cityam--2020-07-24--US economy: Demand hit by new coronavirus lockdowns

The US ’ s private sector stabilised in June but demand faltered as states re-imposed lockdowns in response to rising coronavirus cases , survey data has shown .
An early estimate of the IHS Markit purchasing managers ’ index – a gauge of the health of the economy – hit a six-month high of 50 as output improved after the worst quarter in living memory .
Read more : US jobless claims rise for first time in four months as coronavirus spreads The score of 50 putatively indicated that the private sector was neither shrinking nor growing and was lower @ @ @ @ @ @ @ have said the gauge should not be taken too literally .
GDP started growing again in May even when the PMI score was below 50 .
Survey respondents linked ongoing economic problems to the reintroduction of lockdown measures and travel restrictions hampering new business from abroad .
The US economy appeared on track for a relatively rapid recovery in June as states reopened .
Millions of people unexpectedly returned to or found work in May .
The unemployment rate fell rather than rose as economists had predicted .
Yet since then the country @ @ @ @ @ @ @ cases .
New records have been set for cases consistently in the past few weeks .
In response , many states such as economically crucial California have reimposed some lockdown restrictions .
“ While the stabilisation of business activity in July is welcome news , the lack of growth is a disappointment , ” said Chris Williamson , chief business economist at data firm IHS Markit .
“ A renewed acceleration in the rate of loss of new business raises concerns that demand is faltering.
” “ Many companies , notably in consumer-facing @ @ @ @ @ @ @ falling sales to re-imposed lockdowns.
” Read more : FTSE 100 drops sharply as US-China tensions surge Despite this , firms took on more workers in July , according to the survey .
They also became more optimistic , with sentiment at its best level since April 2019 .
Williamson said : “ Hopes are qualified , however , by uncertainty over the coronavirus outbreak and the political environment as November ’ s election draws closer .
”

US economy: Demand hit by new coronavirus lockdowns
The US’s private sector stabilised in June but demand faltered as states re-imposed lockdowns in response to rising coronavirus cases, survey data has shown.
An early estimate of the IHS Markit purchasing managers’ index – a gauge of the health of the economy – hit a six-month high of 50 as output improved after the worst quarter in living memory.
The score of 50 putatively indicated that the private sector was neither shrinking nor growing and was lower than expectations. However, some economists have said the gauge should not be taken too literally. GDP started growing again in May even when the PMI score was below 50.
Survey respondents linked ongoing economic problems to the reintroduction of lockdown measures and travel restrictions hampering new business from abroad.
The US economy appeared on track for a relatively rapid recovery in June as states reopened. Millions of people unexpectedly returned to or found work in May. The unemployment rate fell rather than rose as economists had predicted.
Coronavirus cases knock US economy
Yet since then the country has suffered a surge in new coronavirus cases. New records have been set for cases consistently in the past few weeks. In response, many states such as economically crucial California have reimposed some lockdown restrictions.
“While the stabilisation of business activity in July is welcome news, the lack of growth is a disappointment,” said Chris Williamson, chief business economist at data firm IHS Markit.
“A renewed acceleration in the rate of loss of new business raises concerns that demand is faltering.”
“Many companies, notably in consumer-facing areas of the service sector, linked falling sales to re-imposed lockdowns.”
Despite this, firms took on more workers in July, according to the survey. They also became more optimistic, with sentiment at its best level since April 2019.
Williamson said: “Hopes are qualified, however, by uncertainty over the coronavirus outbreak and the political environment as November’s election draws closer.”


cityam--2020-07-27--More than 60 per cent of London firms plan to lay off staff, survey says

More than 60 per cent of London firms expect to lay off some of their furloughed employees , a survey has said , in a sign of the wave of unemployment that is to come .
The Lloyds Bank business barometer found that just under one in five London firms who have used the scheme expect to bring back more than 90 per cent of their staff from furlough .
That means more than 80 per cent of the companies are planning to make staff redundant as the government winds down the job retention scheme .
The barometer also said @ @ @ @ @ @ @ city ’ s companies are currently using the furlough scheme .
This means that overall , more than 60 per cent of London companies plan to let some staff go .
On a brighter note , the Lloyds barometer showed that confidence among London firms rose in July as the economy opened up .
It hit minus 21 on Lloyds ’ s gauge , up 10 points from June .
“ The reopening of the hospitality and retail sectors will have contributed towards this month ’ s less pessimistic outlook , ” said @ @ @ @ @ @ @ at Lloyds .
Yet he added : “ A great deal of uncertainty and concern for the future remains across all sectors , tempering the overall mood.
” London ’ s businesses reported weak demand for their services and products in July , although the picture improved slightly month on month .
Continued social distancing poses a problem for London ’ s businesses , especially in the enormous hospitality sector , the survey showed .
More than a quarter of firms said they could not operate at full capacity while remaining Covid secure @ @ @ @ @ @ @ retention scheme that pays 80 per cent of “ furloughed ” workers ’ wages is gradually being wound down .
In August , employers will have to start paying national insurance and pension payments for their staff .
But just 18 per cent of London companies said they would keep more than 90 per cent of their furloughed staff .
Read more : How badly will the UK unemployment rate spike when furlough ends ?
Hann-Ju Ho , senior economist at Lloyds , said : “ How businesses will continue to respond to @ @ @ @ @ @ @ in the coming months.
” The UK ’ s budget watchdog ’ s “ central scenario ” said unemployment is likely to hit 8.8 per cent this year .
That would put 3m people out of work .

More than 60 per cent of London firms plan to lay off staff, survey says
Many shops across London have permanently closed due to coronavirus
More than 60 per cent of London firms expect to lay off some of their furloughed employees, a survey has said, in a sign of the wave of unemployment that is to come.
The Lloyds Bank business barometer found that just under one in five London firms who have used the scheme expect to bring back more than 90 per cent of their staff from furlough. That means more than 80 per cent of the companies are planning to make staff redundant as the government winds down the job retention scheme.
The barometer also said an enormous 75 per cent of the city’s companies are currently using the furlough scheme. This means that overall, more than 60 per cent of London companies plan to let some staff go.
On a brighter note, the Lloyds barometer showed that confidence among London firms rose in July as the economy opened up. It hit minus 21 on Lloyds’s gauge, up 10 points from June.
“The reopening of the hospitality and retail sectors will have contributed towards this month’s less pessimistic outlook,” said Paul Evans, regional director for London at Lloyds.
Yet he added: “A great deal of uncertainty and concern for the future remains across all sectors, tempering the overall mood.”
Weak demand adds to London unemployment woes
London’s businesses reported weak demand for their services and products in July, although the picture improved slightly month on month.
Continued social distancing poses a problem for London’s businesses, especially in the enormous hospitality sector, the survey showed. More than a quarter of firms said they could not operate at full capacity while remaining Covid secure.
The government’s generous job retention scheme that pays 80 per cent of “furloughed” workers’ wages is gradually being wound down. In August, employers will have to start paying national insurance and pension payments for their staff.
But just 18 per cent of London companies said they would keep more than 90 per cent of their furloughed staff.
Hann-Ju Ho, senior economist at Lloyds, said: “How businesses will continue to respond to the job retention scheme will be key in the coming months.”
The UK’s budget watchdog’s “central scenario” said unemployment is likely to hit 8.8 per cent this year. That would put 3m people out of work.


cityam--2020-07-27--Stamp duty cut sees London house sales rocket 27 per cent

The stamp duty holiday has significantly boosted London ’ s housing market , with new sales agreed up by over a quarter in just two weeks , new data has shown .
UK house prices rose 0.2 per cent in June as a jump in demand for houses outstripped a fall in the number of sellers , the figures also showed .
Read more : Stamp duty holiday : Chancellor confirms immediate property tax changes But the market has still taken a big hit this year , said property website Zoopla , which compiled the data .
Housing sales in @ @ @ @ @ @ @ cent below the same period in 2019 , amounting to around £27bn in lost deals .
Chancellor Rishi Sunak earlier this month unveiled a “ holiday ” for the payment of the stamp duty property tax in a bid to boost the market and the economy .
This raised the threshold at which stamp duty is paid from £125,000 to £500,000 until March 2021 .
The move has spurred activity in London , according to Zoopla ’ s data , with new sales agreed up 27 per cent over the last two weeks @ @ @ @ @ @ @ cent rise across the rest of the country .
Zoopla said this was because London ’ s higher house prices meant it stood to benefit relatively more from an increase in the tax threshold .
Overall , London house prices rose 1.7 per cent in June – before the stamp duty cut came in – compared to a year earlier .
Month on month prices rose xx per cent .
This took the average London house price to £479,300 .
UK house prices as a whole were up 2.7 per cent year on @ @ @ @ @ @ @ halved to 0.2 per cent .
The average UK house price is £219,500 .
The rise in prices “ certainly seems at odds ” with a cratering economy and rising unemployment , said Richard Donnell , Zoopla ’ s research director .
Yet he said the release of pent-up demand for new houses after the market was put on ice during lockdown would likely support prices for the rest of the year .
In London , buyer demand is up 28 per cent in 2020 so far compared to the same period a @ @ @ @ @ @ @ Brexit subdued activity last year .
Supply has fallen 11.2 per cent , however , meaning relatively higher demand is pushing up prices .
But Zoopla said prices were likely to eventually fall as job losses and uncertainty take a toll .
“ We expect rising unemployment to weigh on market activity over the final quarter of 2020 and into the first half of 2021 , ” Donnell said .
“ The impact on pricing looks set to be pushed into 2021 as a result of sizable government support for the economy.
” @ @ @ @ @ @ @ bare the damage that has already been done to the housing market , despite London and UK activity being boosted by the stamp duty cut .
The closure of estate agents over the lockdown reduced new supply and agreed sales by 90 per cent .
Read more : How badly will coronavirus hit UK house prices in 2020 ?
So far this year , sales are 20 per cent below 2019 levels .
Roughly 124,000 sales that were expected to take place and could have been worth £27bn since March did not happen @ @ @ @ @ @ @ be around 15 per cent lower in 2020 than they were last year .

Stamp duty cut sees London house sales rocket 27 per cent
The stamp duty cut has already boosted London’s housing market, according to new data
The stamp duty holiday has significantly boosted London’s housing market, with new sales agreed up by over a quarter in just two weeks, new data has shown.
UK house prices rose 0.2 per cent in June as a jump in demand for houses outstripped a fall in the number of sellers, the figures also showed.
But the market has still taken a big hit this year, said property website Zoopla, which compiled the data. Housing sales in 2020 so far are around 20 per cent below the same period in 2019, amounting to around £27bn in lost deals.
Chancellor Rishi Sunak earlier this month unveiled a “holiday” for the payment of the stamp duty property tax in a bid to boost the market and the economy. This raised the threshold at which stamp duty is paid from £125,000 to £500,000 until March 2021.
The move has spurred activity in London, according to Zoopla’s data, with new sales agreed up 27 per cent over the last two weeks. That compares to a six per cent rise across the rest of the country.
Zoopla said this was because London’s higher house prices meant it stood to benefit relatively more from an increase in the tax threshold.
London and UK house prices continue to rise
Overall, London house prices rose 1.7 per cent in June – before the stamp duty cut came in – compared to a year earlier.
Month on month prices flatlined. This meant the average London house price stood at £479,300.
UK house prices as a whole were up 2.7 per cent year on year, although the monthly growth rate halved to 0.2 per cent. The average UK house price is £219,500.
The rise in prices “certainly seems at odds” with a cratering economy and rising unemployment, said Richard Donnell, Zoopla’s research director.
Yet he said the release of pent-up demand for new houses after the market was put on ice during lockdown would likely support prices for the rest of the year.
In London, buyer demand is up 28 per cent in 2020 so far compared to the same period a year earlier. This was partly because Brexit subdued activity last year.
Supply has fallen 11.2 per cent, however, meaning relatively higher demand is pushing up prices.
House prices expected to fall by 2021
But Zoopla said prices were likely to eventually fall as job losses and uncertainty take a toll.
“We expect rising unemployment to weigh on market activity over the final quarter of 2020 and into the first half of 2021,” Donnell said.
“The impact on pricing looks set to be pushed into 2021 as a result of sizable government support for the economy.”
However, Zoopla’s data laid bare the damage that has already been done to the housing market, despite London and UK activity being boosted by the stamp duty cut.
The closure of estate agents over the lockdown reduced new supply and agreed sales by 90 per cent.
So far this year, sales are 20 per cent below 2019 levels. Roughly 124,000 sales that were expected to take place and could have been worth £27bn since March did not happen.
Zoopla said it expects sales to be around 15 per cent lower in 2020 than they were last year.


cityam--2020-07-27--Escobar could be a crazy price at 40/1 in the Lennox Stakes

ARGUABLY the best race on the opening day of the Qatar Goodwood Festival is the Lennox Stakes ( 2.45pm ) run over seven furlongs .
There are 13 runners declared for the seven furlong contest with the only certainty being that there is bound to be at least half a dozen hard luck stories .
The nature of the track means that horses tend to roll around on the cambers creating plenty of traffic problems .
Space Blues brings some of the best recent form to the party and is seeking a hat-trick after recent successes at both Haydock and @ @ @ @ @ @ @ as a four-year-old and is unlikely to be too far away .
However , the combination of his price ( just 5/2 ) and the lack of any track form puts me off a little .
Every drop of rain that falls will help Safe Voyage who loves it when the mud flies .
A case can certainly be made for him , but he is plenty short enough for one that hasn ’ t been to Sussex either .
I ’ m instead going to side with track specialist DUKE OF HAZZARD @ @ @ @ @ @ @ to make it four from four here .
He shaped well for this with a good third behind Mohaather in the Summer Mile at Ascot and looks a player at 7/1 despite the drop in trip .
Sir Dancealot is another who shouldn ’ t be too far away having won this for the last two seasons .
He shaped really well in the July Cup last time and this is bound to have been the plan for some time .
At the prices though , I am prepared to throw something each-way @ @ @ @ @ @ @ some bookies paying four places , while there is a chance he could pay even bigger on the Tote.co.uk .
The key to this one is you have to put a line through both runs this season .
He has had a wind operation since finishing down the field in the Queen Anne Stakes and I ’ m just hoping that was what was stopping him .
Don ’ t forget he rounded off last season by beating Lord North in the Balmoral Handicap on Champions Day and that horse has gone on @ @ @ @ @ @ @ Wales ’ s Stakes .
The big two-year-old race of the afternoon is the Vintage Stakes ( 2.15pm ) which sees the Aidan O ’ Brien trained Battleground attempt to follow-up his Royal Ascot success .
A son of the brilliant Found , he looked all about stamina when grinding out success on bad ground in the Chesham Stakes .
This should be more of a test of speed and for that reason he may just be a bit vulnerable .
Tom Dascombe does well at this meeting and his DEVIOUS COMPANY looks @ @ @ @ @ @ @ warm favourite .
He lost his unbeaten record in a muddling looking July Stakes having previously showing plenty of battling qualities at Haydock .

Escobar could be a crazy price at 40/1 in the Lennox Stakes
Escobar (left) beat subsequent Prince Of Wales’s Stakes winner Lord North at Ascot last season
ARGUABLY the best race on the opening day of the Qatar Goodwood Festival is the Lennox Stakes (2.45pm) run over seven furlongs.
There are 13 runners declared for the seven furlong contest with the only certainty being that there is bound to be at least half a dozen hard luck stories.
The nature of the track means that horses tend to roll around on the cambers creating plenty of traffic problems.
Space Blues brings some of the best recent form to the party and is seeking a hat-trick after recent successes at both Haydock and Longchamp.
He seems to have matured as a four-year-old and is unlikely to be too far away.
However, the combination of his price (just 5/2) and the lack of any track form puts me off a little.
Every drop of rain that falls will help Safe Voyage who loves it when the mud flies.
A case can certainly be made for him, but he is plenty short enough for one that hasn’t been to Sussex either.
I’m instead going to side with track specialist DUKE OF HAZZARD for the Cole team who is bidding to make it four from four here.
He shaped well for this with a good third behind Mohaather in the Summer Mile at Ascot and looks a player at 7/1 despite the drop in trip.
Sir Dancealot is another who shouldn’t be too far away having won this for the last two seasons.
He shaped really well in the July Cup last time and this is bound to have been the plan for some time.
At the prices though, I am prepared to throw something each-way at ESCOBAR at a whopping 40/1 with some bookies paying four places, while there is a chance he could pay even bigger on the Tote.co.uk.
The key to this one is you have to put a line through both runs this season.
He has had a wind operation since finishing down the field in the Queen Anne Stakes and I’m just hoping that was what was stopping him.
Don’t forget he rounded off last season by beating Lord North in the Balmoral Handicap on Champions Day and that horse has gone on to land the Group One Prince Of Wales’s Stakes.
The big two-year-old race of the afternoon is the Vintage Stakes (2.15pm) which sees the Aidan O’Brien trained Battleground attempt to follow-up his Royal Ascot success.
A son of the brilliant Found, he looked all about stamina when grinding out success on bad ground in the Chesham Stakes.
This should be more of a test of speed and for that reason he may just be a bit vulnerable.
Tom Dascombe does well at this meeting and his DEVIOUS COMPANY looks the colt most likely to upset the warm favourite.
He lost his unbeaten record in a muddling looking July Stakes having previously showing plenty of battling qualities at Haydock.
POINTERS
Devious Company e/w 4/1 2.15pm Goodwood
Duke Of Hazzard e/w 7/1 2.45pm Goodwood
Escobar e/w 40/1 2.45pm Goodwood


cityam--2020-07-27--Tinandali looks ready to strike for O’Meara in competitive handicap

GOODWOOD is one of the most picturesque racecourses in the world , but it can also be a painful place for jockeys , trainers , owners and punters alike .
Hard luck stories abound during this meeting as large fields make their way around the twists , turns and undulations of the Sussex Downs .
Jockeys have to decide if they ’ re going to take the risky route up the far rail or come wider down the middle to try to get a clear run .
A field of 18 is set to go to post for the Unibet @ @ @ @ @ @ @ ) , a typically fiendishly difficult Goodwood handicap .
David O ’ Meara and Danny Tudhope combined to land this prize 12 months ago with 25/1 outsider Fayez and I ’ m hoping they can repeat the feat with TINANDALI at around the 7/1 mark .
Formerly trained by Dermot Weld in Ireland , he moved to O ’ Meara in January and has run three solid races for his new handler .
A close second at Ayr was followed by a third at Epsom on Derby Day and then fifth in the @ @ @ @ @ @ @ where he suffered an interrupted passage .
He will need plenty of luck in this but he has been running in some top handicaps and still looks to be on a competitive mark .
Cape Cavalli , for the in-form Simon and Ed Crisford team , is likely to go off favourite but he is stepping up in class here and looks too short at 4/1 .
Admittedly , he won a handicap over course and distance last September , so we know the track doesn ’ t hold any fears , but @ @ @ @ @ @ @ after that when receiving 6lbs .
Sucellus , then trained by John Gosden , is now in the hands of Roger Fell and he ran an eye-catching race at York last time when he got constantly blocked in his run .
Yet to reach the heights of last season , he is back down to his last winning mark and sneaks in here off bottom weight .
At 16/1 , he simply looks too big and he will be worth playing on www.tote.co.uk as well where his price could even be a couple @ @ @ @ @ @ @ go close for Tony Carroll and Tom Marquand in the Qatar Handicap ( 3.45pm ) over five furlongs .
He won a decent six furlong handicap at York last summer and then ran well at Newbury on his latest start when he looked as though he ’ d appreciate the drop back to the minimum trip .
The recent rain is a plus and he looks a decent bet at 6/1 .

Tinandali looks ready to strike for O’Meara in competitive handicap
Fayez (left) won The Unibet Handicap at Goodwood last year for David O’Meara and Danny Tudhope
GOODWOOD is one of the most picturesque racecourses in the world, but it can also be a painful place for jockeys, trainers, owners and punters alike.
Hard luck stories abound during this meeting as large fields make their way around the twists, turns and undulations of the Sussex Downs.
Jockeys have to decide if they’re going to take the risky route up the far rail or come wider down the middle to try to get a clear run.
A field of 18 is set to go to post for the Unibet You’re On Handicap (1.45pm), a typically fiendishly difficult Goodwood handicap.
David O’Meara and Danny Tudhope combined to land this prize 12 months ago with 25/1 outsider Fayez and I’m hoping they can repeat the feat with TINANDALI at around the 7/1 mark.
Formerly trained by Dermot Weld in Ireland, he moved to O’Meara in January and has run three solid races for his new handler.
A close second at Ayr was followed by a third at Epsom on Derby Day and then fifth in the John Smith’s Cup at York where he suffered an interrupted passage.
He will need plenty of luck in this but he has been running in some top handicaps and still looks to be on a competitive mark.
Cape Cavalli, for the in-form Simon and Ed Crisford team, is likely to go off favourite but he is stepping up in class here and looks too short at 4/1.
Admittedly, he won a handicap over course and distance last September, so we know the track doesn’t hold any fears, but he was beaten by SUCELLUS at Sandown after that when receiving 6lbs.
Sucellus, then trained by John Gosden, is now in the hands of Roger Fell and he ran an eye-catching race at York last time when he got constantly blocked in his run.
Yet to reach the heights of last season, he is back down to his last winning mark and sneaks in here off bottom weight.
At 16/1, he simply looks too big and he will be worth playing on www.tote.co.uk as well where his price could even be a couple of points bigger.
RECON MISSION can go close for Tony Carroll and Tom Marquand in the Qatar Handicap (3.45pm) over five furlongs.
He won a decent six furlong handicap at York last summer and then ran well at Newbury on his latest start when he looked as though he’d appreciate the drop back to the minimum trip.
The recent rain is a plus and he looks a decent bet at 6/1.
POINTERS
Tiandali e/w 8/1 1.45pm Goodwood
Sucellus e/w 16/1 1.45pm Goodwood
Recon Mission 6/1 3.45pm Goodwood


cityam--2020-07-27--Stradivarius can win his duel on the Downs with Santiago

SOMETIMES you have to hold your hands up and admit you got it totally wrong .
Well , my theory that STRADIVARIUS ’ best days were behind him was blown to pieces in a stunning display in last month ’ s Gold Cup at Royal Ascot .
John Gosden ’ s six-year-old ran away with the Group One prize for a third time by ten lengths and arrives at Goodwood ( 3.15pm ) today in an attempt to win their staying crown for a record fourth time .
That was a breath-taking display of speed and stamina and it would @ @ @ @ @ @ @ to win this afternoon .
However , trainer Aidan O ’ Brien has thrown the proverbial cat amongst the pigeons by running his three-year-old Irish Derby winner Santiago who gets a massive 15lbs weight concession from John Gosden ’ s stable star .
Santiago had previously landed the 1m6f Queen ’ s Vase at Royal Ascot suggesting this two-mile trip should be no problem .
It simply comes down to whether that weight is enough to swing the balance of power in favour of the younger generation .
There is no getting away @ @ @ @ @ @ @ huge advantage , but I ’ m not sure it will be enough to derail Stradivarius .
At the back of my mind I am conscious that he has never been at his brilliant best at Goodwood , but he has still got the job done on three consecutive occasions .
Santiago may be the toughest battle he has had to date , but the result should be the same .

Stradivarius can win his duel on the Downs with Santiago
Stradivarius bids to win a record fourth Goodwood Cup
SOMETIMES you have to hold your hands up and admit you got it totally wrong.
Well, my theory that STRADIVARIUS’ best days were behind him was blown to pieces in a stunning display in last month’s Gold Cup at Royal Ascot.
John Gosden’s six-year-old ran away with the Group One prize for a third time by ten lengths and arrives at Goodwood (3.15pm) today in an attempt to win their staying crown for a record fourth time.
That was a breath-taking display of speed and stamina and it would be a major surprise should he fail to win this afternoon.
However, trainer Aidan O’Brien has thrown the proverbial cat amongst the pigeons by running his three-year-old Irish Derby winner Santiago who gets a massive 15lbs weight concession from John Gosden’s stable star.
Santiago had previously landed the 1m6f Queen’s Vase at Royal Ascot suggesting this two-mile trip should be no problem.
It simply comes down to whether that weight is enough to swing the balance of power in favour of the younger generation.
There is no getting away from the fact that it is a huge advantage, but I’m not sure it will be enough to derail Stradivarius.
At the back of my mind I am conscious that he has never been at his brilliant best at Goodwood, but he has still got the job done on three consecutive occasions.
Santiago may be the toughest battle he has had to date, but the result should be the same.
POINTERS
Stradivarius 3.15pm Goodwood


cityam--2020-07-27--Alstom set for green light for €6bn Bombardier rail deal

French giant Alstom is set to get approval from the EU ’ s competition watchdog to buy Bombadier ’ s rail business , paving the way for the creation of the world ’ s second largest rail firm .
Reuters reported that regulators were set to give the deal the go-ahead after Alstom made a number of concessions due to antitrust fears .
Read more : Bombardier warns over 400 job cuts at Belfast plant In order to win the EU ’ s backing , the firm said it would sell a rail factory in France and regional trains unit @ @ @ @ @ @ @ of Bombardier ’ s commuter train divisions and attached production facilities at Hennigsdorf in Brandenburg as well .
Finally , Alstom also offered to provide access to some products within Bombardier ’ s train control systems and signaling units to rivals .
Sources told Reuters that it did not have to sell any more units after feedback from the European Commission .
Before the Open newsletter : Start your day with the City View podcast and key market data The EU is expected to decide on the deal by 31 July .
If @ @ @ @ @ @ @ , Alstom will be behind only China ’ s CRRC Corporation in terms of size .
The deal could be worth up to €6.2bn .
Berlin-based Bombardier Transportation employs around 36,000 people and operates in 60 countries , building trains and providing services like signaling and maintenance to clients .
In 2019 , Alstom proposed a merger with German industrial conglomerate Siemens in order to increase its scale .
Read more : TfL may halt Crossrail 2 work over government funding review However , this was blocked by the European Commission over concerns @ @ @ @ @ @ @ A.M. has contacted Alstom for comment .

Alstom set for green light for €6bn Bombardier rail deal
French giant Alstom is set to get approval from the EU’s competition watchdog to buy Bombadier’s rail business, paving the way for the creation of the world’s second largest rail firm.
Reuters reported that regulators were set to give the deal the go-ahead after Alstom made a number of concessions due to antitrust fears.
In order to win the EU’s backing, the firm said it would sell a rail factory in France and regional trains unit Coradia Polyvalent.
It threw in one of Bombardier’s commuter train divisions and attached production facilities at Hennigsdorf in Brandenburg as well.
Finally, Alstom also offered to provide access to some products within Bombardier’s train control systems and signaling units to rivals.
Sources told Reuters that it did not have to sell any more units after feedback from the European Commission.
Before the Open newsletter: Start your day with the City View podcast and key market data
The EU is expected to decide on the deal by 31 July. If, as expected, it is approved, Alstom will be behind only China’s CRRC Corporation in terms of size.
The deal could be worth up to €6.2bn.
Berlin-based Bombardier Transportation employs around 36,000 people and operates in 60 countries, building trains and providing services like signaling and maintenance to clients.
In 2019, Alstom proposed a merger with German industrial conglomerate Siemens in order to increase its scale.
However, this was blocked by the European Commission over concerns competition could be adversely affected.
City A.M. has contacted Alstom for comment.


cityam--2020-07-27--Foreign Office warns against all but essential travel to Spanish isles

The Foreign Office is now warning against all but essential travel to the Balearic and Canary Islands after a surge in coronavirus infections in Spain .
Travellers returning from the islands to the UK will have to quarantine for 14 days , the FCO confirmed via tweet this evening .
“ Travel advice for Spain has been further updated .
The FCO now advises against all non-essential travel to Spain , including the Balearic and Canary Islands .
“ You will have to self-isolate for 14 days on arrival into the UK ” , it wrote .
The decision to @ @ @ @ @ @ @ came after restrictions on travellers from mainland Spain came into effect over the weekend .
However , it was reported that ministers were in talks with their counterparts over the possibility of an exemption for people returning from the islands .
Earlier today , a spokesman for Prime Minister Boris Johnson said that “ no travel is risk-free during this pandemic ” .
Before the Open newsletter : Start your day with the City View podcast and key market data The quarantine was criticised by some for giving people only hours to adjust @ @ @ @ @ @ @ announced on Saturday afternoon and to be implemented the next day .
Thousands of people , including transport secretary Grant Shapps , were caught out by the rule change , and will have to isolate on their return to the UK .
In a statement , Shapps said he would cut his holiday short and return to the UK this week to complete the quarantine period .
Stocks in airline companies fell after the new quarantine measures were implemented , with some airlines already cancelling flights from the UK to Spain .
Read @ @ @ @ @ @ @ flying to Spain despite quarantine The decision to reimpose the measures met with harsh criticism from the fragile sector , with fears that it may set back hopes of recovery even further .
Global body IATA called the UK ’ s decision a “ big setback ” for aviation , saying it would hit consumer confidence hard .

Foreign Office warns against all but essential travel to Spanish isles
The Foreign Office is now warning against all but essential travel to the Balearic and Canary Islands after a surge in coronavirus infections in Spain.
Travellers returning from the islands to the UK will have to quarantine for 14 days, the FCO confirmed via tweet this evening.
“Travel advice for Spain has been further updated. The FCO now advises against all non-essential travel to Spain, including the Balearic and Canary Islands.
“You will have to self-isolate for 14 days on arrival into the UK”, it wrote.
The decision to extend the self-isolation measures to the islands came after restrictions on travellers from mainland Spain came into effect over the weekend.
However, it was reported that ministers were in talks with their counterparts over the possibility of an exemption for people returning from the islands.
Earlier today, a spokesman for Prime Minister Boris Johnson said that “no travel is risk-free during this pandemic”.
Before the Open newsletter: Start your day with the City View podcast and key market data
The quarantine was criticised by some for giving people only hours to adjust to the new rules as it was announced on Saturday afternoon and to be implemented the next day.
Thousands of people, including transport secretary Grant Shapps, were caught out by the rule change, and will have to isolate on their return to the UK.
In a statement, Shapps said he would cut his holiday short and return to the UK this week to complete the quarantine period.
Stocks in airline companies fell after the new quarantine measures were implemented, with some airlines already cancelling flights from the UK to Spain.
The decision to reimpose the measures met with harsh criticism from the fragile sector, with fears that it may set back hopes of recovery even further.
Global body IATA called the UK’s decision a “big setback” for aviation, saying it would hit consumer confidence hard.


cityam--2020-07-27--Facebook sues EU regulator for invading employee privacy in antitrust probe

Facebook has said it is suing the EU antitrust regulator for attempting to gain information beyond what is necessary for its case against the firm .
The tech giant said this included seeking highly personal details from its employees , such as medical history and information about family members .
The European Commission has been probing Facebook since last year , with one investigation centred on its treasure hoard of data and the other on its online marketplace , which is used by 800m users to buy and sell items .
Facebook has provided 315,000 documents — equivalent to 1.7m @ @ @ @ @ @ @ of the process .
Read more : Facebook forced to delay results as tech giants size up Super Thursday “ The exceptionally broad nature of the Commission ’ s requests means we would be required to turn over predominantly irrelevant documents that have nothing to do with the Commission ’ s investigations , including highly sensitive personal information such as employees ’ medical information , personal financial documents , and private information about family members of employees , ” Facebook general counsel Tim Lamb said in a statement .
“ We think such @ @ @ @ @ @ @ courts.
” The Commission said it would defend its case in court .
News of the lawsuit was first reported by the Financial Times .
EU regulators will be combing through documents looking for about 2,500 search phrases which include “ big question , ” “ shut down ” and “ not good for us , ” a person familiar with the matter told Reuters .
The person said such search terms could be found in employees ’ health information , performance evaluation and even job applications to the company which are not @ @ @ @ @ @ @ is also separately seeking interim measures at the Luxembourg-based General Court , Europe ’ s second-highest , to halt such data requests until judges make a decision , according to a court filing .
Read more : Facebook and Instagram to examine algorithm in racial bias investigation The social media giant is set to face US politicians in an antitrust hearing on Wednesday , at which chief executive Mark Zuckerberg will face questioning .
He will appear via video link alongside the chief executives of Apple , Amazon and Google .

Facebook sues EU regulator for invading employee privacy in antitrust probe
Facebook chief executive Mark Zuckerberg at the European Parliament last year
Facebook has said it is suing the EU antitrust regulator for attempting to gain information beyond what is necessary for its case against the firm.
The tech giant said this included seeking highly personal details from its employees, such as medical history and information about family members.
The European Commission has been probing Facebook since last year, with one investigation centred on its treasure hoard of data and the other on its online marketplace, which is used by 800m users to buy and sell items.
Facebook has provided 315,000 documents — equivalent to 1.7m pages — to the body as part of the process.
“The exceptionally broad nature of the Commission’s requests means we would be required to turn over predominantly irrelevant documents that have nothing to do with the Commission’s investigations, including highly sensitive personal information such as employees’ medical information, personal financial documents, and private information about family members of employees,” Facebook general counsel Tim Lamb said in a statement.
“We think such requests should be reviewed by the EU courts.”
The Commission said it would defend its case in court. News of the lawsuit was first reported by the Financial Times.
EU regulators will be combing through documents looking for about 2,500 search phrases which include “big question,” “shut down” and “not good for us,” a person familiar with the matter told Reuters.
The person said such search terms could be found in employees’ health information, performance evaluation and even job applications to the company which are not relevant to the EU investigations.
Facebook is also separately seeking interim measures at the Luxembourg-based General Court, Europe’s second-highest, to halt such data requests until judges make a decision, according to a court filing.
The social media giant is set to face US politicians in an antitrust hearing on Wednesday, at which chief executive Mark Zuckerberg will face questioning.
He will appear via video link alongside the chief executives of Apple, Amazon and Google.


cityam--2020-07-27--Moncler reports loss as second-quarter sales plunge

Italian fashion group Moncler reported a first-half operating loss for the first time in its history today , as a drop in sales caused by the coronavirus crisis lockdowns accelerated sharply in the second quarter .
The group did not provide a forecast for the rest of the year but said it expected no immediate relief from the crisis , which has hit revenues across the luxury goods industry .
“ It is difficult to know how the second half of the year will evolve , ” chairman and chief executive Remo Ruffini said in a statement .
“ I @ @ @ @ @ @ @ are facing will continue to have a significant impact for several months on , at least in some parts of the world.
” Read more : Retail footfall dips as face coverings become mandatory in English stores With shoppers confined at home during lockdowns in Moncler ’ s main markets , sales in the second quarter were down by around 50 per cent , in line with analysts ’ estimates , following an 18 per cent drop in the first quarter .
Earnings before interest and taxes ( EBIT ) in the first @ @ @ @ @ @ @ of €35.5m , after writedowns of €30m to cover unsold inventory from Moncler ’ s spring/summer range .
That compared with a first-half profit of €102.6m last year .
Moncler , which made its name with trademark puffer jackets , has become one of best performing luxury groups in the industry after a makeover under Ruffini .
But in April it scrapped its 2019 dividend after the first-quarter sales drop .
Read more : Coronavirus takes the sparkle off Louis Vuitton ’ s finances as luxury brands brace for bumpy ride Earlier today @ @ @ @ @ @ @ e-commerce channel in-house with a view to double the share of its online business over the next three years at a time when online sales are increasingly important due to uncertainties caused by the virus .
In the first half of 2020 , e-commerce continued to grow in double-digit percentages , Moncler said .
In 2019 , online sales accounted for around 10 per cent of the total , according to analysts .

Moncler reports loss as second-quarter sales plunge
Italian fashion group Moncler reported a first-half operating loss for the first time in its history today, as a drop in sales caused by the coronavirus crisis lockdowns accelerated sharply in the second quarter.
The group did not provide a forecast for the rest of the year but said it expected no immediate relief from the crisis, which has hit revenues across the luxury goods industry.
“It is difficult to know how the second half of the year will evolve,” chairman and chief executive Remo Ruffini said in a statement.
“I believe, however, that what we are facing will continue to have a significant impact for several months on, at least in some parts of the world.”
With shoppers confined at home during lockdowns in Moncler’s main markets, sales in the second quarter were down by around 50 per cent, in line with analysts’ estimates, following an 18 per cent drop in the first quarter.
Earnings before interest and taxes (EBIT) in the first half turned negative to produce a loss of €35.5m, after writedowns of €30m to cover unsold inventory from Moncler’s spring/summer range.
That compared with a first-half profit of €102.6m last year.
Moncler, which made its name with trademark puffer jackets, has become one of best performing luxury groups in the industry after a makeover under Ruffini. But in April it scrapped its 2019 dividend after the first-quarter sales drop.
Earlier today, Moncler announced it would bring its e-commerce channel in-house with a view to double the share of its online business over the next three years at a time when online sales are increasingly important due to uncertainties caused by the virus.
In the first half of 2020, e-commerce continued to grow in double-digit percentages, Moncler said. In 2019, online sales accounted for around 10 per cent of the total, according to analysts.


cityam--2020-07-27--Jet2 cancels Spain flights after UK implements travel quarantine

Budget airline Jet2 said it was cancelling flights from the UK to popular holiday destinations in Spain as a result of the government ’ s decision to reimpose mandatory quarantine measures on travellers from the country .
The carrier tweeted a statement , saying : “ Following the latest government advice regarding travel to mainland Spain from the UK , we have taken the decision to suspend our flights and holidays programme to Costa de Almeria , Alicante , Malaga and Murcia from 28 July up to and including 16 August ” .
Read more : Ryanair and Easyjet to @ @ @ @ @ @ @ said that it was maintaining its flights and holidays to the Canary Islands and to the Balearic Islands , because Foreign and Commonwealth Office travel guidance for the islands remained unchanged .
However , this evening the FCO extended its advice against all non-essential travel to the islands “ based on the current assessment of COVID-19 risks in the country , ” it said .
There had been talks that the government was in talks with its Spanish counterparts about implementing air bridges to the islands to enable holidays to continue .
Before @ @ @ @ @ @ @ with the City View podcast and key market data Earlier today fellow low-cost flyers Easyjet and Ryanair said that they would not cancel any flights due to the new restrictions .
The former will cancel its holiday programme , however , in line with sector regulations .
Jet2 , which is owned by Dart Group , also said it was suspending flights to Faro in Portugal until the same date .
Ministers brought in the 14-day quarantine measures overnight yesterday amid growing concerns about a spike in infections in Spain ’ s prosperous @ @ @ @ @ @ @ tumbling as financial markets opened today , with fellow holiday firm Tui seeing shares fall over 11 per cent .
Easyjet slumped 7.9 per cent , BA owner IAG dropped over five per cent and Hungarian low-cost carrier Wizz Air fell 4.5 per cent .

Jet2 cancels Spain flights after UK implements travel quarantine
Budget airline Jet2 said it was cancelling flights from the UK to popular holiday destinations in Spain as a result of the government’s decision to reimpose mandatory quarantine measures on travellers from the country.
The carrier tweeted a statement, saying: “Following the latest government advice regarding travel to mainland Spain from the UK, we have taken the decision to suspend our flights and holidays programme to Costa de Almeria, Alicante, Malaga and Murcia from 28 July up to and including 16 August”.
It said that it was maintaining its flights and holidays to the Canary Islands and to the Balearic Islands, because Foreign and Commonwealth Office travel guidance for the islands remained unchanged.
However, this evening the FCO extended its advice against all non-essential travel to the islands “based on the current assessment of COVID-19 risks in the country,” it said.
There had been talks that the government was in talks with its Spanish counterparts about implementing air bridges to the islands to enable holidays to continue.
Before the Open newsletter: Start your day with the City View podcast and key market data
Earlier today fellow low-cost flyers Easyjet and Ryanair said that they would not cancel any flights due to the new restrictions. The former will cancel its holiday programme, however, in line with sector regulations.
Jet2, which is owned by Dart Group, also said it was suspending flights to Faro in Portugal until the same date.
Ministers brought in the 14-day quarantine measures overnight yesterday amid growing concerns about a spike in infections in Spain’s prosperous north-east.
The move sent airline stocks tumbling as financial markets opened today, with fellow holiday firm Tui seeing shares fall over 11 per cent.
Easyjet slumped 7.9 per cent, BA owner IAG dropped over five per cent and Hungarian low-cost carrier Wizz Air fell 4.5 per cent.


cityam--2020-07-28--FTSE 100 rises on stimulus and vaccine hopes but US futures slip

The FTSE 100 rose but US stock futures slipped back as coronavirus cases climbed around the world and Republicans and Democrats prepared to debate a new stimulus package amid new trials of a vaccine .
The UK ’ s main stock index was 0.3 per cent higher just after midday at 6,121 points after briefly slipping into the red .
The FTSE 250 of slightly smaller shares was 0.7 per cent higher .
In Europe , the German Dax gave up early gains to sit 0.3 per cent lower .
France ’ s CAC was down 0.6 per cent and @ @ @ @ @ @ @ cent .
US stocks were set to open lower as doubts crept in about the latest round of talks over fiscal a stimulus package .
Senate Republicans agreed a $ 1 trillion ( £780bn ) package with the White House yesterday .
But it faces strong opposition from Democrats who say it is not enough and from some Republicans , too .
Earnings season is now in full swing , with tech titans Apple , Amazon , Alphabet and Facebook all reporting this week .
That has led to some nerves among investors @ @ @ @ @ @ @ housebuilding companies today after the Financial Times reported that the government is set to extend the Help to Buy scheme beyond its December deadline .
Barratt Developments was up 5.8 per cent just after midday .
Berkeley Group had risen 4.6 per cent , Persimmon four per cent and Taylor Wimpey 3.9 per cent .
Read more : UK housebuilder stocks surge on Help to Buy extension reports On top of the Help to Buy extension , “ the recent stamp duty holiday [ is ] expected to spark a resurgence in demand @ @ @ @ @ @ @ market analyst at IG .
Prime Minister Boris Johnson has also promised to relax planning rules and invest in affordable homes .
However , many FTSE 100 stocks exposed to the global economy fell as coronavirus cases continued to rise around the world .
US cases rose 1.3 per cent yesterday , although that was below the average 1.7 per cent gain last week .
Spain ’ s coronavirus count continues to rise and cases have flared in Vietnam .
Beijing in China confirmed a new case after weeks without .
Miners Fresnillo @ @ @ @ @ @ @ fallers , dropping 3.4 per cent and 2.9 per cent respectively .
Fashion giant Burberry fell 0.9 per cent after it warned it will “ take time ” to recover from coronavirus .
Read more : Government announces £100m funding for new coronavirus vaccine centre The rise in cases has hastened the search for a vaccine , which has helped markets .
Drug giants Pfizer , Moderna and Astrazeneca are all racing to produce a safe and effective treatment .
Moderna yesterday said it had begun the first US late-stage trial of its @ @ @ @ @ @ @ does feel as if we are entering the final stretch of a historic push for a solution to this pandemic.
” Investors ’ main focus so far this week has been on gold and the dollar , however .
The metal yellow hit an all-time high of around $ 1,980 per ounce this morning .
It came as investors looked for a higher rate of return than negative real bond yields and a hedge against inflation amid record levels of stimulus .
Read more : Dollar hits two-year low as US coronavirus cases @ @ @ @ @ @ @ took stock of the huge price moves .
It was last down 0.7 per cent to $ 1,929 an ounce .
The dollar slumped to a two-year low yesterday as rising coronavirus cases and Federal Reserve dovishness put pressure on the currency .
It climbed 0.1 per cent on the dollar index this morning , however .

Markets live: FTSE 100 up but US stocks down amid stimulus hopes
The FTSE 100 rose but US stocks fell as coronavirus cases climbed around the world and Republicans and Democrats prepared to debate a new stimulus package amid new vaccine trials
The UK’s main stock index was 0.3 per cent higher in afternoon trading at 6,120 points after briefly slipping into the red. The FTSE 250 of slightly smaller shares was 0.6 per cent higher.
Read more: Gold hits all time high amid US-China tensions
In Europe, the German Dax gave up early gains to sit 0.2 per cent lower. France’s CAC was down 0.3 per cent but the continent-wide Stoxx 600 rose 0.3 per cent.
US stocks fell after some worse-than-expected company earnings and as doubts crept in about the latest round of talks over a fiscal stimulus package.
The S&P 500 slipped 0.2 per cent and the Dow Jones fell 0.5 per cent. The Nasdaq dropped 0.6 per cent.
FTSE 100 choppy but helped by housebuilders
The FTSE 100 was boosted by housebuilding companies today after the Financial Times reported that the government is set to extend the Help to Buy scheme beyond its December deadline.
The programme helps first-time buyers purchase a new-build property with a small deposit.
Berkeley Group was up 5.1 per cent in the afternoon. Barratt Homes had risen 4.6 per cent, Taylor Wimpey 2.8 per cent and Persimmon 2.6 per cent.
Read more: UK housebuilder stocks surge on Help to Buy extension reports
On top of the Help to Buy extension, “the recent stamp duty holiday [is] expected to spark a resurgence in demand,” said Joshua Mahony, senior market analyst at IG.
Prime Minister Boris Johnson has also promised to relax planning rules and invest in affordable homes.
Rising cases speed up vaccine race
However, many FTSE 100 stocks exposed to the global economy fell as coronavirus cases continued to rise around the world.
US cases rose 1.3 per cent yesterday, although that was below the average 1.7 per cent gain last week. Spain’s coronavirus count continues to rise and cases have flared in Vietnam.
Miner Fresnillo led the FTSE 100 fallers, dropping three per cent. Advertising group WPP fell 2.6 per cent.
Read more: Government announces £100m funding for new coronavirus vaccine centre
The rise in cases has hastened the search for a vaccine, which has helped markets. Drug giants Pfizer, Moderna and Astrazeneca are all racing to produce a safe and effective treatment.
US stocks fall as earnings disappoint
Shares on Wall Street slipped amid worse-than-expected company results even as the FTSE 100 rose. McDonald’s, 3M and Harley Davidson all missed expectations.
The fast food giant’s total sales plunged 24 per cent in the second quarter. Its shares slipped 2.4 per cent on the S&P 500.
Earnings season is now in full swing, with tech titans Apple, Amazon, Alphabet and Facebook all reporting this week. That has led to some nerves among investors.
US markets were also nudged off course by expectations the Federal Reserve will make some gloomy comments about the economy when its rate-setting meeting ends tomorrow.
On top of this, Senate Republicans agreed a $1 trillion (£780bn) stimulus package with the White House yesterday. But it faces strong opposition from Democrats who say it is not enough and from some Republicans, too.
Gold drops back after record surge
Investors’ main focus so far this week has been on gold and the dollar, however.
The metal yellow hit an all-time high of around $1,980 per ounce this morning. It came as investors looked for a higher rate of return than negative real bond yields and a hedge against inflation amid record levels of stimulus.
Read more: Dollar hits two-year low as US coronavirus cases surge
But the rally cooled as investors took stock of the huge price moves. It was last up 0.5 per cent to $1,950 an ounce.
The dollar slumped to a two-year low yesterday as rising coronavirus cases and Federal Reserve dovishness put pressure on the currency. It was roughly flat on the dollar index in the afternoon.


cityam--2020-07-28--UK housebuilder stocks surge on Help to Buy extension reports

UK housebuilder stocks surged this morning on reports that the government is preparing to extend the Help to Buy scheme .
Barratt Developments ’ share price was up 5.07 per cent and Berkeley Group ’ s shares jumped 4.07 per cent this morning .
Read more : UK housebuilders race to return to work after government eases restrictions Taylor Wimpey ’ s share price increased 3.29 per cent and Persimmon ’ s stock was up 4.06 per cent .
The Help to Buy scheme will be extended beyond its December deadline to help buyers that had deals delayed due to @ @ @ @ @ @ @ The closure of construction sites during the coronavirus lockdown means many homes could be built too late for the December cut off .
An announcement on the extension could be made as soon as Friday .
Help to Buy allows buyers to pay for a new-build home with a deposit as small as five per cent , with the government providing a 20 per cent loan , or 40 per cent in London .
Homes sold through the scheme have accounted for a large chunk of UK housebuilder sales since it was set @ @ @ @ @ @ @ have also been buoyed by the chancellor ’ s decision to increase the threshold for stamp duty payments .
“ The housebuilders are helping to prop up the FTSE 100 in early trade today , with investors jumping into a sector that has historically benefitted from each post-crisis period , ” Joshua Mahony , senior market analyst at IG , said .
Read more : Shares in housebuilders and UK banks jump on new Brexit deal optimism “ With the recent stamp duty holiday expected to spark a resurgence in demand , speculation @ @ @ @ @ @ @ help-to-buy extension adds yet another string to the bulls bow.
” CMC Markets analyst David Madden added : “ Construction sites ground to a halt amid the health crisis so if the scheme is pushed back , that will assist people who were impacted by the delays .
”

UK housebuilder stocks surge on Help to Buy extension reports
UK housebuilder stocks surged this morning on reports that the government is preparing to extend the Help to Buy scheme.
Barratt Developments’ share price was up 5.07 per cent and Berkeley Group’s shares jumped 4.07 per cent this morning.
Taylor Wimpey’s share price increased 3.29 per cent and Persimmon’s stock was up 4.06 per cent.
The Help to Buy scheme will be extended beyond its December deadline to help buyers that had deals delayed due to lockdown, the Financial Times reported.
The closure of construction sites during the coronavirus lockdown means many homes could be built too late for the December cut off.
An announcement on the extension could be made as soon as Friday.
Help to Buy allows buyers to pay for a new-build home with a deposit as small as five per cent, with the government providing a 20 per cent loan, or 40 per cent in London.
Homes sold through the scheme have accounted for a large chunk of UK housebuilder sales since it was set up seven years ago.
UK housebuilders have also been buoyed by the chancellor’s decision to increase the threshold for stamp duty payments.
“The housebuilders are helping to prop up the FTSE 100 in early trade today, with investors jumping into a sector that has historically benefitted from each post-crisis period,”Joshua Mahony, senior market analyst at IG, said.
“With the recent stamp duty holiday expected to spark a resurgence in demand, speculation over the potential measures such as a help-to-buy extension adds yet another string to the bulls bow.”
CMC Markets analyst David Madden added: “Construction sites ground to a halt amid the health crisis so if the scheme is pushed back, that will assist people who were impacted by the delays.”


cityam--2020-07-28--UK broadband customers to save £270m following Ofcom review

Broadband customers who choose not to sign up to contract deals are set to make total savings of £270m each year from pricing changes following a new Ofcom review .
A report released today by telecoms watchdog Ofcom found that broadband companies are failing to protect customers from high out-of-contract prices , in a move that is costing UK broadband users upwards of £500m each year .
The report found that around 40 per cent of UK broadband customers are out of contract , and that each out-of-contract broadband customer is paying around £4.70 per month more than their provider @ @ @ @ @ @ @ .
Last year , Ofcom secured commitments from telecoms firms BT , Talktalk and Virgin Media to automatically reduce prices for vulnerable customers who are out of contract .
The UK watchdog today said it has now secured further promises from EE , Plusnet and Sky to do the same .
In total , Ofcom estimates that the pricing changes made by providers will benefit out-of-contract customers by more than £270m each year — in effect halving the surplus that out-of-contract customers have been forced to pay .
“ We ’ ve already @ @ @ @ @ @ @ a discount and save money , ” said Jane Rumble , Ofcom ’ s director of consumer policy .
“ But we ’ re concerned some customers who find it harder to seek better deals are missing out.
” “ So we ’ re pleased providers have done the right thing by cutting vulnerable customers ’ bills .
We ’ re now calling on them to go further and take extra steps to identify and support customers who might be vulnerable.
” It comes after Ofcom last week ordered phone , broadband and @ @ @ @ @ @ @ vulnerable customers struggling to pay their bills during the pandemic .
The regulatory body said the coronavirus crisis has increased the likelihood of customers ’ circumstances changing suddenly , making it more likely some customers will struggle to meet bill payments .
It urged phone , TV and internet providers to improve transparency and communication with customers , and called on them to “ identify any accessibility or customer service needs at the earliest opportunity ” .
The renewed pressure comes as broadband usage surged over lockdown , as Brits were forced to @ @ @ @ @ @ @ isolation .
Virgin Media said April was its busiest month on record , with customers downloading an extra 325GB on average during lockdown — the equivalent of three extra hours of Netflix each day .
Talktalk reported that use of its network increased 30 per cent over lockdown , driven by a spike in demand for video calls , online gaming and streaming television shows .
Richard Neudegg , head of regulation at Uswitch , said : “ Millions of people who have worked from home during the past four months can testify @ @ @ @ @ @ @ modern Britain ’ s infrastructure .
“ There have been significant improvements since Ofcom started shining a stronger light on the need for customer fairness in the broadband sector .
But this report is a stark reminder that being out of contract often means paying an average of £56 a year more than customers who are in contract with the same provider.
” Neudegg added “ more work needs to be done ” to improve connectivity and costs for customers around the country .
Read more : EU countries must urgently diversify 5G @ @ @ @ @ @ @ He said : “ Households stuck with copper cables still face a double whammy of slow connections and paying more than those with superfast broadband .
It ’ s time that this unfair situation was resolved .
“ So much of modern life can only be accessed through the internet these days , so it ’ s vital that providers work together to make Britain ’ s broadband accessible for all.
” Before the Open : Get the jump on the markets with our early morning newsletter

UK broadband customers to save £270m following Ofcom review
Broadband customers who choose not to sign up to contract deals are set to make total savings of £270m each year from pricing changes following a new Ofcom review.
A report released today by telecoms watchdog Ofcom found that broadband companies are failing to protect customers from high out-of-contract prices, in a move that is costing UK broadband users upwards of £500m each year.
The report found that around 40 per cent of UK broadband customers are out of contract, and that each out-of-contract broadband customer is paying around £4.70 per month more than their provider’s average price for their service.
Last year, Ofcom secured commitments from telecoms firms BT, Talktalk and Virgin Media to automatically reduce prices for vulnerable customers who are out of contract. The UK watchdog today said it has now secured further promises from EE, Plusnet and Sky to do the same.
In total, Ofcom estimates that the pricing changes made by providers will benefit out-of-contract customers by more than £270m each year — in effect halving the surplus that out-of-contract customers have been forced to pay.
“We’ve already made it easier for people to get a discount and save money,” said Jane Rumble, Ofcom’s director of consumer policy. “But we’re concerned some customers who find it harder to seek better deals are missing out.”
“So we’re pleased providers have done the right thing by cutting vulnerable customers’ bills. We’re now calling on them to go further and take extra steps to identify and support customers who might be vulnerable.”
It comes after Ofcom last week ordered phone, broadband and pay-TV companies to stop threatening to disconnect vulnerable customers struggling to pay their bills during the pandemic.
The regulatory body said the coronavirus crisis has increased the likelihood of customers’ circumstances changing suddenly, making it more likely some customers will struggle to meet bill payments.
It urged phone, TV and internet providers to improve transparency and communication with customers, and called on them to “identify any accessibility or customer service needs at the earliest opportunity”.
The renewed pressure comes as broadband usage surged over lockdown, as Brits were forced to turn to their screens during months of isolation.
Virgin Media said April was its busiest month on record, with customers downloading an extra 325GB on average during lockdown — the equivalent of three extra hours of Netflix each day.
Talktalk reported that use of its network increased 30 per cent over lockdown, driven by a spike in demand for video calls, online gaming and streaming television shows.
Richard Neudegg, head of regulation at Uswitch, said: “Millions of people who have worked from home during the past four months can testify that broadband is a vital part of modern Britain’s infrastructure.
“There have been significant improvements since Ofcom started shining a stronger light on the need for customer fairness in the broadband sector. But this report is a stark reminder that being out of contract often means paying an average of £56 a year more than customers who are in contract with the same provider.”
Neudegg added “more work needs to be done” to improve connectivity and costs for customers around the country.
He said: “Households stuck with copper cables still face a double whammy of slow connections and paying more than those with superfast broadband. It’s time that this unfair situation was resolved.
“So much of modern life can only be accessed through the internet these days, so it’s vital that providers work together to make Britain’s broadband accessible for all.”
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-07-28--Germany advises against travel to Spain’s virus-hit regions

Germany has advised holidaymakers to avoid travel to several regions in Spain that have seen a rise in the number of coronavirus cases .
“ We currently advise against unnecessary tourist trips to the autonomous communities of Aragon , Catalonia and Navarre due to high infection numbers and local lockdowns , ” the foreign ministry said today .
Read more : Spain quarantine to be cut to 10 days for returning Brits Many European countries are seeing a rise in infections again as they move out of strict lockdowns .
Spain recorded its highest infection figure since May last Thursday @ @ @ @ @ @ @ had more than 2,000 cases a day .
As of yesterday , Spain has the highest number of cases in Europe after the UK , with 272,421 people infected according to the European Centre for Disease Prevention and Control .
However , figures show that Spain has 35.1 cases per 100,000 compared to 14.7 in the UK .
Germany ’ s disease control agency today voiced “ great concern ” over rising numbers of cases in the country .
“ We must prevent that the virus once again spreads rapidly and uncontrollably , @ @ @ @ @ @ @ Robert Koch Institute said .
He said Germans bringing coronavirus back from their summer holidays was one reason for a surge in domestic cases , but also pointed to outbreaks in workplaces and open-air parties .
Over the weekend the UK government imposed a 14-day quarantine on those arriving from Spain , which it has now extended to include the Balearic and Canary Islands .
The decision came after ten Britons tested positive for the virus on their return from their country .
Spanish PM Pedro Sanchez today called the UK ’ s @ @ @ @ @ @ @ applied to the whole of Spain rather than just the affected regions .

Germany advises against travel to Spain’s virus-hit regions
(Photo by JAIME REINA/AFP via Getty Images)
Germany has advised holidaymakers to avoid travel to several regions in Spain that have seen a rise in the number of coronavirus cases.
“We currently advise against unnecessary tourist trips to the autonomous communities of Aragon, Catalonia and Navarre due to high infection numbers and local lockdowns,” the foreign ministry said today.
Many European countries are seeing a rise in infections again as they move out of strict lockdowns. Spain recorded its highest infection figure since May last Thursday with 2,615 cases, and has since had more than 2,000 cases a day.
As of yesterday, Spain has the highest number of cases in Europe after the UK, with 272,421 people infected according to the European Centre for Disease Prevention and Control. However, figures show that Spain has 35.1 cases per 100,000 compared to 14.7 in the UK.
Germany’s disease control agency today voiced “great concern” over rising numbers of cases in the country.
“We must prevent that the virus once again spreads rapidly and uncontrollably,” Lothar Wieler, head of the Robert Koch Institute said.
He said Germans bringing coronavirus back from their summer holidays was one reason for a surge in domestic cases, but also pointed to outbreaks in workplaces and open-air parties.
Over the weekend the UK government imposed a 14-day quarantine on those arriving from Spain, which it has now extended to include the Balearic and Canary Islands.
The decision came after ten Britons tested positive for the virus on their return from their country.
Spanish PM Pedro Sanchez today called the UK’s approach an “error” as it applied to the whole of Spain rather than just the affected regions.


cityam--2020-07-28--Google to build undersea cable between New York and Cornwall

Google is set to build a subsea network cable between the US , the UK and Spain , it said today .
The landing points will be situated in New York , Bude and Bilbao , and is set to go online by 2022 .
Named after Grace Hopper , who was a pioneering computer scientist , the project will join three existing Google cables between the US and South America , the US and France and Europe and Africa .
Google said approximately 98 per cent of the world ’ s international data transfers are carried via subsea cabling @ @ @ @ @ @ @ working from home until mid-2021 It added that it intends to incorporate new technology into the Grace Hopper cable , with the project to be one of the first cables built between the US and the UK since 2003 .
The cable is Google ’ s first investment in a private subsea cable route to the UK , and its first-ever route to Spain .
“ Private subsea cables allow us to plan effectively for the future capacity needs of our customers and users around the world , and add a layer of @ @ @ @ @ @ @ the public internet , ” said Bikash Koley , vice president of Google ’ s Global Network .
Read more : Facebook forced to delay results as tech giants size up Super Thursday The Grace Hopper cable will be built by Subcom , which Google also contracted for work on its Dunant and Curie cables .
Google is set to announce its quarterly results on Thursday , a day after its chief executive Sundar Pichai appears before the US House Judiciary Committee to dispel allegations of anti-competitive behaviour .

Google to build undersea cable between New York and Cornwall
Credit: Google
Google is set to build a subsea network cable between the US, the UK and Spain, it said today.
The landing points will be situated in New York, Bude and Bilbao, and is set to go online by 2022.
Named after Grace Hopper, who was a pioneering computer scientist, the project will join three existing Google cables between the US and South America, the US and France and Europe and Africa.
Google said approximately 98 per cent of the world’s international data transfers are carried via subsea cabling.
It added that it intends to incorporate new technology into the Grace Hopper cable, with the project to be one of the first cables built between the US and the UK since 2003.
Credit: Google
The cable is Google’s first investment in a private subsea cable route to the UK, and its first-ever route to Spain.
“Private subsea cables allow us to plan effectively for the future capacity needs of our customers and users around the world, and add a layer of security beyond what’s available over the public internet,” said Bikash Koley, vice president of Google’s Global Network.
The Grace Hopper cable will be built by Subcom, which Google also contracted for work on its Dunant and Curie cables.
Google is set to announce its quarterly results on Thursday, a day after its chief executive Sundar Pichai appears before the US House Judiciary Committee to dispel allegations of anti-competitive behaviour.


cityam--2020-07-28--UK retail sales bounce back as shops reopen from lockdown

UK retail sales bounced back in July after “ non-essential ” shops were reopened , according to a closely watched gauge that hit its highest level since April last year .
The CBI ’ s measure of retail sales volumes rebounded to a score of four in July from minus 37 in June .
It indicated that sales grew slightly compared to the same period a year earlier , suggesting the sector is returning to normal .
Stronger grocery sales drove the jump in the gauge , the CBI said .
Sales of hardware and DIY also returned to growth @ @ @ @ @ @ @ of lockdown .
However , CBI chief economist Rain Newton-Smith said the “ picture remains bleak ” for many retailers .
“ It ’ s great to see retail sales stabilise this month , but this doesn ’ t tell the whole story .
This crisis has created winners and losers within the retail sector.
” For example , wholesalers reported the fourth consecutive month of falling sales and orders , though at a slower pace than last month .
Furniture , footwear and clothing shops also continued to suffer .
The CBI @ @ @ @ @ @ @ to dip slightly next month , with the gauge falling to minus five .
Internet sales grow but UK retail firms call for help On the up side , internet sales continued to grow rapidly .
Motor traders also reported a pick-up in sales in July after a collapse in the market from March to June .
The CBI ’ s distributive trades survey spoke to 133 businesses between 26 June and 15 July .
The headline figure is the difference between the number of firms reporting an increase in sales and those @ @ @ @ @ @ @ non-essential shops in June as part of its phased reopening of the economy .
Read more : Retail footfall dips as face coverings become mandatory in English stores Newton-Smith said the move “ was a vital step towards recovery but isn ’ t a cure-all ” .
She said companies are still cash-strapped and the government should consider more direct support such as extending business rates relief .
Chancellor Rishi Sunak unveiled a VAT cut for the hospitality and tourism sectors earlier this month but not for retailers .

UK retail sales bounce back as shops reopen from lockdown
UK retail sales bounced back in July after “non-essential” shops were reopened, according to a closely watched gauge that hit its highest level since April last year.
The CBI’s measure of retail sales volumes rebounded to a score of four in July from minus 37 in June. It indicated that sales grew slightly compared to the same period a year earlier, suggesting the sector is returning to normal.
Stronger grocery sales drove the jump in the gauge, the CBI said. Sales of hardware and DIY also returned to growth as Britons fixed their houses after months of lockdown.
However, CBI chief economist Rain Newton-Smith said the “picture remains bleak” for many retailers.
“It’s great to see retail sales stabilise this month, but this doesn’t tell the whole story. This crisis has created winners and losers within the retail sector.”
For example, wholesalers reported the fourth consecutive month of falling sales and orders, though at a slower pace than last month. Furniture, footwear and clothing shops also continued to suffer.
The CBI also predicted that overall sales are expected to dip slightly next month, with the gauge falling to minus five.
Internet sales grow but UK retail firms call for help
On the up side, internet sales continued to grow rapidly. Motor traders also reported a pick-up in sales in July after a collapse in the market from March to June.
The CBI’s distributive trades survey spoke to 133 businesses between 26 June and 15 July. The headline figure is the difference between the number of firms reporting an increase in sales and those reporting a decrease.
The government reopened non-essential shops in June as part of its phased reopening of the economy.
Newton-Smith said the move “was a vital step towards recovery but isn’t a cure-all”. She said companies are still cash-strapped and the government should consider more direct support such as extending business rates relief.
Chancellor Rishi Sunak unveiled a VAT cut for the hospitality and tourism sectors earlier this month but not for retailers.


cityam--2020-07-28--LVMH sales slump drags down other luxury stocks

Shares in luxury goods giant LVMH fell this morning after the Louis Vuitton owner posted a slump in profit and sales in the first half of the year due to the coronavirus pandemic .
The French firm ’ s share price dipped more than four per cent after it reported a 27 per cent drop in revenue in the first six months of the year .
Read more : LVMH explores impact of coronavirus on Tiffany deal terms Profit from recurring operations was €1.67bn ( £1.52bn ) , down 68 per cent from a year ago .
The company reported @ @ @ @ @ @ @ to €7.8bn in the April to June period , at the height of global coronavirus lockdowns .
LVMH ’ s results dragged down the shares of other luxury firms .
Kering dipped 0.83 per cent but Moncler shed 4.72 per cent .
Last week Moncler posted its first ever first-half operating loss after the coronavirus pandemic decimated sales .
LVMH chairman and chief executive Bernard Arnault said he hoped the company , which also owns fashion house Christian Dior , would recover in the second half of the year .
Arnault said : @ @ @ @ @ @ @ of an upturn in activity since June , we remain very vigilant for the rest of the year .
“ We continue to be driven by a long-term vision , a deep sense of responsibility and a strong commitment to environmental protection , inclusion and solidarity .
Read more : Toyota , Starbucks and LVMH shut down some China operations over coronavirus fears “ In the current context , we remain even more firmly dedicated to showing continuous progress in these areas .
“ Thanks to the strength of our brands and the @ @ @ @ @ @ @ confident that LVMH is in an excellent position to take advantage of the recovery , which we hope will be confirmed in the second half of the year , and to strengthen our lead in the global luxury market in 2020 .
”

LVMH sales slump drags down other luxury stocks
Louis Vuitton owner LVMH saw sales slump during a coronavirus-hit first half of 2020
Shares in luxury goods giant LVMH fell this morning after the Louis Vuitton owner posted a slump in profit and sales in the first half of the year due to the coronavirus pandemic.
The French firm’s share price dipped more than four per cent after it reported a 27 per cent drop in revenue in the first six months of the year.
Profit from recurring operations was €1.67bn (£1.52bn), down 68 per cent from a year ago.
The company reported a 38 per cent drop in revenue to €7.8bn in the April to June period, at the height of global coronavirus lockdowns.
LVMH’s results dragged down the shares of other luxury firms. Kering dipped 0.83 per cent but Moncler shed 4.72 per cent.
Last week Moncler posted its first ever first-half operating loss after the coronavirus pandemic decimated sales.
LVMH sees ‘strong signs’ of uptick
LVMH chairman and chief executive Bernard Arnault said he hoped the company, which also owns fashion house Christian Dior, would recover in the second half of the year.
Arnault said: “While we have observed strong signs of an upturn in activity since June, we remain very vigilant for the rest of the year.
“We continue to be driven by a long-term vision, a deep sense of responsibility and a strong commitment to environmental protection, inclusion and solidarity.
“In the current context, we remain even more firmly dedicated to showing continuous progress in these areas.
“Thanks to the strength of our brands and the responsiveness of our organisation, we are confident that LVMH is in an excellent position to take advantage of the recovery, which we hope will be confirmed in the second half of the year, and to strengthen our lead in the global luxury market in 2020.”


cityam--2020-07-28--London tech startup Complyadvantage nets $50m from SpaceX investor

Fintech startup Complyadvantage has closed a $ 50m series C round , as it seeks to disrupt the way global banks tackle financial crime .
The round was led by the Ontario Teachers ’ Pension Plan Board , which has CA $ 207.4bn in net assets .
It made the investment through its innovation arm , which invests in late-stage tech companies .
Existing investors including early Facebook backer Index Ventures and London ’ s Balderton Capital also participated in the round .
Complyadvantage uses artificial intelligence to help banks calculate the risk of financial crime and prevent it before @ @ @ @ @ @ @ that watches hotspots such as most wanted lists , sanctions and news to track criminals .
“ Ontario Teachers ’ deep experience and credibility with global financial institutions made them a natural choice to lead the round , ” said Charles Delingpole , founder and chief executive of Complyadvantage .
“ This funding allows us to accelerate the development of our industry-leading data and suite of products to serve institutions with diverse clients and complex risk exposure.
” The Ontario Teachers ’ Pension Plan Board has previously backed a number of UK airports @ @ @ @ @ @ @ Musk ’ s SpaceX .
Read more : Musk ’ s SpaceX in talks to raise funds at $ 44bn valuation Meanwhile Delingpole is a co-founder and former chief executive of London fintech firm Marketfinance , which counts Barclays and Santander among its investors .
“ Complyadvantage offers mission-critical technology solutions for combating financial crime and keeping pace with an ever-evolving regulatory landscape , ” said Olivia Steedman , senior managing director of Ontario Teachers ’ innovation unit TIP .
“ The company is well positioned to continue its rapid growth as its @ @ @ @ @ @ @ risk management process for its clients .
”

SpaceX investor pours $50m into London tech startup Complyadvantage
Fintech startup Complyadvantage has closed a $50m series C round, as it seeks to disrupt the way global banks tackle financial crime.
The round was led by the Ontario Teachers’ Pension Plan Board, which has CA$207.4bn in net assets. It made the investment through its innovation arm, which invests in late-stage tech companies.
Existing investors including early Facebook backer Index Ventures and London’s Balderton Capital also participated in the round.
Complyadvantage uses artificial intelligence to help banks calculate the risk of financial crime and prevent it before it happens, using a real-time database that watches hotspots such as most wanted lists, sanctions and news to track criminals.
“Ontario Teachers’ deep experience and credibility with global financial institutions made them a natural choice to lead the round,” said Charles Delingpole, founder and chief executive of Complyadvantage.
“This funding allows us to accelerate the development of our industry-leading data and suite of products to serve institutions with diverse clients and complex risk exposure.”
The Ontario Teachers’ Pension Plan Board has previously backed a number of UK airports, satellite giant Inmarsat and billionaire Elon Musk’s SpaceX.
Meanwhile Delingpole is a co-founder and former chief executive of London fintech firm Marketfinance, which counts Barclays and Santander among its investors.
“Complyadvantage offers mission-critical technology solutions for combating financial crime and keeping pace with an ever-evolving regulatory landscape,” said Olivia Steedman, senior managing director of Ontario Teachers’ innovation unit TIP.
“The company is well positioned to continue its rapid growth as its powerful technology platform transforms the compliance and risk management process for its clients.”


cityam--2020-07-28--Card Factory online sales soar 120 per cent over lockdown

Card Factory has avoided its worst case scenario of a staggering drop in store sales since the end of lockdown , it said today , as digital sales soared 120 per cent during the quarantine period .
The greetings card retailer said today that store sales have plunged 21.6 per cent year on year since mid-June , better than its own worst fears of a 50 per cent drop in the first month of reopening .
Read more : Dwindling number of female chiefs as Card Factory boss leaves The digital sales surge and better than hoped for store sales @ @ @ @ @ @ @ up 6.5 per cent in morning trading to 44.5p .
Card Factory has now reopened all but three of its 1,018 stores around the UK , having ended lockdown by reopening 89 in England on 15 June .
While footfall has weakened since reopening , the average spend has shot up by 25 per cent .
And Card Factory saw online sales surge after lockdown started in England on 23 March .
Like-for-like online sales rocketed 69 per cent for the financial year to 19 July .
During lockdown , digital sales exploded @ @ @ @ @ @ @ .
Since mid-June , when Card Factory stores began reopening , online like-for-like sales were still up 60.5 per cent .
The company still warned first-half revenue is set to halve to £100m compared to last year ’ s £195.6m as a result from lockdown .
It blamed big sales-driving events falling inside the lockdown period , such as Easter and Father ’ s Day .
“ The board is pleased with the trading performance since stores have reopened , ” Card Factory , which has scrapped its dividend over coronavirus , said @ @ @ @ @ @ @ too soon to determine whether initial trading reflects the release of pent-up demand following lockdown or the point at which consumer footfall and sales ( both transactions and average spend ) will settle to a sustainable level.
” Read more : Card Factory chief Karen Hubbard steps down after four years But online sales and better than expected store revenue helped bring net debt below its original half-year forecast to £144.2m .
So far Card Factory has received £15.5m under the Coronavirus Job Retention Scheme for furloughed staff .
The company ’ s @ @ @ @ @ @ @ the end of June after four years at the helm .
Card Factory said Hubbard and the board agreed it was an “ appropriate ” time for a leadership change to pursue a “ refreshed ” strategy .

Card Factory online sales soar 120 per cent over lockdown
Card Factory has avoided its worst case scenario of a staggering drop in store sales since the end of lockdown, it said today, as digital sales soared 120 per cent during the quarantine period.
The greetings card retailer said today that store sales have plunged 21.6 per cent year on year since mid-June, better than its own worst fears of a 50 per cent drop in the first month of reopening.
The digital sales surge and better than hoped for store sales pushed the company’s share price up 6.5 per cent in morning trading to 44.5p.
Card Factory has now reopened all but three of its 1,018 stores around the UK, having ended lockdown by reopening 89 in England on 15 June.
While footfall has weakened since reopening, the average spend has shot up by 25 per cent.
And Card Factory saw online sales surge after lockdown started in England on 23 March.
Like-for-like online sales rocketed 69 per cent for the financial year to 19 July. During lockdown, digital sales exploded 120.7 per cent on a like-for-like basis.
Since mid-June, when Card Factory stores began reopening, online like-for-like sales were still up 60.5 per cent.
The company still warned first-half revenue is set to halve to £100m compared to last year’s £195.6m as a result from lockdown. It blamed big sales-driving events falling inside the lockdown period, such as Easter and Father’s Day.
“The board is pleased with the trading performance since stores have reopened,” Card Factory, which has scrapped its dividend over coronavirus, said.
“However, it is far too soon to determine whether initial trading reflects the release of pent-up demand following lockdown or the point at which consumer footfall and sales (both transactions and average spend) will settle to a sustainable level.”
But online sales and better than expected store revenue helped bring net debt below its original half-year forecast to £144.2m. So far Card Factory has received £15.5m under the Coronavirus Job Retention Scheme for furloughed staff.
The company’s CEO Karen Hubbard left the firm at the end of June after four years at the helm.
Card Factory said Hubbard and the board agreed it was an “appropriate” time for a leadership change to pursue a “refreshed” strategy.


cityam--2020-07-28--Banks lend £49bn to SMEs to survive coronavirus fallout

Banks have now lent out £49.4bn through the three main government-backed loan schemes , according to Treasury data released today .
Banks have given out £33.7bn through the bounce back loan scheme ( BBLS ) up until the week ending 26 July .
The programme sees the government guarantee 100 per cent of bank loans worth up to £50,000 to small businesses .
Read more : CBILS : Three ways SMEs can avoid a coronavirus loan rejection The coronavirus business interruption loan scheme ( CBILS ) has now seen banks lend out £12.7bn to small and medium-sized companies .
The @ @ @ @ @ @ @ guarantee and loans can be up to £5m .
However , the CBILS scheme still has only around a 50 per cent approval rate for SMEs who apply .
Lenders have given out £3.1bn through the coronavirus large business interruption loan scheme ( CLBILS ) for bigger companies .
It too has an 80 per cent guarantee on loans up to £200m .
As the UK government gradually reopens the economy after lockdown , it is winding down its support schemes .
The job retention scheme is due to end on 31 October @ @ @ @ @ @ @ to pay national insurance and pension contributions for employees .
The percentage of the wages the government pays will be gradually reduced and employers required to make up the difference .
Read more : Sadiq Khan calls on government to extend furlough scheme A wave of unemployment is likely to come as the scheme is wound down , the UK ’ s budget watchdog and many economists have warned .
The Office for Budget Responsibility ’ s ( OBR ) “ central scenario ” has unemployment jumping to 8.8 per cent from 3.9 @ @ @ @ @ @ @ people out of work .
The government has now paid £32bn worth of workers ’ wages through the job retention scheme that is at the heart of the UK ’ s economic response to coronavirus .
The latest figures show that 1.2m companies had “ furloughed ” 9.5m workers by the week ending 26 July .
The number has been roughly steady since the start of July , when new additions to the scheme were limited .
Read more : More than 60 per cent of London firms plan to lay off staff @ @ @ @ @ @ @ , the scheme has cost the government £31.7bn , HMRC figures showed today .
Under the job retention scheme , the state pays 80 per cent of the wages of workers – up to £2,500 a month – who may otherwise have been laid off .
It has been praised by international organisations and stopped the UK ’ s unemployment rate surging as it had done in countries such as the US .
But the government is gradually winding down the scheme , and economists warn there will be mass job losses .

Banks lend £49bn to SMEs to survive coronavirus fallout
Chancellor Rishi Sunak has overseen a huge intervention in the economy
Banks have now lent out £49.4bn through the three main government-backed loan schemes, according to Treasury data released today.
Banks have given out £33.7bn through the bounce back loan scheme (BBLS) up until the week ending 26 July.
The programme sees the government guarantee 100 per cent of bank loans worth up to £50,000 to small businesses.
The coronavirus business interruption loan scheme (CBILS) has now seen banks lend out £12.7bn to small and medium-sized companies. The scheme has an 80 per cent government guarantee and loans can be up to £5m.
However, the CBILS scheme still has only around a 50 per cent approval rate for SMEs who apply.
Lenders have given out £3.1bn through the coronavirus large business interruption loan scheme (CLBILS) for bigger companies. It too has an 80 per cent guarantee on loans up to £200m.
As the UK government gradually reopens the economy after lockdown, it is winding down its support schemes.
The job retention scheme is due to end on 31 October. From August, firms will have to pay national insurance and pension contributions for employees.
The percentage of the wages the government pays will be gradually reduced and employers required to make up the difference.
A wave of unemployment is likely to come as the scheme is wound down, the UK’s budget watchdog and many economists have warned.
The Office for Budget Responsibility’s (OBR) “central scenario” has unemployment jumping to 8.8 per cent from 3.9 per cent. That would put 3m people out of work.
Government pays out £32bn through job retention scheme
The government has now paid £32bn worth of workers’ wages through the job retention scheme that is at the heart of the UK’s economic response to coronavirus.
The latest figures show that 1.2m companies had “furloughed” 9.5m workers by the week ending 26 July. The number has been roughly steady since the start of July, when new additions to the scheme were limited.
In total so far, the scheme has cost the government £31.7bn, HMRC figures showed today.
Under the job retention scheme, the state pays 80 per cent of the wages of workers – up to £2,500 a month – who may otherwise have been laid off.
It has been praised by international organisations and stopped the UK’s unemployment rate surging as it had done in countries such as the US. But the government is gradually winding down the scheme, and economists warn there will be mass job losses.


cityam--2020-07-28--The City takes the lead as Ebay reports 335 per cent jump in UK businesses

The number of UK businesses signing up to become sellers on Ebay spiked more than 300 per cent in June , with the City of London taking the top spot for the most new companies on the site during lockdown .
Ebay said the number of new businesses on its website jumped 335 per cent in June compared to the same month in 2019 .
Since lockdown began , sign-ups jumped an average of 256 per cent year-on-year .
The e-commerce giant said it signalled “ the rise of the lockdown startup ” , as Brits use increased amounts of @ @ @ @ @ @ @ turn their hobby into a side hustle .
“ The boom in new businesses joining Ebay in lockdown proves that when faced with a crisis , Brits see opportunity , ” said Ebay UK boss Rob Hattrell .
“ The UK is a nation of entrepreneurs and this data shows that a global pandemic hasn ’ t dampened that spirit.
” Most of the platform ’ s entrepreneurs came from London , with the City coming in first place with more than triple the number of businesses listed on Ebay than the runner-up @ @ @ @ @ @ @ , drink more and exercise less during lockdown The most popular product categories for new businesses on Ebay during lockdown were clothing and fashion .
However cycling , fitness accessories and DIY materials all made it into the top 10 , as Brits recreated the gym at home and found new ways to occupy themselves .

The City takes the lead as Ebay reports 335 per cent jump in UK businesses
The number of UK businesses signing up to become sellers on Ebay spiked more than 300 per cent in June, with the City of London taking the top spot for the most new companies on the site during lockdown.
Ebay said the number of new businesses on its website jumped 335 per cent in June compared to the same month in 2019. Since lockdown began, sign-ups jumped an average of 256 per cent year-on-year.
The e-commerce giant said it signalled “the rise of the lockdown startup”, as Brits use increased amounts of downtime to create new business ventures or turn their hobby into a side hustle.
“The boom in new businesses joining Ebay in lockdown proves that when faced with a crisis, Brits see opportunity,” said Ebay UK boss Rob Hattrell.
“The UK is a nation of entrepreneurs and this data shows that a global pandemic hasn’t dampened that spirit.”
Most of the platform’s entrepreneurs came from London, with the City coming in first place with more than triple the number of businesses listed on Ebay than the runner-up.
The City takes the crown
Region Number of businesses on Ebay created in lockdown 1. City of London and Westminster 3,346 2. Islington South 1,002 3. Central Manchester 949 4. Holborn and St Pancras 929 5. South Aberdeen 893 6. Poplar and Limehouse 847 7. Ladywood, Birmingham 638 8. Bethnal Green and Bow 635 9. Bermondsey and Old Southwark 619 10. Vauxhall 580 Data: Ebay UK, 27 March to 23 July 2020
The most popular product categories for new businesses on Ebay during lockdown were clothing and fashion.
However cycling, fitness accessories and DIY materials all made it into the top 10, as Brits recreated the gym at home and found new ways to occupy themselves.