cityam--2020-07-09--Boots to slash 4,000 jobs and shut 48 shops

British pharmacy chain Boots has announced it will slash 4,000 jobs and close 48 stores as it seeks to shore up its balance sheet after months of closures during the pandemic .
Boots said it was consulting on plans to restructure its head office and store teams and close 48 Boots Opticians stores .
Read more : Retail industry calls for VAT cut to be extended to struggling sector In statement , the company said : “ Boots UK is taking decisive action to mitigate the significant impact that Covid-19 has had on the business and is accelerating the next @ @ @ @ @ @ @ This will ensure a long-term and healthy future for the UK ’ s leading pharmacy , health and beauty business.
” The pharmacy giant said revenue dropped sharply after footfall reduced dramatically during the lockdown and high-earning beauty and fragrance counters were forced to close .
More than 100 of Boots ’ larger stores in city centres , stations and airports were closed , in addition to the majority of Boots Opticians outlets .
“ These factors severely impacted comparable retail sales , which decreased 48 per cent for Boots UK and 72 @ @ @ @ @ @ @ third quarter , ” the company said .
“ Restrictions are beginning to lift , but with an uncertain economic outlook , it is anticipated that the high street will take considerable time to recover.
” The pharmacy chain said it will continue to shift its focus to online sales by investing more heavily in its digital platforms , after Boots ’ website saw a 78 per cent increase in sales during the lockdown period .
Its transformation plan will also see the pharmacy chain boost its repeat prescription services , and introduce @ @ @ @ @ @ @ as virtual consultations .
Sebastian James , managing director of Boots UK , said : “ The proposals announced today are decisive actions to accelerate our transformation plan , allow Boots to continue its vital role as part of the UK health system , and ensure profitable long-term growth .
“ In doing this , we are building a stronger and more modern Boots for our customers , patients and colleagues.
” He added : “ We recognise that today ’ s proposals will be very difficult for the remarkable people who make @ @ @ @ @ @ @ and we will do everything in our power to provide the fullest support during this time.
” It comes as British retail giant John Lewis today announced it will close eight of its UK stores , putting 1,300 jobs at risk , as the high street continues to feel the effects of the coronavirus crisis .
John Lewis will close its department stores in Watford and Birmingham , and four At Home branches in Croydon , Newbury , Swindon and Tamworth .
The travel hub shops at Heathrow Airport and St Pancras train @ @ @ @ @ @ @ 1,300 employees will enter consultations over potential redundancies .
The retailer said it will attempt to offer alternative jobs within the business , such as at Waitrose or online , to workers that are made redundant .
John Lewis Partnership chairman Sharon White said : “ Closing a shop is always incredibly difficult and today ’ s announcement will come as very sad news to customers and partners .
“ Redundancies are always an absolute last resort and we will do everything we can to keep as many partners as possible within our @ @ @ @ @ @ @ 700 jobs as pandemic weighs on high street Although footfall has hiked slightly after restaurants and pubs were allowed to reopen over the weekend , high street footfall remains half of the 2019 level , according to Springboard data .
Chancellor Rishi Sunak has warned that the UK now faces a “ major recession ” , as months of lockdown has crippled business across sectors .
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Boots to slash 4,000 jobs and shut 48 Opticians stores
British pharmacy chain Boots has announced it will slash 4,000 jobs and close 48 stores as it seeks to shore up its balance sheet after months of closures during the pandemic.
Boots said it was consulting on plans to restructure its head office and store teams and close 48 Boots Opticians stores.
In a statement, the company said: “Boots UK is taking decisive action to mitigate the significant impact that Covid-19 has had on the business and is accelerating the next phase of the Boots transformation plan. This will ensure a long-term and healthy future for the UK’s leading pharmacy, health and beauty business.”
The pharmacy giant said revenue dropped sharply after steep slump in footfall during the lockdown, when its high-earning beauty and fragrance counters were forced to close.
More than 100 of Boots’ larger stores in city centres, stations and airports were also forced to shutter during the pandemic, in addition to the majority of Boots Opticians outlets.
“These factors severely impacted comparable retail sales, which decreased 48 per cent for Boots UK and 72 per cent for Boots Opticians in the third quarter,” the company said.
“Restrictions are beginning to lift, but with an uncertain economic outlook, it is anticipated that the high street will take considerable time to recover.”
The pharmacy chain said it will continue to shift its focus to online sales by investing more heavily in its digital platforms, after Boots’ website saw a 78 per cent increase in sales during the lockdown period.
Its transformation plan will also see the pharmacy chain boost its repeat prescription services, and introduce new online pharmacy and beauty services such as virtual consultations.
Sebastian James, managing director of Boots UK, said: “The proposals announced today are decisive actions to accelerate our transformation plan, allow Boots to continue its vital role as part of the UK health system, and ensure profitable long-term growth.
“In doing this, we are building a stronger and more modern Boots for our customers, patients and colleagues.”
He added: “We recognise that today’s proposals will be very difficult for the remarkable people who make up the heart of our business, and we will do everything in our power to provide the fullest support during this time.”
It comes as British retail giant John Lewis today announced it will close eight of its UK stores, putting 1,300 jobs at risk as the high street continues to feel the effects of the coronavirus crisis.
John Lewis will close its department stores in Watford and Birmingham, and four At Home branches in Croydon, Newbury, Swindon and Tamworth. The travel hub shops at Heathrow Airport and St Pancras train station will also remain closed.
Around 1,300 employees will enter consultations over potential redundancies. The retailer said it will attempt to offer alternative jobs within the business, which also includes Waitrose, to workers that are made redundant.
John Lewis chairman Sharon White said: “Closing a shop is always incredibly difficult and today’s announcement will come as very sad news to customers and partners.
“Redundancies are always an absolute last resort and we will do everything we can to keep as many partners as possible within our business.”
Although footfall has hiked slightly after restaurants and pubs were allowed to reopen over the weekend, high street footfall remains half of the 2019 level, according to the latest Springboard data.
Chancellor Rishi Sunak has warned that the UK now faces a “major recession”, as months of lockdown has crippled business across sectors., and yesterday announced a £30bn support package to try and revive UK businesses after months of inaction.
Nigel Frith, senior market analyst at Ask Traders, said: “After Rishi Sunak’s announcement of the mini-Budget yesterday, it’s evident that he may have forgotten high street stores altogether.
“The UK know that they are heading for a recession, but the public don’t realise yet how many jobs can actually go within a click of a finger. The unemployment rate is going to be high and figures will be interesting later this month – people don’t realise that if they don’t act soon enough, it will be harder to find a job.”
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cityam--2020-07-09--Now’s not the time to worry about £500bn of borrowing, says IFS

The UK ’ s budget deficit could balloon to £350bn this year and £150bn the next , but tax rises or spending cuts to tackle the public debt should not be implemented “ any time soon , ” the Institute for Fiscal Studies ( IFS ) has said .
However , IFS boss Paul Johnson warned that the chancellor was spending huge amounts and that there must eventually be a “ reckoning ” .
He said that would most likely be “ in the form of higher taxes ” after a decade of austerity .
Read more : Rishi Sunak @ @ @ @ @ @ @ once picture clears It comes the day after chancellor Rishi Sunak splashed an extra £30bn to try to stimulate the UK ’ s coronavirus-ravaged economy .
It came in the form of job retention schemes and tax cuts .
Sunak said he was “ unencumbered by dogma ” .
He also suggested he would do more in the autumn to protect jobs and businesses .
The IFS , a respected think tank that analyses taxing and spending , today said the budget deficit could well reach £350bn this year , with the government @ @ @ @ @ @ @ year .
The deficit is the gap between government revenue and its spending .
Carl Emmerson , IFS deputy director , cautioned there was “ huge uncertainty ” around the figures .
But experts reckon the deficit this year could reach around 18 per cent of GDP .
That is more than double its level following the financial crisis .
And Emmerson said the UK could well borrow another £150bn next year to cover the deficit , taking the total for the two years to £500bn .
No need for new fiscal rules @ @ @ @ @ @ @ have unnerved some Conservative MPs .
Former chancellor Sajid Javid , who was replaced by Sunak in February , yesterday urged the chancellor to lay out a new set of taxing and spending rules with the aim of bringing down the government debt .
Yet the IFS today slapped down such suggestions .
Emmerson said : “ What we don ’ t need is a new set of fiscal rules.
” “ We keep introducing fiscal rules that are badly designed .
They ’ re not constraining enough during good periods , they @ @ @ @ @ @ @ shocks.
” Yet Emmerson said the chancellor should have a plan to show he has considered the risks around the debt .
“ If interest rates stay low then the debt is fine.
” Read more : Rishi Sunak Summer Statement : All the Chancellor ’ s spending pledges “ What we ’ ve got to worry about is a world where interest rates go up and that ’ s not accompanied by stronger growth.
” Sunak this morning told the BBC : “ We can ’ t sustainably live like this.
” @ @ @ @ @ @ @ we have a clearer path… we can look at the situation and make sure that our public finances are back on a sustainable footing over a reasonable period of time.
” Emmerson said : “ It ’ s going to take decades before we manage that debt down to the levels we were used to pre this crisis.
” The IFS said the chancellor ’ s £30bn package was “ focussed on the right things , such as jobs for the young ” .
Yet it questioned whether some of the schemes were @ @ @ @ @ @ @ it said a lot of the spending on the job retention bonus scheme would be “ deadweight ” as it would go to firms who would have brought back furloughed workers anyway .
Under the programme , companies will receive a one-off payment of £1,000 per worker that they bring back from furlough until the end of January .
IFS head of work and income Robert Joyce said it is “ a lot less than we have been providing through the furlough scheme so far ” .
He said it remains to be @ @ @ @ @ @ @ groups have warned that millions of jobs are still at risk .
Adam Marshall , director general of the British Chambers of Commerce , said Sunak still needs to address “ the ticking clock on a number of other key concerns – including the impending end of key business loan scheme ” .
Sunak also slashed VAT for the hospitality and tourism industries to five per cent from 20 per cent until the end of January .
Helen Miller , the IFS ’ s head of tax , said it will increase output @ @ @ @ @ @ @ capacity to serve more people with social distancing measures in place .
Yet she said in many ways it is a “ poorly targeted giveaway ” .
For example , hospitality and tourism firms who were already in a stronger position stand to benefit the most .
Read more : City reckons more ‘ enormous ’ stimulus to come from Rishi Sunak in autumn IFS chief Johnson said he expected the chancellor ’ s autumn Budget to “ still to be looking to support a recovery ” .
“ We will know more @ @ @ @ @ @ @ virus and the economy .
This should allow for more targeted support .
”

Now’s not the time to worry about £500bn of borrowing, says IFS
Chancellor Rishi Sunak yesterday announced £30bn more stimulus spending for the UK economy
The UK’s budget deficit could balloon to £350bn this year and £150bn the next, but tax rises or spending cuts to tackle the public debt should not be implemented “any time soon,” the Institute for Fiscal Studies (IFS) has said.
However, IFS boss Paul Johnson warned that the chancellor was spending huge amounts and that there must eventually be a “reckoning”. He said that would most likely be “in the form of higher taxes” after a decade of austerity.
Read more: Rishi Sunak says he will deal with debt levels once picture clears
It comes the day after chancellor Rishi Sunak splashed an extra £30bn to try to stimulate the UK’s coronavirus-ravaged economy. It came in the form of job retention schemes and tax cuts.
Sunak said he was “unencumbered by dogma”. He also suggested he would do more in the autumn to protect jobs and businesses.
The IFS, a respected think tank that analyses taxing and spending, today said the budget deficit could well reach £350bn this year, with the government having spent around £190bn on coronavirus this year. The deficit is the gap between government revenue and its spending.
Carl Emmerson, IFS deputy director, cautioned there was “huge uncertainty” around the figures. But experts reckon the deficit this year could reach around 18 per cent of GDP. That is more than double its level following the financial crisis.
And Emmerson said the UK could well borrow another £150bn next year to cover the deficit, taking the total for the two years to £500bn.
No need for new fiscal rules – yet
Such massive levels of borrowing have unnerved some Conservative MPs.
Former chancellor Sajid Javid, who was replaced by Sunak in February, yesterday urged the chancellor to lay out a new set of taxing and spending rules with the aim of bringing down the government debt.
Yet the IFS today slapped down such suggestions. Emmerson said: “What we don’t need is a new set of fiscal rules.”
“We keep introducing fiscal rules that are badly designed. They’re not constraining enough during good periods, they’re far too inflexible during adverse shocks.”
Yet Emmerson said the chancellor should have a plan to show he has considered the risks around the debt. “If interest rates stay low then the debt is fine.”
Read more: Rishi Sunak Summer Statement: All the Chancellor’s spending pledges
“What we’ve got to worry about is a world where interest rates go up and that’s not accompanied by stronger growth.”
Sunak this morning told the BBC: “We can’t sustainably live like this.” He added: “As soon as we have a clearer path… we can look at the situation and make sure that our public finances are back on a sustainable footing over a reasonable period of time.”
Emmerson said: “It’s going to take decades before we manage that debt down to the levels we were used to pre this crisis.”
IFS queries Sunak’s job retention bonus
The IFS said the chancellor’s £30bn package was “focussed on the right things, such as jobs for the young”. Yet it questioned whether some of the schemes were efficient uses of money.
For example it said a lot of the spending on the job retention bonus scheme would be “deadweight” as it would go to firms who would have brought back furloughed workers anyway.
Under the programme, companies will receive a one-off payment of £1,000 per worker that they bring back from furlough until the end of January.
IFS head of work and income Robert Joyce said it is “a lot less than we have been providing through the furlough scheme so far”. He said it remains to be seen whether it will work.
Business groups have warned that millions of jobs are still at risk.
Adam Marshall, director general of the British Chambers of Commerce, said Sunak still needs to address “the ticking clock on a number of other key concerns – including the impending end of key business loan scheme”.
VAT cut is ‘poorly targeted’
Sunak also slashed VAT for the hospitality and tourism industries to five per cent from 20 per cent until the end of January.
Helen Miller, the IFS’s head of tax, said it will increase output in the sector if firms have the capacity to serve more people with social distancing measures in place.
Yet she said in many ways it is a “poorly targeted giveaway”. For example, hospitality and tourism firms who were already in a stronger position stand to benefit the most.
IFS chief Johnson said he expected the chancellor’s autumn Budget to “still to be looking to support a recovery”.
“We will know more then about the progress of both the virus and the economy. This should allow for more targeted support.”


cityam--2020-07-09--Sunak’s spending spree ‘catastrophe’ for UK’s night time industry

Casinos , comedy clubs and nightclubs have accused the chancellor of letting Britain ’ s night industry “ slip through the cracks ” , as a new wave of financial support for the hospitality industry failed to provide specific support for shuttered night time venues .
Chancellor Rishi Sunak unveiled a raft of measures in his £30bn mini-Budget yesterday , in a bid to revive the UK ’ s battered economy after months of closures during the coronavirus pandemic .
Read more : London ’ s nightclubs and casinos slam ‘ suicidal ’ new coronavirus guidelines Announcing his Summer Statement @ @ @ @ @ @ @ to pause stamp duty , boost hiring , introduce “ eating out ” vouchers for every person in the UK and slash VAT for restaurants , cinemas , theatres and zoos .
But businesses in the UK ’ s night time industry , most of which are still shuttered , have vented their fury that the chancellor ’ s spending spree will only apply to businesses that have been allowed to reopen .
Pubs , bars , restaurants , hotels , theme parks , galleries and hairdressers were allowed to reopen over the @ @ @ @ @ @ @ measures , but the bulk of the UK ’ s night time businesses have been snubbed from the list after being deemed “ too unsafe ” to reopen .
Michael Kill , chief executive of the Night Time Industries Association ( NTIA ) , told City A.M : “ Whilst there is much to be welcomed in this announcement for many businesses , particularly pubs and restaurants , it leaves many in our sector beleaguered .
A VAT cut for some will help , but not when you can ’ t open your @ @ @ @ @ @ @ a tragedy for many late night business owners , their staff and their customers .
We again are now waiting for more clarity , and renew our call on the government , to help us with direct financial support ” Kill added : “ It ’ s as if the government is letting us slip through the cracks between the various well-intentioned schemes .
A VAT cut when you just can ’ t open at all is not of any help .
Late night venues in towns and cities across the country are @ @ @ @ @ @ @ is the UK ’ s fifth-biggest industry , accounting for at least eight per cent of the UK ’ s employment and annual revenues of £66bn , according to data from the NTIA .
And London ’ s night time economy directly supports 723,000 jobs — one in eight in the capital , according to the Office for National Statistics .
Alex Proud , owner of several London nightclubs including Proud Camden , echoed Kill ’ s sentiments , adding that it was “ extraordinary ” that the nighttime industry was left out @ @ @ @ @ @ @ I think most of us in the night time industry have been pretty shocked .
I feel like they had an open goal to support us with the amount of money they had going around and they totally missed it , ” he told City A.M .
Proud added that he was “ incredibly frustrated ” that Sunak ’ s decision to slash VAT from 20 per cent to five per cent for the next six months will only apply to venues that serve food , and will not be applied to alcohol @ @ @ @ @ @ @ ’ t help many venues that are wet-led not food-led .
I find it an extraordinarily strange decision — I ’ d love to have been in that meeting where they said ‘ Oh let ’ s just stick it on food , not alcohol ' ” .
“ I ’ m incredibly frustrated because I feel like [ Sunak ] wants to do the bad thing and he ’ s clearly got bad advice… It ’ s bitterly disappointing , ill thought-out and really world-losing .
It ’ s especially disappointing because @ @ @ @ @ @ @ been the best part of the government ’ s response to Covid ” .
Michael Dugher , chief executive of the Betting and Gaming Council , said : “ The chancellor ’ s decision to cut VAT for the hospitality and tourism sectors from 20 per cent to five per cent for the next six months will potentially be an enormous boost for bingo halls and casinos .
“ However , in order to take advantage of this new policy , casinos must be given the green light to reopen as quickly as @ @ @ @ @ @ @ , casinos are costing the exchequer around £5m a week while they are closed .
Last year , they paid £5.7m a week in tax.
” Dugher added : “ Casinos are part of our hospitality , leisure and entertainment industries , and they are also a significant attraction for tourists .
They can reopen safely and it ’ s time now to let them do so.
” Simon Thomas , chief executive and owner of London ’ s Hippodrome Casino , told City A.M : “ As a casino operator , a @ @ @ @ @ @ @ We will be speaking to the Treasury about receiving a similar cut in gaming duty in our casino .
“ We are in discussion with the Department for Health and Social Care and Public Health England to reopen , but for the moment we are forced to remain closed.
” A report released today by the Live Comedy Association ( LCA ) found that nearly 80 per cent of comedy clubs could close in the next year as cancellations and closures remain on the horizon long into the aftermath of the coronavirus crisis @ @ @ @ @ @ @ £1.57bn support for UK arts and culture industries One third of live comedy venues believe they will be forced to close in the next six months without business , according to the survey , while almost 78 per cent say that they will be gone in a year .
Brid Kirby from the LCA told City A.M : “ The LCA was disappointed to see that once again , there is no news on the vital funding needing to support the freelance workforce .
As an industry where over 70 per cent are @ @ @ @ @ @ @ extend [ support ] and plug its gaps ” .
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Sunak’s spending spree ‘catastrophe’ for UK’s night time industry
Casinos, comedy clubs and nightclubs have accused the chancellor of letting Britain’s night industry “slip through the cracks”, as a new wave of financial support for the hospitality industry failed to provide specific support for shuttered night time venues.
Chancellor Rishi Sunak unveiled a raft of measures in his £30bn mini-Budget yesterday, in a bid to revive the UK’s battered economy after months of closures during the coronavirus pandemic.
Announcing his Summer Statement in the Commons yesterday, Sunak pledged to pause stamp duty, boost hiring, introduce “eating out” vouchers for every person in the UK and slash VAT for restaurants, cinemas, theatres and zoos.
But businesses in the UK’s night time industry, most of which are still shuttered, have vented their fury that the chancellor’s spending spree will only apply to businesses that have been allowed to reopen.
Pubs, bars, restaurants, hotels, theme parks, galleries and hairdressers were allowed to reopen over the weekend following a relaxation of social distancing measures, but the bulk of the UK’s night time businesses have been snubbed from the list after being deemed “too unsafe” to reopen.
Michael Kill, chief executive of the Night Time Industries Association (NTIA), told City A.M: “Whilst there is much to be welcomed in this announcement for many businesses, particularly pubs and restaurants, it leaves many in our sector beleaguered. A VAT cut for some will help, but not when you can’t open your business.
“This announcement will be a tragedy for many late night business owners, their staff and their customers. We again are now waiting for more clarity, and renew our call on the government, to help us with direct financial support”
Kill added: “It’s as if the government is letting us slip through the cracks between the various well-intentioned schemes. A VAT cut when you just can’t open at all is not of any help. Late night venues in towns and cities across the country are facing catastrophe.”
The night time economy is the UK’s fifth-biggest industry, accounting for at least eight per cent of the UK’s employment and annual revenues of £66bn, according to data from the NTIA.
And London’s night time economy directly supports 723,000 jobs — one in eight in the capital, according to the Office for National Statistics.
Alex Proud, owner of several London nightclubs including Proud Camden, echoed Kill’s sentiments, adding that it was “extraordinary” that the night time industry was left out of the government support package.
“I think most of us in the night time industry have been pretty shocked. I feel like they had an open goal to support us with the amount of money they had going around and they totally missed it,” he told City A.M.
Proud added that he was “incredibly frustrated” that Sunak’s decision to slash VAT from 20 per cent to five per cent for the next six months will only apply to venues that serve food, and will not be applied to alcohol sales.
“The VAT cut doesn’t help many venues that are wet-led not food-led. I find it an extraordinarily strange decision — I’d love to have been in that meeting where they said ‘Oh let’s just stick it on food, not alcohol'”.
“I’m incredibly frustrated because I feel like [Sunak] wants to do the right thing and he’s clearly got bad advice… It’s bitterly disappointing, ill thought-out and really world-losing. It’s especially disappointing because the Treasury up to this point has been the best part of the government’s response to Covid”.
Michael Dugher, chief executive of the Betting and Gaming Council, said: “The chancellor’s decision to cut VAT for the hospitality and tourism sectors from 20 per cent to five per cent for the next six months will potentially be an enormous boost for bingo halls and casinos.
“However, in order to take advantage of this new policy, casinos must be given the green light to reopen as quickly as possible in July. At the moment, casinos are costing the exchequer around £5m a week while they are closed. Last year, they paid £5.7m a week in tax.”
Dugher added: “Casinos are part of our hospitality, leisure and entertainment industries, and they are also a significant attraction for tourists. They can reopen safely and it’s time now to let them do so.”
Simon Thomas, chief executive and owner of London’s Hippodrome Casino, told City A.M: “As a casino operator, a VAT cut is not very relevant. We will be speaking to the Treasury about receiving a similar cut in gaming duty in our casino.
“We are in discussion with the Department for Health and Social Care and Public Health England to reopen, but for the moment we are forced to remain closed.”
A report released today by the Live Comedy Association (LCA) found that nearly 80 per cent of comedy clubs could shut permanently in the next year as cancellations and venue closures remain on the horizon long into the aftermath of the coronavirus crisis.
One third of live comedy venues believe they will be forced to close in the next six months without business, according to the survey, while almost 78 per cent say that they will be gone in a year.
Brid Kirby from the LCA told City A.M: “The LCA was disappointed to see that once again, there is no news on the vital funding needing to support the freelance workforce. As an industry where over 70 per cent are self-employed, time is running out to extend [support] and plug its gaps”.
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-07-09--Apple's retail network pays just £6.2m tax on £1.4bn UK sales

Apple ’ s UK retail arm paid just £6.2m in tax last year , despite raking in sales of almost £1.4bn as demand for its products boomed .
Accounts filed today for Apple Retail , which manages its UK store network , showed revenue jumped 15 per cent in the 12 months to September 2019 , despite not opening any new stores .
Profit before tax rose 11 per cent to £37.2m .
Meanwhile earnings at Apple ’ s corporate UK arm fell more than 70 per cent last year , as it expanded its presence in the country with @ @ @ @ @ @ @ staff .
Filings for Apple UK , which manages research and development efforts in the country , reported a profit before tax of £35.8m in 2019 , down from £105.6m a year earlier .
Its costs spiked dramatically , rising 94 per cent to £173.7m from £94.8m a year earlier .
Employee numbers rose similarly , reaching 926 staff , up from 473 .
Its resulting tax bill fell from £15.2m in 2018 to £9.1m — a tax rate of 25 per cent .
This was despite turnover for the 12 months to @ @ @ @ @ @ @ £241.2m in 2018 .
The accounts come as Apple is set to hear the result of its appeal against the European Commission next week over €13bn in back taxes it was ordered to pay the Irish government in 2016 .
Read more : EU opens antitrust cases against Apple over App Store and Apple Pay The tech firm is fighting alongside Ireland to challenge the EU ’ s ruling , which said the pair violated state aid rules in a tax deal that permitted Apple to record its sales through two Irish units @ @ @ @ @ @ @ cases from the Commission regarding anti-competitive behaviour in its App Store and Apple Pay practices .
A third set of accounts published today showed Apple ’ s European sales and marketing arm , Apple Europe , paid £74.3m in tax on a profit of £444m , up from £285.6m .
Apple is currently building a new headquarters at Battersea Power Station .
The firm will move its approximately 1,400 existing UK staff to the new site in 2021 , though construction was temporarily paused earlier this year due to the pandemic .
An @ @ @ @ @ @ @ largest taxpayer in the world , we know the important role tax payments play in society and always pay all that we owe .
We are very proud of our many contributions across the UK and last year spent over £2bn with hundreds of suppliers .
“ Our investment and innovation supports more than 325,000 jobs in the UK and , in addition to our tax contributions , we also think it ’ s important to do more for people and society .
We focused our attention on supporting the response to Covid-19 @ @ @ @ @ @ @ face masks and shields here in the UK .
”

Apple’s retail network pays just £6.2m tax on £1.4bn UK sales
Apple’s flagship store on Regent Street
Apple’s UK retail arm paid just £6.2m in tax last year, despite raking in sales of almost £1.4bn as demand for its products boomed.
Accounts filed today for Apple Retail, which manages its UK store network, showed revenue jumped 15 per cent in the 12 months to September 2019, despite not opening any new stores. Profit before tax rose 11 per cent to £37.2m.
Meanwhile earnings at Apple’s corporate UK arm fell more than 70 per cent last year, as it expanded its presence in the country with a rapid increase in hiring for technical staff.
Filings for Apple UK, which manages research and development efforts in the country, reported a profit before tax of £35.8m in 2019, down from £105.6m a year earlier.
Its costs spiked dramatically, rising 94 per cent to £173.7m from £94.8m a year earlier. Employee numbers rose similarly, reaching 926 staff, up from 473.
Its resulting tax bill fell from £15.2m in 2018 to £9.1m — a tax rate of 25 per cent. This was despite turnover for the 12 months to September 2019 reaching £296.6m, up from £241.2m in 2018.
The accounts come as Apple is set to hear the result of its appeal against the European Commission next week over €13bn in back taxes it was ordered to pay the Irish government in 2016.
The tech firm is fighting alongside Ireland to challenge the EU’s ruling, which said the pair violated state aid rules in a tax deal that permitted Apple to record its sales through two Irish units.
It is also facing another two cases from the Commission regarding anti-competitive behaviour in its App Store and Apple Pay practices.
A third set of accounts published today showed Apple’s European sales and marketing arm, Apple Europe, paid £74.3m in tax on a profit of £444m, up from £285.6m.
Apple is currently building a new headquarters at Battersea Power Station. The firm will move its approximately 1,400 existing UK staff to the new site in 2021, though construction was temporarily paused earlier this year due to the pandemic.
An Apple spokesperson said: “As the largest taxpayer in the world, we know the important role tax payments play in society and always pay all that we owe. We are very proud of our many contributions across the UK and last year spent over £2bn with hundreds of suppliers.
“Our investment and innovation supports more than 325,000 jobs in the UK and, in addition to our tax contributions, we also think it’s important to do more for people and society. We focused our attention on supporting the response to Covid-19, making significant financial contributions and donating face masks and shields here in the UK.”


cityam--2020-07-09--World's best bars unite for fundraising auction

A collection of the world ’ s best bars have clubbed together to deliver a fundraising auction which they hope @ @ @ @ @ a much-needed boost .
The auction , with prizes donated by members of the World @ @ @ @ @ list and a host of food and drink businesses , includes three nights bar-hopping with @ @ @ @ @ , a cocktail masterclass at the Savoy ’ s American bar and a host of @ @ @ @ @ and the world .
Proceeds from the auction will be donated to independent bars and @ @ @ @ @ as well as non-profit groups which support hospitality businesses .
Mark Sansom , Content Editor @ @ @ @ @ said : “ Putting this auction together has further highlighted the solidarity of the international @ @ @ @ @ ask all those who love bars and are blessed with sufficient resources to take part @ @ @ @ @ crucially , spread the word to friends and peers across the world.
” The auction @ @ @ @ @ , closes on July 12th .

World’s best bars unite for fundraising auction
Lots include a trip to Rioja with Beronia
A collection of the world’s best bars have clubbed together to deliver a fundraising auction which they hope will give the hospitality industry a much-needed boost.
The auction, with prizes donated by members of the World’s 50 Best Bars list and a host of food and drink businesses, includes three nights bar-hopping with New York’s Dante, a cocktail masterclass at the Savoy’s American bar and a host of other experiences across the capital and the world.
Proceeds from the auction will be donated to independent bars and restaurants across the world, as well as non-profit groups which support hospitality businesses.
Mark Sansom, Content Editor for 50 Best Bars, said: “Putting this auction together has further highlighted the solidarity of the international bar family. Now we ask all those who love bars and are blessed with sufficient resources to take part in the auction and, crucially, spread the word to friends and peers across the world.”
The auction, 50 Best for Recovery, closes on July 12th.


cityam--2020-07-09--Housebuilders Persimmon and Vistry report growing customer demand post-lockdown

UK housebuilders Persimmon and Vistry this morning reported a boost in customer demand since reopening sales offices after months at a standstill during the coronavirus lockdown .
Persimmon said demand was “ positive ” , with reservations up 30 per cent year on year .
The FTSE 100 firm ’ s share price jumped more than six per cent following the announcement .
The housebuilder announced this morning that its weekly average net private sales reservations for the six weeks since reopening its offices had reached 278 .
However the developer said revenue in the first six months of the @ @ @ @ @ @ @ in 2019 , due to the impact of the coronavirus crisis .
Housing revenue was 33 per cent lower , with new housing legal completion volumes of 4,900 , a fall from 7,584 in 2019 .
Average selling prices rose from £216,942 to £225,050 , demonstrating “ resilient selling prices throughout the period.
” Persimmon chief executive Dave Jenkinson said the company had also seen “ encouraging sales levels throughout the period ” .
He added : “ In particular , over the last six weeks when net reservations have been 30 per @ @ @ @ @ @ @ We enter the second half in a strong position , with work in progress well advanced , forward sales 15 per cent ahead year on year , and cash holdings of £830m .
Read more : Housebuilder Persimmon confident in outlook as construction sites reopen Meanwhile , Vistry , previously known as Bovis Homes , said it had seen a week-on-week increase in sales rates over the last 10 weeks .
In the last four weeks its average private sales rate per site per week has been 0.62 .
The FTSE 250 housebuilder @ @ @ @ @ @ @ of the business .
Shares jumped more than two per cent following the update this morning .
William Ryder , equity analyst at Hargreaves Lansdown , said : “ Both Persimmon and Vistry have continued the trend among housebuilders of reporting firm pricing , despite both Nationwide and Halifax reporting falls in their respective house price indices .
“ The new homes market is not fully reflective of the broader market , but can be expected to track it reasonably closely .
It ’ s therefore unclear where the market is going , @ @ @ @ @ @ @ on the success of the economic recovery .
“ The Chancellor ’ s cut to stamp duty will provide some support to the market , but in the face of a prolonged recession it ’ s unlikely to keep prices up indefinitely – for that we need a strong economy .
”

Housebuilders Persimmon and Vistry report growing customer demand post-lockdown
UK housebuilders Persimmon and Vistry this morning reported a boost in customer demand since reopening sales offices after months at a standstill during the coronavirus lockdown.
Persimmon said demand was “positive”, with reservations up 30 per cent year on year. The FTSE 100 firm’s share price jumped more than six per cent following the announcement.
The housebuilder announced this morning that its weekly average net private sales reservations for the six weeks since reopening its offices had reached 278.
However the developer said revenue in the first six months of the year was £1.19bn, down from £1.75bn in 2019, due to the impact of the coronavirus crisis.
Housing revenue was 33 per cent lower, with new housing legal completion volumes of 4,900, a fall from 7,584 in 2019.
Average selling prices rose from £216,942 to £225,050, demonstrating “resilient selling prices throughout the period.”
Persimmon chief executive Dave Jenkinson said the company had also seen “encouraging sales levels throughout the period”.
He added: “In particular, over the last six weeks when net reservations have been 30 per cent ahead year on year.
“We enter the second half in a strong position, with work in progress well advanced, forward sales 15 per cent ahead year on year, and cash holdings of £830m.
Meanwhile, Vistry, previously known as Bovis Homes, said it had seen a week-on-week increase in sales rates over the last 10 weeks. In the last four weeks its average private sales rate per site per week has been 0.62.
The FTSE 250 housebuilder said pricing remained firm across all areas of the business. Shares jumped more than two per cent following the update this morning.
William Ryder, equity analyst at Hargreaves Lansdown, said: “Both Persimmon and Vistry have continued the trend among housebuilders of reporting firm pricing, despite both Nationwide and Halifax reporting falls in their respective house price indices.
“The new homes market is not fully reflective of the broader market, but can be expected to track it reasonably closely. It’s therefore unclear where the market is going, but we suspect it will largely depend on the success of the economic recovery.
“The Chancellor’s cut to stamp duty will provide some support to the market, but in the face of a prolonged recession it’s unlikely to keep prices up indefinitely – for that we need a strong economy.”


cityam--2020-07-09--John Lewis closes eight stores putting 1,300 jobs at risk

John Lewis has announced that it will not reopen eight stores after the UK coronavirus lockdown , putting around 1,300 jobs at risk .
The company said this morning that the stores , which includes the department store at Birmingham ’ s Bullring shopping centre , had been struggling before the pandemic .
Read more : John Lewis set to announce job cuts and store closures John Lewis will also close its department store in Watford and four At Home branches in Croydon , Newbury , Swindon and Tamworth .
The travel hub shops at Heathrow Airport and St Pancras @ @ @ @ @ @ @ Around 1,300 employees will enter consultations over potential redundancies .
The retailer said it will attempt to offer alternative jobs within the business , such as at Waitrose or online , to workers that are made redundant .
John Lewis said the coronavirus pandemic has accelerated the switch from shopping in-store to online .
Previously 40 per cent of John Lewis sales were online , which is now closer to 60 to 70 per cent of total sales this year and next , the retailer said .
John Lewis Partnership chairman Sharon White @ @ @ @ @ @ @ always incredibly difficult and today ’ s announcement will come as very sad news to customers and partners .
Read more : John Lewis reveals first 13 stores to reopen next month “ However , we believe closures are necessary to help us secure the sustainability of the partnership – and continue to meet the needs of our customers however and wherever they want to shop .
“ Redundancies are always an absolute last resort and we will do everything we can to keep as many partners as possible within our business.
” @ @ @ @ @ @ @ February , launched a strategic review of the company earlier this year .
Read more : John Lewis could permanently close some stores when coronavirus lockdown ends Employees have already been told they are unlikely to receive a bonus next year as the department store chain struggles to improve profitability , according to the Evening Standard .
It is also planning to close its Partnership House office in Victoria Street as it seeks to capitalise on the flexible working boom sparked by the coronavirus pandemic .
The retailer also today set out a @ @ @ @ @ @ @ stores .
John Lewis stores in Aberdeen , Ashford , Brent Cross , Chichester , Oxford , Peterborough , Reading , Sheffield , Swindon and White City Westfield will open on 30 July .
The Leicester store will reopen when the local lockdown in the city is lifted .

John Lewis closes eight stores putting 1,300 jobs at risk
John Lewis has announced that it will not reopen eight stores after the UK coronavirus lockdown, putting around 1,300 jobs at risk.
The company said this morning that the stores, which includes the department store at Birmingham’s Bullring shopping centre, had been struggling before the pandemic.
John Lewis will also close its department store in Watford and four At Home branches in Croydon, Newbury, Swindon and Tamworth. The travel hub shops at Heathrow Airport and St Pancras train station will also remain closed.
Around 1,300 employees will enter consultations over potential redundancies. The retailer said it will attempt to offer alternative jobs within the business, such as at Waitrose or online, to workers that are made redundant.
John Lewis said the coronavirus pandemic has accelerated the switch from shopping in-store to online. Previously 40 per cent of John Lewis sales were online, which is now closer to 60 to 70 per cent of total sales this year and next, the retailer said.
John Lewis Partnership chairman Sharon White said: “Closing a shop is always incredibly difficult and today’s announcement will come as very sad news to customers and partners.
“However, we believe closures are necessary to help us secure the sustainability of the partnership – and continue to meet the needs of our customers however and wherever they want to shop.
“Redundancies are always an absolute last resort and we will do everything we can to keep as many partners as possible within our business.”
White, who joined the partnership in February, launched a strategic review of the company earlier this year.
Employees have already been told they are unlikely to receive a bonus next year as the department store chain struggles to improve profitability, according to the Evening Standard.
It is also planning to close its Partnership House office in Victoria Street as it seeks to capitalise on the flexible working boom sparked by the coronavirus pandemic.
The retailer also today set out a timetable for reopening the rest of its stores. John Lewis stores in Aberdeen, Ashford, Brent Cross, Chichester, Oxford, Peterborough, Reading, Sheffield, Swindon and White City Westfield will open on 30 July.
The Leicester store will reopen when the local lockdown in the city is lifted.


cityam--2020-07-09--London City Airport resumes international flights after three-month suspension

International flights have resumed from London City Airport after a three month suspension due to the UK ’ s coronavirus lockdown .
It comes as the government ’ s relaxation of quarantine rules takes effect , which will allow people to travel across Europe without quarantining on arrival .
Read more : Up to 75 countries to be exempt from quarantine rules as ‘ air bridges ’ thrown out It has been met with massive demand from travellers , with bookings for flights operated by British Airways ’ subsidiary BA CityFlyer reportedly exceeding expectations .
This morning , BA CityFlyer @ @ @ @ @ @ @ Mallorca , Ibiza , Malaga and Florence Peretola resumed .
In mid-July domestic flights to Edinburgh , Glasgow and Dublin .
Last month , 79 per cent of City flyers said they were likely to travel when they were told it was safe to do so , with 42 per cent planning to travel for leisure within the next three months .
Airlines have been hit hard by lockdown measures during the pandemic , with a raft of job cuts announced .
British Airways announced it was holding consultations to cut 12,000 jobs @ @ @ @ @ @ @ and 3,000 jobs respectively .
As well as adapting to new social distancing guidelines , airlines and airports are having to implement new safety procedures .
City airport has installed contact-free temperature checking technology , crowd monitoring technology , as well as enhanced cleaning procedures .
Passengers will also be asked to wear face coverings in the airport .
Read more : EU prepares ban on US travellers over high coronavirus case count London City Airport ’ s chief commercial officer Richard Hill said : “ Today marks the start of the summer @ @ @ @ @ @ @ clear that customers value the safe , careful and speedy environment that we ’ ve created.
” “ Looking ahead , I anticipate we ’ ll see more of our airline partners re-starting services in the coming weeks , encouraged by the demand we ’ re experiencing in the London market .
”

London City Airport resumes international flights after three-month suspension
International flights have resumed from London City Airport after a three month suspension due to the UK’s coronavirus lockdown.
It comes as the government’s relaxation of quarantine rules takes effect, which will allow people to travel across Europe without quarantining on arrival.
It has been met with massive demand from travellers, with bookings for flights operated by British Airways’ subsidiary BA CityFlyer reportedly exceeding expectations.
This morning, BA CityFlyer flights from City airport to Palma de Mallorca, Ibiza, Malaga and Florence Peretola resumed. In mid-July domestic flights to Edinburgh, Glasgow and Dublin.
Last month, 79 per cent of City flyers said they were likely to travel when they were told it was safe to do so, with 42 per cent planning to travel for leisure within the next three months.
Airlines have been hit hard by lockdown measures during the pandemic, with a raft of job cuts announced. British Airways announced it was holding consultations to cut 12,000 jobs while Easyjet and Ryanair have cut 4,500 and 3,000 jobs respectively.
As well as adapting to new social distancing guidelines, airlines and airports are having to implement new safety procedures.
City airport has installed contact-free temperature checking technology, crowd monitoring technology, as well as enhanced cleaning procedures. Passengers will also be asked to wear face coverings in the airport.
London City Airport’s chief commercial officer Richard Hill said: “Today marks the start of the summer getaway season, and it’s clear that customers value the safe, careful and speedy environment that we’ve created.”
“Looking ahead, I anticipate we’ll see more of our airline partners re-starting services in the coming weeks, encouraged by the demand we’re experiencing in the London market.”


cityam--2020-07-09--Beauty salons, massage parlours and gyms set to reopen in England next week

Beauty salons , nail bars , tattoo studios , massage parlours , spas and gyms are set to reopen next week after months of closure during the coronavirus crisis , the government announced today , though facial treatments will remain prohibited under strict social distancing measures .
Culture secretary Oliver Dowden today said : “ Having allowed hairdressers to reopen , beauticians , tattooists , spas , tanning salons and other close contact services can now do the same , I am pleased to say.
” Read more : Swimming pools and gyms could reopen later in July The new @ @ @ @ @ @ @ July , but will come with strict social distancing requirements .
Beard trimming will be allowed under the new rules , but should be limited to “ simple beard trims , thinning or removing bulk or length which can be done using either clippers or scissors ” , the British Beauty Council said in a statement .
However , intricate detailing , outlining or shaving of beards and moustaches will remain DIY jobs , as prolonged attention on the “ high-risk ” facial area is considered to carry a higher risk of spreading @ @ @ @ @ @ @ as manicures , pedicures , leg or bikini waxing will be allowed to go ahead , however eyelash treatment , eyebrow threading , facial electrolysis , professional makeup , dermaplaning and microblading will all be forbidden .
The new rules apply to all beauty practitioners in England , including those working in salon spaces as well as freelancers , mobile operators , and retail and session makeup artists .
Business secretary Alok Sharma said : “ We have been clear throughout this crisis that we want as many businesses as possible to reopen @ @ @ @ @ @ @ is safe for them to do so .
“ From Monday 13 July thousands more businesses which offer close contact services like nail and beauty salons will be able to welcome customers back in a way that is safe for both workers and the public .
“ Enabling these often small , independent businesses to reopen is yet another step in our plan to kickstart the economy to support jobs and incomes across the country.
” Millie Kendall , chief executive of the British Beauty Council , said : “ The decision to @ @ @ @ @ @ @ beauty services will allow many more beauty professionals to get back to work , and will also allow customers to benefit from a range of beauty treatments which can be carried out safely for both client and practitioner .
“ It ’ s a positive step , but we are still only part of the way there .
We will keep working closely with governing bodies and supporting everyone in beauty until we are able to achieve the fully-reinvigorated beauty industry we all want.
” Beauty salons and gyms had previously vented their @ @ @ @ @ @ @ of venues , including hairdressers , bars and pubs , allowed to reopen last weekend after being deemed unsafe .
Glenn Earlam , chief executive of David Lloyd Clubs , which has 100 venues across Britain , called the step “ completely illogical ” , while Puregym , one of the UK ’ s largest operators with more than 1m members , said it was “ a strange war on obesity that sees pubs and restaurants open before gyms ” .
Commenting on Dowden ’ s announcement today , a spokesperson for Puregym @ @ @ @ @ @ @ be able to open our 220 gyms in England.
” “ We have , in close consultation with medical experts and thegovernment , developed rigorous protocols to ensure the safety of our members… We are confident that the many measures we have taken including improving hygiene , controlling numbers , introducing social distancing and many others will make our gyms safe places to work and safe places to workout.
” Mike Cherry , chairman of the Federation of Small Businesses , welcomed the move from the government , adding that it would provide @ @ @ @ @ @ @ by the health and beauty sectors during lockdown .
Read more : What pubs , cinemas and hairdressers will look like under new lockdown rules “ It ’ s good news to see thegovernment announce the reopening of thousands more small firms across England , ” he said .
“ Beauticians , nail salons , gyms and the wider fitness sector have faced months without customers , and they ’ ll be pleased to see that they can finally get back to business .
“ What ’ s crucial now is that the @ @ @ @ @ @ @ prepare to reopen in a safe and compliant way to protect and safeguard the health of both staff and customers alike .
This support should include clear guidance on the rules of reopening with regards to social distancing as well as face masks and other safety precautions.
” Before the Open : Get the jump on the markets with our early morning newsletter

Beauty salons, massage parlours and gyms set to reopen in England next week
Beauty salons, nail bars, tattoo studios, massage parlours, spas and gyms are set to reopen next week after months of closure during the coronavirus crisis, the government announced today, though facial treatments will remain prohibited under strict social distancing measures.
Culture secretary Oliver Dowden today said: “Having allowed hairdressers to reopen, beauticians, tattooists, spas, tanning salons and other close contact services can now do the same, I am pleased to say.”
The new measures will take effect from Monday 13 July, but will come with strict social distancing requirements.
Beard trimming will be allowed under the new rules, but should be limited to “simple beard trims, thinning or removing bulk or length which can be done using either clippers or scissors”, the British Beauty Council said in a statement.
However, intricate detailing, outlining or shaving of beards and moustaches will remain DIY jobs, as prolonged attention on the “high-risk” facial area is considered to carry a higher risk of spreading coronavirus.
Treatments on the body such as manicures, pedicures, leg or bikini waxing will be allowed to go ahead, however eyelash treatment, eyebrow threading, facial electrolysis, professional makeup, dermaplaning and microblading will all be forbidden.
The new rules apply to all beauty practitioners in England, including those working in salon spaces as well as freelancers, mobile operators, and retail and session makeup artists.
Business secretary Alok Sharma said: “We have been clear throughout this crisis that we want as many businesses as possible to reopen, but we must be confident it is safe for them to do so.
“From Monday 13 July thousands more businesses which offer close contact services like nail and beauty salons will be able to welcome customers back in a way that is safe for both workers and the public.
“Enabling these often small, independent businesses to reopen is yet another step in our plan to kickstart the economy to support jobs and incomes across the country.”
Millie Kendall, chief executive of the British Beauty Council, said: “The decision to broaden the scope of available hair and beauty services will allow many more beauty professionals to get back to work, and will also allow customers to benefit from a range of beauty treatments which can be carried out safely for both client and practitioner.
“It’s a positive step, but we are still only part of the way there. We will keep working closely with governing bodies and supporting everyone in beauty until we are able to achieve the fully-reinvigorated beauty industry we all want.”
Beauty salons and gyms had previously vented their fury after being exempted from a list of venues, including hairdressers, bars and pubs, allowed to reopen last weekend after being deemed unsafe.
Glenn Earlam, chief executive of David Lloyd Clubs, which has 100 venues across Britain, called the step “completely illogical”, while Puregym, one of the UK’s largest operators with more than 1m members, said it was “a strange war on obesity that sees pubs and restaurants open before gyms”.
Commenting on Dowden’s announcement today, a spokesperson for Puregym said: “We are delighted to be able to open our 220 gyms in England.”
“We have, in close consultation with medical experts and thegovernment, developed rigorous protocols to ensure the safety of our members… We are confident that the many measures we have taken including improving hygiene, controlling numbers, introducing social distancing and many others will make our gyms safe places to work and safe places to workout.”
Mike Cherry, chairman of the Federation of Small Businesses, welcomed the move from the government, adding that it would provide relief from “unprecedented struggles” experienced by the health and beauty sectors during lockdown.
“It’s good news to see thegovernment announce the reopening of thousands more small firms across England,” he said. “Beauticians, nail salons, gyms and the wider fitness sector have faced months without customers, and they’ll be pleased to see that they can finally get back to business.
“What’s crucial now is that the government supports those smallest businesses as they prepare to reopen in a safe and compliant way to protect and safeguard the health of both staff and customers alike. This support should include clear guidance on the rules of reopening with regards to social distancing as well as face masks and other safety precautions.”
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-07-09--Johnny Depp admits he 'accidentally' headbutted Amber Heard during scuffle

Johnny Depp has admitted to “ accidentally ” headbutting ex-wife Amber Heard during a fight between the pair at their shared penthouse in Los Angeles in 2015 .
Depp is suing the Sun ’ s publisher News Group Newspapers ( NGN ) and the Sun ’ s executive editor Dan Wootton over an article from April 2018 that referred to Depp as a “ wifebeater ” , and which claimed there was “ overwhelming evidence ” that he attacked his wife at the time .
Over the past few days , Depp has repeatedly denied ever harming the 34-year-old actress @ @ @ @ @ @ @ headbutting Heard in an attempt to “ control the violence ” and “ stop her flailing and punching me ” during an altercation .
Sasha Wass QC , representing NGN , asked the Hollywood actor : “ Do you agree that your admission that people in this court will have heard for the first time that there was a headbutt is very important ?
” On the third day of the libel case the court heard a witness statement from Heard alleging she had been “ headbutted ” by her then-husband in one @ @ @ @ @ @ @ Columbia building in LA in December 2015 .
Wass told Depp : “ You headbutted Ms Heard using the top of your head to hit her between the eyes and Ms Heard fell backwards and started to bleed straight away.
” Depp at first replied “ no ma ’ am ” , and claimed that Heard had been attacking him in the office of their apartment .
Wass then described photographs of Heard following the altercation , which she claimed showed the actress with “ the beginning of two black eyes ” and @ @ @ @ @ @ @ The barrister also read out Heard ’ s medical notes following the scuffle , in which the Pineapple Express actress had told a registered nurse that she had had a “ verbal disagreement “ with the actor , and said that “ her husband JD used his forehead to hit her head ” .
Wass asked the Hollywood actor : “ Are you able to explain the account that Ms Heard gave to a nurse on the day , straight after she says you assaulted her ?
” Depp replied : “ This @ @ @ @ @ @ @ with the photograph she has given to the court… She ’ s swinging quite wildly so the only thing I could do in that situation is to try and run or to try and get my arms around her to stop her from getting her arms around me.
” “ When I did [ turn ] it seems there was a collision .
That is the only potential injury… There was no intentional headbutt .
The collision was head-to-head.
” Depp was quizzed by the defence on why he had not mentioned any @ @ @ @ @ @ @ witness statement describing the alleged attack .
“ In your witness statement you said : ‘ In fact Ms Heard violently attacked me ’ .
There is no mention that you accidentally headbutted her ” , said Wass .
The Hollywood actor said : “ Yes , there was no intentional headbutt .
My attorneys wrote the witness statement .
I didn ’ t write these , I didn ’ t put them together , my attorneys wrote them… I can ’ t account for what was in or wasn ’ t in @ @ @ @ @ @ @ the judge for the libel case , then intercepted to remind Depp that he had signed the witness statement as his own word .
Depp said : “ I don ’ t think I said anything untrue but if you ’ re saying I left out the explanation of the collision , or the headbutt if you will , I can only say that that has always been a part of my statement ” .
“ Had I read the entire statement after the lawyers had drafted it , I would have found @ @ @ @ @ @ @ read all of these things , it was altogether too much information and I had trusted that my attorneys had [ got ] my statement and put it on the record.
” Wass then asked the Pirates of the Caribbean actor if he accepted that he caused the injuries in the photographs Heard had submitted as evidence to the court .
Depp admitted that the injuries were “ consistent with headbutting ” , but denied that he had caused the injuries in the photographs .
Depp claimed photographs of their upturned apartment were @ @ @ @ @ @ @ by the actress to build “ a wonderful dossier , an insurance policy for when we did break up ” .
The court was played an audio recording in which the couple discussed the alleged headbutting incident , after which Wass asked Depp when he had learned about the recording .
Wass told the Edward Scissorhands actor : “ And very recently I suggest you ’ ve changed the account to deal with this recording.
” Depp and Heard met on the set of Hollywood film The Rum Diary in 2009 , and @ @ @ @ @ @ @ .
Heard obtained a restraining order against the actor shortly after their split in 2016 .
She donated the $ 7m settlement to a women ’ s domestic abuse charity and a child support charity .
Depp ’ s lawyers are set to argue that the Sun ’ s allegations are not true and amount to “ serious harm ” as defined in the Defamation Act 2013 .
They are expected to claim that the accusations have caused significant reputational damage and have lost him lucrative film roles .
The court heard a @ @ @ @ @ @ @ , in which Depp accused Heard of punching him “ in the face , with a closed fist ” .
The explosive revelations came after the court heard details of the couple ’ s tempestuous relationship during arguments in Australia in 2015 , a year before the pair split .
The court was shown pictures of a graffitied mirror in the pair ’ s apartment , on which Depp had allegedly scrawled “ I love u ” in blood .
When Depp “ ran out of blood ” he then started to use @ @ @ @ @ @ @ walls , before urinating outside and drawing a “ d**k ” on a picture of a woman , resulting in $ 150,000 worth of damage , the court was told .
Depp claims the top of his finger was cut off after Heard threw a vodka bottle at her then-husband , “ which severed the tip of my finger and crushed the bone ” .
Heard denies the claims .
Depp claimed the incident was when he began “ what I would feel as some species of nervous breakdown.
” The 57-year-old star @ @ @ @ @ @ @ the relationship was over , adding : “ I didn ’ t want to live at that time.
” Depp told the court that he said to his ex-wife on numerous occasions that they were “ a crime scene waiting to happen ” following frequent physical confrontations .
The third day of the three-week trial also heard how the Zombieland actress had acted as Depp ’ s nurse during a drugs and alcohol detox while they were on holiday on his private island in the Bahamas .
In his witness statement , Depp @ @ @ @ @ @ @ like a child ” when Heard “ withheld medicine ” from him during the stint abroad .
“ It was one of the cruellest things that she has ever done ” , he said , adding : “ My body clock was needing medication to stop the onslaught… I was not in good shape.
” NGN ’ s defence relies heavily on the claim that Depp had an “ anger problem ” that was inflamed by drugs and alcohol abuse .
Medical notes were later read out from the couple ’ s private @ @ @ @ @ @ @ Depp “ romanticised the drug culture ” .
“ He has no understanding of delayed gratification and is quite childlike in his reaction when he doesn ’ t get immediate satisfaction , ” Kipper said .
The court heard from the defence that Depp felt threatened by Heard ’ s romantic scenes with other actors , in particular James Franco , whom Heard is alleged to have had an affair with during her relationship with Depp .
Depp was treated for anxiety after Heard starred in the film Adderall Diaries with Franco , @ @ @ @ @ @ @ “ rapey ” .
Depp was said to have been hospitalised after a drugs binge related to Heard ’ s alleged involvement with Franco during filming .
Depp ’ s doctor at the time , Connell Cowan , wrote in the star ’ s medical notes that Depp was “ very threatened by [ her ] career , particularly any kind of romantic scenes she has to do ” .
The actor ’ s case against NGN and the Sun ’ s executive editor Dan Wootton follows the publication of an article on @ @ @ @ @ @ @ 2018 that urged author JK Rowling to scrap Depp from the Fantastic Beasts and Where to Find Them franchise over allegations of domestic assault .
Depp has argued that article ’ s headline , “ Gone Potty : How can JK Rowling be ‘ genuinely happy ’ casting wife beater Johnny Depp in the new Fantastic Beasts film ?
” , is defamatory .
NGN is defending the article as true , and has claimed Depp was “ controlling and verbally and physically abusive towards Heard , particularly when he was under the @ @ @ @ @ @ @ their seven-year relationship .

Johnny Depp admits he ‘accidentally’ headbutted Amber Heard during scuffle
Johnny Depp has admitted to “accidentally” headbutting ex-wife Amber Heard during a fight between the pair at their shared penthouse in Los Angeles in 2015.
Depp is suing the Sun’s publisher News Group Newspapers (NGN) and the Sun’s executive editor Dan Wootton over an article from April 2018 that referred to Depp as a “wifebeater”, and which claimed there was “overwhelming evidence” that he attacked his wife at the time.
Depp strongly denies the allegations.
Over the past few days, Depp has repeatedly denied ever harming the 34-year-old actress. However, he today admitted to headbutting Heard in an attempt to “control the violence” and “stop her flailing and punching me” during an altercation.
Sasha Wass QC, representing NGN, asked the Hollywood actor: “Do you agree that your admission that people in this court will have heard for the first time that there was a headbutt is very important?”
Depp replied: “Yes, it is important.”
On the third day of the libel case the court heard a witness statement from Heard alleging she had been “headbutted” by her then-husband in one of their five penthouses in the Eastern Columbia building in LA in December 2015.
Wass told Depp: “You headbutted Ms Heard using the top of your head to hit her between the eyes and Ms Heard fell backwards and started to bleed straight away.”
Depp at first replied “no ma’am”, and claimed that Heard had been attacking him in the office of their apartment.
Wass then described photographs of Heard following the altercation, which she claimed showed the actress with “the beginning of two black eyes” and “injuries around her nose”. The barrister also read out Heard’s medical notes following the scuffle, in which the Pineapple Express actress had told a registered nurse that she had had a “verbal disagreement“ with the actor, and said that “her husband JD used his forehead to hit her head”.
Heard (right) seen leaving court on the third day of the libel trial today
Wass asked the Hollywood actor: “Are you able to explain the account that Ms Heard gave to a nurse on the day, straight after she says you assaulted her?”
Depp replied: “This injury which she suffered is not consistent with the photograph she has given to the court… She’s swinging quite wildly so the only thing I could do in that situation is to try and run or to try and get my arms around her to stop her from getting her arms around me.”
“When I did [turn] it seems there was a collision. That is the only potential injury… There was no intentional headbutt. The collision was head-to-head.”
Depp was quizzed by the defence on why he had not mentioned any unintentional injuries Heard had incurred in his witness statement describing the alleged attack.
“In your witness statement you said: ‘In fact Ms Heard violently attacked me’. There is no mention that you accidentally headbutted her”, said Wass.
The Hollywood actor said: “Yes, there was no intentional headbutt. My attorneys wrote the witness statement. I didn’t write these, I didn’t put them together, my attorneys wrote them… I can’t account for what was in or wasn’t in the witness statement.”
Justice Nicol, the judge for the libel case, then intercepted to remind Depp that he had signed the witness statement as his own word.
Depp said: “I don’t think I said anything untrue but if you’re saying I left out the explanation of the collision, or the headbutt if you will, I can only say that that has always been a part of my statement”.
Heard and Depp met on the set of The Rum Diary in 2009 and married in 2015
“Had I read the entire statement after the lawyers had drafted it, I would have found that missing piece. I did not read all of these things, it was altogether too much information and I had trusted that my attorneys had [got] my statement and put it on the record.”
Wass then asked the Pirates of the Caribbean actor if he accepted that he caused the injuries in the photographs Heard had submitted as evidence to the court. Depp admitted that the injuries were “consistent with headbutting”, but denied that he had caused the injuries in the photographs.
Depp claimed photographs of their upturned apartment were orchestrated by Heard as part of plans by the actress to build “a wonderful dossier, an insurance policy for when we did break up”.
The court was played an audio recording in which the couple discussed the alleged headbutting incident, after which Wass asked Depp when he had learned about the recording.
“Very recently,” Depp replied.
Wass told the Edward Scissorhands actor: “And very recently I suggest you’ve changed the account to deal with this recording.”
Depp and Heard met on the set of Hollywood film The Rum Diary in 2009, and were married in Los Angeles in 2015. Heard obtained a restraining order against the actor shortly after their split in 2016. She donated the $7m settlement to a women’s domestic abuse charity and a child support charity.
Depp’s lawyers are set to argue that the Sun’s allegations are not true and amount to “serious harm” as defined in the Defamation Act 2013. They are expected to claim that the accusations have caused significant reputational damage and have lost him lucrative film roles.
The court heard a transcript from a separate argument on Monday, in which Depp accused Heard of punching him “in the face, with a closed fist”.
The explosive revelations came after the court heard details of the couple’s tempestuous relationship during arguments in Australia in 2015, a year before the pair split.
The former couple attend the Art of Elysium and Samsung Galaxy Marina Abramovic’s Heaven Gala in 2015 in California
The court was shown pictures of a graffitied mirror in the pair’s apartment, on which Depp had allegedly scrawled “I love u” in blood.
When Depp “ran out of blood” he then started to use paint to deface a lampshade and bedroom walls, before urinating outside and drawing a “d**k” on a picture of a woman, resulting in $150,000 worth of damage, the court was told.
Depp claims the top of his finger was cut off after Heard threw a vodka bottle at her then-husband, “which severed the tip of my finger and crushed the bone”. Heard denies the claims.
Depp claimed the incident was when he began “what I would feel as some species of nervous breakdown.” The 57-year-old star said the confrontation was when he realised the relationship was over, adding: “I didn’t want to live at that time.”
Depp told the court that he said to his ex-wife on numerous occasions that they were “a crime scene waiting to happen” following frequent physical confrontations.
The third day of the three-week trial also heard how the Zombieland actress had acted as Depp’s nurse during a drugs and alcohol detox while they were on holiday on his private island in the Bahamas.
In his witness statement, Depp claimed that he was left sobbing “like a child” when Heard “withheld medicine” from him during the stint abroad.
“It was one of the cruellest things that she has ever done”, he said, adding: “My body clock was needing medication to stop the onslaught… I was not in good shape.”
NGN’s defence relies heavily on the claim that Depp had an “anger problem” that was inflamed by drugs and alcohol abuse.
Medical notes were later read out from the couple’s private doctor Dr David Kipper, who claimed Depp “romanticised the drug culture”.
“He has no understanding of delayed gratification and is quite childlike in his reaction when he doesn’t get immediate satisfaction,” Kipper said.
The court heard from the defence that Depp felt threatened by Heard’s romantic scenes with other actors, in particular James Franco, whom Heard is alleged to have had an affair with during her relationship with Depp.
Depp was treated for anxiety after Heard starred in the film Adderall Diaries with Franco, whom Depp described in court yesterday as “rapey”.
Depp was said to have been hospitalised after a drugs binge related to Heard’s alleged involvement with Franco during filming. Depp’s doctor at the time, Connell Cowan, wrote in the star’s medical notes that Depp was “very threatened by [her] career, particularly any kind of romantic scenes she has to do”.
The actor’s case against NGN and the Sun’s executive editor Dan Wootton follows the publication of an article on the Sun’s website in April 2018 that urged author JK Rowling to scrap Depp from the Fantastic Beasts and Where to Find Them franchise over allegations of domestic assault.
Depp has argued that article’s headline, “Gone Potty: How can JK Rowling be ‘genuinely happy’ casting wife beater Johnny Depp in the new Fantastic Beasts film?”, is defamatory.
NGN is defending the article as true, and has claimed Depp was “controlling and verbally and physically abusive towards Heard, particularly when he was under the influence of alcohol and/or drugs” during their seven-year relationship.
The trial continues.


cityam--2020-07-09--EU to maintain access to City of London clearing houses after Brexit

Brussels has moved to ensure EU member states retain access to the City ’ s clearing houses after the end of the post-Brexit transition period on 31 December .
The EU will allow its members to have access to the UK ’ s clearing houses , some of the largest in the world , on a “ time limited ” basis , according to European Commission executive vice president for financial policy Valdis Dombrovskis .
Read more : Brexit : ‘ Significant ’ differences remain between UK and EU , says Brussels Dombrovskis did not give any details on how @ @ @ @ @ @ @ warned that the EU ’ s financial services sectors should be prepared for this to change .
“ This decision is being taken to address the possible risks to financial stability related to the specific area of derivatives clearing , ” he said .
“ However , we would encourage all market participants to prepare for all possible eventualities , as we have consistently called on them to do throughout this process.
” Before the Open newsletter : Start your day with the City View podcast and key market data Clearing houses such @ @ @ @ @ @ @ LME Clear are vital for the EU financial services firms , who would struggle to find suitable European alternatives .
Michael McKee , partner at London-based law firm DLA Piper , said : “ This is a very positive development and important for financial stability against the backdrop of the pandemic .
“ However , it is important to recognise that derivatives clearing is one of the few financial services areas where the EU considers such certainty to be important for EU located businesses , so it is not necessarily an indicator that @ @ @ @ @ @ @ services issues.
” It comes as it was revealed yesterday that Barnier had told a House of Lords committee that the EU was “ ready to grant ” the City of London access to EU markets after the transition period .
The EU has the power to unilaterally grant access to financial services firms based on whether UK regulations are similar to their own – known as equivalence .
Brussels has said on numerous occasions that the process is separate from ongoing post-Brexit trade talks , however it has been suggested that the @ @ @ @ @ @ @ in order to draw out concessions from the UK in negotiations .
Read more : Brexit : Michel Barnier says Brussels ‘ ready to grant ’ City of London access to EU markets Barnier ’ s comments will assuage fears that the City could face a cut off from Europe after the post-Brexit transition period ends on 31 December .
The UK government is also working on equivalence assessments to decide whether financial services firms based in the EU will retain access the other way .
Downing Street has indicated that there should @ @ @ @ @ @ @ the two sides are starting from a very similar starting point .

EU to maintain access to City of London clearing houses after Brexit
Brussels has moved to ensure EU member states retain access to the City’s clearing houses after the end of the post-Brexit transition period on 31 December.
The EU will allow its members to have access to the UK’s clearing houses, some of the largest in the world, on a “time limited” basis, according to European Commission executive vice president for financial policy Valdis Dombrovskis.
Dombrovskis did not give any details on how long this access would last, but warned that the EU’s financial services sectors should be prepared for this to change.
“This decision is being taken to address the possible risks to financial stability related to the specific area of derivatives clearing,” he said.
“However, we would encourage all market participants to prepare for all possible eventualities, as we have consistently called on them to do throughout this process.”
Before the Open newsletter: Start your day with the City View podcast and key market data
London’s clearing houses are world leaders in facilitating derivatives trading.
Clearing houses such as LCH, ICE Clear Europe and LME Clear are vital for the EU financial services firms, who would struggle to find suitable European alternatives.
Michael McKee, partner at London-based law firm DLA Piper, said: “This is a very positive development and important for financial stability against the backdrop of the pandemic.
“However, it is important to recognise that derivatives clearing is one of the few financial services areas where the EU considers such certainty to be important for EU located businesses, so it is not necessarily an indicator that agreement can be found on other financial services issues.”
It comes as it was revealed yesterday that Barnier had told a House of Lords committee that the EU was “ready to grant” the City of London access to EU markets after the transition period.
The EU has the power to unilaterally grant access to financial services firms based on whether UK regulations are similar to their own – known as equivalence.
Brussels has said on numerous occasions that the process is separate from ongoing post-Brexit trade talks, however it has been suggested that the EU could withhold access to its markets in order to draw out concessions from the UK in negotiations.
Read more: Brexit: Michel Barnier says Brussels ‘ready to grant’ City of London access to EU markets
Barnier’s comments will assuage fears that the City could face a cut off from Europe after the post-Brexit transition period ends on 31 December.
The UK government is also working on equivalence assessments to decide whether financial services firms based in the EU will retain access the other way.
Downing Street has indicated that there should not be a problem granting equivalence as the two sides are starting from a very similar starting point.


cityam--2020-07-09--Performing arts allowed to restart in England from Saturday

England ’ s performing arts sector will be allowed to reopen from Saturday as the government announced a further easing of coronavirus social distancing restrictions .
Artists , musicians , actors and dancers will be able to go back to work from this weekend by putting on shows with socially distanced outdoor crowds , according to culture secretary Oliver Dowden .
Dowden said that the government was also piloting ways to begin indoor performances as well .
Beauticians , tatooists , spas , tanning salons and other close contact services will be allowed to reopen next Monday .
Dowden added @ @ @ @ @ @ @ be followed by the reopening of recreational sport , gyms , pools and leisure centres on 25 July .
“ Normal life is slowly returning , ” he said .
Before the Open newsletter : Start your day with the City View podcast and key market data “ This is an important milestone for our performing artists who have been waiting in the wings since March.
” He added : “ All these measures we are taking about are conditional and reversible , and we will not hesitate to impose lockdowns where there @ @ @ @ @ @ @ Leicester where things remain closed and any other place where that is necessary.
” The easing of lockdown comes after the government unveiled a £1.57bn support package for the arts , culture and heritage industries on Sunday .
The package will provide funding for thousands of galleries , museums , venues , theatres , historic palaces and independent cinemas .
The package will include a £1.15bn pot of support for arts and cultural institutions across England through a mix of loans and grants .
This will be made up of £880m in grants @ @ @ @ @ @ @ : More than 5,000 retail jobs at risk as pandemic forces John Lewis and Boots to restructure There will also be £100m for “ cultural national institutions ” such as English Heritage Trust and £120m earmarked for infrastructure investment to “ restart construction on cultural infrastructure and for heritage construction projects in England ” that were halted due to Covid-19 .
A further £188m will go to the devolved administrations to administer .

Performing arts allowed to restart in England from Saturday
England’s performing arts sector will be allowed to reopen from Saturday as the government announced a further easing of coronavirus social distancing restrictions.
Artists, musicians, actors and dancers will be able to go back to work from this weekend by putting on shows with socially distanced outdoor crowds, according to culture secretary Oliver Dowden.
Dowden said that the government was also piloting ways to begin indoor performances as well.
Beauticians, tatooists, spas, tanning salons and other close contact services will be allowed to reopen next Monday.
Dowden added that this latest easing of lockdown will be followed by the reopening of recreational sport, gyms, pools and leisure centres on 25 July.
“Normal life is slowly returning,” he said.
Before the Open newsletter: Start your day with the City View podcast and key market data
“This is an important milestone for our performing artists who have been waiting in the wings since March.”
He added: “All these measures we are taking about are conditional and reversible, and we will not hesitate to impose lockdowns where there are local spikes as we saw in Leicester where things remain closed and any other place where that is necessary.”
The easing of lockdown comes after the government unveiled a £1.57bn support package for the arts, culture and heritage industries on Sunday.
The package will provide funding for thousands of galleries, museums, venues, theatres, historic palaces and independent cinemas.
The package will include a £1.15bn pot of support for arts and cultural institutions across England through a mix of loans and grants.
This will be made up of £880m in grants and £270m in loans.
There will also be £100m for “cultural national institutions” such as English Heritage Trust and £120m earmarked for infrastructure investment to “restart construction on cultural infrastructure and for heritage construction projects in England” that were halted due to Covid-19.
A further £188m will go to the devolved administrations to administer.


cityam--2020-07-09--Wirecard executive 'touted Russian nerve gas documents'

Wirecard executive Jan Marsalek reportedly touted documents about the use of a Russian chemical weapon in the UK and bragged about ties to the intelligence services .
Documents , which have been reviewed by the Financial Times and used in meetings in the summer of 2018 , include the formula for the world ’ s deadliest nerve agent , novichok .
The chemical weapon was used in the poisoning of an ex-spy and his daughter in Salisbury in March 2018 .
Marsalek , who was Wirecard ’ s chief operating officer , disappeared last month in the run-up to the @ @ @ @ @ @ @ reportedly used secret documents to forge links with traders to work out which were betting against Wirecard ’ s share price .
The German payments firm filed for insolvency last month after disclosing a €1.9bn black hole in its finances that its auditors EY said was a result of a sophisticated fraud .
The FT reports that the classified papers Marsalek had included details of an investigation by the Organisation for the Prohibition of Chemical Weapons into the attack Salisbury .
The government blamed the attack on two officers from Russia ’ s @ @ @ @ @ @ @ Sergei Skripal and his daughter Yulia survived the attack but Dawn Sturgess , a woman who lived in a nearby town , later died after coming into contact with novichok .
Hamish de Bretton-Gordon , a former commander of the UK ’ s chemical and biological weapons regiment , told the FT : “ These documents would be restricted to OPCW member states and should not be in the public domain.
” Read more : Audit shows Wirecard ’ s core business ‘ has been lossmaking for years ’ Three of the documents @ @ @ @ @ @ @ Britain in April and July 2018 , and described how samples of the chemical weapon were taken from the victims and distributed to secret OPCW labs .
A fourth document seen by the FT was a presentation for a “ Briefing to State Parties ” held on 13 September 2018 .

Wirecard executive ‘touted Russian nerve gas documents’
(Photo by Thomas Kronsteiner/Getty Images)
Wirecard executive Jan Marsalek reportedly touted documents about the use of a Russian chemical weapon in the UK and bragged about ties to the intelligence services.
Documents, which have been reviewed by the Financial Times and used in meetings in the summer of 2018, include the formula for the world’s deadliest nerve agent, novichok.
The chemical weapon was used in the poisoning of an ex-spy and his daughter in Salisbury in March 2018.
Marsalek, who was Wirecard’s chief operating officer, disappeared last month in the run-up to the collapse of the payments firm. He reportedly used secret documents to forge links with traders to work out which were betting against Wirecard’s share price.
The German payments firm filed for insolvency last month after disclosing a €1.9bn black hole in its finances that its auditors EY said was a result of a sophisticated fraud.
The FT reports that the classified papers Marsalek had included details of an investigation by the Organisation for the Prohibition of Chemical Weapons into the attack Salisbury. The government blamed the attack on two officers from Russia’s GRU military intelligence unit.
Former sky Sergei Skripal and his daughter Yulia survived the attack but Dawn Sturgess, a woman who lived in a nearby town, later died after coming into contact with novichok.
Hamish de Bretton-Gordon, a former commander of the UK’s chemical and biological weapons regiment, told the FT: “These documents would be restricted to OPCW member states and should not be in the public domain.”
Three of the documents covered two deployments of OPCW specialists to Britain in April and July 2018, and described how samples of the chemical weapon were taken from the victims and distributed to secret OPCW labs.
A fourth document seen by the FT was a presentation for a “Briefing to State Parties” held on 13 September 2018.