cityam--2020-06-10--Boris Johnson confirms pubs and restaurants will not open before 4 July

Prime Minister Boris Johnson has confirmed that pubs and restaurants will not reopen fully before 4 July .
Johnson told MPs today that the government would follow its original plan to open the hospitality sector next month , despite speculation to the contrary .
Read more : Number 10 pours cold water on speculation UK pubs will open on 22 June Some pubs and restaurants are still open for limited takeaway orders , however this has not been possible for many businesses .
The Financial Times reported this week that Johnson was set to allow the hospitality sector to reopen @ @ @ @ @ @ @ job losses in the industry .
However , he confirmed at Prime Minister ’ s Questions ( PMQs ) that he would stick to the government ’ s coronavirus lockdown roadmap , which states that the sector will not open before 4 July .
“ We want to reopen hospitality as quickly as we possibly can , ” he said .
“ According to the roadmap , we were going to open outdoor hospitality no earlier than 4 July – that is still the plan .
We are sticking to the plan .
@ @ @ @ @ @ @ to see is a roiling , bacchanalian mass of people that can spread the disease.
” Johnson also addressed questions about the government ’ s two-metre social distancing rule .
There have been calls from hospitality lobby groups to cut the distance between people to one metre to make it easier for venues to operate .
UKHospitality chief Kate Nicholls said many businesses would not be viable if the two-metre rule was kept in place .
Johnson said the rule was under review , while also hinting he may be in favour of @ @ @ @ @ @ @ industry asks government for financial support to overcome rent deadlock “ As we drive this disease down , as we get the incidences down working together , I want to make sure we keep that two-metre rule under constant review , ” he said .
“ Clearly as the incidents of the disease comes down…the statistical likelihood of how close or far you are from someone who may or may not have coronavirus goes down .
”

Boris Johnson confirms pubs and restaurants will not open before 4 July
Prime Minister Boris Johnson has confirmed that pubs and restaurants will not reopen fully before 4 July.
Johnson told MPs today that the government would follow its original plan to open the hospitality sector next month, despite speculation to the contrary.
Some pubs and restaurants are still open for limited takeaway orders, however this has not been possible for many businesses.
The Financial Times reported this week that Johnson was set to allow the hospitality sector to reopen on 22 June as concerns mounted about job losses in the industry.
However, he confirmed at Prime Minister’s Questions (PMQs) that he would stick to the government’s coronavirus lockdown roadmap, which states that the sector will not open before 4 July.
“We want to reopen hospitality as quickly as we possibly can,” he said.
“According to the roadmap, we were going to open outdoor hospitality no earlier than 4 July – that is still the plan. We are sticking to the plan.
“What we don’t want to see is a roiling, bacchanalian mass of people that can spread the disease.”
Johnson also addressed questions about the government’s two-metre social distancing rule.
There have been calls from hospitality lobby groups to cut the distance between people to one metre to make it easier for venues to operate.
UKHospitality chief Kate Nicholls said many businesses would not be viable if the two-metre rule was kept in place.
Johnson said the rule was under review, while also hinting he may be in favour of a change.
“As we drive this disease down, as we get the incidences down working together, I want to make sure we keep that two-metre rule under constant review,” he said.
“Clearly as the incidents of the disease comes down…the statistical likelihood of how close or far you are from someone who may or may not have coronavirus goes down.”


cityam--2020-06-10--Monsoon Accessorize owner buys retailer out of administration, with 545 jobs lost

Monsoon Accessorize founder Peter Simon has bought the struggling business out of administration , in a move which aims to save both brands but cuts 545 jobs in the process .
As a result of the deal , 35 of the company ’ s stores across the UK will close , resulting in the initial job losses .
Read more : Monsoon Accessorize teeters on brink of administration Simon will try to renegotiate with landlords to get a better deal on the remaining 162 store leases .
A company announcement said it hopes to save as many as 100 of @ @ @ @ @ @ @ losses could be around the corner .
However , it is hoped the pre-pack deal could eventually save more than 2,000 jobs which previously hung in the balance .
It comes after the coronavirus lockdown forced the closure of all Monsoon and Accessorize stores , and pushed the company into administration last night .
Simon will make a fresh £15m cash injection , which follows the £12m he invested in the business after its company voluntary arrangement ( CVA ) in July 2019 .
He said : “ Ever since I opened the @ @ @ @ @ @ @ 1973 , this business has been my passion and my life , and I did not want to see it fall victim to this unprecedented crisis.
” Tony Wright , joint administrator and partner at FRP , said : “ We had to move quickly and decisively to secure the future of Monsoon and Accessorize , as many jobs as possible and the presence of these two iconic brands on the UK high street .
“ After assessing a range of options this deal achieves those goals with least disruption to the business @ @ @ @ @ @ @ “ We are now committed to working with Adena Brands as they enter talks with landlords to agree future terms across their store portfolio and look to transfer more jobs to the buyer .
“ We ’ ll also be working with the Redundancy Payments Service to support all affected employees through this difficult time .
”

Monsoon Accessorize owner buys retailer out of administration, with 545 jobs lost
Monsoon Accessorize founder Peter Simon has bought the struggling business out of administration, in a move which aims to save both brands but cuts 545 jobs in the process.
As a result of the deal, 35 of the company’s stores across the UK will close, resulting in the initial job losses.
Simon will try to renegotiate with landlords to get a better deal on the remaining 162 store leases.
A company announcement said it hopes to save as many as 100 of the remaining stores, meaning more job losses could be around the corner.
However, it is hoped the pre-pack deal could eventually save more than 2,000 jobs which previously hung in the balance.
It comes after the coronavirus lockdown forced the closure of all Monsoon and Accessorize stores, and pushed the company into administration last night.
Simon will make a fresh £15m cash injection, which follows the £12m he invested in the business after its company voluntary arrangement (CVA) in July 2019.
He said: “Ever since I opened the first Monsoon store in Beauchamp Place in 1973, this business has been my passion and my life, and I did not want to see it fall victim to this unprecedented crisis.”
Tony Wright, joint administrator and partner at FRP, said: “We had to move quickly and decisively to secure the future of Monsoon and Accessorize, as many jobs as possible and the presence of these two iconic brands on the UK high street.
“After assessing a range of options this deal achieves those goals with least disruption to the business in an already challenging retail environment.
“We are now committed to working with Adena Brands as they enter talks with landlords to agree future terms across their store portfolio and look to transfer more jobs to the buyer.
“We’ll also be working with the Redundancy Payments Service to support all affected employees through this difficult time.”


cityam--2020-06-10--More 'Boris bikes' to be rolled out after record numbers take to two wheels

Transport for London is adding 1,700 more bikes to its Santander Cycle scheme in response to record numbers of users during May .
With health fears over coronavirus keeping Londoners off public transport , last month saw over 1.2m of the vehicles – formerly known as “ Boris bikes ” – hired , the highest number in the scheme ’ s 10-year history .
Read more : TfL set to reopen its major construction projects TfL also said it had broken its record for hires in one week , with 362,925 hires made between 25 and 31 May .
In @ @ @ @ @ @ @ have been made since the cycles were made free to NHS staff back in March .
As a result of the surge in demand , TfL has today announced plans to further expand the scheme as part of London mayor Sadiq Khan ’ s “ Streetspace ” plan .
In addition to the 15 per cent increase in the number of bikes available , 14 new docking stations will be built by the end of the year , including eight this summer .
Before the Open : Get the jump on the markets @ @ @ @ @ @ @ these will be built at Clapham Common in south London , while another four will be built on the Cycleway 4 route between Tower Bridge and Greenwich .
Under the “ Streetspace ” scheme , temporary changes have been made to London ’ s streets in order to encourage people to use active methods of transport to ease the burden on the Tube and bus networks .
Even after service levels on the network have been increased to 100 per cent , under the current social distancing rules TfL will only be able @ @ @ @ @ @ @ its normal passenger load .
A number of changes , including a new cycle lane on Park Lane , extra pavement space at 17 high streets across the capital and changes to residential roads are already in place .
Read more : TfL urges Londoners to walk and cycle as schools reopen Khan said : “ I ’ m delighted by the unprecedented demand for cycling over the past few months .
“ We ’ ve seen three times the number of people cycling in some parts of our city compared to before @ @ @ @ @ @ @ free cycle hire scheme for NHS staff and carers , and multiple Santander Cycles records being broken ” .

More ‘Boris bikes’ to be rolled out after record numbers take to two wheels
Transport for London is adding 1,700 more bikes to its Santander Cycle scheme in response to record numbers of users during May.
With health fears over coronavirus keeping Londoners off public transport, last month saw over 1.2m of the vehicles – formerly known as “Boris bikes” – hired, the highest number in the scheme’s 10-year history.
TfL also said it had broken its record for hires in one week, with 362,925 hires made between 25 and 31 May.
In addition, more than 30,000 free journeys have been made since the cycles were made free to NHS staff back in March.
As a result of the surge in demand, TfL has today announced plans to further expand the scheme as part of London mayor Sadiq Khan’s “Streetspace” plan.
In addition to the 15 per cent increase in the number of bikes available, 14 new docking stations will be built by the end of the year, including eight this summer.
Before the Open: Get the jump on the markets with our early morning newsletter
Three of these will be built at Clapham Common in south London, while another four will be built on the Cycleway 4 route between Tower Bridge and Greenwich.
Under the “Streetspace” scheme, temporary changes have been made to London’s streets in order to encourage people to use active methods of transport to ease the burden on the Tube and bus networks.
Even after service levels on the network have been increased to 100 per cent, under the current social distancing rules TfL will only be able to safely carry 13-15 per cent of its normal passenger load.
A number of changes, including a new cycle lane on Park Lane, extra pavement space at 17 high streets across the capital and changes to residential roads are already in place.
Khan said: “I’m delighted by the unprecedented demand for cycling over the past few months.
“We’ve seen three times the number of people cycling in some parts of our city compared to before the crisis, huge demand for our free cycle hire scheme for NHS staff and carers, and multiple Santander Cycles records being broken”.


cityam--2020-06-10--Stephen Fry joins campaign to 'save Soho' with temporary pedestrianisation

Stephen Fry , Bill Nighy and a host of other celebrities have joined a campaign to pedestrianise Soho ’ s streets this summer to allow pandemic-battered hospitality businesses to bounce back .
Property companies Soho Estates and Shaftesbury have proposed the removal of traffic from the famous district ’ s streets to create the Soho Summer Festival , with bars and restaurants also given permission by Westminster council to expand into the streets .
Read more : Government refuses to confirm date for pubs and bars to re-open The government is expected to give the go-ahead for bars and restaurants @ @ @ @ @ @ @ coming weeks , but it is expected that those restricted to indoor sites will be forced to remain closed for significantly longer .
Many of Soho ’ s bars do not have sufficient space or licensing approval to be viable businesses under such a regime , it is feared .
The campaigners are pushing for the pedestrianisation of Soho Square , Carlisle Street , Bateman Street , Old Compton Street and Brewer Street among others , with the longer streets running north-south including Greek Street , Frith Street and Dean Street also rid @ @ @ @ @ @ @ , Lina Stories , The Groucho Club and Soho House are behind the initiative , along with independent restaurants including 10 Greek Street , Tonkotsu , SO I La , Sussex , the Old Compton Brasserie and Polpo .
‘ With so many brilliant independent businesses in Soho , we are at risk of losing the culture that makes the area so special .
Despite the awful effects of the crisis , it has been incredibly warming to see the community come together in such a way.
’ said John James , Managing @ @ @ @ @ @ @ has been launched to drum up support , with Stephen Fry , Damien Hirst , Olivia Williams and Bill Nighy among the more than 5,000 signatories .

Stephen Fry joins campaign to ‘save Soho’ with temporary pedestrianisation
Stephen Fry, Bill Nighy and a host of other celebrities have joined a campaign to pedestrianise Soho’s streets this summer to allow pandemic-battered hospitality businesses to bounce back.
Property companies Soho Estates and Shaftesbury have proposed the removal of traffic from the famous district’s streets to create the Soho Summer Festival, with bars and restaurants also given permission by Westminster council to expand into the streets.
Read more: Government refuses to confirm date for pubs and bars to re-open
The government is expected to give the go-ahead for bars and restaurants with outdoor space to open in the coming weeks, but it is expected that those restricted to indoor sites will be forced to remain closed for significantly longer.
Many of Soho’s bars do not have sufficient space or licensing approval to be viable businesses under such a regime, it is feared.
The campaigners are pushing for the pedestrianisation of Soho Square, Carlisle Street, Bateman Street, Old Compton Street and Brewer Street among others, with the longer streets running north-south including Greek Street, Frith Street and Dean Street also rid of car traffic.
Bars including G-A-Y, Lina Stories, The Groucho Club and Soho House are behind the initiative, along with independent restaurants including 10 Greek Street, Tonkotsu, SO I La, Sussex, the Old Compton Brasserie and Polpo.
‘With so many brilliant independent businesses in Soho, we are at risk of losing the culture that makes the area so special. Despite the awful effects of the crisis, it has been incredibly warming to see the community come together in such a way.’ said John James, Managing Director of Soho Estates.
A petition has been launched to drum up support, with Stephen Fry, Damien Hirst, Olivia Williams and Bill Nighy among the more than 5,000 signatories.


cityam--2020-06-10--Why we need to leave the statues alone

Why we need to leave the statues alone

The statue of slave trader Edward Colston was dramatically pulled from its plinth in Bristol and hurled into the harbour amid raucous , even jubilant , scenes .
That a memorial to a trader in human souls would cause offence and anguish is beyond dispute , but its destruction and the manner of its downfall has sparked a debate about the treatment of monuments erected to celebrate or venerate a person whose legacy is today viewed as abhorrent .
And what of the many statues of people whose story is more complex , whose legacy is not as clear-cut ?
@ @ @ @ @ @ @ been more powerful to have seen the Colston statue taken down in silence and removed to a location and setting that served to explain the controversy and reposition the work not as a memorial to a man , but as part of an exhibition that tells the full story , and the full horror , of the slave trade – something that could in time form part of a memorial to the tens of thousands of black people that Colston enslaved and sold .
But his statue fell not as the result of @ @ @ @ @ @ @ protest .
What fate , then , should await the many other statues , tributes and monuments that cover this country honouring people whose deeds are , today , so at odds with our enlightened values ?
Well , I think that with some possible exceptions they should stay where they are .
Not in aspic , not without a changing context and not , where appropriate , without explanation .
When we see a statue , particularly in a public place , we are led to feel that the subject continues to @ @ @ @ @ @ @ do but while a statue remains unchanged for hundreds of years , context does not .
The uncomfortable truth but a necessary realisation is that not everyone on a plinth today should be revered and that means accepting that we will have – and we will have to live with – monuments to people and ideas that have long since lost their respected place in the tapestry of our collective history – but it is still our history .
Destroying or eradicating the visible scar tissue of that history will not change the @ @ @ @ @ @ @ the future .
The City of London has been a political and financial powerhouse for more than 1,000 years and today its streets , churches and public spaces are filled with monuments to people from across that expanse of time .
One of the greatest features of the City is the ability to step out of a new , modern skyscraper and into a street whose ancient history is all around us – the good , the bad and the ugly .
It is impossible to sanitise that history , to bring it @ @ @ @ @ @ @ .
Oliver Cromwell is hosted in the Guildhall in the heart of the City , do you think there ’ s an Irishman who isn ’ t aware of the Siege of Wexford ?
Read more : Sir Keir Starmer not supportive of Bristol statue being pulled down by protesters Queen Victoria stands on New Bridge Street – what might an Indian commuter make of this monument to imperial control of his homeland ?
The Duke of Wellington is on his horse outside the Royal Exchange – a towering figure , but one @ @ @ @ @ @ @ Jews in England .
Hundreds of years of history collide with raw , contemporary emotions in each of these statues .
This is not a reason to remove or obscure them .
A website has now emerged , toppletheracists.org , identifying the statues that , it says , must be removed .
In one small part of London alone it features John Moore , Hans Sloane , John Cass and Thomas Guy – all made contributions to our history – for better or worse – and all have now been outed by this @ @ @ @ @ @ @ century links to empire , the slave trade or plantations .
In the case of Thomas Guy , to pick just one of the historical figures now earmarked for the purge , it is true that his investments in the South Sea Company included supporting and profiting from the slave trade .
But it is also true that he founded Guy ’ s Hospital in London – incidentally , by way of recompense for the losses suffered by so many people in the South Sea Bubble of 1720 .
The campaign group behind @ @ @ @ @ @ @ also want to see the back of Francis Drake , Horatio Nelson and King James II .
I do not intend to get into the game of weighing up the souls of men who lived and worked 300 years ago , any more than I intend to suggest that some good deeds can atone for profiting from slavery .
My point is that it would become absurd and exhausting to tot up the good and the bad , the light and the dark associated with every historical statue in the City let alone @ @ @ @ @ @ @ throughout the country .
Whatever the sentiment or rationale , this is not how societies progress .
Cultural revolutions that sweep all before them are rarely benign .
And yet something akin to this approach is what the mayor of London , Sadiq Khan now wants to do .
He has announced a commission to examine the street names and statues of London , culminating in a recommendation of which should be renamed or pulled down .
Read more : Sadiq Khan orders review of London ’ s statues and street names Let @ @ @ @ @ @ @ time deliberating its awesome responsibilities than the mayor did coming up with the idea .
Sadiq Khan also advocated for new memorials in the capital , including ones for Stephen Lawrence , the Windrush generation , a National Slavery Museum or memorial and a National Sikh War Memorial .
This is the right approach – to add to our history , to tell new stories and in so doing to paint a more complete , a more honest and a more diverse picture .
But statues – fragments of our past – should @ @ @ @ @ @ @ where they are because , by the passage of time , they take on new meaning – they cease to be monuments to a single life and become instead monuments to uncomfortable truths , monuments to ideas , to complexity and yes , monuments to wrongdoing or shameful acts .
They should be understood , they should be talked about more and , where democratic force compels it , recontextualised , even , on occasion , repositioned .
But we can not run or hide from our history , we can only learn @ @ @ @ @ @ @ that future generations understand our response to the past as well as our commitment to the future .

Why we need to leave the statues alone
Duke of Wellington outside the Royal Exchange could be up for review as one of London’s statues now being reassessed
The statue of slave trader Edward Colston was dramatically pulled from its plinth in Bristol and hurled into the harbour amid raucous, even jubilant, scenes.
That a memorial to a trader in human souls would cause offence and anguish is beyond dispute, but its destruction and the manner of its downfall has sparked a debate about the treatment of monuments erected to celebrate or venerate a person whose legacy is today viewed as abhorrent.
And what of the many statues of people whose story is more complex, whose legacy is not as clear-cut?
Personally, I think it would have been more powerful to have seen the Colston statue taken down in silence and removed to a location and setting that served to explain the controversy and reposition the work not as a memorial to a man, but as part of an exhibition that tells the full story, and the full horror, of the slave trade – something that could in time form part of a memorial to the tens of thousands of black people that Colston enslaved and sold.
But his statue fell not as the result of sober deliberation but in a frenzy of protest. What fate, then, should await the many other statues, tributes and monuments that cover this country honouring people whose deeds are, today, so at odds with our enlightened values?
Well, I think that with some possible exceptions they should stay where they are. Not in aspic, not without a changing context and not, where appropriate, without explanation. When we see a statue, particularly in a public place, we are led to feel that the subject continues to deserve the honour.
Very often they do but while a statue remains unchanged for hundreds of years, context does not. The uncomfortable truth but a necessary realisation is that not everyone on a plinth today should be revered and that means accepting that we will have – and we will have to live with – monuments to people and ideas that have long since lost their respected place in the tapestry of our collective history – but it is still our history.
Destroying or eradicating the visible scar tissue of that history will not change the past any more than it will improve the future.
The City of London has been a political and financial powerhouse for more than 1,000 years and today its streets, churches and public spaces are filled with monuments to people from across that expanse of time.
One of the greatest features of the City is the ability to step out of a new, modern skyscraper and into a street whose ancient history is all around us – the good, the bad and the ugly. It is impossible to sanitise that history, to bring it into line with today’s values.
Oliver Cromwell is hosted in the Guildhall in the heart of the City, do you think there’s an Irishman who isn’t aware of the Siege of Wexford?
Queen Victoria stands on New Bridge Street – what might an Indian commuter make of this monument to imperial control of his homeland? The Duke of Wellington is on his horse outside the Royal Exchange – a towering figure, but one staunchly opposed to the emancipation of the Jews in England. Hundreds of years of history collide with raw, contemporary emotions in each of these statues. This is not a reason to remove or obscure them.
A website has now emerged, toppletheracists.org, identifying the statues that, it says, must be removed. In one small part of London alone it features John Moore, Hans Sloane, John Cass and Thomas Guy – all made contributions to our history – for better or worse – and all have now been outed by this website for 17th, 18th and 19th century links to empire, the slave trade or plantations.
In the case of Thomas Guy, to pick just one of the historical figures now earmarked for the purge, it is true that his investments in the South Sea Company included supporting and profiting from the slave trade. But it is also true that he founded Guy’s Hospital in London – incidentally, by way of recompense for the losses suffered by so many people in the South Sea Bubble of 1720. The campaign group behind this website, by the way, also want to see the back of Francis Drake, Horatio Nelson and King James II.
I do not intend to get into the game of weighing up the souls of men who lived and worked 300 years ago, any more than I intend to suggest that some good deeds can atone for profiting from slavery. My point is that it would become absurd and exhausting to tot up the good and the bad, the light and the dark associated with every historical statue in the City let alone across villages, campuses and public spaces throughout the country. Whatever the sentiment or rationale, this is not how societies progress. Cultural revolutions that sweep all before them are rarely benign.
And yet something akin to this approach is what the mayor of London, Sadiq Khan now wants to do. He has announced a commission to examine the street names and statues of London, culminating in a recommendation of which should be renamed or pulled down.
Let us hope that this commission spends more time deliberating its awesome responsibilities than the mayor did coming up with the idea. Sadiq Khan also advocated for new memorials in the capital, including ones for Stephen Lawrence, the Windrush generation, a National Slavery Museum or memorial and a National Sikh War Memorial. This is the right approach – to add to our history, to tell new stories and in so doing to paint a more complete, a more honest and a more diverse picture.
But statues – fragments of our past – should, by and large, be left where they are because, by the passage of time, they take on new meaning – they cease to be monuments to a single life and become instead monuments to uncomfortable truths, monuments to ideas, to complexity and yes, monuments to wrongdoing or shameful acts.
They should be understood, they should be talked about more and, where democratic force compels it, recontextualised, even, on occasion, repositioned. But we cannot run or hide from our history, we can only learn from it and add to it so that future generations understand our response to the past as well as our commitment to the future.


cityam--2020-06-10--Global gas demand set for record decline in 2020

Global demand for natural gas is set for its biggest fall on record , the International Energy Agency revealed today , due to the combination of the coronavirus crisis and a particularly mild winter .
This year , gas demand is due to drop four per cent – or 150bn cubic metres – which is double the size of the fall that followed the global financial crisis .
Read more : Global energy investment set to slump by record $ 400bn in 2020 As has been seen in global oil markets , flatlining demand due to coronavirus lockdowns and stalled @ @ @ @ @ @ @ .
IEA executive director Dr Fatih Birol said that although gas had been less severely impacted than oil , it was “ far from immune from the current crisis ” .
“ The record decline this year represents a dramatic change of circumstances for an industry that had become used to strong increases in demand ” , he added .
Before the Open : Get the jump on the markets with our early morning newsletter Although demand is set to come back in 2021 , the IEA is not predicting a swift return @ @ @ @ @ @ @ demand is expected to gradually recover in the next two years , but this does not mean it will quickly go back to business as usual , ” Birol said .
“ The Covid-19 crisis will have a lasting impact on future market developments , dampening growth rates and increasing uncertainties ” .
The majority of the decline will be seen in mature markets across North America , Europe and Asia , which account for 75 per cent of the demand fall .
Read more : Global renewable energy growth to fall for @ @ @ @ @ @ @ , most of the increase in demand takes place in emerging Asia , led by China and India where gas benefits from strong policy support .
Over the next five years , however , the coronavirus crisis will lead to 75bn cubic metres of lost gas demand , the same as the increase recorded in 2019 .

Global gas demand set for record decline in 2020
Global demand for natural gas is set for its biggest fall on record, the International Energy Agency revealed today, due to the combination of the coronavirus crisis and a particularly mild winter.
This year, gas demand is due to drop four per cent – or 150bn cubic metres – which is double the size of the fall that followed the global financial crisis.
As has been seen in global oil markets, flatlining demand due to coronavirus lockdowns and stalled economic activity have sent gas prices plummeting.
IEA executive director Dr Fatih Birol said that although gas had been less severely impacted than oil, it was “far from immune from the current crisis”.
“The record decline this year represents a dramatic change of circumstances for an industry that had become used to strong increases in demand”, he added.
Before the Open: Get the jump on the markets with our early morning newsletter
Although demand is set to come back in 2021, the IEA is not predicting a swift return to pre-coronavirus levels.
“Global gas demand is expected to gradually recover in the next two years, but this does not mean it will quickly go back to business as usual,” Birol said.
“The Covid-19 crisis will have a lasting impact on future market developments, dampening growth rates and increasing uncertainties”.
The majority of the decline will be seen in mature markets across North America, Europe and Asia, which account for 75 per cent of the demand fall.
After 2021, most of the increase in demand takes place in emerging Asia, led by China and India where gas benefits from strong policy support.
Over the next five years, however, the coronavirus crisis will lead to 75bn cubic metres of lost gas demand, the same as the increase recorded in 2019.


cityam--2020-06-10--Bank of England set to reload bond-buying programme with £100bn

The Bank of England is expected to announce a further £100bn for its bond-buying programme when it meets next week in order to limit the damage to the UK economy by the coronavirus crisis .
The central bank has already spent the majority of the record £200bn expansion to its asset purchase programme which it made in March .
Read more : Get the Bank of England focused on the real economy Although the BoE has reduced interest rates to an all-time low of 0.1 per cent when the lockdown measures were announced , it has not been willing to @ @ @ @ @ @ @ rates .
As a result of the decision , the BoE ’ s main tool for stymying the looming recession is its bond-buying programme .
Economists are predicting that the bank will announce the extension to the facility when the Monetary Policy Committee ( MPC ) meets next week .
An extension of £100bn would mean the BoE could maintain its current pace of bond-buying until August , when the MPC will meet again .
Before the Open : Get the jump on the markets with our early morning newsletter Some think a @ @ @ @ @ @ @ including Cathal Kennedy of RBC Capital Markets , who is predicting a £200bn rise .
He said that such a move would be in line with the BoE ’ s tendency to buy more bonds than the government is planning to sell .
But a move of this size could lead to further claims that the central bank has sacrificed its independence to back the government ’ s huge spending increases .
Read more : Bank of England asks banks for pandemic loan loss estimates BoE governor Andrew Bailey has however hit back @ @ @ @ @ @ @ “ monetary financing ” , the permanent expansion of its balance sheet to fund the government .
Next week ’ s MPC meeting will follow economic data that is expected to show that the UK ’ s GDP declined 20 per cent in April at the height of the lockdown .

Bank of England set to reload bond-buying programme with £100bn
The Bank of England is expected to announce a further £100bn for its bond-buying programme when it meets next week in order to limit the damage to the UK economy by the coronavirus crisis.
The central bank has already spent the majority of the record £200bn expansion to its asset purchase programme which it made in March.
Although the BoE has reduced interest rates to an all-time low of 0.1 per cent when the lockdown measures were announced, it has not been willing to follow other central banks in setting negative rates.
As a result of the decision, the BoE’s main tool for stymying the looming recession is its bond-buying programme.
Economists are predicting that the bank will announce the extension to the facility when the Monetary Policy Committee (MPC) meets next week.
An extension of £100bn would mean the BoE could maintain its current pace of bond-buying until August, when the MPC will meet again.
Before the Open: Get the jump on the markets with our early morning newsletter
Some think a larger increase is in the offing, including Cathal Kennedy of RBC Capital Markets, who is predicting a £200bn rise.
He said that such a move would be in line with the BoE’s tendency to buy more bonds than the government is planning to sell.
But a move of this size could lead to further claims that the central bank has sacrificed its independence to back the government’s huge spending increases.
BoE governor Andrew Bailey has however hit back at claims that it committed to so-called “monetary financing”, the permanent expansion of its balance sheet to fund the government.
Next week’s MPC meeting will follow economic data that is expected to show that the UK’s GDP declined 20 per cent in April at the height of the lockdown.


cityam--2020-06-10--HBO pulls Gone With The Wind over ‘racist’ depiction of slave era

HBO has removed Gone With The Wind from its streaming platform over its “ racist ” depiction of the American south during slavery .
HBO Max , the broadcaster ’ s streaming service launched last month , announced that it has temporarily dropped the 1939 film .
HBO said it would return the film to its platform at an unspecified date with a “ discussion of its historical context ” .
“ Gone With the Wind is a product of its time and depicts some of the ethnic and racial prejudices that have , unfortunately , been commonplace in American @ @ @ @ @ @ @ a statement .
Read more : US riots : Fires burn near the White House as George Floyd protests turn violent “ These racist depictions were wrong then and are wrong today , and we felt that to keep this title up without an explanation and a denouncement of those depictions would be irresponsible .
The Hollywood classic , which received 10 Oscars including best actress for Vivien Leigh as the iconic Scarlet O ’ Hara , has long been the subject of attacks for its depiction of slavery .
Based on the @ @ @ @ @ @ @ Margaret Mitchell , the film features slave characters who are content with their situation and remain loyal to their former owners after the abolition of slavery .
Read more : Hamilton film to be streamed from July as Disney Plus fast-tracks release Hattie McDaniel became the first black actress to win an Academy Award for her role as servant Mammy in the film , which remains the highest-grossing movie of all time when adjusted for inflation .
McDaniel , the daughter of two former slaves , played the role of maid 74 times @ @ @ @ @ @ @ Trump voiced his support for the film earlier this year when SOuth Korean film Parasite received the Academy Award for best picture .
He tweeted : “ The winner is… a movie from South Korea !
What the hell was that all about ?
We got enough problems with South Korea with trade .
Can we get ‘ Gone With the Wind ’ back , please ?
” The decision by HBO comes amid escalating tensions in the US after weeks of riots following the killing of George Floyd , an unarmed black @ @ @ @ @ @ @ Floyd ’ s death has reignited the Black Lives Matter movement and sparked debate about racism across the globe .
BBC iPlayer , Britbox and Netflix yesterday removed British series Little Britain from their streaming platforms after viewers voiced their discomfort of white actors Matt Lucas and David Walliams ’ use of makeup to portray different ethnic characters .
“ Times have changed since Little Britain first aired so it is not currently available on BBC iPlayer , ” a BBC spokesman said .
Before the Open : Get the jump on the @ @ @ @ @ @

HBO pulls Gone With The Wind over ‘racist’ depiction of slave era
Credit: Getty Images
HBO has removed Gone With The Wind from its streaming platform over its “racist” depiction of the American south during slavery.
HBO Max, the broadcaster’s streaming service launched last month, announced that it has temporarily dropped the 1939 film. HBO said it would return the film to its platform at an unspecified date with a “discussion of its historical context”.
“Gone With the Wind is a product of its time and depicts some of the ethnic and racial prejudices that have, unfortunately, been commonplace in American society,” the company said in a statement.
“These racist depictions were wrong then and are wrong today, and we felt that to keep this title up without an explanation and a denouncement of those depictions would be irresponsible.
The Hollywood classic, which received 10 Oscars including best actress for Vivien Leigh as the iconic Scarlet O’Hara, has long been the subject of attacks for its depiction of slavery.
Based on the 1936 novel of the same name by Margaret Mitchell, the film features slave characters who are content with their situation and remain loyal to their former owners after the abolition of slavery.
Hattie McDaniel became the first black actress to win an Academy Award for her role as servant Mammy in the film, which remains the highest-grossing movie of all time when adjusted for inflation. McDaniel, the daughter of two former slaves, played the role of maid 74 times during her career.
US President Donald Trump voiced his support for the film earlier this year when SOuth Korean film Parasite received the Academy Award for best picture. He tweeted: “The winner is… a movie from South Korea! What the hell was that all about? We got enough problems with South Korea with trade. Can we get ‘Gone With the Wind’ back, please?”
The decision by HBO comes amid escalating tensions in the US after weeks of riots following the killing of George Floyd, an unarmed black man, by a US policeman. Floyd’s death has reignited the Black Lives Matter movement and sparked debate about racism across the globe.
BBC iPlayer, Britbox and Netflix yesterday removed British series Little Britain from their streaming platforms after viewers voiced their discomfort of white actors Matt Lucas and David Walliams’ use of makeup to portray different ethnic characters.
“Times have changed since Little Britain first aired so it is not currently available on BBC iPlayer,” a BBC spokesman said.
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cityam--2020-06-10--CityFibre announces 10,000 jobs boost to roll-out infrastructure

CityFibre has today announced a 10,000 jobs boost as part of its efforts to upgrade the UK ’ s digital infrastructure to full fibre .
The recruitment drive will target those now unemployed as a result of the pandemic and service-leavers .
There will also be job opportunities for qualified and experienced telecoms workers .
Read more : Cityfibre extends full fibre roll-out to 36 more cities Jobs will be created within CityFibre ’ s pool of network construction partner delivering the £4bn rollout of full fibre infrastructure .
The government has made the deployment of the infrastructure by 2025 @ @ @ @ @ @ @ digital infrastructure firm said it was also looking to attract more women and those with Black , Asian and Minority Ethnic ( BAME ) backgrounds , both of which are significantly under-represented in the construction industry .
The recruitment drive for the first wave of trainees will begin later this month .
CityFibre said it is hoping to recruit individuals from the town or city identified for roll-out , to help boost local employment and economies .
Chairman Steve Holliday said : “ The programme will reach deep into our society to include @ @ @ @ @ @ @ opportunity .
Ultimately , it will ensure the skilled workforce is in place to get the job done and at the same time provide up-skilling and well-paid jobs across more than 100 towns and cities.
” Once trained , recruits will be introduced to CityFibre ’ s local network construction partners and considered for network delivery roles .
Read more : Mobile provider Three taps Cityfibre for 5G rollout In March the firm extended the roll-out of its full fibre network to another 36 towns and cities around the country .
It said @ @ @ @ @ @ @ of the new locations by the end of the year .
Digital secretary Oliver Dowden said : “ We ’ re working closely with firms like CityFibre and I warmly welcome their commitment to building a highly-skilled and diverse telecoms workforce which will boost growth right across the UK .
”

CityFibre announces 10,000 jobs boost to roll-out infrastructure
Cityfibre is aiming to reach 8m homes with full-fibre broadband by 2025
CityFibre has today announced a 10,000 jobs boost as part of its efforts to upgrade the UK’s digital infrastructure to full fibre.
The recruitment drive will target those now unemployed as a result of the pandemic and service-leavers. There will also be job opportunities for qualified and experienced telecoms workers.
Jobs will be created within CityFibre’s pool of network construction partner delivering the £4bn rollout of full fibre infrastructure. The government has made the deployment of the infrastructure by 2025 a key target.
The Goldman Sachs-backed digital infrastructure firm said it was also looking to attract more women and those with Black, Asian and Minority Ethnic (BAME) backgrounds, both of which are significantly under-represented in the construction industry.
The recruitment drive for the first wave of trainees will begin later this month. CityFibre said it is hoping to recruit individuals from the town or city identified for roll-out, to help boost local employment and economies.
Chairman Steve Holliday said: “The programme will reach deep into our society to include some of those most in need of opportunity. Ultimately, it will ensure the skilled workforce is in place to get the job done and at the same time provide up-skilling and well-paid jobs across more than 100 towns and cities.”
Once trained, recruits will be introduced to CityFibre’s local network construction partners and considered for network delivery roles.
In March the firm extended the roll-out of its full fibre network to another 36 towns and cities around the country. It said it hoped to begin construction in all of the new locations by the end of the year.
Digital secretary Oliver Dowden said: “We’re working closely with firms like CityFibre and I warmly welcome their commitment to building a highly-skilled and diverse telecoms workforce which will boost growth right across the UK.”


cityam--2020-06-10--Ocado to raise £1 billion to match demand from Covid-19 crisis

Ocado , the British online supermarket and technology group , plans to raise 1 billion pounds , giving it more firepower to capitalise on the rapid growth of the online grocery market triggered by the coronavirus crisis .
The group said on Wednesday it would raise about 657 million pounds through an equity placing and retail offer and about 350 million pounds through the issue of guaranteed senior unsecured convertible bonds due 2027 .
“ This capital raise gives Ocado Group the opportunity to accelerate our role in creating sustainable change in the industry , allowing us the flexibility to @ @ @ @ @ @ @ the full opportunity set over the medium term , ” CEO and founder Tim Steiner said .
The group highlighted industry data showing online penetration had almost doubled in recent months to 13 % of the UK grocery market , from 7 % pre-COVID-19 .
Ocado said globally , online grocery penetration is currently low with significant scope for expansion .
Ocado said the step up in online growth was expected to generate a permanent and significant increase in online penetration .
The group ’ s shares have nearly doubled over the last @ @ @ @ @ @ @ market capitalisation of 14.6 billion pounds – more than the combined market value of Sainsbury ’ s Britain ’ s second biggest supermarket group by sales , Morrisons , the fourth biggest , and Marks & Spencer .
The share price has mostly been driven by Ocado ’ s state-of-the-art robotic technology which has enabled it to win partnership deals with supermarket groups around the world , including Kroger in the United States , Casino in France and Aeon in Japan .
Last month , the group reported that Ocado Retail sales were @ @ @ @ @ @ @ to May 6 .
It said on Wednesday current trading remained consistent with these trends .

Ocado to raise £1 billion to match demand from Covid-19 crisis
Ocado, the British online supermarket and technology group, plans to raise 1 billion pounds, giving it more firepower to capitalise on the rapid growth of the online grocery market triggered by the coronavirus crisis.
The group said on Wednesday it would raise about 657 million pounds through an equity placing and retail offer and about 350 million pounds through the issue of guaranteed senior unsecured convertible bonds due 2027.
“This capital raise gives Ocado Group the opportunity to accelerate our role in creating sustainable change in the industry, allowing us the flexibility to move at increased pace and capitalise on the full opportunity set over the medium term,” CEO and founder Tim Steiner said.
The group highlighted industry data showing online penetration had almost doubled in recent months to 13% of the UK grocery market, from 7% pre-COVID-19. Ocado said globally, online grocery penetration is currently low with significant scope for expansion.
Ocado said the step up in online growth was expected to generate a permanent and significant increase in online penetration.
The group’s shares have nearly doubled over the last three months, giving it a stock market capitalisation of 14.6 billion pounds – more than the combined market value of Sainsbury’s Britain’s second biggest supermarket group by sales, Morrisons, the fourth biggest, and Marks & Spencer.
The share price has mostly been driven by Ocado’s state-of-the-art robotic technology which has enabled it to win partnership deals with supermarket groups around the world, including Kroger in the United States, Casino in France and Aeon in Japan.
Last month, the group reported that Ocado Retail sales were up 40.4% in its second quarter to May 6.
It said on Wednesday current trading remained consistent with these trends.
Ocado shares closed 0.3% higher on Wednesday.


cityam--2020-06-10--Tony Danker replaces Dame Carolyn Fairbairn as new CBI director-general

The CBI has reportedly picked a replacement for Dame Carolyn Fairbairn , who will step down as director-general at the end of the year .
Sky News has reported that the business group has appointed Tony Danker as Dame Carolyn ’ s successor , and it is understood the CBI will issue a release later today .
Read more : CBI says firms need clarity on job retention scheme timeline Danker is currently chief executive of Be the Business , a movement intended to improve Britain ’ s productivity record .
It was set up and is chaired by Sir @ @ @ @ @ @ @ .
He was previously chief strategy officer and international director at Guardian News & Media .
Before that , he spent two years as a policy adviser at the Treasury .
Before the Open : Get the jump on the markets with our early morning newsletter Danker ’ s role at Be the Business has brought him into close contact with leading City figures , and the organisation ’ s advisory board includes Fairbairn , and Lloyds boss Antonio Horta-Osorio .
He will take over at a critical time for the CBI , @ @ @ @ @ @ @ aftermath of the pandemic and the end of the Brexit transition period .
Dame Carolyn had been set to step down this summer but agreed in April to extend her tenure until the end of the year due to the pandemic .
The CBI is overhauling its top team as it looks to appoint Cobra Beer founder Lord Bilimoria in the next few weeks .
Lord Bilimoria , who campaigned for remain in the Brexit referendum , and the CBI ’ s approach to a likely departure from the EU on WTO terms @ @ @ @ @ @ @ to Sky News .
Dame Carolyn took up the director-general role in November 2015 .
She had been a BBC executive and journalist at the Economist , as well as being a member of the 10 Downing Street policy unit .
The CBI was contacted for comment .
Before the Open newsletter : Start your day with the City View podcast and key market data

Tony Danker replaces Dame Carolyn Fairbairn as new CBI director-general
Tony Danker will replace Dame Carolyn Fairbairn, who has been director-general of the CBI since 2015.
The CBI has reportedly picked a replacement for Dame Carolyn Fairbairn, who will step down as director-general at the end of the year.
Sky News has reported that the business group has appointed Tony Danker as Dame Carolyn’s successor, and it is understood the CBI will issue a release later today.
Danker is currently chief executive of Be the Business, a movement intended to improve Britain’s productivity record.
It was set up and is chaired by Sir Charlie Mayfield of the John Lewis Partnership. He was previously chief strategy officer and international director at Guardian News & Media. Before that, he spent two years as a policy adviser at the Treasury.
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Danker’s role at Be the Business has brought him into close contact with leading City figures, and the organisation’s advisory board includes Fairbairn, and Lloyds boss Antonio Horta-Osorio.
He will take over at a critical time for the CBI, as it helps British businesses navigate the aftermath of the pandemic and the end of the Brexit transition period. Dame Carolyn had been set to step down this summer but agreed in April to extend her tenure until the end of the year due to the pandemic.
The CBI is overhauling its top team as it looks to appoint Cobra Beer founder Lord Bilimoria in the next few weeks. Lord Bilimoria, who campaigned for remain in the Brexit referendum, and the CBI’s approach to a likely departure from the EU on WTO terms will likely drive the agenda, according to Sky News.
Dame Carolyn took up the director-general role in November 2015. She had been a BBC executive and journalist at the Economist, as well as being a member of the 10 Downing Street policy unit.
The CBI was contacted for comment.
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cityam--2020-06-10--Pathologists warn UK coronavirus testing needs 'urgent' improvement

Issues with the UK ’ s coronavirus testing system must be “ urgently addressed ” , the Royal College of Pathologists has warned .
In an intervention reported by the Financial Times , the college said the government had relied on setting numerical targets rather than laying out a clinical strategy .
Read more : UK statistics watchdog hits out at government use of coronavirus testing data The government has come under fire for its approach to coronavirus testing after stopping community testing early on in the outbreak .
Earlier this month , the UK Statistics Authority chairman Sir David @ @ @ @ @ @ @ analysing and presenting the testing data had “ limited value ” .
Before the Open : Get the jump on the markets with our early morning newsletter “ It is also hard to believe the statistics work to support the testing programme itself .
The statistics and analysis serve neither purpose well , ” he added .
In a report shared with the FT , the college warns there is a range of issues that need to be addressed .
These include the slow turnaround of coronavirus test results , a failure to @ @ @ @ @ @ @ the virus and workforce shortages .
Jo Martin , president of the Royal College of Pathologists and professor of pathology at Queen Mary University said : “ The secretary of state has announced testing targets , but we would like to see this as part of an overall clinical strategy .
We have tried to provide that larger blueprint ” .
Before the Open newsletter : Start your day with the City View podcast and key market data Additionally , the Royal College raised questioned the longevity of the three “ mega-labs ” @ @ @ @ @ @ @ from university departments and did not pass through the usual accreditation process .
Professor Martin said : “ That was short-cut for the purposes of pragmatism in the context of the epidemic ” .
The report noted that an improvement in the turnaround time for the coronavirus tests , will require a “ ramp-up in the volume of technology and skilled staff ” .
Among organisations supporting the report are Public Health England , the Academy of Medical Royal Colleges and the Faculty of Intensive Care Medicine , the FT reported .
Get @ @ @ @ @ @ @ City A.M. on Twitter .

Pathologists warn UK coronavirus testing needs ‘urgent’ improvement
Issues with the UK’s coronavirus testing system must be “urgently addressed”, the Royal College of Pathologists has warned.
In an intervention reported by the Financial Times, the college said the government had relied on setting numerical targets rather than laying out a clinical strategy.
The government has come under fire for its approach to coronavirus testing after stopping community testing early on in the outbreak.
Earlier this month, the UK Statistics Authority chairman Sir David Norgrove said the way the government was analysing and presenting the testing data had “limited value”.
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“It is also hard to believe the statistics work to support the testing programme itself. The statistics and analysis serve neither purpose well,” he added.
In a report shared with the FT, the college warns there is a range of issues that need to be addressed. These include the slow turnaround of coronavirus test results, a failure to inform doctors when patients test positive for the virus and workforce shortages.
Jo Martin, president of the Royal College of Pathologists and professor of pathology at Queen Mary University said: “The secretary of state has announced testing targets, but we would like to see this as part of an overall clinical strategy. We have tried to provide that larger blueprint”.
Before the Open newsletter: Start your day with the City View podcast and key market data
Additionally, the Royal College raised questioned the longevity of the three “mega-labs” which were set up with equipment borrowed from university departments and did not pass through the usual accreditation process. Professor Martin said: “That was short-cut for the purposes of pragmatism in the context of the epidemic”.
The report noted that an improvement in the turnaround time for the coronavirus tests, will require a “ramp-up in the volume of technology and skilled staff”.
Among organisations supporting the report are Public Health England, the Academy of Medical Royal Colleges and the Faculty of Intensive Care Medicine, the FT reported.
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cityam--2020-06-10--US Federal Reserve keeps interest rates near zero through 2022

The US Federal Reserve has said it will not raise near-zero interest rates until at least 2022 , as it predicted a decline in growth .
Along with the rate decisions , central bankers projected a 6.5 per cent fall in GDP this year and a 9.3 per cent unemployment rate by the end of the year .
Read more : FOMC decision : Four things to expect from the Federal Reserve ’ s June meeting “ The ongoing public health crisis will weigh heavily on economic activity , employment and inflation in the near term and poses considerable risks @ @ @ @ @ @ @ term , ” the Fed said in its latest policy statement .
It is the first time the central bank has made projections since the pandemic triggered a recession in February and shuttered most of the country .
Last week , employment figures for May showed the unemployment rate had fallen significantly , indicating that the worst of the pandemic is behind the US .
The unemployment rate dropped to 13.3 per cent from 14.7 per cent in April , which confused analysts who had predicted it would surge close to 20 per @ @ @ @ @ @ @ April , the Federal Reserve said it was “ committed to using its full range of tools ” to support the US economy .
Today ’ s policy statement repeated this sentiment but also promised to maintain bond purchases at “ the current pace ” of around $ 80bn per month in Treasuries and $ 40bn per month in agency and mortgage-backed securities .
The Fed has been the most active central bank during the pandemic , having slashed interest rates near to zero , unlimited quantitative easing , and emergency lending programmes @ @ @ @ @ @ @ : Nearly 3m more Americans file for unemployment benefits as lockdown slams economy US stocks reacted well to the Fed ’ s announcement , with the tech-heavy Nasdaq up over one per cent , bringing its year-to-date gain to 12 per cent .
The benchmark S & P 500 index gained 0.3 per cent while the Dow Jones edged into positive territory for the first time today .
Naeem Aslam , chief market analyst at Ava Trade , said : “ The Fed is determined to maintain adequate liquidity in the system and @ @ @ @ @ @ @ required from them .
The bottom line is that the market needed a cuddle from the Fed and they have given this.
” Get the news as it happens by following City A.M. on Twitter .

US Federal Reserve keeps interest rates near zero through 2022
WASHINGTON, DC – JULY 31: Federal Reserve Board Chairman Jerome Powell Photo by Mark Wilson/Getty Images)
The US Federal Reserve has said it will not raise near-zero interest rates until at least 2022, as it predicted a decline in growth.
Along with the rate decisions, central bankers projected a 6.5 per cent fall in GDP this year and a 9.3 per cent unemployment rate by the end of the year.
“The ongoing public health crisis will weigh heavily on economic activity, employment and inflation in the near term and poses considerable risks to the economic outlook over the medium term,” the Fed said in its latest policy statement. It is the first time the central bank has made projections since the pandemic triggered a recession in February and shuttered most of the country.
Last week, employment figures for May showed the unemployment rate had fallen significantly, indicating that the worst of the pandemic is behind the US. The unemployment rate dropped to 13.3 per cent from 14.7 per cent in April, which confused analysts who had predicted it would surge close to 20 per cent.
In its last statement in April, the Federal Reserve said it was “committed to using its full range of tools” to support the US economy. Today’s policy statement repeated this sentiment but also promised to maintain bond purchases at “the current pace” of around $80bn per month in Treasuries and $40bn per month in agency and mortgage-backed securities.
The Fed has been the most active central bank during the pandemic, having slashed interest rates near to zero, unlimited quantitative easing, and emergency lending programmes.
US stocks reacted well to the Fed’s announcement, with the tech-heavy Nasdaq up over one per cent, bringing its year-to-date gain to 12 per cent. The benchmark S&P 500 index gained 0.3 per cent while the Dow Jones edged into positive territory for the first time today.
Naeem Aslam, chief market analyst at Ava Trade, said: “The Fed is determined to maintain adequate liquidity in the system and they are ready to do whatever is required from them. The bottom line is that the market needed a cuddle from the Fed and they have given this.”
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-06-10--Coronavirus lockdown: England zoos and outdoor attractions reopened

Zoos and outdoor attractions such as drive-in cinemas will be able to open in England from Monday .
Prime Minister Boris Johnson announced today that the government would allow these businesses to open , with social distancing restrictions required .
Read more : Boris OKs a bunk-up : Household ‘ bubbles ’ announced for people alone in lockdown In the case of zoos , they will need to close all inside areas such as reptile houses and enclosures and limit numbers .
The Prime Minister announced the opening of zoos just one day after his father Stanley Johnson wrote an @ @ @ @ @ @ @ them to reopen .
“ I ’ m very grateful to the zoo industry for their cooperation and forbearance , and am happy to confirm that they too can reopen from Monday provided visitor numbers are managed and safeguards are in place , ” Johnson said .
The easing of lockdown for outdoor attractions comes as England will also open all non-essential retail shops on Monday .
Before the Open newsletter : Start your day with the City View podcast and key market data The lockdown is expected to eased further next month @ @ @ @ @ @ @ government ’ s Covid-19 lockdown roadmap says pubs and restaurants will not reopen before 4 July .
Johnson confirmed that this was still the date the government was working toward , despite speculation the sector could be reopened this month instead .
“ We want to reopen hospitality as quickly as we possibly can , ” he said .
Read more : Lockdown one week earlier ‘ could have halved ’ coronavirus death toll “ According to the roadmap , we were going to open outdoor hospitality no earlier than 4 July – @ @ @ @ @ @ @ are sticking to the plan .
“ What we don ’ t want to see is a roiling , bacchanalian mass of people that can spread the disease .
”

Coronavirus lockdown: England zoos and outdoor attractions reopened
Zoos and outdoor attractions such as drive-in cinemas will be able to open in England from Monday.
Prime Minister Boris Johnson announced today that the government would allow these businesses to open, with social distancing restrictions required.
In the case of zoos, they will need to close all inside areas such as reptile houses and enclosures and limit numbers.
The Prime Minister announced the opening of zoos just one day after his father Stanley Johnson wrote an article in The Sun yesterday calling for them to reopen.
“I’m very grateful to the zoo industry for their cooperation and forbearance, and am happy to confirm that they too can reopen from Monday provided visitor numbers are managed and safeguards are in place,” Johnson said.
The easing of lockdown for outdoor attractions comes as England will also open all non-essential retail shops on Monday.
Before the Open newsletter: Start your day with the City View podcast and key market data
The lockdown is expected to eased further next month by reopening the hospitality industry.
The government’s Covid-19 lockdown roadmap says pubs and restaurants will not reopen before 4 July.
Johnson confirmed that this was still the date the government was working toward, despite speculation the sector could be reopened this month instead.
“We want to reopen hospitality as quickly as we possibly can,” he said.
“According to the roadmap, we were going to open outdoor hospitality no earlier than 4 July – that is still the plan. We are sticking to the plan.
“What we don’t want to see is a roiling, bacchanalian mass of people that can spread the disease.”


cityam--2020-06-10--Boris OKs a bunk-up: Household 'bubbles' announced for people alone in lockdown

Boris Johnson has announced that people living alone and single parents with children under 18 in England will be able to visit one other household and form “ safety bubbles ” .
The new policy will allow people who live alone , or with children , to visit the other household in their bubble , with no social distancing required .
Read more : Boris Johnson confirms pubs and restaurants will not open before 4 July The rule change means that grandparents living along will be able to hug family members in their new bubbles or stay over at their @ @ @ @ @ @ @ not living together to visit each other ’ s house if one of them lives alone .
Before the Open newsletter : Start your day with the City View podcast and key market data Johnson made it clear at the announcement that the bubbles will be exclusive , meaning only two households are able to form a bubble .
If someone in a bubble displays coronavirus-like symptoms then every member of safety bubble will have to self-isolate for 14 days .
People who are shielding from Covid-19 , and not able to leave @ @ @ @ @ @ @ bubble .
The new rule is intended to alleviate loneliness for people who live alone and have had limited outside contact in the past two-and-a-half months .
“ We ’ re making this change to support those who are particularly lonely as a result of lockdown measures , ” Johnson said .
Read more : Lockdown one week earlier ‘ could have halved ’ coronavirus death toll “ It ’ s a targeted intervention aimed at limiting the most harmful effects of social restrictions .
“ It is not designed for people who @ @ @ @ @ @ @ inside other people ’ s homes – that remains against the law .
”

Boris OKs a bunk-up: Household ‘bubbles’ announced for people alone in lockdown
Boris Johnson has announced that people living alone and single parents with children under 18 in England will be able to visit one other household and form “safety bubbles”.
The new policy will allow people who live alone, or with children, to visit the other household in their bubble, with no social distancing required.
The rule change means that grandparents living along will be able to hug family members in their new bubbles or stay over at their home.
It will also allow partners not living together to visit each other’s house if one of them lives alone.
Before the Open newsletter: Start your day with the City View podcast and key market data
Johnson made it clear at the announcement that the bubbles will be exclusive, meaning only two households are able to form a bubble.
If someone in a bubble displays coronavirus-like symptoms then every member of safety bubble will have to self-isolate for 14 days.
People who are shielding from Covid-19, and not able to leave their homes, cannot form a bubble.
The new rule is intended to alleviate loneliness for people who live alone and have had limited outside contact in the past two-and-a-half months.
“We’re making this change to support those who are particularly lonely as a result of lockdown measures,” Johnson said.
“It’s a targeted intervention aimed at limiting the most harmful effects of social restrictions.
“It is not designed for people who don’t qualify to start meeting inside other people’s homes – that remains against the law.”


cityam--2020-06-10--Just Eat Takeaway confirms ‘advanced talks’ to buy Grubhub

Delivery giant Just Eat Takeaway today confirmed it is in advanced talks to buy Grubhub , in a bid to establish itself as a major rival to Uber in the US .
Netherlands-based Just Eat Takeaway said it is “ advanced discussions with Grubhub ” for an all stock-purchase of the company .
Grubhub , a US food delivery startup with operations in London , has a market value of $ 5.2bn ( £4.1m ) .
UK firm Just Eat was bought by Dutch rival Takeaway.com earlier this year in a deal worth $ 7.8b .
Just Eat Takeaway is @ @ @ @ @ @ @ Grubhub has been involved in merger talks with Uber since May , but the ride-hailing firm is now “ likely ” to pull out of negotiations after US politicians voiced antitrust concerns with the potential deal , CNBC reported .
Read more : Just Eat slams watchdog ’ s approval of Amazon ’ s £442m investment in Deliveroo Last month Uber posted a net loss of $ 2.9bn alongside 3,700 redundancies for the first three months of 2020 as coronavirus sparked international lockdowns .
Meanwhile Uber Eats , the company ’ s food @ @ @ @ @ @ @ cent jumping sales for the same period as people stayed indoors .
Uber Eats chief executive Dara Khosrowshahi last month announced the firm will pull out of some markets , including Ukraine and Egypt , in order to “ invest aggressively ” in countries where it is confident it can maintain market lead .
Softbank-backed Doordash remains the first choice in the US at the moment , with almost 50 per cent of takeaway orders made using the startup .
Grubhub investors welcomed the news , with shares up 0.4 per cent to @ @ @ @ @ @ @ investors of London-listed Just Eat Takeaway were less cheered , with shares plummeting as much as 20 per cent to 7,928p at 4PM , before recovering slightly to 7,626p at 5PM .
“ Judging by the share price moves , this is more likely to be a takeover by Just Eat of Grubhub with the former ’ s share price down as much as 20 per cent following the announcement , while the latter has reacted more modestly , ” said Helal Miah , investment research analyst at The Share Centre .
“ @ @ @ @ @ @ @ will give Just Eat a foothold in the huge American market through an already established player while Uber may have to look overseas themselves for another partner , ” he added .
“ This news will not sit comfortably with others in the sector and we may see rivals such as Deliveroo throw their hand in or look elsewhere to shore up their market share.
” Before the Open : Get the jump on the markets with our early morning newsletter

Just Eat Takeaway confirms ‘advanced talks’ to buy Grubhub
Delivery giant Just Eat Takeaway today confirmed it is in advanced talks to buy Grubhub, in a bid to establish itself as a major rival to Uber in the US.
Netherlands-based Just Eat Takeaway said it is “advanced discussions with Grubhub” for an all stock-purchase of the company.
Grubhub, a US food delivery startup with operations in London, has a market value of $5.2bn (£4.1m).
UK firm Just Eat was bought by Dutch rival Takeaway.com earlier this year in a deal worth $7.8bn. Just Eat Takeaway is now worth €12.6bn (£11.2bn).
Grubhub has been involved in merger talks with Uber since May, but the ride-hailing firm is now “likely” to pull out of negotiations after US politicians voiced antitrust concerns with the potential deal, CNBC reported.
Last month Uber posted a net loss of $2.9bn alongside 3,700 redundancies for the first three months of 2020 as coronavirus sparked international lockdowns.
Meanwhile Uber Eats, the company’s food delivery arm, reported a 20 per cent jumping sales for the same period as people stayed indoors.
Uber Eats chief executive Dara Khosrowshahi last month announced the firm will pull out of some markets, including Ukraine and Egypt, in order to “invest aggressively” in countries where it is confident it can maintain market lead.
Softbank-backed Doordash remains the first choice in the US at the moment, with almost 50 per cent of takeaway orders made using the startup.
Grubhub investors welcomed the news, with shares up 0.4 per cent to $58.2 at 5PM BST. But investors of London-listed Just Eat Takeaway were less cheered, with shares plummeting as much as 20 per cent to 7,928p at 4PM, before recovering slightly to 7,626p at 5PM.
“Judging by the share price moves, this is more likely to be a takeover by Just Eat of Grubhub with the former’s share price down as much as 20 per cent following the announcement, while the latter has reacted more modestly,” said Helal Miah, investment research analyst at The Share Centre.
“Should this go ahead, then it will give Just Eat a foothold in the huge American market through an already established player while Uber may have to look overseas themselves for another partner,” he added.
“This news will not sit comfortably with others in the sector and we may see rivals such as Deliveroo throw their hand in or look elsewhere to shore up their market share.”
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cityam--2020-06-10--APIs: the invisible wiring pivotal to digital transformation

Unless you work in a technology-focused business , or are particularly technology-minded , it ’ s unlikely that you will have heard of ‘ Application Programming Interfaces ’ – or APIs .
But as companies , and daily life , become increasingly technology-based – a trend accelerated by coronavirus – and APIs themselves evolve , they are becoming more important to business success .
For an increasing number of companies , they are mission critical – the company could not exist without them .
So what are they ?
An API is a software intermediary that allows two machines to @ @ @ @ @ @ @ .
Even their advocates concede they are not inherently exciting .
But a trend towards ‘ open APIs ’ ( also known as public APIs ) – APIs made publicly available to software developers – has changed the game .
“ APIs have been around forever as a means of data migration and exchange allowing one piece of software to talk to another , but they were previously used in a closed or partner fashion , ” explains Neil Ainger , a technology journalist specialising in banking and fintech .
“ What has @ @ @ @ @ @ @ use of open APIs to power amalgamated services such as Uber – who access maps , payment functions and various other data sources via APIs – to serve their consumers .
It ’ s the same with everything from weather-monitoring and restaurant-booking apps to rail timetables.
” “ APIs are really coming to the forefront ” Dev Subrata is founder and chief executive of Fidel API , a London-headquartered software firm whose mission is to ‘ democratise access to payment data , globally ’ .
Subrata tells City AM : “ APIs are @ @ @ @ @ @ @ many technology innovators are building all sorts of different products that create more holistic experiences for consumers , informed by real-time data via various APIs.
” “ Open APIs mean that the speed of innovation is massively accelerated because barriers to entry are being removed .
The flipside is that companies are then reliant on other services to function , ” he says .
Ainger and Subrata both identify ‘ open banking ’ – established banks opening up their APIs to enable third parties to access financial information and develop new apps and @ @ @ @ @ @ @ the benefits of open APIs .
The organisation leading the UK ’ s open banking journey is the Open Banking Implementation Entity ( OBIE ) .
Its ecosystem development director , David Beardmore , describes APIs as “ the secure , invisible plumbing that help transmit data securely and enable so much of our connected life ” .
“ The way open banking works , using APIs , is that you give permission to another organisation , such as a fintech , to be able to securely access your financial information , which @ @ @ @ @ @ @ personalised products and services based on what you actually spend , ” Beardmore explains .
“ This could help , for example , people qualify for a wider range of loans or mortgages by making it easier to share their banking history , or enable small businesses access to alternative sources of credit.
” More than one million people have now used open banking in the UK .
“ If you donated to Captain Tom Moore ’ s fabulous NHS fundraising effort via JustGiving , it ’ s possible the method you used @ @ @ @ @ @ @ says Beardmore .
Within financial services , open APIs are also having their time in the sun in the insurance industry .
“ As the insurance sector works its way through the new normal , its API hour is finally here , ” Tony Grosso , US-based head of marketing at EIS Group , tells City AM .
“ APIs are accelerating much-needed changes in the insurance sector , which will make customers happier because they are receiving more personalised ‘ quote-to-bind ’ services .
APIs are also allowing insurers to cleverly use @ @ @ @ @ @ @ and back-end operations without having to invest in full technology infrastructure overhauls.
” Back in the tech sector , Daria Kepa-Green is marketing director at Appvia , a London-based software firm .
She describes APIs as “ an unsung hero of technology ” , and concurs that open APIs have begun to gain public recognition through developments such as open banking .
But she also points out that a trend towards firms moving to the ‘ Cloud ’ – software run through online datacentres , managed by Cloud vendors as opposed to datacentres @ @ @ @ @ @ @ facilitated by APIs .
Subrata agrees , explaining how the Cloud is an integral part of the API growth story .
“ All the big Cloud infrastructure services – Microsoft Azure , Amazon Web Services , Google Cloud – are accessed by millions of companies around the world thanks to powerful APIs .
These Cloud services now form the core infrastructure for many of the services we consume today , ” he says .
The increasingly digital future is only going to increase further the importance of APIs , even though consumers wouldn @ @ @ @ @ @ @ to know ) the ‘ tech behind the tech ’ : the invisible wiring powering the so-called ‘ Internet of Things ’ in which everything connects .
“ APIs will underpin a future in which , say , your fridge knows you are running out of milk and automatically places an order for new milk , and pays for it , ” says Subrata .

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APIs: the invisible wiring pivotal to digital transformation
‘Open banking’: an emerging arena being powered by open APIs [picture: Fidel]
Unless you work in a technology-focused business, or are particularly technology-minded, it’s unlikely that you will have heard of ‘Application Programming Interfaces’ – or APIs.
But as companies, and daily life, become increasingly technology-based – a trend accelerated by coronavirus – and APIs themselves evolve, they are becoming more important to business success. For an increasing number of companies, they are mission critical – the company could not exist without them.
So what are they? An API is a software intermediary that allows two machines to interact – to speak the same language. Even their advocates concede they are not inherently exciting. But a trend towards ‘open APIs’ (also known as public APIs) – APIs made publicly available to software developers – has changed the game.
“APIs have been around forever as a means of data migration and exchange allowing one piece of software to talk to another, but they were previously used in a closed or partner fashion,” explains Neil Ainger, a technology journalist specialising in banking and fintech. “What has been significant this past decade is the use of open APIs to power amalgamated services such as Uber – who access maps, payment functions and various other data sources via APIs – to serve their consumers. It’s the same with everything from weather-monitoring and restaurant-booking apps to rail timetables.”
“APIs are really coming to the forefront”
Dev Subrata is founder and chief executive of Fidel API, a London-headquartered software firm whose mission is to ‘democratise access to payment data, globally’.
Subrata tells City AM: “APIs are really coming to the forefront as so many technology innovators are building all sorts of different products that create more holistic experiences for consumers, informed by real-time data via various APIs.”
“Open APIs mean that the speed of innovation is massively accelerated because barriers to entry are being removed. The flipside is that companies are then reliant on other services to function,” he says.
Ainger and Subrata both identify ‘open banking’ – established banks opening up their APIs to enable third parties to access financial information and develop new apps and services – as a development that highlights the benefits of open APIs.
The organisation leading the UK’s open banking journey is the Open Banking Implementation Entity (OBIE). Its ecosystem development director, David Beardmore, describes APIs as “the secure, invisible plumbing that help transmit data securely and enable so much of our connected life”.
“The way open banking works, using APIs, is that you give permission to another organisation, such as a fintech, to be able to securely access your financial information, which in turn can unlock better, more personalised products and services based on what you actually spend,” Beardmore explains. “This could help, for example, people qualify for a wider range of loans or mortgages by making it easier to share their banking history, or enable small businesses access to alternative sources of credit.”
More than one million people have now used open banking in the UK. “If you donated to Captain Tom Moore’s fabulous NHS fundraising effort via JustGiving, it’s possible the method you used was powered by open banking,” says Beardmore.
Within financial services, open APIs are also having their time in the sun in the insurance industry. “As the insurance sector works its way through the new normal, its API hour is finally here,” Tony Grosso, US-based head of marketing at EIS Group, tells City AM. “APIs are accelerating much-needed changes in the insurance sector, which will make customers happier because they are receiving more personalised ‘quote-to-bind’ services. APIs are also allowing insurers to cleverly use internal and external data to modernise front- and back-end operations without having to invest in full technology infrastructure overhauls.”
“Unsung hero of technology”
Back in the tech sector, Daria Kepa-Green is marketing director at Appvia, a London-based software firm. She describes APIs as “an unsung hero of technology”, and concurs that open APIs have begun to gain public recognition through developments such as open banking.
But she also points out that a trend towards firms moving to the ‘Cloud’ – software run through online datacentres, managed by Cloud vendors as opposed to datacentres that companies themselves own – is also facilitated by APIs.
Subrata agrees, explaining how the Cloud is an integral part of the API growth story. “All the big Cloud infrastructure services – Microsoft Azure, Amazon Web Services, Google Cloud – are accessed by millions of companies around the world thanks to powerful APIs. These Cloud services now form the core infrastructure for many of the services we consume today,” he says.
The increasingly digital future is only going to increase further the importance of APIs, even though consumers wouldn’t necessarily know (or need to know) the ‘tech behind the tech’: the invisible wiring powering the so-called ‘Internet of Things’ in which everything connects.
“APIs will underpin a future in which, say, your fridge knows you are running out of milk and automatically places an order for new milk, and pays for it,” says Subrata.


cityam--2020-06-10--Lockdown one week earlier 'could have halved' coronavirus death toll

Imposing lockdown a week earlier could have cut the death toll “ by at least half ” , a former scientific adviser to the government has said .
Addressing the Science and Technology Select Committee , Professor Neil Ferguson told MPs : “ The epidemic was doubling every three to four days before lockdown interventions were introduced .
So , had we introduced lockdown measures a week earlier we would have reduced the final death toll by at least a half.
” Read more : UK coronavirus deaths near 52,000 , tally of official data shows A further 286 deaths @ @ @ @ @ @ @ death toll to 40,883 but wider data which factors in deaths from suspected cases suggest the likely total is more than 50,000 .
Ferguson ’ s modelling helped shape the government ’ s response strategy to the pandemic but resigned as an adviser after breaking lockdown rules .
Before the Open : Get the jump on the markets with our early morning newsletter He said experts “ underestimated how far this country was into the epidemic ” at that stage .
Infection rates were higher than anticipated , with heavier “ seeding ” @ @ @ @ @ @ @ He said that because it is now known that the outbreaks in Italy and Spain took hold earlier than previously thought , “ roughly 90 per cent of the UK [ seeding ] cases were missed by our border measures because we weren ’ t even checking people.
” Before the Open newsletter : Start your day with the City View podcast and key market data He added that Sage , the government ’ s scientific advisory group , had recommended checks on those travelling from countries with active transmission .
Coronavirus spread @ @ @ @ @ @ @ had predicted , he added .
Read more : ‘ A matter for police ’ : Hancock ‘ speechless ’ over Professor Neil Ferguson ’ s lockdown breach “ We were all working on the assumption , which was government policy at the time , the care homes would be shielded from infection .
What we ’ ve actually seen is infection in care homes is four times higher than in general population.
” It is in part because of the lack of shielding for elderly people and partly a lack of understanding @ @ @ @ @ @ @ multiple facilities .
Get the news as it happens by following City A.M. on Twitter .

Lockdown one week earlier ‘could have halved’ coronavirus death toll
Imposing lockdown a week earlier could have cut the death toll “by at least half”, a former scientific adviser to the government has said.
Addressing the Science and Technology Select Committee, Professor Neil Ferguson told MPs: “The epidemic was doubling every three to four days before lockdown interventions were introduced. So, had we introduced lockdown measures a week earlier we would have reduced the final death toll by at least a half.”
A further 286 deaths yesterday brings the government’s total death toll to 40,883 but wider data which factors in deaths from suspected cases suggest the likely total is more than 50,000.
Ferguson’s modelling helped shape the government’s response strategy to the pandemic but resigned as an adviser after breaking lockdown rules.
Before the Open: Get the jump on the markets with our early morning newsletter
He said experts “underestimated how far this country was into the epidemic” at that stage. Infection rates were higher than anticipated, with heavier “seeding” from countries like Italy and Spain.
He said that because it is now known that the outbreaks in Italy and Spain took hold earlier than previously thought, “roughly 90 per cent of the UK [seeding] cases were missed by our border measures because we weren’t even checking people.”
Before the Open newsletter: Start your day with the City View podcast and key market data
He added that Sage, the government’s scientific advisory group, had recommended checks on those travelling from countries with active transmission.
Coronavirus spread more quickly in care homes than experts had predicted, he added.
“We were all working on the assumption, which was government policy at the time, the care homes would be shielded from infection. What we’ve actually seen is infection in care homes is four times higher than in general population.”
It is in part because of the lack of shielding for elderly people and partly a lack of understanding that care home employees often work in multiple facilities.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-06-11--Just Eat shares pop on $7.3bn deal for Grubhub

Shares in European fast food giant Just Eat Takeaway are rising as investors take stock of its latest move to buy US rival Grubhub for $ 7.3bn ( £5.8bn ) .
If completed , the all-stock deal would create the world ’ s largest food delivery provider outside of China .
Just Eat ’ s share price rose 3.4 per cent before midday today , hitting a high of 7,900p .
Read more : Just Eat Takeaway confirms ‘ advanced talks ’ to buy Grubhub The deal will pose a blow to Uber , which abandoned talks to merge Grubhub @ @ @ @ @ @ @ antitrust concerns were raised in the US .
Just Eat and Takeaway only recently gained antitrust approval for their own $ 7.8bn merger in the UK , after the latter beat out a rival bid from Prosus .
“ It ’ ll be biting off far more than it did when acquiring Just Eat ( only last year ! )
, but the playbook will be the same , ” Jefferies analyst Giles Thorne said in a note , describing the bid as “ another opportunistic cross-border land grab ” by Takeaway .
@ @ @ @ @ @ @ on the markets with our early morning newsletter The deal is expected to close in the first quarter of 2021 , pending regulatory approval .
In 2019 Just Eat Takeaway had annual revenues of €1.5bn , compared with Grubhub ’ s €1.2bn .
The two companies said the merger will create “ a company built around four of the world ’ s largest profit pools in food delivery : the US , the UK , the Netherlands and Germany ” .

Just Eat shares pop on $7.3bn deal for Grubhub
Shares in European fast food giant Just Eat Takeaway are rising as investors take stock of its latest move to buy US rival Grubhub for $7.3bn (£5.8bn).
If completed, the all-stock deal would create the world’s largest food delivery provider outside of China.
Just Eat’s share price rose 3.4 per cent before midday today, hitting a high of 7,900p.
The deal will pose a blow to Uber, which abandoned talks to merge Grubhub with its own Uber Eats division after antitrust concerns were raised in the US.
Just Eat and Takeaway only recently gained antitrust approval for their own $7.8bn merger in the UK, after the latter beat out a rival bid from Prosus.
“It’ll be biting off far more than it did when acquiring Just Eat (only last year!), but the playbook will be the same,” Jefferies analyst Giles Thorne said in a note, describing the bid as “another opportunistic cross-border land grab” by Takeaway.
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The deal is expected to close in the first quarter of 2021, pending regulatory approval.
In 2019 Just Eat Takeaway had annual revenues of €1.5bn, compared with Grubhub’s €1.2bn.
The two companies said the merger will create “a company built around four of the world’s largest profit pools in food delivery: the US, the UK, the Netherlands and Germany”.


cityam--2020-06-11--CMC Markets doubles operating income as coronavirus fuels higher trading activity

Online trading platform CMC Markets has nearly doubled its income , bolstered by the coronavirus-induced selloff in March .
CMC ’ s net operating income jumped a staggering 93 per cent to £252m in the first quarter .
While profit before tax grew from £6.3m in the first quarter of 2019 to £98.7m in the same period this year .
The group ’ s contracts for difference ( CFD ) platform continued to perform well , a 7 per cent increase in clients , while revenue per active client up 81 per cent to £3,750 .
CMC said this was @ @ @ @ @ @ @ of trading activity within the underlying markets and exchanges ” .
CMC ’ s stockbroking business also had a strong start to the year , with net trading revenue up 106 per cent to £31.8m .
The firm said it had been driven by a combination of a “ full year of revenues for the ANZ Bank partnership , higher market volatility in the fourth quarter and successful product launches.
” CMC , whose online trading platforms allow individuals to make leveraged bets on financial markets , said it has confidence in the @ @ @ @ @ @ @ ” .
The final dividend for the year is 12.18p per share , resulting in a total dividend of 15.03p per share .
The board has said it is committed to paying a total dividend going forward of 50 per cent of profit after tax .
Read more : CMC ’ s shares jump as it raises forecast again after trading volume surge Chief executive Peter Cruddas said : “ The heightened volatility and trading activity resulting from COVID-19 has continued into the first quarter of the financial year , and CMC continue @ @ @ @ @ @ @ platforms and client service.
” “ I am also confident that , once the financial world returns to more normal conditions , the Group will continue to build on the underlying growth that was being displayed prior to the pandemic.
” Get the news as it happens by following City A.M. on Twitter .

CMC Markets doubles operating income as coronavirus fuels higher trading activity
AJ Bell has seen a continued rise in customers over the past year amid market turbulence.
Online trading platform CMC Markets has nearly doubled its income, bolstered by the coronavirus-induced selloff in March.
CMC’s net operating income jumped a staggering 93 per cent to £252m in the first quarter. While profit before tax grew from £6.3m in the first quarter of 2019 to £98.7m in the same period this year.
The group’s contracts for difference (CFD) platform continued to perform well, a 7 per cent increase in clients, while revenue per active client up 81 per cent to £3,750. CMC said this was due to the “extraordinarily high levels of trading activity within the underlying markets and exchanges”.
CMC’s stockbroking business also had a strong start to the year, with net trading revenue up 106 per cent to £31.8m. The firm said it had been driven by a combination of a “full year of revenues for the ANZ Bank partnership, higher market volatility in the fourth quarter and successful product launches.”
CMC, whose online trading platforms allow individuals to make leveraged bets on financial markets, said it has confidence in the business “when market activity becomes normalised”.
The final dividend for the year is 12.18p per share, resulting in a total dividend of 15.03p per share. The board has said it is committed to paying a total dividend going forward of 50 per cent of profit after tax.
Chief executive Peter Cruddas said: “The heightened volatility and trading activity resulting from COVID-19 has continued into the first quarter of the financial year, and CMC continue to provide clients with market leading trading platforms and client service.”
“I am also confident that, once the financial world returns to more normal conditions, the Group will continue to build on the underlying growth that was being displayed prior to the pandemic.”
Get the news as it happens by following City A.M. on Twitter.