cityam--2020-05-31--Ex-Sage chief Stephen Kelly appointed chair of Tech Nation

The former boss of Sage Group Stephen Kelly has been appointed the chair of technology industry body Tech Nation .
Kelly succeeds Eileen Burbidge , partner at technology venture capital firm Passion Capital , who stepped down in January after four and a half years at the helm .
Kelly led the turnaround of enterprise software company Sage Group and previously headed up Micro Focus .
Kelly was also chief operating officer for the UK government for three years .
He joins existing board members , which include chief executive of the body Gerard Grech , and Tim Luke , @ @ @ @ @ @ @ The industry body is backed by government funding and was set up by David Cameron in 2011 to foster the UK ’ s growing startup scene .
Then called Tech City , it was relaunched in 2017 as Tech Nation with £21m in government cash to focus on tech firms around the country .
Tech Nation says it has already contributed up to £436m to the economy – gross value add – through its programmes with scale-ups and is reportedly on track to deliver £1bn by 2025 .
Kelly has also been an @ @ @ @ @ @ @ , including Kimble , one of Tech Nation ’ s Future Fifty companies .
Read more : Meet the 23 fintech startups on Tech Nation ’ s latest growth programme He said : “ I am thrilled to be working with Gerard Grech and the team at Tech Nation , in identifying and championing game-changing founders , leaders and scaling companies ; fuelling their growth so they can positively transform society and create a stronger economy in the future.
” Burbidge added : “ Stephen ’ s experience both as a tech entrepreneur @ @ @ @ @ @ @ to the board , and I have no doubt that with his leadership alongside Gerard and the team , we will see tremendous impact from Tech Nation and sustained growth for the UK tech sector.
” Get the news as it happens by following City A.M. on Twitter .

Ex-Sage chief Stephen Kelly appointed chair of Tech Nation
The former boss of Sage Group Stephen Kelly has been appointed the chair of technology industry body Tech Nation.
Kelly succeeds Eileen Burbidge, partner at technology venture capital firm Passion Capital, who stepped down in January after four and a half years at the helm.
Kelly led the turnaround of enterprise software company Sage Group and previously headed up Micro Focus. Kelly was also chief operating officer for the UK government for three years.
He joins existing board members, which include chief executive of the body Gerard Grech, and Tim Luke, vice chairman of TMT at Barclays.
The industry body is backed by government funding and was set up by David Cameron in 2011 to foster the UK’s growing startup scene. Then called Tech City, it was relaunched in 2017 as Tech Nation with £21m in government cash to focus on tech firms around the country.
Tech Nation says it has already contributed up to £436m to the economy – gross value add – through its programmes with scale-ups and is reportedly on track to deliver £1bn by 2025.
Kelly has also been an early-stage investor in over a dozen startups, including Kimble, one of Tech Nation’s Future Fifty companies.
He said: “I am thrilled to be working with Gerard Grech and the team at Tech Nation, in identifying and championing game-changing founders, leaders and scaling companies; fuelling their growth so they can positively transform society and create a stronger economy in the future.”
Burbidge added: “Stephen’s experience both as a tech entrepreneur and scaling mentor will bring deep experience to the board, and I have no doubt that with his leadership alongside Gerard and the team, we will see tremendous impact from Tech Nation and sustained growth for the UK tech sector.”
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cityam--2020-05-31--Jeff Bezos takes stake in UK tech startup Beacon

The world ’ s richest man has agreed to back the startup , which is a specialist in digital freight forwarding and supply chain finance , according to Sky News .
Bezos , who is worth approximately $ 143bn , is said to be participating in a $ 15m Series A funding to be announced this week , according to the report .
He has a long history of investing in early-stage companies , including Airbnb and cancer detection company , Grail .
He holds an approximate 12 per cent in Amazon , which is now worth $ 1.22 trillion @ @ @ @ @ @ @ of $ 2,442.37 .
Beacon was set up in 2018 by Fraser Robinson , former head of Uber ’ s EMEA operations .
The startup is reportedly funded by Uber ’ s founders Travis Kalanick and Garrett Camp among others .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
The platform finances deals , allowing companies to pay their suppliers later and suppliers to get paid upfront , while also cutting shipping costs .
It uses artificial intelligence and cloud @ @ @ @ @ @ @ makes money by taking a fee for financing customers ’ working capital .
Read more : Saudi Arabia was involved in Jeff Bezos phone hack , UN says Sky sources say Beacon ’ s new round of funding will be deployed to expand its workforce and invest in new technological capability .
Bezos will be joined by Silicon Valley-based investor 8VC , which is taking a stake in the company .
Get the news as it happens by following City A.M. on Twitter .

Jeff Bezos takes stake in UK tech startup Beacon
Amazon founder Jeff Bezos is reportedly investing in UK technology startup Beacon.
The world’s richest man has agreed to back the startup, which is a specialist in digital freight forwarding and supply chain finance, according to Sky News.
Bezos, who is worth approximately $143bn, is said to be participating in a $15m Series A funding to be announced this week, according to the report. He has a long history of investing in early-stage companies, including Airbnb and cancer detection company, Grail.
He holds an approximate 12 per cent in Amazon, which is now worth $1.22 trillion at Friday’s closing share price of $2,442.37.
Beacon was set up in 2018 by Fraser Robinson, former head of Uber’s EMEA operations. The startup is reportedly funded by Uber’s founders Travis Kalanick and Garrett Camp among others.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
The company’s chief technology officer, Pierre Martin, previously worked at Amazon.
The platform finances deals, allowing companies to pay their suppliers later and suppliers to get paid upfront, while also cutting shipping costs. It uses artificial intelligence and cloud technology to improve efficiency.
The startup makes money by taking a fee for financing customers’ working capital.
Sky sources say Beacon’s new round of funding will be deployed to expand its workforce and invest in new technological capability.
Bezos will be joined by Silicon Valley-based investor 8VC, which is taking a stake in the company.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-05-31--Pret a Manger set for crucial rent talks with landlords

Fast food chain Pret a Manger is preparing for rent talks with its landlords in a bid to stave off closing some stores due to the coronavirus crisis .
The chain , a favourite of office workers around the UK , is preparing for a shift in footfall in city centres as working patterns shift due to the disease .
Read more : All McDonald ’ s drive-thru restaurants to reopen next week As of Monday , over 300 of the chain ’ s stores will be open , with a further 130 still closed for the time being .
@ @ @ @ @ @ @ property agent CWM and professional services firm Alvarez and Marsal to negotiate a new rent package for the firm .
The chain is reportedly seeking to switch to a “ turnover rent ” model , which links payments to the turnover achieved at each site .
Chief executive Pano Christou said that Pret was compiling a “ clear plan ” to deal with its new reality : Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
“ Reduced footfall , combined @ @ @ @ @ @ @ substantial pressure on our business , ” he said .
The move comes after the firm took steps to secure an additional $ 100m loan from its creditors last month to see it through the crisis .
Earlier this month industry body Hospitality UK wrote to business secretary Alok Sharma urging the government to take action on rents to protect millions of jobs in the sector .
In the letter , body head Kate Nicholls said that despite the moratorium on rent enforcement action , many tenants were still being pursued by landlords @ @ @ @ @ @ @ Nando ’ s reopens 94 UK restaurants for takeaway and delivery She called for a national “ time out ” on rent , saying that most businesses “ simply would not be able to pay rents for the rest of the year ” : “ The government must step in quickly to help hospitality businesses , landlords and investors find a mutually beneficial solution ” , she added .

Pret a Manger set for crucial rent talks with landlords
Fast food chain Pret a Manger is preparing for rent talks with its landlords in a bid to stave off closing some stores due to the coronavirus crisis.
The chain, a favourite of office workers around the UK, is preparing for a shift in footfall in city centres as working patterns shift due to the disease.
As of Monday, over 300 of the chain’s stores will be open, with a further 130 still closed for the time being.
Sky News reported that Pret had appointed property agent CWM and professional services firm Alvarez and Marsal to negotiate a new rent package for the firm.
The chain is reportedly seeking to switch to a “turnover rent” model, which links payments to the turnover achieved at each site.
Chief executive Pano Christou said that Pret was compiling a “clear plan” to deal with its new reality:
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
“Reduced footfall, combined with high rental costs, have placed substantial pressure on our business,” he said.
The move comes after the firm took steps to secure an additional $100m loan from its creditors last month to see it through the crisis.
Earlier this month industry body Hospitality UK wrote to business secretary Alok Sharma urging the government to take action on rents to protect millions of jobs in the sector.
In the letter, body head Kate Nicholls said that despite the moratorium on rent enforcement action, many tenants were still being pursued by landlords despite widespread closures.
She called for a national “time out” on rent, saying that most businesses “simply would not be able to pay rents for the rest of the year”:
“The government must step in quickly to help hospitality businesses, landlords and investors find a mutually beneficial solution”, she added.


cityam--2020-05-31--Coronavirus: 2m 'shielding' in UK allowed outside from Monday

Over 2m people in England who have been “ shielding ” from the coronavirus pandemic due to being deemed extremely vulnerable will be allowed outside for the first time in 10 weeks from Monday .
Yesterday the government announced that those who have been following the protocols will be able to go out with members of their family , while maintaining social distancing .
Read more : Coronavirus : People in England can meet in groups of six outside from Monday Those of the 2.2m people considered extremely vulnerable who live alone will be able to meet with one person @ @ @ @ @ @ @ .
It cautioned that these people should only leave the house once a day and avoid going to work or other crowded places .
In a statement , Prime Minister Boris Johnson said : “ I do not underestimate just how difficult it has been for you , staying at home for the last 10 weeks , and I want to pay tribute to your resilience ” .
The decision came as a surprise to many , as previous guidance had suggested the shielding rules would stay in place until the end of @ @ @ @ @ @ @ a broader relaxation of the lockdown rules announced by the government last week , with people now allowed to meet in public spaces or private gardens in groups of up to six .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Speaking to the BBC this morning , foreign secretary Dominic Raab defended the government ’ s decision to relax measures , despite the transmission rate for the virus remaining high .
Raab said that the approach was “ cautious @ @ @ @ @ @ @ “ the right steps ” in easing the measures .
He added that the government had met the five tests needed to relax restrictions : “ Because we have made that progress , steadily , slowly , surely , week in , week out , we can very gradually , very carefully , take the steps that we are taking tomorrow ” , he said .
According to the Office of National Statistics , infection rates remain at around 8,000 a day , prompting fears that authorities were making changes too fast .
@ @ @ @ @ @ @ which has been advising the government on the lockdown , warned that the disease is still spreading too fast to make such adjustments .
However , writing in today ’ s Telegraph , SAGE chairman and government chief scientific adviser Sir Patrick Vallance backed Johnson ’ s decisions , saying it is up to politicians to make such choices Read more : Coronavirus deaths rise by 324 to reach 38,161 And England ’ s deputy chief medical officer Jonathan Van-Tam said the consensus among scientists was that the new measures were not expected @ @ @ @ @ @ @ the key R value of 1 .
He did warn people , however , to exercise caution as the measures lift .

Coronavirus: 2m ‘shielding’ in UK allowed outside from Monday
Over 2m people in England who have been “shielding” from the coronavirus pandemic due to being deemed extremely vulnerable will be allowed outside for the first time in 10 weeks from Monday.
Yesterday the government announced that those who have been following the protocols will be able to go out with members of their family, while maintaining social distancing.
Those of the 2.2m people considered extremely vulnerable who live alone will be able to meet with one person from another household, the government added.
It cautioned that these people should only leave the house once a day and avoid going to work or other crowded places.
Speaking at this afternoon’s press conference, housing secretary Robert Jenrick said that over half of those shielding were under 70 years old.
90,000 of them are children, he added, praising the enormous sacrifices people had made.
He added that people “should only do what they are comfortable with” when it comes to venturing out.
In a statement, Prime Minister Boris Johnson said: “I do not underestimate just how difficult it has been for you, staying at home for the last 10 weeks, and I want to pay tribute to your resilience”.
The decision came as a surprise to many, as previous guidance had suggested the shielding rules would stay in place until the end of June.
Government unveils plans for rough sleepers
Jenrick also announced a programme of housebuilding for homeless people, promising that the government would invest £160m into keeping people off the street.
He said that as a result of the crisis, around 90 per cent of rough sleepers had been taken off the streets and put into accommodation.
The government will build 6,000 new homes over all, with 3,300 to be build this year, Jenrick pledged.
The new accommodation, he added, will be a “springboard to better things” for the homeless and a “symbol of hope and our belief that nothing is pre-determined”.
Raab: Government taking “the right steps”
The move is part of a broader relaxation of the lockdown rules announced by the government last week, with people now allowed to meet in public spaces or private gardens in groups of up to six.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Speaking to the BBC this morning, foreign secretary Dominic Raab defended the government’s decision to relax measures, despite the transmission rate for the virus remaining high.
Raab said that the approach was “cautious” and that the government was taking “the right steps” in easing the measures.
He added that the government had met the five tests needed to relax restrictions:
“Because we have made that progress, steadily, slowly, surely, week in, week out, we can very gradually, very carefully, take the steps that we are taking tomorrow”, he said.
Jenrick said that the government was “reasonably confident” in the steps it was taking, but admitted that “room for manoeuvre was limited”.
According to the Office of National Statistics, infection rates remain at around 8,000 a day, prompting fears that authorities were making changes too fast.
Some members of scientific group SAGE, which has been advising the government on the lockdown, warned that the disease is still spreading too fast to make such adjustments.
However, writing in today’s Telegraph, SAGE chairman and government chief scientific adviser Sir Patrick Vallance backed Johnson’s decisions, saying it is up to politicians to make such choices
And England’s deputy chief medical officer Jonathan Van-Tam said the consensus among scientists was that the new measures were not expected to push the rate of infection above the key R value of 1.
He did warn people, however, to exercise caution as the measures lift.


cityam--2020-05-30--Governors call on ministers to drop plans to bring back all primary school children before summer ho

School governors have called on the government to drop its plans for all primary school children to return to school before the summer holidays , a day before some pupils are due to return .
At the moment , the government ’ s intention is that all primary school age students will return for the final four weeks of term before the summer holidays .
Read more : Government to open England schools on 1 June as lockdown eases further However , the National Governance Association ( NGA ) has written to education secretary Gavin Williamson urging the authorities not @ @ @ @ @ @ @ The body said that reviewing the plans would “ provide certainty to school leaders , governing boards and parents , and relieve pressure on those having to make the very difficult decisions about how to keep pupils and staff safe ” .
Under the government ’ s plans , pupils in reception and years 1 and 6 are due to return tomorrow , with no more than 15 children per class .
If these rules remain in place , most primary schools simply won ’ t have enough space to safely accommodate all @ @ @ @ @ @ @ NGA chief executive Emma Knights said that unless “ something dramatic changes ” in the government ’ s medical guidance , it would “ simply not be possible ” for all pupils to return for a month of education before the summer begins .
“ It is adding to uncertainty for parents , but also extra pressure on school leaders and governing boards who think that they need to try and do this when actually it wouldn ’ t be safe ” , she added .
Listen to our daily City View podcast @ @ @ @ @ @ @ business impact of the coronavirus pandemic .
According to the NGA , around three out of four primary school governors believe it will not be possible to bring all pupils back before the holidays .
Williamson is yet to respond to the letter , it is reported .
Many schools have been open through the lockdown period to support the children of essential workers , but plans to bring more pupils back have met with staunch opposition from teaching unions .
Speaking to Sky News this morning , Mary Boursted , general-secretary of @ @ @ @ @ @ @ its plan to reopen schools earlier this month , the government has changed it 41 times .
She accused the government as “ making it up as it goes along ” .
Conservative party vice-chair Caroline Johnson hit back at the claims , saying that the NEU was “ chasing headlines ” : Read more : Coronavirus : 2m ‘ shielding ’ in UK allowed outside from Monday “ Throughout this pandemic the Government has engaged closely with the unions , schools and local authorities and that engagement continues .
“ Having reviewed @ @ @ @ @ @ @ , all of us want to ensure children can get the education they need whilst ensuring the risk of transmission is very low ” , she added .
However , most primary schools are due to reopen tomorrow despite the unions ’ position , the Times reported .

Governors call on ministers to drop plans to bring back all primary school children before summer holidays
School governors have called on the government to drop its plans for all primary school children to return to school before the summer holidays, a day before some pupils are due to return.
At the moment, the government’s intention is that all primary school age students will return for the final four weeks of term before the summer holidays.
However, the National Governance Association (NGA) has written to education secretary Gavin Williamson urging the authorities not to go ahead with the plans.
The body said that reviewing the plans would “provide certainty to school leaders, governing boards and parents, and relieve pressure on those having to make the very difficult decisions about how to keep pupils and staff safe”.
Under the government’s plans, pupils in reception and years 1 and 6 are due to return tomorrow, with no more than 15 children per class.
If these rules remain in place, most primary schools simply won’t have enough space to safely accommodate all pupils.
Speaking to the BBC, NGA chief executive Emma Knights said that unless “something dramatic changes” in the government’s medical guidance, it would “simply not be possible” for all pupils to return for a month of education before the summer begins.
“It is adding to uncertainty for parents, but also extra pressure on school leaders and governing boards who think that they need to try and do this when actually it wouldn’t be safe”, she added.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
According to the NGA, around three out of four primary school governors believe it will not be possible to bring all pupils back before the holidays.
Williamson is yet to respond to the letter, it is reported.
Many schools have been open through the lockdown period to support the children of essential workers, but plans to bring more pupils back have met with staunch opposition from teaching unions.
Speaking to Sky News this morning, Mary Boursted, general-secretary of the NEU, said that since introducing its plan to reopen schools earlier this month, the government has changed it 41 times.
She accused the government as “making it up as it goes along”.
Conservative party vice-chair Caroline Johnson hit back at the claims, saying that the NEU was “chasing headlines”:
“Throughout this pandemic the Government has engaged closely with the unions, schools and local authorities and that engagement continues.
“Having reviewed the scientific and medical advice from SAGE, all of us want to ensure children can get the education they need whilst ensuring the risk of transmission is very low”, she added.
However, most primary schools are due to reopen tomorrow despite the unions’ position, the Times reported.


cityam--2020-05-31--Losses at UK’s top restaurants jump to £151m

Losses at the UK ’ s top 100 restaurants increased to £151m last year , a figure that will only worsen as the industry grapples with the impact of the coronavirus .
Figures from accountancy group UHY Hacker Young show a 94 per cent increase in losses , from £78m the year before .
Read more : Robot waiters , half the tables , and crossed fingers : How restaurants will reopen after UK lockdown ends The government has tentatively set out plans for restaurants to reopen on 4 July but this would likely be at reduced capacity to ensure @ @ @ @ @ @ @ even once lockdown is lifted , there are concerns consumers will feel uncomfortable returning .
Industry groups have lobbied the government for some change in the social distancing measures to ensure it is financially viable to reopen .
Appearing in front of the Liaison Committee the Prime Minister indicated pubs and restaurants could reopen earlier than anticipated , and that he had asked government scientists to review the two metre rule .
“ On hospitality we are really trying to go as fast as we can .
It is really difficult to bring @ @ @ @ @ @ @ involves social distancing , ” he said .
“ But I am much more optimistic about that than I was .
We may be able to do things faster than I previously thought.
” Regardless of when restaurants can reopen , it will be some time before they can return to normality and they are likely to incur additional costs in the meantime .
An anticipated move to contactless payments means some restaurants may need to invest money into card machines and incur transaction fees .
While some companies fear the payments they @ @ @ @ @ @ @ holidays come to an end on 30 June .
UHY Hacker Young notes that there will also be a wave of insolvencies later this year , when the furlough scheme comes to an end .
The accountancy firm adds that the use of company voluntary arrangements ( CVA ) could become more prevalent .
CVAs involve agreeing payment of debt with creditors over a fixed time period , in order to continue trading .
Read more : Coronavirus : Pizza Express could permanently close some restaurants Last month , restaurant chain Carluccio ’ @ @ @ @ @ @ @ being bought out of administration Boparan Restaurant Group .
Partner Peter Kubik said : “ Restaurants face big upcoming bills to deal with the post-lockdown period .
It is essential they start putting in place cash management measures as soon as possible to ensure they have enough working capital to meet them.
” Get the news as it happens by following City A.M. on Twitter .

Losses at UK’s top restaurants jump to £151m
Losses at the UK’s top 100 restaurants increased to £151m last year, a figure that will only worsen as the industry grapples with the impact of the coronavirus.
Figures from accountancy group UHY Hacker Young show a 94 per cent increase in losses, from £78m the year before.
The government has tentatively set out plans for restaurants to reopen on 4 July but this would likely be at reduced capacity to ensure social distancing measures are met. And even once lockdown is lifted, there are concerns consumers will feel uncomfortable returning.
Industry groups have lobbied the government for some change in the social distancing measures to ensure it is financially viable to reopen. Appearing in front of the Liaison Committee the Prime Minister indicated pubs and restaurants could reopen earlier than anticipated, and that he had asked government scientists to review the two metre rule.
“On hospitality we are really trying to go as fast as we can. It is really difficult to bring forward hospitality measures in a way that involves social distancing,” he said. “But I am much more optimistic about that than I was. We may be able to do things faster than I previously thought.”
Regardless of when restaurants can reopen, it will be some time before they can return to normality and they are likely to incur additional costs in the meantime.
An anticipated move to contactless payments means some restaurants may need to invest money into card machines and incur transaction fees. While some companies fear the payments they’ll have to make when rent holidays come to an end on 30 June.
UHY Hacker Young notes that there will also be a wave of insolvencies later this year, when the furlough scheme comes to an end. The accountancy firm adds that the use of company voluntary arrangements (CVA) could become more prevalent.
CVAs involve agreeing payment of debt with creditors over a fixed time period, in order to continue trading.
Last month, restaurant chain Carluccio’s cut more than 1,000 jobs after being bought out of administration Boparan Restaurant Group.
Partner Peter Kubik said: “Restaurants face big upcoming bills to deal with the post-lockdown period. It is essential they start putting in place cash management measures as soon as possible to ensure they have enough working capital to meet them.”
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-05-31--Exclusive: Financial services firms unlikely to return to the “old normal”, says EY

The coronavirus crisis is likely to accelerate the adoption of technology within financial services , according to accountancy firm EY .
In an EY poll of more than 200 financial services firms , almost two thirds of respondents think the workplace will fundamentally change after the pandemic .
A further 30 per cent expect moderate change .
Read more : City calls for financial services not to be overlooked in Brexit trade deal Simon Turner , a financial services partner at EY said : “ Financial services is unlikely to return to the ‘ old normal ’ , and new @ @ @ @ @ @ @ greater degree of technology and flexible working – seem inevitable.
” Technology is expected to develop at an accelerated pace , with 87 per cent of those polled claim that working from home during lockdown will result in firms transforming their technology faster than anticipated .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
City firms have started to plot their return to work but most banks have indicated that they are unlikely to have the majority of employees return @ @ @ @ @ @ @ .
It is likely that strict social distancing guidelines , paired with staggered travel times may make some firms reconsider a return since working from home is working well on the most part .
EY ’ s survey found that 99 per cent of firms have found their employees are working “ productively and effectively ” .
Turner adds that the predicted shift away from predominantly office-based work will “ mean new ways of idea creation and knowledge sharing will need to be carefully thought-through and developed.
” Read more : Coronavirus triggers @ @ @ @ @ @ @ The shift in working is also likely to increase the focus on climate change , as over half of respondents believe their firms will actively want to do more within the space .
There has been a shift in attitudes over the past few years , with ESG issues dominating many AGMs .
And , almost a third believe the coronavirus crisis will be a turning point for climate change issues .
Get the news as it happens by following City A.M. on Twitter .

Exclusive: Financial services firms unlikely to return to the ‘old normal’
Firms including many in the City of London have put thousands of workers on furlough, where they will be paid through the government’s job retention scheme
The coronavirus crisis is likely to accelerate the adoption of technology within financial services, according to accountancy firm EY.
In an EY poll of more than 200 financial services firms, almost two thirds of respondents think the workplace will fundamentally change after the pandemic. A further 30 per cent expect moderate change.
Simon Turner, a financial services partner at EY said: “Financial services is unlikely to return to the ‘old normal’, and new ways of working – incorporating a far greater degree of technology and flexible working – seem inevitable.”
Technology is expected to develop at an accelerated pace, with 87 per cent of those polled claim that working from home during lockdown will result in firms transforming their technology faster than anticipated.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
City firms have started to plot their return to work but most banks have indicated that they are unlikely to have the majority of employees return to the office until at least September.
It is likely that strict social distancing guidelines, paired with staggered travel times may make some firms reconsider a return since working from home is working well on the most part.
EY’s survey found that 99 per cent of firms have found their employees are working “productively and effectively”.
Turner adds that the predicted shift away from predominantly office-based work will “mean new ways of idea creation and knowledge sharing will need to be carefully thought-through and developed.”
The shift in working is also likely to increase the focus on climate change, as over half of respondents believe their firms will actively want to do more within the space.
There has been a shift in attitudes over the past few years, with ESG issues dominating many AGMs. And, almost a third believe the coronavirus crisis will be a turning point for climate change issues.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-05-31--Hinkley Point C construction continues apace with completion of reactor base

Construction at Hinkley Point C nuclear power station in Somerset remains on track despite the coronavirus crisis , with contractors today meeting a key milestone in the building of the new plant .
With work continuing under special coronavirus measures , workers at the plant have completed the 49,000 tonne base for the second nuclear reactor , meeting a target date set four years ago .
Read more : EDF submits planning application for Sizewell C nuclear power station The completion of the second reactor base comes less than a year after the first was finished in June 2019 .
@ @ @ @ @ @ @ , said that experience gained in building the first base meant workers had finished the second faster .
Completion of the reactor base means that work can now begin on the construction of permanent reactor buildings above the ground .
The announcement comes after EDF last week submitted a planning application for a new plant at Sizewell in Suffolk .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
The new plant will be an exact replica of Hinkley Point C @ @ @ @ @ @ @ by 20 per cent due to what it has learnt from the original project .
Hinkley Point C is now estimated to cost between £21.5bn and £22.5bn , EDF confirmed earlier this year , and will be the first nuclear plant built in the UK for over two decades .
After a challenging development process , the UK government gave the project the go ahead in 2016 , with permission for construction granted the following year .
The project is a joint venture between EDF and Chinese firm China General Nuclear , which @ @ @ @ @ @ @ into the project .
Read more : Coronavirus : EDF to furlough Hinkley Point workers after reducing site numbers In 2016 then prime minister Theresa May launched a review into the project due to the involvement of CGN , which has been blacklisted in the US for corporate espionage .
CGN also has the option of taking a 20 per cent stake in the new Sizewell C plant in Suffolk , but is likely to face growing pressure in light of the UK government ’ s decision to limit Chinese involvement in its @ @ @ @

Hinkley Point C construction continues apace with completion of reactor base
Construction at Hinkley Point C nuclear power station in Somerset remains on track despite the coronavirus crisis, with contractors today meeting a key milestone in the building of the new plant.
With work continuing under special coronavirus measures, workers at the plant have completed the 49,000 tonne base for the second nuclear reactor, meeting a target date set four years ago.
The completion of the second reactor base comes less than a year after the first was finished in June 2019.
EDF, the project’s developer, said that experience gained in building the first base meant workers had finished the second faster.
Completion of the reactor base means that work can now begin on the construction of permanent reactor buildings above the ground.
The base for the second reactor weighs 49,000 tonnes and was completed in less than a year.
The announcement comes after EDF last week submitted a planning application for a new plant at Sizewell in Suffolk.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
The new plant will be an exact replica of Hinkley Point C, with EDF aiming to reduce costs by 20 per cent due to what it has learnt from the original project.
Hinkley Point C is now estimated to cost between £21.5bn and £22.5bn, EDF confirmed earlier this year, and will be the first nuclear plant built in the UK for over two decades.
After a challenging development process, the UK government gave the project the go ahead in 2016, with permission for construction granted the following year.
The project is a joint venture between EDF and Chinese firm China General Nuclear, which has promised to put at least £6bn into the project.
In 2016 then prime minister Theresa May launched a review into the project due to the involvement of CGN, which has been blacklisted in the US for corporate espionage.
CGN also has the option of taking a 20 per cent stake in the new Sizewell C plant in Suffolk, but is likely to face growing pressure in light of the UK government’s decision to limit Chinese involvement in its critical national infrastructure.


cityam--2020-05-31--SpaceX astronauts arrive at ISS in historic moment for private spaceflight

The first US space mission since 2011 has reached its destination , the International Space Station , NASA has confirmed .
Astronauts Doug Hurley and Bob Behnken entered the ISS at around 6pm UK time , having docked at the ISS a few hours earlier .
In doing so , they have become the first astronauts to reach the station via a private company – Elon Musk ’ s SpaceX .
The arrival of the Crew Dragon capsule , which came about 19 hours after yesterday ’ s launch from the Kennedy space centre at Cape Canaveral , is a @ @ @ @ @ @ @ space travel .
Hurley and Behnken were met by the current crew of the ISS , including ISS commander and fellow Nasa astronaut Chris Cassidy and Russian cosmonauts Anatoly Ivanishin and Ivan Vagner .
Hurley said : “ It ’ s been a real honour to be just a small part of this nine-year endeavour since the last time a United States spaceship has docked with the ISS ” .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
In this @ @ @ @ @ @ @ will lease private transportation services from firms such as SpaceX .
In doing so , it hopes to conserve funds to put towards Project Artemis , a manned mission to the moon by 2024 .
It is unclear how long Hurley and Behnken will stay on the ISS , but it could be several months .
They are tasked with testing all onboard systems and providing feedback for engineers .
Read more : Elon Musk ’ s SpaceX has raised more than $ 1bn in last six months SpaceX will now look to @ @ @ @ @ @ @ $ 2.6bn contract with NASA , which is to run six “ taxi ” flights to the ISS .
The first of these may take place in August .

SpaceX astronauts arrive at ISS in historic moment for private spaceflight
The first US space mission since 2011 has reached its destination, the International Space Station, NASA has confirmed.
Astronauts Doug Hurley and Bob Behnken entered the ISS at around 6pm UK time, having docked at the ISS a few hours earlier.
In doing so, they have become the first astronauts to reach the station via a private company – Elon Musk’s SpaceX.
This is the first time in human history @NASA_Astronauts have entered the @Space_Station from a commercially-made spacecraft. @AstroBehnken and @Astro_Doug have finally arrived to the orbiting laboratory in @SpaceX's Dragon Endeavour spacecraft. pic.twitter.com/3t9Ogtpik4 — NASA (@NASA) May 31, 2020
The arrival of the Crew Dragon capsule, which came about 19 hours after yesterday’s launch from the Kennedy space centre at Cape Canaveral, is a landmark moment for the future of human space travel.
Hurley and Behnken were met by the current crew of the ISS, including ISS commander and fellow Nasa astronaut Chris Cassidy and Russian cosmonauts Anatoly Ivanishin and Ivan Vagner.
Hurley said: “It’s been a real honour to be just a small part of this nine-year endeavour since the last time a United States spaceship has docked with the ISS”.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
In this new era of space travel, NASA will lease private transportation services from firms such as SpaceX.
In doing so, it hopes to conserve funds to put towards Project Artemis, a manned mission to the moon by 2024.
It is unclear how long Hurley and Behnken will stay on the ISS, but it could be several months.
They are tasked with testing all onboard systems and providing feedback for engineers.
SpaceX will now look to move to the next element of its $2.6bn contract with NASA, which is to run six “taxi” flights to the ISS.
The first of these may take place in August.


cityam--2020-05-31--Coronavirus: UK death toll rises by 113 to hit 38,489

A further 113 people have died of coronavirus in the UK , the Department of Health announced this afternoon .
In total , that means as of 5pm yesterday , 38,489 people have been killed by the disease in this country .
Read more : Coronavirus deaths rise by 324 to reach 38,161 A further 1,936 people have tested positive for the disease , taking the total number of positive cases to 274,762 .
Although this is the first time the number of positive cases has fallen below 2,000 in a long time , it must be remembered that there @ @ @ @ @ @ @ reporting of figures over the weekend .
The government carried out 115,725 tests on Saturday , which means that over 4.2m people have now been tested .
The Department of Health also announced that it had reached its target of developing the capacity to carry out 200,000 tests by the end of May a day early .
Just over 205,000 tests were available , it said , although only nearly 116,000 were actually carried out .
Listen to our daily City View podcast as we chart the economic fallout and business impact of @ @ @ @ @ @ @ the UK now has the capacity to carry out 40,000 antibody tests a day .
The updated figures came as the government prepared to loosen some of the lockdown restrictions tomorrow , with people in England to be allowed to meet outside in groups of up to six .
In addition , the 2.2m people who have been “ shielding ” due to being deemed extremely vulnerable to the disease will be allowed to go outside for the first time in 10 weeks .
Housing secretary Robert Jenrick announced the changes this afternoon @ @ @ @ @ @ @ that the government was moving too fast to lift measures .
According to the Office of National Statistics , the actual number of people still being infected every day could be as high as 8,000 .
Read more : Coronavirus : 2m ‘ shielding ’ in UK allowed outside from Monday Jenrick added that for every review of lockdown measures taken for the general public , an accompanying review for those shielding would be carried out .
The next review is set for the week of the 15 June .

Coronavirus: UK death toll rises by 113 to hit 38,489
A further 113 people have died of coronavirus in the UK, the Department of Health announced this afternoon.
In total, that means as of 5pm yesterday, 38,489 people have been killed by the disease in this country.
A further 1,936 people have tested positive for the disease, taking the total number of positive cases to 274,762.
Although this is the first time the number of positive cases has fallen below 2,000 in a long time, it must be remembered that there tends to be a lag with the reporting of figures over the weekend.
The government carried out 115,725 tests on Saturday, which means that over 4.2m people have now been tested.
The Department of Health also announced that it had reached its target of developing the capacity to carry out 200,000 tests by the end of May a day early.
Just over 205,000 tests were available, it said, although only nearly 116,000 were actually carried out.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
It also said the UK now has the capacity to carry out 40,000 antibody tests a day.
The updated figures came as the government prepared to loosen some of the lockdown restrictions tomorrow, with people in England to be allowed to meet outside in groups of up to six.
In addition, the 2.2m people who have been “shielding” due to being deemed extremely vulnerable to the disease will be allowed to go outside for the first time in 10 weeks.
Housing secretary Robert Jenrick announced the changes this afternoon, although some health experts had warned that the government was moving too fast to lift measures.
According to the Office of National Statistics, the actual number of people still being infected every day could be as high as 8,000.
Jenrick added that for every review of lockdown measures taken for the general public, an accompanying review for those shielding would be carried out.
The next review is set for the week of the 15 June.
More to follow.


cityam--2020-05-31--Jim O'Neill: Project Birch must come with conditions attached

Former Treasury minister and architect of the Northern Powerhouse project Jim O ’ Neill has said the government ’ s Project Birch bailout plan must come with conditions attached for the businesses involved .
Speaking to the Telegraph , O ’ Neill also called for “ great conditionality ” to be attached to the scheme , which is expected to provide support for strategically key firms struggling due to the coronavirus crisis .
“ If the lion ’ s share of the equity is simply going to preserve jobs at any cost , that ’ ll ultimately just add to @ @ @ @ @ @ @ said .
“ I ’ d hope there ’ d be great conditionality to Project Birch because why would you want to support all these businesses to just get resurrected and carry on as they were unless they ’ d got much clearer productivity-boosting things going on ?
” He also said that the Treasury should focus on engineering a “ V-shaped ” recovery by replacing the Bank of England ’ s inflation targeting with nominal GDP targeting .
He praised Rishi Sunak , saying that the chancellor has “ an open mind @ @ @ @ @ @ @ , bold things , but he ’ s got credibility – he ’ s not irresponsible ” .
O ’ Neill , who has been tipped to return to government as chair of the Northern Powerhouse growth board , said he would urge those designing the programme to copy Singapore ’ s Temasek wealth fund .
He added that any such scheme needed to be separate from Project Birch .
Temasek is government owned but has a separate body of investment professionals who make decisions about which firms to invest in .
Listen @ @ @ @ @ @ @ we chart the economic fallout and business impact of the coronavirus pandemic .
He also pointed to the Department of International Trade ’ s Commonwealth Development Corporation as another good model .
He said : “ It ’ s full of investment professionals – the chief executive and the board are all people with a great deal of finance experience – so why can ’ t you just do that model and have it domestically ?
” Crucially , O ’ Neill told the Telegraph , officials will have to accept that failure @ @ @ @ @ @ @ : “ You can ’ t be part of creating winners unless you accept there are going to be losers .
That ’ s the reality of investing.
” He also called for additional taxpayer backed regional funds to be created in the Midlands , the South West and the North .
Despite his background , O ’ Neill said that high speed rail link HS2 was not a priority for the levelling up agenda , but said that the government should welcome Chinese investment in infrastructure .
His words come after Boris @ @ @ @ @ @ @ plans to reduce Chinese involvement in UK infrastructure to zero by 2023 .
Read more : Treasury mulling plans for ‘ bad bank ’ to manage stakes in bailed-out firms O ’ Neill said : “ There is , understandably on one level , so much emotion about the whole of this crisis and where it started but I don ’ t see any real benefit – other than some very weak political gain – from trying to blame and highlight the role of others ” .
Comparing the current crisis to 2008 @ @ @ @ @ @ @ said that the world did not seek to punish the US for its massive inflation of the housing market .

Jim O’Neill: Project Birch must come with conditions attached
Former Treasury minister and architect of the Northern Powerhouse project Jim O’Neill has said the government’s Project Birch bailout plan must come with conditions attached for the businesses involved.
Speaking to the Telegraph, O’Neill also called for “great conditionality” to be attached to the scheme, which is expected to provide support for strategically key firms struggling due to the coronavirus crisis.
“If the lion’s share of the equity is simply going to preserve jobs at any cost, that’ll ultimately just add to our weak productivity problem,” he said.
“I’d hope there’d be great conditionality to Project Birch because why would you want to support all these businesses to just get resurrected and carry on as they were unless they’d got much clearer productivity-boosting things going on?”
He also said that the Treasury should focus on engineering a “V-shaped” recovery by replacing the Bank of England’s inflation targeting with nominal GDP targeting.
He praised Rishi Sunak, saying that the chancellor has “an open mind and isn’t scared of big, bold things, but he’s got credibility – he’s not irresponsible”.
O’Neill, who has been tipped to return to government as chair of the Northern Powerhouse growth board, said he would urge those designing the programme to copy Singapore’s Temasek wealth fund.
He added that any such scheme needed to be separate from Project Birch.
Temasek is government owned but has a separate body of investment professionals who make decisions about which firms to invest in.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
He also pointed to the Department of International Trade’s Commonwealth Development Corporation as another good model.
He said: “It’s full of investment professionals – the chief executive and the board are all people with a great deal of finance experience – so why can’t you just do that model and have it domestically?”
Crucially, O’Neill told the Telegraph, officials will have to accept that failure is a necessary part of the business:
“You can’t be part of creating winners unless you accept there are going to be losers. That’s the reality of investing.”
He also called for additional taxpayer backed regional funds to be created in the Midlands, the South West and the North.
Despite his background, O’Neill said that high speed rail link HS2 was not a priority for the levelling up agenda, but said that the government should welcome Chinese investment in infrastructure.
His words come after Boris Johnson reportedly tasked officials to draw up plans to reduce Chinese involvement in UK infrastructure to zero by 2023.
O’Neill said: “There is, understandably on one level, so much emotion about the whole of this crisis and where it started but I don’t see any real benefit – other than some very weak political gain – from trying to blame and highlight the role of others”.
Comparing the current crisis to 2008’s global financial meltdown, he said that the world did not seek to punish the US for its massive inflation of the housing market.


cityam--2020-05-31--Ikea introduces social distancing wardens as it prepares for reopening

Ikea is introducing social distancing wardens as part of a string of safety measures being implemented ahead of reopening on Monday .
The retailer will reopen 19 stores across England and Northern Ireland from tomorrow , with click and collect facilities also opening in a phased approach .
Ikea stores in Scotland , Wales and the Republic of Ireland remain closed , as per government guidance .
Ikea closed its stores in the UK and Ireland in March , ahead of lockdown .
A number of safety measures have been put in place to ensure social distancing in stores .
@ @ @ @ @ @ @ granted entry in stores at any one time .
Much like supermarket policies , Ikea has said only one adult per household will be allowed in at one time .
Additionally , a staggered entry system and restricted car parking will be put in place .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Ikea has said social distance wardens will help customers ” find their way round the new one-way system and ensure new social distancing measures are being @ @ @ @ @ @ @ service points and customer returns will also be introduced to encourage social distancing .
The food halls at Ikea ’ s Tottenham and Greenwich sites were opened last month to cater for NHS and emergency services workers , as well as the elderly and vulnerable .
Play areas and restaurants will remain closed , but customers will be able to purchase items , like the Swedish meatballs , to make at home .
Read more : Ikea is closing its first big UK store Peter Jelkeby , Ikea ’ s UK and Ireland @ @ @ @ @ @ @ ’ re looking forward to warmly welcoming customers and co-workers back into our stores from 1st June .
Their health and safety remains our top priority , and that ’ s why we ’ ve put in place extensive measures to ensure the safety and comfort of customers and co-workers.
” “ While the experience might be a little different to before – it ’ s the same Ikea , with the vision to “ create a better everyday life for the many people ” , and the ambition to inspire people through @ @ @ @ @ @ @ advice.
” Get the news as it happens by following City A.M. on Twitter .

Ikea introduces social distancing wardens as it prepares for reopening
Embargoed: 00:01 Sunday 31st May – Co-workers at IKEA Greenwich finalising the safety measures that are being put in place ahead of 19 IKEA stores reopening in England and Northern Ireland tomorrow (June 1st). IKEA is implementing a number of measures to keep co-workers and colleagues safe, including Social Distance Wardens who will be on hand throughout the store to help customers find their way around the new one-way system, and ensure social distancing measures are being followed.
Ikea is introducing social distancing wardens as part of a string of safety measures being implemented ahead of reopening on Monday.
The retailer will reopen 19 stores across England and Northern Ireland from tomorrow, with click and collect facilities also opening in a phased approach.
Ikea stores in Scotland, Wales and the Republic of Ireland remain closed, as per government guidance.
Ikea closed its stores in the UK and Ireland in March, ahead of lockdown.
A number of safety measures have been put in place to ensure social distancing in stores. A limited number of customers will be granted entry in stores at any one time.
Much like supermarket policies, Ikea has said only one adult per household will be allowed in at one time. Additionally, a staggered entry system and restricted car parking will be put in place.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Ikea has said social distance wardens will help customers ” find their way round the new one-way system and ensure new social distancing measures are being followed”. Screens at checkouts, service points and customer returns will also be introduced to encourage social distancing.
The food halls at Ikea’s Tottenham and Greenwich sites were opened last month to cater for NHS and emergency services workers, as well as the elderly and vulnerable.
Play areas and restaurants will remain closed, but customers will be able to purchase items, like the Swedish meatballs, to make at home.
Peter Jelkeby, Ikea’s UK and Ireland chief executive, said: “We’re looking forward to warmly welcoming customers and co-workers back into our stores from 1st June. Their health and safety remains our top priority, and that’s why we’ve put in place extensive measures to ensure the safety and comfort of customers and co-workers.”
“While the experience might be a little different to before – it’s the same Ikea, with the vision to “create a better everyday life for the many people”, and the ambition to inspire people through our brilliant affordable range and home furnishing advice.”
The 19 Ikea stores reopening next month:
Region Store Greater London Croydon Greenwich Lakeside Wembley Tottenham East Norwich (OCP) Midlands Birmingham Nottingham North West and Northern Ireland Belfast Manchester Warrington North East Gateshead Leeds Sheffield South East Milton Keynes Reading Southampton South West Bristol Exeter
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-05-31--SpaceX mission nears International Space Station after historic launch

SpaceX ’ s Dragon astronaut capsule is due to dock at the International Space Station this afternoon after yesterday ’ s historic launch .
At about 8:30 yesterday evening , NASA astronauts Doug Hurley and Bob Behnken blasted off from Florida ’ s Cape Canaveral launchpad in the US ’ first manned space mission in nine years .
Read more : Elon Musk reopens Tesla factory in defiance of lockdown rules The mission is also the first ever to be operated by a private company , with billionaire businessman Elon Musk ’ s SpaceX firm designing both the Falcon 9 @ @ @ @ @ @ @ prior to lift-off , Hurley repeated the words of the US ’ s first astronaut , Alan Shepherd , saying : “ SpaceX , we ’ re go for launch .
Let ’ s light this candle ” .
The Dragon capsule is due to dock at the ISS at 2:30 this afternoon , in what will be a fully automated operation .
The launch is a huge milestone for the commercialisation of space travel , with NASA looking to turn over routine space operations in low-orbit to private sector firms such as @ @ @ @ @ @ @ View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
NASA no longer wants to own low-orbit vehicles , and is content to lease them from the private sector , where a number of firms , such as Sir Richard Branson ’ s Virgin Galactic , are looking to enter the market .
Doing so will free up resources to enable NASA to focus on its target of returning US astronauts to the moon by 2024 .
SpaceX has already reportedly saved the space agency millions through @ @ @ @ @ @ @ most significant developments is that of reusable rockets , which can land safely after being jettisoned from the craft .
Yesterday this worked out to perfection , with the booster systems detaching and flying safely back to a platform in the Atlantic .
Read more : Elon Musk and Grimes name son X Æ A-12 The successful launch came after the initial attempt on Wednesday had to be called off at the last minute due to the weather .
Trump said : “ It ’ s incredible , the power , the technology @ @ @ @ @ @ @ see ” .

SpaceX mission nears International Space Station after historic launch
SpaceX’s Dragon astronaut capsule is due to dock at the International Space Station this afternoon after yesterday’s historic launch.
At about 8:30 yesterday evening, NASA astronauts Doug Hurley and Bob Behnken blasted off from Florida’s Cape Canaveral launchpad in the US’ first manned space mission in nine years.
The mission is also the first ever to be operated by a private company, with billionaire businessman Elon Musk’s SpaceX firm designing both the Falcon 9 rocket and attached crew capsule.
The SpaceX Falcon 9 rocket with the manned Crew Dragon spacecraft attached takes off from launch pad 39A at the Kennedy Space Centre.
Just prior to lift-off, Hurley repeated the words of the US’s first astronaut, Alan Shepherd, saying: “SpaceX, we’re go for launch. Let’s light this candle”.
Musk, who watched the launch alongside president Donald Trump, simply tweeted: “Liftoff!”.
The Dragon capsule is due to dock at the ISS at 2:30 this afternoon, in what will be a fully automated operation.
The launch is a huge milestone for the commercialisation of space travel, with NASA looking to turn over routine space operations in low-orbit to private sector firms such as SpaceX.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
NASA no longer wants to own low-orbit vehicles, and is content to lease them from the private sector, where a number of firms, such as Sir Richard Branson’s Virgin Galactic, are looking to enter the market.
Donald Trump watched the SpaceX launch alongside vice president Mike Pence and his wife Karen.
Doing so will free up resources to enable NASA to focus on its target of returning US astronauts to the moon by 2024.
SpaceX has already reportedly saved the space agency millions through its innovative design.
One of the most significant developments is that of reusable rockets, which can land safely after being jettisoned from the craft.
Yesterday this worked out to perfection, with the booster systems detaching and flying safely back to a platform in the Atlantic.
The successful launch came after the initial attempt on Wednesday had to be called off at the last minute due to the weather.
Trump said: “It’s incredible, the power, the technology. That was a beautiful sight to see”.


cityam--2020-05-31--TfL urges Londoners to walk and cycle as schools reopen

TfL has urged people to consider alternatives to using public transport as schools start to gradually reopen from Monday .
TfL has issued advice for headteachers , parents and guardians and called for those who can to walk and cycle to school to make space for those who have no other alternative .
Read more : Governors call on ministers to drop plans to bring back all primary school children before summer holidays TfL is currently operating around 85 per cent of bus services and 80 per cent of Tube services .
However it has said that even if 100 @ @ @ @ @ @ @ , the number of people TfL would be able to safely carry would still be constrained to around 13 to 15 per cent of normal while the recommendation of two metre social distancing remains .
The government has set out expectations that children return to Reception , Year 1 and Year 6 from tomorrow .
TfL is calling on students to walk and cycle for journeys less than a kilometre .
To support this , it is creating extra space across the capital and making some temporary changes to roads to enable social @ @ @ @ @ @ @ ’ s walking and cycling commissioner said : “ “ We are asking Londoners to work with us to ensure capacity on public transport is kept free for those people who need it most – this means many more journeys will need to be walked or cycled.
” Read more : TfL bailout conditions published as rescue row rolls on Headteachers have been asked to establish a “ School Street ” scheme where possible , which will close roads to traffic at school gates during drop off and pick up time .
It @ @ @ @ @ @ @ take the bus to consider staggering their start and finish times to help take the pressure off peak travel times across London .
For those pupils who do have to use public transport , TfL have urged them to wear a facial covering , carry hand sanitiser and wash their hands before and after they travel .
Get the news as it happens by following City A.M. on Twitter .

TfL urges Londoners to walk and cycle as schools reopen
TfL has urged people to consider alternatives to using public transport as schools start to gradually reopen from Monday.
TfL has issued advice for headteachers, parents and guardians and called for those who can to walk and cycle to school to make space for those who have no other alternative.
TfL is currently operating around 85 per cent of bus services and 80 per cent of Tube services. However it has said that even if 100 per cent of services were being operated, the number of people TfL would be able to safely carry would still be constrained to around 13 to 15 per cent of normal while the recommendation of two metre social distancing remains.
The government has set out expectations that children return to Reception, Year 1 and Year 6 from tomorrow.
TfL is calling on students to walk and cycle for journeys less than a kilometre. To support this, it is creating extra space across the capital and making some temporary changes to roads to enable social distancing.
Will Norman, the mayor’s walking and cycling commissioner said: ““We are asking Londoners to work with us to ensure capacity on public transport is kept free for those people who need it most – this means many more journeys will need to be walked or cycled.”
Headteachers have been asked to establish a “School Street” scheme where possible, which will close roads to traffic at school gates during drop off and pick up time.
It has also asked schools where many pupils take the bus to consider staggering their start and finish times to help take the pressure off peak travel times across London. For those pupils who do have to use public transport, TfL have urged them to wear a facial covering, carry hand sanitiser and wash their hands before and after they travel.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-06-01--Thousands queue as Ikea reopens and pupils return to school

People have been queuing across the UK to get into Ikea and take children back to school as the government loosened more restrictions implemented due to the coronavirus crisis .
As of this morning , primary schools have reopened to pupils in receptions and years one and six , while some retailers like the Swedish store have been able to begin trading again .
Read more : Ikea introduces social distancing wardens as it prepares for reopening After a ten-week hiatus due to the disease , open air markets have also been allowed to reopen as the government attempts to @ @ @ @ @ @ @ queues formed at Ikea stores across the country as people took advantage of their new freedoms , with thousands of people waiting for doors to open at 9 this morning .
The retailer has reopened 19 stores across England and Northern Ireland from tomorrow , with click and collect facilities also opening in a phased approach .
A number of safety measures have been put in place to ensure social distancing in stores .
A limited number of customers will be granted entry in stores at any one time .
Before the Open @ @ @ @ @ @ @ with our early morning newsletter However , some parents did not take their children back to school despite the reopening , amid fears that the government is lifting restrictions too fast .
The government has said that the coronavirus alert level is currently transitioning from four to three , the latter of which entails further steps to reopen the country .
However several members of scientific advisory group SAGE have warned that it is too soon for the government to take such steps .
At yesterday ’ s coronavirus press conference , housing @ @ @ @ @ @ @ was “ reasonably confident ” about the steps it was taking but admitted there was “ limited room to manoeuvre ” .
Read more : Governors call on ministers to drop plans to bring back all primary school children before summer holidays And business secretary Alok Sharma this morning told the BBC that the government was taking “ very cautious steps ” at a “ very sensitive moment ” .
The number of newly confirmed cases of coronavirus slipped below 2,000 yesterday for the first time in months , but the actual rate @ @ @ @ @ @ @ day , the Official of National Statistics has said .

Thousands queue as Ikea reopens and pupils return to school
People have been queuing across the UK to get into Ikea and take children back to school as the government loosened more restrictions
People have been queuing across the UK to get into Ikea and take children back to school as the government loosened more restrictions implemented due to the coronavirus crisis.
As of this morning, primary schools have reopened to pupils in receptions and years one and six, while some retailers like the Swedish store have been able to begin trading again.
After a ten-week hiatus due to the disease, open air markets have also been allowed to reopen as the government attempts to get the economy going again.
Huge queues formed at Ikea stores across the country as people took advantage of their new freedoms, with thousands of people waiting for doors to open at 9 this morning.
The retailer has reopened 19 stores across England and Northern Ireland from tomorrow, with click and collect facilities also opening in a phased approach.
Members of the public are seen queueing around the carpark to gain entry into the newly reopened Southampton branch of Ikea.
A number of safety measures have been put in place to ensure social distancing in stores. A limited number of customers will be granted entry in stores at any one time.
Before the Open: Get the jump on the markets with our early morning newsletter
However, some parents did not take their children back to school despite the reopening, amid fears that the government is lifting restrictions too fast.
The government has said that the coronavirus alert level is currently transitioning from four to three, the latter of which entails further steps to reopen the country.
However several members of scientific advisory group SAGE have warned that it is too soon for the government to take such steps.
At yesterday’s coronavirus press conference, housing secretary Robert Jenrick said that the government was “reasonably confident” about the steps it was taking but admitted there was “limited room to manoeuvre”.
And business secretary Alok Sharma this morning told the BBC that the government was taking “very cautious steps” at a “very sensitive moment”.
The number of newly confirmed cases of coronavirus slipped below 2,000 yesterday for the first time in months, but the actual rate of infection could remain around 8,000 per day, the Official of National Statistics has said.


cityam--2020-06-01--Facebook employees stage rebellion over Mark Zuckerberg's inaction on Trump

Facebook staff have taken to social media to express their dissatisfaction with Mark Zuckerberg over his refusal to act against Donald Trump .
Employees at all levels of the company , including some senior executives , took to criticising Zuckerberg for his decision to leave up the Facebook version of a tweet sent by Trump .
The president appeared to encourage police to shoot rioters .
Read more : US riots : Fires burn near the White House as George Floyd protests turn violent Twitter hid the tweet , which said “ When looting starts , shooting starts ” , @ @ @ @ @ @ @ glorified violence ” .
It came after protests in Minneapolis following the death of George Floyd at the hands of the police .
Andrew Crow , head of design at Facebook ’ s video calling app Portal , tweeted : “ I disagree with Mark ’ s position and will work to make change happen.
” Before the Open : Get the jump on the markets with our early morning newsletter A member of the company ’ s R & D team , Jason Stirman , said : “ I don ’ t @ @ @ @ @ @ @ know doing nothing is not acceptable .
I ’ m a FB employee that completely disagrees with Mark ’ s decision to do nothing about Trump ’ s recent posts , which clearly incite violence .
I ’ m not alone inside of FB .
There isn ’ t a neutral position on racism.
” Zuckerberg took to Facebook on Friday to say he had a “ visceral negative reaction ” to Trump ’ s “ divisive and inflammatory ” rhetoric .
However , as the “ leader of an institution committed to @ @ @ @ @ @ @ the post had not violated Facebook ’ s rules .
Before the Open newsletter : Start your day with the City View podcast and key market data “ Although the post had a troubling historical reference , we decided to leave it up because the National Guard references meant we read it as a warning about state action , and we think people need to know if the government is planning to deploy force , ” Zuckerberg said in his post .
“ The President later posted again , saying that the original @ @ @ @ @ @ @ looting could lead to violence .
We decided that this post , which explicitly discouraged violence , also does not violate our policies and is important for people to see.
” Read more : Twitter flags Trump tweet for ‘ glorifying violence ’ as row escalates Trump held a call with Zuckerberg on Friday , the same day the president signed an executive order cracking down on “ censorship ” by social media sites , according to CNBC .
The Facebook founder had said the day before he doesn ’ t think social @ @ @ @ @ @ @ ” , arguing that people “ should be able to see what politicians say ” .

Facebook employees stage rebellion over Mark Zuckerberg’s inaction on Trump
Facebook staff have taken to social media to express their dissatisfaction with Mark Zuckerberg over his refusal to act against Donald Trump.
Employees at all levels of the company, including some senior executives, took to criticising Zuckerberg for his decision to leave up the Facebook version of a tweet sent by Trump. The president appeared to encourage police to shoot rioters.
Twitter hid the tweet, which said “When looting starts, shooting starts”, behind a warning which said it “glorified violence”. It came after protests in Minneapolis following the death of George Floyd at the hands of the police.
Andrew Crow, head of design at Facebook’s video calling app Portal, tweeted: “I disagree with Mark’s position and will work to make change happen.”
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Censoring information that might help people see the complete picture *is* wrong. But giving a platform to incite violence and spread disinformation is unacceptable, regardless who you are or if it’s newsworthy. I disagree with Mark’s position and will work to make change happen. — Andrew (@AndrewCrow) June 1, 2020
A member of the company’s R&D team, Jason Stirman, said: “I don’t know what to do, but I know doing nothing is not acceptable. I’m a FB employee that completely disagrees with Mark’s decision to do nothing about Trump’s recent posts, which clearly incite violence. I’m not alone inside of FB. There isn’t a neutral position on racism.”
Zuckerberg took to Facebook on Friday to say he had a “visceral negative reaction” to Trump’s “divisive and inflammatory” rhetoric. However, as the “leader of an institution committed to free expression,” he explained that the post had not violated Facebook’s rules.
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“Although the post had a troubling historical reference, we decided to leave it up because the National Guard references meant we read it as a warning about state action, and we think people need to know if the government is planning to deploy force,” Zuckerberg said in his post.
“The President later posted again, saying that the original post was warning about the possibility that looting could lead to violence. We decided that this post, which explicitly discouraged violence, also does not violate our policies and is important for people to see.”
Trump held a call with Zuckerberg on Friday, the same day the president signed an executive order cracking down on “censorship” by social media sites, according to CNBC.
The Facebook founder had said the day before he doesn’t think social networks should be “arbiters of truth”, arguing that people “should be able to see what politicians say”.


cityam--2020-06-01--FCA gears up for business interruption insurance court battle

City watchdog the Financial Conduct Authority ( FCA ) today said it had selected samples of insurance wording for a July case on whether insurers should pay out on business interruption policies for covid-19 .
The FCA said it has selected 17 examples from business interruption insurance policies used by 16 insurers who have entered into a framework agreement with the watchdog for governing the process and timetable for the test case .
“ Given the representative nature of the policies and wordings we have selected , we expect the test case to provide guidance for the interpretation of many @ @ @ @ @ @ @ in the representative sample , ” the FCA said .
Read more : Insurance brokers slammed for conflicts of interests amid coronavirus business interruption claim disputes “ This means that other insurers will also be affected by the test case and its conclusions .
In early July , we expect to publish a comprehensive list of other insurers and many other BI policies in the market that we expect the test case to affect , based on firm submissions.
” The FCA said it expects the court case will happen in the second @ @ @ @ @ @ @ .
Hiscox today said it welcomed the FCA ’ s announcement , Hiscox said it “ recognises these are extremely difficult times for businesses and is committed to seeking expedited resolution of any contract dispute .
Read more : Hiscox policyholders set to launch legal action against firm over coronavirus claims “ Hiscox has agreed to assist the FCA by participating alongside other insurers in the test case in order to provide certainty for businesses and brokers on the application of policies as quickly as possible.
” Hiscox has been targeted by an @ @ @ @ @ @ @ claim against the insurer for not paying out on business interruption claims .
The action group today said : “ Despite naming Hiscox in almost half of the policies under investigation , the FCA has not instructed the insurer to make any interim payments .
Because of this and whilst this court case goes on , many good British businesses holding Hiscox business interruption policies are likely to go bust .
This is why the Hiscox Action Group will continue to pursue its own legal remedies in the belief that it may be @ @ @ @ @ @ @ more swiftly than the FCA.
” Similar groups have sprung up to target other insurers or represent industries such as hospitality that have been hit hard by the lockdown .
Tulsi Naidu , Zurich ’ s UK chief executive , said : “ This review tests a wide range of standard industry scenarios common to many insurers across the market .
We agreed to assist in this process when we were asked by the FCA in relation to our versions of a standard industry wording .
Ultimately , the entire industry will benefit @ @ @ @ @ @ @ number of test cases .
Our ethos is about paying claims and we believe this action will reduce ambiguity and restore confidence in the industry .
“ We note that the FCA is clear in its statement that it does not expect all wordings to respond and that policyholders should not expect that the inclusion of a wording implies that their policy will be responsive .
Where our policies do cover losses related to the outbreak , we are paying claims as quickly as we can .
Based on our own review of @ @ @ @ @ @ @ counsel , we remain confident in our interpretation of our policy wordings .
To date , we have received limited claims in relation to the policies being tested by the FCA.
” Lloyd ’ s of London estimated that the covid-19 crisis would cost the insurance industry more than $ 100bn ( £80bn )

FCA gears up for business interruption insurance court battle
City watchdog the Financial Conduct Authority (FCA) today said it had selected samples of insurance wording for a July case on whether insurers should pay out on business interruption policies for covid-19.
The FCA said it has selected 17 examples from business interruption insurance policies used by 16 insurers who have entered into a framework agreement with the watchdog for governing the process and timetable for the test case.
“Given the representative nature of the policies and wordings we have selected, we expect the test case to provide guidance for the interpretation of many other business insurance policies that are not in the representative sample,” the FCA said.
“This means that other insurers will also be affected by the test case and its conclusions. In early July, we expect to publish a comprehensive list of other insurers and many other BI policies in the market that we expect the test case to affect, based on firm submissions.”
The FCA said it expects the court case will happen in the second half of July, lasting five-to-10 days.
Hiscox today said it welcomed the FCA’s announcement,
Hiscox said it “recognises these are extremely difficult times for businesses and is committed to seeking expedited resolution of any contract dispute.
“Hiscox has agreed to assist the FCA by participating alongside other insurers in the test case in order to provide certainty for businesses and brokers on the application of policies as quickly as possible.”
Hiscox has been targeted by an action group who are building a group claim against the insurer for not paying out on business interruption claims.
The action group today said: “Despite naming Hiscox in almost half of the policies under investigation, the FCA has not instructed the insurer to make any interim payments.
Because of this and whilst this court case goes on, many good British businesses holding Hiscox business interruption policies are likely to go bust.
This is why the Hiscox Action Group will continue to pursue its own legal remedies in the belief that it may be able to get justice for its members more swiftly than the FCA.”
Similar groups have sprung up to target other insurers or represent industries such as hospitality that have been hit hard by the lockdown.
Tulsi Naidu, Zurich’s UK chief executive, said: “This review tests a wide range of standard industry scenarios common to many insurers across the market. We agreed to assist in this process when we were asked by the FCA in relation to our versions of a standard industry wording. Ultimately, the entire industry will benefit from the legal analysis of a small number of test cases. Our ethos is about paying claims and we believe this action will reduce ambiguity and restore confidence in the industry.
“We note that the FCA is clear in its statement that it does not expect all wordings to respond and that policyholders should not expect that the inclusion of a wording implies that their policy will be responsive. Where our policies do cover losses related to the outbreak, we are paying claims as quickly as we can. Based on our own review of wordings and the advice from external legal counsel, we remain confident in our interpretation of our policy wordings. To date, we have received limited claims in relation to the policies being tested by the FCA.”
Lloyd’s of London estimated that the covid-19 crisis would cost the insurance industry more than $100bn (£80bn)


cityam--2020-06-01--FTSE 100 climbs after US stops short of ending China trade deal

The FTSE 100 rose sharply after US President Donald Trump stopped short of ripping up the US-China trade deal over Beijing ’ s actions in Hong Kong .
However , stocks surrendered some of their earlier gains as reports suggested China may stop buying US agricultural goods .
Wall Street was set to open lower .
Read more : Exclusive : Financial services firms unlikely to return to the ‘ old normal ’ The UK ’ s blue-chip index was 1.3 per cent higher heading towards 1pm , at 6,154 points .
It had risen as much as 1.7 per @ @ @ @ @ @ @ ’ s continent-wide Stoxx 600 index had climbed 0.8 per cent .
France ’ s CAC 40 was up 1.3 per cent while German markets were closed .
The dollar fell as investors sold the safe-haven asset in favour of stocks .
It was down 0.2 per cent on an index as protests over police brutality raged across the country .
Meanwhile , the pound rose 0.3 per cent to $ 1.239 .
Investors ’ spirits were high in Europe after a speech by Trump on Friday fell short of traders ’ worst @ @ @ @ @ @ @ slap sanctions on China in retaliation for Beijing ’ s move to apply a security law in the semi-autonomous city of Hong Kong .
Read more : The City View : Trump , China and the pandemic – with Todd Buchholz , former White House Director of Economic Policy Trump ramped up the rhetoric .
But he did not signal any intent to turn his back on the trade deal reached by the two sides at the start of this year .
Neil Wilson , chief market analyst at Markets.com , said that @ @ @ @ @ @ @ he ] held something back and did not reignite the trade war ” .
However , Bloomberg and other outlets cited sources who cast doubt over progress on a US-China trade deal .
That led investors to ease off on buying today .
The sources said that China has asked its state-owned firms to pause purchases of soybeans and pork from the US .
This unnerved some investors as Chinese purchases were a key part of the January deal .
It comes as tensions between Beijing and Washington reach fever-pitch .
China ’ @ @ @ @ @ @ @ in the semi-autonomous city of Hong Kong has riled the US and countries around the world , including the UK .
The law could bring an end to Hong Kong ’ s special freedoms under the “ one country , two systems ” form of government in place since the 1990s .
Wilson said : “ US-China tensions are expected to deteriorate over the coming months as Trump doubles down ahead of the presidential election.
” US stock markets were set to open lower , according to futures prices .
Investors were also @ @ @ @ @ @ @ the US overnight .
They were in response to the killing of black man George Floyd by a white police officer .
The government ’ s plan to reopen non-essential retail stores from the middle of the month boosted the FTSE 100 .
Primark-owner Associated British Foods was the biggest riser .
Its shares jumped eight per cent after it announced it was seeking to open all of its Primark stores in England by 15 June .
Retailer Next was also in the top 20 FTSE 100 performers .
Joshua Mahony , senior @ @ @ @ @ @ @ said : ‘ The FTSE 100 is enjoying a reversal of Friday ’ s pessimism , with high-risk recovery stocks coming back into prominence.
” Read more : Eurozone manufacturing shows tentative signs of recovery in May “ Travel-associated stocks such as IAG , Rolls-Royce , and Easyjet are taking off once again , with the sector likely to remain bullish in the absence of a second wave [ of coronavirus infections ] .
” British Airways-owner IAG , cruise firm Carnival , and engine-maker Rolls Royce jumped more than five per cent @ @ @ @ @ @ @ .
Meanwhile , the Eurozone and UK reported more dire manufacturing data this morning .
While factories saw their fortunes improve after April ’ s lockdown , May ’ s continuing restrictions kept output well in contraction territory .
Read more : UK manufacturing downturn continues despite signs of life Jeremy Thomson-Cook , chief economist at financial services firm Equals , said : “ There is little sign of a recovery in the UK ’ s manufacturing sector yet.
” But Chinese survey data encouraged FTSE 100 investors .
It showed that China @ @ @ @ @ @ @ in May .
Asian stocks pushed firmly higher overnight .
China ’ s CSI 300 blue-chip index rose 2.7 per cent to hit a three-month high .
Hong Kong jumped 3.5 per cent after a torrid week that saw protests return to the city .
Read more : Cruise firm Carnival set for the drop in FTSE 100 reshuffle Fiona Cincotta , market analyst at Gain Capital , said : “ Traders are buying into riskier assets whilst rotating out of the safe haven US dollar.
” The rise in sterling came after @ @ @ @ @ @ @ the worst performing currency in the G10 .

Markets live: FTSE 100 gains fade on US-China tensions as Wall Street wobbles
Activity is slowly picking up again in the City of London after months of lockdown
The FTSE 100 pared some of its gains amid simmering tensions between the US and China over Beijing’s crackdown on semi-autonomous Hong Kong.
Despite the concerns, US President Donald Trump stopped short of ripping up the US-China trade deal over China’s actions in the city-state.
However, stocks surrendered some of their earlier gains as reports suggested China may stop buying US agricultural goods. Wall Street was set to open lower.
The UK’s blue-chip index was 0.7 per cent higher heading at 2:30pm, at 6,116 points. It had risen as much as 1.7 per cent in the morning session.
Europe’s continent-wide Stoxx 600 index had climbed 0.8 per cent. France’s CAC 40 was up 1.3 per cent while German markets were closed.
The dollar fell as investors sold the safe-haven asset in favour of stocks. It was down 0.2 per cent on an index as protests over police brutality raged across the country. Meanwhile, the pound rose 0.3 per cent to $1.239.
Investors’ spirits were high in Europe after a speech by Trump on Friday fell short of traders’ worst fears.
Traders thought the President might slap sanctions on China in retaliation for Beijing’s move to apply a security law in Hong Kong.
Trump ramped up the rhetoric. But he did not signal any intent to turn his back on the trade deal reached by the two sides at the start of this year.
Neil Wilson, chief market analyst at Markets.com, said that Trump calmed “market nerves [as he] held something back and did not reignite the trade war”.
Wall Street dips amid protests and China tensions
US markets opened lower this afternoon as the combination of country-wide protests and tensions with China kept investors anxious.
The Dow Jones fell 40.12 points, or 0.2 per cent, at the open to 25,342. The S&P 500 fell 11.46 points, or 0.4 per cent, to 3,032.
Despite the falls, stocks remain at a three-month time as the US gradually begins to unlock after the coronavirus crisis.
However, Bloomberg and other outlets cited sources who cast doubt over progress on a US-China trade deal. That led investors to ease off on buying today.
The sources said that China has asked its state-owned firms to pause purchases of soybeans and pork from the US. This unnerved some investors as Chinese purchases were a key part of the January deal.
It comes as tensions between Beijing and Washington reach fever-pitch. China’s move to apply a security law in the semi-autonomous city of Hong Kong has riled the US and countries around the world, including the UK.
The law could bring an end to Hong Kong’s special freedoms under the “one country, two systems” form of government in place since the 1990s.
Wilson said: “US-China tensions are expected to deteriorate over the coming months as Trump doubles down ahead of the presidential election.”
Investors were also spooked by fiery protests that raged across the US overnight. They were in response to the killing of black man George Floyd by a white police officer.
Retailers lift FTSE 100
The government’s plan to reopen non-essential retail stores from the middle of the month boosted the FTSE 100.
Primark-owner Associated British Foods was the biggest riser. Its shares jumped eight per cent after it announced it was seeking to open all of its Primark stores in England by 15 June. Retailer Next was also in the top 20 FTSE 100 performers.
Joshua Mahony, senior market analyst at trading platform IG, said: ‘The FTSE 100 is enjoying a reversal of Friday’s pessimism, with high-risk recovery stocks coming back into prominence.”
Read more: Eurozone manufacturing shows tentative signs of recovery in May
“Travel-associated stocks such as IAG, Rolls-Royce, and Easyjet are taking off once again, with the sector likely to remain bullish in the absence of a second wave [of coronavirus infections].”
British Airways-owner IAG, cruise firm Carnival, and engine-maker Rolls Royce jumped more than five per cent. Easyjet was three per cent higher.
Manufacturing data a mixed bag
Meanwhile, the Eurozone and UK reported more dire manufacturing data this morning.
While factories saw their fortunes improve after April’s lockdown, May’s continuing restrictions kept output well in contraction territory.
Read more: UK manufacturing downturn continues despite signs of life
Jeremy Thomson-Cook, chief economist at financial services firm Equals, said: “There is little sign of a recovery in the UK’s manufacturing sector yet.”
But Chinese survey data encouraged FTSE 100 investors. It showed that China’s manufacturing sector returned to growth in May.
Asian stocks pushed firmly higher overnight. China’s CSI 300 blue-chip index rose 2.7 per cent to hit a three-month high. Hong Kong jumped 3.5 per cent after a torrid week that saw protests return to the city.
Read more: Cruise firm Carnival set for the drop in FTSE 100 reshuffle
Fiona Cincotta, market analyst at Gain Capital, said: “Traders are buying into riskier assets whilst rotating out of the safe haven US dollar.”
The rise in sterling came after a dire May in which it was the worst performing currency in the G10.


cityam--2020-06-01--Petropavlovsk pours cold water on UGC merger reports

Russian gold mining giant Petropavlovsk has poured cold water on reports that it is considering a potential merger deal with largest shareholder UGC .
In an interview with the Telegraph , the FTSE 250 firm ’ s chief executive Pavel Maslovskiy said that discussions between the firms were at an early stage but the deal could “ definitely happen ” .
Read more : Petropavlovsk strikes gold as sales soar in final quarter If a merger did occur , the new company would become Russia ’ s largest gold miner .
However , in a statement this morning Petropavlovsk insisted @ @ @ @ @ @ @ in any transaction discussions with UGC ” .
In February UGC took a 22 per cent stake in the firm , which owns four mines in the far east of Russia .
Speaking to the Telegraph , Maslovskiy said : “ Recently , a 22pc stake moved to other hands , to UGC , which produces roughly what we produce .
“ We ’ re similar in the size , but they are private , and we are looking at each other , I would say .
Before the Open : Get the @ @ @ @ @ @ @ morning newsletter “ It can definitely happen , because the company is private , and it can happen fast ” .
Shares in the natural resources firm initially surged this morning on the back of the comments , before paring their gains .
Petropavlovsk has been one of the mid-cap index ’ s best performing stocks over the past year , having tripled in value since this time in 2019 .
As a result of the coronavirus crisis , investors have rushed to put money into safe haven assets such as gold , @ @ @ @ @ @ @ the same kind of share collapse that has afflicted many other listed bodies .
Its impressive performance comes in spite of a long-running boardroom battle which saw Maslovskiy quit the company before returning last year .
City A.M. has contacted Petropavlovsk for further comment .

Petropavlovsk pours cold water on UGC merger reports
Russian gold mining giant Petropavlovsk has poured cold water on reports that it is considering a potential merger deal with largest shareholder UGC.
In an interview with the Telegraph, the FTSE 250 firm’s chief executive Pavel Maslovskiy said that discussions between the firms were at an early stage but the deal could “definitely happen”.
If a merger did occur, the new company would become Russia’s largest gold miner.
However, in a statement this morning Petropavlovsk insisted that “it is not currently engaged in any transaction discussions with UGC”.
In February UGC took a 22 per cent stake in the firm, which owns four mines in the far east of Russia.
Speaking to the Telegraph, Maslovskiy said: “Recently, a 22pc stake moved to other hands, to UGC, which produces roughly what we produce.
“We’re similar in the size, but they are private, and we are looking at each other, I would say.
Before the Open: Get the jump on the markets with our early morning newsletter
“It can definitely happen, because the company is private, and it can happen fast”.
Shares in the natural resources firm initially surged this morning on the back of the comments, before paring their gains.
Petropavlovsk has been one of the mid-cap index’s best performing stocks over the past year, having tripled in value since this time in 2019.
As a result of the coronavirus crisis, investors have rushed to put money into safe haven assets such as gold, which means that the firm has avoided the same kind of share collapse that has afflicted many other listed bodies.
Its impressive performance comes in spite of a long-running boardroom battle which saw Maslovskiy quit the company before returning last year.
City A.M. has contacted Petropavlovsk for further comment.