cityam--2020-05-22--Which south London pubs are serving pints this weekend? A non-exhaustive list

The pint .
The perfect measure ; not too big , not too small .
And now available in takeaway milk cartons in a host of pubs across south London .
Here ’ s City A.M. ’ s very much non-exhaustive list of pubs south of the river that will allow you to have something cold , fizzy and poured by somebody else over this bank holiday weekend .
Each pub is near a park – so you won ’ t have to carry it too far before you enjoy your liquor in a suitably responsible and socially-distanced way .
@ @ @ @ @ @ @ app more than ever under plan to reopen all 875 pubs There will no doubt be some who claim that it is an outrage , indeed an affront , that north , east and west London pubs are not in this list .
I agree ; however , your author does not live there and therefore hasn ’ t walked past .
Write your own list , or better yet , email me at andy.silvester @ cityam.com and we ’ ll add to the list as we can .
Also , move to @ @ @ @ @ @ @ of pubs .
NB : Most of these pubs are trying hard to survive in these tough times , so opening hours and availability are likely to be somewhat flexible .
It ’ s worth checking them out on instagram , Twitter or by giving them a call before heading out .
Read more : UK lockdown : No pubs or restaurants to reopen until July ‘ at very earliest ’ A surprisingly solid sports pub , The Regent has made the best of it with a decent-sized food and drink menu .
@ @ @ @ @ @ @ Wandsworth Common The outstanding craft-y place is shifting pints from 3-8 on Friday , 4-8 on Sunday and then a very civilised 2-5pm on Sunday .
Nearest parks : Slade Gardens , Myatts Fields Draught pints and cocktails , 1-5 Saturday and Sunday .
Added points for being next to Theo ’ s , and Mangal is open down the road too .
Nearest park : Camberwell Green , Burgess Park ( at a push ) One of Palace ’ s finest boozers is temporarily an off-licence , and promises to fill up @ @ @ @ @ @ @ .
Presumably this doesn ’ t include the five gallon water cooler from your office , but who knows .
Nearest park : Crystal Palace Park ( go see the dinosaurs ) , Long Meadow in Gipsy Hill One of south London ’ s new breweries – alongside Gipsy Hill , Brick Brewery in Peckham and the glorious gallimaufry along the Bermondsey Beer Mile – is open for takeout Saturday and Sunday noon until 7pm .
The takeaway gyoza from Koi Ramen next door is a fine addition to any milk carton-y beer @ @ @ @ @ @ @ pints and cocktails , Friday through Monday , with takeaway Sunday roasts on , well , Sunday .
Famous for being both a cracking pub , and also the pub in which Colin Firth beats people up in Kingsman .
Nearest parks : Cleaver Square , Kennington Park Full disclosure : Your author and guide to south London pubs worked at the Black Prince for several years .
No petanque , currently , but plenty of beer .
Nearest park : Cleaver Square ( obviously ) Devastatingly , the brilliant Babette ’ s @ @ @ @ @ @ @ , per the pub ’ s instagram .
So no pints this weekend , but when they ’ re back , the staff are friendly and the takeaway food – including vacuum sealed bento boxes – is excellent .
Nearest parks : Nunhead Green , Peckham Rye Common Read more : UK pubs call for social distancing to be reduced to one metre No pints , but takeaway cocktails are available from the ‘ Batch Hatch ’ .
Bring ice and a glass and grab a pre-made delight .
City A.M. recommends the @ @ @ @ @ @ @ Deliveroo from Mr Bao across the road you ’ ll be well fed too .
Nearest parks : Goose Green , Peckham Rye Common The Clapham-est of Peckham ’ s pubs is reopening this weekend on Bellenden Road , slinging mini-kegs as well as takeaway pints in what they describe as an “ in pub deli ” .
Sure .
Nearest parks : Holly Grove Shrubbery

Which south London pubs are serving pints this weekend? A non-exhaustive list
The pint. The perfect measure; not too big, not too small. And now available in takeaway milk cartons in a host of pubs across south London.
The pint. The perfect measure; not too big, not too small. And now available in takeaway milk cartons in a host of pubs across south London.
Here’s City A.M.’s very much non-exhaustive list of pubs south of the river that will allow you to have something cold, fizzy and poured by somebody else over this bank holiday weekend.
Each pub is near a park – so you won’t have to carry it too far before you enjoy your liquor in a suitably responsible and socially-distanced way.
There will no doubt be some who claim that it is an outrage, indeed an affront, that north, east and west London pubs are not in this list.
I agree; however, your author does not live there and therefore hasn’t walked past.
Write your own list, or better yet, email me at andy.silvester@cityam.com and we’ll add to the list as we can.
Also, move to south London – there are a lot of pubs.
NB: Most of these pubs are trying hard to survive in these tough times, so opening hours and availability are likely to be somewhat flexible. It’s worth checking them out on instagram, Twitter or by giving them a call before heading out.
South London pubs serving pints this weekend
Balham: The Regent
A surprisingly solid sports pub, The Regent has made the best of it with a decent-sized food and drink menu. Nearest parks: Tooting Bec Common, Wandsworth Common
Brixton: The Crown & Anchor
The outstanding craft-y place is shifting pints from 3-8 on Friday, 4-8 on Sunday and then a very civilised 2-5pm on Sunday. Nearest parks: Slade Gardens, Myatts Fields
Brixton: The Crown & Anchor
Camberwell: The Crooked Well
Draught pints and cocktails, 1-5 Saturday and Sunday. Added points for being next to Theo’s, and Mangal is open down the road too. Nearest park: Camberwell Green, Burgess Park (at a push)
Camberwell: The Crooked Well
Camberwell: Stombird
Cans and takeaway pints available from breweries you haven’t heard of but definitely should have. Better even than this joyous news? Falafel and Shawarma next door is opening again too from Tuesday 26th.
Camberwell: Stormbird
Crystal Palace: The Alma
One of Palace’s finest boozers is temporarily an off-licence, and promises to fill up whatever vessel you bring to its taps. Presumably this doesn’t include the five gallon water cooler from your office, but who knows. Nearest park: Crystal Palace Park (go see the dinosaurs), Long Meadow in Gipsy Hill
Crystal Palace: The Alma
Herne Hill: Canopy Brewery
One of south London’s new breweries – alongside Gipsy Hill, Brick Brewery in Peckham and the glorious gallimaufry along the Bermondsey Beer Mile – is open for takeout Saturday and Sunday noon until 7pm. The takeaway gyoza from Koi Ramen next door is a fine addition to any milk carton-y beer. Nearest park: Brockwell Park
Herne Hill: Canopy Brewery
Kennington: The Black Prince
Takeout pints and cocktails, Friday through Monday, with takeaway Sunday roasts on, well, Sunday. Famous for being both a cracking pub, and also the pub in which Colin Firth beats people up in Kingsman. Nearest parks: Cleaver Square, Kennington Park
Full disclosure: Your author and guide to south London pubs worked at the Black Prince for several years.
Kennington: The Black Prince
Kennington: The Prince of Wales
No petanque, currently, but plenty of beer. Nearest park: Cleaver Square (obviously)
Kennington: The Prince of Wales
Nunhead: Babette
Devastatingly, the brilliant Babette’s head chef Maya has broken her leg, per the pub’s instagram. So no pints this weekend, but when they’re back, the staff are friendly and the takeaway food – including vacuum sealed bento boxes – is excellent. Nearest parks: Nunhead Green, Peckham Rye Common
Nunhead: Babette
Nunhead: The Ivy House
Britain’s 11th coolest pub is offering takeout this weekend, with four pints of Kernel for £14. Not bad at all. Thanks to @rezla for the tip. Nearest park: Peckham Rye, Nunhead Reservoir (if you know, you know).
Nunhead: The Ivy House
Peckham: Batch
No pints, but takeaway cocktails are available from the ‘Batch Hatch’. Bring ice and a glass and grab a pre-made delight. City A.M. recommends the Peckham Calling, and if you order Deliveroo from Mr Bao across the road you’ll be well fed too. Nearest parks: Goose Green, Peckham Rye Common
Peckham: Batch
Peckham: The Victoria
The Clapham-est of Peckham’s pubs is reopening this weekend on Bellenden Road, slinging mini-kegs as well as takeaway pints in what they describe as an “in pub deli”. Sure. Nearest parks: Holly Grove Shrubbery
Peckham: The Victoria
The Borough: The Gladstone
The criminally underrated ‘Glad’ is open for takeaway 1-9 this weekend, with Brixton and Staro on tap among others. Bring your own container. Nearest park: Mint Street
Borough: The Glad
Wimbledon: The Trafalgar
‘The Traf’ in south Wimbledon is slinging loads of craft ales and ciders, including a couple from Wimbledon’s own By The Horns brewery. It’s collection only, so call ahead with your order to pick up between 5 and 7. Thanks to @daysofspeed for the tip. Nearest parks: The Abbey, or perhaps take a stroll round the Wandle
Wimbledon: The Trafalgar


cityam--2020-05-22--Covid-19 will change business forever, says Deloitte chief

The economic and cultural impact of the coronavirus crisis is so severe that it will change business forever , a top Deloitte executive has said .
David Sproul , Deloitte ’ s global deputy chief executive , told City A.M. that rapid changes in working habits and use of technology since the pandemic outbreak would likely never be reversed .
Read more : The City View : ‘ Business is not going back to how it was , in any aspect ’ – David Sproul , global deputy CEO of Deloitte “ I ’ m absolutely certain that business is @ @ @ @ @ @ @ it was in any aspect and certainly in terms of the way work is done and office locations , ” he said .
Speaking on the City View podcast , Sproul said it was “ extraordinary ” how well companies had adapted to remote working since the start of the lockdown , adding that this would help them to implement a gradual return to work .
But the professional services chief said that many businesses would choose to adopt flexible working policies permanently for at least some of their employees .
“ We @ @ @ @ @ @ @ slow return to the office for obvious health reasons , but we may see that slow return being in advance of a gradual shift to only perhaps half of people returning to offices full-time , ” he said .
Yesterday RBS said that more than three-quarters of its staff will work from home until at least September , while Facebook chief executive Mark Zuckerberg said he expected half of his company ’ s 48,000 employees to work remotely in the next five to 10 years .
Sproul , who previously led Deloitte ’ @ @ @ @ @ @ @ three decades ’ experience in the sector , said that while global economies had been in the early stages of a “ secular shift ” to technology , the Covid-19 crisis had accelerated this process .
“ What this pandemic has caused is change to be instantaneous , ” he said .
In addition , Sproul said he expected “ serious dislocation ” in the way offices — and even cities — were used .
However , he stopped short of stating that the pandemic would spell the end of traditional offices and @ @ @ @ @ @ @ vibrancy and a combustion that still comes from people coming together from different backgrounds and you can ’ t replicate all of that remotely , ” he said .
Sproul echoed the downbeat sentiments of many economists , saying the chances of a v-shaped recovery from the downturn were “ very slim indeed ” .
Read more : Half of Facebook employees could work remotely by 2030 , says Zuckerberg However , he insisted that businesses and economies would be able to adapt to the changes .
“ I think we ’ ll @ @ @ @ @ @ @ the pace of adaptation that is required .
This is something that no one had a plan for .
”

Covid-19 will change business forever, says Deloitte chief
The economic and cultural impact of the coronavirus crisis is so severe that it will change business forever, a top Deloitte executive has said.
David Sproul, Deloitte’s global deputy chief executive, told City A.M. that rapid changes in working habits and use of technology since the pandemic outbreak would likely never be reversed.
“I’m absolutely certain that business is not going to go back to how it was in any aspect and certainly in terms of the way work is done and office locations,” he said.
Speaking on the City View podcast, Sproul said it was “extraordinary” how well companies had adapted to remote working since the start of the lockdown, adding that this would help them to implement a gradual return to work.
But the professional services chief said that many businesses would choose to adopt flexible working policies permanently for at least some of their employees.
“We’re going to see a very slow return to the office for obvious health reasons, but we may see that slow return being in advance of a gradual shift to only perhaps half of people returning to offices full-time,” he said.
Yesterday RBS said that more than three-quarters of its staff will work from home until at least September, while Facebook chief executive Mark Zuckerberg said he expected half of his company’s 48,000 employees to work remotely in the next five to 10 years.
Sproul, who previously led Deloitte’s UK operations and has more than three decades’ experience in the sector, said that while global economies had been in the early stages of a “secular shift” to technology, the Covid-19 crisis had accelerated this process.
“What this pandemic has caused is change to be instantaneous,” he said.
In addition, Sproul said he expected “serious dislocation” in the way offices — and even cities — were used.
However, he stopped short of stating that the pandemic would spell the end of traditional offices and urbanisation.
“There’s a vibrancy and a combustion that still comes from people coming together from different backgrounds and you can’t replicate all of that remotely,” he said.
Sproul echoed the downbeat sentiments of many economists, saying the chances of a v-shaped recovery from the downturn were “very slim indeed”.
However, he insisted that businesses and economies would be able to adapt to the changes.
“I think we’ll adapt… I think the real challenge is the pace of adaptation that is required. This is something that no one had a plan for.”


cityam--2020-05-22--Zoom Zoom Zoom: Why video-conferences are so draining

When the annals of lockdown come to be written , we will find that the pandemic , like any other great crisis , has produced its own lexicon .
You can see it already : self-isolating , social distancing , herd immunity .
High up among these new usages will be the teleconferencing company Zoom .
Full disclosure : I was an early adopter .
The nature of my work takes me out of the office for the vast majority of my time , so we ’ ve been making conference calls on a regular basis for some time now @ @ @ @ @ @ @ to Zoom in the summer of 2019 .
Compared to other similar systems , it ’ s pretty satisfactory .
The interface is user-friendly , the audio and video quality are usually fairly good , it ’ s reliable , and the ability to record internal calls for future reference at the touch of a button is handy .
Recently I ’ ve been using it to record interviews for my podcast Media Masters , and , while it ’ s not the same as sitting in a professional studio eyeballing the guest @ @ @ @ @ @ @ substitute .
Zoom has achieved something else .
It ’ s pulled ahead of a crowded field to become to face of teleconferencing for a lay audience .
Skype , Google Hangouts , Microsoft Teams are perfectly good products , but “ Zoom ” has become almost the default setting for the non-technical audience .
A few of my podcast guests had never used it before and came to it fresh and innocent , and it was simple and easy to use .
All of this has led to the most baroque of @ @ @ @ @ @ @ we are told .
Social gatherings are a thing of the past , and remote contact , whether professionally or privately , is the direction of travel now .
Terrifyingly , if you do a Google search for “ Zoom sex ” , it returns 228 million results , proof , if of nothing else , that human ingenuity is boundless .
One interesting phenomenon has been the number of people who have admitted , often sheepishly , that they find videoconferencing tiring .
It seems counter-intuitive .
After all , we ’ @ @ @ @ @ @ @ can sit comfortably , have a cup of tea , even stay in our pyjamas if it ’ s only an audio call ( though I insist that team meetings are by video , largely for my own amusement ) .
This isn ’ t voodoo science .
There are actually genuine reasons for it .
Virtual meetings deprive us of some of the comforts of a normal , face-to-face encounter .
Usually we rely heavily but subconsciously on non-verbal cues to understand fully what a person means and feels .
This is @ @ @ @ @ @ @ ’ re mostly not even aware that we ’ re doing it , in the same way that we don ’ t make a conscious decision to breathe , or to blink .
It just happens .
Put the barriers of distance and technology between us , though , and we have to work at it .
It becomes more of an effort to decipher what people mean as well as what they ’ re saying , whether they ’ re comfortable , credible , on top of their argument .
That drains @ @ @ @ @ @ @ the face we present to the world .
We fret about whether our surroundings are tidy and presentable , we want to appear professional and in control , and , of course , there ’ s that new status symbol of the Zoom age : the bookcase background .
Michael Gove was heavily criticised for the presence on his shelves of a book by the Holocaust denier David Irving , while others have been pilloried for posing in front of their own works .
The phenomenon now has its own dedicated Twitter account @ @ @ @ @ @ @ , makes us anxious and stressed , unsettled and on edge .
It ’ s another reason we feel exhausted .
There is also the factor of technology .
Even with a user-friendly system , most people are made slightly uneasy by the possibility of the technology not working .
There is always a latency , however , brief over a virtual connection , so sometimes we inevitably wonder if we ’ ve been cut off or our device is slow .
Occasionally the system will freeze momentarily , and panic is not @ @ @ @ @ @ @ a major issue , but they combine to make us tense , unable fully to relax and focus on the job at hand .
So , as an employer , be a little understanding .
Remember that videoconferencing is not just a face-to-face meeting in your pyjamas .
It ’ s a wholly different dynamic , with different effects and reactions .
We ’ re going to have to live with it for the immediate future : perhaps , indeed , for a great deal longer .
So we may as well get @ @ @

Zoom Zoom Zoom: Why video-conferences are so draining
When the annals of lockdown come to be written, we will find that the pandemic, like any other great crisis, has produced its own lexicon. You can see it already: self-isolating, social distancing, herd immunity. High up among these new usages will be the teleconferencing company Zoom.
Full disclosure: I was an early adopter. The nature of my work takes me out of the office for the vast majority of my time, so we’ve been making conference calls on a regular basis for some time now, and we made the corporate switch to Zoom in the summer of 2019. Compared to other similar systems, it’s pretty satisfactory. The interface is user-friendly, the audio and video quality are usually fairly good, it’s reliable, and the ability to record internal calls for future reference at the touch of a button is handy. Recently I’ve been using it to record interviews for my podcast Media Masters, and, while it’s not the same as sitting in a professional studio eyeballing the guest, it’s not a bad substitute.
Zoom has achieved something else. It’s pulled ahead of a crowded field to become to face of teleconferencing for a lay audience. Skype, Google Hangouts, Microsoft Teams are perfectly good products, but “Zoom” has become almost the default setting for the non-technical audience. A few of my podcast guests had never used it before and came to it fresh and innocent, and it was simple and easy to use.
All of this has led to the most baroque of prognostications. The office is dead, we are told. Social gatherings are a thing of the past, and remote contact, whether professionally or privately, is the direction of travel now. Terrifyingly, if you do a Google search for “Zoom sex”, it returns 228 million results, proof, if of nothing else, that human ingenuity is boundless.
One interesting phenomenon has been the number of people who have admitted, often sheepishly, that they find videoconferencing tiring. It seems counter-intuitive. After all, we’re in our own homes, we can sit comfortably, have a cup of tea, even stay in our pyjamas if it’s only an audio call (though I insist that team meetings are by video, largely for my own amusement). This isn’t voodoo science. There are actually genuine reasons for it.
Virtual meetings deprive us of some of the comforts of a normal, face-to-face encounter. Usually we rely heavily but subconsciously on non-verbal cues to understand fully what a person means and feels. This is so hardwired into human behaviour that we’re mostly not even aware that we’re doing it, in the same way that we don’t make a conscious decision to breathe, or to blink. It just happens. Put the barriers of distance and technology between us, though, and we have to work at it. It becomes more of an effort to decipher what people mean as well as what they’re saying, whether they’re comfortable, credible, on top of their argument. That drains our energy.
We also worry about the face we present to the world. We fret about whether our surroundings are tidy and presentable, we want to appear professional and in control, and, of course, there’s that new status symbol of the Zoom age: the bookcase background. Michael Gove was heavily criticised for the presence on his shelves of a book by the Holocaust denier David Irving, while others have been pilloried for posing in front of their own works. The phenomenon now has its own dedicated Twitter account, Bookcase Credibility. This, too, makes us anxious and stressed, unsettled and on edge. It’s another reason we feel exhausted.
There is also the factor of technology. Even with a user-friendly system, most people are made slightly uneasy by the possibility of the technology not working. There is always a latency, however, brief over a virtual connection, so sometimes we inevitably wonder if we’ve been cut off or our device is slow. Occasionally the system will freeze momentarily, and panic is not far behind. None of these is a major issue, but they combine to make us tense, unable fully to relax and focus on the job at hand.
So, as an employer, be a little understanding. Remember that videoconferencing is not just a face-to-face meeting in your pyjamas. It’s a wholly different dynamic, with different effects and reactions. We’re going to have to live with it for the immediate future: perhaps, indeed, for a great deal longer. So we may as well get it right.


cityam--2020-05-22--Good trading is about decision making

Good trading is about decision making

Trading strategies aren ’ t really ‘ picked ’ .
They manifest and evolve based on skill level , risk tolerance , and market exposure ; balancing technical expertise against fundamentals and often , a hunch , or gut feeling .
Whether seeking a passive income , wealth preservation , or capital appreciation , your approach will be as unique as your style , budget , and needs .
When picking a platform from which to trade , the choices are more clear cut .
The UK market is fragmented among many highly-specialised operators , each with individual merit .
@ @ @ @ @ @ @ more than ever , picking a platform that is both comprehensive and adaptable to your requirements is paramount to your trading success .
So what should you be looking for in a platform ?
What follows is a series of make-or-break considerations that traders should take into account before upgrading .
Markets are inherently global , but many traders are held back by artificial digital barriers that impede their ability to trade abroad .
Picking a platform from which you can buy into any market is more essential than ever .
The response @ @ @ @ @ @ @ continues to vary market-by-market .
With economies reopening , opportunities to trade underpriced global brands are already a reality .
Making sure your platform is global – with staff who have local market knowledge – will help you make the most of the turmoil .
Access to global markets is gradually becoming more common among platforms , but many include hidden fees and complicated pricing structures when converting currencies .
Picking a partner with a multi-currency account enables traders to make seamless conversions at the true exchange rate with zero admin , conversion @ @ @ @ @ @ @ to access world markets in local currencies… what benefit ?
In terms of speed , access , response time The decisions you make as a trader are only as good as the tools that guide them .
Most platforms offer free basic market data , but beyond that , the options are often limited or come at a high extra cost .
Fineco is the only UK trading platform to offer free real time DMA , advanced charting tools , and a stock screener as part of its free platform .
It also @ @ @ @ @ @ @ and is one of only three noteworthy platforms to offer traders the ability to make recurring investments .
You can have the best strategy in the world – be a veritable Sage of Surrey – but if your platform partner doesn ’ t react as you do , your chances of success diminish .
Fineco is a one stop shop , offering banking , trading , and investment products from one centralised location .
The advantage is simple : from the same place you bank , you can trade in any asset in @ @ @ @ @ @ @ with the best tools and local knowledge at your disposal .
For serious traders who regularly make multiple orders , finding a platform that offers all of the above with a competitive platform and transaction fee structure is essential to maximising profits .
Many platforms promise low fees or no-commission , but usually there is a catch ; a hidden clause that eats into your hard-earned profits .
For FinecoBank customers there is no compromise .
Fineco offers commission-free trading , with no added spreads , at a premium level in the UK @ @ @ @ @ @ @ cater for professional and serious traders .
Striking a balance among all of the above elements would in the past have required subscriptions to multiple platforms .
Fineco is your one stop shop , allowing you to pick and choose as conditions determine .
If your strategy is to change due to the shutdown , having a partner that can adapt to your needs , rather than the other way around , will help you better navigate the world of investment through covid ’ s choppy waters .

Sponsored Ad Feature is produced by an advertiser with the specific intent to promote a product and is not produced by the City A.M. team.
Good trading is about decision making
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Trading strategies aren’t really ‘picked’. They manifest and evolve based on skill level, risk tolerance, and market exposure; balancing technical expertise against fundamentals and often, a hunch, or gut feeling. Whether seeking a passive income, wealth preservation, or capital appreciation, your approach will be as unique as your style, budget, and needs.
When picking a platform from which to trade, the choices are more clear cut. The UK market is fragmented among many highly-specialised operators, each with individual merit. But in these trying times, now more than ever, picking a platform that is both comprehensive and adaptable to your requirements is paramount to your trading success.
So what should you be looking for in a platform? What follows is a series of make-or-break considerations that traders should take into account before upgrading.
Global access
Markets are inherently global, but many traders are held back by artificial digital barriers that impede their ability to trade abroad. Picking a platform from which you can buy into any market is more essential than ever. The response to the lifting of government-imposed lockdown restrictions continues to vary market-by-market. With economies reopening, opportunities to trade underpriced global brands are already a reality. Making sure your platform is global – with staff who have local market knowledge – will help you make the most of the turmoil.
Local Currency
Access to global markets is gradually becoming more common among platforms, but many include hidden fees and complicated pricing structures when converting currencies. Picking a partner with a multi-currency account enables traders to make seamless conversions at the true exchange rate with zero admin, conversion, or transfer fee. The ability to access world markets in local currencies… what benefit? In terms of speed, access, response time
Suite of tools
The decisions you make as a trader are only as good as the tools that guide them. Most platforms offer free basic market data, but beyond that, the options are often limited or come at a high extra cost. Fineco is the only UK trading platform to offer free real time DMA, advanced charting tools, and a stock screener as part of its free platform. It also includes OCO conditional orders as standard, and is one of only three noteworthy platforms to offer traders the ability to make recurring investments.
Range of products
You can have the best strategy in the world – be a veritable Sage of Surrey – but if your platform partner doesn’t react as you do, your chances of success diminish. Fineco is a one stop shop, offering banking, trading, and investment products from one centralised location. The advantage is simple: from the same place you bank, you can trade in any asset in any market, in any currency, with the best tools and local knowledge at your disposal.
Competitive platform fees
For serious traders who regularly make multiple orders, finding a platform that offers all of the above with a competitive platform and transaction fee structure is essential to maximising profits. Many platforms promise low fees or no-commission, but usually there is a catch; a hidden clause that eats into your hard-earned profits. For FinecoBank customers there is no compromise. Fineco offers commission-free trading, with no added spreads, at a premium level in the UK market, reaching beyond existing platforms to cater for professional and serious traders.
Striking a balance among all of the above elements would in the past have required subscriptions to multiple platforms. Fineco is your one stop shop, allowing you to pick and choose as conditions determine. If your strategy is to change due to the shutdown, having a partner that can adapt to your needs, rather than the other way around, will help you better navigate the world of investment through covid’s choppy waters.
Find out more about trading with Fineco


cityam--2020-05-22--Balance sheet erosion and impact on share prices

As the virus has grown , so balance sheets have shrunk .
In this global health crisis , it is not just people who are ill. Against conditions already uncertain with a trade war and Brexit , this crisis has shaken the bones of the stock market , exposing fragile finances at more than a few firms .
Some zombies , unable to cover interest with earnings , won ’ t rise again .
For the sectors most exposed to the shutdown , such as retail , travel , and leisure , profit warnings and liquidation are a daily reality @ @ @ @ @ @ @ “ a prolonged recession and weak recovery ” .
Japan , Germany , and Italy , already deep in recession , are testament to that .
Worldwide , some 20 per cent of rated companies have been downgraded this year , with big names like ITV likely to be graded junk by the rating agencies , and subsequently falling short of meeting many investor ’ s requirements .
A long road lies ahead , but that isn ’ t to say there isn ’ t opportunity along the way .
Warren Buffet famously @ @ @ @ @ @ @ “ A simple rule dictates my buying : Be fearful when others are greedy , and be greedy when others are fearful ” .
Prudent investors not averse to this risk are already cashing in on the fire sale of underpriced assets .
Markets rallied last month to make up more than half of March and February ’ s losses , driven by a spike in retail trading volumes .
At Fineco , our number of executed orders more than doubled , while the number of new FinecoBank customers who have started trading @ @ @ @ @ @ @ .
This is less ‘ buy-low-sell-high ’ and more a case of seeking long-term value in innovative businesses whose merit might not manifest itself this year .
Investing in businesses that had a healthy cash balance coming into this crisis , that hold a dominant market position , or are creating technology that has become more relevant due to the shutdown , are likely to bounce back and inject momentum into your portfolio .
US firms like Apple and Facebook are good value for some of these reasons .
They are natural monopolies @ @ @ @ @ @ @ balance to outlast the crisis ; the same can be said for Alphabet and Microsoft .
These big names are staples , and already well on the road to recovery .
But each is still short of its pre-covid price .
There is no reason they will not recover .
There will always be an element of risk , but when it comes to mitigating against an outcome you hadn ’ t planned , sectoral and geographical diversification will help .
Investing and trading in both high growth and more stable companies with @ @ @ @ @ @ @ fortify your portfolio against the uncertainty .
Games Workshop , the miniature toy maker , is a good small cap with a healthy dividend history Likewise , AIM darling Blue Prism Group is bouncing back well .
Stateside , pharma firms Novartis and Amgen have experienced relatively low volatility during these unprecedented times , and each offer consistently increasing dividends .
There are undoubtedly thousands of examples of underpriced firms in US and UK markets , and now is the time to take advantage The rules have changed .
It is typical of @ @ @ @ @ @ @ view .
But taking a long term perspective with a well-diversified portfolio will perform and control volatility far better .
Fears regarding the long-term prosperity of already sound companies during a crisis proved misplaced within living memory .
Many firms not only survived 2008 but thrived , consolidated , and catalysed a decade of prosperity .
Those that collapsed did so with Darwinian efficiency ; not premature , but overdue .
For investors , picking the survivors – those green shoots amid the ashes – is the difference between success or not .
@ @ @ @ @ @ @ and market-leading low commissions on UK and US equities increases your chances of making the most of a landscape fissured by events beyond our control .

Sponsored Ad Feature is produced by an advertiser with the specific intent to promote a product and is not produced by the City A.M. team.
Balance sheet erosion and impact on share prices
As the virus has grown, so balance sheets have shrunk. In this global health crisis, it is not just people who are ill. Against conditions already uncertain with a trade war and Brexit, this crisis has shaken the bones of the stock market, exposing fragile finances at more than a few firms.
Some zombies, unable to cover interest with earnings, won’t rise again. For the sectors most exposed to the shutdown, such as retail, travel, and leisure, profit warnings and liquidation are a daily reality. US Fed chair Jay Powell expects “a prolonged recession and weak recovery”.
Japan, Germany, and Italy, already deep in recession, are testament to that.
Worldwide, some 20 per cent of rated companies have been downgraded this year, with big names like ITV likely to be graded junk by the rating agencies, and subsequently falling short of meeting many investor’s requirements.
A long road lies ahead, but that isn’t to say there isn’t opportunity along the way. Warren Buffet famously said of the 2008 financial crisis: “A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful”.
Prudent investors not averse to this risk are already cashing in on the fire sale of underpriced assets. Markets rallied last month to make up more than half of March and February’s losses, driven by a spike in retail trading volumes. At Fineco, our number of executed orders more than doubled, while the number of new FinecoBank customers who have started trading since March is treble the usual average.
This is less ‘buy-low-sell-high’ and more a case of seeking long-term value in innovative businesses whose merit might not manifest itself this year. Investing in businesses that had a healthy cash balance coming into this crisis, that hold a dominant market position, or are creating technology that has become more relevant due to the shutdown, are likely to bounce back and inject momentum into your portfolio.
US firms like Apple and Facebook are good value for some of these reasons. They are natural monopolies, have more than enough cash on balance to outlast the crisis; the same can be said for Alphabet and Microsoft. These big names are staples, and already well on the road to recovery. But each is still short of its pre-covid price. There is no reason they will not recover.
There will always be an element of risk, but when it comes to mitigating against an outcome you hadn’t planned, sectoral and geographical diversification will help. Investing and trading in both high growth and more stable companies with a good history of dividend payments will fortify your portfolio against the uncertainty.
Games Workshop, the miniature toy maker, is a good small cap with a healthy dividend history Likewise, AIM darling Blue Prism Group is bouncing back well. Stateside, pharma firms Novartis and Amgen have experienced relatively low volatility during these unprecedented times, and each offer consistently increasing dividends. There are undoubtedly thousands of examples of underpriced firms in US and UK markets, and now is the time to take advantage
The rules have changed. It is typical of crashes for investors to take a short-term view. But taking a long term perspective with a well-diversified portfolio will perform and control volatility far better.
Fears regarding the long-term prosperity of already sound companies during a crisis proved misplaced within living memory. Many firms not only survived 2008 but thrived, consolidated, and catalysed a decade of prosperity. Those that collapsed did so with Darwinian efficiency; not premature, but overdue. For investors, picking the survivors – those green shoots amid the ashes – is the difference between success or not.
Having a platform partner with local knowledge and market-leading low commissions on UK and US equities increases your chances of making the most of a landscape fissured by events beyond our control.
Find out more about trading with Fineco


cityam--2020-05-22--Trading the covid commodities contago

Trading the covid commodities contago

In the last 12 years , the oil market has thrice collapsed and twice recovered .
But this latest downturn , driven by a covid-tainted drop in demand and a Russo-Saudi price war , has analysts scratching their heads .
Can the market rebound from this ?
The price of US oil turned negative for the first time in history last month , meaning producers were paying buyers to take the commodity off their hands over storage capacity fears .
Millions of dollars were made and lost by traders riding the disruption .
It ’ s clear that covid represents @ @ @ @ @ @ @ industry was already in a period of climate introspection , dampening demand and investor scepticism over the long-term viability of fossil fuels .
For those trading oil futures and options , the rules of the game have changed .
But that isn ’ t to say there aren ’ t opportunities to be had .
Oil and gas will remain a multi-trillion-dollar market for decades .
It is too important to fail and we are all reliant on it , whether we like it or not .
Demand will return as normality does @ @ @ @ @ @ @ , it ’ s just in hibernation .
In the short term , populations are adapting to this ‘ new normal ’ .
There will be more people driving cars , for example , than taking public transport , possibly increasing consumer demand .
Longer term is harder to forecast .
McKinsey analysts predict that the industry ‘ might even benefit from a modest temporary price spike , as today ’ s massive decline in investment results in tomorrow ’ s spot shortages ’ .
A permanent change in pricing is harder still @ @ @ @ @ @ @ balls .
No one saw the pandemic coming – calling what will happen next is essentially impossible .
One thing is clear , though : this disruption may continue for some time .
Last month ’ s market tension created huge differentials in oil expiries , as would be expected of any crisis .
There ’ s nothing to say that couldn ’ t happen again .
Yet on Monday there were already glimmers of hope .
When the June contract expired , trading was smooth , signalling that the fundamentals with supply @ @ @ @ @ @ @ improved since last month .
Analysts predict that “ in most best-case scenarios , oil prices could recover in 2021 or 2022 to pre-crisis levels of $ 50/bbl to $ 60/bbl ” .
This is a level that would balance production costs with a sensible price that justified continued investment in the sector .
But balancing supply and storage issues with underlying demand and the inevitable geopolitics common in oil trading requires both a strategy and a platform that can accommodate it .
Overall , futures markets involve a substantial amount of speculation @ @ @ @ @ @ @ expiration , they are more speculative but more fruitful when they pay off .
There are a few reasons for an investor to lock in a higher futures price , and this covid contango represents one of them .
One of the attractions of a futures contract is that until the delivery date , the buyer does not possess the commodity and does not have to worry about its storage .
With the cost of crude far below what the market is expected to pay in six months ’ time , a trader @ @ @ @ @ @ @ forward , in effect locking in the price difference between the dates .
Provided the contango is wide enough to cover the cost of storage , finance and insurance , it will be profitable .
Mini futures are a particularly flexible way for traders of all sizes to enter the futures market .
These open-ended securities do not have a predefined expiration date , which means they have no time value and makes valuation simple .
With Fineco , mini-futures can be traded efferently and with a fixed , low price point for @ @ @

Sponsored Ad Feature is produced by an advertiser with the specific intent to promote a product and is not produced by the City A.M. team.
Trading the covid commodities contango
Getty Images
In the last 12 years, the oil market has thrice collapsed and twice recovered. But this latest downturn, driven by a covid-tainted drop in demand and a Russo-Saudi price war, has analysts scratching their heads. Can the market rebound from this?
The price of US oil turned negative for the first time in history last month, meaning producers were paying buyers to take the commodity off their hands over storage capacity fears. Millions of dollars were made and lost by traders riding the disruption.
It’s clear that covid represents a landmark moment for oil. The industry was already in a period of climate introspection, dampening demand and investor scepticism over the long-term viability of fossil fuels.
For those trading oil futures and options, the rules of the game have changed. But that isn’t to say there aren’t opportunities to be had. Oil and gas will remain a multi-trillion-dollar market for decades. It is too important to fail and we are all reliant on it, whether we like it or not. Demand will return as normality does: it hasn’t gone anyway, it’s just in hibernation.
In the short term, populations are adapting to this ‘new normal’. There will be more people driving cars, for example, than taking public transport, possibly increasing consumer demand.
Longer term is harder to forecast. McKinsey analysts predict that the industry ‘might even benefit from a modest temporary price spike, as today’s massive decline in investment results in tomorrow’s spot shortages’.
A permanent change in pricing is harder still to estimate. There are no crystal balls. No one saw the pandemic coming – calling what will happen next is essentially impossible. One thing is clear, though: this disruption may continue for some time.
Last month’s market tension created huge differentials in oil expiries, as would be expected of any crisis. There’s nothing to say that couldn’t happen again. Yet on Monday there were already glimmers of hope. When the June contract expired, trading was smooth, signalling that the fundamentals with supply, demand, and storage availability have improved since last month.
Analysts predict that “in most best-case scenarios, oil prices could recover in 2021 or 2022 to pre-crisis levels of $50/bbl to $60/bbl”. This is a level that would balance production costs with a sensible price that justified continued investment in the sector.
But balancing supply and storage issues with underlying demand and the inevitable geopolitics common in oil trading requires both a strategy and a platform that can accommodate it. Overall, futures markets involve a substantial amount of speculation. When contracts are further away from expiration, they are more speculative but more fruitful when they pay off. There are a few reasons for an investor to lock in a higher futures price, and this covid contango represents one of them.
One of the attractions of a futures contract is that until the delivery date, the buyer does not possess the commodity and does not have to worry about its storage. With the cost of crude far below what the market is expected to pay in six months’ time, a trader can buy crude now and sell it forward, in effect locking in the price difference between the dates. Provided the contango is wide enough to cover the cost of storage, finance and insurance, it will be profitable.
Mini futures are a particularly flexible way for traders of all sizes to enter the futures market. These open-ended securities do not have a predefined expiration date, which means they have no time value and makes valuation simple. With Fineco, mini-futures can be traded efferently and with a fixed, low price point for each trade.
Find out more about trading with Fineco


cityam--2020-05-22--UK arrivals face £1,000 fine if they break two-week quarantine rule

People arriving in the UK will be fined £1,000 if they refuse to obey a new two-week quarantine rule that will be rolled out to help halt the spread of coronavirus .
Home secretary Priti Patel today confirmed that from 8 June anyone arriving in the country will be told to self-isolate for 14 days .
Passengers will be made to give contact and address details and authorities will carry out spot checks to ensure compliance .
Anyone to refuses to comply with the rules could be refused entry to the country , while those caught flouting quarantine face a @ @ @ @ @ @ @ will be exempted from the measures , including people arriving from Ireland , medical professionals tackling Covid-19 , foreign officials and freight workers .
Patel said the travel restrictions were intended to prevent a “ devastating ” second wave of Covid-19 infections as the government begins to ease the domestic lockdown .
Speaking at the government ’ s daily coronavirus briefing , the home secretary said it was the most effective time to take the action as “ imported cases could begin to pose a larger and increased threat ” .
“ Now @ @ @ @ @ @ @ virus , we must guard against imported cases triggering a resurgence of this deadly disease , ” she said .
The move will come as an added blow to the UK ’ s travel and leisure sectors , which have already been roiled by the coronavirus lockdown .
Richard Burge , chief executive of the London Chamber of Commerce and Industry , slammed the new rules , saying it “ looked like the worst sort of arrogant British exceptionalism ” .
“ This sort of thing does not create or sustain a global @ @ @ @ @ @ @ for business , ” he said .
“ Businesses in many sectors that depend upon aviation will this evening be baffled why the government and its advisors have chosen this approach , at this time.
” Adam Tyndall , programme director at London First , branded the move an “ indiscriminate response to an increasingly nuanced situation ” .
“ The UK is a world leader in aviation and should be forging international agreements between low-risk countries , ” he said .
Read more : Government borrowing hits record £62bn in April over @ @ @ @ @ @ @ limited and controlled form of air travel will be critical to supporting the UK economy.
” Patel said the government will review the quarantine measures every three weeks .

UK arrivals face £1,000 fine if they break two-week quarantine rule
People arriving in the UK will be fined £1,000 if they refuse to obey a new two-week quarantine rule that will be rolled out to help halt the spread of coronavirus.
Home secretary Priti Patel today confirmed that from 8 June anyone arriving in the country will be told to self-isolate for 14 days.
Passengers will be made to give contact and address details and authorities will carry out spot checks to ensure compliance.
Anyone to refuses to comply with the rules could be refused entry to the country, while those caught flouting quarantine face a £1,000 fine.
However, some passengers will be exempted from the measures, including people arriving from Ireland, medical professionals tackling Covid-19, foreign officials and freight workers.
Patel said the travel restrictions were intended to prevent a “devastating” second wave of Covid-19 infections as the government begins to ease the domestic lockdown.
Speaking at the government’s daily coronavirus briefing, the home secretary said it was the most effective time to take the action as “imported cases could begin to pose a larger and increased threat”.
“Now we are past the peak of this virus, we must guard against imported cases triggering a resurgence of this deadly disease,” she said.
The move will come as an added blow to the UK’s travel and leisure sectors, which have already been roiled by the coronavirus lockdown.
Richard Burge, chief executive of the London Chamber of Commerce and Industry, slammed the new rules, saying it “looked like the worst sort of arrogant British exceptionalism”.
“This sort of thing does not create or sustain a global reputation, nor the impression of re-opening for business,” he said.
“Businesses in many sectors that depend upon aviation will this evening be baffled why the government and its advisors have chosen this approach, at this time.”
Adam Tyndall, programme director at London First, branded the move an “indiscriminate response to an increasingly nuanced situation”.
“The UK is a world leader in aviation and should be forging international agreements between low-risk countries,” he said.
“Getting back to some limited and controlled form of air travel will be critical to supporting the UK economy.”
Patel said the government will review the quarantine measures every three weeks.


cityam--2020-05-22--Markets live: FTSE 100 and US stocks slip on rising Hong Kong tensions

The FTSE 100 closed in the red and US stocks fell as investors weighed up rising US-China tensions in the wake of Beijing ’ s move to assert its authority in Hong Kong .
The UK ’ s blue-chip index fell around two per cent this morning but pared some of its losses throughout the day .
It finished 0.3 per cent lower this afternoon at 5,999 points .
Read more : China poised to tighten grip on Hong Kong with new national security laws Markets were more positive in Europe , with Germany ’ s Dax index swinging from @ @ @ @ @ @ @ cent .
But the continent-wide was Stoxx 600 down 0.1 per cent .
In the US , the Dow Jones index was 0.5 per cent lower in morning trading .
The S & P 500 fell 0.3 per cent .
The sell-off was driven by China ’ s move to impose national security legislation on Hong Kong .
The law could ban what Beijing sees as treason and sedition and is likely to reignite the city-wide protests seen last year .
It caused Hong Kong ’ s Hang Seng stock index to plunge @ @ @ @ @ @ @ , chief strategist at Axicorp , said the security plan will “ most certainly bring into question HK status as a global banking center ” .
It also drew the ire of Washington , spooking investors fearful of another trade war .
US President Donald Trump said his government would react “ very strongly ” if China pressed ahead .
Nonetheless , Jim Reid of Deutsche Bank said , the FTSE 100 and other markets did not appear to be reacting as badly to the latest rise in tensions as they did to @ @ @ @ @ @ @ Maybe the answer to this puzzle lays in the central bank liquidity surge , ” Reid said .
The biggest fallers on the FTSE 100 today were companies firmly plugged in to the global economy .
Those with strong links to Asia suffered in particular .
Insurer Prudential , which now only focuses on Asia and the US , was the biggest faller .
Its shares plummeted eight per cent .
HSBC , which has its roots in Hong Kong and a dual listing there , plunged five per cent .
Asia-centric Standard @ @ @ @ @ @ @ listing , dropped two per cent .
British Airways-owner IAG slid seven per cent as US-China tensions raised questions about the global economy .
Utilities and energy groups Severn Trent , United Utilities , National Grid and Centrica also suffered , dropping between three and five per cent in part over worries about demand .
David Madden , market analyst at CMC Markets , said : “ Burberry shares have seen some volatility today as they initially traded lower , but they have been in positive territory for the remainder of the session.
@ @ @ @ @ @ @ very negative impact on the group in terms of shops and manufacturing , ” he said .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Neil Wilson , chief markets analyst at Markets.com , said Beijing ’ s move gave FTSE 100 investors a new headache .
He said they will “ need to add renewed Hong Kong-Beijing tensions into their mix of geopolitical risks ” .
“ The way it fits into the broader US-China rivalry will be closely @ @ @ @ @ @ @ prices fell along with the FTSE 100 in the wake of the rise in US-China tensions .
Investors fear that Beijing ’ s move in Hong Kong could cause the US to retaliate economically , perhaps with more tariffs .
That would dent demand for oil .
Brent crude oil , the main global price , fell 3.9 per cent to $ 34.70 per barrel .
Meanwhile US benchmark WTI crude dropped 3.5 per cent to $ 32.70 per barrel .
Oil prices have climbed in recent weeks after a torrid April .
@ @ @ @ @ @ @ demand and market quirks drove the US oil price into negative territory .
“ The oil dynamics have undoubtedly improved and it passed the June expiry test with flying colours , ” said Craig Erlam , senior market analyst at currency firm Oanda .
He said overall sentiment was being supported by the reopening of economies .
“ But the outlook is still highly uncertain and numerous risks lie on the horizon , even before you take recent tensions into consideration , ” he said .
The dollar gained strength and the pound @ @ @ @ @ @ @ in search of less risk .
Sterling fell 0.4 per cent to $ 1.218 .
Some traders have said they are bearish on the pound with Brexit talks still hanging over the UK .
On US-China tensions , CMC Markets ’ Madden said : “ Overnight , Beijing said they are committed to the trade deal they struck with the US in January , but given what is going on in relation to Hong Kong , traders are worried the relationship might deteriorate.
” Read more : Oil prices tumble as US-China tensions @ @ @ @ @ @ @ out that Anthony Fauci , a medical expert in the field of infectious diseases , said the results of drug company Moderna ’ s coronavirus vaccine trial were “ promising ” .
“ That is possibly why stocks haven ’ t fallen further as some optimism is doing the rounds in relation to the health crisis .
”

Markets live: FTSE 100 and US stocks slip on rising Hong Kong tensions
A few workers have cautiously returned to the ghostly City of London after the worst of the coronavirus pandemic
The FTSE 100 closed in the red and US stocks fell as investors weighed up rising US-China tensions in the wake of Beijing’s move to assert its authority in Hong Kong.
The UK’s blue-chip index fell around two per cent this morning but pared some of its losses throughout the day. It finished 0.3 per cent lower this afternoon at 5,999 points.
Read more: China poised to tighten grip on Hong Kong with new national security laws
Markets were more positive in Europe, with Germany’s Dax index swinging from red to green and climbing 0.2 per cent. But the continent-wide was Stoxx 600 down 0.1 per cent.
In the US, the Dow Jones index was 0.5 per cent lower in morning trading. The S&P 500 fell 0.3 per cent.
The sell-off was driven by China’s move to impose national security legislation on Hong Kong. The law could ban what Beijing sees as treason and sedition and is likely to reignite the city-wide protests seen last year.
It caused Hong Kong’s Hang Seng stock index to plunge 5.6 per cent overnight. Stephen Innes, chief strategist at Axicorp, said the security plan will “most certainly bring into question HK status as a global banking center”.
It also drew the ire of Washington, spooking investors fearful of another trade war. US President Donald Trump said his government would react “very strongly” if China pressed ahead.
Nonetheless, Jim Reid of Deutsche Bank said, the FTSE 100 and other markets did not appear to be reacting as badly to the latest rise in tensions as they did to trade disputes a year ago. “Maybe the answer to this puzzle lays in the central bank liquidity surge,” Reid said.
Hong Kong tensions knock FTSE 100
The biggest fallers on the FTSE 100 today were companies firmly plugged in to the global economy. Those with strong links to Asia suffered in particular.
Insurer Prudential, which now only focuses on Asia and the US, was the biggest faller. Its shares plummeted eight per cent.
HSBC, which has its roots in Hong Kong and a dual listing there, plunged five per cent. Asia-centric Standard Chartered, which also has a dual listing, dropped two per cent.
British Airways-owner IAG slid seven per cent as US-China tensions raised questions about the global economy.
Utilities and energy groups Severn Trent, United Utilities, National Grid and Centrica also suffered, dropping between three and five per cent in part over worries about demand.
David Madden, market analyst at CMC Markets, said: “Burberry shares have seen some volatility today as they initially traded lower, but they have been in positive territory for the remainder of the session.”
“The pandemic has had a very negative impact on the group in terms of shops and manufacturing,” he said.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Neil Wilson, chief markets analyst at Markets.com, said Beijing’s move gave FTSE 100 investors a new headache. He said they will “need to add renewed Hong Kong-Beijing tensions into their mix of geopolitical risks”.
“The way it fits into the broader US-China rivalry will be closely watched,” he added.
Oil prices slide on fears over demand
Oil prices fell along with the FTSE 100 in the wake of the rise in US-China tensions. Investors fear that Beijing’s move in Hong Kong could cause the US to retaliate economically, perhaps with more tariffs. That would dent demand for oil.
Brent crude oil, the main global price, fell 3.9 per cent to $34.70 per barrel. Meanwhile US benchmark WTI crude dropped 3.5 per cent to $32.70 per barrel.
Oil prices have climbed in recent weeks after a torrid April. Last month, a combination of evaporating demand and market quirks drove the US oil price into negative territory.
“The oil dynamics have undoubtedly improved and it passed the June expiry test with flying colours,” said Craig Erlam, senior market analyst at currency firm Oanda.
He said overall sentiment was being supported by the reopening of economies. “But the outlook is still highly uncertain and numerous risks lie on the horizon, even before you take recent tensions into consideration,” he said.
The dollar gained strength and the pound slipped as investors sold FTSE 100 stocks in search of less risk. Sterling fell 0.4 per cent to $1.218.
Some traders have said they are bearish on the pound with Brexit talks still hanging over the UK.
On US-China tensions, CMC Markets’ Madden said: “Overnight, Beijing said they are committed to the trade deal they struck with the US in January, but given what is going on in relation to Hong Kong, traders are worried the relationship might deteriorate.”
Yet Madden pointed out that Anthony Fauci, a medical expert in the field of infectious diseases, said the results of drug company Moderna’s coronavirus vaccine trial were “promising”.
“That is possibly why stocks haven’t fallen further as some optimism is doing the rounds in relation to the health crisis.”


cityam--2020-05-22--Alibaba profit tumbles despite Covid-19 lockdown sales boost

Alibaba today reported a plunge in profit during the fourth quarter as investment losses offset a surge in ecommerce sales during the coronavirus lockdown .
The Chinese tech behemoth reported an 88 per cent decline in net income to 3.2bn yuan ( £368m ) in the three months to the end of March .
Read more : Alibaba ’ s Jack Ma steps down from Softbank board The group said the decrease was primarily due to a net loss in investment income as the Covid-19 pandemic rattled global markets .
But Alibaba ’ s core ecommerce business benefitted from the @ @ @ @ @ @ @ per cent to 93.9bn yuan and millions of people turned to online shopping .
The firm ’ s cloud computing division also posted strong results for the quarter , with revenue surging 58 per cent .
Overall Alibaba posted revenue of 114bn yuan , up 22 per cent year on year .
While Alibaba ’ s business was hampered by the pandemic from late January , it said trading had begun to recover in March as China began to reopen its economy .
The company said it expected to generate revenue of 650bn @ @ @ @ @ @ @ “ The pandemic has fundamentally altered consumer behavior and enterprise operations , making digital adoption and transformation a necessity , ” said Daniel Zhang , chairman and chief executive .
“ We are well positioned and prepared to help large and small businesses across a wide spectrum of industries achieve the digital transformation they need to survive this difficult period and eventually prevail in the new normal.
” Alibaba has been expanding into new businesses and technologies to fend off competition from smaller rivals such as JD.com and Pinduoduo .
The company hailed @ @ @ @ @ @ @ year as its gross merchandise volume exceeded $ 1 trillion for the first time .
Alibaba has been thrust into the spotlight this week after the US Senate passed a bill that would require listed companies to certify they are not owned by foreign companies .
The bill would apply to all foreign companies but is targeted at Chinese firms , and could lead to Alibaba being blocked from US stock markets .
Chief financial officer Maggie Wu said Alibaba was closely monitoring the bill , adding that the company held itself to @ @ @ @ @ @ @ .

Alibaba profit tumbles despite Covid-19 lockdown sales boost
Alibaba today reported a plunge in profit during the fourth quarter as investment losses offset a surge in ecommerce sales during the coronavirus lockdown.
The Chinese tech behemoth reported an 88 per cent decline in net income to 3.2bn yuan (£368m) in the three months to the end of March.
The group said the decrease was primarily due to a net loss in investment income as the Covid-19 pandemic rattled global markets.
But Alibaba’s core ecommerce business benefitted from the coronavirus lockdown, with revenue rising 19 per cent to 93.9bn yuan and millions of people turned to online shopping.
The firm’s cloud computing division also posted strong results for the quarter, with revenue surging 58 per cent.
Overall Alibaba posted revenue of 114bn yuan, up 22 per cent year on year.
While Alibaba’s business was hampered by the pandemic from late January, it said trading had begun to recover in March as China began to reopen its economy.
The company said it expected to generate revenue of 650bn yuan in the 2021 financial year.
“The pandemic has fundamentally altered consumer behavior and enterprise operations, making digital adoption and transformation a necessity,” said Daniel Zhang, chairman and chief executive.
“We are well positioned and prepared to help large and small businesses across a wide spectrum of industries achieve the digital transformation they need to survive this difficult period and eventually prevail in the new normal.”
Alibaba has been expanding into new businesses and technologies to fend off competition from smaller rivals such as JD.com and Pinduoduo.
The company hailed an “historic milestone” this financial year as its gross merchandise volume exceeded $1 trillion for the first time.
Alibaba has been thrust into the spotlight this week after the US Senate passed a bill that would require listed companies to certify they are not owned by foreign companies.
The bill would apply to all foreign companies but is targeted at Chinese firms, and could lead to Alibaba being blocked from US stock markets.
Chief financial officer Maggie Wu said Alibaba was closely monitoring the bill, adding that the company held itself to the “highest standards of transparency”.


cityam--2020-05-22--What are negative interest rates and will the UK turn to them?

Bank of England governor Andrew Bailey this week said he has changed his mind on negative interest rates , saying the BoE is keeping them under “ active review ” .
President Donald Trump has repeatedly made clear that he is a fan of negative rates , and wants the US to have them as it deals with the coronavirus crisis .
Read more : BoE ’ s Andrew Bailey : It would be ‘ foolish ’ to rule out negative interest rates But what are negative interest rates ?
Will the UK ’ s Bank of England or US @ @ @ @ @ @ @ And what would that mean for mortgages and savings ?
One of a central bank ’ s roles is to act as a bank for banks , in the sense that lenders keep some excess money there .
Central banks traditionally pay interest on the deposits banks keep in their ( virtual ) vaults .
This interest rate , known as bank rate in the UK and deposit rate in the Eurozone , influences the cost of bank lending throughout the economy .
Lower rates therefore stimulate more lending .
Since the start @ @ @ @ @ @ @ of England has slashed its main rate to a record low of 0.1 per cent .
This has prompted questions about whether it will cut into negative territory to stimulate the economy further .
Read more : Traders bet on Bank of England launching negative interest rates That would mean banks are charged a small amount for keeping their money with their country ’ s central bank .
The European Central Bank ’ s ( ECB ) deposit rate is currently minus 0.5 per cent .
Rates are also in the red in @ @ @ @ @ @ @ .
Why on earth would central banks punish lenders for putting some money aside ?
Negative interest rates lower borrowing costs throughout the economy .
But they also force banks to lend out their spare cash , given that they have nowhere to keep it without paying for it .
Bank lending encourages growth by boosting investment .
They also lower the value of the country ’ s currency .
When the BoE cuts rates it means assets denominated in pounds yield less of a return , lowering demand for sterling .
This @ @ @ @ @ @ @ cheaper compared to others .
It is primarily for this reason that Trump is so keen on negative interest rates , which he has called a “ gift ” .
What are the drawbacks of negative interest rates ?
Negative interest rates come with negative consequences , particularly for banks and savers .
Not only do they cost banks , they lower the so-called “ net interest margin ” – the difference between the cost of borrowing and the cost of lending – through which lenders make money .
Lower interest rates reduce @ @ @ @ @ @ @ Yet they can not easily pass the negative interest rate on to savers , so their margins are squeezed .
They also hurt savers by reducing the amount of interest they gain on their deposits .
ECB President Mario Draghi was depicted as a blood-sucking vampire in the German tabloids for damaging the country ’ s savings .
What would they mean for mortgages and savings ?
A change in interest rates will have no effect on fixed-rate mortgages .
And given that most UK mortgages are fixed , borrowers would not save @ @ @ @ @ @ @ Banks could pass on lower interest rates to floating-rate mortgage customers .
However , this is unlikely given how much banks have been hit by coronavirus .
Mortgage costs have fallen considerably since central banks began slashing rates over a decade ago and could well continue to do so .
Both HSBC and Barclays have lowered their mortgage interest rates this week .
Read more : UK sells bond with negative yield for first time ever On the other side of the equation , interest rates on savings have been hit hard , @ @ @ @ @ @ @ through their door .
A cut into negative territory would likely cause banks to lower deposit rates further if they can .
But analysts say it is unlikely lenders will start charging people interest on their savings , given the likelihood people would withdraw their money .
Will we see them in the US and UK ?
Bank of England governor Andrew Bailey has in the past spoken out against negative interest rates .
But he appeared to have change of heart this week and has said they are under “ active review @ @ @ @ @ @ @ coronavirus crisis .
Bailey told MPs : “ We do not rule things out as a matter of principle , that would be , I think , a foolish thing to do.
” But Bailey expressed concern about their impacts on banks and how they would be justified to the public .
He said : “ We ’ re not ruling it in but we ’ re not ruling it out.
” Judging by market movements , traders now think we could see negative interest rates in the UK in December .
Yet @ @ @ @ @ @ @ the BoE ramps up its economic stimulus further in the coming months to tackle the coronavirus fallout , it is likely to buy more bonds .
This can lower borrowing costs and spur lending without cutting the main rate .
Read more : Bank of England deputy warns of risks to BoE ’ s upbeat forecast Fed chair Jay Powell has said he does not think negative interest rates are appropriate for the US economy .
Slyly referencing Trump he said : “ I know that there are fans of the policy.
” @ @ @ @ @ @ @ we have a good toolkit and that ’ s the one we ’ ll be using .
”

What are negative interest rates and will the UK turn to them?
Bank of England tells UK banks to up preparations for no-deal Brexit
Bank of England governor Andrew Bailey this week said he has changed his mind on negative interest rates, saying the BoE is keeping them under “active review”.
President Donald Trump has repeatedly made clear that he is a fan of negative rates, and wants the US to have them as it deals with the coronavirus crisis.
But what are negative interest rates? Will the UK’s Bank of England or US’s Federal Reserve introduce them? And what would that mean for mortgages and savings?
What are negative rates?
One of a central bank’s roles is to act as a bank for banks, in the sense that lenders keep some excess money there. Central banks traditionally pay interest on the deposits banks keep in their (virtual) vaults.
This interest rate, known as bank rate in the UK and deposit rate in the Eurozone, influences the cost of bank lending throughout the economy. Lower rates therefore stimulate more lending.
Since the start of the coronavirus crisis, the Bank of England has slashed its main rate to a record low of 0.1 per cent. This has prompted questions about whether it will cut into negative territory to stimulate the economy further.
That would mean banks are charged a small amount for keeping their money with their country’s central bank.
The European Central Bank’s (ECB) deposit rate is currently minus 0.5 per cent. Rates are also in the red in Sweden, Switzerland, Denmark and Japan.
Why turn to negative interest rates?
Why on earth would central banks punish lenders for putting some money aside?
Negative interest rates lower borrowing costs throughout the economy. But they also force banks to lend out their spare cash, given that they have nowhere to keep it without paying for it. Bank lending encourages growth by boosting investment.
They also lower the value of the country’s currency. When the BoE cuts rates it means assets denominated in pounds yield less of a return, lowering demand for sterling.
This means a country’s exports are cheaper compared to others. It is primarily for this reason that Trump is so keen on negative interest rates, which he has called a “gift”.
US President Donald Trump has pushed for Us Federal Reserve chair Jerome Powell (L) to introduce negative interest rates amid coronavirus
What are the drawbacks of negative interest rates?
Negative interest rates come with negative consequences, particularly for banks and savers.
Not only do they cost banks, they lower the so-called “net interest margin” – the difference between the cost of borrowing and the cost of lending – through which lenders make money.
Lower interest rates reduce banks’ returns on their investments. Yet they cannot easily pass the negative interest rate on to savers, so their margins are squeezed.
They also hurt savers by reducing the amount of interest they gain on their deposits. ECB President Mario Draghi was depicted as a blood-sucking vampire in the German tabloids for damaging the country’s savings.
What would they mean for mortgages and savings?
A change in interest rates will have no effect on fixed-rate mortgages. And given that most UK mortgages are fixed, borrowers would not save money if interest rates turned negative.
Banks could pass on lower interest rates to floating-rate mortgage customers. However, this is unlikely given how much banks have been hit by coronavirus.
Mortgage costs have fallen considerably since central banks began slashing rates over a decade ago and could well continue to do so. Both HSBC and Barclays have lowered their mortgage interest rates this week.
On the other side of the equation, interest rates on savings have been hit hard, as savers know from the repeated letters through their door.
A cut into negative territory would likely cause banks to lower deposit rates further if they can. But analysts say it is unlikely lenders will start charging people interest on their savings, given the likelihood people would withdraw their money.
Will we see them in the US and UK?
Bank of England governor Andrew Bailey has in the past spoken out against negative interest rates. But he appeared to have change of heart this week and has said they are under “active review” for the first time amid the coronavirus crisis.
Bailey told MPs: “We do not rule things out as a matter of principle, that would be, I think, a foolish thing to do.”
But Bailey expressed concern about their impacts on banks and how they would be justified to the public. He said: “We’re not ruling it in but we’re not ruling it out.”
Judging by market movements, traders now think we could see negative interest rates in the UK in December. Yet that is far from certain.
If the BoE ramps up its economic stimulus further in the coming months to tackle the coronavirus fallout, it is likely to buy more bonds. This can lower borrowing costs and spur lending without cutting the main rate.
Fed chair Jay Powell has said he does not think negative interest rates are appropriate for the US economy.
Slyly referencing Trump he said: “I know that there are fans of the policy.” Yet he said: “We think we have a good toolkit and that’s the one we’ll be using.”


cityam--2020-05-22--BP slashes management team in half amid green energy push

BP is cutting the size of its top management team by more than half as part of new boss Bernard Looney ’ s plan to make the oil giant a net zero emissions company .
The FTSE 100 giant will cut its leadership positions to roughly 120 from 250 with many veteran executives set to leave in the coming months , Reuters reported , citing company sources .
Read more : Premier Oil to seek lower price for BP North Sea fields acquisition In an email to staff last week Looney named more than 100 so-called tier two managers who @ @ @ @ @ @ @ created in February to “ reinvent ” BP .
“ We expect the reinvented bp to be smaller and nimbler .
We have already started by removing a layer of management at Tier 1 and 2 , ” Looney wrote .
BP has confirmed the new structure , which means that in some cases an entire management level will be stripped out of the company .
The announcement marked Looney ’ s first 100 days in the role , which have been dominated by a collapse in oil prices due to the coronavirus @ @ @ @ @ @ @ said its underlying profit had plummeted by two-thirds in the first quarter as global demand dried up .
The firm cut capital spending by a quarter to $ 12bn ( £9.8bn ) and said it would make $ 2.5bn in cost savings by the end of next year .
But Looney has stuck to his guns on the energy transition strategy , which aims to make BP a net zero emissions company by 2050 or sooner .
The company has maintained its planned $ 500m investment in renewables and low-carbon technology amid expectations @ @ @ @ @ @ @ .
Read more : BP profit tumbles by two-thirds as oil demand dries up BP , which employs more than 70,000 people , has not provided any details about planned job cuts , but has said that any redundancies would be frozen for three months in the wake of the pandemic .
In his email to staff Looney said he would provide more information about the redundancy freeze next month .

BP slashes management team in half amid green energy push
BP is cutting the size of its top management team by more than half as part of new boss Bernard Looney’s plan to make the oil giant a net zero emissions company.
The FTSE 100 giant will cut its leadership positions to roughly 120 from 250 with many veteran executives set to leave in the coming months, Reuters reported, citing company sources.
In an email to staff last week Looney named more than 100 so-called tier two managers who will lead the 11 new divisions he created in February to “reinvent” BP.
“We expect the reinvented bp to be smaller and nimbler. We have already started by removing a layer of management at Tier 1 and 2,” Looney wrote.
BP has confirmed the new structure, which means that in some cases an entire management level will be stripped out of the company.
The announcement marked Looney’s first 100 days in the role, which have been dominated by a collapse in oil prices due to the coronavirus pandemic.
In April the oil major said its underlying profit had plummeted by two-thirds in the first quarter as global demand dried up.
The firm cut capital spending by a quarter to $12bn (£9.8bn) and said it would make $2.5bn in cost savings by the end of next year.
But Looney has stuck to his guns on the energy transition strategy, which aims to make BP a net zero emissions company by 2050 or sooner.
The company has maintained its planned $500m investment in renewables and low-carbon technology amid expectations of a slow recovery in oil demand.
BP, which employs more than 70,000 people, has not provided any details about planned job cuts, but has said that any redundancies would be frozen for three months in the wake of the pandemic.
In his email to staff Looney said he would provide more information about the redundancy freeze next month.


cityam--2020-05-22--Facebook shops for customers as e-commerce explodes

Do you remember when you needed a new item of clothing and headed to the high-street to browse the shops ?
Perhaps a few try-ons in different places before making your selection ?
Coronavirus means that ’ s obviously not possible at the moment , meaning a choice of either waiting until lockdown passes or going online .
More and more of us have been doing the latter .
The British Retail Consortium ( BRC ) -KPMG Retail Sales Monitor for the four-week period from 5 April-2 May , published last week , showed retail sales plunging by 19.1 % @ @ @ @ @ @ @ since the monitor began in 1995 .
But the same dataset revealed that online non-food sales increased by 57.9 % in April , against a growth of 4.0 % in April 2019 ; and what is known as the ‘ non-food online penetration rate ’ surged from 29.9 % in April 2019 to 69.9 % this April .
But even before this Matterhorn of spikes , the UK has long been on a journey towards home-shopping and e-commerce .
City AM was writing about UK consumers being more likely to do their shopping @ @ @ @ @ @ @ years ago .
It ’ s a global trend , of course .
Here , we read this week about African countries ’ similar trajectory , also now propelled by the global pandemic .
Unveiling the latest UK retail figures , the BRC ’ s chief executive Helen Dickinson OBE said that coronavirus has accelerated trends and “ it is likely that as the lockdown wears on , these new shopping habits – such as the trend towards online purchases – will become more entrenched for many consumers ” .
Steve Rowe , @ @ @ @ @ @ @ that famous bastion of British retail – was singing from the same hymnsheet this week , saying that customers ‘ may never shop the same way again ’ .
For many ‘ native ’ digital brands , e-commerce has always been at the core of their business , of course – albeit that there are always technical , legislative and security trends and challenges to keep up with .
But traditional bricks-and-mortar businesses are having what the Economist recently described as a ‘ crash course in e-commerce and digital payments ’ .
Sadly @ @ @ @ @ @ @ high streets are surely likely to see a flow of shutdowns among retailers that can limp along no further .
It is against this extraordinary and tumultuous backdrop that we hear of the launch of Facebook Shops .
Mark Zuckerberg ’ s latest venture , which was unveiled this week , wants to ‘ empower anyone from a small business owner to a global brand to use our apps to connect with customers ’ .
The California-headquartered social media giant said the initiative had been accelerated due to coronavirus and that this summer @ @ @ @ @ @ @ would also be introducing ‘ Instagram Shop ’ ( Facebook owns Instagram ) , which it describes as ‘ a new way to discover and buy products you love in Instagram Explore ’ .
Although there are many platforms already available for SMEs to make sales , it ’ s easy to see the appeal of using a conduit that many already use – Facebook – to keep the tills ringing .
In fact , monetising social media will never have been so nakedly tangible .
For so many businesses , the immediate @ @ @ @ @ @ @ with the bandwidth to consider retail trends , and the launch of new sales channels such as Facebook Shops , will be in a better position to evolve and even perhaps thrive when we reach the ‘ new normal ’ .

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Facebook shops for customers as e-commerce explodes
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Do you remember when you needed a new item of clothing and headed to the high-street to browse the shops? Perhaps a few try-ons in different places before making your selection?
Coronavirus means that’s obviously not possible at the moment, meaning a choice of either waiting until lockdown passes or going online.
More and more of us have been doing the latter. The British Retail Consortium (BRC)-KPMG Retail Sales Monitor for the four-week period from 5 April-2 May, published last week, showed retail sales plunging by 19.1% in April – the worst decline recorded since the monitor began in 1995. But the same dataset revealed that online non-food sales increased by 57.9% in April, against a growth of 4.0% in April 2019; and what is known as the ‘non-food online penetration rate’ surged from 29.9% in April 2019 to 69.9% this April.
Online trends accelerating
But even before this Matterhorn of spikes, the UK has long been on a journey towards home-shopping and e-commerce. City AM was writing about UK consumers being more likely to do their shopping online than any other EU country five years ago. It’s a global trend, of course. Here, we read this week about African countries’ similar trajectory, also now propelled by the global pandemic.
Unveiling the latest UK retail figures, the BRC’s chief executive Helen Dickinson OBE said that coronavirus has accelerated trends and “it is likely that as the lockdown wears on, these new shopping habits – such as the trend towards online purchases – will become more entrenched for many consumers”.
Steve Rowe, the chief executive Marks & Spencer – that famous bastion of British retail – was singing from the same hymnsheet this week, saying that customers ‘may never shop the same way again’.
For many ‘native’ digital brands, e-commerce has always been at the core of their business, of course – albeit that there are always technical, legislative and security trends and challenges to keep up with.
But traditional bricks-and-mortar businesses are having what the Economist recently described as a ‘crash course in e-commerce and digital payments’. Sadly, e-commerce cannot save everyone and high streets are surely likely to see a flow of shutdowns among retailers that can limp along no further.
Facebook Shops enters the fray
It is against this extraordinary and tumultuous backdrop that we hear of the launch of Facebook Shops. Mark Zuckerberg’s latest venture, which was unveiled this week, wants to ‘empower anyone from a small business owner to a global brand to use our apps to connect with customers’.
The California-headquartered social media giant said the initiative had been accelerated due to coronavirus and that this summer, starting in the US, it would also be introducing ‘Instagram Shop’ (Facebook owns Instagram), which it describes as ‘a new way to discover and buy products you love in Instagram Explore’.
Although there are many platforms already available for SMEs to make sales, it’s easy to see the appeal of using a conduit that many already use – Facebook – to keep the tills ringing. In fact, monetising social media will never have been so nakedly tangible.
For so many businesses, the immediate focus is day-to-day survival. But those with the bandwidth to consider retail trends, and the launch of new sales channels such as Facebook Shops, will be in a better position to evolve and even perhaps thrive when we reach the ‘new normal’.


cityam--2020-05-23--UK will ask employers 'to pay 20-30 per cent' of furlough wages

The UK has drawn up plans to require employers to cover 20 per cent to 30 per cent of furloughed employees ’ wages from August , it is reported .
That would help reduce the vast burden of the coronavirus crisis on government finances , The Times newspaper reported .
Read more : Three quarters of UK businesses apply for furlough scheme The UK on May 12 extended its job retention scheme – the centrepiece of its attempts to cushion the coronavirus hit to the economy – by four months but told employers they would have to help to meet @ @ @ @ @ @ @ The Treasury has drawn up plans that would require employers to cover between 20 and 30 per cent of people ’ s wages , ” The Times said .
“ They would also be required to cover the cost of employer ’ s national insurance contributions , on average 5 per cent of wages.
” The job retention scheme sees the government pay 80 per cent of wages – up to £2,500 a month – for staff who would otherwise be made redundant .
Read more : Furlough : When will the job @ @ @ @ @ @ @ May , more than 1m companies across the UK have furloughed 7.3m staff .
That has cost the government over £10bn already , since the scheme launched in late March .
And economists predict the job retention scheme could end up costing the government £84bn since its October extension .
That could push government borrowing higher than £300bn this year .
Read more : Job retention scheme could cost £84bn , says UK budget watchdog Announcing the extension over a week ago , chancellor Rishi Sunak said : “ Employers will be able @ @ @ @ @ @ @ .
We will ask employers to share the costs of paying people ’ s salaries .
“ Workers will , through the combined efforts of government and employers , continue to receive the same level of overall support as they do now at 80 per cent of their current salary up to £2,500 a month .
”

UK will ask employers ‘to pay 20-30 per cent’ of furlough wages
Rishi Sunak is expected to introduce a windfall tax today
The UK has drawn up plans to require employers to cover 20 per cent to 30 per cent of furloughed employees’ wages from August, it is reported.
That would help reduce the vast burden of the coronavirus crisis on government finances, The Times newspaper reported.
The UK on May 12 extended its job retention scheme – the centrepiece of its attempts to cushion the coronavirus hit to the economy – by four months but told employers they would have to help to meet its huge cost from August.
“The Treasury has drawn up plans that would require employers to cover between 20 and 30 per cent of people’s wages,” The Times said. “They would also be required to cover the cost of employer’s national insurance contributions, on average 5 per cent of wages.”
The job retention scheme sees the government pay 80 per cent of wages – up to £2,500 a month – for staff who would otherwise be made redundant.
As of 12 May, more than 1m companies across the UK have furloughed 7.3m staff. That has cost the government over £10bn already, since the scheme launched in late March.
And economists predict the job retention scheme could end up costing the government £84bn since its October extension. That could push government borrowing higher than £300bn this year.
Announcing the extension over a week ago, chancellor Rishi Sunak said: “Employers will be able to bring furloughed employees back part time. We will ask employers to share the costs of paying people’s salaries.
“Workers will, through the combined efforts of government and employers, continue to receive the same level of overall support as they do now at 80 per cent of their current salary up to £2,500 a month.”


cityam--2020-05-23--Pressure on Dominic Cummings to quit after reports he broke lockdown rules to visit parents

British Prime Minister Boris Johnson ’ s closest adviser , Dominic Cummings , travelled 250 miles from his London home after showing symptoms of coronavirus , breaking the government ’ s lockdown rules , the Guardian and Mirror newspapers reported on Friday .
Cummings , a polarising figure in Britain since he masterminded the successful campaign to leave the European Union in 2016 , travelled to Durham in northern England in late March , when a strict lockdown was already in place , the reports said .
Read more : Cameron ’ s ex-adviser : Row over Dominic Cummings attending @ @ @ @ @ @ @ spokesman for Johnson ’ s Downing Street office said it would make no comment .
Cummings could not immediately be reached .
The opposition Labour Party said Downing Street should explain his actions .
“ The British people do not expect there to be one rule for them and another rule for Dominic Cummings , ” a spokeswoman said .
Johnson imposed a national lockdown on March 23 , asking Britons to stay at home .
Non-essential travel was not allowed .
On March 27 , Johnson announced that he had tested positive @ @ @ @ @ @ @ of March 28-29 , Cummings also developed symptoms of the virus .
Downing Street said he was self-isolating at home .
He returned to the office on April 14 .
The Guardian and the Mirror reported that on March 31 , police in Durham received a report that Cummings was staying at an address in the city .
“ Officers made contact with the owners of that address who confirmed that the individual in question was present and was self-isolating in part of the house , ” a spokesman for Durham police was @ @ @ @ @ @ @ reports .
“ Officers explained to the family the guidelines around self-isolation and reiterated the appropriate advice around essential travel.
” No comment from Durham police was immediately available .
The two newspapers said that the property where Cummings stayed in Durham was his parents ’ house .
The BBC ’ s political editor quoted a source close to Cummings as saying he did travel to Durham during lockdown but did not breach the rules as he needed his parents ’ help with childcare while he was ill. Cummings and his wife have @ @ @ @ @ @ @ ‘ A matter for police ’ : Hancock ‘ speechless ’ over Professor Neil Ferguson ’ s lockdown breach The reports could put Cummings in a difficult position , after several senior people involved in the country ’ s response to the coronavirus outbreak were forced to resign when it emerged that they had broken the lockdown rules .
Epidemiologist Neil Ferguson resigned from his role as a government advisor on May 5 after the Daily Telegraph reported he had met his girlfriend .
Scotland ’ s Chief Medical Officer Catherine Calderwood resigned @ @ @ @ @ @ @ own advice to stay at home by visiting her second home on two weekends .

Pressure on Dominic Cummings to quit after reports he broke lockdown rules to visit parents
British Prime Minister Boris Johnson’s closest adviser, Dominic Cummings, travelled 250 miles from his London home after showing symptoms of coronavirus, breaking the government’s lockdown rules, the Guardian and Mirror newspapers reported on Friday.
British Prime Minister Boris Johnson’s closest adviser, Dominic Cummings, travelled 250 miles from his London home after showing symptoms of coronavirus, breaking the government’s lockdown rules, the Guardian and Mirror newspapers reported on Friday.
Cummings, a polarising figure in Britain since he masterminded the successful campaign to leave the European Union in 2016, travelled to Durham in northern England in late March, when a strict lockdown was already in place, the reports said.
A spokesman for Johnson’s Downing Street office said it would make no comment. Cummings could not immediately be reached.
The opposition Labour Party said Downing Street should explain his actions. “The British people do not expect there to be one rule for them and another rule for Dominic Cummings,” a spokeswoman said.
Johnson imposed a national lockdown on March 23, asking Britons to stay at home. Non-essential travel was not allowed.
On March 27, Johnson announced that he had tested positive for the virus. On the weekend of March 28-29, Cummings also developed symptoms of the virus. Downing Street said he was self-isolating at home. He returned to the office on April 14.
The Guardian and the Mirror reported that on March 31, police in Durham received a report that Cummings was staying at an address in the city.
“Officers made contact with the owners of that address who confirmed that the individual in question was present and was self-isolating in part of the house,” a spokesman for Durham police was quoted as saying in both newspapers’ reports.
“Officers explained to the family the guidelines around self-isolation and reiterated the appropriate advice around essential travel.”
No comment from Durham police was immediately available.
The two newspapers said that the property where Cummings stayed in Durham was his parents’ house.
The BBC’s political editor quoted a source close to Cummings as saying he did travel to Durham during lockdown but did not breach the rules as he needed his parents’ help with childcare while he was ill. Cummings and his wife have a young son.
The reports could put Cummings in a difficult position, after several senior people involved in the country’s response to the coronavirus outbreak were forced to resign when it emerged that they had broken the lockdown rules.
Epidemiologist Neil Ferguson resigned from his role as a government advisor on May 5 after the Daily Telegraph reported he had met his girlfriend.
Scotland’s Chief Medical Officer Catherine Calderwood resigned on April 5 after she broke her own advice to stay at home by visiting her second home on two weekends.