cityam--2020-06-21--'Bleak outlook' for pubs and restaurants' pandemic recovery as trade body urges relaxation of two-me

'Bleak outlook' for pubs and restaurants' pandemic recovery as trade body urges relaxation of two-metre rule

Pubs and restaurants across the UK will only be trading at just over half of last year ’ s levels by the end of 2020 , according to predictions from a survey of hospitality businesses .
The research , undertaken by trade body UK Hospitality , painted a gloomy picture for the industry ’ s prospects of a recovery , with levels of trade expected to be significantly suppressed for many months to come .
Read more : Government faces fresh calls to relax two-metre rule to save hospitality industry Representatives reiterated demands that the government make a decision on @ @ @ @ @ @ @ 4 July as soon as possible , so as to give time for businesses to get back up and running .
UK Hospitality chief executive Kate Nicholls said : “ This bleak outlook from operators should sound the alarm with governments across the UK .
“ First things first , we urgently need confirmation of the reopening date for hospitality without further delay .
“ Businesses need time to prepare and the first step on the road to recovery is confirmation of when they can open their doors again .
“ Those who @ @ @ @ @ @ @ hotels , leisure parks and attractions need answers now .
Nicholls also reiterated calls for the government to ease the two-metre social distancing rule to one metre .
Respondents ’ average prediction for trade by December if they were limited by the two metre rule was just 38 per cent of 2019 levels .
That is compared to 55 per cent of last year ’ s levels if the rule is eased to one metre .
Read more : Pubs and restaurants may be forced to keep register of all guests “ For @ @ @ @ @ @ @ social distancing rule is financially unviable , so if the current review on social distancing recommends it is safe to do so , we would urge the government to adopt the internationally-recognised standard of one metre .
“ Such a reduction would be a huge boost for the sector and prove critical to the survival of the vast majority of businesses .
”

‘Bleak outlook’ for pubs and restaurants’ pandemic recovery as trade body urges relaxation of two-metre rule
Pubs and restaurants across the UK will only be trading at just over half of last year’s levels by the end of 2020, according to predictions from a survey of hospitality businesses.
The research, undertaken by trade body UK Hospitality, painted a gloomy picture for the industry’s prospects of a recovery, with levels of trade expected to be significantly suppressed for many months to come.
Representatives reiterated demands that the government make a decision on whether pubs and restaurants can reopen on 4 July as soon as possible, so as to give time for businesses to get back up and running.
UK Hospitality chief executive Kate Nicholls said: “This bleak outlook from operators should sound the alarm with governments across the UK.
“First things first, we urgently need confirmation of the reopening date for hospitality without further delay.
“Businesses need time to prepare and the first step on the road to recovery is confirmation of when they can open their doors again.
“Those who rely on advance bookings, such as hotels, leisure parks and attractions need answers now.
Nicholls also reiterated calls for the government to ease the two-metre social distancing rule to one metre.
Respondents’ average prediction for trade by December if they were limited by the two metre rule was just 38 per cent of 2019 levels.
That is compared to 55 per cent of last year’s levels if the rule is eased to one metre.
“For most venues, operating with the two-metre social distancing rule is financially unviable, so if the current review on social distancing recommends it is safe to do so, we would urge the government to adopt the internationally-recognised standard of one metre.
“Such a reduction would be a huge boost for the sector and prove critical to the survival of the vast majority of businesses.”


cityam--2020-06-21--Former chancellor Lord Alistair Darling backs Sunak’s VAT cut plans

Former chancellor Lord Alistair Darling has backed government plans to cut VAT in a bid to boost the economy , adding that the coronavirus crisis will result in an “ even more profound shock ” to the UK than the 2008 financial crisis .
In a foreword to a new Policy Exchange report , Darling expressed his support for current chancellor Rishi Sunak ’ s plans to slash the sales tax , suggesting that the current 20 per cent VAT rate should be dropped to 15 per cent in a bid to revive the economy .
Read more : Pubs @ @ @ @ @ @ @ register of all guests “ After the Covid-19 crisis subsides , we will enter a new period of recovery .
Increasing taxes will not be the answer here , even as the budget deficit and government debt rises , ” he said .
“ If anything , emergency tax cuts — slashing VAT to 15 per cent for instance , as I did in November 2008 — should be considered to boost consumer spending.
” Darling , who served as chancellor under Labour Prime Minister Gordon Brown during the 2008 financial crisis , @ @ @ @ @ @ @ 15 per cent for 13 months in the immediate wake of the crash .
Darling ’ s VAT cut was widely credited with helping revitalise the economy by persuading consumers to spend .
He added : “ The period after the last crash was one of extraordinary challenges and there was an urgent need to reduce the budget .
But as the economy reels from an even more profound shock — the Covid-19 crisis — I sincerely hope that the government ’ s approach this time must be different.
” Darling backed the @ @ @ @ @ @ @ all infrastructure projects worth less than £500m .
The Policy Exchange report , co-authored by Gerard Lyons , former economic adviser to Boris Johnson , called on the government to instead prioritise smaller “ shovel ready ” projects , such as investing in electric vehicle charging infrastructure , cycling routes , and national parks .
“ Policy Exchange ’ s proposal that central government should not control any project costing under £500m should be vigorously pursued , ” said Darling .
“ If the government is in favour of levelling up the economy @ @ @ @ @ @ @ not be done from the top down.
” It comes amid mounting fears that the Prime Minister is set to hike tax rates to counteract the UK ’ s £300bn coronavirus deficit , despite his promise not to raise income tax , national insurance or VAT in his election manifesto .
Former chancellor George Osborne this month warned that the PM may be forced to U-turn and introduce austerity measures in order to revive the economy back to pre-coronavirus levels .
“ You can talk as much as you like about taxing billionaires @ @ @ @ @ @ @ things and it all adds up and helps , ” he said .
“ But the big money raises are your income taxes , your national insurances , your VATs – those big central taxes that the government relies on .
The Institute of Fiscal Studies ( IFS ) this week said the economic shutdown has slashed nearly two decades of growth and warned that borrowing will skyrocket to levels not seen since the Second World War .
The Office for Budget Responsibility ( OBR ) earlier this month said it expects government @ @ @ @ @ @ @ to more than £132bn .
The IFS warned that the chancellor will need to come up with £40bn worth of tax hikes or spending cuts in order to stabilise debt levels to 100 per cent of GDP following the pandemic .
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Former chancellor Lord Alistair Darling backs Sunak’s VAT cut plans
Former chancellor Lord Alistair Darling has backed government plans to cut VAT in a bid to boost the economy, adding that the coronavirus crisis will result in an “even more profound shock” to the UK than the 2008 financial crisis.
In a foreword to a new Policy Exchange report, Darling expressed his support for current chancellor Rishi Sunak’s plans to slash the sales tax, suggesting that the current 20 per cent VAT rate should be dropped to 15 per cent in a bid to revive the economy.
“After the Covid-19 crisis subsides, we will enter a new period of recovery. Increasing taxes will not be the answer here, even as the budget deficit and government debt rises,” he said. “If anything, emergency tax cuts — slashing VAT to 15 per cent for instance, as I did in November 2008 — should be considered to boost consumer spending.”
Darling, who served as chancellor under Labour Prime Minister Gordon Brown during the 2008 financial crisis, slashed VAT from 17.5 per cent to 15 per cent for 13 months in the immediate wake of the crash. Darling’s VAT cut was widely credited with helping revitalise the economy by persuading consumers to spend.
He added: “The period after the last crash was one of extraordinary challenges and there was an urgent need to reduce the budget. But as the economy reels from an even more profound shock — the Covid-19 crisis — I sincerely hope that the government’s approach this time must be different.”
Darling backed the Policy Exchange’s proposals to devolve all infrastructure projects worth less than £500m.
The Policy Exchange report, co-authored by Gerard Lyons, former economic adviser to Boris Johnson, called on the government to instead prioritise smaller “shovel ready” projects, such as investing in electric vehicle charging infrastructure, cycling routes, and national parks.
“Policy Exchange’s proposal that central government should not control any project costing under £500m should be vigorously pursued,” said Darling. “If the government is in favour of levelling up the economy, ministers must recognise that this cannot be done from the top down.”
It comes amid mounting fears that the Prime Minister is set to hike tax rates to counteract the UK’s £300bn coronavirus deficit, despite his promise not to raise income tax, national insurance or VAT in his election manifesto.
Former chancellor George Osborne this month warned that the PM may be forced to U-turn and introduce austerity measures in order to revive the economy back to pre-coronavirus levels.
“You can talk as much as you like about taxing billionaires, taxing tech companies and all those things and it all adds up and helps,” he said.
“But the big money raises are your income taxes, your national insurances, your VATs – those big central taxes that the government relies on.
The Institute of Fiscal Studies (IFS) this week said the economic shutdown has slashed nearly two decades of growth and warned that borrowing will skyrocket to levels not seen since the Second World War.
The Office for Budget Responsibility (OBR) earlier this month said it expects government spending to increase by a further £9bn to more than £132bn.
The IFS warned that the chancellor will need to come up with £40bn worth of tax hikes or spending cuts in order to stabilise debt levels to 100 per cent of GDP following the pandemic.
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cityam--2020-06-21--Camelot gets six month National Lottery extension

Camelot , the games business , is to get a six-month extension to run the National Lottery , as regulators press pause on an auction to run the competition next .
The decision to extend Camelot ’ s license by the Gambling Commission is likely to be formally announced in the coming weeks .
It is the latest stall in the competition to award the next license to run the lottery , and will likely sparked anger among Camelot ’ s rivals , who were already agitated by the watchdog announcing a two-month delay in the bidding process for the @ @ @ @ @ @ @ Sir Richard Branson ’ s Virgin Group and Czech firm Sazka , owned by energy billionaire Karel Komarek , are among those keen to take over the running of the competition .
Camelot has run the National Lottery since its creation in 1994 .
Richard Desmond , the media mogul , has also expressed an interest .
It has been nearly a year since officials kicked off the hunt for the next operator , who will take over in 2023 .
Read more : Sir Richard Branson to make a third bid for @ @ @ @ @ @ @ said : “ The extended timetable is designed to enable potential applicants to make adequate preparations for a fair , open and robust competition.
” A spokesperson for Sazka said : “ We continue to review the draft invitation to apply issued by the Gambling Commission to determine our response and are monitoring the situation closely .
”

Camelot gets six month National Lottery extension
Camelot, the games business, is to get a six-month extension to run the National Lottery, as regulators press pause on an auction to run the competition next.
The decision to extend Camelot’s license by the Gambling Commission is likely to be formally announced in the coming weeks.
It is the latest stall in the competition to award the next license to run the lottery, and will likely sparked anger among Camelot’s rivals, who were already agitated by the watchdog announcing a two-month delay in the bidding process for the next National Lottery license in February.
Sir Richard Branson’s Virgin Group and Czech firm Sazka, owned by energy billionaire Karel Komarek, were among those keen to take over the running of the competition.
However, Virgin has since pulled out to focus on supporting its existing businesses through the coronavirus pandemic.
Camelot has run the National Lottery since its creation in 1994.
Richard Desmond, the media mogul, has also expressed an interest.
It has been nearly a year since officials kicked off the hunt for the next operator, who will take over in 2023.
A Gambling Commission spokesman said: “The extended timetable is designed to enable potential applicants to make adequate preparations for a fair, open and robust competition.”
A spokesperson for Sazka said: “We continue to review the draft invitation to apply issued by the Gambling Commission to determine our response and are monitoring the situation closely.”


cityam--2020-06-21--Coronavirus deaths in the UK rise by 43

Coronavirus deaths in the UK rise by 43

A further 43 people have died in the UK after contracting coronavirus , taking the total number of deaths to 42,632 .
The increase , announced today by the Department of Health ( DoH ) , includes the number of people who have died after testing positive for Covid-19 in hospitals , care homes and the wider community as of 5pm on Saturday .
Twenty seven of the deaths were in England .
Read more : Coronavirus present in Italy in December , sewage study confirms Statistics published on Sundays and Mondays tend to be lower due to a lag @ @ @ @ @ @ @ .
Figures published on Tuesdays are often much higher as the data catches up with reality .
The DoH also said that in the 24-hour period up to 9am on Sunday , a further 1,221 people had tested positive for coronavirus .
This takes the total number of confirmed cases in the UK to around 304,000 .
In Scotland , meanwhile , no deaths of patients who have tested positive for coronavirus were registered in the past 24 hours , the latest government figures showed .
There were also no new coronavirus-related deaths @ @ @ @ @ @ @ with the death toll recorded by the DoH remaining at 545 .
There have been zero deaths in London over the past four days .
The latest figures come as the government prepares to announce a further easing of lockdown measures in England next week .
Chancellor Rishi Sunak will announce in the coming week whether the two-metre social distancing rule in England will be relaxed .
He said doing so would “ make an enormous difference ” to businesses “ keen to see a change ” .
On Friday the government lowered @ @ @ @ @ @ @ to three , meaning transmission of the virus is no longer judged to be “ high or exponentially rising ” .
However , many have warned that the UK is not yet ready to reduce social distancing measures as the rate of infection hovers crucially close to 1 .
Last week the World Health Organization warned that the UK remained in a “ very active phase of the pandemic ” .
Fears of a second wave have escalated across the world as the rate of infection spikes in countries that have begun to @ @ @ @ @ @ @ week closed all schools and limited travel in and out of the Chinese capital after an outbreak at a food market produced new clusters of the infection .
Read more : Asian markets fall as fears of second wave dent confidence The infection rate — known as the R number — jumped to 1.79 in Germany yesterday weeks after lockdown measures were eased , following an outbreak of the virus in an abattoir .
Germany ’ s Robert Koch Institute ( RKI ) for public health confirmed the rate was now far above @ @ @ @ @ @ @ over the longer term .
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Coronavirus deaths in the UK rise by 43
People wear face coverings as a precaution against Covid-19 as they walk along a Tube platform in London on 20 June
A further 43 people have died in the UK after contracting coronavirus, taking the total number of deaths to 42,632.
The increase, announced today by the Department of Health (DoH), includes the number of people who have died after testing positive for Covid-19 in hospitals, care homes and the wider community as of 5pm on Saturday. Twenty seven of the deaths were in England.
Statistics published on Sundays and Mondays tend to be lower due to a lag in processing the weekend’s data. Figures published on Tuesdays are often much higher as the data catches up with reality.
The DoH also said that in the 24-hour period up to 9am on Sunday, a further 1,221 people had tested positive for coronavirus. This takes the total number of confirmed cases in the UK to around 304,000.
In Scotland, meanwhile, no deaths of patients who have tested positive for coronavirus were registered in the past 24 hours, the latest government figures showed.
There were also no new coronavirus-related deaths announced in Northern Ireland on Sunday, with the death toll recorded by the DoH remaining at 545.
There have been zero deaths in London over the past four days.
The latest figures come as the government prepares to announce a further easing of lockdown measures in England next week.
Chancellor Rishi Sunak will announce in the coming week whether the two-metre social distancing rule in England will be relaxed. He said doing so would “make an enormous difference” to businesses “keen to see a change”.
On Friday the government lowered the UK Covid-19 alert level from four to three, meaning transmission of the virus is no longer judged to be “high or exponentially rising”.
However, many have warned that the UK is not yet ready to reduce social distancing measures as the rate of infection hovers crucially close to 1. Last week the World Health Organization warned that the UK remained in a “very active phase of the pandemic”.
Fears of a second wave have escalated across the world as the rate of infection spikes in countries that have begun to wind down lockdown measures.
Beijing this week closed all schools and limited travel in and out of the Chinese capital after an outbreak at a food market produced new clusters of the infection.
The infection rate — known as the R number — jumped to 1.79 in Germany yesterday weeks after lockdown measures were eased, following an outbreak of the virus in an abattoir.
Germany’s Robert Koch Institute (RKI) for public health confirmed the rate was now far above what is needed to contain the outbreak over the longer term.
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cityam--2020-06-21--Amazon chief to oversee government website overhaul

The government has reportedly recruited Amazon ’ s UK chief executive Doug Gurr to oversee upgrades to the gov.uk website , as millions flock online for support services during the coronavirus crisis .
Gurr , who last week announced he is stepping down from Amazon after four years at the helm , will take a temporary role as an adviser to the Cabinet Office ’ s Government Digital Service ( GDS ) team , the Sunday Telegraph reported .
Read more : Government to roll out new measures to scrutinise foreign takeovers GDS was established in 2011 to amalgamate disparate @ @ @ @ @ @ @ .
Ministers last month said the webpage has seen “ unprecedented demand ” during the pandemic , reaping more than 132m weekly page visits at the height of the crisis .
Since the outbreak of coronavirus , the website has launched 69 new public service portals for programmes such as the Coronavirus Business Interruption Loan Scheme and the furlough scheme .
Gurr ’ s appointment comes as the government has amped up links to tech giants during the pandemic , having turned to software developers to produce a track and trace app and @ @ @ @ @ @ @ In March , the government drafted in Amazon to deliver home coronavirus test kits in a bid to meet health secretary Matt Hancock ’ s target of carrying out 100,000 tests a day .
Hancock has also pulled in help from Amazon Web Services , the company ’ s cloud arm , to produce a coronavirus-related health dashboard for the NHS , in collaboration with data firms such as Palantir .
Read more : Apple says government had not told it about coronavirus app plans It comes after Gurr was named as the @ @ @ @ @ @ @ earlier this week , in a move overseen by Prime Minister Boris Johnson .
Gurr will take over from current director Sir Michael Dixon who last year announced his intention to step down .
The outgoing Amazon boss holds various other high-profile positions , including chairman of the British Heart Foundation , trustee of the National Gallery , trustee of the Landmark Trust and non-executive director of the Land Registry .
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Amazon chief to oversee government website overhaul
The government has reportedly recruited Amazon’s UK chief executive Doug Gurr to oversee upgrades to the gov.uk website, as millions flock online for support services during the coronavirus crisis.
Gurr, who last week announced he is stepping down from Amazon after four years at the helm, will take a temporary role as an adviser to the Cabinet Office’s Government Digital Service (GDS) team, the Sunday Telegraph reported.
GDS was established in 2011 to amalgamate disparate government websites onto one site — gov.uk. Ministers last month said the webpage has seen “unprecedented demand” during the pandemic, reaping more than 132m weekly page visits at the height of the crisis.
Since the outbreak of coronavirus, the website has launched 69 new public service portals for programmes such as the Coronavirus Business Interruption Loan Scheme and the furlough scheme.
Gurr’s appointment comes as the government has amped up links to tech giants during the pandemic, having turned to software developers to produce a track and trace app and online distributors to deliver medical supplies.
In March, the government drafted in Amazon to deliver home coronavirus test kits in a bid to meet health secretary Matt Hancock’s target of carrying out 100,000 tests a day. Hancock has also pulled in help from Amazon Web Services, the company’s cloud arm, to produce a coronavirus-related health dashboard for the NHS, in collaboration with data firms such as Palantir.
It comes after Gurr was named as the new director of the Natural History Museum earlier this week, in a move overseen by Prime Minister Boris Johnson. Gurr will take over from current director Sir Michael Dixon who last year announced his intention to step down.
The outgoing Amazon boss holds various other high-profile positions, including chairman of the British Heart Foundation, trustee of the National Gallery, trustee of the Landmark Trust and non-executive director of the Land Registry.
GDS was approached for comment.
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cityam--2020-06-22--Camelot gets six month National Lottery extension

Camelot , the games business , is to get a six-month extension to run the National Lottery , as regulators press pause on an auction to run the competition next .
The decision to extend Camelot ’ s license by the Gambling Commission is likely to be formally announced in the coming weeks .
It is the latest stall in the competition to award the next license to run the lottery , and will likely sparked anger among Camelot ’ s rivals , who were already agitated by the watchdog announcing a two-month delay in the bidding process for the @ @ @ @ @ @ @ Sir Richard Branson ’ s Virgin Group and Czech firm Sazka , owned by energy billionaire Karel Komarek , were among those keen to take over the running of the competition .
However , Virgin has since pulled out to focus on supporting its existing businesses through the coronavirus pandemic .
Camelot has run the National Lottery since its creation in 1994 .
Richard Desmond , the media mogul , has also expressed an interest .
It has been nearly a year since officials kicked off the hunt for the next operator , @ @ @ @ @ @ @ Read more : Sir Richard Branson to make a third bid for the National Lottery A Gambling Commission spokesman said : “ The extended timetable is designed to enable potential applicants to make adequate preparations for a fair , open and robust competition.
” A spokesperson for Sazka said : “ We continue to review the draft invitation to apply issued by the Gambling Commission to determine our response and are monitoring the situation closely .
”


cityam--2020-06-22--UK factory output falls at fastest pace since records began

Britain ’ s manufacturing output has fallen at its fastest pace since records began during the three-month coronavirus lockdown .
It comes as the sector remains in a deep downturn because of the pandemic , according to the latest report on UK factories by the Confederation of British Industry .
Read more : UK retail sales start to rebound in May following record drop The CBI ’ s manufacturing output gauge dropped from minus 54 per cent in May to minus 57 per cent this month .
The fall was the largest since records began in 1975 .
Moreover , @ @ @ @ @ @ @ in online shopping brought about by the lockdown had helped drive any demand for manufacturing .
Of the 360 firms that responded to the survey between late May and mid-June , 17 per cent said they had produced more and 74 per cent less in the latest three months than in the quarter ending in March .
Despite a small recovery for order books , the CBI added they they still remained weak by historical standards .
Just 13 per cent of firms said order books were better than usual for this time @ @ @ @ @ @ @ said they were worse than normal .
The balance of minus 58 points compared to minus 62 points last month .
Meanwhile , export order books got even worse in June to their lowest level on record , the CBI said .
Only two per cent of respondents said they were better than normal against 81 per cent who said they were worse than normal .
Anna Leach , the CBI ’ s deputy chief economist , said : “ The UK manufacturing sector remained in a deep downturn in June due to @ @ @ @ @ @ @ volumes declined at a new record pace and export order books fell to an all-time low , reflecting the significant fall in demand in the UK and abroad .
“ Firms are again hoping this will ease somewhat in the next three months.
” Read more : US manufacturing remained in ‘ deep downturn ’ in May “ The government has already undertaken a huge amount of work to provide financial lifelines to businesses throughout this unprecedented period .
“ With firms having been encouraged to restart operations , the government must continue @ @ @ @ @ @ @ their specific concerns and provide support as needed .
”

UK factory output falls at fastest pace since records began
Factories have had to shutter across the country amid the coronavirus pandemic
Britain’s manufacturing output has fallen at its fastest pace since records began during the three-month coronavirus lockdown.
It comes as the sector remains in a deep downturn because of the pandemic, according to the latest report on UK factories by the Confederation of British Industry.
The CBI’s manufacturing output gauge dropped from minus 54 per cent in May to minus 57 per cent this month.
The fall was the largest since records began in 1975.
Moreover, there was no evidence that the jump in online shopping brought about by the lockdown had helped drive any demand for manufacturing.
Of the 360 firms that responded to the survey between late May and mid-June, 17 per cent said they had produced more and 74 per cent less in the latest three months than in the quarter ending in March.
Despite a small recovery for order books, the CBI added they they still remained weak by historical standards.
Just 13 per cent of firms said order books were better than usual for this time of year, while 71 per cent said they were worse than normal.
The balance of minus 58 points compared to minus 62 points last month.
Meanwhile, export order books got even worse in June to their lowest level on record, the CBI said.
Only two per cent of respondents said they were better than normal against 81 per cent who said they were worse than normal.
Anna Leach, the CBI’s deputy chief economist, said: “The UK manufacturing sector remained in a deep downturn in June due to the ongoing Covid-19 crisis.
“Output volumes declined at a new record pace and export order books fell to an all-time low, reflecting the significant fall in demand in the UK and abroad.
“Firms are again hoping this will ease somewhat in the next three months.”
“The government has already undertaken a huge amount of work to provide financial lifelines to businesses throughout this unprecedented period.
“With firms having been encouraged to restart operations, the government must continue to engage with the sector to understand their specific concerns and provide support as needed.”


cityam--2020-06-22--FTSE 100 falls into the red as second wave fears increase

The FTSE 100 has started the week on the back foot amid growing concern over a second wave of coronavirus infections .
As markets opened , the index fell 0.94 per cent to begin the day in the red at 6,233.28 points .
Read more : Which stock markets look ‘ cheap ’ after the rapid rebound ?
However , the FTSE 100 trimmed its losses to stand 0.35 per cent down by 12.20pm at 6,270 points .
Second wave fears sparked by a jump in US cases and a flurry of new infections in Germany hurt the FTSE 100 @ @ @ @ @ @ @ , the World Health Organisation recorded the highest one-day increase in cases thus far , with 183,000 new infections confirmed .
The surge was driven by countries such as Brazil , the US , and India , while in Germany the ‘ R ’ rate rose to 2.9 due to an outbreak at a slaughterhouse .
Germany ’ s R rate rising above one meant European stocks lost out as fears overtook traders ’ optimism of more central bank stimulus .
European markets followed the FTSE 100 down across Europe .
Germany ’ @ @ @ @ @ @ @ 12,271 .
In France , the CAC fell 0.6 per cent to 4,949 , while the Europe wide Stoxx fell 0.81 per cent to 3,242 .
Before the Open : Get the jump on the markets with our early morning newsletter “ Fear of a second wave of cases is denting the mood today , as the so-called R-number in Germany jumps to 2.88 , US cases hit the highest level since early May , and Apple closes more stores in the US , ” Neil Wilson , chief market analyst at Markets.com @ @ @ @ @ @ @ adviser Peter Navarro said the US is preparing for a second wave in the autumn .
It ’ s debatable whether the current spike in cases in some states is still part of the first wave .
Equity markets remain sensitive to headline risk around virus numbers , stimulus and economic data .
But we are still awaiting signs of whether the strong uptrend reasserts itself or whether we see a more serious pullback.
” Read more : Asian stocks wobble on US fears of coronavirus second wave In London , cruise liner @ @ @ @ @ @ @ 6.46 per cent by lunch time .
Commodities giant Glencore also lost 3.1 per cent , British Airways owner IAG fell 4.7 per cent .
The fall comes as Prime Minister Boris Johnson prepares to unveil the latest easing of the UK ’ s coronavirus lockdown tomorrow .
He is set to decide today upon reopening dates for pubs , hairdressers and restaurants as England continues to ease its lockdown .
And there are reports the two-metre social distancing gap could be scrapped for schools .
The falls come as the Confederation of @ @ @ @ @ @ @ manufacturing remained in a deep downturn last month .
That will have come as no surprise , given that the country was still in partial lockdown in May , however the CBI said that output volumes fell at a record pace in the three months to June , exceeding the previous record from May 2020 .
Its manufacturing output gauge dropped from minus 54 per cent in May to minus 57 per cent this month .
Anna Leach , CBI deputy chief economist , said : “ The UK manufacturing sector remained in @ @ @ @ @ @ @ the ongoing COVID-19 crisis .
“ Output volumes declined at a new record pace and export order books fell to an all-time low , reflecting the significant fall in demand in the UK and abroad .
“ Firms are again hoping that this will ease somewhat in the next three months.
” AJ Bell investment director Russ Mould said “ various headwinds and tailwinds ” are buffeting the FTSE 100 .
“ On one hand there is positive news such as Spain accepting UK tourists without the need for quarantine , ” he @ @ @ @ @ @ @ , the US still seems to be struggling to contain the coronavirus and the risk of a second wave is still front of mind for many people.
” Energy , banking and travel stocks suffered on the FTSE 100 but gold miners like Fresnillo rose as gold reached a one-month high .
Read more : Bailey : Bank of England will reverse QE before raising rates Meanwhile , the Bank of England ’ s governor Andrew Bailey today signalled he would reverse the Bank ’ s recent huge purchases of government debt before @ @ @ @ @ @ @ .
Writing for Bloomberg , Bailey said he would unwind the £745bn of bond-buying the Bank has committed to this year before hiking rates from their current low of 0.1 per cent .
That sent the pound leaping 0.68 per cent higher to $ 1.2433 , helping UK-facing FTSE 100 stocks like Barratt Developments and Taylor Wimpey .

FTSE 100 finishes in the red amid second wave concerns
The FTSE 100 has started the week on the back foot amid growing concern over a second wave of coronavirus infections.
As markets opened, the index fell 0.94 per cent to begin the day in the red at 6,233.28 points.
However, the FTSE 100 trimmed some of its losses to finish 0.76 per cent down by the close of trading at 6,244 points.
It comes as the UK reported its lowest daily Covid-19 death toll since mid-March, with a rise of just 15 to 42,647 on Monday.
But second wave fears sparked by a flurry of new infections in Germany still hurt the FTSE 100 and other markets.
US stocks also opened sightly lower this afternoon, after a jump in new cases in the country, but made up their losses.
Over the weekend, the World Health Organisation recorded the highest one-day increase in cases thus far, with 183,000 new infections confirmed.
The surge was driven by countries such as Brazil, the US, and India, while in Germany the ‘R’ rate rose to 2.9 due to an outbreak at a slaughterhouse.
Germany’s R rate rising above one meant European stocks lost out as fears overtook traders’ optimism of more central bank stimulus.
European markets followed the FTSE 100 down across Europe. Germany’s DAX dropped 0.55 per cent to 12,262. In France, the CAC fell 0.6 per cent to 4,949, while the Europe wide Stoxx fell 0.89 per cent to 3,239.
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US markets climb slightly
US markets did not fall as steeply as the FTSE at the open, but were still in the red initially.
However, both the Dow Jones and the S&P 500 rallied over the afternoon, standing at 0.47 per cent up and 0.54 per cent up respectively by 6.20pm UK time.
“Fear of a second wave of cases is denting the mood today, as the so-called R-number in Germany jumps to 2.88, US cases hit the highest level since early May, and Apple closes more stores in the US,” Neil Wilson, chief market analyst at Markets.com, said.
“White House trade adviser Peter Navarro said the US is preparing for a second wave in the autumn. It’s debatable whether the current spike in cases in some states is still part of the first wave.
“Equity markets remain sensitive to headline risk around virus numbers, stimulus and economic data. But we are still awaiting signs of whether the strong uptrend reasserts itself or whether we see a more serious pullback.”
In London, cruise liner operator Carnival led the slide, shedding 10 per cent at the close.
Meanwhile, British Airways owner IAG fell 4.6 per cent, and Rolls-Royce fell 4.5 per cent.
The fall came as Matt Hancock announced another partial easing of lockdown restrictions, this time for people who are shielding from the virus.
Advisory guidance for more than 2.2m people who are currently shielding indoors will be eased from 6 July to match that of the wider population.
Prime Minister Boris Johnson is also preparing to unveil the latest easing of the UK’s coronavirus lockdown for businesses tomorrow.
He is set to decide today upon reopening dates for pubs, hairdressers and restaurants as England continues to ease its lockdown.
And there are reports the two-metre social distancing gap could be scrapped for schools.
Manufacturing output ‘remarkably poor’
The falls also came as the Confederation of British Industry (CBI) reported that manufacturing remained in a deep downturn last month.
That will have come as no surprise, given that the country was still in partial lockdown in May, however the CBI said that output volumes fell at a record pace in the three months to June, exceeding the previous record from May 2020.
Its manufacturing output gauge dropped from minus 54 per cent in May to minus 57 per cent this month.
The UK #manufacturing sector remained in a deep downturn in June due to the ongoing COVID-19 crisis. Output volumes fell at a record pace in the three months to June, exceeding the previous record from May 2020 #ITS https://t.co/L9gEFq8WBq pic.twitter.com/2iC2AC2z8K — CBI Economics (@CBI_Economics) June 22, 2020
Anna Leach, CBI deputy chief economist, said: “The UK manufacturing sector remained in a deep downturn in June due to the ongoing COVID-19 crisis.
“Output volumes declined at a new record pace and export order books fell to an all-time low, reflecting the significant fall in demand in the UK and abroad.
“Firms are again hoping that this will ease somewhat in the next three months.”
FTSE 100 caught out as infections rise
AJ Bell investment director Russ Mould said “various headwinds and tailwinds” are buffeting the FTSE 100.
“On one hand there is positive news such as Spain accepting UK tourists without the need for quarantine,” he said.
“On the other hand, the US still seems to be struggling to contain the coronavirus and the risk of a second wave is still front of mind for many people.”
Energy, banking and travel stocks suffered on the FTSE 100 but gold miners like Fresnillo rose as gold reached a one-month high.
Meanwhile, the Bank of England’s governor Andrew Bailey today signalled he would reverse the Bank’s recent huge purchases of government debt before raising interest rates from their record low.
Writing for Bloomberg, Bailey said he would unwind the £745bn of bond-buying the Bank has committed to this year before hiking rates from their current low of 0.1 per cent.


cityam--2020-06-22--Beyond Petroleum: Is BP finally moving from rhetoric to reality?

Kneeling in prayer for a sin he doesn ’ t regret , Shakespeare ’ s Claudius , Hamlet ’ s fratricidal uncle , ruefully admits : “ My words fly up , my thoughts remain below , / Words without thoughts never to heaven go.
” Claudius knew that empty rhetoric is entirely unpersuasive — a lesson many corporate executives have since learnt .
In 2000 , BP hired the advertisers Ogilvy & Mather to help the company construct an empty prayer .
A colourful new logo was created and , with its bank balance no doubt many millions lighter @ @ @ @ @ @ @ Beyond Petroleum ” .
Read more : BP to write off up to $ 17.5bn after oil price crash If you want to discover what a business really thinks , you are better off looking at its actions .
Shortly before “ Beyond Petroleum ” was launched , BP made some instructive acquisitions .
For $ 26.5bn , it acquired the oil-drillers ARCO .
This was set against a piddling $ 45m investment in 50 per cent of Solarex , a solar company it already part-owned .
Weigh the two and you can @ @ @ @ @ @ @ this was a company moving beyond black gold or drilling deeper into its wells .
What remained of the goodwill towards the Beyond Petroleum project went up in flames most spectacularly in the Gulf of Mexico in 2010 .
A drilling rig exploded and one of the worst environmental disasters in human history ensued .
If you couldn ’ t see BP ’ s pursuit of more petroleum when it was mostly underground , you could hardly miss it now .
Over the course of 87 uninterrupted days , 200 million gallons of @ @ @ @ @ @ @ With this history , any announcement of grand environmental ambitions from BP comes with a health warning .
So it was with some scepticism that the world responded to new chief executive Bernard Looney ’ s announcement in February that the company would be net zero by 2050 .
Last week , however , those who watch actions and not announcements would have noted that BP might indeed have changed its thinking .
On Monday , the company wrote down the value of its assets by around £14bn .
Even for a business @ @ @ @ @ @ @ is significant , equal to a fifth of the company ’ s market capitalisation .
The cause was the recent plunge in oil prices and the suggestion that BP does not expect them to rise by much in the years to come .
Most significantly of all , this means that oilfields which BP owns the rights to will now be left unexplored .
Oil that might once have been burned will stay in the ground .
After a lifetime at BP , Looney credits his Damascene conversion to environmentalism to the persuasive @ @ @ @ @ @ @ has influenced me more than anyone who is an activist ” .
But there is a financial imperative here too , and that is what counts .
The price of oil has crashed so dramatically since the Covid-19 pandemic began that at one point it reached an extraordinary nadir : the US oil futures market fell for the first time ever into the negative .
In layman ’ s terms , that meant that if you were able to store oil , a seller would pay you to do so .
This negative @ @ @ @ @ @ @ Looney clearly believes that low prices are here to stay .
As the world recovers from coronavirus , there are signs across the world that the economic recovery might well be greener .
Green New Deals are being touted across the Atlantic , from the European Commission to the Democratic National Convention .
Climate activists have been talking for some time about “ stranded assets ” : the fossil-fuel heavy assets that will never be realised if the world is to move to net zero .
While BP might not use the language @ @ @ @ @ @ @ Looney has said that it is possible we have already passed “ peak oil ” , and he is clearly determined that his business is prepared for that eventuality .
BP , which has been criticised in the past as being slow and late to the environmental cause , could now leapfrog its peers .
A fossil-fuel company moving to net zero would be a huge achievement , but it is not without precedent .
Denmark ’ s Orsted was once DONG energy , an oil and gas business .
Today , it @ @ @ @ @ @ @ the world and Denmark ’ s principal power producer .
We are still a long way from Beyond Petroleum .
But Looney believes that we are only 30 years from a net zero BP .
He has promised that in September the company will lay out a more detailed plan that shows the path to that destination .
But he has shown already that there is more to his commitment to net zero than there was to Beyond Petroleum 20 years ago .
In this febrile age , corporate saints and sinners have @ @ @ @ @ @ @ predecessors , Looney ’ s prayers appear heaven bound .
Get City A.M. columnists ’ views delivered straight to your inbox in our daily Midday Update newsletter .

Beyond Petroleum: Is BP finally moving from rhetoric to reality?
Kneeling in prayer for a sin he doesn’t regret, Shakespeare’s Claudius, Hamlet’s fratricidal uncle, ruefully admits: “My words fly up, my thoughts remain below, / Words without thoughts never to heaven go.”
Claudius knew that empty rhetoric is entirely unpersuasive — a lesson many corporate executives have since learnt.
In 2000, BP hired the advertisers Ogilvy & Mather to help the company construct an empty prayer. A colourful new logo was created and, with its bank balance no doubt many millions lighter, BP declared it was moving “Beyond Petroleum”.
If you want to discover what a business really thinks, you are better off looking at its actions. Shortly before “Beyond Petroleum” was launched, BP made some instructive acquisitions.
For $26.5bn, it acquired the oil-drillers ARCO. This was set against a piddling $45m investment in 50 per cent of Solarex, a solar company it already part-owned.
Weigh the two and you can make your own mind up about whether this was a company moving beyond black gold or drilling deeper into its wells.
What remained of the goodwill towards the Beyond Petroleum project went up in flames most spectacularly in the Gulf of Mexico in 2010. A drilling rig exploded and one of the worst environmental disasters in human history ensued.
If you couldn’t see BP’s pursuit of more petroleum when it was mostly underground, you could hardly miss it now. Over the course of 87 uninterrupted days, 200 million gallons of the stuff spilled into the sea.
With this history, any announcement of grand environmental ambitions from BP comes with a health warning. So it was with some scepticism that the world responded to new chief executive Bernard Looney’s announcement in February that the company would be net zero by 2050.
Last week, however, those who watch actions and not announcements would have noted that BP might indeed have changed its thinking.
On Monday, the company wrote down the value of its assets by around £14bn. Even for a business of BP’s size, this is significant, equal to a fifth of the company’s market capitalisation.
The cause was the recent plunge in oil prices and the suggestion that BP does not expect them to rise by much in the years to come. Most significantly of all, this means that oilfields which BP owns the rights to will now be left unexplored. Oil that might once have been burned will stay in the ground.
After a lifetime at BP, Looney credits his Damascene conversion to environmentalism to the persuasive powers of “a woman who probably has influenced me more than anyone who is an activist”. But there is a financial imperative here too, and that is what counts.
The price of oil has crashed so dramatically since the Covid-19 pandemic began that at one point it reached an extraordinary nadir: the US oil futures market fell for the first time ever into the negative. In layman’s terms, that meant that if you were able to store oil, a seller would pay you to do so.
This negative pricing was only a blip, but Looney clearly believes that low prices are here to stay. As the world recovers from coronavirus, there are signs across the world that the economic recovery might well be greener.
Green New Deals are being touted across the Atlantic, from the European Commission to the Democratic National Convention. Climate activists have been talking for some time about “stranded assets”: the fossil-fuel heavy assets that will never be realised if the world is to move to net zero.
While BP might not use the language, the logic appears very similar. Looney has said that it is possible we have already passed “peak oil”, and he is clearly determined that his business is prepared for that eventuality.
BP, which has been criticised in the past as being slow and late to the environmental cause, could now leapfrog its peers. A fossil-fuel company moving to net zero would be a huge achievement, but it is not without precedent. Denmark’s Orsted was once DONG energy, an oil and gas business. Today, it is the largest offshore wind-farm company in the world and Denmark’s principal power producer.
We are still a long way from Beyond Petroleum. But Looney believes that we are only 30 years from a net zero BP. He has promised that in September the company will lay out a more detailed plan that shows the path to that destination. But he has shown already that there is more to his commitment to net zero than there was to Beyond Petroleum 20 years ago.
In this febrile age, corporate saints and sinners have been assigned with alacrity. Unlike his predecessors, Looney’s prayers appear heaven bound.
Get City A.M. columnists’ views delivered straight to your inbox in our daily Midday Update newsletter.
Main image credit: Getty


cityam--2020-06-22--Footfall still 54 per cent down on 2019 levels after shops reopen for business

The first week of trading since the coronavirus lockdown for many retailers saw footfall rise dramatically – but it remained 54 per cent down on the same week in 2019 .
Footfall to all retail destinations across the UK increased by 45 per cent compared to the previous week , as so-called non-essential shops were allowed to reopen in England .
Read more : High street footfall jumps 50 per cent as shops reopen for business The easing of the coronavirus rules provided some respite for Britain ’ s beleaguered retailers , after footfall was down as much as 80 @ @ @ @ @ @ @ year at the height of the lockdown .
However , London ’ s West End did not enjoy the same level of increase , with footfall still 81 per cent lower than the same week in 2019 .
Jace Tyrell , the chief executive of business group the New West End Company , said this showed that there was still much the government has left to do to help retailers on their path to recovery .
He said “ unnecessary regulations ” like the two-metre social distancing rule needed to be eased .
@ @ @ @ @ @ @ of planning and licensing regulations for bars and restaurants , and relax Sunday trading laws in “ key retail destinations ” .
The measures “ will boost sales and sustain footfall of local shoppers , then domestic and overseas visitors , and ensure that our businesses can survive through the summer months , ” he said .
Meanwhile , Diane Wehrle , insights director at Springboard , said that on a national level , there would be an “ additional uplift ” when non-essential retailers in Scotland and Wales also reopen , something @ @ @ @ @ @ @ also pointed to the reopening of restaurants and bars in the coming weeks .
The government remains under pressure to decide whether to allow these businesses to reopen on 4 July as it initially suggested they might .
Industry bodies have warned that businesses will not have enough time to get ready for such a reopening , and that this will only get worse the longer they go without any clarity .
Read more : JD Sports lines up administrators for Go Outdoors Workers needing to be taken off furlough , perishable stock @ @ @ @ @ @ @ to be ordered , and other preparations required between such an announcement and the eventual reopening date , they have argued .
Prime Minister Boris Johnson is expected to make an announcement on reopening the hospitality industry today or tomorrow .

Footfall still 54 per cent down on 2019 levels after shops reopen for business
The first week of trading since the coronavirus lockdown for many retailers saw footfall rise dramatically – but it remained 54 per cent down on the same week in 2019.
Footfall to all retail destinations across the UK increased by 45 per cent compared to the previous week, as so-called non-essential shops were allowed to reopen in England.
The easing of the coronavirus rules provided some respite for Britain’s beleaguered retailers, after footfall was down as much as 80 per cent on the same period last year at the height of the lockdown.
However, London’s West End did not enjoy the same level of increase, with footfall still 81 per cent lower than the same week in 2019.
Jace Tyrell, the chief executive of business group the New West End Company, said this showed that there was still much the government has left to do to help retailers on their path to recovery.
He said “unnecessary regulations” like the two-metre social distancing rule needed to be eased.
Tyrell also urged authorities to temporarily relax of planning and licensing regulations for bars and restaurants, and relax Sunday trading laws in “key retail destinations”.
The measures “will boost sales and sustain footfall of local shoppers, then domestic and overseas visitors, and ensure that our businesses can survive through the summer months,” he said.
Meanwhile, Diane Wehrle, insights director at Springboard, said that on a national level, there would be an “additional uplift” when non-essential retailers in Scotland and Wales also reopen, something which has not yet happened.
She also pointed to the reopening of restaurants and bars in the coming weeks.
The government remains under pressure to decide whether to allow these businesses to reopen on 4 July as it initially suggested they might.
Industry bodies have warned that businesses will not have enough time to get ready for such a reopening, and that this will only get worse the longer they go without any clarity.
Workers needing to be taken off furlough, perishable stock such as food and cask beer needing to be ordered, and other preparations required between such an announcement and the eventual reopening date, they have argued.
Prime Minister Boris Johnson is expected to make an announcement on reopening the hospitality industry today or tomorrow.


cityam--2020-06-22--Saga refunds £44m to tourists due to coronavirus disruption

Saga , the cruise operator and insurance firm for over-50s , today announced it had refunded £44m of advance payments to customers whose travel plans were disrupted by the coronavirus pandemic .
The firm , which has cancelled all of its voyages until the end of August , said that it was expecting some travel to begin by the end of the year .
Read more : Coronavirus : Saga seeks debt holiday and warns cruises could be suspended for six months It added that it had modelled a range of scenarios , including one where it did not restart @ @ @ @ @ @ @ been one of many cruise operators to have been hammered by the pandemic , which has seen passengers abandon ship due to health concerns and travel bans .
Prominent firms such as Royal Caribbean Cruises and Carnival have also suspended all voyages until 31 July .
Last week Norwegian Cruise Lines said it would extend its suspension of services until the end of September due to the pandemic .
Saga said that the decline in its travel business had had a knock-on effect on its insurance arm , with its total number of @ @ @ @ @ @ @ and June .
“ Market conditions continue to be challenging , in part due to Covid-19 , with an easing of competitive conditions in February and March but with signs of a return to more competitive conditions in motor and home in the last month , ” the company said .
Before the Open newsletter : Start your day with the City View podcast and key market data In April , Saga said full year revenue could be down around 65 per cent for tour operations and cruises , if the cruise business @ @ @ @ @ @ @ .
The revenue drop would result in a 15 per cent to 20 per cent fall in earnings for tour operations and a 55 per cent to 60 per cent cut in profit for its cruise business .
Saga has already scrapped its dividend after posting a 39 per cent fall in profit for the year to the end of January .
William Ryder , equity analyst at Hargreaves Lansdown , said : “ Travel restrictions have hit SAGA hard .
“ Despite what management describes as “ exceptional ” customer loyalty in @ @ @ @ @ @ @ a lot of money supporting its travel operations .
Read more : Cruise firm Carnival set for the drop in FTSE 100 reshuffle “ Saga needs its cruise ships to get cruising and its tours to get touring again as soon as possible .
We don ’ t know how profitable these operations will be in a world of social distancing , but anything will be welcome .
“ The sooner the travel division can start making money again the better , without it the group may need further shareholder support to secure @ @ @ @ @ @

Saga refunds £44m to tourists due to coronavirus disruption
Saga, the cruise operator and insurance firm for over-50s, today announced it had refunded £44m of advance payments to customers whose travel plans were disrupted by the coronavirus pandemic.
The firm, which has cancelled all of its voyages until the end of August, said that it was expecting some travel to begin by the end of the year.
It added that it had modelled a range of scenarios, including one where it did not restart its services until 2021.
Saga has been one of many cruise operators to have been hammered by the pandemic, which has seen passengers abandon ship due to health concerns and travel bans.
Prominent firms such as Royal Caribbean Cruises and Carnival have also suspended all voyages until 31 July.
Last week Norwegian Cruise Lines said it would extend its suspension of services until the end of September due to the pandemic.
Saga said that the decline in its travel business had had a knock-on effect on its insurance arm, with its total number of policies falling five per cent between February and June.
“Market conditions continue to be challenging, in part due to Covid-19, with an easing of competitive conditions in February and March but with signs of a return to more competitive conditions in motor and home in the last month,” the company said.
Before the Open newsletter: Start your day with the City View podcast and key market data
In April, Saga said full year revenue could be down around 65 per cent for tour operations and cruises, if the cruise business was to be suspended for six months.
The revenue drop would result in a 15 per cent to 20 per cent fall in earnings for tour operations and a 55 per cent to 60 per cent cut in profit for its cruise business.
Saga has already scrapped its dividend after posting a 39 per cent fall in profit for the year to the end of January.
William Ryder, equity analyst at Hargreaves Lansdown, said: “Travel restrictions have hit SAGA hard.
“Despite what management describes as “exceptional” customer loyalty in the cruise division the group has spent a lot of money supporting its travel operations.
“Saga needs its cruise ships to get cruising and its tours to get touring again as soon as possible. We don’t know how profitable these operations will be in a world of social distancing, but anything will be welcome.
“The sooner the travel division can start making money again the better, without it the group may need further shareholder support to secure a long term future.”


cityam--2020-06-22--London Stock Exchange boss appointed as new FCA chief

Chancellor Rishi Sunak has today appointed Nikhil Rathi , the current chief executive of the London Stock Exchange , as the permanent boss of the Financial Conduct Authority .
Rathi will replace Christopher Woolard , who was serving as the FCA ’ s interim chief executive following former boss Andrew Bailey ’ s move to become governor of the Bank of England .
The FCA said Rathi will take up his new post in the autumn .
He will be paid an annual salary of £455,000 , and be required to have given up any interests in the London Stock @ @ @ @ @ @ @ Prior to joining the Exchange in 2014 , Rathi was formerly a director at the Treasury managing the UK ’ s EU and international financial services interests .
FCA chair Charles Randell said : “ Nikhil has been closely involved in guiding the FCA ’ s development… and brings both private sector management skills and experience of domestic and international regulatory policymaking .
“ I would also like to thank Christopher Woolard for steering the FCA through its initial response to Covid-19 with great energy and skill .
He has been an exemplary @ @ @ @ @ @ @ Read more : FCA to make mini-bond marketing ban permanent following LCF scandal Rathi said he intends to make the FCA a “ more diverse organisation ” under his leadership , with focus on measures for vulnerable consumers , technological innovation and climate change .
Sunak said in a statement : “ Nikhil is the outstanding candidate for the position of chief executive of the Financial Conduct Authority , and I am delighted that he has agreed to take up the role .
“ We have conducted a thorough , worldwide search for @ @ @ @ @ @ @ wide-ranging experiences across financial services , I am confident that Nikhil will bring the ambitious vision and leadership this organisation demands .
”

London Stock Exchange boss appointed as new FCA chief
Ministers are seeking powers to intervene in financial regulation despite calls from
Chancellor Rishi Sunak has today appointed Nikhil Rathi, the current chief executive of the London Stock Exchange, as the permanent boss of the Financial Conduct Authority.
Rathi will replace Christopher Woolard, who was serving as the FCA’s interim chief executive following former boss Andrew Bailey’s move to become governor of the Bank of England.
The FCA said Rathi will take up his new post in the autumn. He will be paid an annual salary of £455,000, and be required to have given up any interests in the London Stock Exchange by the time he joins.
Prior to joining the Exchange in 2014, Rathi was formerly a director at the Treasury managing the UK’s EU and international financial services interests.
FCA chair Charles Randell said: “Nikhil has been closely involved in guiding the FCA’s development… and brings both private sector management skills and experience of domestic and international regulatory policymaking.
“I would also like to thank Christopher Woolard for steering the FCA through its initial response to Covid-19 with great energy and skill. He has been an exemplary leader in this very difficult period.”
Rathi said he intends to make the FCA a “more diverse organisation” under his leadership, with focus on measures for vulnerable consumers, technological innovation and climate change.
Sunak said in a statement: “Nikhil is the outstanding candidate for the position of chief executive of the Financial Conduct Authority, and I am delighted that he has agreed to take up the role.
“We have conducted a thorough, worldwide search for this crucial appointment and, through his wide-ranging experiences across financial services, I am confident that Nikhil will bring the ambitious vision and leadership this organisation demands.”
City titans welcome new FCA chief
Catherine McGuinness, policy chair of the City of London Corporation, welcomed Rathi’s appointment.
“Nikhil brings a wealth of experience to the role at a critical time from his previous positions at HM Treasury and London Stock Exchange,” she said. “He will be a great asset as the FCA looks to build on both Andrew Bailey’s legacy and the work by Christopher Woolard through the Covid-19 crisis so far.
“Together, we face the global challenges of stimulating a post-pandemic economic recovery, tackling climate change, and the rise of technology.
“Nikhil’s depth of experience of domestic and international regulatory policymaking will therefore be vitally important as we plot the path ahead, and support consumers and businesses across the UK. I look forward to working closely with him in the months and years to come.”
Andrew Jacobs, head of regulatory consulting at DWF, called Rathi a “solid choice” for the role.
“Rathi comes from a strong pedigree of high profile, systemically important leadership roles and is a solid choice to lead the next chapter of conduct regulation,” Jacobs added.
“Rathi is also a fine choice to keep diversity at the heart of the FCA and he has already pledged that this will be part of his manifesto, along with driving forward the modernisation of the FCA and keeping the UK at the forefront of financial services.”
Liz Field, chief executive of wealth management industry body Pimfa, added: “Nikhil Rathi is an extremely knowledgeable and experienced leader, as his successful stewardship of the London Stock Exchange as its chief executive for the past six years demonstrates.
“His knowledge of the wealth management and financial advice sector, as well as prior experience of working within government, leading on the UKs European Union and international financial services interests, will be particularly welcome at a time when we are renegotiating our relationship with Europe and striving to form new relationships with international partners.
“Mr Rathi becomes Chief Executive of the FCA at a time of significant change and he will have many competing priorities. We look forward to having a productive and constructive working relationship with him and wish him well in his new role.”


cityam--2020-06-22--PM expected to relax social distancing measures tomorrow

Prime Minister Boris Johnson is expected to reveal the outcome of a review into social distancing measures tomorrow , which could see the two-metre gap relaxed .
Non-essential stores have already been allowed to reopen in England , while some services will resume in Wales today .
Meanwhile a mandate to wear face coverings on public transport comes into effect in Scotland .
Health secretary Matt Hancock said yesterday he believed England is “ clearly on track ” to ease social distancing measures .
He also did not rule out the possibility that people may have to register their details @ @ @ @ @ @ @ , which are expected to be allowed to reopen on 4 July .
Read more : Pubs and restaurants may be forced to keep register of all guests “ The proposals that we will bring forward are how you can safely , safely reduce the two metres with the sort of mitigations we have been talking about , ” he said .
“ I get the problems with the two-metre rule of course , ultimately there are problems with the fact that there ’ s a virus and the challenge for the country @ @ @ @ @ @ @ get as much of normal life as possible going again.
” Johnson is expected to discuss the potential easing of social distancing measures with the government ’ s Covid-19 Strategy Committee today .
Trade bodies for the UK hospitality industry have warned that unless the two-metre gap is reduced , pubs and restaurants may not survive even when allowed to reopen .
Read more : ‘ Bleak outlook ’ for pubs and restaurants ’ pandemic recovery as trade body urges relaxation of two-metre rule The average prediction of hospitality businesses for their trade @ @ @ @ @ @ @ by the two-metre rule was at just 38 per cent of 2019 levels .
That is compared to predictions of 55 per cent of last year ’ s levels if the rule is eased to one metre .
The World Health Organisation recommends a distance of at least 1m to avoid infection , but UK scientific advisers say that a distance of 1m carries up to 10 times the risk of being 2m apart .

PM expected to relax social distancing measures tomorrow
Prime Minister Boris Johnson is expected to reveal the outcome of a review into social distancing measures tomorrow, which could see the two-metre gap relaxed.
Non-essential stores have already been allowed to reopen in England, while some services will resume in Wales today. Meanwhile a mandate to wear face coverings on public transport comes into effect in Scotland.
Health secretary Matt Hancock said yesterday he believed England is “clearly on track” to ease social distancing measures. He also did not rule out the possibility that people may have to register their details before going to a pub or restaurant, which are expected to be allowed to reopen on 4 July.
“The proposals that we will bring forward are how you can safely, safely reduce the two metres with the sort of mitigations we have been talking about,” he said.
“I get the problems with the two-metre rule of course, ultimately there are problems with the fact that there’s a virus and the challenge for the country, for all countries is how to get as much of normal life as possible going again.”
Johnson is expected to discuss the potential easing of social distancing measures with the government’s Covid-19 Strategy Committee today.
Trade bodies for the UK hospitality industry have warned that unless the two-metre gap is reduced, pubs and restaurants may not survive even when allowed to reopen.
The average prediction of hospitality businesses for their trade prospects by December if they were limited by the two-metre rule was at just 38 per cent of 2019 levels.
That is compared to predictions of 55 per cent of last year’s levels if the rule is eased to one metre.
The World Health Organisation recommends a distance of at least 1m to avoid infection, but UK scientific advisers say that a distance of 1m carries up to 10 times the risk of being 2m apart.


cityam--2020-06-22--JD Sports lines up administrators for Go Outdoors

JD Sports has today confirmed to investors that it is weighing up administration for Go Outdoors , after speculation that an official appointment could come within days .
JD Sports said this morning that it has “ considered a number of strategic options for Go and that Go ’ s directors have lodged the notice [ to appoint administrators ] in court ” .
The notice provides JD Sports with a moratorium on Go Outdoors ’ activities and property for 10 business days , meaning creditors can not take action before then without permission from the court .
Read more @ @ @ @ @ @ @ of administration , with 2,400 jobs on the line “ Administrators have not yet been appointed and the group will make no further comment at this time , ” it added .
Shares in JD Sports dropped almost two per cent as trading began in London .
Big Four accountancy giant Deloitte is said to have been lined up by JD Sports as administrator for Go Outdoors , which employs about 2,400 people across 67 stores .
The outdoor sports chain , which sells hiking and camping equipment , has struggled along with @ @ @ @ @ @ @ However its financial situation was already dire before the outbreak , reporting a £291.1m loss in the six months to 3 August last year .
All of Go Outdoors ’ stores were shuttered in April , and began to reopen last month .
The continued closure of campsites and restrictions on unnecessary travel are likely to have stunted its return to business .
Read more : UK retail sales start to rebound in May following record drop JD Sports bought Go Outdoors for £112m in 2016 .
The firm also owns the Blacks @ @ @ @ @ @ @ many general retailers , Go Outdoors has been hit by higher operating costs including rising business rates and property rents in recent years , ” said analysts at Shore Capital Markets this morning .
“ Given that the Covid pandemic the company is now looking to restructure the division to make it more sustainable and the administration process allows it the optionality to restructure the store portfolio.
” AJ Bell investment director Russ Mould said JD Sports ’ Go Outdoors should have benefited from a rise in people holidaying within the UK during @ @ @ @ @ @ @ said any benefit to Go Outdoors ’ sales may have arrived too late .
“ Closure of Go Outdoors ’ stores during lockdown will have been negative for sales despite it also having some support in the form of online operations , compounding a pre-pandemic problem that the business was already struggling , ” he added .
“ JD Sports probably had good intentions to grow the business when it bought the company for £112m in 2016 .
It now looks as if the acquired business hasn ’ t been given enough attention @ @ @ @ @ @ @ JD concentrated most of its effort on its shoes and athleisure empire .
“ JD has been exploring its options with regards to the business , yet it seems likely this could be yet another retail operation to go into administration .
”

JD Sports lines up administrators for Go Outdoors
JD Sports has today confirmed to investors that it is weighing up administration for Go Outdoors, after speculation that an official appointment could come within days.
JD Sports said this morning that it has “considered a number of strategic options for Go and that Go’s directors have lodged the notice [to appoint administrators] in court”.
The notice provides JD Sports with a moratorium on Go Outdoors’ activities and property for 10 business days, meaning creditors cannot take action before then without permission from the court.
“Administrators have not yet been appointed and the group will make no further comment at this time,” it added.
Shares in JD Sports dropped almost two per cent as trading began in London.
Big Four accountancy giant Deloitte is said to have been lined up by JD Sports as administrator for Go Outdoors, which employs about 2,400 people across 67 stores.
The outdoor sports chain, which sells hiking and camping equipment, has struggled along with many other retailers during the pandemic. However its financial situation was already dire before the outbreak, reporting a £40m loss in the six months to 3 August last year.
All of Go Outdoors’ stores were shuttered in April, and began to reopen last month. The continued closure of campsites and restrictions on unnecessary travel are likely to have stunted its return to business.
JD Sports bought Go Outdoors for £112m in 2016. The firm also owns the Blacks and Millets camping brands.
“Like many general retailers, Go Outdoors has been hit by higher operating costs including rising business rates and property rents in recent years,” said analysts at Shore Capital Markets this morning.
“Given that the Covid pandemic the company is now looking to restructure the division to make it more sustainable and the administration process allows it the optionality to restructure the store portfolio.”
AJ Bell investment director Russ Mould said JD Sports’ Go Outdoors should have benefited from a rise in people holidaying within the UK during the recent travel ban.
But he said any benefit to Go Outdoors’ sales may have arrived too late.
“Closure of Go Outdoors’ stores during lockdown will have been negative for sales despite it also having some support in the form of online operations, compounding a pre-pandemic problem that the business was already struggling,” he added.
“JD Sports probably had good intentions to grow the business when it bought the company for £112m in 2016. It now looks as if the acquired business hasn’t been given enough attention, effectively taking a back seat while JD concentrated most of its effort on its shoes and athleisure empire.
“JD has been exploring its options with regards to the business, yet it seems likely this could be yet another retail operation to go into administration.”


cityam--2020-06-22--Aston Martin appoints new finance chief as board shake-up continues

Aston Martin today announced that Kenneth Gregor would join the iconic carmaker as its new finance chief as the firm continues its business reset after a tumultuous two years .
Gregor , who joins the firm with immediate effect , previously spent 11 years as finance chief at fellow luxury carmaker Jaguar Land Rover .
Read more : Aston Martin to cut 500 jobs as business reset continues His appointment comes amidst a wholesale management shake-up at Aston Martin , with senior Mercedes executive Tobias Moers set to join the firm as chief executive in August .
New executive chairman @ @ @ @ @ @ @ his mark on the firm , which has seen its share price evaporate since first listing in October 2018 .
Gregor will be tasked with reviving the finances of the ailing brand , which recorded a £119m loss in the first quarter .
The coronavirus pandemic has hammered demand at the firm , meaning that it sold only half the number of cars in the first quarter as it did in the same period last year .
Before the Open newsletter : Start your day with the City View podcast and key market @ @ @ @ @ @ @ Bhatia will remain at Aston Martin for a period of time to support a smooth transition .
He had replaced Mark Wilson , who stepped down as CFO after five years in the role earlier this year .
Gregor said : “ I am delighted to be joining Aston Martin Lagonda .
“ There is an exciting opportunity to build on the Company ’ s inherent strengths , its brand , its engineering prowess , and the skills of its people to enable Aston Martin to become a sustainably profitable business ” .
@ @ @ @ @ @ @ is a seasoned financial professional with a strong leadership track record during his years at Jaguar Land Rover .
“ He supported the successful execution of its growth plans , through product expansion , with robust financial planning and capital allocation policies .
“ He is the right finance leader for Aston Martin as we implement our strategy for the business to achieve its full potential ” .

Aston Martin appoints new finance chief as board shake-up continues
Aston Martin has announced a partnership with EV battery maker Britishvolt.
Aston Martin today announced that Kenneth Gregor would join the iconic carmaker as its new finance chief as the firm continues its business reset after a tumultuous two years.
Gregor, who joins the firm with immediate effect, previously spent 11 years as finance chief at fellow luxury carmaker Jaguar Land Rover.
His appointment comes amidst a wholesale management shake-up at Aston Martin, with senior Mercedes executive Tobias Moers set to join the firm as chief executive in August.
New executive chairman Lawrence Stroll has been quick to leave his mark on the firm, which has seen its share price evaporate since first listing in October 2018.
Gregor will be tasked with reviving the finances of the ailing brand, which recorded a £119m loss in the first quarter.
The coronavirus pandemic has hammered demand at the firm, meaning that it sold only half the number of cars in the first quarter as it did in the same period last year.
Before the Open newsletter: Start your day with the City View podcast and key market data
Interim chief financial officer, Viki Bhatia will remain at Aston Martin for a period of time to support a smooth transition.
He had replaced Mark Wilson, who stepped down as CFO after five years in the role earlier this year.
Gregor said: “I am delighted to be joining Aston Martin Lagonda.
“There is an exciting opportunity to build on the Company’s inherent strengths, its brand, its engineering prowess, and the skills of its people to enable Aston Martin to become a sustainably profitable business”.
Stroll said: “[Gregor] is a seasoned financial professional with a strong leadership track record during his years at Jaguar Land Rover.
“He supported the successful execution of its growth plans, through product expansion, with robust financial planning and capital allocation policies.
“He is the right finance leader for Aston Martin as we implement our strategy for the business to achieve its full potential”.


cityam--2020-06-22--Exclusive: Half of business travel jobs at risk, says BTA boss

The boss of Britain ’ s corporate travel industry body has warned that one in every two jobs in the sector is at risk due to the government ’ s blanket quarantine plans for all incoming travellers , City A.M. can reveal .
Speaking at the Business Travel Association ’ s ( BTA ) annual conference , which was held virtually , Clive Wratten said : “ Our government is not listening carefully enough to the grave challenges our sector is facing .
They need to wake-up quickly ” .
Read more : Corporate travel firms call for business air @ @ @ @ @ @ @ that the government should extend its job retention scheme for the industry beyond October , when it is set to end .
The BTA represents organisations with 14,500 employees in the UK .
“ Extension will be both a saviour for our industry ’ s jobs and a solid investment in much needed growth ” , Wratten added .
“ Put bluntly – I , you , this government – and our economy – can not allow the destruction of our industry to be a lasting legacy of Covid-19 ” .
The BTA @ @ @ @ @ @ @ up business travel corridors to allow executives to sidestep the current quarantine rules , which currently mean all those incoming to the UK must self-isolate for 14 days .
The plans have come under heavy criticism from business groups and MPs alike , who have warned that they risk severely stunting the UK ’ s chances of recovering from the pandemic .
In a letter to home secretary Priti Patel and transport secretary Grant Shapps , Wratten laid out the measures , arguing such travel corridors were vital for reigniting the UK economy @ @ @ @ @ @ @ was widely reported last week that the government is set to announce “ air bridges ” to some countries in the coming days , Wratten stressed that it was crucial that the travel corridor measures did not just focus on tourism .
Before the Open newsletter : Start your day with the City View podcast and key market data “ Yet , we have had to be clear that [ Patel ] should not confuse leisure tourism with the business services that we provide ” , Wratten said .
“ Business travel is @ @ @ @ @ @ @ it is not subject to the peaks and troughs of leisure tourism ” .
Hong Kong , Paris , and Amsterdam should all be included under the air bridge plan , he said , warning that “ without effective and focused business travel we will jeopardise the £220bn our industry contributes to UK GDP each year ” .
The rise of video conferencing tools such as Zoom and Microsoft Teams have led many to question whether business travel will return in the same form after coronavirus restrictions are lifted .
Heathrow Airport boss @ @ @ @ @ @ @ expected business travel to be the last part of the aviation picture to return .
He did , however , insist that it would return , saying that demand would still be there after the crisis .
Wratten echoed Holland-Kaye ’ s words , saying : “ I remain positive that in the months ahead , business will return to travelling and slowly begin to broker deals face-to-face once more ” .
The Department for Transport was not immediately available for comment , but last week a spokesperson confirmed that travel corridors were @ @ @

Exclusive: Half of business travel jobs at risk, says BTA boss
The boss of Britain’s corporate travel industry body has warned that one in every two jobs in the sector is at risk due to the government’s blanket quarantine plans for all incoming travellers, City A.M. can reveal.
Speaking at the Business Travel Association’s (BTA) annual conference, which was held virtually, Clive Wratten said: “Our government is not listening carefully enough to the grave challenges our sector is facing. They need to wake-up quickly”.
He also said that the government should extend its job retention scheme for the industry beyond October, when it is set to end.
The BTA represents organisations with 14,500 employees in the UK.
“Extension will be both a saviour for our industry’s jobs and a solid investment in much needed growth”, Wratten added.
“Put bluntly – I, you, this government – and our economy – cannot allow the destruction of our industry to be a lasting legacy of Covid-19”.
The BTA has been pushing the government to set up business travel corridors to allow executives to sidestep the current quarantine rules, which currently mean all those incoming to the UK must self-isolate for 14 days.
The plans have come under heavy criticism from business groups and MPs alike, who have warned that they risk severely stunting the UK’s chances of recovering from the pandemic.
In a letter to home secretary Priti Patel and transport secretary Grant Shapps, Wratten laid out the measures, arguing such travel corridors were vital for reigniting the UK economy after the coronavirus pandemic.
Although it was widely reported last week that the government is set to announce “air bridges” to some countries in the coming days, Wratten stressed that it was crucial that the travel corridor measures did not just focus on tourism.
Before the Open newsletter: Start your day with the City View podcast and key market data
“Yet, we have had to be clear that [Patel] should not confuse leisure tourism with the business services that we provide”, Wratten said.
“Business travel is a year-round constant for our economy, it is not subject to the peaks and troughs of leisure tourism”.
Hong Kong, Paris, and Amsterdam should all be included under the air bridge plan, he said, warning that “without effective and focused business travel we will jeopardise the £220bn our industry contributes to UK GDP each year”.
The rise of video conferencing tools such as Zoom and Microsoft Teams have led many to question whether business travel will return in the same form after coronavirus restrictions are lifted.
Heathrow Airport boss John Holland-Kaye told City A.M. that he expected business travel to be the last part of the aviation picture to return.
He did, however, insist that it would return, saying that demand would still be there after the crisis.
Wratten echoed Holland-Kaye’s words, saying: “I remain positive that in the months ahead, business will return to travelling and slowly begin to broker deals face-to-face once more”.
The Department for Transport spokesperson said: “International travel corridors remain an option under consideration by the UK Government, not established policy.
“Conversations take place regularly with governments around the world on a whole range of issues and we will not be providing any further details at this stage”.


cityam--2020-06-22--'Sajid Javid: Slash taxes and ramp up spending to fuel UK recovery'

Britain should reduce the National Insurance tax and pour money into infrastructure and the poorest regions of the country to boost the UK ’ s economic recovery from the coronavirus crisis , according to former chancellor Sajid Javid .
Javid , who left the Treasury as part of Boris Johnson ’ s February cabinet reshuffle , warned against a return to the austerity measures which the Conservative government turned to in the wake of the 2008 financial crisis .
Read more : Hollowed out : Which UK companies have made job cuts during the coronavirus pandemic ?
In a report @ @ @ @ @ @ @ Policy Studies think tank , he said the current crisis was likely to exacerbate the gap between rich and poor , and that the government ’ s plans to “ level up ” the economy which formed a major part of Boris Johnson ’ s election strategy last year were more important than ever .
He said : “ If we want to secure the strongest possible recovery , it ’ s essential that no stone is left unturned .
“ This report sets out more than 50 ideas for maximising growth , @ @ @ @ @ @ @ speed .
“ My colleagues in government have done a fantastic job supporting the economy so far .
I hope this report proves helpful for the task that lies ahead.
” Next month , Javid ’ s successor Rishi Sunak will set out a package of measures intended to pave the way for an economic recovery .
Among the recommendations in Javid ’ s report are cutting both National Insurance for employers and VAT , in a bid to boost employment and growth .
It describes attempts to increase taxes as “ self @ @ @ @ @ @ @ increasing infrastructure investment , bringing forward projects which are ready to build , and overhauling the current systems in place for delivery and planning of projects .
Robert Colvile , Director of the CPS added : “ This is a vision for growth driven by a private sector with the incentives and flexibility to invest and create jobs , empowered by an infrastructure revolution.
” It comes as influential business group the Institute of Directors also recommended pumping money into the economy to boost the economic recovery .
In its own submission to @ @ @ @ @ @ @ the range of tax breaks companies can call on for research and development .
It also suggested cutting employers ’ National Insurance contributions .
Jonathan Geldart , director general of the Institute of Directors , said : “ The July statement provides a perfect opportunity to pump-prime the economy for recovery .
“ The government may want to hold back some ammunition until the Autumn , but directors have to make hiring and investment plans ahead of time .
“ Now is the moment for the Treasury to reduce the cost of employment @ @ @ @ @ @ @ the furlough scheme winds down , jobs are at risk , so it will be crucial to soften the blow .
”

Sajid Javid: Slash taxes and ramp up spending to fuel UK recovery
Britain should reduce the National Insurance tax and pour money into infrastructure and the poorest regions of the country to boost the UK’s economic recovery from the coronavirus crisis, according to former chancellor Sajid Javid.
Javid, who left the Treasury as part of Boris Johnson’s February cabinet reshuffle, warned against a return to the austerity measures which the Conservative government turned to in the wake of the 2008 financial crisis.
In a report written by Javid and the Centre for Policy Studies think tank, he said the current crisis was likely to exacerbate the gap between rich and poor, and that the government’s plans to “level up” the economy which formed a major part of Boris Johnson’s election strategy last year were more important than ever.
He said: “If we want to secure the strongest possible recovery, it’s essential that no stone is left unturned.
“This report sets out more than 50 ideas for maximising growth, supporting businesses and creating new jobs at speed.
“My colleagues in government have done a fantastic job supporting the economy so far. I hope this report proves helpful for the task that lies ahead.”
Next month, Javid’s successor Rishi Sunak will set out a package of measures intended to pave the way for an economic recovery.
Among the recommendations in Javid’s report are cutting both National Insurance for employers and VAT, in a bid to boost employment and growth. It describes attempts to increase taxes as “self defeating”.
The report also suggests increasing infrastructure investment, bringing forward projects which are ready to build, and overhauling the current systems in place for delivery and planning of projects.
Robert Colvile, Director of the CPS added: “This is a vision for growth driven by a private sector with the incentives and flexibility to invest and create jobs, empowered by an infrastructure revolution.”
It comes as influential business group the Institute of Directors also recommended pumping money into the economy to boost the economic recovery.
In its own submission to the Treasury, the IoD suggested increasing the range of tax breaks companies can call on for research and development. It also suggested cutting employers’ National Insurance contributions.
Jonathan Geldart, director general of the Institute of Directors, said: “The July statement provides a perfect opportunity to pump-prime the economy for recovery.
“The government may want to hold back some ammunition until the Autumn, but directors have to make hiring and investment plans ahead of time.
“Now is the moment for the Treasury to reduce the cost of employment so companies can retain staff. As the furlough scheme winds down, jobs are at risk, so it will be crucial to soften the blow.”


cityam--2020-06-22--Amazon launches accelerator for UK startups and small businesses

Amazon has today launched an accelerator programme for the UK ’ s small businesses and startups , aimed at providing them with digital tools to recover lost income during the coronavirus crisis .
Launched in partnership with small business support network Enterprise Nation , the Amazon Small Business Accelerator will operate a free online training programme for 200,000 businesses .
The programme will feature a test to diagnose what stage of growth each business is at , as well as offer a range of discounts and benefits from Amazon Business , Amazon Web Services and other outlets .
Read more @ @ @ @ @ @ @ social distancing in offices and warehouses Amazon will also run a week-long bootcamp for up to 1,000 mostly offline businesses to help them expand digitally and trade online .
The five-day live online course will include access to experts and networking with other businesses , as well as 12 months of support from advisers on marketing , operations and managing finances .
“ Small businesses are the lifeblood of the economy and by helping them we can help families , communities and the UK bounce back more quickly , ” said Doug Gurr @ @ @ @ @ @ @ .
“ Many businesses have found their way through the crisis by providing goods and services online .
Now the Amazon Small Business Accelerator with Enterprise Nation will provide thousands of offline and online businesses with the skills , tools and support they need to succeed in the digital world , to reach customers through Amazon or any other service.
” The programme arrives as the EU is said to be preparing to file formal charges against Amazon over its treatment of third-party sellers on its platform .
Read more : EU to @ @ @ @ @ @ @ of third-party sellers The European Commission will accuse Amazon of accumulating data from third-party sellers and using it to compete against them , the Wall Street Journal reported .
The firm ’ s chief executive Jeff Bezos is also set to testify in front of a US Congress committee this summer as part of an inquiry into anti-competitive behaviour by major technology firms .
Emma Jones , head of Enterprise Nation , said : “ Coronavirus has presented serious challenges for startups and SMEs , and never have more businesses called out for @ @ @ @ @ @ @ “ This package of critical support will include tailored guidance for startups , recovery advice , and then tools for growth to help businesses weather the storm and come out stronger on the other side .
”

Amazon launches accelerator for UK startups and small businesses
Amazon has today launched an accelerator programme for the UK’s small businesses and startups, aimed at providing them with digital tools to recover lost income during the coronavirus crisis.
Launched in partnership with small business support network Enterprise Nation, the Amazon Small Business Accelerator will operate a free online training programme for 200,000 businesses.
The programme will feature a test to diagnose what stage of growth each business is at, as well as offer a range of discounts and benefits from Amazon Business, Amazon Web Services and other outlets.
Amazon will also run a week-long bootcamp for up to 1,000 mostly offline businesses to help them expand digitally and trade online. The five-day live online course will include access to experts and networking with other businesses, as well as 12 months of support from advisers on marketing, operations and managing finances.
“Small businesses are the lifeblood of the economy and by helping them we can help families, communities and the UK bounce back more quickly,” said Doug Gurr, Amazon’s UK country manager.
“Many businesses have found their way through the crisis by providing goods and services online. Now the Amazon Small Business Accelerator with Enterprise Nation will provide thousands of offline and online businesses with the skills, tools and support they need to succeed in the digital world, to reach customers through Amazon or any other service.”
The programme arrives as the EU is said to be preparing to file formal charges against Amazon over its treatment of third-party sellers on its platform.
The European Commission will accuse Amazon of accumulating data from third-party sellers and using it to compete against them, the Wall Street Journal reported.
The firm’s chief executive Jeff Bezos is also set to testify in front of a US Congress committee this summer as part of an inquiry into anti-competitive behaviour by major technology firms.
Emma Jones, head of Enterprise Nation, said: “Coronavirus has presented serious challenges for startups and SMEs, and never have more businesses called out for help, particularly with getting online.
“This package of critical support will include tailored guidance for startups, recovery advice, and then tools for growth to help businesses weather the storm and come out stronger on the other side.”