cityam--2020-06-05--BBC appoints Tim Davie as new director general

The BBC has named Tim Davie as its new director general , bringing to an end months of speculation over the successor to outgoing boss Tony Hall .
Davie , who is currently chief executive of BBC Studios , will take up the role in September .
Read more : Coronavirus : BBC calls for right to publish news directly on Whatsapp Davie is one of the corporation ’ s longest-serving executives and stepped in as acting director general following the resignation of George Entwistle in 2012 .
“ Tim has a strong track record as the chief executive of @ @ @ @ @ @ @ most respected names in the industry , ” said BBC chairman Sir David Clementi .
“ We know that the industry is undergoing unprecedented change and the organisation faces significant challenges as well as opportunities .
I am confident that Tim is the right person to lead the BBC as it continues to reform and change.
” In January Tony Hall announced he was stepping down as director general after seven years in the role .
The shock announcement sparked fierce speculation over Hall ’ s successor for arguably the most prestigious job @ @ @ @ @ @ @ as the favourite for the position as the corporation ’ s 17th director general .
He fended off competition from the BBC ’ s head of content Charlotte Moore and Will Lewis , former publisher of the Wall Street Journal .
Amazon ’ s UK boss Douglas Gurr was also reportedly in the running .
Davie ’ s appointment comes at a crucial time for the BBC , which has been grappling with a decline in viewer figures , especially among young audiences , as well as political pressure over the licence fee @ @ @ @ @ @ @ has since sparked fresh challenges for the public service broadcaster ’ s new boss .
While the BBC has enjoyed booming demand for its services since the start of the health crisis , it is also now battling a £125m hole in its finances on top of previously announced cost-cutting measures .
Read more : BBC Three could return as on-air channel after Normal People and Fleabag success “ This has been a critical time for the UK and these past few months have shown just how much the BBC matters to people @ @ @ @ @ @ @ .
“ Our mission has never been more relevant , important or necessary .
I have a deep commitment to content of the highest quality and impartiality .
“ Looking forward , we will need to accelerate change so that we serve all our audiences in this fast-moving world .
Much great work has been done , but we will continue to reform , make clear choices and stay relevant .
”

BBC appoints Tim Davie as new director general
The BBC has named Tim Davie as its new director general, bringing to an end months of speculation over the successor to outgoing boss Tony Hall.
Davie, who is currently chief executive of BBC Studios, will take up the role in September.
Davie is one of the corporation’s longest-serving executives and stepped in as acting director general following the resignation of George Entwistle in 2012.
“Tim has a strong track record as the chief executive of BBC Studios and is one of the most respected names in the industry,” said BBC chairman Sir David Clementi.
“We know that the industry is undergoing unprecedented change and the organisation faces significant challenges as well as opportunities. I am confident that Tim is the right person to lead the BBC as it continues to reform and change.”
In January Tony Hall announced he was stepping down as director general after seven years in the role.
The shock announcement sparked fierce speculation over Hall’s successor for arguably the most prestigious job in British media.
Davie was long-tipped as the favourite for the position as the corporation’s 17th director general.
He fended off competition from the BBC’s head of content Charlotte Moore and Will Lewis, former publisher of the Wall Street Journal.
Amazon’s UK boss Douglas Gurr was also reportedly in the running.
Davie’s appointment comes at a crucial time for the BBC, which has been grappling with a decline in viewer figures, especially among young audiences, as well as political pressure over the licence fee system.
However, the Covid-19 crisis has since sparked fresh challenges for the public service broadcaster’s new boss.
While the BBC has enjoyed booming demand for its services since the start of the health crisis, it is also now battling a £125m hole in its finances on top of previously announced cost-cutting measures.
“This has been a critical time for the UK and these past few months have shown just how much the BBC matters to people,” Davie said in a statement.
“Our mission has never been more relevant, important or necessary. I have a deep commitment to content of the highest quality and impartiality.
“Looking forward, we will need to accelerate change so that we serve all our audiences in this fast-moving world. Much great work has been done, but we will continue to reform, make clear choices and stay relevant.”


cityam--2020-06-05--WTO deputy director says crisis could lead to greater trade liberalisation

One of the heads of the World Trade Organisation ( WTO ) has said the coronavirus crisis could lead to greater unilateral trade liberalisation .
WTO deputy director general Alan Wolff said he was hopeful the crisis could spur countries on to drop trade tariffs as has happened after several economic crashes over the past century .
Read more : ‘ No significant progress ’ in latest round of UK-EU Brexit trade talks The coronavirus outbreak came in the middle of a damaging trade war between the US and China , which has seen Donald Trump place tariffs on almost @ @ @ @ @ @ @ China retaliated by slapping tariffs on more than $ 100bn worth of American imports .
Some have also speculated that the pandemic could lead to countries adopting more protectionist stances , after the virus managed to spread to the furthest reaches of the globe .
However , Wolff told Wesminster ’ s international trade committee today that historically economic crises have often led to closer global trading partnerships .
Before the Open newsletter : Start your day with the City View podcast and key market data He cited the Great Depression , and @ @ @ @ @ @ @ as examples .
“ So crises have often led , at least we have examples , of major times where a crisis has led to a better place , to international agreement , ” Wolff said .
“ Can we get this out of Covid-19 ?
It ’ s difficult under current circumstances , but the world needs to recover and the world economy needs to recover .
“ Is there anything we could do to boost that ?
Tariffs could be lowered.
” Read more : City calls for financial services not @ @ @ @ @ @ @ Wolff ’ s comments come as the UK and EU today both said that little progress was made in the latest round of Brexit trade negotiations .
UK negotiators have said they need to see a deal is possible before autumn , or they will walk away and prepare tto leave he transition period without a deal on 31 December .

WTO deputy director says crisis could lead to greater trade liberalisation
One of the heads of the World Trade Organisation (WTO) has said the coronavirus crisis could lead to greater unilateral trade liberalisation.
WTO deputy director general Alan Wolff said he was hopeful the crisis could spur countries on to drop trade tariffs as has happened after several economic crashes over the past century.
The coronavirus outbreak came in the middle of a damaging trade war between the US and China, which has seen Donald Trump place tariffs on almost $400bn worth of Chinese goods.
China retaliated by slapping tariffs on more than $100bn worth of American imports.
Some have also speculated that the pandemic could lead to countries adopting more protectionist stances, after the virus managed to spread to the furthest reaches of the globe.
However, Wolff told Wesminster’s international trade committee today that historically economic crises have often led to closer global trading partnerships.
Before the Open newsletter: Start your day with the City View podcast and key market data
He cited the Great Depression, and the 1971 and 1985 exchange rate crises as examples.
“So crises have often led, at least we have examples, of major times where a crisis has led to a better place, to international agreement,” Wolff said.
“Can we get this out of Covid-19? It’s difficult under current circumstances, but the world needs to recover and the world economy needs to recover.
“Is there anything we could do to boost that? Tariffs could be lowered.”
Wolff’s comments come as the UK and EU today both said that little progress was made in the latest round of Brexit trade negotiations.
UK negotiators have said they need to see a deal is possible before autumn, or they will walk away and prepare tto leave he transition period without a deal on 31 December.


cityam--2020-06-05--Face coverings mandatory for all England hospital visitors from 15 June

It will be mandatory for all hospital visitors and outpatients in England to wear face coverings from 15 June , while all hospital staff will be required to wear surgical face masks .
The change was announced today , after the government made face coverings mandatory on all English public transport networks yesterday .
Read more : Sadiq Khan calls for compulsory face coverings in all stores Health secretary Matt Hancock made the announcement today at the daily press briefing , while also confirming that the UK ’ s official coronavirus death toll has surpassed 40,000 , after a further @ @ @ @ @ @ @ the NHS reopens right across the country , it ’ s critically important to stop the spread amongst staff patients and visitors too , ” he said .
“ One of the things we ’ ve learned is those in hospital , those who are working in hospital , are more likely to catch coronavirus whether they work in a clinical setting or not .
“ So to offer even greater protection we ’ re also providing new guidance for NHS staff in England , which will come into force , again , @ @ @ @ @ @ @ hospital staff will be required to wear type-one or two surgical masks.
” Transport secretary Grant Shapps said anyone without a face covering will not be allowed to travel on any of England ’ s public transport and that fines would be given out for non-compliance .
However , he said that coverings would not be necessary for other spaces such as shops .
Mayor of London Sadiq Khan said today that the government ’ s advice did not go far enough as non-essential retail shops get ready to open on 15 June @ @ @ @ @ @ @ Khan said : “ Why not also make [ face coverings ] mandatory particularly in those confined spaces – public transport is one , shops are another – where you may inadvertently pass the virus on or inadvertently catch it ?
“ Why not err on the side of caution ?
”

Face coverings mandatory for all England hospital visitors from 15 June
It will be mandatory for all hospital visitors and outpatients in England to wear face coverings from 15 June, while all hospital staff will be required to wear surgical face masks.
The change was announced today, after the government made face coverings mandatory on all English public transport networks yesterday.
Health secretary Matt Hancock made the announcement today at the daily press briefing, while also confirming that the UK’s official coronavirus death toll has surpassed 40,000, after a further 357 people died yesterday.
“As the NHS reopens right across the country, it’s critically important to stop the spread amongst staff patients and visitors too,” he said.
“One of the things we’ve learned is those in hospital, those who are working in hospital, are more likely to catch coronavirus whether they work in a clinical setting or not.
“So to offer even greater protection we’re also providing new guidance for NHS staff in England, which will come into force, again, from June 15.
“And all hospital staff will be required to wear type-one or two surgical masks.”
Transport secretary Grant Shapps said anyone without a face covering will not be allowed to travel on any of England’s public transport and that fines would be given out for non-compliance.
However, he said that coverings would not be necessary for other spaces such as shops.
Mayor of London Sadiq Khan said today that the government’s advice did not go far enough as non-essential retail shops get ready to open on 15 June.
Speaking to the BBC today, Khan said: “Why not also make [face coverings] mandatory particularly in those confined spaces – public transport is one, shops are another – where you may inadvertently pass the virus on or inadvertently catch it?
“Why not err on the side of caution?”


cityam--2020-06-05--UK coronavirus death toll passes 40,000

UK coronavirus death toll passes 40,000

The official UK coronavirus death toll today rose past 40,000 after 357 more deaths were recorded .
As of 5pm yesterday , 40,261 people have died from the disease , according to the Department of Health and Social Care .
Read more : Number of new coronavirus cases in the UK has halved The figures showed that just over 5.2m tests have now been carried out , with 283,311 people testing positive for the virus .
The data includes deaths in hospitals , care homes and the wider community .
However , the true number is likely to be much @ @ @ @ @ @ @ for National Statistics ( ONS ) suggesting the death toll has now passed 50,000 .
But while the death toll continues to mount , the number of new coronavirus cases is in decline .
An ONS survey released this morning estimated that 0.1 per cent of the British population was estimated to have had Covid-19 at any given time between 17 and 30 May , equating to an average of 53,000 people .
This is less than half the 133,000 figure recorded in the previous two-week period .
Nevertheless , the latest government @ @ @ @ @ @ @ as R — had risen to between 0.7 and 1 following the easing of lockdown measures .
A sustained and consistent fall in daily deaths and a sufficiently low R number are both key to the government ’ s plan for lifting restrictions .

UK coronavirus death toll passes 40,000
The official UK coronavirus death toll today rose past 40,000 after 357 more deaths were recorded.
As of 5pm yesterday, 40,261 people have died from the disease, according to the Department of Health and Social Care.
The figures showed that just over 5.2m tests have now been carried out, with 283,311 people testing positive for the virus.
The data includes deaths in hospitals, care homes and the wider community.
However, the true number is likely to be much higher, with figures from the Office for National Statistics (ONS) suggesting the death toll has now passed 50,000.
But while the death toll continues to mount, the number of new coronavirus cases is in decline.
An ONS survey released this morning estimated that 0.1 per cent of the British population was estimated to have had Covid-19 at any given time between 17 and 30 May, equating to an average of 53,000 people.
This is less than half the 133,000 figure recorded in the previous two-week period.
Nevertheless, the latest government estimates showed the infection rate — known as R — had risen to between 0.7 and 1 following the easing of lockdown measures.
A sustained and consistent fall in daily deaths and a sufficiently low R number are both key to the government’s plan for lifting restrictions.


cityam--2020-06-05--Gap reports $932m quarterly loss due to coronavirus closures

Gap this morning reported a quarterly loss of almost $ 1bn after the clothing retailer was forced to close its stores during the coronavirus pandemic .
The US retail giant reported a net loss of $ 932m , or $ 2.51 per share , in the three months to 2 May , including a $ 484m writedown on store and operating lease assets and a $ 235m charge on excess inventory .
Read more : Appointment times and NHS discounts : How retailers plan to lure shoppers back after lockdown The company , which owns the Gap , Banana Republic @ @ @ @ @ @ @ said sales in the first quarter were down 43 per cent due to coronavirus-related store closures .
Around 90 per cent of Gap ’ s stores around the world suffered temporary closures during the outbreak , although more than 1,500 North American stores have since reopened .
Gap chief executive Sonia Syngal said : “ Today we have more than 1,500 stores open in North America , ahead of plan , and as stay at home restrictions ease in many markets , we expect to have the vast majority of our North American @ @ @ @ @ @ @ are optimistic that the actions we ’ ve taken will provide a stable foundation as we navigate near-term uncertainty and refashion Gap for long-term growth.
” “ While we are pleased that store traffic and productivity is exceeding expectations , particularly at Old Navy and Athleta , we continue to plan conservatively as significant uncertainty remains ahead , ” said finance chief Katrina O ’ Connell .
“ We intend to lean into our best-in-class supply chain and advantaged omni-channel capabilities to respond as customer demand becomes clearer .
”

Gap reports $932m quarterly loss due to coronavirus closures
Gap will close 19 of its stores, while the remainder of UK and Ireland stores remain under review.
Gap this morning reported a quarterly loss of almost $1bn after the clothing retailer was forced to close its stores during the coronavirus pandemic.
The US retail giant reported a net loss of $932m, or $2.51 per share, in the three months to 2 May, including a $484m writedown on store and operating lease assets and a $235m charge on excess inventory.
The company, which owns the Gap, Banana Republic, Old Navy and Athleta brands, said sales in the first quarter were down 43 per cent due to coronavirus-related store closures.
Around 90 per cent of Gap’s stores around the world suffered temporary closures during the outbreak, although more than 1,500 North American stores have since reopened.
Gap chief executive Sonia Syngal said: “Today we have more than 1,500 stores open in North America, ahead of plan, and as stay at home restrictions ease in many markets, we expect to have the vast majority of our North American stores re-opened in June.
“We are optimistic that the actions we’ve taken will provide a stable foundation as we navigate near-term uncertainty and refashion Gap for long-term growth.”
“While we are pleased that store traffic and productivity is exceeding expectations, particularly at Old Navy and Athleta, we continue to plan conservatively as significant uncertainty remains ahead,” said finance chief Katrina O’Connell.
“We intend to lean into our best-in-class supply chain and advantaged omni-channel capabilities to respond as customer demand becomes clearer.”


cityam--2020-06-05--FTSE 100 jumps as investors cheer surprise US jobs figures

The FTSE 100 has jumped as investors go into the weekend in a joyous mood after the US economy added 2.5m jobs in May and the European Central Bank ( ECB ) ramped up its stimulus measures .
The blue-chip index was up two per cent at 6,468 points in afternoon trading .
It put the FTSE 100 on track for a huge gain of more than five per cent this week .
Read more : ‘ Mind-blowing ’ : US economy adds 2.5m jobs as states reopen Wall Street ’ s Dow Jones index rocketed 2.7 per cent higher @ @ @ @ @ @ @ the jobs numbers .
The S & P 500 was up 2.2 per cent and the Nasdaq had climbed 1.6 per cent .
European markets moved even higher , having been lifted by more stimulus from the Eurozone ’ s central bank .
Germany ’ s Dax jumped three per cent and France ’ s CAC 40 surged 3.4 per cent .
The US unemployment rate fell to 13.3 per cent in May , figures showed today .
This confounded analysts who were expecting a surge to almost 20 per cent .
It @ @ @ @ @ @ @ .
European stocks were boosted by further stimulus from the ECB yesterday .
The Bank added €600bn ( £560bn ) to its bond-buying programme , taking it to a colossal €1.35 trillion .
The jobs figures , which showed 2.5m Americans found work last month , astounded analysts .
The consensus prediction was for another surge in unemployment .
Naeem Aslam , chief market analyst at trading platform Avatrade , said : “ This is a mind-blowing number and shows that the economy is improving .
Things are not as bad as many @ @ @ @ @ @ @ investment at wealth manager Close Brothers Asset Management , said : “ From a political standpoint the White House will see these job numbers as a welcome distraction from the recent US-wide protests.
” Demonstrators have been on the streets for more than a week to protest the police killing of black man George Floyd .
Yet Melanie Baker , senior economist at Royal London Asset Management , said economic stimulus is still needed .
She said the unemployment rate , which remains at its highest since the 1930s , is “ awful @ @ @ @ @ @ @ still very much needed… and payrolls are still a long way below pre-crisis levels.
” Before the Open : Get the jump on the markets with our early morning newsletter Investors heartily welcomed the figures .
Travel firms led the rally in US stocks on the Dow Jones , just as they did on the FTSE 100 , as countries drew up plans to reopen their borders .
American Airlines surged 25 per cent .
United Airlines and cruise firm Carnival both jumped more than 17 per cent .
On the FTSE 100 @ @ @ @ @ @ @ early days of the recent rally continued to outperform .
Travel firms in particular did well .
British Airways-owner IAG surged 12 per cent .
Cruise firm Carnival jumped 17 per cent while airline Easyjet rose seven per cent .
The rally in travel stocks came after European countries such as Turkey , Greece , Spain and Portugal said they were keen to open “ travel corridors ” to the UK .
Luca Paolini at Pictet Asset Management : “ We have raised exposure to a number of cyclical sectors that have been @ @ @ @ @ @ @ ” Yet Paolini expressed doubt about the rally , with FTSE 100 having surged almost 30 per cent since late March .
Read more : UK quarantine : Boris Johnson says UK will ‘ certainly develop ’ air bridges “ The stock market ’ s extraordinarily strong rebound is out of step with economic reality , ” he said .
“ Globally , central banks ’ monetary stimulus has boosted nearly all fixed income sectors , ” he added .
“ But some now look expensive and we need to be discerning.
” @ @ @ @ @ @ @ halted its recent fall .
It rose strongly amid the better-than-expected jobs numbers , climbing 0.3 per cent on an index .
Nonetheless , the pound surged along with the FTSE 100 .
It was up 0.7 per cent against the dollar at $ 1.268 .
“ The dollar got its groove back against the euro and yen following the surprisingly strong nonfarm payroll report , ” said Edward Moya , senior market analyst at currency firm Oanda .
Oil prices jumped .
WTI crude , the US benchmark , climbed 4.5 per @ @ @ @ @ @ @ Brent crude rose 5.1 per cent to $ 42 per barrel .
Read more : Oil prices top $ 40 for first time in three months ahead of Opec meeting Moya said : “ The economic recovery is already happening and that could do wonders for crude consumption.
” “ Earlier crude was climbing higher after Opec+ signaled everyone is on board with extending supply quotas .
”

FTSE 100 jumps as investors cheer surprise US jobs figures
The UK is easing its coronavirus lockdown, with investors hoping it will stir the economy
The FTSE 100 has jumped as investors go into the weekend in a joyous mood after the US economy added 2.5m jobs in May and the European Central Bank (ECB) ramped up its stimulus measures.
The blue-chip index was up two per cent at 6,468 points in afternoon trading. It put the FTSE 100 on track for a huge gain of more than five per cent this week.
Wall Street’s Dow Jones index rocketed 2.7 per cent higher in early trading in the wake of the jobs numbers. The S&P 500 was up 2.2 per cent and the Nasdaq had climbed 1.6 per cent.
European markets moved even higher, having been lifted by more stimulus from the Eurozone’s central bank. Germany’s Dax jumped three per cent and France’s CAC 40 surged 3.4 per cent.
The US unemployment rate fell to 13.3 per cent in May, figures showed today. This confounded analysts who were expecting a surge to almost 20 per cent. It stood at 14.7 per cent in April.
European stocks were boosted by further stimulus from the ECB yesterday. The Bank added €600bn (£560bn) to its bond-buying programme, taking it to a colossal €1.35 trillion.
Shock US jobs number lead to stock market rally
The jobs figures, which showed 2.5m Americans found work last month, astounded analysts. The consensus prediction was for another surge in unemployment.
Naeem Aslam, chief market analyst at trading platform Avatrade, said: “This is a mind-blowing number and shows that the economy is improving. Things are not as bad as many thought.”
Robert Alster, head of investment at wealth manager Close Brothers Asset Management, said: “From a political standpoint the White House will see these job numbers as a welcome distraction from the recent US-wide protests.”
Demonstrators have been on the streets for more than a week to protest the police killing of black man George Floyd.
Yet Melanie Baker, senior economist at Royal London Asset Management, said economic stimulus is still needed.
She said the unemployment rate, which remains at its highest since the 1930s, is “awful”. “Ongoing policy support is still very much needed… and payrolls are still a long way below pre-crisis levels.”
Before the Open: Get the jump on the markets with our early morning newsletter
Investors heartily welcomed the figures. Travel firms led the rally in US stocks on the Dow Jones, just as they did on the FTSE 100, as countries drew up plans to reopen their borders.
American Airlines surged 25 per cent. United Airlines and cruise firm Carnival both jumped more than 17 per cent.
Travel stocks boost FTSE 100
On the FTSE 100, stocks that were neglected in the early days of the recent rally continued to outperform. Travel firms in particular did well.
British Airways-owner IAG surged 12 per cent. Cruise firm Carnival jumped 17 per cent while airline Easyjet rose seven per cent.
The rally in travel stocks came after European countries such as Turkey, Greece, Spain and Portugal said they were keen to open “travel corridors” to the UK.
Luca Paolini at Pictet Asset Management: “We have raised exposure to a number of cyclical sectors that have been hit particularly hard by the market sell-off.”
Yet Paolini expressed doubt about the rally, with FTSE 100 having surged almost 30 per cent since late March.
“The stock market’s extraordinarily strong rebound is out of step with economic reality,” he said.
“Globally, central banks’ monetary stimulus has boosted nearly all fixed income sectors,” he added. “But some now look expensive and we need to be discerning.”
Dollar rises on currency markets
On the currency markets, the dollar halted its recent fall. It rose strongly amid the better-than-expected jobs numbers, climbing 0.3 per cent on an index.
Nonetheless, the pound surged along with the FTSE 100. It was up 0.7 per cent against the dollar at $1.268.
“The dollar got its groove back against the euro and yen following the surprisingly strong nonfarm payroll report,” said Edward Moya, senior market analyst at currency firm Oanda.
Oil prices jumped. WTI crude, the US benchmark, climbed 4.5 per cent to $39.10 per barrel. Brent crude rose 5.1 per cent to $42 per barrel.
Moya said: “The economic recovery is already happening and that could do wonders for crude consumption.”
“Earlier crude was climbing higher after Opec+ signaled everyone is on board with extending supply quotas.”


cityam--2020-06-05--Bombardier to cut 2,500 jobs as Covid-19 hits aviation demand

Manufacturing giant Bombardier today said it will cut 2,500 jobs in its aviation division as the coronavirus crisis sparks a slump in demand .
The Canadian company said the cuts , which equate to roughly 11 per cent of its aviation unit , were necessary due to a sharp fall in orders amid the Covid-19 lockdown .
“ Over the past month , Bombardier Aviation guided by health professionals and industry best practices , implemented comprehensive procedures and safeguards to further protect employees and communities as manufacturing operations resumed , ” the company said in a statement .
“ Now @ @ @ @ @ @ @ forecasted to be down approximately 30 per cent year-over-year due to the pandemic , Bombardier must adjust its operations and workforce to ensure that it emerges from the current crisis on solid footing.
” Bombardier said it would book a $ 40m ( £32m ) charge from the job cuts , which will mainly impact workers in Canada .
It comes as Bombardier , which employs 60,000 employees across its rail and aviation divisions , is already rolling out plans to slim down its business .
The company recently withdrew from the commercial @ @ @ @ @ @ @ of business jets .
Bombardier is also in the process of selling its rail business to French train manufacturer Alstom for up to €6.2bn .

Bombardier to cut 2,500 jobs as Covid-19 hits aviation demand
Manufacturing giant Bombardier today said it will cut 2,500 jobs in its aviation division as the coronavirus crisis sparks a slump in demand.
The Canadian company said the cuts, which equate to roughly 11 per cent of its aviation unit, were necessary due to a sharp fall in orders amid the Covid-19 lockdown.
“Over the past month, Bombardier Aviation guided by health professionals and industry best practices, implemented comprehensive procedures and safeguards to further protect employees and communities as manufacturing operations resumed,” the company said in a statement.
“Now with business jet deliveries, industry-wide, forecasted to be down approximately 30 per cent year-over-year due to the pandemic, Bombardier must adjust its operations and workforce to ensure that it emerges from the current crisis on solid footing.”
Bombardier said it would book a $40m (£32m) charge from the job cuts, which will mainly impact workers in Canada.
It comes as Bombardier, which employs 60,000 employees across its rail and aviation divisions, is already rolling out plans to slim down its business.
The company recently withdrew from the commercial aircraft business, instead focusing on production of business jets.
Bombardier is also in the process of selling its rail business to French train manufacturer Alstom for up to €6.2bn.


cityam--2020-06-05--British Airways-owner mulls quarantine legal challenge

The owner of British Airways is mulling a legal challenge against the government ’ s quarantine plan which will require passengers coming in from overseas to isolate for 14 days on landing in the UK .
With planes grounded since March , airline bosses fear the quarantine rule which is set to be introduced from 8 June will sink any potential recovery .
Read more : DEBATE : Should the government rethink its quarantine rules ?
International Airlines Group ( IAG ) chief executive said the company was consulting its lawyers today over a potential legal challenge to the new @ @ @ @ @ @ @ O ’ Leary has described the plan as “ useless and ineffective ” and a threat to the broader tourism industry , while Walsh said it would torpedo any return to flying in July .
“ I wrote to MPs last night to say this initiative has in effect torpedoed our opportunity to get flying in July .
We think its irrational , we think its disproportionate and we are giving consideration to a legal challenge to this legislation .
We are reviewing that with the lawyers later on today .
I suspect @ @ @ @ @ @ @ so , because it ’ s important to point out there was no consultation with the industry prior to enacting this legislation and we do believe it is an irrational piece of legislation , ” Walsh told Sky News today .
Read more : MPs slam British Airways ’ use of furlough amid 12,000 job cuts The UK ’ s largest airlines , BA , Easyjet and Virgin Atlantic , have between them announced almost 20,000 job cuts to prepare for a smaller travel market post-pandemic .
“ In May we flew a @ @ @ @ @ @ @ in a month .
We did that by lunchtime on 1 May last year .
So this is the most difficult challenge the airline industry has ever faced .
It ’ s unprecedented .
And we need to take action to ensure that all of the airlines in the group and everybody in the industry is taking action to ensure that we can survive this and to ensure we have a competitive business for the future , ” Walsh told Sky News .
The plan has been criticised by bosses from tourism , @ @ @ @ @ @ @ some of the government ’ s own MPs who question why it is being brought in now when infection levels across many European countries are much lower than they were months ago .

British Airways-owner mulls quarantine legal challenge
The owner of British Airways is mulling a legal challenge against the government’s quarantine plan which will require passengers coming in from overseas to isolate for 14 days on landing in the UK.
With planes grounded since March, airline bosses fear the quarantine rule which is set to be introduced from 8 June will sink any potential recovery.
International Airlines Group (IAG) chief executive said the company was consulting its lawyers today over a potential legal challenge to the new legislation.
Ryanair group chief executive Michael O’Leary has described the plan as “useless and ineffective” and a threat to the broader tourism industry, while Walsh said it would torpedo any return to flying in July.
“I wrote to MPs last night to say this initiative has in effect torpedoed our opportunity to get flying in July. We think its irrational, we think its disproportionate and we are giving consideration to a legal challenge to this legislation. We are reviewing that with the lawyers later on today. I suspect there are other airlines who are doing so, because it’s important to point out there was no consultation with the industry prior to enacting this legislation and we do believe it is an irrational piece of legislation,” Walsh told Sky News today.
The UK’s largest airlines, BA, Easyjet and Virgin Atlantic, have between them announced almost 20,000 job cuts to prepare for a smaller travel market post-pandemic.
“In May we flew a total fo 485 passenger flights, 485 in a month. We did that by lunchtime on 1 May last year. So this is the most difficult challenge the airline industry has ever faced. It’s unprecedented. And we need to take action to ensure that all of the airlines in the group and everybody in the industry is taking action to ensure that we can survive this and to ensure we have a competitive business for the future,” Walsh told Sky News.
The plan has been criticised by bosses from tourism, hospitality and leisure industries, and by some of the government’s own MPs who question why it is being brought in now when infection levels across many European countries are much lower than they were months ago.


cityam--2020-06-05--US stocks surge after employment figures smash expectations

US stocks have surged after shock employment figures that showed 2.5m Americans found jobs in May in figures that raised hopes the economy will quickly rebound from coronavirus .
European markets , already riding high on fresh stimulus and economies reopening , extended their greens as markets turned into a sea of green .
Read more : ‘ Mind-blowing ’ : US economy adds 2.5m jobs as states reopen Wall Street ’ s Dow Jones index rocketed 2.5 per cent higher in early trading .
The S & P 500 was up 2.1 per cent and the Nasdaq had climbed @ @ @ @ @ @ @ the German Dax was up three per cent .
France ’ s CAC 40 had jumped 3.4 per cent higher and the UK ’ s FTSE 100 had risen two per cent .
The US unemployment rate fell to 13.3 per cent in May , confounding analysts who were expecting a surge to almost 20 per cent .
It stood at 14.7 per cent in April .
More than 2.5m Americans found jobs last month , the US Bureau of Labor Statistics said .
It said the “ improvements in the labour market @ @ @ @ @ @ @ ” .
It came as states reopened after coronavirus lockdowns .
Michael Hewson , chief market analyst at CMC Markets , said : “ In the space of four weeks we ’ ve seen history made as the US economy posted a record number of job losses in one month , only to be followed by a record number of jobs gains in the following month.
” Gregory Daco , chief US economist at Oxford Economics , said the figures had to be taken in context .
Unemployment still at its highest since @ @ @ @ @ @ @ he saw “ rapid growth ” in jobs in the second half “ as economic activity rebounds from very low levels ” .
Investors were enthused , with travel firms leading the rally in US stocks on the Dow Jones as countries drew up plans to reopen their borders .
Read more : FTSE 100 jumps as investors cheer stimulus and bet on recovery American Airlines surged 28 per cent .
United Airlines and cruise firm Carnival both jumped more than 15 per cent .
Oil prices rallied sharply along with US stocks @ @ @ @ @ @ @ in demand .
WTI crude , the US benchmark , climbed four per cent to $ 38.90 per barrel .
Brent crude rose 4.9 per cent to $ 41.90 .

US stocks surge after employment figures smash expectations
US stocks have surged after shock employment figures that showed 2.5m Americans found jobs in May in figures that raised hopes the economy will quickly rebound from coronavirus.
European markets, already riding high on fresh stimulus and economies reopening, extended their greens as markets turned into a sea of green.
Wall Street’s Dow Jones index rocketed 2.5 per cent higher in early trading. The S&P 500 was up 2.1 per cent and the Nasdaq had climbed 1.8 per cent.
In Europe, the German Dax was up three per cent. France’s CAC 40 had jumped 3.4 per cent higher and the UK’s FTSE 100 had risen two per cent.
The US unemployment rate fell to 13.3 per cent in May, confounding analysts who were expecting a surge to almost 20 per cent. It stood at 14.7 per cent in April.
More than 2.5m Americans found jobs last month, the US Bureau of Labor Statistics said. It said the “improvements in the labour market reflected a limited resumption of economic activity”. It came as states reopened after coronavirus lockdowns.
Record-breaking jobs market
Michael Hewson, chief market analyst at CMC Markets, said: “In the space of four weeks we’ve seen history made as the US economy posted a record number of job losses in one month, only to be followed by a record number of jobs gains in the following month.”
Gregory Daco, chief US economist at Oxford Economics, said the figures had to be taken in context. Unemployment still at its highest since the 1930s.
Nonetheless, he said he saw “rapid growth” in jobs in the second half “as economic activity rebounds from very low levels”.
Investors were enthused, with travel firms leading the rally in US stocks on the Dow Jones as countries drew up plans to reopen their borders.
American Airlines surged 28 per cent. United Airlines and cruise firm Carnival both jumped more than 15 per cent.
Oil prices rallied sharply along with US stocks, as investors bet on an increase in demand. WTI crude, the US benchmark, climbed four per cent to $38.90 per barrel. Brent crude rose 4.9 per cent to $41.90.


cityam--2020-06-05--Build it better: A game-changing new approach to construction procurement

For many years — decades , in fact — reviews of the construction sector have cried out for reform .
Architects , engineers , clients and contractors have been tied into procurement models that are too adversarial and do not always have the best interest of the project at heart .
Some reforms did happen — but none so significant as the one we are launching today at Sheffield Hallam University .
What have we done ?
Together with contractors BAM , architects BDP ( supported by Arup ) , and facilities management specialists CBRE , the University has formed @ @ @ @ @ @ @ from Star Wars .
It is a formal alliance structure , a partnership of equals , with a management board and voting rights , and sharing profits and losses equally .
And it could be a radical game-changer for procuring buildings .
We commence on a five year programme that will not only transform our campus , but also have a major influence on our city .
The masterplan we have is a 20-year journey .
The alliance will last five years initially and even in that short span will bring about £220m @ @ @ @ @ @ @ building we know of has been procured this way before .
The alliance contract sweeps away centuries of traditional construction contracts where , if anything goes wrong , each party can blame the other and there is a well-trodden and fast-track route to litigation .
A transparent , open-book costs approach , improved risk management , and a strong focus on dialogue , timely communication and transparency provide a basis for building mutual trust which will drive efficiencies , standardisation and continuous improvement that we are all seeking .
Our new contractual arrangement @ @ @ @ @ @ @ early design of buildings , the late involvement of a contractor , the subsequent signing-up of a supply chain , and finally the management of an estate when it becomes occupied , which is all too often an afterthought .
All this we have now integrated from the very outset .
Having CBRE manage facilities brings to our mix a focus on how buildings perform when they are in use .
Thus it informs our continuous collective ability to build smartly and sustainably .
Partners will work collaboratively through all stages of design @ @ @ @ @ @ @ and deliver best long-term value .
Mace and Fulcrum are providing scheme and programme management services .
Long-term value is the bigger game here , getting us away from the expediency or narrow focus that can sometimes drive a development into the sidings .
Formal cooperative boards require us to reach unanimous agreement , making decisions on issues on a “ best for project ” basis .
Having our incentives aligned from the outset is a powerful tool to achieve the sort of collaboration that is often only talked of by those developing @ @ @ @ @ @ @ kick off this very month with the first phase , focusing on the University ’ s city centre estate , creating a gateway to the city , transforming the campus and supporting the development of the city .
What we are doing reaches beyond our campus .
We will support skills , employability and the regeneration of Sheffield .
Our priority will be using the local supply chain , boosting businesses in Sheffield and growing our local economy .
Construction , as the government knows , is an excellent way to retain the @ @ @ @ @ @ @ but it also in local economies too .
We are challenging not just the higher education sector , not just the construction industry , but companies across the UK .
This could be the way forward for us all to procure and produce well-designed , well-built and well-managed buildings .
We are determined to prove that it works .
Get City A.M. ’ s views on what lockdown means for politics and business delivered straight to your inbox every day .

Build it better: A game-changing new approach to construction procurement
For many years — decades, in fact — reviews of the construction sector have cried out for reform.
Architects, engineers, clients and contractors have been tied into procurement models that are too adversarial and do not always have the best interest of the project at heart.
Some reforms did happen — but none so significant as the one we are launching today at Sheffield Hallam University.
What have we done?
Together with contractors BAM, architects BDP (supported by Arup), and facilities management specialists CBRE, the University has formed an alliance. This is not something from Star Wars. It is a formal alliance structure, a partnership of equals, with a management board and voting rights, and sharing profits and losses equally.
And it could be a radical game-changer for procuring buildings.
We commence on a five year programme that will not only transform our campus, but also have a major influence on our city. The masterplan we have is a 20-year journey. The alliance will last five years initially and even in that short span will bring about £220m of estate development and transformation.
No building we know of has been procured this way before.
The alliance contract sweeps away centuries of traditional construction contracts where, if anything goes wrong, each party can blame the other and there is a well-trodden and fast-track route to litigation.
A transparent, open-book costs approach, improved risk management, and a strong focus on dialogue, timely communication and transparency provide a basis for building mutual trust which will drive efficiencies, standardisation and continuous improvement that we are all seeking.
Our new contractual arrangement sweeps away the age-old divorce between the early design of buildings, the late involvement of a contractor, the subsequent signing-up of a supply chain, and finally the management of an estate when it becomes occupied, which is all too often an afterthought. All this we have now integrated from the very outset.
Having CBRE manage facilities brings to our mix a focus on how buildings perform when they are in use. Thus it informs our continuous collective ability to build smartly and sustainably.
Partners will work collaboratively through all stages of design, construction and operation to maximise transformation and deliver best long-term value. Mace and Fulcrum are providing scheme and programme management services.
Long-term value is the bigger game here, getting us away from the expediency or narrow focus that can sometimes drive a development into the sidings. Formal cooperative boards require us to reach unanimous agreement, making decisions on issues on a “best for project” basis.
Having our incentives aligned from the outset is a powerful tool to achieve the sort of collaboration that is often only talked of by those developing Britain’s iconic buildings.
We kick off this very month with the first phase, focusing on the University’s city centre estate, creating a gateway to the city, transforming the campus and supporting the development of the city.
What we are doing reaches beyond our campus. We will support skills, employability and the regeneration of Sheffield.
Our priority will be using the local supply chain, boosting businesses in Sheffield and growing our local economy. Construction, as the government knows, is an excellent way to retain the value of investment inside the UK, but it also in local economies too.
We are challenging not just the higher education sector, not just the construction industry, but companies across the UK.
This could be the way forward for us all to procure and produce well-designed, well-built and well-managed buildings. We are determined to prove that it works.
Get City A.M.’s views on what lockdown means for politics and business delivered straight to your inbox every day.
Main image credit: Getty


cityam--2020-06-05--More than 800 jobs at risk as Victoria's Secret UK arm enters administration

The UK business of lingerie retailer Victoria ’ s Secret has fallen into administration , putting more than 800 jobs at risk .
All of Victoria ’ s Secret ’ s 25 UK stores are currently closed due to the coronavirus lockdown , with 785 employees on furlough .
Read more : Victoria ’ s Secret owner L Brands calls off £422m sale to private equity firm Sycamore Deloitte , which was appointed as administrator today , said no redundancies have been made while it searches for a buyer for the chain .
It described the process as a “ @ @ @ @ @ @ @ stores have been permanently closed , although they will remain shut during the UK lockdown .
Victoria ’ s Secret will now attempt to find a buyer or renegotiate rents .
The online business is not affected by the administration proceedings .
“ This is yet another blow to the UK high street and a further example of the impact the COVID-19 pandemic is having on the entire retail industry , ” Deloitte administrator Rob Harding said .
“ The effect of the lockdowns , combined with broader challenges facing bricks and mortar @ @ @ @ @ @ @ requirement for this business , resulting in today ’ s administration .
Read more : Victoria ’ s Secret to go private in $ 525m deal “ We will now work with the existing management team and broader stakeholders to assess all options available for the future of the business .
As administrators we ’ d like to thank them and all of the employees for their support , at what we appreciate is a difficult time .
”

More than 800 jobs at risk as Victoria’s Secret UK arm enters administration
The UK business of lingerie retailer Victoria’s Secret has fallen into administration, putting more than 800 jobs at risk.
All of Victoria’s Secret’s 25 UK stores are currently closed due to the coronavirus lockdown, with 785 employees on furlough.
Deloitte, which was appointed as administrator today, said no redundancies have been made while it searches for a buyer for the chain.
It described the process as a “light touch” administration, saying no stores have been permanently closed, although they will remain shut during the UK lockdown.
Victoria’s Secret will now attempt to find a buyer or renegotiate rents. The online business is not affected by the administration proceedings.
“This is yet another blow to the UK high street and a further example of the impact the COVID-19 pandemic is having on the entire retail industry,” Deloitte administrator Rob Harding said.
“The effect of the lockdowns, combined with broader challenges facing bricks and mortar retailers, has resulted in a funding requirement for this business, resulting in today’s administration.
“We will now work with the existing management team and broader stakeholders to assess all options available for the future of the business. As administrators we’d like to thank them and all of the employees for their support, at what we appreciate is a difficult time.”


cityam--2020-06-06--Putting out the fire in America

Putting out the fire in America

Following almost two weeks of nationwide riots in the US in response to the sickening murder of George Floyd by a brutal Minneapolis police officer , this week I could in good conscience write of nothing else .
Now is the time for the bravery to alienate both “ sides ” .
Now is the time for truth-telling if the country is to move on .
But most of all — amidst an explosion of unreasoning emotion — now is the time for clear thinking if we are to do the Republic a service .
Read more : Hundreds attend @ @ @ @ @ @ @ anti-racism protests continue First , and least important , the political risk analysis of what this means seems clear enough .
If the rioting persists to no end , the increasing calls for law and order will politically help President Donald Trump , just as the riots of the tumultuous year of 1968 redounded to the benefit of Richard Nixon .
On the other hand , if the violence dies down and the focus shifts to dealing in policy terms with systemic racism in policing ( the vast majority of it done at @ @ @ @ @ @ @ ) , Democrat Joe Biden will have an advantage .
Along with America ’ s ongoing response to coronavirus and the imperilled economy , the 2020 presidential campaign will be determined by this triumvirate of factors .
With that out of the way , let me howl at the moon ( as only a Burkean moderate can ) at the excesses of both sides .
I have directly spoken with well-meaning protesters , who have no real idea what they are protesting for .
When I gently asked what was the policy point @ @ @ @ @ @ @ question of “ What do you want ?
” — they seemed incapable of answering or even understanding .
All they managed to tell me was that the protesters “ felt the need to vent ” about the racist killing of George Floyd .
Not remotely good enough .
It is time for those demonstrating to stop trying to feel good and start trying to do good .
Throwing bricks at cops does not mean you hate racism any more than I do ( frankly , the very notion is offensive to me @ @ @ @ @ @ @ a political agenda behind the direct action you so obviously love , this is merely 60s-style playacting , fit for nothing but children .
As President Obama so rightly put it : “ The more specific we can make our demands for criminal justice and police reform , the harder it will be for elected officials to just offer lip service to the cause and then fall back to business as usual once protests have gone away.
” Protesting in general does nothing except sow discord ; protesting for something is everything .
@ @ @ @ @ @ @ violence — including disgusting scenes of looting and even attacks on police officers — does nothing for the cause .
It merely frightens moderate Americans into the arms of the law and order types who want to shut down the protests without giving an inch .
Martin Luther King knew this so very well ; winning over moderate white Americans through the ethic and tactic of non-violence was the absolute key to effecting change .
This remains just as true today .
Ironically , violence only hurts the cause of the protests themselves @ @ @ @ @ @ @ Trump has rightly and clearly decried Floyd ’ s death , truth be told it has been an afterthought for him .
The basic problem is that the President ’ s perennial narcissism about everything — from lying about the size of his inaugural crowds to desperately vying for attention during the coronavirus briefings — is done primarily for himself , and only secondarily for the country .
To put it mildly , his motives are suspect .
As highly respected former secretary of defence James Mattis put it , this President is @ @ @ @ @ @ @ tries to divide the American people ” .
With the US economy in ruins , the lockdowns taking their toll , and Trump ’ s re-election in real peril as Biden opens up a small but persistent lead in the battleground states , the President is jumping on the law and order bandwagon regarding the protests .
His attempt to emulate Nixon in 1968 reeks of political opportunism rather than principle .
While no one is doubting that order needs to be restored and the violence and the looting stopped , this must @ @ @ @ @ @ @ of the country , not as an election strategy to save one overly vain man .
Prodding America ’ s mayors to abolish the chokehold now , setting up a national commission on police reform and implementing its findings , and intensifying community policing is the practical way forward for a country that is dangerously near to losing its way .
Now is the time for honesty , bravery , and above all reasoned thinking to save what Lincoln called “ the last , best hope of earth ” .
Get City A.M. @ @ @ @ @ @ @ inbox in our daily Midday Update newsletter .

Putting out the fire in America
With the US economy in ruins and the lockdowns taking their toll, Trump is jumping on the law and order bandwagon
Following almost two weeks of nationwide riots in the US in response to the sickening murder of George Floyd by a brutal Minneapolis police officer, this week I could in good conscience write of nothing else.
Now is the time for the bravery to alienate both “sides”. Now is the time for truth-telling if the country is to move on.
But most of all — amidst an explosion of unreasoning emotion — now is the time for clear thinking if we are to do the Republic a service.
First, and least important, the political risk analysis of what this means seems clear enough. If the rioting persists to no end, the increasing calls for law and order will politically help President Donald Trump, just as the riots of the tumultuous year of 1968 redounded to the benefit of Richard Nixon.
On the other hand, if the violence dies down and the focus shifts to dealing in policy terms with systemic racism in policing (the vast majority of it done at the local level in the United States), Democrat Joe Biden will have an advantage.
Along with America’s ongoing response to coronavirus and the imperilled economy, the 2020 presidential campaign will be determined by this triumvirate of factors.
With that out of the way, let me howl at the moon (as only a Burkean moderate can) at the excesses of both sides.
I have directly spoken with well-meaning protesters, who have no real idea what they are protesting for.
When I gently asked what was the policy point of their demonstrations — the key political question of “What do you want?” — they seemed incapable of answering or even understanding. All they managed to tell me was that the protesters “felt the need to vent” about the racist killing of George Floyd.
Not remotely good enough. It is time for those demonstrating to stop trying to feel good and start trying to do good. Throwing bricks at cops does not mean you hate racism any more than I do (frankly, the very notion is offensive to me).
If you do not have a political agenda behind the direct action you so obviously love, this is merely 60s-style playacting, fit for nothing but children.
As President Obama so rightly put it: “The more specific we can make our demands for criminal justice and police reform, the harder it will be for elected officials to just offer lip service to the cause and then fall back to business as usual once protests have gone away.”
Protesting in general does nothing except sow discord; protesting for something is everything.
Likewise, the protests’ turn toward violence — including disgusting scenes of looting and even attacks on police officers — does nothing for the cause. It merely frightens moderate Americans into the arms of the law and order types who want to shut down the protests without giving an inch.
Martin Luther King knew this so very well; winning over moderate white Americans through the ethic and tactic of non-violence was the absolute key to effecting change. This remains just as true today. Ironically, violence only hurts the cause of the protests themselves.
Now for the establishment. While Trump has rightly and clearly decried Floyd’s death, truth be told it has been an afterthought for him.
The basic problem is that the President’s perennial narcissism about everything — from lying about the size of his inaugural crowds to desperately vying for attention during the coronavirus briefings — is done primarily for himself, and only secondarily for the country.
To put it mildly, his motives are suspect. As highly respected former secretary of defence James Mattis put it, this President is “the first of my lifetime who tries to divide the American people”.
With the US economy in ruins, the lockdowns taking their toll, and Trump’s re-election in real peril as Biden opens up a small but persistent lead in the battleground states, the President is jumping on the law and order bandwagon regarding the protests.
His attempt to emulate Nixon in 1968 reeks of political opportunism rather than principle. While no one is doubting that order needs to be restored and the violence and the looting stopped, this must be done primarily for the greater good of the country, not as an election strategy to save one overly vain man.
Prodding America’s mayors to abolish the chokehold now, setting up a national commission on police reform and implementing its findings, and intensifying community policing is the practical way forward for a country that is dangerously near to losing its way.
Now is the time for honesty, bravery, and above all reasoned thinking to save what Lincoln called “the last, best hope of earth”.
Get City A.M. columnists’ views delivered straight to your inbox in our daily Midday Update newsletter.
Main image credit: Getty


cityam--2020-06-06--Letter: Should the transition period be extended?

Re : Given the lack of progress during the Covid-19 crisis , should the transition period be extended ?
The answer to this question depends on how one weighs the trade-off between politics and economics .
Even a Brexit with a deal will impose a further hit on the UK economy .
The idea we should have regulatory autonomy to help post-Covid recovery would have more force if its proponents could identify the kinds of regulation they had in mind .
The notion trade deals with other partners could compensate for lost trade with the EU was always fanciful .
@ @ @ @ @ @ @ look set to become more protectionist post-Covid .
Read more : DEBATE : Given the lack of progress during the Covid-19 crisis , should the transition period be extended ?
On the other side is politics .
The PM ’ s USP is that ’ s he ’ s the man who delivers and he has said he won ’ t extend .
Moreover , some of his noisiest Conservative critics on lockdown are those who oppose extending transition .
The latter might be a useful bit of red meat to throw them @ @ @ @ @ @ @ we pay Mr Johnson to do .

Letter: Should the transition period be extended?
Michel Barnier, chief negotiator for the EU, has said that little progress has been made
Re: Given the lack of progress during the Covid-19 crisis, should the transition period be extended?
The answer to this question depends on how one weighs the trade-off between politics and economics.
Even a Brexit with a deal will impose a further hit on the UK economy. The idea we should have regulatory autonomy to help post-Covid recovery would have more force if its proponents could identify the kinds of regulation they had in mind.
The notion trade deals with other partners could compensate for lost trade with the EU was always fanciful. All the more so when major economies look set to become more protectionist post-Covid.
On the other side is politics. The PM’s USP is that’s he’s the man who delivers and he has said he won’t extend.
Moreover, some of his noisiest Conservative critics on lockdown are those who oppose extending transition. The latter might be a useful bit of red meat to throw them.
Balancing these competing imperatives is what we pay Mr Johnson to do.
Main image credit: Getty


cityam--2020-06-07--HSBC warns of reprisals in China if UK bans Huawei equipment

HSBC has reportedly warned Downing Street against a ban on Huawei in 5G telecoms networks , in a further escalation of tensions between Britain and China .
The bank ’ s chairman Mark Tucker made private representations to the Prime Minister ’ s advisers , according to the Sunday Telegraph .
Read more : HSBC and Standard Chartered slammed for supporting China ’ s Hong Kong security law HSBC reportedly claimed it could face reprisals in China if Huawei was blocked from selling equipment to the networks being built by British operators .
Britain designated the Chinese telecoms giant a @ @ @ @ @ @ @ capping its 5G involvement at 35 per cent and excluding it from the data-heavy element of the network .
Last week , HSBC was criticised for its support of China ’ s new security law for Hong Kong , after Asia-Pacific chief Peter Wong signed a petition backing the law .
The Chinese parliament approved the controversial bill at the end of last month , which imposes national security legislation on Hong Kong to tackle secession , subversion , terrorism and foreign interference .
In a statement HSBC said : “ We respect @ @ @ @ @ @ @ enable Hong Kong to recover and rebuild the economy and , at the same time , maintain the principle of ‘ one country two systems ’ ” .
Britain and the US have said the proposed laws violate Beijing ’ s obligations to the territory , with foreign secretary Dominic Raab saying it was a breach of Hong Kong ’ s autonomy .
The UK announced it would offer visas to the 3m British National Overseas ( BNO ) passport holders in the former British territory , with a pathway to future citizenship @ @ @ @ @ @ @ significant departure for the bank , which has refused to comment on the unrest in the city over the past year .
Read more : HSBC Asia chief backs new Chinese security law for Hong Kong Although HSBC moved its headquarters to London in 1993 , Hong Kong remains the bank ’ s largest market and it has invested billions into China through its presence there .
Standard Chartered followed suit , saying it hopes the new security law can help “ maintain the long-term stability of Hong Kong ” .

HSBC warns of reprisals in China if UK bans Huawei equipment
HSBC has reportedly warned Downing Street against a ban on Huawei in 5G telecoms networks, in a further escalation of tensions between Britain and China.
The bank’s chairman Mark Tucker made private representations to the Prime Minister’s advisers, according to the Sunday Telegraph.
HSBC reportedly claimed it could face reprisals in China if Huawei was blocked from selling equipment to the networks being built by British operators.
Britain designated the Chinese telecoms giant a “high-risk vendor” in January, capping its 5G involvement at 35 per cent and excluding it from the data-heavy element of the network.
Last week, HSBC was criticised for its support of China’s new security law for Hong Kong, after Asia-Pacific chief Peter Wong signed a petition backing the law.
The Chinese parliament approved the controversial bill at the end of last month, which imposes national security legislation on Hong Kong to tackle secession, subversion, terrorism and foreign interference.
In a statement HSBC said: “We respect and support laws and regulations that will enable Hong Kong to recover and rebuild the economy and, at the same time, maintain the principle of ‘one country two systems’”.
Britain and the US have said the proposed laws violate Beijing’s obligations to the territory, with foreign secretary Dominic Raab saying it was a breach of Hong Kong’s autonomy.
The UK announced it would offer visas to the 3m British National Overseas (BNO) passport holders in the former British territory, with a pathway to future citizenship.
HSBC’s declaration marks a significant departure for the bank, which has refused to comment on the unrest in the city over the past year.
Although HSBC moved its headquarters to London in 1993, Hong Kong remains the bank’s largest market and it has invested billions into China through its presence there.
Standard Chartered followed suit, saying it hopes the new security law can help “maintain the long-term stability of Hong Kong”.


cityam--2020-06-07--Retail landlord Intu puts KPMG on standby to act as administrator

Embattled retail landlord Intu Properties has reportedly lined up KPMG to handle its insolvency process ahead of a testing fortnight .
Intu has placed the Big Four accountancy firm on standby in the event that lenders refuse to grant a standstill on its debt obligations , according to Sky News .
Read more : Retail landlord Intu seeks debt standstill as rent payments fall in lockdown The landlord , which owns Manchester ’ s Trafford Centre , has said the impact of unpaid rent and plummeting property valuations would likely result in breaches of its debt commitments at the end @ @ @ @ @ @ @ an agreement with its lenders to delay debt repayments until the end of next year .
Before the Open : Get the jump on the markets with our early morning newsletter Last month the commercial landlord warned it would take “ robust ” action against larger tenants that fail to pay rent during the crisis .
The landlord revealed it had collected payments from just 29 er cent of tenants at the end of March , compared to 77 per cent in 2019 .
Sky sources said Intu ’ s fate remained in @ @ @ @ @ @ @ company expressed “ cautious optimism ” that lenders would agree to step back from the brink .
Read more : Intu to take ‘ robust action ’ against large tenants withholding rent Intu was forced to close its shopping centres other than essential stores during the pandemic .
It said it is unlikely to be able to dispose of assets or raise extra funds because of the economic fallout from the coronavirus crisis .
Even before coronavirus took hold in the UK , Intu was struggling and was forced to cancel a £1bn @ @ @ @ @ @ @ a lack of investor interest .
Before the Open newsletter : Start your day with the City View podcast and key market data

Retail landlord Intu puts KPMG on standby to act as administrator
Intu owns Manchester’s Trafford Centre
Embattled retail landlord Intu Properties has reportedly lined up KPMG to handle its insolvency process ahead of a testing fortnight.
Intu has placed the Big Four accountancy firm on standby in the event that lenders refuse to grant a standstill on its debt obligations, according to Sky News.
The landlord, which owns Manchester’s Trafford Centre, has said the impact of unpaid rent and plummeting property valuations would likely result in breaches of its debt commitments at the end of the month.
Intu is seeking an agreement with its lenders to delay debt repayments until the end of next year.
Before the Open: Get the jump on the markets with our early morning newsletter
Last month the commercial landlord warned it would take “robust” action against larger tenants that fail to pay rent during the crisis. The landlord revealed it had collected payments from just 29 er cent of tenants at the end of March, compared to 77 per cent in 2019.
Sky sources said Intu’s fate remained in the balance but people close to the company expressed “cautious optimism” that lenders would agree to step back from the brink.
Intu was forced to close its shopping centres other than essential stores during the pandemic. It said it is unlikely to be able to dispose of assets or raise extra funds because of the economic fallout from the coronavirus crisis.
Even before coronavirus took hold in the UK, Intu was struggling and was forced to cancel a £1bn emergency cash call in March due to a lack of investor interest.
Before the Open newsletter: Start your day with the City View podcast and key market data


cityam--2020-06-07--Boris Johnson moves to ease lockdown faster in face of mass job losses

Boris Johnson is set to accelerate the speed of easing the coronavirus lockdown , after warnings of impending mass unemployment .
Ministers have drawn up plans to bring Britain back to something resembling normal life by July , in order to ensure industries benefit from summer trading .
Read more : Matt Hancock says government made no mistakes on coronavirus lockdown timing The new plans will see the government allow planning restrictions to be eased to allow pubs and restaurants to use outside areas , Sunday trading laws scrapped , relaxed restrictions on weddings , opening of places of worship @ @ @ @ @ @ @ “ air bridges ” with other countries to allow quarantine-free travel .
Johnson also reportedly wants social distancing rules to be altered to make the mandatory distance between people one metre instead of two .
The Sunday Times reports that the need to ease lockdown has gained momentum in Downing Street , after the Prime Minister was warned on Tuesday that not opening the hospitality sector for summer would cost 3.5m jobs .
Before the Open newsletter : Start your day with the City View podcast and key market data Chancellor Rishi Sunk @ @ @ @ @ @ @ the 45-minute meeting about the economy , where they urged for the economy to be re-opened at a quicker rate .
Six cabinet ministers – dubbed as the “ save summer six ” – are leading the charge to open up the economy almost fully by next month .
They are Sunak , Sharma , Cabinet Office minister Michael Gove , transport secretary Grant Shapps , culture secretary Oliver Dowden and communities secretary Robert Jenrick .
The UK ’ s roadmap to easing the lockdown had 4 July as the earliest possible date @ @ @ @ @ @ @ limited fashion .
When the roadmap was released , a source close to Downing Street said it would be difficult for some venues , such as pubs , to re-open in early July .
However , Johnson ’ s new plans appear to have made it more likely for more businesses to open from 4 July .
A cabinet minister told the Sunday Times that the government ’ s change in emphasis was “ long overdue ” .
“ It ’ s right that the emphasis has shifted to the economic side and @ @ @ @ @ @ @ they said .
It comes as new data suggests that the country ’ s R rate , the rate of which the coronavirus is growing , has increased since the lockdown was eased .
Read more : Coronavirus is a ‘ devastating blow ’ to the economy , says World Bank chief A tool created by Public Health England revealed that the R rate could be now greater than one in some areas , such as the North West , which means the number of infections is growing .
The UK coronavirus death @ @ @ @ @ @ @ the country only behind the US in total number of fatalities .

Boris Johnson moves to ease lockdown faster in face of mass job losses
People walk past stalls at an almost deserted Portobello Road Market in London on June 6, 2020, as lockdown measures are partially eased
Boris Johnson is set to accelerate the speed of easing the coronavirus lockdown, after warnings of impending mass unemployment.
Ministers have drawn up plans to bring Britain back to something resembling normal life by July, in order to ensure industries benefit from summer trading.
The new plans will see the government allow planning restrictions to be eased to allow pubs and restaurants to use outside areas, Sunday trading laws scrapped, relaxed restrictions on weddings, opening of places of worship on 15 June and attempts to establish “air bridges” with other countries to allow quarantine-free travel.
Johnson also reportedly wants social distancing rules to be altered to make the mandatory distance between people one metre instead of two.
The Sunday Times reports that the need to ease lockdown has gained momentum in Downing Street, after the Prime Minister was warned on Tuesday that not opening the hospitality sector for summer would cost 3.5m jobs.
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Chancellor Rishi Sunk and business secretary Alok Sharma were at the 45-minute meeting about the economy, where they urged for the economy to be re-opened at a quicker rate.
Six cabinet ministers – dubbed as the “save summer six” – are leading the charge to open up the economy almost fully by next month.
They are Sunak, Sharma, Cabinet Office minister Michael Gove, transport secretary Grant Shapps, culture secretary Oliver Dowden and communities secretary Robert Jenrick.
The UK’s roadmap to easing the lockdown had 4 July as the earliest possible date to re-open the hospitality sector in a limited fashion.
When the roadmap was released, a source close to Downing Street said it would be difficult for some venues, such as pubs, to re-open in early July.
However, Johnson’s new plans appear to have made it more likely for more businesses to open from 4 July.
A cabinet minister told the Sunday Times that the government’s change in emphasis was “long overdue”.
“It’s right that the emphasis has shifted to the economic side and a return to normal life,” they said.
Iain Anderson, founder of City of London communications group Cicero, said the Square Mile was looking for the government to outline a clear economic plan for the country’s post-coronavirus recovery.
He said: “I think a lot of businesses have been really lobbying to government to open up as swiftly as possible, and then people are asking ‘what is the wider economic plan’?
“We all expect the government to map out a grand vision on what they see as the economic route out of lockdown.
“Every business I speak to is very keen on that.”
It comes as new data suggests that the country’s R rate, the rate of which the coronavirus is growing, has increased since the lockdown was eased.
A tool created by Public Health England revealed that the R rate could be now greater than one in some areas, such as the North West, which means the number of infections is growing.
The UK coronavirus death toll surpassed 40,000 on Friday, putting the country only behind the US in total number of fatalities.


cityam--2020-06-07--Coronavirus is a 'devastating blow' to the economy, says World Bank chief

Coronavirus is a ‘ devastating blow ’ for the global economy , according to the president of the World Bank .
David Malpass , an economist who has run the bank since last year , also said the fallout from the pandemic could last for a decade .
Read more : ECB beefs up bond-buying to €1.35 trillion to boost Eurozone economy Last month he warned that the coronavirus crisis could push 60m people into “ extreme poverty ” , which the World Bank defines as living on less than $ 1.90 ( £1.55 ) per person per day .
@ @ @ @ @ @ @ ’ s The World This Weekend , Malpass said coronavirus “ has been a devastating blow for the economy.
” Before the Open : Get the jump on the markets with our early morning newsletter “ The combination of the pandemic itself , and the shutdowns , has meant billions of people whose livelihoods have been disrupted .
That ’ s concerning .
Both the direct consequences , meaning lost income , but also then the health consequences , the social consequences , are really harsh.
” He added : “ We can @ @ @ @ @ @ @ the US being relatively high , and yet people in the poor countries being not only unemployed , but unable to get any work even in the informal sector .
And that ’ s going to have consequences for a decade.
” The World Bank has already been providing support to the worst affected countries , but is calling on banks and pension funds to offer debt relief to developing countries .
Malpass told the BBC he would also like commercial lenders to make the terms of their loans clearer , so investors @ @ @ @ @ @ @ those economies .
Read more : Green shoots : Four charts that suggest the worst is over for the UK economy Although the damage to global trade is a challenge , Malpass maintained that the “ catastrophe ” could be overcome since people are “ flexible , they ’ re resilient ” .
“ I think it ’ s possible to find paths , it ’ s word work for countries and governments to do that .
But we can encourage that effort ” .
He concluded he was an “ optimist , @ @ @ @ @ @ @ strong , and innovation is real .
The world is moving fast and connectivity… has never been higher .
And so that gives hope for the future.
” Get the news as it happens by following City A.M. on Twitter .

Coronavirus is a ‘devastating blow’ to the economy, says World Bank chief
World Bank Group President David Malpass (Photo by NICHOLAS KAMM/AFP via Getty Images)
Coronavirus is a ‘devastating blow’ for the global economy, according to the president of the World Bank.
David Malpass, an economist who has run the bank since last year, also said the fallout from the pandemic could last for a decade.
Last month he warned that the coronavirus crisis could push 60m people into “extreme poverty”, which the World Bank defines as living on less than $1.90 (£1.55) per person per day.
In an interview with BBC Radio 4’s The World This Weekend, Malpass said coronavirus “has been a devastating blow for the economy.”
Before the Open: Get the jump on the markets with our early morning newsletter
“The combination of the pandemic itself, and the shutdowns, has meant billions of people whose livelihoods have been disrupted. That’s concerning. Both the direct consequences, meaning lost income, but also then the health consequences, the social consequences, are really harsh.”
He added: “We can see that with the stock market in the US being relatively high, and yet people in the poor countries being not only unemployed, but unable to get any work even in the informal sector. And that’s going to have consequences for a decade.”
The World Bank has already been providing support to the worst affected countries, but is calling on banks and pension funds to offer debt relief to developing countries.
Malpass told the BBC he would also like commercial lenders to make the terms of their loans clearer, so investors have more confidence when putting money into those economies.
Although the damage to global trade is a challenge, Malpass maintained that the “catastrophe” could be overcome since people are “flexible, they’re resilient”.
“I think it’s possible to find paths, it’s word work for countries and governments to do that. But we can encourage that effort”. He concluded he was an “optimist, over the long run human nature is strong, and innovation is real. The world is moving fast and connectivity… has never been higher. And so that gives hope for the future.”
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-06-07--Matt Hancock says government made no mistakes on coronavirus lockdown timing

Health secretary Matt Hancock has defended the decision to not start the coronavirus lockdown earlier , after a government scientific adviser said the delay cost lives .
Hancock said today that the government “ took the right decisions at the right time ” and that no people lost their lives by not locking down earlier .
The UK went into lockdown on 23 March , which was comparatively late compared to other western European countries .
There was confusion at the time over whether the UK would lock down or adopt a model similar to Sweden , which has avoided @ @ @ @ @ @ @ “ herd immunity ” to Covid-19 .
Professor John Edmunds , a member of the government ’ s Scientific Advisory Group for Emergencies ( Sage ) , told the BBC today that the delay in locking down “ cost a lot of lives unfortunately ” .
The UK coronavirus death toll surpassed 40,000 on Friday , putting the country only behind the US in total number of fatalities .
However , Hancock denied that any lives were lost due to not locking down earlier or that any mistakes had been made .
Speaking @ @ @ @ @ @ @ “ I think we took the right decisions at the right time , but there ’ s a broad range of opinion on Sage and we were guided by the science , which means the balance of that opinion , as expressed to ministers through the chief medical officer and chief scientific adviser .
“ I spend most of my time trying to rid this country and rid all of us of this ghastly virus – most of my time and energy I devote to looking forward as well as of course trying @ @ @ @ @ @ @ the past.
” Edmunds said that the decision not to lock down earlier would have been difficult , but was a mistake in hindsight .
“ We should have gone into lockdown earlier , but I think it would have been hard to do it , ” he said .
“ The data we were dealing with in early parts of March and our situational awareness of where it was was really quite poor , so I think it would have been very hard to pull the trigger at that point , but @ @ @ @ @ @ @ wish we had gone into lockdown earlier , I think it has cost a lot of lives unfortunately.
” The government has now begun to ease social distancing restrictions across the country , with non-essential retail shops to open on 15 June .
Some reports have claimed that the country ’ s R rate , the rate of which the coronavirus is growing , has increased since the lockdown was eased .
There has been speculation that the R rate is now greater than one in some areas , which means that the @ @ @ @ @ @ @ more : Number of new coronavirus cases in the UK has halved The government has said it estimates the countrywide R rate is beteen 0.7 and 0.9 .
“ You can ’ t rule it out that it could be even at one in some regions , but I would stress overall the assessment is probably still below one everywhere on average , ” Edmunds said .

Matt Hancock says government made no mistakes on coronavirus lockdown timing
Britain’s Health Secretary Matt Hancock leaves Downing street after the daily Covid-19 briefing in central London on May 27, 2020. – British Prime Minister Boris Johnson faces a mounting internal rebellion, including a ministerial resignation, over a scandal around his top aide Dominic Cummings taking a cross-country trip during the coronavirus lockdown. (Photo by Isabel Infantes / AFP) (Photo by ISABEL INFANTES/AFP via Getty Images)
Health secretary Matt Hancock has defended the decision to not start the coronavirus lockdown earlier, after a government scientific adviser said the delay cost lives.
Hancock said today that the government “took the right decisions at the right time” and that no people lost their lives by not locking down earlier.
The UK went into lockdown on 23 March, which was comparatively late compared to other western European countries.
There was confusion at the time over whether the UK would lock down or adopt a model similar to Sweden, which has avoided a lockdown in an attempt to establish “herd immunity” to Covid-19.
Professor John Edmunds, a member of the government’s Scientific Advisory Group for Emergencies (Sage), told the BBC today that the delay in locking down “cost a lot of lives unfortunately”.
The UK coronavirus death toll surpassed 40,000 on Friday, putting the country only behind the US in total number of fatalities.
However, Hancock denied that any lives were lost due to not locking down earlier or that any mistakes had been made.
Speaking to the BBC, Hancock said: “I think we took the right decisions at the right time, but there’s a broad range of opinion on Sage and we were guided by the science, which means the balance of that opinion, as expressed to ministers through the chief medical officer and chief scientific adviser.
“I spend most of my time trying to rid this country and rid all of us of this ghastly virus – most of my time and energy I devote to looking forward as well as of course trying to learn lessons about what happened in the past.”
Edmunds said that the decision not to lock down earlier would have been difficult, but was a mistake in hindsight.
“We should have gone into lockdown earlier, but I think it would have been hard to do it,” he said.
“The data we were dealing with in early parts of March and our situational awareness of where it was was really quite poor, so I think it would have been very hard to pull the trigger at that point, but I wish we had.
“I wish we had gone into lockdown earlier, I think it has cost a lot of lives unfortunately.”
The government has now begun to ease social distancing restrictions across the country, with non-essential retail shops to open on 15 June.
Some reports have claimed that the country’s R rate, the rate of which the coronavirus is growing, has increased since the lockdown was eased.
There has been speculation that the R rate is now greater than one in some areas, which means that the number of infections is growing.
The government has said it estimates the countrywide R rate is beteen 0.7 and 0.9.
“You can’t rule it out that it could be even at one in some regions, but I would stress overall the assessment is probably still below one everywhere on average,” Edmunds said.


cityam--2020-06-07--The City View: John Holland-Kaye, Heathrow Airport CEO, on the future of aviation

In this extended episode Christian is joined by Heathrow ’ s chief executive , John Holland Kaye , for a wide-ranging and candid conversation about the unprecedented disruption and difficulty facing the travel and aviation sector .
What does a socially-distanced airport experience look like ?
When will passenger numbers recover ?
What does the future look like for business travel ?
How will the travel quarantine affect Heathrow ?
And what does it all mean for the 75,000 jobs sustained by the hub airport ?
Also in this episode , Christian looks at Boris Johnson ’ s plan to @ @ @ @ @ @ @ ; the World Bank ’ s economic ‘ catastrophe ’ warning ; and HSBC ’ s warning to the government over Huawei ’ s 5G services .
Read more : The City View : The Hound of Hounslow and the Flash Crash of 2010 ETX Capital is one of the UK ’ s leading spread betting and CFD trading providers , offering services to retail , institutional , professional and high net worth customers via an award-winning trading platform .
With over 50 years of experience in the financial markets , customers and @ @ @ @ @ @ @ , and the company prides itself in offering a tailor-made trading experience to every customer .
The multi-device TraderPro platform delivers a fully customisable , award-winning trading technology with customisable charts , instant execution and over 5,000 markets to trade .
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage .
76 % of retail investor accounts lose money when spread betting or trading CFDs with ETX .
You should consider whether you understand how spread bets or CFDs work and whether @ @ @ @ @ @ @ risk of losing your money.Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721.ETX Capital provides an execution-only service and therefore any market analysis , opinion , commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice .
ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind .
Any instruments that are mentioned throughout are cited only for illustrative and educational purposes @

The City View: John Holland-Kaye, Heathrow Airport CEO, on the future of aviation
In this extended episode Christian is joined by Heathrow’s chief executive, John Holland Kaye, for a wide-ranging and candid conversation about the unprecedented disruption and difficulty facing the travel and aviation sector.
Subscribe to The City View Podcast: Apple / Google / Spotify / RSS
What does a socially-distanced airport experience look like? When will passenger numbers recover? What does the future look like for business travel? How will the travel quarantine affect Heathrow? And what does it all mean for the 75,000 jobs sustained by the hub airport?
Also in this episode, Christian looks at Boris Johnson’s plan to reopen swathes of the economy by July; the World Bank’s economic ‘catastrophe’ warning; and HSBC’s warning to the government over Huawei’s 5G services.
In association with ETX Capital
ETX Capital is one of the UK’s leading spread betting and CFD trading providers, offering services to retail, institutional, professional and high net worth customers via an award-winning trading platform. With over 50 years of experience in the financial markets, customers and service are always put first at ETX, and the company prides itself in offering a tailor-made trading experience to every customer. The multi-device TraderPro platform delivers a fully customisable, award-winning trading technology with customisable charts, instant execution and over 5,000 markets to trade.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when spread betting or trading CFDs with ETX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money.Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721.ETX Capital provides an execution-only service and therefore any market analysis, opinion, commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice. ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind. Any instruments that are mentioned throughout are cited only for illustrative and educational purposes.