cityam--2020-05-27--EU unveils €750bn stimulus package for Covid-19 recovery

The European Commission today unveiled a huge €750bn ( £670bn ) stimulus package to help lift the bloc out of a sharp recession caused by the coronavirus pandemic .
The package is set to be divided between €500bn in grants and €250bn in loans , which will be borrowed on financial markets and dispersed to member states .
Read more : EU ‘ willing to ease ’ fishing demands in Brexit talks Mandarins hope the support plan will prevent a splintering in the 27-nation bloc caused by divergent levels of economic recovery and growth .
Countries such as Italy , @ @ @ @ @ @ @ are all expected to struggle to restart their economies through borrowing due to high levels of debt and their reliance on tourism .
This compares to more frugal northern nations such as Sweden , Norway and the Netherlands , which have pushed back against plans for a recovery package based on grants .
The recovery fund comes in addition to the bloc ’ s budget for 2021-2017 , which was today set at €1.1 trillion .
“ The Commission is today proposing a new recovery instrument , called Next Generation EU , within @ @ @ @ @ @ @ the EU said in a statement .
Read more : Eurozone downturn slows but output continues to plunge “ In total , this European Recovery Plan will put €1.85 trillion to help kick-start our economy and ensure Europe bounces forward.
” The euro jumped 0.4 per cent against the dollar to $ 1.102 following reports of the package .

EU unveils €750bn stimulus package for Covid-19 recovery
The European Commission today unveiled a huge €750bn (£670bn) stimulus package to help lift the bloc out of a sharp recession caused by the coronavirus pandemic.
The package is set to be divided between €500bn in grants and €250bn in loans, which will be borrowed on financial markets and dispersed to member states.
Mandarins hope the support plan will prevent a splintering in the 27-nation bloc caused by divergent levels of economic recovery and growth.
Countries such as Italy, France, Spain, Greece and Portugal are all expected to struggle to restart their economies through borrowing due to high levels of debt and their reliance on tourism.
This compares to more frugal northern nations such as Sweden, Norway and the Netherlands, which have pushed back against plans for a recovery package based on grants.
The recovery fund comes in addition to the bloc’s budget for 2021-2017, which was today set at €1.1 trillion.
“The Commission is today proposing a new recovery instrument, called Next Generation EU, within a revamped long-term EU budget,” the EU said in a statement.
“In total, this European Recovery Plan will put €1.85 trillion to help kick-start our economy and ensure Europe bounces forward.”
The euro jumped 0.4 per cent against the dollar to $1.102 following reports of the package.


cityam--2020-05-27--John Lewis reveals first 13 stores to reopen next month

John Lewis has revealed further details of its plans to phase the reopening of its department stores , saying 13 shops will be open by 18 June .
The high street retailer announced today that its department stores in Poole and Kingston will reopen on 15 June , which is the first day non-essential retailers are allowed to reopen under the government ’ s lockdown easing plan .
Read more : John Lewis to phase reopening of department stores from 15 June A further 11 branches will open from 18 June with new social distancing and hygiene measures in place @ @ @ @ @ @ @ of their accessibility by car .
John Lewis said more of its 50 stores will open throughout the summer , depending on the response from customers and employees on the social distancing measures .
John Lewis chairman Sharon White said : “ Our shops reopening is a sign of hope as we begin to find our new normal .
There ’ s an opportunity , now , for us , to come back stronger as a business , and offer the safety and reassurance that customers will want .
“ However , while @ @ @ @ @ @ @ our Waitrose shops , we will need to establish new ways of working in our department stores .
“ We are taking this cautious approach to be able to learn as we go and to make sure that our shops are as safe as they can possibly be for our customers and partners.
” Read more : John Lewis could permanently close some stores when coronavirus lockdown ends New social distancing measures include reducing the number of customers in store and installing protective screens and signage .
It will also keep fitting rooms @ @ @ @ @ @ @ .
John Lewis customers will be able to use hand sanitiser before entering the store , and the number of shop entrances will be reduced .
A customer service host will welcome shoppers and answer questions on social distancing , while managing queues and customer numbers .
John Lewis is also considering initiatives such as virtual queuing , returns drop boxes and click and collect from branch car parks .
Which John Lewis stores will reopen first ?

John Lewis reveals first 13 stores to reopen next month
John Lewis has revealed further details of its plans to phase the reopening of its department stores, saying 13 shops will be open by 18 June.
The high street retailer announced today that its department stores in Poole and Kingston will reopen on 15 June, which is the first day non-essential retailers are allowed to reopen under the government’s lockdown easing plan.
A further 11 branches will open from 18 June with new social distancing and hygiene measures in place. The stores have been chosen because of their accessibility by car.
John Lewis said more of its 50 stores will open throughout the summer, depending on the response from customers and employees on the social distancing measures.
John Lewis chairman Sharon White said: “Our shops reopening is a sign of hope as we begin to find our new normal. There’s an opportunity, now, for us, to come back stronger as a business, and offer the safety and reassurance that customers will want.
“However, while we have experience of social distancing in our Waitrose shops, we will need to establish new ways of working in our department stores.
“We are taking this cautious approach to be able to learn as we go and to make sure that our shops are as safe as they can possibly be for our customers and partners.”
New social distancing measures include reducing the number of customers in store and installing protective screens and signage.
It will also keep fitting rooms, beauty services and catering outlets closed.
John Lewis customers will be able to use hand sanitiser before entering the store, and the number of shop entrances will be reduced.
A customer service host will welcome shoppers and answer questions on social distancing, while managing queues and customer numbers.
John Lewis is also considering initiatives such as virtual queuing, returns drop boxes and click and collect from branch car parks.
Which John Lewis stores will reopen first?


cityam--2020-05-27--Small businesses borrow £18bn in three weeks under Bounce Back Loan Scheme

Small and medium-sized businesses have borrowed more than £18bn under the government ’ s Bounce Back Loan Scheme ( BBLS ) in its first three weeks of operation .
The BBLS was introduced by chancellor Rishi Sunk after criticism that the existing Coronavirus Business Interruption Loan Scheme ( CBILS ) was not being made accessible to many businesses by the banks administering the scheme .
Read more : CBILs failings are leading us to catastrophe The new scheme offers 100 per cent government-backed loans of up to £50,000 to small businesses , in contrast to CBILS where the government underwrites @ @ @ @ @ @ @ The BBLS has lent £18.5bn to 608,069 small businesses as of 24 May , up from £14.2bn by 17 May .
CBILS , which lends up to £5m , only lent £8.15bn since its launch in March .
Banks have approved about half of loan applications under CBILS so far , compared with 79 per cent for the BBLS .
Sunak initially opposed offering full state guarantees for bank lending , due partly to the risk of bad debts , but allowed it for the smallest firms after pressure from business groups , @ @ @ @ @ @ @ Read more : CBILS application process ‘ soul destroying ’ , says director of film industry business Diane Nyiry of Devon-based Cine Power International told City A.M. : “ I have been shocked at the way the banks have been behaving , they haven ’ t been very angelic .
They seem to be capitalising on the small businesses that the chancellor very generously was trying to assist.
” When BBLS launched at the start of this month , banks reported a surge of applications for lending under the programme .
HSBC said @ @ @ @ @ @ @ few hours of the scheme .

Small businesses borrow £18bn in three weeks under Bounce Back Loan Scheme
Small and medium-sized businesses have borrowed more than £18bn under the government’s Bounce Back Loan Scheme (BBLS) in its first three weeks of operation.
The BBLS was introduced by chancellor Rishi Sunk after criticism that the existing Coronavirus Business Interruption Loan Scheme (CBILS) was not being made accessible to many businesses by the banks administering the scheme.
The new scheme offers 100 per cent government-backed loans of up to £50,000 to small businesses, in contrast to CBILS where the government underwrites 80 per cent of the loan.
The BBLS has lent £18.5bn to 608,069 small businesses as of 24 May, up from £14.2bn by 17 May.
CBILS, which lends up to £5m, only lent £8.15bn since its launch in March.
Banks have approved about half of loan applications under CBILS so far, compared with 79 per cent for the BBLS.
Sunak initially opposed offering full state guarantees for bank lending, due partly to the risk of bad debts, but allowed it for the smallest firms after pressure from business groups, MPs and the Bank of England.
Diane Nyiry of Devon-based Cine Power International told City A.M.: “I have been shocked at the way the banks have been behaving, they haven’t been very angelic. They seem to be capitalising on the small businesses that the chancellor very generously was trying to assist.”
When BBLS launched at the start of this month, banks reported a surge of applications for lending under the programme.
HSBC said it received 12,800 applications in the first few hours of the scheme.


cityam--2020-05-27--Renault, Nissan and Mitsubishi to increase technology sharing

Renault , Nissan and Mitsubishi have announced details of a new strategy to deepen cooperation in developing and producing cars , in a bid for survival .
The carmakers have been hit hard by the coronavirus pandemic just as they were reworking their partnership after the arrest of chairman Carlos Ghosn .
Read more : Renault to cut 5,000 jobs by 2024 – report Last year Ghosn made an astonishing escape from Japan , where he was awaiting trial on charges of under-reporting earnings , breach of trust and misappropriation of company funds , all of which he denies .
@ @ @ @ @ @ @ Alliance in January , against the backdrop of the Ghosn saga , and are now aiming to cut costs by sharing out their production .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
“ The new business model will enable the Alliance to bring out the most of each company ’ s assets and performing capabilities , while building on their respective cultures and legacies , ” said Jean-Dominique Senard , chairman of the Alliance .
“ The three companies @ @ @ @ @ @ @ segments and technologies , across all geographies , for the benefit of every customer , while increasing their respective competitiveness , sustainable profitability and social and environmental responsibility ” he added .
Nissan will now take the lead in China , Japan and North America , while Renault will be the point of reference for Europe , Russia , South America and North Africa .
Mitsubishi will lead in Southeast Asia and Oceania .
Senard was adamant there would be no merger between the three companies .
“ Our model today is a @ @ @ @ @ @ @ t need a merger to be efficient , ” he told a news conference .
Shares in Renault are up nearly 16 per cent following the news .
Nissan was boosted 5.5 per cent while Mitsubishi edged up 2.27 per cent .
French government comes to the rescue It comes as the French government announced an €8bn ( £7.1bn ) rescue plan for its car industry .
The proposal includes €1bn to provide grants of up to €7,000 to encourage people to buy electric vehicles .
In return , France ’ s main @ @ @ @ @ @ @ have promised to focus production in the country .
President Emmanuel Macron said no car model currently produced in France should be manufactured in other countries .
On top of the €8bn proposal , Renault is expected to receive a €5bn loan .
The carmaker had been planning to unveil a restructuring plan this week that was likely to see the closure of three of its factories .
Macron said the government would only sign off the Renault deal when talks with management and unions had concluded .
Get the news as it @ @ @ @ @ @ @ .

Renault, Nissan and Mitsubishi to increase technology sharing
Nissan and Renault’s 20-year alliance is creaking at the seams
Renault, Nissan and Mitsubishi have announced details of a new strategy to deepen cooperation in developing and producing cars, in a bid for survival.
The carmakers have been hit hard by the coronavirus pandemic just as they were reworking their partnership after the arrest of chairman Carlos Ghosn.
Last year Ghosn made an astonishing escape from Japan, where he was awaiting trial on charges of under-reporting earnings, breach of trust and misappropriation of company funds, all of which he denies.
The three firms agreed to maintain the Alliance in January, against the backdrop of the Ghosn saga, and are now aiming to cut costs by sharing out their production.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
“The new business model will enable the Alliance to bring out the most of each company’s assets and performing capabilities, while building on their respective cultures and legacies,” said Jean-Dominique Senard, chairman of the Alliance.
“The three companies of the Alliance will cover all vehicle segments and technologies, across all geographies, for the benefit of every customer, while increasing their respective competitiveness, sustainable profitability and social and environmental responsibility” he added.
Nissan will now take the lead in China, Japan and North America, while Renault will be the point of reference for Europe, Russia, South America and North Africa. Mitsubishi will lead in Southeast Asia and Oceania.
Senard was adamant there would be no merger between the three companies. “Our model today is a very distinctive model … we don’t need a merger to be efficient,” he told a news conference.
Shares in Renault are up nearly 16 per cent following the news. Nissan was boosted 5.5 per cent while Mitsubishi edged up 2.27 per cent.
French government comes to the rescue
It comes as the French government announced an €8bn (£7.1bn) rescue plan for its car industry. The proposal includes €1bn to provide grants of up to €7,000 to encourage people to buy electric vehicles.
In return, France’s main car producers, Renault and PSA, have promised to focus production in the country. President Emmanuel Macron said no car model currently produced in France should be manufactured in other countries.
On top of the €8bn proposal, Renault is expected to receive a €5bn loan. The carmaker had been planning to unveil a restructuring plan this week that was likely to see the closure of three of its factories.
Macron said the government would only sign off the Renault deal when talks with management and unions had concluded.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-05-27--Coronavirus: Local lockdowns could be implemented in England

English towns and cities could be placed back into full lockdown to suppress coronavirus “ flare ups ” , according to communities secretary Robert Jenrick .
The local lockdowns would be implemented as a part of the government ’ s Covid-19 track and trace programme , which could be introduced as early as tomorrow .
It will mean schools and non-essential retail businesses , which will begin to re-open next month as the government eases social distancing restrictions further , would have to be shut once again .
Jenrick told the BBC that the track and trace programme will be @ @ @ @ @ @ @ rates in towns or cities across England .
“ That enables us then to take action in that place which will be restrictive on the individuals who live and work there , ” he said .
“ But as a result of that we ’ ll be able to provide greater freedom to millions of other people across the country , enabling us to continue to ease the lockdown , ease the return to school , to work and to the daily activities that we all want to get back to.
” The @ @ @ @ @ @ @ “ roadmap ” to easing the lockdown will begin on 1 June as some primary school students will be returning to classes .
On 15 June , non-essential retail businesses will be allowed to open and some secondary school students will be told to return to classes .
The track and trace system will use 25,000 recruited contact tracers , who will identify anyone who has been in contact with someone who is suspected to have coronavirus .
Boris Johnson said at last week ’ s Prime Minister ’ s Questions ( PMQs @ @ @ @ @ @ @ world beating ” and would be able to track at least 10,000 infections a day .
It was originally supposed to launch with an NHS app , however it is yet to be rolled out after problems with its Isle of Wight trial .

Coronavirus: Local lockdowns could be implemented in England
A member of the public shops for fruit and vegetables at Walthamstow Street Market
English towns and cities could be placed back into full lockdown to suppress coronavirus “flare ups”, according to communities secretary Robert Jenrick.
The local lockdowns would be implemented as a part of the government’s Covid-19 track and trace programme, which could be introduced as early as tomorrow.
It will mean schools and non-essential retail businesses, which will begin to re-open next month as the government eases social distancing restrictions further, would have to be shut once again.
Jenrick told the BBC that the track and trace programme will be able to identify increases in coronavirus infection rates in towns or cities across England.
“That enables us then to take action in that place which will be restrictive on the individuals who live and work there,” he said.
“But as a result of that we’ll be able to provide greater freedom to millions of other people across the country, enabling us to continue to ease the lockdown, ease the return to school, to work and to the daily activities that we all want to get back to.”
The government’s second stage of its “roadmap” to easing the lockdown will begin on 1 June as some primary school students will be returning to classes.
On 15 June, non-essential retail businesses will be allowed to open and some secondary school students will be told to return to classes.
The track and trace system will use 25,000 recruited contact tracers, who will identify anyone who has been in contact with someone who is suspected to have coronavirus.
Boris Johnson said at last week’s Prime Minister’s Questions (PMQs) that the system would be “world beating” and would be able to track at least 10,000 infections a day.
It was originally supposed to launch with an NHS app, however it is yet to be rolled out after problems with its Isle of Wight trial.


cityam--2020-05-27--British Land falls to £1.1bn loss as coronavirus pandemic hits rent payments

British Land today said its full year results were hit by a slowdown in rent payments in March due to coronavirus and a subsequent fall in the value of its office and retail portfolio .
The retail giant posted a loss of £1.1bn in the year to 31 March , with underlying profit for the year falling 10 per cent to £306m .
Read more : British Land scraps dividend and defers £40m in rent Revenue fell from £904m to £613m in the latest financial year .
The real estate giant said it had felt the effects of the coronavirus @ @ @ @ @ @ @ and office clients seeking to delay rents .
British Land said it had collected 68 per cent of March rent , 97 per cent of what it was owed by offices and 43 per cent of what it was owed by retail tenants .
The company said it had deferred around £35m of rent to customers suffering financial hardship because of the crisis .
It also said it had released smaller retail , food and beverage and leisure customers from rental obligations which would lead to a loss of £2m .
British Land @ @ @ @ @ @ @ cash with no requirement to refinance until 2024 .
Read more : UK retail sales crash a record 18.1 per cent in April lockdown The company said it could withstand a further fall in the valuation of its portfolio of of 45 per cent before its lending arrangements would be affected .
British Land said the crisis had so far knocked off ten per cent of the value of its holdings which have shrunk to £11.1bn .
Chris Grigg , chief executive , said : “ Like businesses around the world , in @ @ @ @ @ @ @ responding to the unprecedented challenges brought about by covid-19 .
“ We have acted quickly and effectively to support our customers , partners and local communities and to protect the long term value of our business.
” Russ Mould , investment director at AJ Bell , said : “ The largely unspoken fear in today ’ s results from property investor British Land is that the coronavirus impact on its retail assets could be mirrored in its office block holdings .
“ Given nearly all non-essential shops , food and drink and leisure @ @ @ @ @ @ @ value of this part of the portfolio is entirely unsurprising , as are difficulties in getting rent from tenants in these sectors .
“ At the moment the company has robust enough financial foundations to withstand a further significant collapse in the valuation of its assets .
For now the value of its offices are holding up and most of its tenants are paying rent on time .
“ However , this may change as recession begins to have a more widespread impact .
In the longer term demand for offices may be @ @ @ @ @ @ @ up over the pandemic prove hard to break.
” British Land ’ s share price rose seven per cent this morning to 407p .

British Land falls to £1.1bn loss as coronavirus pandemic hits rent payments
British Land today said its full year results were hit by a slowdown in rent payments in March due to coronavirus and a subsequent fall in the value of its office and retail portfolio.
The retail giant posted a loss of £1.1bn in the year to 31 March, with underlying profit for the year falling 10 per cent to £306m.
Revenue fell from £904m to £613m in the latest financial year.
The real estate giant said it had felt the effects of the coronavirus crisis in March, with both retail and office clients seeking to delay rents.
British Land said it had collected 68 per cent of March rent, 97 per cent of what it was owed by offices and 43 per cent of what it was owed by retail tenants.
The company said it had deferred around £35m of rent to customers suffering financial hardship because of the crisis.
It also said it had released smaller retail, food and beverage and leisure customers from rental obligations which would lead to a loss of £2m.
British Land said it had £1.3bn undrawn facilities and cash with no requirement to refinance until 2024.
The company said it could withstand a further fall in the valuation of its portfolio of of 45 per cent before its lending arrangements would be affected.
British Land said the crisis had so far knocked off ten per cent of the value of its holdings which have shrunk to £11.1bn.
Chris Grigg, chief executive, said: “Like businesses around the world, in recent months our focus has been on responding to the unprecedented challenges brought about by covid-19.
“We have acted quickly and effectively to support our customers, partners and local communities and to protect the long term value of our business.”
Russ Mould, investment director at AJ Bell, said: “The largely unspoken fear in today’s results from property investor British Land is that the coronavirus impact on its retail assets could be mirrored in its office block holdings.
“Given nearly all non-essential shops, food and drink and leisure outlets remain closed, the collapse in value of this part of the portfolio is entirely unsurprising, as are difficulties in getting rent from tenants in these sectors.
“At the moment the company has robust enough financial foundations to withstand a further significant collapse in the valuation of its assets. For now the value of its offices are holding up and most of its tenants are paying rent on time.
“However, this may change as recession begins to have a more widespread impact. In the longer term demand for offices may be affected as working from home habits built up over the pandemic prove hard to break.”
British Land’s share price rose seven per cent this morning to 407p.


cityam--2020-05-27--Twitter stamps fact check warning on Donald Trump tweet

A tweet by US President Donald Trump has been marked by Twitter with a warning for the first time ever after its unsubstantiated claims were debunked by fact checkers .
In a post published yesterday Trump said there was “ NO WAY ( ZERO ! )
that Mail-In Ballots will be anything less than substantially fraudulent ” .
Read more : Trump ratchets up China tensions with coronavirus ‘ propaganda ’ claims In the post , which refers to plans to roll out postal votes for the 2020 presidential election in a bid to halt the spread of coronavirus , @ @ @ @ @ @ @ be robbed , ballots will be forged & even illegally printed out & fraudulently signed ” .
But Twitter placed a warning label on the tweet , allowing users to “ get the facts about mail-in ballots ” .
The president hit back at the social media platform , accusing it of interfering in the election .
“ Twitter is completely stifling FREE SPEECH , and I , as President , will not allow it to happen !
” he wrote .
The move marks a sharp ramping up of control by Twitter @ @ @ @ @ @ @ during the Covid-19 crisis .
While Twitter has previously deleted tweets by the presidents of Brazil and Venezuela for spreading false information about Covid-19 , it has been reluctant to intervene in posts by other major world leaders .
The site , which is Trump ’ s major platform for communicating his thoughts , said it had taken action against the US president ’ s tweet under its new policy on misleading information .
The fact checking tag , which appears in blue below the tweet with an exclamation mark , takes users @ @ @ @ @ @ @ information about the topic .
This contains a precis of a CNN article debunking the claims followed by a “ what you need to know ” section addressing three claims made in the tweet .

Twitter stamps fact check warning on Donald Trump tweet
A tweet by US President Donald Trump has been marked by Twitter with a warning for the first time ever after its unsubstantiated claims were debunked by fact checkers.
In a post published yesterday Trump said there was “NO WAY (ZERO!) that Mail-In Ballots will be anything less than substantially fraudulent”.
In the post, which refers to plans to roll out postal votes for the 2020 presidential election in a bid to halt the spread of coronavirus, Trump claimed that “mail boxes will be robbed, ballots will be forged & even illegally printed out & fraudulently signed”.
But Twitter placed a warning label on the tweet, allowing users to “get the facts about mail-in ballots”.
https://twitter.com/realDonaldTrump/status/1265255835124539392
The president hit back at the social media platform, accusing it of interfering in the election.
“Twitter is completely stifling FREE SPEECH, and I, as President, will not allow it to happen!” he wrote.
The move marks a sharp ramping up of control by Twitter amid concerns about the proliferation of misinformation during the Covid-19 crisis.
While Twitter has previously deleted tweets by the presidents of Brazil and Venezuela for spreading false information about Covid-19, it has been reluctant to intervene in posts by other major world leaders.
https://twitter.com/realDonaldTrump/status/1265427538140188676
The site, which is Trump’s major platform for communicating his thoughts, said it had taken action against the US president’s tweet under its new policy on misleading information.
The fact checking tag, which appears in blue below the tweet with an exclamation mark, takes users through to a separate page with more information about the topic.
This contains a precis of a CNN article debunking the claims followed by a “what you need to know” section addressing three claims made in the tweet.


cityam--2020-05-27--UK firms face 'difficult decisions' when furlough scheme winds down

UK firms have said they will struggle to contribute to furloughed workers ’ salaries from August , as the Treasury slowly winds down the job retention scheme .
In an Institute of Directors ( IoD ) survey of almost 700 company directors , a quarter said they could not afford the 20 per cent or more needed to contribute to furloughed workers ’ full-time salaries .
Around half of those using the scheme said they could provide the amount needed between August and October .
Earlier in May , the Chancellor Rishi Sunak announced that the furlough programme would be @ @ @ @ @ @ @ of October .
However , he said companies would have to meet some of the cost from the end of August .
The latest figures released yesterday show 8.4m people have been furloughed , with over a million firms using the scheme .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
In addition , the value of such claims has now risen to a total of £15bn , a considerable increase from the previously reported figure of £11.1bn .
Over @ @ @ @ @ @ @ said they would bring the majority of their furloughed workers back part-time , if allowed .
Less than one in ten said they would not bring anyone back part-time .
Southbank Centre this week called for an extension of the scheme beyond October .
The arts charity predicted it will be closed until April 2021 and has called on the government to help those furloughed in the creative industry .
Jonathan Geldart , Director General of the Institute of Directors , said : “ The government must soften the blow by introducing as @ @ @ @ @ @ @ system .
The more flexible the scheme is , the better firms can recover , and the fewer jobs will rely on state subsidy.
” Read more : Recruitment boss warns of ‘ tsunami of job losses ’ once furlough scheme ends The majority of those polled said they would make use of shorter minimum furlough periods .
Currently , staff must be on furlough for at least three weeks .
“ Business leaders know that the Government ’ s support can ’ t be infinite , but the ugly truth is that @ @ @ @ @ @ @ in the door , many firms will be forced to make difficult decisions come August , ” added Geldart .
Get the news as it happens by following City A.M. on Twitter .

UK firms face ‘difficult decisions’ when furlough scheme winds down
Rishi Sunak is expected to introduce a windfall tax today
UK firms have said they will struggle to contribute to furloughed workers’ salaries from August, as the Treasury slowly winds down the job retention scheme.
In an Institute of Directors (IoD) survey of almost 700 company directors, a quarter said they could not afford the 20 per cent or more needed to contribute to furloughed workers’ full-time salaries.
Around half of those using the scheme said they could provide the amount needed between August and October.
Earlier in May, the Chancellor Rishi Sunak announced that the furlough programme would be extended by four months until the end of October. However, he said companies would have to meet some of the cost from the end of August.
The latest figures released yesterday show 8.4m people have been furloughed, with over a million firms using the scheme.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
In addition, the value of such claims has now risen to a total of £15bn, a considerable increase from the previously reported figure of £11.1bn.
Over a third of those using the scheme said they would bring the majority of their furloughed workers back part-time, if allowed. Less than one in ten said they would not bring anyone back part-time.
Southbank Centre this week called for an extension of the scheme beyond October. The arts charity predicted it will be closed until April 2021 and has called on the government to help those furloughed in the creative industry.
Jonathan Geldart, Director General of the Institute of Directors, said: “The government must soften the blow by introducing as much flexibility as possible into the furlough system. The more flexible the scheme is, the better firms can recover, and the fewer jobs will rely on state subsidy.”
The majority of those polled said they would make use of shorter minimum furlough periods. Currently, staff must be on furlough for at least three weeks.
“Business leaders know that the Government’s support can’t be infinite, but the ugly truth is that if there’s no money coming in the door, many firms will be forced to make difficult decisions come August,” added Geldart.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-05-27--Huawei finance chief struck blow in US extradition trial

Huawei ’ s finance chief Meng Wanzhou was tonight dealt a blow in her bid to avoid extradition to the US after a Canadian court ruled against her .
A judge found that the case against Wanzhou , who has been accused of bank fraud by US authorities , meets the threshold of double criminality – meaning the charges are crimes in both the US and Canada .
Read more : Security officials launch review into Huawei role in 5G network As a result of the ruling , the trial against Wanzhou , who was arrested in December 2018 , @ @ @ @ @ @ @ of fraud for misleading HSBC about Huawei ’ s relationship with a company operating in Iran , putting HSBC at risk of fines and penalties for breaking US sanctions on Tehran .
Meng ’ s lawyers argued the case should be thrown out because Canada did not have sanctions against Iran .
However , chief justice Heather Holmes disagreed , ruling that the standard of double criminality had been met .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
The @ @ @ @ @ @ @ hearing to proceed to the second phase starting June , examining whether Canadian officials followed the law while arresting Meng .
A Chinese foreign ministry spokesman said that Canada “ should immediately correct its mistake , release Ms Meng and ensure her safe return to China at an early date so as to avoid any continuous harm to China-Canada relations ” .
The decision comes after the US slapped further sanctions on the telecoms firm , while Britain announced a security review into its involvement with the building of the UK ’ s @ @ @ @ @ @ @ says ‘ pernicious ’ new US sanctions puts its survival at stake The review comes after the Telegraph last week reported that Boris Johnson intended to reduce the Chinese state-owned firm ’ s involvement in Britain ’ s 5G network in the wake of the pandemic .
Johnson has reportedly instructed officials to draw up plans that would reduce China ’ s involvement to zero by 2023 .

Huawei finance chief struck blow in US extradition trial
Huawei Chief Financial Officer, Meng Wanzhou, leaves British Columbia Supreme Court, after hearing the decision of Associate Chief Justice Heather Holmes on her double-criminality judgment in Vancouver, on May 27, 2020.
Huawei’s finance chief Meng Wanzhou was tonight dealt a blow in her bid to avoid extradition to the US after a Canadian court ruled against her.
A judge found that the case against Wanzhou, who has been accused of bank fraud by US authorities, meets the threshold of double criminality – meaning the charges are crimes in both the US and Canada.
As a result of the ruling, the trial against Wanzhou, who was arrested in December 2018, can go ahead.
Wanzhou is accused of fraud for misleading HSBC about Huawei’s relationship with a company operating in Iran, putting HSBC at risk of fines and penalties for breaking US sanctions on Tehran.
Meng’s lawyers argued the case should be thrown out because Canada did not have sanctions against Iran.
However, chief justice Heather Holmes disagreed, ruling that the standard of double criminality had been met.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
The ruling paves the way for the extradition hearing to proceed to the second phase starting June, examining whether Canadian officials followed the law while arresting Meng.
A Chinese foreign ministry spokesman said that Canada “should immediately correct its mistake, release Ms Meng and ensure her safe return to China at an early date so as to avoid any continuous harm to China-Canada relations”.
The decision comes after the US slapped further sanctions on the telecoms firm, while Britain announced a security review into its involvement with the building of the UK’s 5G networks.
The review comes after the Telegraph last week reported that Boris Johnson intended to reduce the Chinese state-owned firm’s involvement in Britain’s 5G network in the wake of the pandemic.
Johnson has reportedly instructed officials to draw up plans that would reduce China’s involvement to zero by 2023.


cityam--2020-05-27--Oil giant Chevron to cut up to 7,000 jobs due to coronavirus

US oil giant Chevron is set to cut up to 7,000 jobs as it seeks to restructure after the coronavirus pandemic hammered global oil prices and squeezed demand around the world .
The firm , which is the US ’ second largest producer of oil , had already said that it would reduce its budget for the year by 30 per cent and make voluntary redundancies .
However , Reuters reported today that the firm would now cut 10 to 15 per cent of its 48,000 employees around the world “ to match projected activity levels ” .
US crude @ @ @ @ @ @ @ to the pandemic , as producers have been forced to shut in oil due to a complete lack of demand .
At one point , prices even turned negative as traders desperately sought to get rid of paper contracts to take physical delivery of the commodity amid fears over a lack of storage capacity .
Although prices have recovered from that point as global economies have tentatively begun to reopen , demand is likely to remain depressed for much of the year .
Listen to our daily City View podcast as we chart @ @ @ @ @ @ @ the coronavirus pandemic .
A spokesperson for Chevron said that cuts were being taken “ to address current market conditions ” and would vary depending on region and business unit .
The US domestic oil market , which is made up of about 8,000 producers , has been one of the sectors worst hit by the pandemic .
The Baker Hughes count of oil rigs last week recorded that there were only 215 , down nearly two-thirds from the high water mark of 624 recorded in March this year .
Read more : @ @ @ @ @ @ @ could speed up energy transition According to data from IHS Markit , US producers will be shutting in 1.8m barrels of oil per day by early June in order to limit oversupply and prop up prices .
The shut-ins have led to fears that hundreds of smaller producers could go bust if prices did not rise fast .

Oil giant Chevron to cut up to 7,000 jobs due to coronavirus
US oil giant Chevron is set to cut up to 7,000 jobs as it seeks to restructure after the coronavirus pandemic hammered global oil prices and squeezed demand around the world.
The firm, which is the US’ second largest producer of oil, had already said that it would reduce its budget for the year by 30 per cent and make voluntary redundancies.
However, Reuters reported today that the firm would now cut 10 to 15 per cent of its 48,000 employees around the world “to match projected activity levels”.
US crude prices have nearly halved this year due to the pandemic, as producers have been forced to shut in oil due to a complete lack of demand.
At one point, prices even turned negative as traders desperately sought to get rid of paper contracts to take physical delivery of the commodity amid fears over a lack of storage capacity.
Although prices have recovered from that point as global economies have tentatively begun to reopen, demand is likely to remain depressed for much of the year.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
A spokesperson for Chevron said that cuts were being taken “to address current market conditions” and would vary depending on region and business unit.
The US domestic oil market, which is made up of about 8,000 producers, has been one of the sectors worst hit by the pandemic.
The Baker Hughes count of oil rigs last week recorded that there were only 215, down nearly two-thirds from the high water mark of 624 recorded in March this year.
According to data from IHS Markit, US producers will be shutting in 1.8m barrels of oil per day by early June in order to limit oversupply and prop up prices.
The shut-ins have led to fears that hundreds of smaller producers could go bust if prices did not rise fast.


cityam--2020-05-27--Regus owner IWG targets £315m fundraise to drive expansion after coronavirus

Office space giant IWG is aiming to raise £315m through a share offering as it eyes expansion opportunities as rival firms struggle during the coronavirus pandemic .
IWG , which owns Regus , said “ the current environment is presenting an increased number of attractive…opportunities to accelerate the growth and development of the business ” .
The office provider said sales activity was hit by the coronavirus crisis , as governments around the world ordered employees to work from home .
However , IWG said it expects demand for distributed workspace to increase as customers seek more space to comply @ @ @ @ @ @ @ of “ working closer to home ” .
It said it is preparing to launch its own working from home product .
IWG said there were also opportunities for expansion through rescue situations and merger and acquisitions , which it expects to increase across the sector .
Read more : Office Politics : How will independent consulting change post-Covid ?
“ Whilst Covid-19 will have a significant impact on the Group during the second quarter and recovery will be largely determined by the pace and scale with which lockdowns are eased globally and @ @ @ @ @ @ @ the current environment is presenting an increased number of attractive organic and inorganic opportunities to accelerate the growth and development of the business , ” the company said in a statement this afternoon .
The share placing will also be open to retail investors through Primarybid.com .

Regus owner IWG targets £315m fundraise to drive expansion after coronavirus
IWG has shuttered offices in a bid to conserve cash
Office space giant IWG is aiming to raise £315m through a share offering as it eyes expansion opportunities as rival firms struggle during the coronavirus pandemic.
IWG, which owns Regus, said “the current environment is presenting an increased number of attractive…opportunities to accelerate the growth and development of the business”.
The office provider said sales activity was hit by the coronavirus crisis, as governments around the world ordered employees to work from home.
However, IWG said it expects demand for distributed workspace to increase as customers seek more space to comply with social distancing measures and the benefits of “working closer to home”. It said it is preparing to launch its own working from home product.
IWG said there were also opportunities for expansion through rescue situations and merger and acquisitions, which it expects to increase across the sector.
“Whilst Covid-19 will have a significant impact on the Group during the second quarter and recovery will be largely determined by the pace and scale with which lockdowns are eased globally and the consequent improvement in sales activity, the current environment is presenting an increased number of attractive organic and inorganic opportunities to accelerate the growth and development of the business,” the company said in a statement this afternoon.
The share placing will also be open to retail investors through Primarybid.com.


cityam--2020-05-27--Boris Johnson: Post-coronavirus jobs programme 'very likely'

Boris Johnson has said it is “ very likely ” the UK will embark on a post-coronavirus jobs programme , similar to the Future Jobs Fund brought in after the 2008 financial crash .
The Prime Minister said the scheme would likely be implemented in order to create “ high class jobs , good jobs , for the country ” .
Read more : England coronavirus track and trace programme to launch tomorrow Unemployment is expected to rise significantly when the next set of data is released , after a 2.1m people claimed Universal Credit in April – a 70 @ @ @ @ @ @ @ will likely become unemployed as the government eases its furlough scheme , with some economists claiming that many businesses on the scheme are already insolvent .
Johnson was asked today at a Liaison Committee meeting if he would implement a long-term unemployment programme similar to the Future Jobs Fund brought in by Gordon Brown .
The programme , which was scrapped by David Cameron , was a £1bn scheme that gave businesses money to encourage them to hire more workers .
Listen to our daily City View podcast as we chart the economic @ @ @ @ @ @ @ pandemic .
When asked about setting up a similar programme , Johnson said : “ I think it ’ s very likely .
“ The challenge now is going to be about getting the economy moving again and creating high class jobs , good jobs , for the whole country .
“ My mantra remains that the way to do that is with fantastic infrastructure , better skills and better technology .
We ’ re going to stick ruthlessly to that.
” Johnson was also queried at the committee meeting about other measures @ @ @ @ @ @ @ with the country ’ s bulging deficit .
A recent leak of Treasury papers to The Telegraph showed the government will likely have a yearly deficit of at least £300bn – a 12-fold increase than pre-coronavirus estimates .
The paper also made suggestions of ways to cut the deficit and get back to surplus , including scrapping the pension triple lock , raising VAT and raising income taxes .
If the government implemented any of these measures it would be in contravention of the Tories ’ election manifesto .
Johnson told Tory MP @ @ @ @ @ @ @ meeting he would not break any of his manifesto promises .
“ We ’ re going to reach all our manifesto commitments unless I specifically tell you otherwise , ” he said .
Read more : BoE not remotely close to decision on negative rates , says chief economist “ I would share your instincts , Mel , to try and keep taxes as low as we conceivably can , consistent with our desire to invest in our fantastic public services .
“ I don ’ t want to anticipate now what we @ @ @ @ @ @ @ economic package .
That ’ s for a bit later on .
”

Boris Johnson: Post-coronavirus jobs programme ‘very likely’
Boris Johnson has said it is “very likely” the UK will embark on a post-coronavirus jobs programme, similar to the Future Jobs Fund brought in after the 2008 financial crash.
The Prime Minister said the scheme would likely be implemented in order to create “high class jobs, good jobs, for the country”.
Unemployment is expected to rise significantly when the next set of data is released, after a 2.1m people claimed Universal Credit in April – a 70 per cent increase.
Even more people will likely become unemployed as the government eases its furlough scheme, with some economists claiming that many businesses on the scheme are already insolvent.
Johnson was asked today at a Liaison Committee meeting if he would implement a long-term unemployment programme similar to the Future Jobs Fund brought in by Gordon Brown.
The programme, which was scrapped by David Cameron, was a £1bn scheme that gave businesses money to encourage them to hire more workers.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
When asked about setting up a similar programme, Johnson said: “I think it’s very likely.
“The challenge now is going to be about getting the economy moving again and creating high class jobs, good jobs, for the whole country.
“My mantra remains that the way to do that is with fantastic infrastructure, better skills and better technology. We’re going to stick ruthlessly to that.”
Johnson was also queried at the committee meeting about other measures he will look to take to deal with the country’s bulging deficit.
A recent leak of Treasury papers to The Telegraph showed the government will likely have a yearly deficit of at least £300bn – a 12-fold increase than pre-coronavirus estimates.
The paper also made suggestions of ways to cut the deficit and get back to surplus, including scrapping the pension triple lock, raising VAT and raising income taxes.
If the government implemented any of these measures it would be in contravention of the Tories’ election manifesto.
Johnson told Tory MP Mel Stride at today’s committee meeting he would not break any of his manifesto promises.
“We’re going to reach all our manifesto commitments unless I specifically tell you otherwise,” he said.
“I would share your instincts, Mel, to try and keep taxes as low as we conceivably can, consistent with our desire to invest in our fantastic public services.
“I don’t want to anticipate now what we’re going to do on our economic package. That’s for a bit later on.”


cityam--2020-05-27--All McDonald's drive-thru restaurants to reopen next week

All McDonald ’ s drive-thru restaurants across the UK will be open by the end of next week , the fast food giant announced today .
The restaurants will reopen between Tuesday and Thursday next week , and the burger chain will also expand the availability of its delivery service .
Read more : McDonald ’ s reveals which drive-thru restaurants have reopened today By 4 June , 1,019 McDonald ’ s restaurants in the UK and Ireland will have reopened either for drive-thru or delivery .
In order to manage demand , McDonald ’ s will not announce the @ @ @ @ @ @ @ the morning of each day .
McDonald ’ s said its trial reopenings had shown that demand is high , saying it had been forced to close drive-thru lanes last week “ where demand has impacted local communities or the safety of our people or customers ” .
There will be a £25 spending limit per car to cap order sizes and the menu has also been reduced “ With fewer employees working in our kitchens and service areas , our teams will still need your patience and support as they continue to @ @ @ @ @ @ @ , ” McDonald ’ s said in a statement .
“ Face coverings , gloves , Perspex screens and new safety and hygiene processes mean it will look different , it will take a little longer and as we have seen in the pilot restaurants , we expect demand will be high .
“ Please bear with us , we will continue to put our people first – their safety is our priority.
” Read more : McDonald ’ s set to reopen all drive-thrus by June The drive-thru restaurants will be open @ @ @ @ @ @ @ been urged to pay with contactless card methods when possible .
The company has installed perspex screens at drive-thru windows and employees will wear protective equipment .
All workers will have their temperatures taken before each shift and be asked to confirm they are fit and able to work .

All McDonald’s drive-thru restaurants to reopen next week
McDonalds is facing pressure from LGIM to rein its use of antibiotics in meat production
All McDonald’s drive-thru restaurants across the UK will be open by the end of next week, the fast food giant announced today.
The restaurants will reopen between Tuesday and Thursday next week, and the burger chain will also expand the availability of its delivery service.
By 4 June, 1,019 McDonald’s restaurants in the UK and Ireland will have reopened either for drive-thru or delivery.
In order to manage demand, McDonald’s will not announce the locations of which restaurants will reopen until the morning of each day.
McDonald’s said its trial reopenings had shown that demand is high, saying it had been forced to close drive-thru lanes last week “where demand has impacted local communities or the safety of our people or customers”.
There will be a £25 spending limit per car to cap order sizes and the menu has also been reduced
“With fewer employees working in our kitchens and service areas, our teams will still need your patience and support as they continue to adjust to the new ways of working,” McDonald’s said in a statement.
“Face coverings, gloves, Perspex screens and new safety and hygiene processes mean it will look different, it will take a little longer and as we have seen in the pilot restaurants, we expect demand will be high.
“Please bear with us, we will continue to put our people first – their safety is our priority.”
The drive-thru restaurants will be open between 11am and 10pm and customers have been urged to pay with contactless card methods when possible.
The company has installed perspex screens at drive-thru windows and employees will wear protective equipment. All workers will have their temperatures taken before each shift and be asked to confirm they are fit and able to work.


cityam--2020-05-27--England coronavirus track and trace programme to launch tomorrow

The NHS coronavirus track and trace programme will launch tomorrow across England .
Health secretary Matt Hancock described it as an “ historic milestone ” and that it will play a “ big part ” in exiting the coronavirus lockdown .
Read more : Government backtracks on review of lockdown fines for childcare reasons Anyone who has coronavirus symptoms will be able to get tested and will need to tell NHS contact tracers who they have been in close contact with recently .
If the test comes back positive , then anyone who has been in close contact with the @ @ @ @ @ @ @ 14 days even if they have no symptoms .
Close contact will considered to have been made if someone has been within two metres of someone else for at least 15 minutes without any sort of protective equipment being involved .
The programme will have capacity for 200,000 tests a day .
The programme will be possible thanks to the recruitment of 25,000 contact tracers , which includes 7,000 medical professionals .
Hancock said it was everyone ’ s “ civic duty ” to use the test and trace programme if they have @ @ @ @ @ @ @ means we can replace the lockdown with individual isolation for those who have been in contact with the virus and local action where it ’ s necessary to respond to a flare up , ” Hancock said .
“ Through testing we hunt down the virus finding out who is infected right now.
” The programme is being overseen by Baroness Dido Harding , who is chair of NHS Improvement .
On a call to journalists today , Harding said that none of the information shared by people with contact tracers would be @ @ @ @ @ @ @ lockdown breaches would be reported .
“ It ’ s a safe and trusted environment , so they can honestly tell the tracers who they have been in contact with to protect them , ” she said .
She said that the programme will monitor geographical areas to see if there are coronavirus “ flare ups ” and that local lockdowns may be implemented .
Communities secretary Robert Jenrick told the BBC today that the track and trace programme will be able to identify increases in coronavirus infection rates in towns or cities @ @ @ @ @ @ @ then to take action in that place which will be restrictive on the individuals who live and work there , ” he said .
“ But as a result of that we ’ ll be able to provide greater freedom to millions of other people across the country , enabling us to continue to ease the lockdown , ease the return to school , to work and to the daily activities that we all want to get back to.
” Speaking at Westminster ’ s liaison committee , Boris Johnson said that the @ @ @ @ @ @ @ to self-isolate for 14 days even if they don ’ t have coronavirus .
“ It is a huge imposition , but it will be on a very small minority of the population , ” he said .
Read more : Coronavirus : Local lockdowns could be implemented in England “ It ’ s worth it , because that is the tool other countries have unlocked the prison , to make sure we can go forward .
“ That captivity for a tiny minority , for a short time , will allow us @ @ @ @ @ @ @ situation .
”

England coronavirus track and trace programme to launch tomorrow
A medical worker tests a key worker for the novel coronavirus Covid-19 at a drive-in testing centre
The NHS coronavirus track and trace programme will launch tomorrow across England.
Health secretary Matt Hancock described it as an “historic milestone” and that it will play a “big part” in exiting the coronavirus lockdown.
Anyone who has coronavirus symptoms will be able to get tested and will need to tell NHS contact tracers who they have been in close contact with recently.
If the test comes back positive, then anyone who has been in close contact with the infected person will have to self-isolate for 14 days even if they have no symptoms.
Close contact will considered to have been made if someone has been within two metres of someone else for at least 15 minutes without any sort of protective equipment being involved.
The programme will have capacity for 200,000 tests a day.
The programme will be possible thanks to the recruitment of 25,000 contact tracers, which includes 7,000 medical professionals.
Hancock said it was everyone’s “civic duty” to use the test and trace programme if they have coronavirus symptoms.
“Test and trace means we can replace the lockdown with individual isolation for those who have been in contact with the virus and local action where it’s necessary to respond to a flare up,” Hancock said.
“Through testing we hunt down the virus finding out who is infected right now.”
The programme is being overseen by Baroness Dido Harding, who is chair of NHS Improvement.
On a call to journalists today, Harding said that none of the information shared by people with contact tracers would be shared with anyone else and that no lockdown breaches would be reported.
“It’s a safe and trusted environment, so they can honestly tell the tracers who they have been in contact with to protect them,” she said.
She said that the programme will monitor geographical areas to see if there are coronavirus “flare ups” and that local lockdowns may be implemented.
Communities secretary Robert Jenrick told the BBC today that the track and trace programme will be able to identify increases in coronavirus infection rates in towns or cities across England.
“That enables us then to take action in that place which will be restrictive on the individuals who live and work there,” he said.
“But as a result of that we’ll be able to provide greater freedom to millions of other people across the country, enabling us to continue to ease the lockdown, ease the return to school, to work and to the daily activities that we all want to get back to.”
Speaking at Westminster’s liaison committee, Boris Johnson said that the programme meant that some people would have to self-isolate for 14 days even if they don’t have coronavirus.
“It is a huge imposition, but it will be on a very small minority of the population,” he said.
“It’s worth it, because that is the tool other countries have unlocked the prison, to make sure we can go forward.
“That captivity for a tiny minority, for a short time, will allow us gradually to release 66m from the current situation.”


cityam--2020-05-27--Mike Pompeo declares Hong Kong no longer autonomous from China

US secretary of state Mike Pompeo today told Congress that Hong Kong is no longer autonomous from China , bringing into doubt the region ’ s unique trading status .
In a statement , Pompeo said that due to China ’ s plan to impose new national security legislation on the city , “ no reasonable person can assert today that Hong Kong maintains a high degree of autonomy from China , given facts on the ground ” .
Read more : Hong Kong police clash with protesters over Chinese anthem bill As a result , he added , Hong @ @ @ @ @ @ @ treatment under United States laws in the same manner as U.S. laws were applied to Hong Kong before July 1997 .
“ It is now clear that China is modelling Hong Kong after itself ” .
The declaration could spell the end of the city-state ’ s status as one of the world ’ s pre-eminent financial centres , with the decision opening the door for Donald Trump to end some of its trading privileges if he so desires .
Listen to our daily City View podcast as we chart the economic fallout @ @ @ @ @ @ @ .
According to a law passed last year , the state department is required annually to certify whether the state retains enough independence from Beijing to maintain its favoured position .
However , the announcement of the new laws clamping down on Hong Kong , which many have interpreted as a response to last year ’ s pro-democracy protests , has led US officials to conclude that it no longer has such a status .
Thus far , the region has been exempt from the sanctions the White House has placed upon mainland @ @ @ @ @ @ @ .
Read more : Markets live : FTSE 100 and US stocks slip on rising Hong Kong tensions Business groups have repeatedly warned against such steps , which could severely damage an economic relationship which was worth $ 66bn in 2018 , according to the Office of the US trade representative .
Pompeo ’ s statement comes after Trump warned yesterday that the US was working on a strong response to the Chinese clampdown .

Mike Pompeo declares Hong Kong no longer autonomous from China
US secretary of state Mike Pompeo today told Congress that Hong Kong is no longer autonomous from China, bringing into doubt the region’s unique trading status.
In a statement, Pompeo said that due to China’s plan to impose new national security legislation on the city, “no reasonable person can assert today that Hong Kong maintains a high degree of autonomy from China, given facts on the ground”.
As a result, he added, Hong Kong “does not continue to warrant treatment under United States laws in the same manner as U.S. laws were applied to Hong Kong before July 1997.
“It is now clear that China is modelling Hong Kong after itself”.
The declaration could spell the end of the city-state’s status as one of the world’s pre-eminent financial centres, with the decision opening the door for Donald Trump to end some of its trading privileges if he so desires.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
According to a law passed last year, the state department is required annually to certify whether the state retains enough independence from Beijing to maintain its favoured position.
However, the announcement of the new laws clamping down on Hong Kong, which many have interpreted as a response to last year’s pro-democracy protests, has led US officials to conclude that it no longer has such a status.
Thus far, the region has been exempt from the sanctions the White House has placed upon mainland China, but that could now change.
Business groups have repeatedly warned against such steps, which could severely damage an economic relationship which was worth $66bn in 2018, according to the Office of the US trade representative.
Pompeo’s statement comes after Trump warned yesterday that the US was working on a strong response to the Chinese clampdown.


cityam--2020-05-27--Boeing to cut nearly 7,000 jobs as coronavirus batters aircraft demand

Aerospace giant Boeing will lay off 6,770 workers this week , with several thousand more set to be cut over the coming months .
In an email to staff today , chief executive Dave Calhoun shared the news , saying : “ I wish there was another way ” .
In April , the planemaker said that it would cut 10 per cent of its 160,000 global workforce this year due to the impact of the coronavirus pandemic .
The spread of the disease , which has hammered global aviation , has forced Boeing to cut production on a number @ @ @ @ @ @ @ Airbus has also been similarly impacted by the crisis .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Calhoun wrote : “ The COVID-19 pandemic ’ s devastating impact on the airline industry means a deep cut in the number of commercial jets and services our customers will need over the next few years , which in turn means fewer jobs on our lines and in our offices .
“ We have done our very best to project the needs @ @ @ @ @ @ @ next several years as they begin their path to recovery ” .
The current crisis came with Boeing already reeling from the fallout over the grounding of the 737 Max due to two fatal crashes last year .
Last month the firm raised $ 25bn through its largest ever debt sale in order to reinforce its finances .
Despite the devastation , Calhoun said that “ green shoots ” were beginning to show as some states began to reopen their economies .
However , he warned that “ it will take some years @ @ @ @ @ @ @ it was just two months ago ” .

Boeing to cut nearly 7,000 jobs as coronavirus batters aircraft demand
Aerospace giant Boeing will lay off 6,770 workers this week, with several thousand more set to be cut over the coming months.
In an email to staff today, chief executive Dave Calhoun shared the news, saying: “I wish there was another way”.
In April, the planemaker said that it would cut 10 per cent of its 160,000 global workforce this year due to the impact of the coronavirus pandemic.
The spread of the disease, which has hammered global aviation, has forced Boeing to cut production on a number of its aircraft models.
European rival Airbus has also been similarly impacted by the crisis.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Calhoun wrote: “The COVID-19 pandemic’s devastating impact on the airline industry means a deep cut in the number of commercial jets and services our customers will need over the next few years, which in turn means fewer jobs on our lines and in our offices.
“We have done our very best to project the needs of our commercial airline customers over the next several years as they begin their path to recovery”.
The current crisis came with Boeing already reeling from the fallout over the grounding of the 737 Max due to two fatal crashes last year.
Last month the firm raised $25bn through its largest ever debt sale in order to reinforce its finances.
Despite the devastation, Calhoun said that “green shoots” were beginning to show as some states began to reopen their economies.
However, he warned that “it will take some years for our industry to return to what it was just two months ago”.


cityam--2020-05-27--Boris Johnson: I have seen evidence to show 'a lot' of Cummings allegations are false

Boris Johnson has said he has seen evidence that proves that many allegations about Dominic Cummings ’ lockdown travel row are false , however he will not release that information .
Speaking to Westminster ’ s liaison committee today , Johnson said he had seen evidence to show Cummings had not travelled multiple times to Durham , but that he would not release the evidence or launch an inquiry into the affair .
Read more : Coronavirus deaths jump to 412 after bank holiday weekend lag “ A lot of what was written and said over Saturday and Sunday was @ @ @ @ @ @ @ ” he said .
“ It wasn ’ t correct and I think he ’ s had an opportunity to clear the matter up .
“ I ’ m not certain right now that an inquiry into that matter is worth officials ’ time – we ’ re working flat out on coronavirus.
” When asked if he would show the evidence for allegations being false to the civil service or general public , Johnson said : “ I think that I would not be doing my job if I were now to @ @ @ @ @ @ @ officials , who believe me , are working flat out to deal with coronavirus.
” Johnson has stood by Cummings despite public opinion polling showing that the majority of the public thinks he should resign .
The Prime Minister ’ s chief adviser became embroiled in a scandal on Friday after it was discovered he had travelled in March from London to Durham to self-isolate with his wife and young son while they had Covid-19 symptoms .
He was then accused of making a second trip from London to Durham on April 19 @ @ @ @ @ @ @ of being sighted at Barnard Castle on 12 April .
Cummings fronted a press conference on Monday at Downing Street to explain his story and explain why he believed he had not broken lockdown .
He said he had travelled to his parents ’ guest house at Durham while he and his wife had Covid-19 symptoms to ensure his young child had childcare , which is listed as an exception in the lockdown rules .
He also said he had travelled to Barnard Castle – 30 miles from Durham – to “ test @ @ @ @ @ @ @ to see if they could drive back to London .
Cummings said any suggestion he made multiple trips to Durham was untrue and that he did not regret his actions .
His response , particularly the Barnard Castle explanation , has been widely criticised by the government and opposition MPs .
An estimated 30 backbench Conservative MPs have urged Cummings to resign , while Labour has ridiculed the government for sticking by the adviser .

Boris Johnson: I have seen evidence to show ‘a lot’ of Cummings allegations are false
Prime Minister Boris Johnson leaves 10 Downing Street
Boris Johnson has said he has seen evidence that proves that many allegations about Dominic Cummings’ lockdown travel row are false, however he will not release that information.
Speaking to Westminster’s liaison committee today, Johnson said he had seen evidence to show Cummings had not travelled multiple times to Durham, but that he would not release the evidence or launch an inquiry into the affair.
“A lot of what was written and said over Saturday and Sunday was false in respect to my adviser,” he said.
“It wasn’t correct and I think he’s had an opportunity to clear the matter up.
“I’m not certain right now that an inquiry into that matter is worth officials’ time – we’re working flat out on coronavirus.”
When asked if he would show the evidence for allegations being false to the civil service or general public, Johnson said: “I think that I would not be doing my job if I were now to shuffle this problem into the hands of officials, who believe me, are working flat out to deal with coronavirus.”
Johnson has stood by Cummings despite public opinion polling showing that the majority of the public thinks he should resign.
The Prime Minister’s chief adviser became embroiled in a scandal on Friday after it was discovered he had travelled in March from London to Durham to self-isolate with his wife and young son while they had Covid-19 symptoms.
He was then accused of making a second trip from London to Durham on April 19, which has been denied, and of being sighted at Barnard Castle on 12 April.
Cummings fronted a press conference on Monday at Downing Street to explain his story and explain why he believed he had not broken lockdown.
He said he had travelled to his parents’ guest house at Durham while he and his wife had Covid-19 symptoms to ensure his young child had childcare, which is listed as an exception in the lockdown rules.
He also said he had travelled to Barnard Castle – 30 miles from Durham – to “test his eye sight” on 12 April to see if they could drive back to London.
Cummings said any suggestion he made multiple trips to Durham was untrue and that he did not regret his actions.
His response, particularly the Barnard Castle explanation, has been widely criticised by the government and opposition MPs.
An estimated 30 backbench Conservative MPs have urged Cummings to resign, while Labour has ridiculed the government for sticking by the adviser.


cityam--2020-05-28--Competition watchdog secures £47m in overdraft refunds from major banks

The Competition and Markets Authority ( CMA ) has secured £47m in refunds for consumers from banks which failed to properly warn them about overdraft charges in the last two years .
Customers with personal current accounts must receive a text alert warning of fees before banks charge them for an unarranged overdraft .
Read more : Metro Bank to return £11.4m to customers after breaching unarranged overdraft charge rules Today , the CMA announced that RBS and Santander are the latest banks refunding money over breaches of the rules .
RBS failed to send accurate text warnings to 36,000 @ @ @ @ @ @ @ 2019 , and has now agreed to fully repay the charges – as well as providing an additional eight per cent in interest – bringing the total it will refund to customers to £2.2m , the CMA said .
An RBS spokesperson said : “ We apologise to any customers affected , we are contacting those customers to let them know to expect a refund of these charges and we have put systems in place to ensure that this does not happen again.
” Santander has put aside £17m to refund customers for @ @ @ @ @ @ @ last year .
This will impact up to c.470,000 customers who will all be refunded in full .
This is on top of £2m in refunds by Santander already announced by the CMA in May 2019 .
Read more : FCA warns banks and brokers over risks of home working Since 2018 , Metro Bank as had to refund £11m to current account customers , HSBC has refunded £8m to customers and building society Nationwide has refunded £7m to account holders .
The CMA said it dealt with some of the worst breaches @ @ @ @ @ @ @ ensured that banks were committed to refunding those affected .
In some cases , the banks and building societies also voluntarily offered to pay interest on the charges .
Andrea Coscelli , chief executive of the CMA , said : “ Text alerts have been absolutely key in helping people to avoid unfair unarranged overdraft charges and , where banks have failed to comply , the CMA has worked to secure millions in refunds for customers .
“ While these breaches are disappointing – and may have been preventable had the CMA been @ @ @ @ @ @ @ our action has put a total of more than £47m back into people ’ s pockets .
With responsibility for enforcing this now sitting with the FCA , the dedicated sector regulator , we ’ re confident that this will continue.
” Santander has been contacted for comment .

Competition watchdog secures £47m in overdraft refunds from major banks
The Competition and Markets Authority (CMA) has secured £47m in refunds for consumers from banks which failed to properly warn them about overdraft charges in the last two years.
Customers with personal current accounts must receive a text alert warning of fees before banks charge them for an unarranged overdraft.
Today, the CMA announced that RBS and Santander are the latest banks refunding money over breaches of the rules.
RBS failed to send accurate text warnings to 36,000 customers, from February 2018 until December 2019, and has now agreed to fully repay the charges – as well as providing an additional eight per cent in interest – bringing the total it will refund to customers to £2.2m, the CMA said.
An RBS spokesperson said: “We apologise to any customers affected, we are contacting those customers to let them know to expect a refund of these charges and we have put systems in place to ensure that this does not happen again.”
Santander has put aside £17m to refund customers for six breaches, announced by the CMA last year. This will impact up to c.470,000 customers who will all be refunded in full.
This is on top of £2m in refunds by Santander already announced by the CMA in May 2019.
A Santander spokesperson said: “We are very sorry that some of our customers were not sent required overdraft alerts. The introduction of these alerts was a move we welcomed and believe is of real support to our customers.”
“We have now carried out a detailed review to understand why the errors happened and have taken steps to fix the issues. Meanwhile, we continue to work closely with the CMA on a full analysis of customer data and have made significant progress in identifying affected customers.”
Since 2018, Metro Bank as had to refund £11m to current account customers, HSBC has refunded £8m to customers and building society Nationwide has refunded £7m to account holders.
The CMA said it dealt with some of the worst breaches by issuing legally binding directions, which ensured that banks were committed to refunding those affected. In some cases, the banks and building societies also voluntarily offered to pay interest on the charges.
Andrea Coscelli, chief executive of the CMA, said: “Text alerts have been absolutely key in helping people to avoid unfair unarranged overdraft charges and, where banks have failed to comply, the CMA has worked to secure millions in refunds for customers.
“While these breaches are disappointing – and may have been preventable had the CMA been able to issue serious financial penalties – our action has put a total of more than £47m back into people’s pockets. With responsibility for enforcing this now sitting with the FCA, the dedicated sector regulator, we’re confident that this will continue.”


cityam--2020-05-28--Dominic Cummings broke lockdown rules, say Durham Police

Dominic Cummings broke lockdown rules when he made the 30-mile trip from Durham to Barnard Castle , according to the Durham Constabulary .
In an official statement , the police force also said that Cummings ’ initial trip from London to Durham was not in breach with the coronavirus lockdown laws .
However , Durham police said the Prime Minister ’ s most senior aide committed a “ minor breach ” that “ warranted police intervention ” when driving to Barnard Castle , but they will not investigate the matter further .
Read more : Boris Johnson : I have @ @ @ @ @ @ @ ’ of Cummings allegations are false “ Durham Constabulary views this as minor because there was no apparent breach of social distancing , ” the statement read .
In response to the ruling , Downing Street said : “ The Prime Minister has said he believes Mr Cummings behaved reasonably and legally given all the circumstances and he regards this issue as closed.
” Cummings said at a Downing Street press conference on Monday that he drove from Durham to Barnard Castle to “ test his eye sight ” to see if he @ @ @ @ @ @ @ after having coronavirus .
The Vote Leave mastermind also said he also acted “ legally and reasonably ” when he made the initial 260-mile trip from London to Durham two weeks before the Barnard Castle incident .
Cummings drove to his parents ’ guesthouse in Durham with his wife and young son to self-isolate while he and his wife had Covid-19 symptoms .
He said that he made the trip during the coronavirus lockdown to ensure his son had proper childcare , which he claimed was within the rules .
Cummings denied reports @ @ @ @ @ @ @ to Durham after returning to the capital on 14 April .
Prime Minister Boris Johnson has stuck by his most trusted adviser and yesterday told Westminster ’ s Liaison Committee that he had seen evidence to show Cummings had not travelled from London to Durham twice .
He also said there would not be any inquiry into the saga .
“ A lot of what was written and said over Saturday and Sunday was false in respect to my adviser , ” he said .
“ It wasn ’ t correct and I @ @ @ @ @ @ @ to clear the matter up .
“ I ’ m not certain right now that an inquiry into that matter is worth officials ’ time – we ’ re working flat out on coronavirus.
” Johnson has stood by Cummings , despite more than 40 Conservative MPs calling for him to resign .
Public polling has also shown that a majority of people think he should step down .

Dominic Cummings ‘might’ have broken lockdown rules, say Durham Police
Number 10 special advisor Dominic Cummings arrives at Downing street in central London on May 28, 2020. (Photo by Niklas HALLE’N / AFP) (Photo by NIKLAS HALLE’N/AFP via Getty Images)
Dominic Cummings “might have” broken lockdown rules when he made the 30-mile trip from Durham to Barnard Castle, according to the Durham Constabulary.
In an official statement, the police force also said that Cummings’ initial trip from London to Durham was not in breach with the coronavirus lockdown laws.
However, Durham police said the senior Number 10 aide’s Barnard Castle trip may have been a “minor breach” that “warranted police intervention”, but they will not investigate the matter further.
“Durham Constabulary views this as minor because there was no apparent breach of social distancing,” the statement read.
In response to the ruling, Downing Street said: “The Prime Minister has said he believes Mr Cummings behaved reasonably and legally given all the circumstances and he regards this issue as closed.”
Cummings said at a Downing Street press conference on Monday that he drove from Durham to Barnard Castle to “test his eye sight” to see if he was fit to drive back to London after having coronavirus.
The Vote Leave mastermind also said he also acted “legally and reasonably” when he made the initial 260-mile trip from London to Durham two weeks before the Barnard Castle incident.
Cummings drove to his parents’ guesthouse in Durham with his wife and young son to self-isolate while he and his wife had Covid-19 symptoms.
He said that he made the trip during the coronavirus lockdown to ensure his son had proper childcare, which he claimed was within the rules.
Cummings denied reports that he had made a second trip to Durham after returning to the capital on 14 April.
Prime Minister Boris Johnson has stuck by his most trusted adviser and yesterday told Westminster’s Liaison Committee that he had seen evidence to show Cummings had not travelled from London to Durham twice.
He also said there would not be any inquiry into the saga.
“A lot of what was written and said over Saturday and Sunday was false in respect to my adviser,” he said.
“It wasn’t correct and I think he’s had an opportunity to clear the matter up.
“I’m not certain right now that an inquiry into that matter is worth officials’ time – we’re working flat out on coronavirus.”
Johnson has stood by Cummings, despite more than 40 Conservative MPs calling for him to resign.
Public polling has also shown that a majority of people think he should step down.


cityam--2020-05-28--Shadow chancellor backs long-term UK coronavirus jobs programme

Shadow chancellor Anneliese Dodds has pushed for the government to back a UK-wide post-coronavirus jobs programme to deal with expected high unemployment .
In an interview with City A.M. Dodds said that the government needed to place a greater emphasis on “ upskilling and redeployment ” in its response to Covid-19 and should look to Gordon Brown ’ s Future Jobs Fund as inspiration .
Read more : Eurozone economic sentiment edges up but doubts remain The programme saw the government hand out grants to businesses in an attempt to get young people back to work after the 2008 financial @ @ @ @ @ @ @ fund created 200,000 jobs that were partly subsidised by the government , with the programme emphasising skills and training .
The programme , which was cut by David Cameron ’ s government , was found to have a “ net benefit to society ” of £7,500 per participant by a 2012 Department of Work and Pensions report .
“ I think there ’ s very little discussion in a UK context on the role of upskilling and redeployment as a result of this crisis , ” Dodds said .
“ That ’ s @ @ @ @ @ @ @ other countries , so I think that ’ s an area where we are working on , particularly developing skills for the future .
“ We can ’ t have a situation that we saw in the UK for example at the time of the pit closures [ in the 1980s ] , we can ’ t have that standing back approach we saw.
” The UK ’ s official unemployment rate is expected to rise substantially when new figures are released , after a 70 per cent increase in Universal Credit claims @ @ @ @ @ @ @ likely follow when the government ’ s furlough scheme is lifted , with some economists predicting that many companies using the relief programme are already insolvent .
Prime Minister Boris Johnson told Westminster ’ s Liaison Committee yesterday that it was “ very likely ” that the government would look to implement a post-coronavirus jobs programme .
“ The challenge now is going to be about getting the economy moving again and creating high class jobs , good jobs , for the whole country , ” he said .
Chancellor Rishi Sunak said @ @ @ @ @ @ @ a severe recession , the likes of which we haven ’ t seen ” .
An Office for Budget Responsibility forecast last month predicted a 35 per cent drop in GDP for the year ’ s second quarter .

Shadow chancellor backs long-term UK coronavirus jobs programme
Shadow chancellor Anneliese Dodds has pushed for the government to back a UK-wide post-coronavirus jobs programme to deal with expected high unemployment.
In an interview with City A.M. Dodds said that the government needed to place a greater emphasis on “upskilling and redeployment” in its response to Covid-19 and should look to Gordon Brown’s Future Jobs Fund as inspiration.
The programme saw the government hand out grants to businesses in an attempt to get young people back to work after the 2008 financial crash and resulting recession.
The £1.3bn fund created 200,000 jobs that were partly subsidised by the government, with the programme emphasising skills and training.
The programme, which was cut by David Cameron’s government, was found to have a “net benefit to society” of £7,500 per participant by a 2012 Department of Work and Pensions report.
“I think there’s very little discussion in a UK context on the role of upskilling and redeployment as a result of this crisis,” Dodds said.
“That’s a real contrast between the UK and other countries, so I think that’s an area where we are working on, particularly developing skills for the future.
“We can’t have a situation that we saw in the UK for example at the time of the pit closures [in the 1980s], we can’t have that standing back approach we saw.”
The UK’s official unemployment rate is expected to rise substantially when new figures are released, after a 70 per cent increase in Universal Credit claims in April.
More job losses will likely follow when the government’s furlough scheme is lifted, with some economists predicting that many companies using the relief programme are already insolvent.
Prime Minister Boris Johnson told Westminster’s Liaison Committee yesterday that it was “very likely” that the government would look to implement a post-coronavirus jobs programme.
“The challenge now is going to be about getting the economy moving again and creating high class jobs, good jobs, for the whole country,” he said.
Chancellor Rishi Sunak said last week that the UK faced “a severe recession, the likes of which we haven’t seen”.
An Office for Budget Responsibility forecast last month predicted a 35 per cent drop in GDP for the year’s second quarter.


cityam--2020-05-28--Norwegian Air loss deepens after carrier clings on

Norwegian Air today reported that it made a loss of 3.3bn Norwegian krone ( £270m ) in the first quarter after the low-cost carrier narrowly avoided going out of business due to the coronavirus pandemic .
The loss for the period was 66 per cent deeper than that reported in the same quarter last year , when the airline posted a 2bn krone loss .
As a result of the pandemic , the airline said it had been forced into “ hibernation mode ” , grounding aircraft and laying off 90 per cent of its staff .
In a statement @ @ @ @ @ @ @ is currently in hibernation mode and at the same time is conducting significant restructuring of the organization , including establishing a new strategy and updated business plans ” .
Earlier this month the airline ’ s bondholders agreed a $ 1bn ( £800m ) rescue plan , paving the way for the carrier to access a further £270m in government cash .
Its Danish and Swedish subsidiaries , however , filed for bankruptcy last month , Norwegian confirmed today .
Listen to our daily City View podcast as we chart the economic fallout @ @ @ @ @ @ @ .
Before the crisis , the airline had been targeting regaining profitability after three years of losses , but the spread of the pandemic put paid to that .
Norwegian , which was one of the pioneers of the low-cost transatlantic airline market , had swiftly gained sizeable market share , but incurred a hefty debt pile as a result .
Last month it warned that the majority of its fleets could remain grounded until April 2021 depending on international travel advice .
Read more : Norwegian Air faces anxious wait to find @ @ @ @ @ @ @ According to a plan shared before the crunch bailout vote , Norwegian is aiming to ramp up services towards a normal level in 2022 .
The timeframe puts it behind rival carriers such as Ryanair , Easyjet and SAS , who are preparing to increase services in the coming weeks .

Norwegian Air loss deepens after carrier clings on
Norwegian Air today reported that it made a loss of 3.3bn Norwegian krone (£270m) in the first quarter after the low-cost carrier narrowly avoided going out of business due to the coronavirus pandemic.
The loss for the period was 66 per cent deeper than that reported in the same quarter last year, when the airline posted a 2bn krone loss.
As a result of the pandemic, the airline said it had been forced into “hibernation mode”, grounding aircraft and laying off 90 per cent of its staff.
In a statement, Norwegian said: “The company is currently in hibernation mode and at the same time is conducting significant restructuring of the organization, including establishing a new strategy and updated business plans”.
Earlier this month the airline’s bondholders agreed a $1bn (£800m) rescue plan, paving the way for the carrier to access a further £270m in government cash.
Its Danish and Swedish subsidiaries, however, filed for bankruptcy last month, Norwegian confirmed today.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Before the crisis, the airline had been targeting regaining profitability after three years of losses, but the spread of the pandemic put paid to that.
Norwegian, which was one of the pioneers of the low-cost transatlantic airline market, had swiftly gained sizeable market share, but incurred a hefty debt pile as a result.
Last month it warned that the majority of its fleets could remain grounded until April 2021 depending on international travel advice.
According to a plan shared before the crunch bailout vote, Norwegian is aiming to ramp up services towards a normal level in 2022.
The timeframe puts it behind rival carriers such as Ryanair, Easyjet and SAS, who are preparing to increase services in the coming weeks.


cityam--2020-05-28--Nearly half of closed UK businesses are unsure when they will reopen

Almost half of businesses that shutdown because of the coronavirus pandemic are unsure when they will reopen , according to data from the Office for National Statistics ( ONS ) .
The UK is attempting to reopen its economy with shops allowed to reopen on 15 June having been closed in March when the pandemic was raging .
Read more : Nando ’ s reopens 94 UK restaurants for takeaway and delivery About one in five businesses closed for the lockdown and the ONS found 46 per cent were still unsure when they would reopen .
The ONS survey found @ @ @ @ @ @ @ trading in the next two weeks , 10 per cent were thinking about opening in two-to-four weeks ’ time and 31 per cent expected to reopened in more than four weeks ’ time .
Sandwich chain Pret A Manger said today it would reopen 204 shops across the UK for takeaway and delivery on 1 June .
Peri-peri chicken chain Nando ’ s said this week it was reopening 94 UK locations for takeaway and delivery .
However , department store John Lewis said this week it might not reopen all of its @ @ @ @ @ @ @ Lewis to phase reopening of department stores from 15 June The ONS survey also found that people are becoming more mobile as the lockdown is eased .
It found 73 per cent of people had remained at home or only left for work , exercise , essential shopping or medical needs between 21 May and 24 May , down from 81 per cent a week earlier .
People in England – but not in other parts of the UK – are now allowed to drive to the countryside or the beach , something @ @ @ @ @ @ @ lockdown .

Nearly half of closed UK businesses are unsure when they will reopen
Almost half of businesses that shutdown because of the coronavirus pandemic are unsure when they will reopen, according to data from the Office for National Statistics (ONS).
The UK is attempting to reopen its economy with shops allowed to reopen on 15 June having been closed in March when the pandemic was raging.
About one in five businesses closed for the lockdown and the ONS found 46 per cent were still unsure when they would reopen.
The ONS survey found that 14 per cent expected to resume trading in the next two weeks, 10 per cent were thinking about opening in two-to-four weeks’ time and 31 per cent expected to reopened in more than four weeks’ time.
Sandwich chain Pret A Manger said today it would reopen 204 shops across the UK for takeaway and delivery on 1 June.
Peri-peri chicken chain Nando’s said this week it was reopening 94 UK locations for takeaway and delivery.
However, department store John Lewis said this week it might not reopen all of its 50 stores.
The ONS survey also found that people are becoming more mobile as the lockdown is eased.
It found 73 per cent of people had remained at home or only left for work, exercise, essential shopping or medical needs between 21 May and 24 May, down from 81 per cent a week earlier.
People in England – but not in other parts of the UK – are now allowed to drive to the countryside or the beach, something banned under the first stage of the lockdown.


cityam--2020-05-28--Nissan backs UK plant as it unveils restructuring plan

Nissan ’ s Sunderland factory will stay open as the Japanese carmaker unveils its global restructuring plan amid the coronavirus crisis .
However , the carmaker will close its plant in Barcelona , resulting in the loss of about 2,800 jobs , according to the Spanish government .
The closure could cost Nissan up to €1bn ( £898m ) , the government said .
It is part of a broader restructuring plan unveiled today .
Read more : Renault , Nissan and Mitsubishi to increase technology sharing Nissan aims to achieve a five per cent operating profit margin and a @ @ @ @ @ @ @ cent by the end of fiscal year 2023 .
The coronavirus pandemic has adversely affected car sales .
Nissan is part of an alliance with Renault and Mitsubishi , which yesterday announced details of a new strategy to deepen cooperation in a bid for survival .
Nissan was forced to pause its expansion plan after sales waned following chairman Carlos Ghosn ’ s arrest .
He escaped from Japan , where he was awaiting trial on charges of under-reporting earnings , breach of trust and misappropriation of company funds , all of which @ @ @ @ @ @ @ City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Chief executive Makoto Uchida said : “ “ Our transformation plan aims to ensure steady growth instead of excessive sales expansion .
We will now concentrate on our core competencies and enhancing the quality of our business , while maintaining financial discipline and focusing on net revenue per unit to achieve profitability.
” Earlier this month , Bloomberg reported the Japanese carmaker was preparing to make cuts of $ 2.8bn ( £2.3bn ) as part of @ @ @ @ @ @ @ be unveiled later today .
Additionally Nissan is considering cutting 20,000 jobs with a focus on Europe and emerging markets as car sales plunge .
The cost cutting measures have been accelerated by the pandemic , as profits have struggled for the last three years .
Reuters has previously reported that Nissan ’ s management has become convinced it needs to be much smaller and will likely cut 1m cars from its annual sales target , while seeing a bigger role for the US and China in car sales .
Get the news @ @ @ @ @ @ @ on Twitter .

Nissan backs UK plant as it unveils restructuring plan
Nissan’s Sunderland factory will stay open as the Japanese carmaker unveils its global restructuring plan amid the coronavirus crisis.
However, the carmaker will close its plant in Barcelona, resulting in the loss of about 2,800 jobs, according to the Spanish government.
The closure could cost Nissan up to €1bn (£898m), the government said. It is part of a broader restructuring plan unveiled today.
Nissan aims to achieve a five per cent operating profit margin and a sustainable global market share of six per cent by the end of fiscal year 2023.
The coronavirus pandemic has adversely affected car sales. Nissan is part of an alliance with Renault and Mitsubishi, which yesterday announced details of a new strategy to deepen cooperation in a bid for survival.
Nissan was forced to pause its expansion plan after sales waned following chairman Carlos Ghosn’s arrest. He escaped from Japan, where he was awaiting trial on charges of under-reporting earnings, breach of trust and misappropriation of company funds, all of which he denies.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Chief executive Makoto Uchida said: ““Our transformation plan aims to ensure steady growth instead of excessive sales expansion. We will now concentrate on our core competencies and enhancing the quality of our business, while maintaining financial discipline and focusing on net revenue per unit to achieve profitability.”
Earlier this month, Bloomberg reported the Japanese carmaker was preparing to make cuts of $2.8bn (£2.3bn) as part of a three-year restructuring plan, which will be unveiled later today.
Additionally Nissan is considering cutting 20,000 jobs with a focus on Europe and emerging markets as car sales plunge. The cost cutting measures have been accelerated by the pandemic, as profits have struggled for the last three years.
Reuters has previously reported that Nissan’s management has become convinced it needs to be much smaller and will likely cut 1m cars from its annual sales target, while seeing a bigger role for the US and China in car sales.
Nissan was contacted for comment.
Get the news as it happens by following City A.M. on Twitter.