cityam--2020-06-12--Britain 'formally confirms' it will not extend Brexit transition period

Britain has “ formally confirmed ” to the EU that it will not extend the Brexit transition period beyond the end of this year .
Making the announcement this morning , Cabinet Office minister Michael Gove said “ the moment for extension has now passed , ” following a video meeting of the EU Joint Committee .
Read more : No-deal Brexit Q & A : What happens if UK-EU trade talks fail ?
The announcement follows a call for an extension from the first ministers of Scotland and Wales , Nicola Sturgeon and Mark Drakeford .
The ministers wrote @ @ @ @ @ @ @ , warning it would be “ extraordinarily reckless ” to not extend the transition period .
But in a tweet this afternoon , Gove said : “ I formally confirmed the UK will not extend the transition period and the moment for extension has now passed .
“ On 1 January 2021 we will take back control and regain our political & economic independence.
” Johnson has repeatedly insisted he will not ask for a delay to the end of the transition period .
However , businesses and critics have warned of the @ @ @ @ @ @ @ agreement in place .
A virtual summit between the PM and EU chief Ursula von der Leyen to try to break the deadlock in trade negotiations is scheduled for Monday .
It comes after the government U-turned on its plan to implement full border checks with the EU from 1 January 2021 after Brexit .
Gove has reportedly accepted businesses should not have to tackle coronavirus and disruption at Britain ’ s borders .
The government will opt for a temporary so-called light touch regime at Dover and other UK ports , the @ @ @ @ @ @ @ Brexit vs. Business : Thanks to Covid-19 , we ’ ll never know who was right That would replace full import checks both under a deal scenario and a dreaded no-deal Brexit .
It is a sharp about-turn from the government ’ s position in February , when Gove said goods from the EU would face checks .

Britain ‘formally confirms’ it will not extend Brexit transition period
Britain has “formally confirmed” to the EU that it will not extend the Brexit transition period beyond the end of this year.
Making the announcement this morning, Cabinet Office minister Michael Gove said “the moment for extension has now passed,” following a video meeting of the EU Joint Committee.
The announcement follows a call for an extension from the first ministers of Scotland and Wales, Nicola Sturgeon and Mark Drakeford.
The ministers wrote to Prime Minister Boris Johnson this morning, warning it would be “extraordinarily reckless” to not extend the transition period.
But in a tweet this afternoon, Gove said: “I formally confirmed the UK will not extend the transition period and the moment for extension has now passed.
“On 1 January 2021 we will take back control and regain our political & economic independence.”
I just chaired a constructive EU Joint Committee meeting with @MarosSefcovic
I formally confirmed the UK will not extend the transition period & the moment for extension has now passed. On 1 January 2021 we will take back control and regain our political & economic independence pic.twitter.com/nZjNpez8LI — Michael Gove (@michaelgove) June 12, 2020
Johnson has repeatedly insisted he will not ask for a delay to the end of the transition period.
However, businesses and critics have warned of the dangers of a departure without a trade agreement in place.
A virtual summit between the PM and EU chief Ursula von der Leyen to try to break the deadlock in trade negotiations is scheduled for Monday.
It comes after the government U-turned on its plan to implement full border checks with the EU from 1 January 2021 after Brexit.
Gove has reportedly accepted businesses should not have to tackle coronavirus and disruption at Britain’s borders.
The government will opt for a temporary so-called light touch regime at Dover and other UK ports, the Financial Times reported.
That would replace full import checks both under a deal scenario and a dreaded no-deal Brexit.
It is a sharp about-turn from the government’s position in February, when Gove said goods from the EU would face checks.


cityam--2020-06-12--“Hijacked by extremists”: Johnson urges public to stay away from protests

Boris Johnson has urged the public to stay away from Black Lives Matter protests planned in London this weekend amid fears of violence after being “ hijacked by extremists ” .
Black Lives Matter protests were planned to go ahead at 1pm in Hyde Park tomorrow , but have been cancelled by official organisers after right-wing groups planned to join .
Today ’ s protest is set to go ahead from 1pm .
The Prime Minister said : “ It is clear that the protests have been sadly hijacked by extremists intent on violence.
” “ The only responsible course @ @ @ @ @ @ @ these protests ” .
Read more : Sadiq Khan accused of ‘ not looking after coppers ’ in London protests Far-right movement the Democratic Football Lads Alliance ( DFLA ) called on members around the UK to head to the capital to “ protect ” the statues from midday tomorrow .
Members are set to attend a “ patriotic unity ” event at Sir Winston Churchill ’ s statue in Parliament Square .
Statues of Churchill , Nelson Mandela and Mahatma Gandhi , as well as the Cenotaph , have all been boarded @ @ @ @ @ @ @ posted by the DFLA on Youtube said : “ For the last few weeks we ’ ve seen stories of the war memorials up and down the country getting desecrated and we ’ re angry about it.
” Former English Defence League ( EDL ) leader Tommy Robinson and right-wing political group Britain First have expressed his support for the DFLA event , dubbed “ Defend Our Memorials ” .
Protests led by the DFLA have previously attracted more than 10,000 people .
Police have amped up security measures ahead of the weekend @ @ @ @ @ @ @ up ” in riot gear , said Ken Marsh , chairman of the Metropolitan Police .
New powers introduced mean members of the public caught vandalising , causing criminal damage or assaulting police officers will be rapidly processed through magistrates ’ courts with extended opening hours , according to The Times .
“ There ’ s an awful lot of preparation going on… We have got the perfect storm ahead of us this weekend — we have got planned protests and now Tommy Robinson and his agitators.
” Justice secretary Robert Buckland and @ @ @ @ @ @ @ have drawn up plans for this weekend ’ s protests based on the response to the 2011 London riots .
Read more : Guy ’ s and St Thomas ’ hospitals to remove controversial statues It comes after more than a week of anti-racist protests in the UK , as the country faces a moment of cultural reckoning in response to Black Lives Matter movement .
London mayor Sadiq Khan announced a review of statues in London after memorials of colonialists and slave traders have been toppled during protests across the country .
@ @ @ @ @ @ @ We can not now try to edit or censor our past .
We can not pretend to have a different history .
The statues in our cities and towns were put up by previous generations.
” While protests in the UK have been mostly peaceful , the National Police Chiefs ’ Council ( NPCC ) said more than 130 people have been arrested at around 200 protests that have taken place in the UK so far .
Johnson denounced pockets of violence that have erupted during protests , saying : “ Attacks on @ @ @ @ @ @ @ which we have witnessed over the last week are intolerable and they are abhorrent .
”

Boris Johnson urges public to avoid ‘hijacked’ London protests and defends Churchill statue
A protective barrier is seen around the statue of Winston Churchill in London’s Parliament Square in anticipation of protests today
Boris Johnson has urged the public to stay away from Black Lives Matter protests planned in London this weekend amid fears of violence after being “hijacked by extremists”.
Black Lives Matter organisers have cancelled London protests that were set to start at 1pm in Hyde Park tomorrow after right-wing groups planned to join. Today’s protest was due to go ahead from 1pm.
The Prime Minister said: “It is clear that the protests have been sadly hijacked by extremists intent on violence. The only responsible course of action is to stay away from these protests.”
London mayor Sadiq Khan added: “To the extreme far-right groups hijacking this crucial cause: Londoners have no time for your hatred.”
Far-right movement the Democratic Football Lads Alliance (DFLA) called on members around the UK to head to the capital to “protect” London’s statues from midday tomorrow. It comes after protesters toppled a Bristol slave trader statue over the weekend.
Members of the far-right group are set to attend a “patriotic unity” event at Sir Winston Churchill’s statue in Parliament Square.
Statues of Churchill, Nelson Mandela and Mahatma Gandhi, as well as the Cenotaph, have all been boarded up in anticipation of possible vandalism and violence during protests this weekend.
An official statement posted by the DFLA on Youtube said: “For the last few weeks we’ve seen stories of the war memorials up and down the country getting desecrated and we’re angry about it.”
Former English Defence League (EDL) leader Tommy Robinson and right-wing political group Britain First have expressed their support for the DFLA event, dubbed “Defend Our Memorials”. Protests led by the DFLA have previously attracted more than 10,000 people.
The Prime Minister today said: “We cannot now try to edit or censor our past. We cannot pretend to have a different history. The statues in our cities and towns were put up by previous generations.”
A statue of former South African president Nelson Mandela is seen holding a Black Lives Matter placard in Parliament Square, central London. It has been boarded up to protect it from demonstrations
He also said of the protests planned for London, and fears of vandalism on the Churchill statue, the Cenotaph and a Nelson Mandela statue in Parliament Square:
What makes me sad about what’s happening today, is that you’ve got a situation in which the statue of Winston Churchill, who is a national hero, has had to be boarded up for fear of violent attack. That, to me, is both absurd and wrong. You should not have a situation in which people who are protesting on one basis are violently attacking the police or public property.
“I’m afraid what’s happened with these demonstrations, is that… a growing minority unfortunately have hijacked them, and they are using them as a pretext to attack the police to cause violence, and to cause damage to public property,” Johnson added.
“My message to everybody is that for all sorts of reasons, they should not go to these demonstrations. And whatever our feelings about the cause, we should not support a demonstration that is in all probability, looking at what’s happened before, going to end in deliberate and calculated violence.”
While protests in the UK have been mostly peaceful, the National Police Chiefs’ Council (NPCC) said more than 130 people have been arrested at around 200 protests that have taken place in the UK so far.
Johnson denounced pockets of violence that have erupted during protests inside and outside London. He said: “Attacks on the police and indiscriminate acts of violence which we have witnessed over the last week are intolerable and they are abhorrent.”
Police have amped up security measures ahead of the weekend, and will be “fully kitted up” in riot gear, said Ken Marsh, chairman of the Metropolitan Police.
New powers introduced mean members of the public caught vandalising, causing criminal damage or assaulting police officers will be rapidly processed through magistrates’ courts with extended opening hours, according to The Times.
Workers erect a protective barrier around the Cenotaph in anticipation of London protests, with anti-racist protesters and far-right protesters set to clash
“There’s an awful lot of preparation going on… We have got the perfect storm ahead of us this weekend — we have got planned protests and now Tommy Robinson and his agitators,” Marsh added.
Justice secretary Robert Buckland and home secretary Priti Patel are said to have drawn up plans for this weekend’s protests based on the response to the 2011 London riots.
It comes after more than a week of anti-racist protests in the UK, as the country faces a moment of cultural reckoning in response to the Black Lives Matter movement.
Earlier this week, Khan announced a review of statues in London after memorials of colonialists and slave traders were toppled during protests across the country.


cityam--2020-06-12--Will hydrogen fuel the UK's net-zero coronavirus comeback?

As the UK begins to take its first cautious steps out of the lockdown that has precipitated the worst economic crisis in modern history , thoughts have inevitably begun to turn to the question of what comes next .
For some , the devastation wreaked by the coronavirus pandemic gives the UK a chance to fundamentally reset its economy : to “ build back better ” , as the slogan goes .
Read more : Let hydrogen fuel our vehicles to a greener future One technology that has seen a surge in interest over the past few weeks is that @ @ @ @ @ @ @ long been touted as a means of decarbonising the UK ’ s transport systems .
While battery electric cars have taken many of the headlines in recent years , firms behind hydrogen vehicles are now itching to roll out their products into mainstream use .
Around the world , firms such as Toyota , Daimler and Nikola – a electric vehicle firm being hailed as Tesla for trucks – have commitments to new forms of transport based on the fuel .
In terms of hydrogen fuel buses , the technology is now at @ @ @ @ @ @ @ to use the fuel to fill and run as diesel .
Jo Bamford , JCB scion and founder of hydrogen bus firm Ryse , told City A.M. that his vehicles can “ do everything that a diesel bus can ” .
Citing a fueling time of just seven minutes , Bamford is convinced that now is the moment for the UK to stake a claim to be a world leader in this area .
“ Coming out of this crisis , we need to pick some winning technologies and back them .
Europe @ @ @ @ @ @ @ but we could run quicker here because we ’ ve got a couple of manufacturers which already make hydrogen buses ” , he said .
The first 20 of Ryse ’ s double-decker hydrogen buses will be coming to the streets of London this year , while Wrightbus , which Bamford also owns , has laid out plans to manufacture 3000 more vehicles .
Read more : General election 2019 : Labour pledges to electrify England ’ s 35,000 buses by 2030 For Bamford , by pursuing the hydrogen market , the UK @ @ @ @ @ @ @ countries leading the drive towards battery electric vehicles .
“ Every country is a bit like a bunch of people standing at the beginning of the hundred metre dash .
Every single one of them has got a plan to reinflate the economy , and every single one of them has a plan to reflate it and be green .
“ And most people ’ s plan is to go after batteries .
My point is a business plan is quite simple : You want to go somewhere where there is less competition @ @ @ @ @ @ @ that instead of “ playing catch-up ” with countries like China , which produces 73 per cent of the world ’ s batteries , the UK should instead make use of its own natural advantages as a world leader in wind power to push on hydrogen technology .
Read more : Railway bodies call on government for rolling electrification programme However , he warned , we have to act now .
This week Germany unveiled a €7bn hydrogen strategy to provide 10 gigawatts of capacity by 2040 , while an EU-wide plan is @ @ @ @ @ @ @ of engineering giant Alstom insisted that it was “ not too late ” for the UK to stake a claim to leadership in the field .
Alstom is awaiting the go-ahead to unveil the UK ’ s first hydrogen train , which it develop by converting diesel vehicles owned by rolling stock firm Eversholt .
The government has set a target of decarbonising the UK ’ s railways by 2040 , which will mean replacing nearly 2,500 rail vehicles , Muldoon said .
As with electric cars , electrification of the UK ’ @ @ @ @ @ @ @ the attention in recent years , but Alstom ’ s Breeze model will be used on the UK ’ s non-electrified regional lines , which are especially prevalent in the north .
“ The ideal mix going forward is that electrification should handle really heavy duty high energy requirements because that means you can do the range , you can do the speed , you can carry the highest volumes of people ” , he said .
“ It ’ s away from those routes where hydrogen has a huge part to play @ @ @ @ @ @ @ off an incredibly clean electric train , you want to step onto an incredibly clean regional train ” .
Read more : UK set for record two months of coal-free electricity The conversion of Eversholt ’ s trains will take place at Alstom ’ s facility in Widnes , and Muldoon said that the technology could contribute to the government ’ s levelling up agenda : “ From the rail perspective , we tend to be looking at routes in the areas that the government wants to level up .
What better way @ @ @ @ @ @ @ in new skills and start to transfer that and spread that across the country ?
” , he said .
As with Bamford , Muldoon agrees that from this base the UK could quickly become a force in the international market .
“ It is probably going to be the countries that can generate domestic demand , which will then encourage and grow a domestic supply chain , who will be the best placed then to export and to develop from that domestic base ” .
That ’ s certainly the opinion of @ @ @ @ @ @ @ influential think tank the Centre for Policy Studies , which finds that the UK can be a leader in the technology .
The report , that calls for the UK to make its bus fleet zero-emission by 2038 , says that the government should develop a hydrogen strategy before next year ’ s landmark COP26 climate summit in Glasgow .
Bamford said that it was critical for the government to make an announcement in the next three months if the UK was really to seize its opportunity : “ Wouldn ’ t it @ @ @ @ @ @ @ minister was standing in front of a hydrogen production facility with a Boris bus that we make , filling it up with hydrogen ?
”

Will hydrogen fuel the UK’s net-zero coronavirus comeback?
Credit – Alstom/Eversholt
As the UK begins to take its first cautious steps out of the lockdown that has precipitated the worst economic crisis in modern history, thoughts have inevitably begun to turn to the question of what comes next.
For some, the devastation wreaked by the coronavirus pandemic gives the UK a chance to fundamentally reset its economy: to “build back better”, as the slogan goes.
One technology that has seen a surge in interest over the past few weeks is that of hydrogen fuel cells, which have long been touted as a means of decarbonising the UK’s transport systems.
While battery electric cars have taken many of the headlines in recent years, firms behind hydrogen vehicles are now itching to roll out their products into mainstream use.
Around the world, firms such as Toyota, Daimler and Nikola – a electric vehicle firm being hailed as Tesla for trucks – have commitments to new forms of transport based on the fuel.
In terms of hydrogen fuel buses, the technology is now at a point where it is as efficient to use the fuel to fill and run as diesel.
Jo Bamford, JCB scion and founder of hydrogen bus firm Ryse, told City A.M. that his vehicles can “do everything that a diesel bus can”.
Citing a fueling time of just seven minutes, Bamford is convinced that now is the moment for the UK to stake a claim to be a world leader in this area.
“Coming out of this crisis, we need to pick some winning technologies and back them. Europe is about to start funding hydrogen, but we could run quicker here because we’ve got a couple of manufacturers which already make hydrogen buses”, he said.
The first 20 of Ryse’s double-decker hydrogen buses will be coming to the streets of London this year, while Wrightbus, which Bamford also owns, has laid out plans to manufacture 3000 more vehicles.
For Bamford, by pursuing the hydrogen market, the UK can set itself out from many other countries leading the drive towards battery electric vehicles.
“Every country is a bit like a bunch of people standing at the beginning of the hundred metre dash. Every single one of them has got a plan to reinflate the economy, and every single one of them has a plan to reflate it and be green.
The first of Ryse’s double-decker hydrogen buses will take to the streets of London later this year. (Credit: Ryse)
“And most people’s plan is to go after batteries. My point is a business plan is quite simple: You want to go somewhere where there is less competition and try to win.
He added that instead of “playing catch-up” with countries like China, which produces 73 per cent of the world’s batteries, the UK should instead make use of its own natural advantages as a world leader in wind power to push on hydrogen technology.
However, he warned, we have to act now. This week Germany unveiled a €7bn hydrogen strategy to provide 10 gigawatts of capacity by 2040, while an EU-wide plan is expected later this month.
Mike Muldoon of engineering giant Alstom insisted that it was “not too late” for the UK to stake a claim to leadership in the field.
Alstom is awaiting the go-ahead to unveil the UK’s first hydrogen train, which it develop by converting diesel vehicles owned by rolling stock firm Eversholt.
The government has set a target of decarbonising the UK’s railways by 2040, which will mean replacing nearly 2,500 rail vehicles, Muldoon said.
As with electric cars, electrification of the UK’s mainline railways has received much of the attention in recent years, but Alstom’s Breeze model will be used on the UK’s non-electrified regional lines, which are especially prevalent in the north.
“The ideal mix going forward is that electrification should handle really heavy duty high energy requirements because that means you can do the range, you can do the speed, you can carry the highest volumes of people”, he said.
“It’s away from those routes where hydrogen has a huge part to play in making sure that when you step off an incredibly clean electric train, you want to step onto an incredibly clean regional train”.
The conversion of Eversholt’s trains will take place at Alstom’s facility in Widnes, and Muldoon said that the technology could contribute to the government’s levelling up agenda:
“From the rail perspective, we tend to be looking at routes in the areas that the government wants to level up. What better way to bring in new technologies, bring in new skills and start to transfer that and spread that across the country?”, he said.
As with Bamford, Muldoon agrees that from this base the UK could quickly become a force in the international market.
“It is probably going to be the countries that can generate domestic demand, which will then encourage and grow a domestic supply chain, who will be the best placed then to export and to develop from that domestic base”.
That’s certainly the opinion of a new paper by Eamonn Ives of influential think tank the Centre for Policy Studies, which finds that the UK can be a leader in the technology.
The report, that calls for the UK to make its bus fleet zero-emission by 2038, says that the government should develop a hydrogen strategy before next year’s landmark COP26 climate summit in Glasgow.
Bamford said that it was critical for the government to make an announcement in the next three months if the UK was really to seize its opportunity:
“Wouldn’t it be cool for COP26 if the prime minister was standing in front of a hydrogen production facility with a Boris bus that we make, filling it up with hydrogen?”


cityam--2020-06-12--Competition watchdog to investigate Facebook's Giphy acquisition

The Competition and Markets Authority ( CMA ) has today begun an investigation into the completed acquisition of Giphy by Facebook .
An initial enforcement order was sent earlier this week as the CMA conducts an inquiry into whether the merger of Facebook and Giphy will “ result in a substantial lessening of competition within any market or markets in the United Kingdom ” .
Facebook bought Giphy last month in a deal worth a reported $ 400m .
Approximately half of all traffic on Giphy ’ s apps already come from Facebook products such as Whatsapp and Instagram .
@ @ @ @ @ @ @ to rethink fact-checking policy before US election The CMA has now opened the case up for comments , to be submitted by 3 July .
While Giphy will continue to operate its own library , Facebook said in May that it intends to further wrap the app into Instagram “ so that people can find just the right way to express themselves ” .
Giphy ’ s library is also embedded into a wide variety of apps and platforms outside of Facebook , such as Twitter , Slack and Apple ’ s iMessage @ @ @ @ @ @ @ product , said at the time : “ People will still be able to upload GIFs ; developers and API partners will continue to have the same access to Giphy ’ s APIs ; and Giphy ’ s creative community will still be able to create great content.
” Read more : Facebook launches new tool to help users hide old posts Acquisitions by tech giants are currently under significant scrutiny globally .
In the US , the Federal Trade Commission announced earlier this year that it would be requesting information on all @ @ @ @ @ @ @ decade .
A spokesperson for Facebook said today : “ Giphy improves Instagram ’ s offerings by giving people more features and tools .
Developers and API partners will continue to have the same access to Giphy and Giphy ’ s creative community will still be able to create great content .
“ We are prepared to show regulators that this acquisition is positive for consumers , developers , and content creators alike .
”

Competition watchdog to investigate Facebook’s Giphy acquisition
The Competition and Markets Authority (CMA) has today begun an investigation into the completed acquisition of Giphy by Facebook.
An initial enforcement order was sent earlier this week as the CMA conducts an inquiry into whether the merger of Facebook and Giphy will “result in a substantial lessening of competition within any market or markets in the United Kingdom”.
Facebook bought Giphy last month in a deal worth a reported $400m. Approximately half of all traffic on Giphy’s apps already come from Facebook products such as Whatsapp and Instagram.
The CMA has now opened the case up for comments, to be submitted by 3 July.
While Giphy will continue to operate its own library, Facebook said in May that it intends to further wrap the app into Instagram “so that people can find just the right way to express themselves”.
Giphy’s library is also embedded into a wide variety of apps and platforms outside of Facebook, such as Twitter, Slack and Apple’s iMessage.
Vishal Shah, vice president of product, said at the time: “People will still be able to upload GIFs; developers and API partners will continue to have the same access to Giphy’s APIs; and Giphy’s creative community will still be able to create great content.”
Acquisitions by tech giants are currently under significant scrutiny globally. In the US, the Federal Trade Commission announced earlier this year that it would be requesting information on all acquisitions by tech firms for the past decade.
A spokesperson for Facebook said today: “Giphy improves Instagram’s offerings by giving people more features and tools. Developers and API partners will continue to have the same access to Giphy and Giphy’s creative community will still be able to create great content.
“We are prepared to show regulators that this acquisition is positive for consumers, developers, and content creators alike.”


cityam--2020-06-12--Travelex set for restructuring after auction process halted

Debt investors in embattled foreign exchange provider Travelex are pushing the firm ’ s banks to negotiate a restructuring deal .
Sky News reported that after an auction process stalled , bondholders represented by investment bank PJT Partners are pushing banks including Barclays and Goldman Sachs to enter negotiations .
Read more : Travelex owner Finablr announces new boss as finance chief quits Travelex ’ s banks are owed about £90m by the company , while investors are awaiting repayments worth up to £322m .
Earlier this year the forex company was devastated by a cyber attack in which hackers @ @ @ @ @ @ @ two weeks .
The damage from the attack was compounded by the onset of the coronavirus crisis , which saw Travelex shut all of its outlets for eight weeks as international travel all but totally dried up .
Before the Open : Get the jump on the markets with our early morning newsletter The new 14-day quarantine rules has furthered dampened hopes of a swift recovery for the industry .
Last weekend it was reported that a number of firms had made offers for Travelex , including private equity firm Marlin Equity .
@ @ @ @ @ @ @ none of the offers could be completed within the appropriate timescale , leaving a restructuring the most likely outcome .
In March Travelex ’ s owner Finablr warned that it was preparing for potential insolvency , leading to the firm ’ s shares being suspended .
Read more : EY resigns as auditor of Travelex owner Finablr as board members quit It had also discovered $ 100m ( £81m ) in undisclosed cheques made before its float in 2018 that may have been used as security for financing arrangements for the benefit of @ @ @ @ @ @ @ investigation into its finances .
A number of Finablr ’ s board members , including its finance chief , quit the firm , as did auditor EY .

Travelex set for restructuring after auction process halted
Debt investors in embattled foreign exchange provider Travelex are pushing the firm’s banks to negotiate a restructuring deal.
Sky News reported that after an auction process stalled, bondholders represented by investment bank PJT Partners are pushing banks including Barclays and Goldman Sachs to enter negotiations.
Travelex’s banks are owed about £90m by the company, while investors are awaiting repayments worth up to £322m.
Earlier this year the forex company was devastated by a cyber attack in which hackers held the firm to ransom for over two weeks.
The damage from the attack was compounded by the onset of the coronavirus crisis, which saw Travelex shut all of its outlets for eight weeks as international travel all but totally dried up.
Before the Open: Get the jump on the markets with our early morning newsletter
The new 14-day quarantine rules has furthered dampened hopes of a swift recovery for the industry.
Last weekend it was reported that a number of firms had made offers for Travelex, including private equity firm Marlin Equity.
However, one lender told Sky that none of the offers could be completed within the appropriate timescale, leaving a restructuring the most likely outcome.
In March Travelex’s owner Finablr warned that it was preparing for potential insolvency, leading to the firm’s shares being suspended.
It had also discovered $100m (£81m) in undisclosed cheques made before its float in 2018 that may have been used as security for financing arrangements for the benefit of third parties. It has launched an investigation into its finances.
A number of Finablr’s board members, including its finance chief, quit the firm, as did auditor EY.


cityam--2020-06-12--Robinhood delays UK launch amid pandemic popularity

Commission-free stock trading app Robinhood has pushed back its UK launch date after failing to meet its initial timeframe .
The tech giant told customers on its UK waitlist today that it will now miss its original goal of a launch in early 2020 , but committed to becoming available before the end of this year .
“ Our initial goal was to launch in early 2020 , and we ’ re sorry not to have met that .
We ’ re working hard behind the scenes to give you access as quickly as possible , ” the firm wrote @ @ @ @ @ @ @ A.M. “ Robinhood remains committed to bringing commission-free investing to the UK in 2020 .
We want to be sure it ’ s the right moment for us to introduce Robinhood to you.
” Before the Open : Get the jump on the markets with our early morning newsletter The scaleup , which is based in California and valued at $ 8.3bn , has more than 13m users .
It has won favour with Wall Street and millennials alike , with the average user age of 31 .
The coronavirus pandemic and resulting @ @ @ @ @ @ @ Robinhood , which said it gained a record 3m new customers in the first quarter of 2020 alone .
However its popularity has also led to the platform being beset by outages at crucial trading times .
The tech firm was hit by three outages in two weeks as markets boiled over in March , with one lasting as long as 17 hours .
Robinhood raised a series F funding round of $ 280m last month to help bolster its operations , led by Silicon Valley stalwart Sequoia Capital .
It also raked @ @ @ @ @ @ @ — three times that of the month before , according to Bloomberg .
In the UK the tech firm mainly faces competition from incumbent offerings and fellow startups such as Freetrade , though Robinhood dwarfs them in size .
Freetrade itself was the subject of controversy earlier this year , after a City A.M. investigation revealed it had built a reputation among its staff for toxic workplace culture .
Read more : Investigation : City fintech Freetrade accused of deliberately fostering ‘ culture of fear ’ A Robinhood spokesperson declined to provide further @ @ @ @ @ @ @ launch delay .

Robinhood delays UK launch amid pandemic popularity
Commission-free stock trading app Robinhood has pushed back its UK launch date after failing to meet its initial timeframe.
The tech giant told customers on its UK waitlist today that it will now miss its original goal of a launch in early 2020, but committed to becoming available before the end of this year.
“Our initial goal was to launch in early 2020, and we’re sorry not to have met that. We’re working hard behind the scenes to give you access as quickly as possible,” the firm wrote in an email, seen by City A.M.
“Robinhood remains committed to bringing commission-free investing to the UK in 2020. We want to be sure it’s the right moment for us to introduce Robinhood to you.”
Before the Open: Get the jump on the markets with our early morning newsletter
The scaleup, which is based in California and valued at $8.3bn, has more than 13m users. It has won favour with Wall Street and millennials alike, with the average user age of 31.
The coronavirus pandemic and resulting stock market volatility has proved fruitful for Robinhood, which said it gained a record 3m new customers in the first quarter of 2020 alone.
However its popularity has also led to the platform being beset by outages at crucial trading times. The tech firm was hit by three outages in two weeks as markets boiled over in March, with one lasting as long as 17 hours.
Robinhood raised a series F funding round of $280m last month to help bolster its operations, led by Silicon Valley stalwart Sequoia Capital. It also raked in $60m in revenue in March — three times that of the month before, according to Bloomberg.
In the UK the tech firm mainly faces competition from incumbent offerings and fellow startups such as Freetrade, though Robinhood dwarfs them in size.
Freetrade itself was the subject of controversy earlier this year, after a City A.M. investigation revealed it had built a reputation among its staff for toxic workplace culture.
A Robinhood spokesperson declined to provide further details on the reason behind its UK launch delay.


cityam--2020-06-12--Churchill statue and the Cenotaph: London monuments boarded up ahead of protests

London ’ s iconic statue of Sir Winston Churchill and the Cenotaph have been boarded up as fears of violence grow over Black Lives Matter protests set to take place this weekend .
Protective fences were placed around both memorials overnight as officials anticipate they could become hotspots for clashes between protesters during Black Lives Matter demonstrations this weekend .
London mayor Sadiq Khan today added that “ key statues ” including one of Nelson Mandela and Gandhi will also be covered .
Read more : Guy ’ s and St Thomas ’ hospitals to remove controversial statues It comes @ @ @ @ @ @ @ Alliance called on members around the UK to head to the capital to “ protect ” the statues from midday tomorrow .
Former English Defence League ( EDL ) leader Tommy Robinson – real name Stephen Yaxley-Lennon – expressed his support for the move .
Khan today urged the public to stay at home , with crowds expected after the boarding up of the Churchill statue and the Cenotaph , and other monuments .
He added he was “ extremely concerned ” that far-right groups which “ advocate hate and division ” could @ @ @ @ @ @ @ doubt , these counter-protests are there to provoke violence , ” he said .
Before the Open : Get the jump on the markets with our early morning newsletter Police will take to the streets “ fully kitted out ” in riot gear , said Ken Marsh , chairman of the Metropolitan Police .
“ There ’ s an awful lot of preparation going on… We have got the perfect storm ahead of us this weekend — we have got planned protests and now Tommy Robinson and his agitators.
” Members of the @ @ @ @ @ @ @ or assaulting police officers will be rapidly processed through magistrates ’ courts with extended opening hours , according to The Times .
Justice secretary Robert Buckland and home secretary Priti Patel are said to have drawn up plans based on the response to the 2011 London riots .
A Black Lives Matter protest due to take place in Hyde Park at 1pm tomorrow has been cancelled after organisers warned that “ hate groups ” might target those who were planning peaceful protests .
A similar event scheduled for this evening will still go @ @ @ @ @ @ @ to be a safe space for people to attend , ” the activist group said in an Instagram .
“ However , we don ’ t think it will be possible with people like them present.
” Read more : Poole to take down statue of Scouts founder Baden-Powell Khan added that the protests risk spreading coronavirus , as the two-metre social distancing rule remains in place .
“ I ’ m extremely concerned that further protests in central London not only risk spreading Covid-19 , but could lead to disorder , vandalism @ @ @ @ @ @ @ .
“ Staying home and ignoring them is the best response this weekend.
” Protests last weekend , sparked by the death of unarmed black man George Floyd by a US policeman , saw clashes between protests and police in London .
Protestors graffitied the statue of former Prime Minister Churchill in London , and tore down a statue of slave trader Edward Colston in Bristol .

Churchill statue and the Cenotaph: London monuments boarded up ahead of protests
London’s iconic statue of Sir Winston Churchill and the Cenotaph have been boarded up as fears of violence grow over Black Lives Matter protests set to take place this weekend.
Protective fences were placed around both memorials overnight as officials anticipate they could become hotspots for clashes between protesters during demonstrations this weekend.
London mayor Sadiq Khan today added that “key statues” including one of Nelson Mandela and Mahatma Gandhi will also be covered.
It comes as far-right movement the Democratic Football Lads Alliance called on members around the UK to head to the capital to “protect” the statues from midday tomorrow. Former English Defence League (EDL) leader Tommy Robinson — real name Stephen Yaxley-Lennon — expressed his support for the move.
Khan today urged the public to stay at home, with crowds expected after the boarding up of the Churchill statue, the Cenotaph, and other monuments.
He added he was “extremely concerned” that far-right groups which “advocate hate and division” could cause unrest. “Be in no doubt, these counter-protests are there to provoke violence,” he said.
Before the Open: Get the jump on the markets with our early morning newsletter
Police will take to the streets “fully kitted up” in riot gear, said Ken Marsh, chairman of the Metropolitan Police. “There’s an awful lot of preparation going on,” he added. “We have got the perfect storm ahead of us this weekend — we have got planned protests and now Tommy Robinson and his agitators.”
Police today said they have amped up protection measures in the capital amid security fears.
Members of the public caught vandalising, causing criminal damage or assaulting police officers will be rapidly processed through magistrates’ courts with extended opening hours, The Times reported.
Justice secretary Robert Buckland and home secretary Priti Patel are said to have drawn up plans based on the response to the 2011 London riots.
It comes after protests last weekend, sparked by the death of unarmed black man George Floyd by a US policeman, saw clashes between protests and police in London. Protestors graffitied the statue of Churchill, and tore down a statue of slave trader Edward Colston in Bristol.
Johnson denounced the moves today, writing on Twitter: “The statue of Winston Churchill in Parliament Square is a permanent reminder of his achievement in saving this country — and the whole of Europe — from a fascist and racist tyranny.”
“We cannot now try to edit or censor our past. We cannot pretend to have a different history. The statues in our cities and towns were put up by previous generations,” he added.
The BBC reported that a statue of Jamaican poet Alfred Fagon was damaged yesterday after a “corrosive substance” was poured on it.
But the escalation of tensions has caused many protestors to abandon demonstration plans. A Black Lives Matter protest due to take place in Hyde Park at 1pm tomorrow has been cancelled after organisers warned that they might be targeted by “hate groups”. A similar event scheduled for this afternoon will still go ahead.
“We want the protests to be a safe space for people to attend,” the activist group said in an Instagram post. “However, we don’t think it will be possible with people like them present.”
Violence was not the only concern for the protests, after politicians voiced fears that large groups of people might risk spreading coronavirus.
Nickie Aiken, MP for Cities of London and Westminster, told City A.M. “Whilst I support the right to peaceful protest I would urge anyone thinking of doing so this weekend to seriously consider the consequences while we fight the Covid-19 pandemic.”
“Now is the time that we stand together against racism and all forms of prejudice but also to support those working tirelessly in the NHS to save lives,” she added.


cityam--2020-06-12--Markets live: FTSE 100 inches higher despite record plunge in UK GDP

The FTSE 100 edged higher after a volatile start to the morning after data showed the UK economy suffered a record contraction in April .
After dropping sharply following the open then hovering close to flat in early trading , the blue-chip index began to climb steadily , gaining 1.17 per cent by 10.55am .
The shaky start follows yesterday ’ s hefty correction , which saw the index suffer its largest drop since March with a fall of 3.99 per cent .
The FTSE 100 ’ s volatile performance comes after the release of new data showing that UK @ @ @ @ @ @ @ in April as the first full month of lockdown hammered the economy .
Spreadex ’ s Connor Campbell said the FTSE 100 ’ s “ measured ” response to the dire GDP was partly due to the fact that the figures were “ shocking , but not necessarily surprising ” .
“ Investors have received repeat warnings over what to expect , as recent as Wednesday ’ s OECD forecasts , ” he added , referring to predictions released earlier this week that the UK would take the largest economic hit among G20 @ @ @ @ @ @ @ FTSE , and markets have a whole , have also already taken a hell of a beating this week .
There may simply not be the appetite to send them any lower at the moment , regardless of what the day ’ s data says , ” said Campbell .
Before the Open newsletter : Start your day with the City View podcast and key market data Education publisher Pearson led the FTSE 100 ’ s risers , climbing over 12.4 per cent after it emerged that activist investor Cevian Capital had built @ @ @ @ @ @ @ the company .
Airline stocks were also among the best performers , climbing steadily as British Airways , Ryanair and Easyjet this morning launched legal action challenging the government ’ s plan to make all incoming travelers to the UK quarantine for 14 days .
Easyjet shares rose as much as 7.08 per cent following the launch of the legal challenge , while British Airways owner IAG climbed 6.5 per cent .
Precious metal miner Polymetal led the FTSE 100 ’ s fallers , sinking 2.8 per cent .
Hikma Pharmaceuticals recorded the @ @ @ @ @ @ @ , followed by insurer Admiral which lost 2.15 per cent .
The FTSE 100 ’ s European peers also started the session firmly in the red before turning positive .
Germany ’ s Dax rose as much as 1.06 per cent , while France ’ s CAC 40 added 1.78 per cent .
Asian equities fell sharply on Friday amid growing concerns that a resurgence of coronavirus cases could stunt the pace of recovery in economies reopening from lockdowns , or even lead to fresh restrictions .
MSCI ’ s broadest index of @ @ @ @ @ @ @ cent , after a strong run-up in recent weeks .
Australian stocks dropped 1.57 per cent , but shares in China erased losses to trade 0.03 per cent higher after Beijing ’ s pledge to continue with capital market reforms .
In Japan , the Nikkei 225 shed 0.75 per cent , while Hong Kong ’ s Hang Seng index dropped 1.05 per cent .
Read more : Hong Kong lashes out at UK ’ s ‘ biased ’ remarks The falls across global equities come after the three major US indices fell @ @ @ @ @ @ @ their worst session since late March , when the abrupt introduction of lockdowns to contain the spread of Covid-19 sent markets into freefall .
The US Federal Reserve released a gloomy economic outlook at the end of its two-day monetary policy meeting on Wednesday .
Chairman Jerome Powell warned of a “ long road ” to recovery .

FTSE 100 inches into green despite record plunge in UK GDP
Billions of pounds in dirty money still flows through the City of London and Canary Wharf each year
The FTSE 100 closed 0.23 per cent up on Friday, having spent most of the session inching higher despite data showing the British economy suffered the largest contraction on record in April.
While the blue-chip managed to shake a four-session decline, it remained on track for its worst weekly drop in around three months. Cyclical stocks including bankers and insurers, which had been at the centre of Thursday’s sell-off, led the FTSE 100’s gains.
Wall Street’s main indices rebounded on Friday, recouping around half of the previous session’s sharp losses, but were still on track for their worst week in almost three months as concerns over new coronavirus infections weighed on investor sentiment.
Read more: British Airways, Ryanair and Easyjet launch quarantine legal action
FTSE 100 inches higher
The FTSE 100 inched higher in a volatile session after data showed the UK economy suffered a record contraction in April.
After dropping sharply following the open then hovering close to flat in early trading, the blue-chip index climbed steadily for most of the afternoon before reversing most of the day’s gains, ending the session 0.23 per cent up.
The shaky performance follows yesterday’s hefty correction, which saw the index suffer its largest drop since March with a fall of 3.99 per cent.
The FTSE 100 remained steady after the government “formally” confirmed that it will not extend the post-Brexit transition period beyond the end of 2020.
US shares rebound
On Wall Street, the main US indices rebounded following heavy losses on Thursday, but investor sentiment remained subdued amid fears over a second spike in virus cases and concerns over the pandemic’s economic impact.
The benchmark S&P 500 was 0.54 per cent up by 4.30pm UK time, with all major S&P sectors rising. Technology and financial shares provided the biggest boosts to the index.
Travel stocks put in a strong performance, with Boeing jumping eight per cent, looking to end the week eight per cent lower.
United Airlines Holdings, American Airlines Group, Norwegian Cruise Line Holdings Ltd jumped between 14 per cent and 19 per cent leading gains on the S&P 500 following sharp declines in the previous session.
The S&P 500 is now around nine per cent below its record high, having fallen from around five per cent that level earlier this week.
The Dow was trading 0.77 per cent higher by 4.30pm UK time, while the tech-heavy Nasdaq had risen 0.36 per cent.
“People are just taking a breather after the outright selling yesterday, like we saw back in the dark days of February and early March,” said Ryan Giannotto, director of research at Granite Shares.
“There’s always going to be more headlines about coronavirus cases increasing, more tests increasing. That’s just something that markets, investors and companies are going to have to learn to deal with.”
‘Measured’ response to dire UK GDP data
The FTSE 100’s volatile performance comes after the release of new data showing that UK GDP shrank a record 20.4 per cent in April as the first full month of lockdown hammered the economy.
“This is a record figure for a monthly fall, and showed weakness across all sectors,” said Emma Wall, head of investment analysis at Hargreaves Lansdown.
“The UK will be keeping an eye on other countries who are a few months ahead of us in the development of the virus, and those who have started to lift restrictions already to see how successful they have been.”
Before the Open newsletter: Start your day with the City View podcast and key market data
Spreadex’s Connor Campbell said the FTSE 100’s “measured” response to the dire GDP was partly due to the fact that the figures were “shocking, but not necessarily surprising”.
“Investors have received repeat warnings over what to expect, as recent as Wednesday’s OECD forecasts,” he added, referring to predictions released earlier this week that the UK would take the largest economic hit among G20 nations from the pandemic.
“The FTSE, and markets have a whole, have also already taken a hell of a beating this week. There may simply not be the appetite to send them any lower at the moment, regardless of what the day’s data says,” said Campbell.
Battered cyclical stocks gain some ground
Education publisher Pearson led the FTSE 100’s risers, climbing over 11 per cent after it emerged that activist investor Cevian Capital had built up a 5.4 per cent stake in the company.
Cyclical stocks including banks, insurers and energy firms, which lost the most ground during yesterday’s sell-off, also performed well.
British Gas-owner Centrica added 8.37 per cent, while miner Anglo American climbed 2.78 per cent.
Airline stocks also put in a strong performance, climbing steadily as British Airways, Ryanair and Easyjet this morning launched legal action challenging the government’s plan to make all incoming travelers to the UK quarantine for 14 days.
Easyjet shares rose as much as 8.26 per cent following the launch of the legal challenge, while British Airways owner IAG climbed over five per cent/
Shares shaky across Europe
The FTSE 100’s European peers also put in a volatile performance, with Germany’s Dax and France’s CAC 40 both starting the session firmly negative and then turning positive.
The Dax later flipped negative again, falling as much as 0.52 per cent, while the CAC 40 remained flat.
Asian equities fell sharply on Friday amid growing concerns that a resurgence of coronavirus cases could stunt the pace of recovery in economies reopening from lockdowns, or even lead to fresh restrictions.
Read more: Hong Kong lashes out at UK’s ‘biased’ remarks
MSCI’s broadest index of Asia-Pacific shares outside Japan slid 1.2 per cent, after a strong run-up in recent weeks. Australian stocks dropped 1.57 per cent, but shares in China erased losses to trade 0.03 per cent higher after Beijing’s pledge to continue with capital market reforms.
In Japan, the Nikkei 225 shed 0.75 per cent, while Hong Kong’s Hang Seng index dropped 1.05 per cent.


cityam--2020-06-12--Zoom to allow Beijing to censor individuals

Video communications platform Zoom has said it is working on technology that will allow the Chinese government to shut out individual users from meetings if they are breaking Communist party rule .
The revelation comes after the US firm was criticised for shutting down a number of meetings organised by dissidents last week to commemorate the anniversary of the Tiananmen Square massacre .
Zoom said in a statement today that its mistake was shutting down the meetings entirely , rather than being able to identify which users in attendance were based in mainland China .
It added that it is @ @ @ @ @ @ @ days that will enable us to remove or block at the participant level based on geography ” — meaning Zoom will soon be able to remove users at the request of local authorities .
Read more : Zoom revenue surges as video conferencing app cashes in on Covid-19 Zoom today admitted to terminating the accounts of four users who hosted such meetings last week at the request of Beijing , causing a wave of claims of censorship and privacy issues .
“ We were notified by the Chinese government about four large , @ @ @ @ @ @ @ that were being publicised on social media… The Chinese government informed us that this activity is illegal in China and demanded that Zoom terminate the meetings and host accounts , ” it said .
Despite being based in California , Zoom operates a number of subsidiaries and a considerable number of staff in China .
Read more : HSBC warns of reprisals in China if UK bans Huawei equipment Internet censorship in China is a long-standing practice , with a firewall having been in place to stop residents using services such as Facebook @ @ @ @ @ @ @ Last night Twitter said it had removed more than 170,000 accounts tied to a Beijing-backed influence operation which deceptively spread messages in favour of the Chinese government , including about coronavirus .
Accounts praised China ’ s response to the virus , while also using the pandemic to antagonise the United States and Hong Kong activists .

Zoom to allow Beijing to censor individuals
Zoom’s shares have grown more than sixfold this year thanks to the pandemic
Video communications platform Zoom has said it is working on technology that will allow the Chinese government to shut out individual users from meetings if Beijing deems them illegal.
The revelation comes after the US firm was criticised for shutting down a number of meetings organised by dissidents last week to commemorate the anniversary of the Tiananmen Square massacre.
Zoom said in a statement today that its mistake was shutting down the meetings entirely, rather than being able to identify which users in attendance were based in mainland China.
It added that it is “developing technology over the next several days that will enable us to remove or block at the participant level based on geography” — meaning Zoom will soon be able to remove users at the request of local authorities.
Zoom today admitted to terminating the accounts of three users who hosted such meetings last week at the request of Beijing, causing a wave of claims of censorship and privacy issues. Those accounts were later reinstated.
“We were notified by the Chinese government about four large, public June 4th commemoration meetings on Zoom that were being publicised on social media… The Chinese government informed us that this activity is illegal in China and demanded that Zoom terminate the meetings and host accounts,” it said.
Despite being based in California, Zoom operates a number of subsidiaries and a considerable number of staff in China.
Internet censorship in China is a long-standing practice, with a firewall having been in place to stop residents using services such as Facebook, Youtube and Twitter since 2008.
Last night Twitter said it had removed more than 170,000 accounts tied to a Beijing-backed influence operation which deceptively spread messages in favour of the Chinese government, including about coronavirus.
Accounts praised China’s response to the virus, while also using the pandemic to antagonise the United States and Hong Kong activists.


cityam--2020-06-12--Uber to make face masks mandatory for all from Monday

Uber has announced that it will be mandatory for all of its passengers and drivers to wear face masks from 15 June .
The measures , which are in line with new public health rules over public transport use , will initially apply to London before a wider rollout across the UK .
Read more : Uber must classify drivers as employees , California rules As part of the initiative , which comes into effect on Monday , both passengers and drivers will be able to cancel a trip without penalty if the other party is not wearing a mask @ @ @ @ @ @ @ online they will be asked to take a selfie to verify they are wearing a face covering using new object recognition technology .
Any driver who is not wearing a face covering will not be able to go online .
Drivers will also be asked to confirm they ’ ve taken additional safety measures such as regularly sanitising their car and washing their hands .
Before the Open : Get the jump on the markets with our early morning newsletter Jamie Heywood , Regional General Manager for Northern and Eastern Europe , Uber @ @ @ @ @ @ @ ’ ve been urging people to stay home , for their safety and the safety of drivers who make essential trips .
“ Now , as cities begin to reopen and people start moving again , we ’ re taking measures to help everyone stay safe and healthy every time they use Uber ” .
He added that Uber would supply its drivers with the necessary PPE .
The face mask plan is the latest of a series of measures Uber has put in place to protect customers and drivers from coronavirus risks @ @ @ @ @ @ @ nearly 7,000 employees as firm seeks to consolidate core activities In May , the ride-hailing firm began trialling cars with plastic partitions in Newcastle , equipping 400 vehicles with the dividers .
It has also distributed more than 1.6m masks to drivers and couriers in the UK , as well as 54,000 units of cleaning spray and hand sanitisers .

Uber to make face masks mandatory for all from Monday
Uber will bring its subscription service Uber One to the UK later this month.
Uber has announced that it will be mandatory for all of its passengers and drivers to wear face masks from 15 June.
The measures, which are in line with new public health rules over public transport use, will initially apply to London before a wider rollout across the UK.
As part of the initiative, which comes into effect on Monday, both passengers and drivers will be able to cancel a trip without penalty if the other party is not wearing a mask.
In London, before drivers go online they will be asked to take a selfie to verify they are wearing a face covering using new object recognition technology.
Any driver who is not wearing a face covering will not be able to go online.
Drivers will also be asked to confirm they’ve taken additional safety measures such as regularly sanitising their car and washing their hands.
Before the Open: Get the jump on the markets with our early morning newsletter
Jamie Heywood, Regional General Manager for Northern and Eastern Europe, Uber, said: “For months we’ve been urging people to stay home, for their safety and the safety of drivers who make essential trips.
“Now, as cities begin to reopen and people start moving again, we’re taking measures to help everyone stay safe and healthy every time they use Uber”.
He added that Uber would supply its drivers with the necessary PPE.
The face mask plan is the latest of a series of measures Uber has put in place to protect customers and drivers from coronavirus risks.
In May, the ride-hailing firm began trialling cars with plastic partitions in Newcastle, equipping 400 vehicles with the dividers.
It has also distributed more than 1.6m masks to drivers and couriers in the UK, as well as 54,000 units of cleaning spray and hand sanitisers.


cityam--2020-06-12--MPs label British Airways a 'national disgrace' over job cuts

MPs have condemned British Airways , calling the embattled carrier a “ national disgrace ” over its plans to make 12,000 of its staff redundant .
In a report from the transport select committee , MPs described the airline ’ s actions as a “ calculated attempt to take advantage of the pandemic to cut 12,000 jobs and to downgrade the terms and conditions of approximately 35,000 employees ” .
Read more : MPs slam British Airways ’ use of furlough amid 12,000 job cuts The report urged airlines not to make job cuts until the government ’ s job @ @ @ @ @ @ @ said that companies should wait to see what the government planned to do to support the restart of the sector , which has been hammered by the coronavirus pandemic .
Committee chair Huw Merriman said that the behaviour of BA and parent company IAG “ fell well below the standards expected from any employer , especially in light of the scale of taxpayer subsidy , at this time of national crisis .
“ It is unacceptable that a company would seek to drive this level of change under the cover of a pandemic @ @ @ @ @ @ @ has already been the subject of an impassioned emergency debate in parliament , while fellow committee member Gavin Newlands has also submitted an emergency bill to try and outlaw controversial “ fire and rehire ” tactics .
In a statement , the airline hit back at the report , saying : “ Mr Merriman made clear several weeks ago that the Transport Select Committee ’ s report would be “ fuelled by the kind and impassioned messages ” he received , rather than the facts .
“ The facts are clear .
The @ @ @ @ @ @ @ sector restart and recover as evidenced by the introduction of the 14 day quarantine regulation .
“ We find ourselves in the deepest crisis ever faced by the airline industry .
A crisis not of our making but one which we must address .
“ We will do everything in our power to ensure that BA can survive and sustain the maximum number of jobs consistent with the new reality of a changed airline industry in a severely weakened global economy ” .
Fellow sector members have been more sympathetic to BA , @ @ @ @ @ @ @ City A.M. : Before the Open : Get the jump on the markets with our early morning newsletter “ I think we have to recognise that those companies in the aviation sector and in many other businesses in the UK are really in survival mode and having to make unpalatable decisions ” Relax quarantine as soon as possible , report finds The report also called for the government to relax its 14-day quarantine rules at the end of June if conditions allow it .
Merriman said : “ It is imperative that the @ @ @ @ @ @ @ aviation back on its feet .
“ We don ’ t believe this fits with a blanket 14-day quarantine period for travellers to the UK .
In today ’ s report , we recommend a more agile response ” .
The quarantine plan has faced a severe backlash from the aviation industry , which warned that it would cripple any recovery and lead to more job cuts .
Yesterday BA , in conjunction with Ryanair and Easyjet , launched legal action against the plan .
The paper also said that the government should @ @ @ @ @ @ @ sector ’ s recovery as soon as possible .
To stimulate demand and protect businesses , the committee recommended a temporary six month suspension of Air Passenger Duty payments and 12 month business rates relief for airlines and airports across the UK , as is currently the case in Scotland .
However , industry body Airlines UK slammed the report , saying it was “ deeply disappointed ” that it did not focus on the challenges to the sector caused by the virus .
Read more : Airlines face £84bn loss in ‘ @ @ @ @ @ @ @ This is the most devastating crisis to hit the industry in its history and a conservative , business-as-usual Whitehall approach to the recovery will not be enough when other countries are pumping billions into supporting their aviation sectors ” , said chief executive Tim Alderslade .
He added that unless the government showed “ more imaginative thinking ” the sector would be relegated to the second tier of global aviation .

MPs label British Airways a ‘national disgrace’ over job cuts
The carrier first raised the prospect of pulling out of Britain’s second biggest airport last year, when the pandemic first struck.
MPs have condemned British Airways, calling the embattled carrier a “national disgrace” over its plans to make 12,000 of its staff redundant.
In a report from the transport select committee, MPs described the airline’s actions as a “calculated attempt to take advantage of the pandemic to cut 12,000 jobs and to downgrade the terms and conditions of approximately 35,000 employees”.
The report urged airlines not to make job cuts until the government’s job retention scheme ends in October.
It said that companies should wait to see what the government planned to do to support the restart of the sector, which has been hammered by the coronavirus pandemic.
Committee chair Huw Merriman said that the behaviour of BA and parent company IAG “fell well below the standards expected from any employer, especially in light of the scale of taxpayer subsidy, at this time of national crisis.
“It is unacceptable that a company would seek to drive this level of change under the cover of a pandemic”.
BA’s redundancy plan has already been the subject of an impassioned emergency debate in parliament, while fellow committee member Gavin Newlands has also submitted an emergency bill to try and outlaw controversial “fire and rehire” tactics.
In a statement, the airline hit back at the report, saying: “Mr Merriman made clear several weeks ago that the Transport Select Committee’s report would be “fuelled by the kind and impassioned messages” he received, rather than the facts.
“The facts are clear. The government has no plans to help the sector restart and recover as evidenced by the introduction of the 14 day quarantine regulation.
“We find ourselves in the deepest crisis ever faced by the airline industry. A crisis not of our making but one which we must address.
“We will do everything in our power to ensure that BA can survive and sustain the maximum number of jobs consistent with the new reality of a changed airline industry in a severely weakened global economy”.
Fellow sector members have been more sympathetic to BA, with Heathrow chief executive John Holland-Kaye telling City A.M.:
Before the Open: Get the jump on the markets with our early morning newsletter
“I think we have to recognise that those companies in the aviation sector and in many other businesses in the UK are really in survival mode and having to make unpalatable decisions”
Relax quarantine as soon as possible, report finds
The report also called for the government to relax its 14-day quarantine rules at the end of June if conditions allow it.
Merriman said: “It is imperative that the UK government finds a way to get aviation back on its feet.
“We don’t believe this fits with a blanket 14-day quarantine period for travellers to the UK. In today’s report, we recommend a more agile response”.
The quarantine plan has faced a severe backlash from the aviation industry, which warned that it would cripple any recovery and lead to more job cuts.
Yesterday BA, in conjunction with Ryanair and Easyjet, launched legal action against the plan.
The paper also said that the government should bring forward a plan to aid the sector’s recovery as soon as possible.
To stimulate demand and protect businesses, the committee recommended a temporary six month suspension of Air Passenger Duty payments and 12 month business rates relief for airlines and airports across the UK, as is currently the case in Scotland.
However, industry body Airlines UK slammed the report, saying it was “deeply disappointed” that it did not focus on the challenges to the sector caused by the virus.
“This is the most devastating crisis to hit the industry in its history and a conservative, business-as-usual Whitehall approach to the recovery will not be enough when other countries are pumping billions into supporting their aviation sectors”, said chief executive Tim Alderslade.
He added that unless the government showed “more imaginative thinking” the sector would be relegated to the second tier of global aviation.


cityam--2020-06-12--Commuters can be fined for not wearing masks, Grant Shapps reveals

Those using public transport without wearing a face covering can be fined and refused permission to board , transport secretary Grant Shapps said today .
Speaking at the government ’ s daily coronavirus briefing , Shapps said he will be taking steps through the Public Health Act this weekend to ensure powers are in place before the ruling comes into effect .
From Monday , it will be mandatory to wear face masks on all public transport , and strongly advised in close spaces such as shops .
They do not have to be surgical masks , and can be @ @ @ @ @ @ @ the government will be undertaking a major marketing campaign surrounding transport locations and on social media to remind people to wear masks .
Meanwhile employers should do whatever they can to ensure staff can work from home , and if they must travel to work , that public transport can be avoided .
The move follows an announcement by Uber this morning that customers who are not wearing face masks will be refused rides .
Read more : Uber to make face masks mandatory for all from Monday Separately , the transport secretary @ @ @ @ @ @ @ greener economic growth as industry gets back on track following the crisis .
Ministers have today launched a Jet Zero council — made up of officials , campaigners and airlines — to promote flights with net zero emissions .
Shapps also reiterated calls for people not to attend protests this weekend , and issued a reminder on the government ’ s existing ban on public gatherings of more than six people .

Commuters can be fined for not wearing masks, Grant Shapps reveals
Those using public transport without wearing a face covering can be fined and refused permission to board, transport secretary Grant Shapps said today.
Speaking at the government’s daily coronavirus briefing, Shapps said he will be taking steps through the Public Health Act this weekend to ensure powers are in place before the ruling comes into effect.
From Monday, it will be mandatory to wear face masks on all public transport, and strongly advised in close spaces such as shops. They do not have to be surgical masks, and can be made at home.
Shapps added that the government will be undertaking a major marketing campaign surrounding transport locations and on social media to remind people to wear masks.
Meanwhile employers should do whatever they can to ensure staff can work from home, and if they must travel to work, that public transport can be avoided.
The move follows an announcement by Uber this morning that customers who are not wearing face masks will be refused rides.
Separately, the transport secretary said it is taking steps to ensure greener economic growth as industry gets back on track following the crisis.
Ministers have today launched a Jet Zero council — made up of officials, campaigners and airlines — to promote flights with net zero emissions.
Shapps also reiterated calls for people not to attend protests this weekend, and issued a reminder on the government’s existing ban on public gatherings of more than six people.


cityam--2020-06-12--FTSE 100 inches into green despite record plunge in UK GDP

The FTSE 100 closed 0.23 per cent up on Friday , having spent most of the session inching higher despite data showing the British economy suffered the largest contraction on record in April .
While the blue-chip managed to shake a four-session decline , it remained on track for its worst weekly drop in around three months .
Cyclical stocks including bankers and insurers , which had been at the centre of Thursday ’ s sell-off , led the FTSE 100 ’ s gains .
Wall Street ’ s main indices rebounded on Friday , recouping around half of the @ @ @ @ @ @ @ but were still on track for their worst week in almost three months as concerns over new coronavirus infections weighed on investor sentiment .
The FTSE 100 inched higher in a volatile session after data showed the UK economy suffered a record contraction in April .
After dropping sharply following the open then hovering close to flat in early trading , the blue-chip index climbed steadily for most of the afternoon before reversing most of the day ’ s gains , ending the session 0.23 per cent up .
The shaky performance follows @ @ @ @ @ @ @ saw the index suffer its largest drop since March with a fall of 3.99 per cent .
The FTSE 100 remained steady after the government “ formally ” confirmed that it will not extend the post-Brexit transition period beyond the end of 2020 .
On Wall Street , the main US indices rebounded following heavy losses on Thursday , but investor sentiment remained subdued amid fears over a second spike in virus cases and concerns over the pandemic ’ s economic impact .
The benchmark S & P 500 was 0.54 per cent @ @ @ @ @ @ @ all major S & P sectors rising .
Technology and financial shares provided the biggest boosts to the index .
Travel stocks put in a strong performance , with Boeing jumping eight per cent , looking to end the week eight per cent lower .
United Airlines Holdings , American Airlines Group , Norwegian Cruise Line Holdings Ltd jumped between 14 per cent and 19 per cent leading gains on the S & P 500 following sharp declines in the previous session .
The S & P 500 is now around nine per @ @ @ @ @ @ @ fallen from around five per cent that level earlier this week .
The Dow was trading 0.77 per cent higher by 4.30pm UK time , while the tech-heavy Nasdaq had risen 0.36 per cent .
“ People are just taking a breather after the outright selling yesterday , like we saw back in the dark days of February and early March , ” said Ryan Giannotto , director of research at Granite Shares .
“ There ’ s always going to be more headlines about coronavirus cases increasing , more tests increasing .
@ @ @ @ @ @ @ , investors and companies are going to have to learn to deal with.
” The FTSE 100 ’ s volatile performance comes after the release of new data showing that UK GDP shrank a record 20.4 per cent in April as the first full month of lockdown hammered the economy .
“ This is a record figure for a monthly fall , and showed weakness across all sectors , ” said Emma Wall , head of investment analysis at Hargreaves Lansdown .
“ The UK will be keeping an eye on other countries @ @ @ @ @ @ @ us in the development of the virus , and those who have started to lift restrictions already to see how successful they have been.
” Before the Open newsletter : Start your day with the City View podcast and key market data Spreadex ’ s Connor Campbell said the FTSE 100 ’ s “ measured ” response to the dire GDP was partly due to the fact that the figures were “ shocking , but not necessarily surprising ” .
“ Investors have received repeat warnings over what to expect , as recent @ @ @ @ @ @ @ ” he added , referring to predictions released earlier this week that the UK would take the largest economic hit among G20 nations from the pandemic .
“ The FTSE , and markets have a whole , have also already taken a hell of a beating this week .
There may simply not be the appetite to send them any lower at the moment , regardless of what the day ’ s data says , ” said Campbell .
Education publisher Pearson led the FTSE 100 ’ s risers , climbing over 11 @ @ @ @ @ @ @ investor Cevian Capital had built up a 5.4 per cent stake in the company .
Cyclical stocks including banks , insurers and energy firms , which lost the most ground during yesterday ’ s sell-off , also performed well .
Read more : Pearson shares rocket as Cevian Capital snaps up stake British Gas-owner Centrica added 8.37 per cent , while miner Anglo American climbed 2.78 per cent .
Airline stocks also put in a strong performance , climbing steadily as British Airways , Ryanair and Easyjet this morning launched legal action challenging @ @ @ @ @ @ @ all incoming travelers to the UK quarantine for 14 days .
Easyjet shares rose as much as 8.26 per cent following the launch of the legal challenge , while British Airways owner IAG climbed over five per cent/ The FTSE 100 ’ s European peers also put in a volatile performance , with Germany ’ s Dax and France ’ s CAC 40 both starting the session firmly negative and then turning positive .
The Dax later flipped negative again , falling as much as 0.52 per cent , while the CAC 40 @ @ @ @ @ @ @ on Friday amid growing concerns that a resurgence of coronavirus cases could stunt the pace of recovery in economies reopening from lockdowns , or even lead to fresh restrictions .
Read more : Hong Kong lashes out at UK ’ s ‘ biased ’ remarks MSCI ’ s broadest index of Asia-Pacific shares outside Japan slid 1.2 per cent , after a strong run-up in recent weeks .
Australian stocks dropped 1.57 per cent , but shares in China erased losses to trade 0.03 per cent higher after Beijing ’ s pledge to @ @ @ @ @ @ @ Japan , the Nikkei 225 shed 0.75 per cent , while Hong Kong ’ s Hang Seng index dropped 1.05 per cent .


cityam--2020-06-12--England's coronavirus 'R' number rises to 0.8 to 1.0 range

The reproduction rate of coronavirus infections in England has risen to 0.8 to 1.0 , slightly higher than the rest of the UK .
For the UK as a whole , the so-called R number remains at 0.7 to 0.9 .
Used by the government to inform decisions on easing lockdown , the R number represents the average number of people that one infected person will pass the virus on to .
An R number above 1.0 can lead very rapidly to exponential growth .
The south west of England remains the worst affected region with an R number of @ @ @ @ @ @ @ a rise in the number of deaths in the UK from coronavirus , increasing by 202 today .
A total of 292,950 people have tested positive so far .
As of 5pm yesterday , of those who had tested positive for coronavirus , 41,481 people have died .
Meanwhile the number of people testing positive for coronavirus is continuing to fall .
Around one in 1,700 people tested positive between 25 May and 7 June , compared to one in 1,000 before then .
It comes as the government prepares to allow non-essential @ @ @ @ @ @ @ with the hospitality industry set to follow on 4 July .
Read more : Which retailers are reopening as the coronavirus lockdown lifts ?
London has been the worst hit part of the UK for deaths , with significantly more deaths per 100,000 people than any other region .
Adjusted for age , nine of the 10 areas with the highest mortality rate in England and Wales were in London .
Brent had the highest rate with 211 deaths per 100,000 people , followed by Newham and Hackney .

England’s coronavirus ‘R’ number rises to 0.8 to 1.0 range
The reproduction rate of coronavirus infections in England has risen to 0.8 to 1.0, slightly higher than the rest of the UK.
For the UK as a whole, the so-called R number remains at 0.7 to 0.9.
Used by the government to inform decisions on easing lockdown, the R number represents the average number of people that one infected person will pass the virus on to. An R number above 1.0 can lead very rapidly to exponential growth.
The south west of England remains the worst affected region with an R number of 0.8 to 1.1.
The news follows a rise in the number of deaths in the UK from coronavirus, increasing by 202 today.
A total of 292,950 people have tested positive so far. As of 5pm yesterday, of those who had tested positive for coronavirus, 41,481 people have died.
Meanwhile the number of people testing positive for coronavirus is continuing to fall. Around one in 1,700 people tested positive between 25 May and 7 June, compared to one in 1,000 before then.
It comes as the government prepares to allow non-essential shops to reopen on 15 June, with the hospitality industry set to follow on 4 July.
London has been the worst hit part of the UK for deaths, with significantly more deaths per 100,000 people than any other region.
Adjusted for age, nine of the 10 areas with the highest mortality rate in England and Wales were in London.
Brent had the highest rate with 211 deaths per 100,000 people, followed by Newham and Hackney.


cityam--2020-06-12--Black Lives Matter unveils Westminster billboard to highlight ‘scale of racism’ in UK

Black Lives Matter has unveiled a huge billboard in central London in an attempt to “ expose the scale of UK racism ” .
Activists from the group ’ s UK operation joined anti-racism campaigners this afternoon to erect the poster on 91 Westminster Bridge Road .
Read more : Churchill statue and the Cenotaph : London monuments boarded up ahead of protests The billboard , which reads “ I can ’ t breath ” , echoes the last words of George Floyd , an unarmed black man whose killing by a US police officer has sparked worldwide protests .
@ @ @ @ @ @ @ names of more than 3,000 people who have either died in police custody or as a result of racist violence in the UK .
A spokesperson said : “ This billboard is a tragic reminder of the violence and neglect caused by state violence — but the communities affected are saying no.
” “ We will say the names of those we have lost , but make demands for change to ensure they did not die in vain.
” The billboard also featured names of people from minority ethnic backgrounds who have died @ @ @ @ @ @ @ Belly Mujinga .
It comes as Branches of the Black Lives Matter group have attempted to distance themselves from protests in recent weeks , choosing instead to commemorate those lost to racist violence .
BLM UK , the movement ’ s British arm , last week tweeted that it is “ currently not calling protests due to the life-threatening reality of the pandemic ” .
Read more : Black Lives Matter : Which business leaders have spoken out after George Floyd ’ s death ?
Black Lives Matters protests planned for the weekend @ @ @ @ @ @ @ amid fears they could descend into violence .
Prime Minister Boris Johnson said plans for peaceful protest had been “ hijacked ” by right-wing extremists , and urged the public not to take part .

Black Lives Matter unveils Westminster billboard to highlight ‘scale of racism’ in UK
Black Lives Matter has unveiled a huge billboard in central London in an attempt to “expose the scale of UK racism”.
Activists from the group’s UK operation joined anti-racism campaigners this afternoon to erect the poster on 91 Westminster Bridge Road.
The billboard, which reads “I can’t breath”, echoes the last words of George Floyd, an unarmed black man whose killing by a US police officer has sparked worldwide protests.
The letters are made up of the names of more than 3,000 people who have either died in police custody or as a result of racist violence in the UK.
A spokesperson said: “This billboard is a tragic reminder of the violence and neglect caused by state violence — but the communities affected are saying no.”
“We will say the names of those we have lost, but make demands for change to ensure they did not die in vain.”
The billboard also featured names of people from minority ethnic backgrounds who have died from coronavirus, including Victoria Station worker Belly Mujinga.
It comes as Branches of the Black Lives Matter group have attempted to distance themselves from protests in recent weeks, choosing instead to commemorate those lost to racist violence.
BLM UK, the movement’s British arm, last week tweeted that it is “currently not calling protests due to the life-threatening reality of the pandemic”.
Black Lives Matters protests planned for the weekend were called off by official organisers today amid fears they could descend into violence.
Prime Minister Boris Johnson said plans for peaceful protest had been “hijacked” by right-wing extremists, and urged the public not to take part.


cityam--2020-06-12--Executive at League of Legends creator resigns over George Floyd post

A top executive at the games giant behind the successful online multiplayer League of Legends has stepped down over a Facebook post he wrote about the death of George Floyd .
Ron Johnson , who was global head of consumer products at Riot Games , posted a meme which featured the criminal history of Floyd , who was killed by a police officer in Minneapolis .
“ This is no reason to condone his killing by the officer at all , which still needs to be investigated as a potential crime , ” Johnson wrote in the post .
“ @ @ @ @ @ @ @ ( and your kids ) to teach that this type of criminal lifestyle never results in good things happening to you or those around you.
” Read more : Black Lives Matter : Which business leaders have spoken out after George Floyd ’ s death ?
In a statement to the media Riot Games said it found the content of Johnson ’ s post “ abhorrent ” , adding that it “ runs directly counter to our values and our belief that addressing systemic racism requires immediate societal change ” .
The Californian @ @ @ @ @ @ @ shooter game Valorant , had earlier this week committed $ 1m to finding long-term solutions to the issue of racism and $ 10m in investments in underrepresented founders .
Johnson ’ s post also alleged Floyd was under the influence of methamphetmines at the time of his arrest , and was “ getting ready to drive a car and possibly kill your kid ” .
Floyd ’ s death has sparked protests across the world in support of the Black Lives Matter movement , while the police officer responsible for his killing has @ @ @ @ @ @ @ more : Boris Johnson urges public to avoid ‘ hijacked ’ London protests and defends Churchill statue Protests are set to continue this weekend in London despite organisers attempting to delay the event due to receiving threats from far-right groups .
Riot Games is understood to have placed Johnson on leave on Wednesday while it conducted an investigation , before allowing him to resign last night .

Executive at League of Legends creator resigns over George Floyd post
Credit: Riot Games
A top executive at the games giant behind the successful online multiplayer League of Legends has stepped down over a Facebook post he wrote about the death of George Floyd.
Ron Johnson, who was global head of consumer products at Riot Games, posted a meme which featured the criminal history of Floyd, who was killed by a police officer in Minneapolis.
“This is no reason to condone his killing by the officer at all, which still needs to be investigated as a potential crime,” Johnson wrote in the post. “It is a learning opportunity for people (and your kids) to teach that this type of criminal lifestyle never results in good things happening to you or those around you.”
In a statement to the media Riot Games said it found the content of Johnson’s post “abhorrent”, adding that it “runs directly counter to our values and our belief that addressing systemic racism requires immediate societal change”.
The Californian firm, which also created the first-person shooter game Valorant, had earlier this week committed $1m to finding long-term solutions to the issue of racism and $10m in investments in underrepresented founders.
Johnson’s post also alleged Floyd was under the influence of methamphetmines at the time of his arrest, and was “getting ready to drive a car and possibly kill your kid”.
Floyd’s death has sparked protests across the world in support of the Black Lives Matter movement, while the police officer responsible for his killing has been charged with second-degree murder.
Protests are set to continue this weekend in London despite organisers attempting to delay the event due to receiving threats from far-right groups.
Riot Games is understood to have placed Johnson on leave on Wednesday while it conducted an investigation, before allowing him to resign last night.


cityam--2020-06-12--We must be ready for further stimulus, says Bank of England’s Andrew Bailey

The Bank of England and other policymakers must be ready to take further action to help the UK ’ s economy because of the risk of the coronavirus shutdown causing long-term damage , governor Andrew Bailey has said .
“ We are still very much in the midst of this , ” Bailey told broadcasters today .
His comments come after new data showed the UK ’ s economic output tumbled over 20 per cent in April , suffering the largest drop since records began in 1997 as the coronavirus lockdown brought many sections of the economy virtually to a @ @ @ @ @ @ @ shrinks 20 per cent in April lockdown in worst ever month “ We hope that will be as small as possible but we have to be ready and ready to take action , not just the Bank of England but more broadly , on what we can do to offset those longer term damaging effects , ” Bailey said .
While the fall in April – when the economy spent a full month under lockdown – was dramatic , the big question was how much long-term damage this would inflict on Britain ’ @ @ @ @ @ @ @ the Open newsletter : Start your day with the City View podcast and key market data Bailey said the record drop in GDP was close to the central bank ’ s expectation for the month , and reiterated his view that some early signs of economic recovery have emerged since then .
The Band of England is expected to announce an expansion of at least £100bn in its bond-buying firepower when its Monetary Policy Committee meets next week in order to limit the damage caused to the economy by the Covid-19 pandemic .
@ @ @ @ @ @ @ bulk of the record £200bn expansion to its asset-buying programme , which was launched in March .
While the BoE has reduced interest rates to an all-time low of 0.1 per cent in a bid to mitigate the economic impact of the virus , it has not been willing to follow other central banks in setting negative rates .
Read more : Markets live : FTSE 100 inches higher despite record plunge in UK GDP This decision means that the Bank ’ s main tool for combatting the coronavirus-induced recession is its bond-buying @ @ @ @ @ @ @ Bailey said the recession triggered by the pandemic will be “ different ” to others .
“ If there is any such thing as a normal recession… this one will be different .
There will be elements of a faster recovery , because the first stage of the recovery is literally lifting restrictions and allowing people to go out , ” Bailey said at a panel hosted by the World Economic Forum .

We must be ready for further stimulus, says Bank of England’s Andrew Bailey
BoE governor Andrew Bailey said we are ‘still very much in the midst’ of the crisis
The Bank of England and other policymakers must be ready to take further action to help the UK’s economy because of the risk of the coronavirus shutdown causing long-term damage, governor Andrew Bailey has said.
“We are still very much in the midst of this,” Bailey told broadcasters today.
His comments come after new data showed the UK’s economic output tumbled over 20 per cent in April, suffering the largest drop since records began in 1997 as the coronavirus lockdown brought many sections of the economy virtually to a halt.
“We hope that will be as small as possible but we have to be ready and ready to take action, not just the Bank of England but more broadly, on what we can do to offset those longer term damaging effects,” Bailey said.
While the fall in April – when the economy spent a full month under lockdown – was dramatic, the big question was how much long-term damage this would inflict on Britain’s economy, he said.
Before the Open newsletter: Start your day with the City View podcast and key market data
Bailey said the record drop in GDP was close to the central bank’s expectation for the month, and reiterated his view that some early signs of economic recovery have emerged since then.
The Band of England is expected to announce an expansion of at least £100bn in its bond-buying firepower when its Monetary Policy Committee meets next week in order to limit the damage caused to the economy by the Covid-19 pandemic.
The central bank has already spent the bulk of the record £200bn expansion to its asset-buying programme, which was launched in March.
While the BoE has reduced interest rates to an all-time low of 0.1 per cent in a bid to mitigate the economic impact of the virus, it has not been willing to follow other central banks in setting negative rates.
This decision means that the Bank’s main tool for combatting the coronavirus-induced recession is its bond-buying programme.
Speaking earlier this week, Bailey said the recession triggered by the pandemic will be “different” to others.
“If there is any such thing as a normal recession… this one will be different. There will be elements of a faster recovery, because the first stage of the recovery is literally lifting restrictions and allowing people to go out,” Bailey said at a panel hosted by the World Economic Forum.


cityam--2020-06-12--Ex-chancellor George Osborne quits as Evening Standard editor after three years

George Osborne is to step down as editor of the Evening Standard after three years in the role , it was announced today .
The former chancellor of the exchequer said : “ After three wonderful years I ’ m stepping down at the Evening Standard to become editor-in-chief .
Thanks to the team who ’ ve made the paper a must read and helped me steer it through the greatest crisis in its history.
” Read more : News UK set to cut jobs in radio and newspaper Osborne , who took on the job in March 2017 , @ @ @ @ @ @ @ Emily Sheffield .
Sheffield is the sister of Samantha Cameron , the wife of former Prime Minister David Cameron .
Osborne served as chancellor of the exchequer under Cameron , and left government in 2016 following the Brexit referendum .
He stood down as MP for Tatton in Cheshire in 2017 .
Evgeny Lebedev , owner of The Evening Standard , said : “ I am delighted to announce the appointment of Emily Sheffield as editor of the Evening Standard.
” “ The last few months have been a very tough time for @ @ @ @ @ @ @ But we look forward to a bright future with a brilliant new editor.
” Sheffield spent five years at the Evening Standard under editor Max Hastings , before becoming the deputy editor of British Vogue in 2005 .
She returned to the London paper as a columnist in 2018 .
It comes as the newspaper industry continues to feel the weight of the coronavirus crisis .
Prior to the lockdown , the Evening Standard ’ s circulation averaged 800,000 daily copies .
Readership fell 11 per cent in April as the UK entered @ @ @ @ @ @ @ have dipped further since .
BBC media editor Amol Rajan took to Twitter to suggest that the paper ’ s “ print title will continue for now but its future is uncertain ” .
Rajan added : “ As an ad-funded title reliant on footfall , [ the ] Standard has been devastated by the pandemic.
” Osborne shrugged off claims that his departure signalled warning signs for the paper .
He said : “ Could the paper that survived the Blitz keep going when our streets were locked down ?
The answer @ @ @ @ @ @ @ newspapers to lose £50m as advertisers ‘ blacklist ’ coronavirus “ Together we ’ ve kept the Evening Standard alive in its own darkest hour and produced some of our finest journalism .
That ’ s a legacy I ’ m very proud to be part of.
” Osborne ’ s new role as editor-in-chief will be more managerial , City A.M. Alongside his role at the Evening Standard , Osborne is chair of Northern Powerhouse Partnership , an independent body representing Northern businesses .
He also earns a £650,000 salary as an @ @ @ @ @ @ @ the Open : Get the jump on the markets with our early morning newsletter

Ex-chancellor George Osborne quits as Evening Standard editor after three years
George Osborne is to step down as editor of the Evening Standard after three years in the role, it was announced today.
The former chancellor of the exchequer said: “After three wonderful years I’m stepping down at the Evening Standard to become editor-in-chief. Thanks to the team who’ve made the paper a must read and helped me steer it through the greatest crisis in its history.”
Osborne, who took on the job in March 2017, will be replaced by Evening Standard columnist Emily Sheffield. Sheffield is the sister of Samantha Cameron, the wife of former Prime Minister David Cameron.
Osborne served as chancellor of the exchequer under Cameron, and left government in 2016 following the Brexit referendum. He stood down as MP for Tatton in Cheshire in 2017.
Evgeny Lebedev, owner of The Evening Standard, said: “I am delighted to announce the appointment of Emily Sheffield as editor of the Evening Standard.”
“The last few months have been a very tough time for this city and for this paper. But we look forward to a bright future with a brilliant new editor.”
Sheffield spent five years at the Evening Standard under editor Max Hastings, before becoming the deputy editor of British Vogue in 2005. She returned to the London paper as a columnist in 2018.
It comes as the newspaper industry continues to feel the weight of the coronavirus crisis. Prior to the lockdown, the Evening Standard’s circulation averaged 800,000 daily copies. Readership fell 11 per cent in April as the UK entered lockdown, and circulation is expected to have dipped further since.
BBC media editor Amol Rajan took to Twitter to suggest that the paper’s “print title will continue for now but its future is uncertain”. Rajan added: “As an ad-funded title reliant on footfall, [the] Standard has been devastated by the pandemic.”
Sheffield responded:
Dear Amol Rajan. The newspaper remains a core element to this outstanding legacy news organisation. It has survived this crisis and it will survive many more.
Osborne shrugged off claims that his departure signalled warning signs for the paper. He said: “Could the paper that survived the Blitz keep going when our streets were locked down? The answer was yes.”
“Together we’ve kept the Evening Standard alive in its own darkest hour and produced some of our finest journalism. That’s a legacy I’m very proud to be part of.”
Osborne’s new role as editor-in-chief will be more managerial, City A.M. Alongside his role at the Evening Standard, Osborne is chair of Northern Powerhouse Partnership, an independent body representing Northern businesses. He also earns a £650,000 salary as an advisor for investment firm Blackrock.
Before the Open: Get the jump on the markets with our early morning newsletter