a seven-week low.
Shadow home secretary Nick Thomas-Symonds told Sky News today that Labour wanted to see more transparency from Downing Street.
“I do welcome the fact that the Prime Minister has indicated that he has listened to what we’ve been saying about publishing an exit strategy and that is going to be extremely important,” he said.
“It is going to be important to be open with the public, who have made so many sacrifices in recent weeks, as to what the future now might hold but also for our frontline public services so that they can plan for the various scenarios that are going to come in the next few weeks.”