cityam--2020-04-29--Tory MP calls on government to extend job retention scheme

A Conservative London MP has called on the government to extend the job retention scheme that pays “ furloughed ” workers ’ wages to help businesses hit by a plunge in international visitors .
Nickie Aiken , MP for Cities of London and Westminster , and the Association of International Retail have written to chancellor Rishi Sunak to say that businesses such as shops and theatres will need help beyond June , when the scheme is scheduled to end .
Read more : Applications worth £1.5bn now made to coronavirus job retention scheme The job retention scheme was announced in @ @ @ @ @ @ @ the wages up to £2,500 per month of workers that would otherwise be laid off .
As of last Monday , 185,000 businesses with 1.3m employees had applied for the scheme .
Sunak extended the programme two weeks ago , meaning it will now run until the end of June .
He said it was “ the right decision ” after the government extended the coronavirus lockdown for another three weeks .
However , Aiken told the chancellor today that the huge drop in international visitors meant areas like the West End of @ @ @ @ @ @ @ or 12 months , until global travel is back to normal .
She asked the Treasury to extend the job retention scheme so that businesses in international centres such as the West End , Knightsbridge , Manchester , Edinburgh and Bicester Village can manage an extended fall in business .
Aiken said that 50 per cent of the retail sales in the West End alone come from international visitors .
She told City A.M. : “ It cuts across all sizes of retail whether it ’ s independent shops or whether it ’ @ @ @ @ @ @ @ almost all businesses in the West End of London are affected : “ It ’ s hotels , it ’ s visitor attractions , museums , art galleries and also the theatres… as well as bars and restaurants.
” Although some Conservatives such as former chancellor Sajid Javid have said there can be a ‘ V-shaped ’ recovery , Aiken said that “ it ’ s not going to be an automatic switch to the pre-lockdown situation ” when the government lifts restrictions .
“ That ’ s why I ’ m asking @ @ @ @ @ @ @ sensible , pragmatic tapering approach to the job retention scheme.
” She said that when the government decides to lift the lockdown , extending the scheme would mean companies “ can start to re-employ a percentage of their staff ” but “ those people who are still not required are still protected and not made redundant ” .
Aiken added : “ We ’ re all very grateful for the schemes that the chancellor and the Treasury have put in place and it has saved hundreds of thousands of jobs across the country @ @ @ @ @ @ @ UK government extends coronavirus job retention scheme until end of June Jace Tyrrell , Chair of The Association of International Retail said : “ The government ’ s support of those dependent on visitors from abroad has been a lifeline , but cutting the cord too soon would not just be catastrophic for retailers , hotels and their associated businesses.
” “ Its cumulative effect would risk London and the UK ’ s position as a leading global destination .
We are asking for this to be considered when the time comes to @ @ @ @ @ @ @ retail sector can survive , and go on to thrive again .
”

Tory MP calls on government to extend job retention scheme
Nickie Aiken said London’s West End had been hit particularly hard by coronavirus
A Conservative London MP has called on the government to extend the job retention scheme that pays “furloughed” workers’ wages to help businesses hit by a plunge in international visitors.
Nickie Aiken, MP for Cities of London and Westminster, and the Association of International Retail have written to chancellor Rishi Sunak to say that businesses such as shops and theatres will need help beyond June, when the scheme is scheduled to end.
The job retention scheme was announced in March and pays 80 per cent of the wages up to £2,500 per month of workers that would otherwise be laid off. As of last Monday, 185,000 businesses with 1.3m employees had applied for the scheme.
Sunak extended the programme two weeks ago, meaning it will now run until the end of June. He said it was “the right decision” after the government extended the coronavirus lockdown for another three weeks.
However, Aiken told the chancellor today that the huge drop in international visitors meant areas like the West End of London would not recover for perhaps six or 12 months, until global travel is back to normal.
She asked the Treasury to extend the job retention scheme so that businesses in international centres such as the West End, Knightsbridge, Manchester, Edinburgh and Bicester Village can manage an extended fall in business.
West End businesses hit hard by travel drop
Aiken said that 50 per cent of the retail sales in the West End alone come from international visitors. She told City A.M.: “It cuts across all sizes of retail whether it’s independent shops or whether it’s the big brands.”
She said almost all businesses in the West End of London are affected: “It’s hotels, it’s visitor attractions, museums, art galleries and also the theatres… as well as bars and restaurants.”
Although some Conservatives such as former chancellor Sajid Javid have said there can be a ‘V-shaped’ recovery, Aiken said that “it’s not going to be an automatic switch to the pre-lockdown situation” when the government lifts restrictions.
“That’s why I’m asking the Treasury team to really consider a sensible, pragmatic tapering approach to the job retention scheme.”
She said that when the government decides to lift the lockdown, extending the scheme would mean companies “can start to re-employ a percentage of their staff” but “those people who are still not required are still protected and not made redundant”.
Aiken added: “We’re all very grateful for the schemes that the chancellor and the Treasury have put in place and it has saved hundreds of thousands of jobs across the country if not millions.”
Jace Tyrrell, Chair of The Association of International Retail said: “The government’s support of those dependent on visitors from abroad has been a lifeline, but cutting the cord too soon would not just be catastrophic for retailers, hotels and their associated businesses.”
“Its cumulative effect would risk London and the UK’s position as a leading global destination. We are asking for this to be considered when the time comes to withdraw support, so that the international retail sector can survive, and go on to thrive again.”


cityam--2020-04-29--US Federal Reserve holds rates and expresses caution about recovery

The US Federal Reserve has kept interest rates on hold at their current record low level and signalled that they will stay there until “ the economy has weathered ” the coronavirus outbreak .
The Fed said coronavirus “ is causing tremendous human and economic hardship ” .
It added that it “ poses considerable risks to the economic outlook over the medium term , ” suggesting the central bank is not expecting a sharp recovery .
Read more : US economy shrinks at fastest pace since financial crisis After a two-day meeting of its Federal Open Market Committee ( @ @ @ @ @ @ @ central bank stopped short of taking further action to support the economy , having pumped unprecedented liquidity in a series of moves .
Instead , it said it will “ monitor the implications of incoming information for the economic outlook ” .
The Fed has been the most active central bank during the coronavirus crisis , which befits its status as the guardian of the world ’ s most important currency , the US dollar .
It slashed its main interest rate in two meetings in early-to-mid March , taking the target range @ @ @ @ @ @ @ , the joint-lowest on record .
It has ramped up its quantitative easing bond-buying programme , including corporate and municipal paper .
On 23 March , it promised to make its bond-buying unlimited .
The Fed has also pumped trillions of dollars into short-term funding markets to ensure businesses and financial institutions can access the cash they need during the crisis .
The FOMC today highlighted the huge damage coronavirus is wreaking on the US economy , after official figures showed GDP fell by 4.8 per cent in the first quarter , the @ @ @ @ @ @ @ “ The virus and the measures taken to protect public health are inducing sharp declines in economic activity and a surge in job losses , ” it said .
“ The ongoing public health crisis will weigh heavily on economic activity , employment , and inflation in the near term , and poses considerable risks to the economic outlook over the medium term.
” Despite the dire economic data , US stocks jumped today after pharmaceutical firm Gilead said its coronavirus drug remdesivir had shown positive signs in a trial .
The Dow @ @ @ @ @ @ @ the S & P 500 had climbed 2.8 per cent in afternoon trading .
US stocks have also been supported by unprecedented stimulus from Congress , which has signed off on bills worth $ 3 trillion .
However , many analysts have questioned the recent stock rally .
Some have predicted that US second-quarter GDP could plunged by more than 30 per cent .

US Federal Reserve holds rates and expresses caution about recovery
Federal Reserve chairman Jerome Powell
The US Federal Reserve has kept interest rates on hold at their current record low level and signalled that they will stay there until “the economy has weathered” the coronavirus outbreak.
The Fed said coronavirus “is causing tremendous human and economic hardship”. It added that it “poses considerable risks to the economic outlook over the medium term,” suggesting the central bank is not expecting a sharp recovery.
After a two-day meeting of its Federal Open Market Committee (FOMC), the US’s central bank stopped short of taking further action to support the economy, having pumped unprecedented liquidity in a series of moves.
Instead, it said it will “monitor the implications of incoming information for the economic outlook”.
The Fed has been the most active central bank during the coronavirus crisis, which befits its status as the guardian of the world’s most important currency, the US dollar.
It slashed its main interest rate in two meetings in early-to-mid March, taking the target range down to zero to 0.25 per cent, the joint-lowest on record.
It has ramped up its quantitative easing bond-buying programme, including corporate and municipal paper. On 23 March, it promised to make its bond-buying unlimited.
The Fed has also pumped trillions of dollars into short-term funding markets to ensure businesses and financial institutions can access the cash they need during the crisis.
US economy in freefall
The FOMC today highlighted the huge damage coronavirus is wreaking on the US economy, after official figures showed GDP fell by 4.8 per cent in the first quarter, the most since the 2008 financial crisis.
“The virus and the measures taken to protect public health are inducing sharp declines in economic activity and a surge in job losses,” it said.
“The ongoing public health crisis will weigh heavily on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term.”
Despite the dire economic data, US stocks jumped today after pharmaceutical firm Gilead said its coronavirus drug remdesivir had shown positive signs in a trial.
The Dow Jones was up 2.4 per cent while the S&P 500 had climbed 2.8 per cent in afternoon trading.
US stocks have also been supported by unprecedented stimulus from Congress, which has signed off on bills worth $3 trillion.
However, many analysts have questioned the recent stock rally. Some have predicted that US second-quarter GDP could plunged by more than 30 per cent.


cityam--2020-04-29--UK M&A falls to lowest monthly total in almost 35 years

UK M & A has plunged to its lowest monthly level in almost 35 years after the coronavirus pandemic smashed business confidence and sent the economy into a deep freeze .
Deal value involving a UK target totalled £409.1m from 35 deals in April – its lowest since September 1985 when nine deals worth £269.5m were struck , according to research from Refinitiv .
Read more : US economy shrinks at fastest pace since financial crisis Deal value has fallen 99 per cent from last month and 92 per cent compared with the same month last year .
Transaction volume @ @ @ @ @ @ @ per cent drop from March and an 87 per cent drop from this time last year .
Deals involving a European target totalled £4.9bn during April , dropping 91 per cent from last month to the lowest monthly total since August 1992 .
Global M & A slumped to its lowest monthly total since September 2002 with deals valued at £55.7bn announced during April , down 72 per cent from last month .
Read more : Tilney and Smith & Williamson merger delayed by coronavirus crisis Cross-border M & A also crashed to @ @ @ @ @ @ @ .
The value of deals announced during April was £14.8bn , down 67 per cent from the previous month .
Cornelia Andersson , head of M & A and capital raising at Refinitiv , said : “ It ’ s been an April bereft of showers for the rainmakers as coronavirus continues to take its toll on global markets – with the UK being hit severely .
Read more : Coronavirus : Could previously announced M & A deals fall over ?
“ Over the course of the last 40 years of records @ @ @ @ @ @ @ of unprecedented events and we ’ re now squarely back to the depths of the mid-80s where pound sterling was at its most volatile and deal making was essentially stagnant .
“ The full impact of this global economic lockdown on deal making activity remains to be seen , but what is clear is that we ’ ve entered our next unprecedented event .
”

UK M&A falls to lowest monthly total in almost 35 years
UK M&A has plunged to its lowest monthly level in almost 35 years after the coronavirus pandemic smashed business confidence and sent the economy into a deep freeze.
Deal value involving a UK target totalled £409.1m from 35 deals in April – its lowest since September 1985 when nine deals worth £269.5m were struck, according to research from Refinitiv.
Deal value has fallen 99 per cent from last month and 92 per cent compared with the same month last year.
Transaction volume has been similarly hit with an 84 per cent drop from March and an 87 per cent drop from this time last year.
Deals involving a European target totalled £4.9bn during April, dropping 91 per cent from last month to the lowest monthly total since August 1992.
Global M&A slumped to its lowest monthly total since September 2002 with deals valued at £55.7bn announced during April, down 72 per cent from last month.
Cross-border M&A also crashed to its lowest total value since February 2002. The value of deals announced during April was £14.8bn, down 67 per cent from the previous month.
Cornelia Andersson, head of M&A and capital raising at Refinitiv, said: “It’s been an April bereft of showers for the rainmakers as coronavirus continues to take its toll on global markets – with the UK being hit severely.
“Over the course of the last 40 years of records, we’ve encountered a number of unprecedented events and we’re now squarely back to the depths of the mid-80s where pound sterling was at its most volatile and deal making was essentially stagnant.
“The full impact of this global economic lockdown on deal making activity remains to be seen, but what is clear is that we’ve entered our next unprecedented event.”


cityam--2020-04-29--UK coronavirus death toll now second-highest in Europe

The UK now has the second-highest coronavirus death toll in Europe according to updated government figures that show more than 26,000 people have died from the virus .
The government ’ s official figures previously only covered those who had died in hospital from coronavirus .
But the government from today is taking into account fatalities in all settings , including care homes .
Britain has now suffered 26,097 deaths according to the new figures , foreign secretary Dominic Raab said at a press conference today .
The new total reflects an additional 3,811 deaths that were added to the @ @ @ @ @ @ @ spread out across the period since the start of March .
Roughly 70 per cent of these were outside hospital .
The foreign secretary said that the latest figures showed there had been 765 more deaths since yesterday .
Public Health England said there had been 4,076 new cases , taking the total to 165,221 .
The change to the figures means the UK ’ s official death toll is now higher than France and Spain ’ s .
In Europe , only Italy has suffered more deaths , with 27,682 .
The @ @ @ @ @ @ @ with close to 60,000 .
There is a great deal of uncertainty about the total number of cases and deaths in most countries , including the UK , however .
This is largely due to the difficulty of establishing the correct cause of death if someone has not been tested .
Analysis by the Financial Times has suggested coronavirus could be killing more than double the number of people recorded in the daily figures from hospitals .
Direct comparisons of death tolls do not take into account the population sizes .
Raab earlier @ @ @ @ @ @ @ early ” to make international comparisons .
However , the jump in the official death figures will add to the pressure on the government .
Opposition Labour party leader Keir Starmer today said it had been too slow with the lockdown and was failing on testing .
The government ’ s chief scientific adviser said in March that keeping the death toll below 20,000 would be a “ good outcome ” .

UK coronavirus death toll now second-highest in Europe
The UK now has the second-highest coronavirus death toll in Europe according to updated government figures that show more than 26,000 people have died from the virus.
The government’s official figures previously only covered those who had died in hospital from coronavirus. But the government from today is taking into account fatalities in all settings, including care homes.
Britain has now suffered 26,097 deaths according to the new figures, foreign secretary Dominic Raab said at a press conference today.
The new total reflects an additional 3,811 deaths that were added to the tally today. Raab said they were spread out across the period since the start of March. Roughly 70 per cent of these were outside hospital.
The foreign secretary said that the latest figures showed there had been 765 more deaths since yesterday. Public Health England said there had been 4,076 new cases, taking the total to 165,221.
The change to the figures means the UK’s official death toll is now higher than France and Spain’s. In Europe, only Italy has suffered more deaths, with 27,682. The US has the highest fatality toll, with close to 60,000.
There is a great deal of uncertainty about the total number of cases and deaths in most countries, including the UK, however. This is largely due to the difficulty of establishing the correct cause of death if someone has not been tested.
Analysis by the Financial Times has suggested coronavirus could be killing more than double the number of people recorded in the daily figures from hospitals.
Direct comparisons of death tolls do not take into account the population sizes. Raab earlier today said it was “far too early” to make international comparisons.
However, the jump in the official death figures will add to the pressure on the government. Opposition Labour party leader Keir Starmer today said it had been too slow with the lockdown and was failing on testing.
The government’s chief scientific adviser said in March that keeping the death toll below 20,000 would be a “good outcome”.


cityam--2020-04-29--Coronavirus: UK pledges £1.65bn to international vaccine alliance

The UK will donate £1.65bn over the next five years to the Global Alliance for Vaccines and Immunisation ( Gavi ) to aid the search for a coronavirus vaccine .
Foreign secretary Dominic Raab announced at today ’ s press briefing that the UK would give £330m a year for the next five years to Gavi .
The UK had previously donated around £300m to the cause of finding a Covid-19 vaccine , making it one of the largest worldwide donors .
“ We seek to come up with a vaccine both to protect the British people , but also @ @ @ @ @ @ @ and most vulnerable people around the world , ” he said .
It comes after health secretary Matt Hancock announced last week that a team of Oxford University scientists were about to start clinical trials on a potential coronavirus vaccine .
Read more : UK becomes biggest donor in race to find coronavirus vaccine The government has given £20m to the university to fund the trial , while also handing out a further £22.5m to Imperial College for its vaccine research .
Hancock said the two teams were “ two of the leading @ @ @ @ @ @ @ world .
He said : “ The best way to defeat coronavirus is through a vaccine , after all this is a new disease , this is uncertain science but I am certain we will throw everything we ’ ve got at developing a vaccine .
“ I can announce the vaccine from the Oxford trial will be trialled in people from this Thursday .
“ In normal times reaching this stage would take years – I ’ m very proud of the work taken so far.
” Chief Medical Officer Chris Whitty @ @ @ @ @ @ @ having a vaccine ready to distribute and administer widely this year was very small .
Read more : Chris Whitty : Social distancing measures likely in place until next year “ The exit from this is going to be one of two things – a highly effective vaccine…or highly effective drugs , so people stop dying of this disease even if they catch it , ” Whitty said .
“ Until that point – the probability of having those any time in the next calendar year are incredibly small – we ’ re @ @ @ @ @ @ @ social measures which are of course are very socially disruptive .

Coronavirus: UK pledges £1.65bn to international vaccine alliance
A soldier from the Duke of Lancaster’s regiment, instructs people arriving at a pop-up mobile Covid-19 testing centre on April 29, 2020
The UK will donate £1.65bn over the next five years to the Global Alliance for Vaccines and Immunisation (Gavi) to aid the search for a coronavirus vaccine.
Foreign secretary Dominic Raab announced at today’s press briefing that the UK would give £330m a year for the next five years to Gavi.
The UK had previously donated around £300m to the cause of finding a Covid-19 vaccine, making it one of the largest worldwide donors.
“We seek to come up with a vaccine both to protect the British people, but also to help immunise millions of the poorest and most vulnerable people around the world,” he said.
It comes after health secretary Matt Hancock announced last week that a team of Oxford University scientists were about to start clinical trials on a potential coronavirus vaccine.
The government has given £20m to the university to fund the trial, while also handing out a further £22.5m to Imperial College for its vaccine research.
Hancock said the two teams were “two of the leading vaccine developments taking place” in the world.
He said: “The best way to defeat coronavirus is through a vaccine, after all this is a new disease, this is uncertain science but I am certain we will throw everything we’ve got at developing a vaccine.
“I can announce the vaccine from the Oxford trial will be trialled in people from this Thursday.
“In normal times reaching this stage would take years – I’m very proud of the work taken so far.”
Chief Medical Officer Chris Whitty said last week that the probability of having a vaccine ready to distribute and administer widely this year was very small.
“The exit from this is going to be one of two things – a highly effective vaccine…or highly effective drugs, so people stop dying of this disease even if they catch it,” Whitty said.
“Until that point – the probability of having those any time in the next calendar year are incredibly small – we’re going to have to rely on other social measures which are of course are very socially disruptive.


cityam--2020-04-29--Which bed is Drake sleeping in?

Which bed is Drake sleeping in?

With an utmost passion for luxury , detail and quality , Hästens and Ferris Rafauli have collaborated to create the world ’ s most indulgent bed .
Drawing on 168 years of expertise , the Grand Vividus , offers a new level of comfort , craftmanship .
As an architectural designer known for delivering innovative and spaces for an elite clientele , Rafauli took inspiration from Hästens ’ heritage and long history as bed and saddle makers to create this unparalleled piece .
While a different aesthetic may define the two brands , the common thread of opulence ties them @ @ @ @ @ @ @ the Grand Vividus is enigmatic – the result being a bed that stands as a piece of art , designed to be displayed .
“ Hästens is well known for manufacturing the world ’ s best beds and our team for our world-class projects .
Therefore , it felt right that these two worlds meet to create not only the most comfortable bed to sleep in , but also the world ’ s most luxurious bed , ” says Ferris Rafauli .
With the goal to redefine the world ’ s most comfortable @ @ @ @ @ @ @ of architectural furniture that is unlike any other .
Decked in various layers of exotic leather , suedes and precious metal accents , a visceral awareness of extravagance and haute couture fashion is evoked – yet so is Hästens legacy of saddle makers .
“ The collaboration with Hästens has been a very natural one .
We share the same values about design and quality , and we were thrilled to achieve this by using the world ’ s best materials , ” says Ferris Rafauli .
Rafauli spent countless hours searching for @ @ @ @ @ @ @ collaboration before even sketching the design .
Dressed in an opulent black , a closer inspection will reveal a contemporary take on Hästens ’ iconic check pattern , which here appears in sultry black and grey tones , highlighting the horse logo for which the brand is globally known.Unlike most beds that are currently on the market , Grand Vividus functions as a piece of art and a majestic centerpiece for the bedroom .
“ Ferris Rafauli is a true master at designing the ultimate luxury products , ” says Jan Ryde , @ @ @ @ @ @ @ , “ He has a deep understanding of our product as we have been working with him for more than 10 years .
He ’ s a master of the ultra luxury .
There is no one who can better portray the traditions we have here at Hästens.
” Grand Vividus represents a new level of craftsmanship at Hästens , with the Vividus team in Köping undertaking new a training program from a Swedish master saddle-maker to create the exquisite details with absolute precision .
Each Grand Vividus contains more horse tail hair @ @ @ @ @ @ @ and slow-growing Swedish pine , than has ever gone into a Hästens bed before , giving it an impressive mass of 530 kilograms* .
Ferris Rafauli has infused his unique sense of finesse and style into Hästens Grand Vividus , resulting in a true architectural masterpiece .
For Rafauli the goal was simple – ‘ make it timeless yet make it of our time ’ .
Color section : Grand Vividus is beautifully upholstered in a choice of four colors – Black Shadow , Phantom Charcoal , Natural Shale & Traditional Blue .
@ @ @ @ @ @ @ leather trim reinforced with rivets in golden brass , nubuck , shagreen and mirror-finish wood borders .
Mattress support : Grand Vividus is available in soft , medium and firm mattress tensions .
Size : Entirely made by hand , Grand Vividus is available in any half centimeter measurement and can be crafted in sizes up to 3 meters wide and 3 meters long .
Availability : Launching April 2nd 2020 .
VIP orders will be accepted from this date ; available through Hästens stores globally from May 2020 .

Sponsored Ad Feature is produced by an advertiser with the specific intent to promote a product and is not produced by the City A.M. team.
Which bed is Drake sleeping in?
Hästens launches exclusive collaboration with designer, Ferris Rafauli.
With an utmost passion for luxury, detail and quality, Hästens and Ferris Rafauli have
collaborated to create the world’s most indulgent bed. Drawing on 168 years of
expertise, the Grand Vividus, offers a new level of comfort, craftmanship. As an
architectural designer known for delivering innovative and spaces for an elite clientele, Rafauli took inspiration from Hästens’ heritage and long history as bed and saddle makers to create this unparalleled piece. While a different aesthetic may define the two brands, the common thread of opulence ties them. A design unlike any other, the Grand Vividus is enigmatic – the result being a bed that stands as a piece of art, designed to be displayed.
“Hästens is well known for manufacturing the world’s best beds and our team for our world-class projects. Therefore, it felt right that these two worlds meet to create not only the most comfortable bed to sleep in, but also the world’s most luxurious bed,” says Ferris Rafauli.
With the goal to redefine the world’s most comfortable bed, Rafauli has designed a piece of architectural furniture that is unlike any other. Decked in various layers of exotic leather, suedes and precious metal accents, a visceral awareness of extravagance and haute couture fashion is evoked – yet so is Hästens legacy of saddle makers.
“The collaboration with Hästens has been a very natural one. We share the same values about design and quality, and we were thrilled to achieve this by using the world’s best materials,” says Ferris Rafauli.
Rafauli spent countless hours searching for the right fabrics and materials for this collaboration before even sketching the design. Dressed in an opulent black, a closer inspection will reveal a contemporary take on Hästens’ iconic check pattern, which here appears in sultry black and grey tones, highlighting the horse logo for which the brand is globally known.Unlike most beds that are currently on the market, Grand Vividus functions as a piece of art and a majestic centerpiece for the bedroom.
“Ferris Rafauli is a true master at designing the ultimate luxury products,” says Jan Ryde, CEO and fifth generation owner of Hästens, “He has a deep understanding of our product as we have been working with him for more than 10 years. He’s a master of the ultra luxury. There is no one who can better portray the traditions we have here at Hästens.”
Grand Vividus represents a new level of craftsmanship at Hästens, with the Vividus team in Köping undertaking new a training program from a Swedish master saddle-maker to create the exquisite details with absolute precision. Each Grand Vividus contains more horse tail hair, wool, cotton and flax, and slow-growing Swedish pine, than has ever gone into a Hästens bed before, giving it an impressive mass of 530 kilograms*.
Ferris Rafauli has infused his unique sense of finesse and style into Hästens Grand Vividus, resulting in a true architectural masterpiece. For Rafauli the goal was simple – ‘make it timeless yet make it of our time’.
Grand Visuals
Color section:
Grand Vividus is beautifully upholstered in a choice of four colors – Black Shadow, Phantom Charcoal, Natural Shale & Traditional Blue. Each color choice has coordinating vegetable-tanned burnished leather trim reinforced with rivets in golden brass, nubuck, shagreen and mirror-finish wood borders.
Mattress support:
Grand Vividus is available in soft, medium and firm mattress tensions.
Size:
Entirely made by hand, Grand Vividus is available in any half centimeter measurement and can be crafted in sizes up to 3 meters wide and 3 meters long.
Price:
Grand Vividus 210×210 cm, $390 000
Availability:
Launching April 2nd 2020. VIP orders will be accepted from this date; available through Hästens stores globally from May 2020.


cityam--2020-04-30--Coronavirus: US weekly jobless claims at 3.8m as unemployment skyrockets

Almost 4m more Americans filed jobless claims last week as coronavirus ravages the economy and causes mass unemployment The new @ @ @ @ @ Americans have lost their jobs in the last six weeks as states ’ economies have @ @ @ @ @ to try to halt the spread of the virus .
Unemployment has surged despite unprecedented @ @ @ @ @ The government has passed stimulus bulls worth around $ 3 trillion , while the Federal @ @ @ @ @ and pumped trillions into the economy .

Coronavirus: US weekly jobless claims at 3.8m as unemployment skyrockets
More than 3.8m Americans filed jobless claims last week as unemployment in the world’s biggest economy continues to skyrocket amid the coronavirus pandemic.
The new jobless claims, down from 4.4m the week before, mean roughly 30m Americans have lost their jobs in the last six weeks as states have all but shut down their economies.
Unemployment has surged despite unprecedented fiscal and monetary stimulus. The government has passed stimulus bulls worth around $3 trillion (£2.4 trillion), while the Federal Reserve has slashed interest rates and pumped trillions of dollars into the economy.
Although businesses and workers have been supported, the US lacks a job retention scheme of the sort that has kept unemployment from ballooning in countries such as the UK and Germany.
The dire jobless figures came a day after data showed that the US economy shrank 4.8 per cent in the first quarter. This was the biggest fall since the financial crisis, but estimates for second-quarter GDP have been as bad as minus 30 per cent.
New weekly jobless claims peaked at 6.8m in the week ended 28 March but have remained elevated. In the worst stages of the financial crisis, around 800,000 people lost their jobs over four weeks.
“Initial claims for unemployment benefits continue to subside but remain at levels that seemed unthinkable before the coronavirus pandemic and exceeded expectations in the latest week,” said Gregory Daco, chief US economist at consultancy Oxford Economics.
“The claims data remain consistent with our forecast for job losses of 24m in April and a spike in the unemployment rate to 14 per cent,” he said. “We expect total job losses during the pandemic of around 30m.”
The latest jump in jobless claims adds to the dilemma facing the administration of President Donald Trump and state governors.
Protests over the lockdown have broken out in recent weeks, with Trump himself appearing to endorse them and criticise Democratic governors for “being too tough”.
Some states have started to loosen restrictions while others will do so over the coming weeks.
Richard Flynn, UK managing director at Charles Schwab, said: “In the US, a return to work may lessen job losses and business bankruptcies.”
Yet he said that “it remains unclear when we will get back to some semblance of normality, and, in the meantime, investors will continue with caution”.


cityam--2020-04-30--European Central Bank holds rates but offers lenders cheaper credit

The European Central Bank has slashed interest rates on its package of super-cheap loans for banks and launched a new package of “ pandemic ” loans in its latest bid to shore up the Eurozone during the coronavirus pandemic .
The central bank stopped short of cutting interest rates further into negative territory or increasing its huge bond-buying programme , however .
Read more : Eurozone output and employment suffer record falls in April The decision came just hours after data showed that the Eurozone economy shrank at the fastest rate in its history in the first quarter of the @ @ @ @ @ @ @ in the first three months of the year compared to the previous quarter .
Analysts say worse is to come in the second quarter .
The ECB said it will ease the conditions on its “ targeted longer-term refinancing operations ” , known as TLTROs , so the interest rate is in effect minus one per cent .
It stood at minus 0.75 per cent before the meeting .
TLTROs are long-term loans to banks which are aimed at preserving favourable borrowing conditions for banks and stimulating bank lending to the real economy @ @ @ @ @ @ @ are in effect paid to borrow money .
The amount that banks can borrow is linked to their loans to non-financial corporations and households .
The ECB also said it will launch “ pandemic emergency longer-term refinancing operations ” , or PELTROs .
These will be seven lending schemes aimed at easing conditions in lending markets by pumping money into the system .
The bank ’ s main deposit rate was left on hold at minus 0.5 per cent , while the governors also kept the pandemic emergency purchase programme ( PEPP ) @ @ @ @ @ @ @ : Eurozone consumer confidence hits lows last seen in financial crisis In a statement , the ECB said : “ The governing council is fully prepared to increase the size of the PEPP and adjust its composition , by as much as necessary and for as long as needed.
” “ In any case , it stands ready to adjust all of its instruments , as appropriate , to ensure that inflation moves towards its aim in a sustained manner , in line with its commitment to symmetry .
”

European Central Bank holds rates but offers lenders cheaper credit
The ECB will use its emergency bond-buying and ultra-cheap loans to banks as the main way of controlling financing costs.
The European Central Bank has eased the conditions on its super-cheap loans for banks and launched a new package of “pandemic” lending in its latest bid to shore up the Eurozone during the coronavirus outbreak.
The central bank stopped short of cutting interest rates further into negative territory or buying “junk” bonds, however.
The decision came just hours after data showed that the Eurozone economy shrank at the fastest rate in its history in the first quarter of the year.
GDP plunged 3.8 per cent in the first three months of the year compared to the previous quarter. Analysts say the second-quarter figures will be much worse.
At a virtual press conference following the meeting, ECB president Christine Lagarde said the Eurozone economy could shrink between five and 12 per cent this year.
The central bank said it will ease the conditions on its “targeted longer-term refinancing operations”, known as TLTROs, so the interest rate is in effect minus one per cent.
TLTROs are long-term loans to banks which aim to preserve favourable borrowing conditions and stimulate lending to the real economy. The negative interest rate means banks are in effect paid to borrow money.
The ECB also said it will launch “pandemic emergency longer-term refinancing operations”, or PELTROs. These will be seven lending schemes aimed at easing conditions in lending markets by pumping money into the system.
The bank’s main deposit rate was left on hold at minus 0.5 per cent, while the governors also chose not to ramp up bond-buying any further for now.
The ECB has intervened on an unprecedented scale, launching a €750bn (£650bn) bond-buying scheme called the pandemic emergency purchase programme (PEPP) that puts it on track to buy more than €1 trillion of bonds this year.
Although the ECB kept its powder dry at this meeting, analysts say it is likely to increase its interventions over the coming months as some kind of recovery from the coronavirus crash takes hold. It could start to buy bonds with “junk” credit ratings, as the US Federal Reserve has done.
In a statement, the ECB said: “The governing council is fully prepared to increase the size of the PEPP and adjust its composition, by as much as necessary and for as long as needed.”
Lagarde pushed for countries to do more with fiscal policy in the meantime. So far, the central bank has led the economic charge while a united Eurozone response has been lacking.
“Ambitious efforts are needed, notably through joint and coordinated policy action to guard against downside risks and to underpin the recovery,” she said.


cityam--2020-04-30--British Airways to axe a quarter of pilots amid 12,000 job cuts

British Airways owner IAG expects to make a quarter of its pilots redundant as part of a scheme that could axe 12,000 jobs .
The airline said it will reduce its pilot headcount by 955 for what it termed “ volume adjustment ” and a further 175 it pinned on “ efficiency changes ” .
That would cull 1,130 pilots out of a total of 4,346 , according to a letter seen by Sky News .
Read more : British Airways says it could cut 12,000 jobs as global travel slumps Cuits will be split between captains and co-pilots , @ @ @ @ @ @ @ may be suspended from Heathrow Airport for the foreseeable future .
It comes after British Airways owner IAG earlier this week announced plans to make up to 12,000 staff redundant as it faces pressure from coronavirus lockdowns .
“ The impact on British Airways and the industry in general is like no other previous crisis we have gone through before , ” bosses wrote in the letter seen by Sky News .
“ We are now at a critical juncture and must table proposals for structural change so that our business is in @ @ @ @ @ @ @ will be a challenging and uncertain trading environment for a sustained period of time.
” “ At this stage , it is anticipated that the headcount reduction resulting from volume adjustment will be 955 , ” the letter states .
“ It is anticipated that the headcount reduction resulting from efficiency changes will be 175.
” Read more : Virgin Atlantic says it is still in talks with UK over bailout But British Airways bosses also warned the situation could get even worse for pilots .
IAG will seek to overhaul BA policies @ @ @ @ @ @ @ .
British Airways will introduce policies to “ ensure our remaining operation is efficient , flexible and cost-competitive ” .
It will make changes “ to enable us to survive in an increasingly lean and unpredictable industry ” .
Those changes will include adding more “ flexibility ” into rostering , scheduling and operations .
Read more : Easyjet board set for showdown with founder over Airbus contract IAG will now engage with pilots ’ union Balpa over the British Airways proposals .
The union has already voiced its anger at the scale @ @ @ @ @ @ @ .
But BA reiterated that it has not ruled out stopping all flights out of Heathrow over coronavirus .
Easyjet has grounded its entire fleet for the foreseeable future and Virgin Atlantic has stopped passenger flights .
British Airways owner IAG will now begin a 45-day consultation on the pilot job cuts .

British Airways to axe a quarter of pilots amid 12,000 job cuts
British Airways owner IAG expects to make a quarter of its pilots redundant as part of a scheme that could axe 12,000 jobs.
The airline said it will reduce its pilot headcount by 955 for what it termed “volume adjustment” and a further 175 it pinned on “efficiency changes”.
That would cull 1,130 pilots out of a total of 4,346, according to a letter seen by Sky News.
Cuits will be split between captains and co-pilots, the letter read, while all flights may be suspended from Heathrow Airport for the foreseeable future.
It comes after British Airways owner IAG earlier this week announced plans to make up to 12,000 staff redundant as it faces pressure from coronavirus lockdowns.
“The impact on British Airways and the industry in general is like no other previous crisis we have gone through before,” bosses wrote in the letter seen by Sky News.
“We are now at a critical juncture and must table proposals for structural change so that our business is in a credible position to respond to what will be a challenging and uncertain trading environment for a sustained period of time.”
“At this stage, it is anticipated that the headcount reduction resulting from volume adjustment will be 955,” the letter states.
“It is anticipated that the headcount reduction resulting from efficiency changes will be 175.”
But British Airways bosses also warned the situation could get even worse for pilots.
IAG will seek to overhaul BA policies in many ways that will impact pilots.
British Airways will introduce policies to “ensure our remaining operation is efficient, flexible and cost-competitive”. It will make changes “to enable us to survive in an increasingly lean and unpredictable industry”.
Those changes will include adding more “flexibility” into rostering, scheduling and operations.
IAG will now engage with pilots’ union Balpa over the British Airways proposals. The union has already voiced its anger at the scale of the previously announced 12,000 job cuts.
But BA reiterated that it has not ruled out stopping all flights out of Heathrow over coronavirus. Easyjet has grounded its entire fleet for the foreseeable future and Virgin Atlantic has stopped passenger flights.
British Airways owner IAG will now begin a 45-day consultation on the pilot job cuts.
More to follow.


cityam--2020-04-30--Comcast profit drops as Covid-19 shutdown offsets broadband boost

Comcast today reported a sharp drop in profit for the first quarter as the shutdown of cinemas and theme parks due to the coronavirus outbreak offset a rise in broadband usage .
The US media giant posted net income of $ 2.1bn ( £1.7bn ) in the first three months of the year , down almost 40 per cent year on year .
Read more : Comcast hikes dividend as broadband boost pushes up revenue Revenue also slipped a marginal 0.9 per cent over the period to $ 26.6bn .
Comcast beat expectations in its broadband division , adding 477,000 @ @ @ @ @ @ @ rise in revenue to $ 5bn amid increased demand for internet services sparked by the coronavirus lockdown .
But these gains failed to mitigate wider downturns in the company ’ s business , as a huge slowdown in advertising spend during the crisis took its toll .
Sky , which Comcast snapped up for $ 39bn in 2018 , was particularly hard hit by the squeeze on advertising , suffering a 5.8 per cent fall in revenue to $ 4.5bn .
Comcast ’ s NBCUniversal division posted a seven per cent fall in @ @ @ @ @ @ @ was slashed by lower distribution and the closure of cinemas around the world .
The company has been forced to delay the release of several blockbuster hits , including the new James Bond film and the latest instalment of Fast and Furious , as a result of the pandemic .
Universal has recouped some of this lost revenue by releasing Trolls World Tour via streaming services rather than via a theatrical release .
The decision has sparked a bitter row with AMC Theaters , owner of cinema chains including Odeon , which has @ @ @ @ @ @ @ by Universal when the lockdown ends .
Cineworld has now also instigated a ban on the distributor .
Theme Parks were a further source of woe for Comcast , with closures prompting a 31 per cent fall in revenue in the first quarter to $ 869m .
Comcast warned the uptick in its broadband business would not continue into the second quarter due to a “ significant deterioration in domestic economic conditions ” , while NBC Universal and Sky would also suffer worse hits over the next three months .
“ As a @ @ @ @ @ @ @ Covid-19 to increase in significance in the second quarter 2020 and to have a material adverse impact on our consolidated results of operations over the near-to-medium term , ” it said in a statement .
Read more : Sky donates £500,000 to emergency coronavirus film and TV fund Chief executive Brian Robert said : “ We have a strong balance sheet , terrific portfolio of assets , and a world-class management team .
“ This is a moment in time ; and when it passes , I am very confident that the decisions @ @ @ @ @ @ @ to emerge from this crisis as a healthy , strong company that is well positioned to continue to grow and succeed .
”

Comcast profit drops as Covid-19 shutdown offsets broadband boost
Comcast today reported a sharp drop in profit for the first quarter as the shutdown of cinemas and theme parks due to the coronavirus outbreak offset a rise in broadband usage.
The US media giant posted net income of $2.1bn (£1.7bn) in the first three months of the year, down almost 40 per cent year on year.
Revenue also slipped a marginal 0.9 per cent over the period to $26.6bn.
Comcast beat expectations in its broadband division, adding 477,000 customers and posting a 9.3 per cent rise in revenue to $5bn amid increased demand for internet services sparked by the coronavirus lockdown.
But these gains failed to mitigate wider downturns in the company’s business, as a huge slowdown in advertising spend during the crisis took its toll.
Sky, which Comcast snapped up for $39bn in 2018, was particularly hard hit by the squeeze on advertising, suffering a 5.8 per cent fall in revenue to $4.5bn.
Comcast’s NBCUniversal division posted a seven per cent fall in revenue to $7.7bn as film income was slashed by lower distribution and the closure of cinemas around the world.
The company has been forced to delay the release of several blockbuster hits, including the new James Bond film and the latest instalment of Fast and Furious, as a result of the pandemic.
Universal has recouped some of this lost revenue by releasing Trolls World Tour via streaming services rather than via a theatrical release.
The decision has sparked a bitter row with AMC Theaters, owner of cinema chains including Odeon, which has said it will boycott all films made by Universal when the lockdown ends. Cineworld has now also instigated a ban on the distributor.
Theme Parks were a further source of woe for Comcast, with closures prompting a 31 per cent fall in revenue in the first quarter to $869m.
Comcast warned the uptick in its broadband business would not continue into the second quarter due to a “significant deterioration in domestic economic conditions”, while NBC Universal and Sky would also suffer worse hits over the next three months.
“As a result, we expect the impacts of Covid-19 to increase in significance in the second quarter 2020 and to have a material adverse impact on our consolidated results of operations over the near-to-medium term,” it said in a statement.
Chief executive Brian Robert said: “We have a strong balance sheet, terrific portfolio of assets, and a world-class management team.
“This is a moment in time; and when it passes, I am very confident that the decisions we are making now will enable us to emerge from this crisis as a healthy, strong company that is well positioned to continue to grow and succeed.”


cityam--2020-04-30--Coronavirus small business loan lending tops £4.1bn but concerns remain over scheme

Coronavirus business interruption loan scheme ( CBILS ) lending has topped £4.1bn , according to bank industry body UK Finance .
Read more : Rishi Sunak unveils 100 per cent state-backed ‘ bounce back loans ’ for small businesses Over £1.33bn of loans were approved in the week to 28 April .
The number of loans provided through the scheme has increased by 8,638 over the same period to a total of 25,262 , an increase of over 50 per cent .
UK Finance said lenders have received 52,807 completed applications , with 25,262 of these approved to date .
@ @ @ @ @ @ @ this week with a value of £835m , while HSBC said it approved 5,295 CBILS loans this week with a value of £765.2m .
The scheme has attracted criticism from MPs , small businesses and business groups who attacked the slow pace of lending and the difficulty some small businesses have had accessing it .
CBILS was set up to offer loans to firms with a turnover of up to £45m .
Companies can access the money through more than 40 approved lenders and 80 per cent of the loan is guaranteed by @ @ @ @ @ @ @ scheme , chancellor Rishi Sunak this week announced a new bounce back loans programme for the UK ’ s smallest businesses .
Small businesses will be able to access loans worth 25 per cent of their turnover , up to £50,000 , and the government will pay the interest for the first 12 months .
Sunak said banks will not need to perform any “ forward looking tests of businesses viability ” and that businesses would need to fill out just a “ simple , quick , standard form ” .
Following the @ @ @ @ @ @ @ said they would relax their criteria for CBILS lending .
Banking body UK Finance said on behalf of the lenders : “ Lenders will only ask businesses for information and data they might reasonably be able to provide at speed.
” “ We will not require the provision of forward-looking financial information or business plans from businesses applying for CBILS-backed lending , relying instead on our own information to assess credit and business viability.
” Sign up to City A.M. ’ s Midday Update newsletter , delivered to your inbox every lunchtime The @ @ @ @ @ @ @ Suren Thiru said : “ While the number of firms accessing CBILS is on an encouraging upward curve , a concerningly high number of firms continue to struggle to access this crucial lifeline .
“ The Bounce Back loan scheme is a welcome step toward getting cash to the smallest firms more quickly .
The UK government and financial institutions should simplify and standardise the CBILS application processes to unlock access for more businesses of all sizes .
“ Serious consideration must also be given to the expansion of grant schemes for firms @ @ @ @ @ @ @ ” Rain Newton-Smith , CBI chief economist said : “ Vital funds are getting to the businesses that need them most .
The government and banks have been working around the clock to ensure businesses across the UK are being given the right support quickly .
This scheme has been a lifeline for many .
“ For smaller firms , the 100 per cent guaranteed loan should help give sole traders , micro firms and entrepreneurs a simple route to fast finance to help them stay afloat from next week .
“ The @ @ @ @ @ @ @ underestimated though and with more businesses applying for loans the banks must continue to be responsive to concerns and work at full speed to deliver the scale of support needed.
” Stephen Jones , chief executive of UK Finance , said : “ The banking and finance sector recognises the role we must play in getting the country through these tough times , and staff are working incredibly hard to get money to those viable businesses that need it .
“ More than £4bn has been delivered to over 25,000 businesses so far @ @ @ @ @ @ @ of a broad package of support for SMEs including capital repayment holidays , extended overdrafts and asset-based finance .
“ The changes to the scheme announced by the chancellor this week will enable lenders to streamline their application processes and help even more businesses access the support they need .
“ This extensive support will be complemented by the new Bounce Back Loans scheme targeted at smaller businesses , which lenders are now working at pace to get up and running from Monday .
”

Coronavirus small business loan lending tops £4.1bn but concerns remain over scheme
Coronavirus business interruption loan scheme (CBILS) lending has topped £4.1bn, according to bank industry body UK Finance.
Over £1.33bn of loans were approved in the week to 28 April.
The number of loans provided through the scheme has increased by 8,638 over the same period to a total of 25,262, an increase of over 50 per cent.
UK Finance said lenders have received 52,807 completed applications , with 25,262 of these approved to date.
Barclays said it approved 4,361 CBILS loans this week with a value of £835m, while HSBC said it approved 5,295 CBILS loans this week with a value of £765.2m.
The scheme has attracted criticism from MPs, small businesses and business groups who attacked the slow pace of lending and the difficulty some small businesses have had accessing it.
CBILS was set up to offer loans to firms with a turnover of up to £45m. Companies can access the money through more than 40 approved lenders and 80 per cent of the loan is guaranteed by the government.
After criticism of the scheme, chancellor Rishi Sunak this week announced a new bounce back loans programme for the UK’s smallest businesses.
Small businesses will be able to access loans worth 25 per cent of their turnover, up to £50,000, and the government will pay the interest for the first 12 months.
Sunak said banks will not need to perform any “forward looking tests of businesses viability” and that businesses would need to fill out just a “simple, quick, standard form”.
Following the chancellor’s announcement, some lenders said they would relax their criteria for CBILS lending.
Banking body UK Finance said on behalf of the lenders: “Lenders will only ask businesses for information and data they might reasonably be able to provide at speed.”
“We will not require the provision of forward-looking financial information or business plans from businesses applying for CBILS-backed lending, relying instead on our own information to assess credit and business viability.”
Sign up to City A.M.’s Midday Update newsletter, delivered to your inbox every lunchtime
The British Chambers of Commerce head of economics Suren Thiru said: “While the number of firms accessing CBILS is on an encouraging upward curve, a concerningly high number of firms continue to struggle to access this crucial lifeline.
“The Bounce Back loan scheme is a welcome step toward getting cash to the smallest firms more quickly. The UK government and financial institutions should simplify and standardise the CBILS application processes to unlock access for more businesses of all sizes.
“Serious consideration must also be given to the expansion of grant schemes for firms unwilling to take on more debt repayments.”
Rain Newton-Smith, CBI chief economist said: “Vital funds are getting to the businesses that need them most. The government and banks have been working around the clock to ensure businesses across the UK are being given the right support quickly. This scheme has been a lifeline for many.
“For smaller firms, the 100 per cent guaranteed loan should help give sole traders, micro firms and entrepreneurs a simple route to fast finance to help them stay afloat from next week.
“The financial strain on businesses cannot be underestimated though and with more businesses applying for loans the banks must continue to be responsive to concerns and work at full speed to deliver the scale of support needed.”
Stephen Jones, chief executive of UK Finance, said: “The banking and finance sector recognises the role we must play in getting the country through these tough times, and staff are working incredibly hard to get money to those viable businesses that need it.
“More than £4bn has been delivered to over 25,000 businesses so far through the CBIL scheme, as part of a broad package of support for SMEs including capital repayment holidays, extended overdrafts and asset-based finance.
“The changes to the scheme announced by the chancellor this week will enable lenders to streamline their application processes and help even more businesses access the support they need.
“This extensive support will be complemented by the new Bounce Back Loans scheme targeted at smaller businesses, which lenders are now working at pace to get up and running from Monday.”


cityam--2020-04-30--Coronavirus inquiry must not be 'a finger-pointing exercise'

A post-coronavirus inquiry should not turn into a politicised “ finger-pointing exercise ” , according to the chief of the UK ’ s national academy for humanities and social sciences .
Chief executive of the British Academy Hetan Shah told City A.M. ‘ s daily podcast The City View that an inquiry into the government ’ s response should be done on a “ no-fault basis ” and if it is “ overly politicised then we may not get the best answers ” .
Read more : Coronavirus : UK drawing up plans to safely re-open businesses There have been @ @ @ @ @ @ @ the coronavirus response , with Labour leader Sir Keir Starmer labelling it “ inevitable ” .
Shah , who was formerly executive director of the Royal Statistical Society , said an inquiry should take place on similar grounds as air crash investigations .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
“ I think it would be a very valuable exercise , I think it would be particularly valuable if it were focussed on a non-blame culture , ” he @ @ @ @ @ @ @ , whenever there is an aeroplane accident there is always a post-mortem of that sort and it ’ s done on a no-fault basis .
Just looking to improve at every stage .
“ And in the same way , our state can ’ t be ready for everything so what are the lessons that we can learn so we can improve for next time ?
Read more : Coronavirus small business loan lending tops £4.1bn but concerns remain over scheme “ If it tries to be a finger pointing exercise , where @ @ @ @ @ @ @ we may not get the best answers out of such an approach.
” The UK ’ s Covid-19 death toll surpassed 26,000 people yesterday , after the government moved to include care home deaths in the official figure .

Coronavirus inquiry must not be ‘a finger-pointing exercise’
There have been numerous calls for a future inquiry into the coronavirus response, with Labour leader Sir Keir Starmer labelling it “inevitable”.
A post-coronavirus inquiry should not turn into a politicised “finger-pointing exercise”, according to the chief of the UK’s national academy for humanities and social sciences.
Chief executive of the British Academy Hetan Shah told City A.M.‘s daily podcast The City View that an inquiry into the government’s response should be done on a “no-fault basis” and if it is “overly politicised then we may not get the best answers”.
There have been numerous calls for a future inquiry into the coronavirus response, with Labour leader Sir Keir Starmer labelling it “inevitable”.
Shah, who was formerly executive director of the Royal Statistical Society, said an inquiry should take place on similar grounds as air crash investigations.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
“I think it would be a very valuable exercise, I think it would be particularly valuable if it were focussed on a non-blame culture,” he said.
“As you probably know, whenever there is an aeroplane accident there is always a post-mortem of that sort and it’s done on a no-fault basis. Just looking to improve at every stage.
“And in the same way, our state can’t be ready for everything so what are the lessons that we can learn so we can improve for next time?
“If it tries to be a finger pointing exercise, where it’s overly politicised, then we may not get the best answers out of such an approach.”
The UK’s Covid-19 death toll surpassed 26,000 people yesterday, after the government moved to include care home deaths in the official figure.


cityam--2020-04-30--B&Q reopens all 288 stores after social distancing measures implemented

B & Q has reopened all of its UK stores from today after implementing new social distancing measures .
The DIY retailer said all of its 288 stores were now open following temporary closures when the UK coronavirus lockdown was announced last month .
Hardware shops were included on the government ’ s list of essential retailers that are allowed to remain open during the coronavirus lockdown .
However the company closed all of its stores on 24 March to put safety measures in place .
B & Q will strictly limit the number of customers in store and enforce @ @ @ @ @ @ @ within the stores .
It has also installed signage to direct customers through the store and perspex screens at checkouts .
Only contactless payments will be taken .
B & Q chief executive Graham Bell said : “ Our highest priority is to keep our colleagues safe at work and our customers safe while shopping .
In all our stores , we have strict social distancing measures in place .
“ Customers are adhering to these , helping us to offer a shopping environment that is safe for everyone , while we help @ @ @ @ @ @ @ gardens , as well as their wellbeing .
“ Whether shopping in our stores or online , we continue to ask all our customers to follow the Government ’ s social distancing guidelines and to shop responsibly only when they need to .
”

B&Q reopens all 288 stores after social distancing measures implemented
Kingfisher operates well-known brands such as B&Q, Screwfix, and Trade Point
B&Q has reopened all of its UK stores from today after implementing new social distancing measures.
The DIY retailer said all of its 288 stores were now open following temporary closures when the UK coronavirus lockdown was announced last month.
Hardware shops were included on the government’s list of essential retailers that are allowed to remain open during the coronavirus lockdown.
However the company closed all of its stores on 24 March to put safety measures in place.
B&Q will strictly limit the number of customers in store and enforce two metre distancing rules in queues and within the stores.
It has also installed signage to direct customers through the store and perspex screens at checkouts. Only contactless payments will be taken.
B&Q chief executive Graham Bell said: “Our highest priority is to keep our colleagues safe at work and our customers safe while shopping. In all our stores, we have strict social distancing measures in place.
“Customers are adhering to these, helping us to offer a shopping environment that is safe for everyone, while we help them to look after their homes and gardens, as well as their wellbeing.
“Whether shopping in our stores or online, we continue to ask all our customers to follow the Government’s social distancing guidelines and to shop responsibly only when they need to.”


cityam--2020-04-30--At the height of coronavirus, corporate insolvencies are falling

Corporate insolvencies fell in the first quarter despite the economic impact of coronavirus , figures released today show .
Office for National Statistics data showed there were 3,883 company insolvencies in the first quarter , a decrease of 8.5 per cent from both the previous quarter and the same quarter in 2019 .
Duncan Swift , past president of insolvency and restructuring trade body R3 , said : “ Today ’ s quarterly and year-on-year decrease in corporate insolvency numbers is highly unusual given the circumstances and climate , and very unlikely to last .
“ The impact of the @ @ @ @ @ @ @ world is hard to overstate , and almost all companies , from multinationals to microbusinesses , have been affected .
Read more : Debenhams administration could provide blueprint for ‘ freezing ’ companies during coronavirus crisis He added : “ Government support on an unprecedented scale has been offered to companies and employees via the employee support scheme , state-backed business loans and grants , the suspension of business rates , a VAT holiday , the suspension of evictions from commercial properties for non-payment of rent , and so on .
Read more @ @ @ @ @ @ @ as coronavirus crisis bites “ All of this is welcome , but it is clear that it will not have been enough to keep every company afloat , especially those which had entered the crisis period with existing debt problems .
Jo Windsor , restructuring and insolvency partner at Linklaters , said : “ These figures reveal little about the impact the lockdown measures have had on the economy and it might not be until the end of this quarter before the true cost of the crisis emerges .
“ We should expect @ @ @ @ @ @ @ especially once the lockdown starts to be lifted , and government support initiatives such as furloughing start to be withdrawn , as creditor pressure will grow and it will become clear that , in a world of social distancing , many businesses will no longer be viable in their existing form.
” The ONS said the statistics “ largely predate the emergence of , and response to , the coronavirus pandemic ” .
However , it warned : “ Some statistics may have been affected where individuals , insolvency practitioners , intermediaries ( @ @ @ @ @ @ @ courts were unable to process insolvencies in the usual manner during the latter part of March .
“ Therefore , some caution needs to be applied when interpreting trends in numbers of insolvency recorded in the most recent quarter .
”

At the height of coronavirus, corporate insolvencies are falling
Debenhams went into administration earlier this month
Corporate insolvencies fell in the first quarter despite the economic impact of coronavirus, figures released today show.
Office for National Statistics data showed there were 3,883 company insolvencies in the first quarter, a decrease of 8.5 per cent from both the previous quarter and the same quarter in 2019.
Duncan Swift, past president of insolvency and restructuring trade body R3, said: “Today’s quarterly and year-on-year decrease in corporate insolvency numbers is highly unusual given the circumstances and climate, and very unlikely to last.
“The impact of the coronavirus on every aspect of the business world is hard to overstate, and almost all companies, from multinationals to microbusinesses, have been affected.
He added: “Government support on an unprecedented scale has been offered to companies and employees via the employee support scheme, state-backed business loans and grants, the suspension of business rates, a VAT holiday, the suspension of evictions from commercial properties for non-payment of rent, and so on.
“All of this is welcome, but it is clear that it will not have been enough to keep every company afloat, especially those which had entered the crisis period with existing debt problems.
Jo Windsor, restructuring and insolvency partner at Linklaters, said: “These figures reveal little about the impact the lockdown measures have had on the economy and it might not be until the end of this quarter before the true cost of the crisis emerges.
“We should expect a very significant rise in insolvencies, especially once the lockdown starts to be lifted, and government support initiatives such as furloughing start to be withdrawn, as creditor pressure will grow and it will become clear that, in a world of social distancing, many businesses will no longer be viable in their existing form.”
The ONS said the statistics “largely predate the emergence of, and response to, the coronavirus pandemic”.
However, it warned: “Some statistics may have been affected where individuals, insolvency practitioners, intermediaries (who process debt relief orders) and courts were unable to process insolvencies in the usual manner during the latter part of March.
“Therefore, some caution needs to be applied when interpreting trends in numbers of insolvency recorded in the most recent quarter.”


cityam--2020-04-30--St James's Place trims dividend as first-quarter AUM falls

St James ’ s Place has withheld a third of its planned dividend after assets under management fell amid the sustained market volatility .
The wealth manager said it was “ not immune to how the unprecedented level of uncertainty may impact the operating environment ” .
Read more : St James ’ s Place posts five per cent profit fall as inflows slow It will withhold a third of last year ’ s final dividend of 31.2p until the impact of the pandemic becomes clearer .
In February , St James ’ s Place announced it was raising its @ @ @ @ @ @ @ In a statement today , the wealth manager said : “ This prudent judgement will ensure we are able to deal with such scenarios and protect clients , the long-term value of the business , and our proven ability to benefit from the growth opportunity that will undoubtedly emerge on the other side of this crisis.
” Closing funds under management fell to £101.67bn , down 1.8 per cent from the same period last year .
Listen to our daily City View podcast as we chart the economic fallout and business impact of @ @ @ @ @ @ @ Craft said : “ With the escalation of the Covid-19 crisis during March there was a sharp global markets and this negatively impacted our funds under management.
” During the first quarter , St James ’ s Place recorded a net investment return of negative £17.69bn , with all asset classes suffering .
Despite a dire investment performance , net inflows rose nine per cent from £2.18bn to £2.37bn .
The wealth manager recorded £1.56bn in inflows to its pension fund .
Croft said 2020 is shaping up to be “ another challenging @ @ @ @ @ @ @ ’ s Place City of London office on sale for £76m “ We have seen from past crises that if we look after our clients , advisers and employees , as well as our wider community , we will be rewarded in the future with increased goodwill , loyalty and retention , ” he added .
Shares in St James ’ s Place are down 3.3 per cent .
Get the news as it happens by following City A.M. on Twitter .

St James’s Place trims dividend as first-quarter AUM falls
St James’s Place lures almost £5bn of new client wealth in fourth quarter.
St James’s Place has withheld a third of its planned dividend after assets under management fell amid the sustained market volatility.
The wealth manager said it was “not immune to how the unprecedented level of uncertainty may impact the operating environment”.
Read more: St James’s Place posts five per cent profit fall as inflows slow
It will withhold a third of last year’s final dividend of 31.2p until the impact of the pandemic becomes clearer.
In February, St James’s Place announced it was raising its final dividend by five per cent.
In a statement today, the wealth manager said: “This prudent judgement will ensure we are able to deal with such scenarios and protect clients, the long-term value of the business, and our proven ability to benefit from the growth opportunity that will undoubtedly emerge on the other side of this crisis.”
Closing funds under management fell to £101.67bn, down 1.8 per cent from the same period last year.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Chief executive Andrew Craft said: “With the escalation of the Covid-19 crisis during March there was a sharp global markets and this negatively impacted our funds under management.”
During the first quarter, St James’s Place recorded a net investment return of negative £17.69bn, with all asset classes suffering.
Despite a dire investment performance, net inflows rose nine per cent from £2.18bn to £2.37bn. The wealth manager recorded £1.56bn in inflows to its pension fund.
Croft said 2020 is shaping up to be “another challenging year.”
Read more: St James’s Place City of London office on sale for £76m
“We have seen from past crises that if we look after our clients, advisers and employees, as well as our wider community, we will be rewarded in the future with increased goodwill, loyalty and retention,” he added.
Shares in St James’s Place are down 3.3 per cent.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-04-30--Coronavirus: Glencore set to cut spending as production falls

Glencore said that it would cut capital spending and production guidance for the year but stressed that it was well-placed to weather the coronavirus storm .
Shares in the firm fell over one per cent in the morning ’ s trading .
The coronavirus pandemic has forced the commodities giant to halt operations in countries such as South Africa , Chad , Peru , Colombia and Canada .
The shutdowns have seen production fall at some of its sites , with copper output falling nine per cent to 293,000 tonnes a year .
Cobalt production almost halved as Glencore ’ @ @ @ @ @ @ @ to close , meaning output fell 44 per cent to 6,300 tonnes .
The company has trimmed guidance for production of commodities including cobalt , zinc , ferrochrome , nickel and coal for the year .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
It also said it would reduce capital expenditure by $ 1bn to $ 1.5bn across the year , down from a previous estimate of $ 5.5bn .
Such moves align Glencore with other commodities giants such @ @ @ @ @ @ @ have also reduced spending plans .
Many of the firm ’ s bigger operations have not had to shut despite the pandemic , and the firm said it was planning on reopening mines in Canada and South Africa .
Read more : Shell cuts dividend as earnings halve in first quarter In a statement , chief executive Ivan Glasenburg said that the firm was “ well positioned to navigate the current challenges ” due to its strong liquidity and resilient business model .
Earlier in the year the firm deferred its decision to @ @ @ @ @ @

Coronavirus: Glencore set to cut spending as production falls
Glencore said that it would cut capital spending and production guidance for the year but stressed that it was well-placed to weather the coronavirus storm.
Shares in the firm fell over one per cent in the morning’s trading.
The coronavirus pandemic has forced the commodities giant to halt operations in countries such as South Africa, Chad, Peru, Colombia and Canada.
The shutdowns have seen production fall at some of its sites, with copper output falling nine per cent to 293,000 tonnes a year.
Cobalt production almost halved as Glencore’s Mutanda mine in Congo was forced to close, meaning output fell 44 per cent to 6,300 tonnes.
The company has trimmed guidance for production of commodities including cobalt, zinc, ferrochrome, nickel and coal for the year.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
It also said it would reduce capital expenditure by $1bn to $1.5bn across the year, down from a previous estimate of $5.5bn.
Such moves align Glencore with other commodities giants such as Antofagasta and Anglo American, which have also reduced spending plans.
Many of the firm’s bigger operations have not had to shut despite the pandemic, and the firm said it was planning on reopening mines in Canada and South Africa.
In a statement, chief executive Ivan Glasenburg said that the firm was “well positioned to navigate the current challenges” due to its strong liquidity and resilient business model.
Earlier in the year the firm deferred its decision to pay its $2.6bn dividend.


cityam--2020-04-30--UK business groups call for more help and predict a collapse in output

UK manufacturing output is likely to plunge by more than 55 per cent in the second quarter as demand evaporates due to the coronavirus outbreak , an industry body has said .
It added that firms are set to need more government support as the lockdown is eased .
The warning came as a survey showed that the UK private sector suffered its worst three months since the financial crisis in the February to April period , with more than 40 per cent of firms completely shutting down operations .
Read more : UK economy will take three years to @ @ @ @ @ @ @ UK has now suffered close to 27,000 coronavirus deaths with more than 171,000 confirmed cases .
The government ’ s strict measures to contain the virus have spelled disaster for the economy , which could shrink by 35 per cent in the second quarter according to the Office for Budget Responsibility ( OBR ) .
Yesterday , Prime Minister Boris Johnson said restrictions will remain in place for the time being but that the government will soon lay out a “ road map ” for reopening the economy .
Manufacturing industry body Make @ @ @ @ @ @ @ easing of lockdown measures would “ continue to hit companies and livelihoods for some time to come ” .
Its manufacturing monitor report said that the 55 per cent drop in factory output laid out in the OBR ’ s “ scenario ” last month is likely to be an underestimate .
Make UK chief executive Stephen Phipson said : “ There is no disguising that for the sector overall these are deeply worrying times.
” The dire prediction came as another report said more than 40 per cent of UK firms have @ @ @ @ @ @ @ permanently .
The CBI ’ s growth indicator showed that private sector activity fell at the sharpest pace since July 2009 in the three months to April .
Respondents to the CBI ’ s survey said worse is yet to come , however .
Services firms are the most pessimistic about the coming months , with both business and professional services and consumer services firms at their gloomiest about future growth since records began in 1998 .
Listen to our daily City View podcast as we chart the economic fallout and business impact @ @ @ @ @ @ @ UK and the CBI said unprecedented government intervention had stopped a complete collapse , however .
They both cited the job retention scheme , which steps in to pay workers ’ wages so long as they are “ furloughed ” .
The CBI said that although unemployment is still set to rise at its fastest pace since at least the financial crisis , 48 per cent of firms said they had only temporarily laid off staff in the three months to April .
Business groups say more help is needed Make UK ’ @ @ @ @ @ @ @ need government support to continue as the economy gradually reopens and firms are operating at a lower capacity and with lower demand .
The job retention scheme is currently set to run until the end of June , although the government is keeping it under review .
“ Government may need to be flexible with its future support schemes in the same way that industry is going to have to be flexible with its recovery plans , ” Phipson said .
“ There will be a medium term need for government to support @ @ @ @ @ @ @ struggle to repay debt incurred during lockdown.
” Alpesh Paleja , CBI lead economist , highlighted the necessity of the lockdown to preserve lives and praised the coronavirus support schemes .
However , the business group reiterated concerns that loans are not getting through to firms fast enough through the flagship coronavirus lending scheme .
It said the government should “ consider wider use of grants and business holidays ” .
Read more : FTSE 100 ends April in a slump as coronavirus batters Shell and Lloyds Paleja also said the government ’ @ @ @ @ @ @ @ place longer than initially planned .
“ They should continue to remain agile as the situation evolves , ensuring that money gets to those who need it fast , ” he said .
“ The greater the number of companies helped to survive , the sooner the UK economy can restart and revive .
”

UK business groups call for more help and predict a collapse in output
Manufacturing industry body Make UK said output is likely to fall by more than 55 per cent in the next quarter due to tumbling demand amid the coronavirus pandemic
UK manufacturing output is likely to plunge by more than 55 per cent in the second quarter as demand evaporates due to the coronavirus outbreak, an industry body has said. It added that firms are set to need more government support as the lockdown is eased.
The warning came as a survey showed that the UK private sector suffered its worst three months since the financial crisis in the February to April period, with more than 40 per cent of firms completely shutting down operations.
The UK has now suffered close to 27,000 coronavirus deaths with more than 171,000 confirmed cases. The government’s strict measures to contain the virus have spelled disaster for the economy, which could shrink by 35 per cent in the second quarter according to the Office for Budget Responsibility (OBR).
Yesterday, Prime Minister Boris Johnson said restrictions will remain in place for the time being but that the government will soon lay out a “road map” for reopening the economy.
Manufacturing industry body Make UK today said that even a gradual easing of lockdown measures would “continue to hit companies and livelihoods for some time to come”.
Its manufacturing monitor report said that the 55 per cent drop in factory output laid out in the OBR’s “scenario” last month is likely to be an underestimate.
Make UK chief executive Stephen Phipson said: “There is no disguising that for the sector overall these are deeply worrying times.”
UK firms expect output to slump in coming months
The dire prediction came as another report said more than 40 per cent of UK firms have completely closed operations, either temporarily or permanently.
The CBI’s growth indicator showed that private sector activity fell at the sharpest pace since July 2009 in the three months to April. Respondents to the CBI’s survey said worse is yet to come, however.
Services firms are the most pessimistic about the coming months, with both business and professional services and consumer services firms at their gloomiest about future growth since records began in 1998.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Both Make UK and the CBI said unprecedented government intervention had stopped a complete collapse, however. They both cited the job retention scheme, which steps in to pay workers’ wages so long as they are “furloughed”.
The CBI said that although unemployment is still set to rise at its fastest pace since at least the financial crisis, 48 per cent of firms said they had only temporarily laid off staff in the three months to April.
Business groups say more help is needed
Make UK’s Phipson said businesses are likely to need government support to continue as the economy gradually reopens and firms are operating at a lower capacity and with lower demand. The job retention scheme is currently set to run until the end of June, although the government is keeping it under review.
“Government may need to be flexible with its future support schemes in the same way that industry is going to have to be flexible with its recovery plans,” Phipson said.
“There will be a medium term need for government to support a recapitalisation effort for businesses who will struggle to repay debt incurred during lockdown.”
Alpesh Paleja, CBI lead economist, highlighted the necessity of the lockdown to preserve lives and praised the coronavirus support schemes.
However, the business group reiterated concerns that loans are not getting through to firms fast enough through the flagship coronavirus lending scheme. It said the government should “consider wider use of grants and business holidays”.
Paleja also said the government’s measures may have to stay in place longer than initially planned. “They should continue to remain agile as the situation evolves, ensuring that money gets to those who need it fast,” he said.
“The greater the number of companies helped to survive, the sooner the UK economy can restart and revive.”


cityam--2020-04-30--Boris Johnson's promises no post-coronavirus austerity

Boris Johnson has promised there will not be a period of austerity after the coronavirus .
The Prime Minister said austerity was “ not a part of our approach ” when asked about how the government will deal with the hundreds of billions of pounds of debt the pandemic will have added .
Read more : FTSE 100 ends April in a slump as coronavirus batters Shell and Lloyds The Office for Budget Responsibility ( OBR ) released projections earlier this month predicting that net borrowing could hit £271bn this year .
The figure is five-times higher than the watchdog @ @ @ @ @ @ @ the biggest in peacetime .
Johnson moved to assure people at today ’ s press briefing that he would not enact a period of austerity as David Cameron did in the aftermath of the last recession .
“ You know what my instincts are – I think the economy will bounce back strongly , ” Johnson said .
“ I think this government will want to encourage that bounce back in all kinds of ways , but I ’ ve never particularly liked the term [ austerity ] and it ’ s certainly @ @ @ @ @ @ @ Prime Minister announced today that he would outline plans to ease the coronavirus lockdown next week , with some speculation that the first measures will not be taken until June .
Johnson said he was concerned about the state of the economy , but that if the lockdown was lifted too early that it would do more damage in the long-run .
Read more : Boris Johnson : UK ‘ past the peak ’ of coronavirus outbreak “ It ’ s absolutely vital that if we ’ re to bounce back as strongly @ @ @ @ @ @ @ don ’ t have a second bad spike , ” he said .
“ That would really do the economic damage , lasting economic damage .
”

Boris Johnson promises no post-coronavirus austerity
Boris Johnson has promised there will not be a period of austerity after the coronavirus crisis.
The Prime Minister said austerity was “not a part of our approach” when asked about how the government will deal with the hundreds of billions of pounds of debt the pandemic will have added.
The Office for Budget Responsibility (OBR) released projections earlier this month predicting that net borrowing could hit £271bn this year.
The figure is five-times higher than the watchdog’s March forecast and would be the biggest in peacetime.
Johnson moved to assure people at today’s press briefing that he would not enact a period of austerity as David Cameron did in the aftermath of the last recession.
“You know what my instincts are – I think the economy will bounce back strongly,” Johnson said.
“I think this government will want to encourage that bounce back in all kinds of ways, but I’ve never particularly liked the term [austerity] and it’s certainly not part of our approach.”
The Prime Minister announced today that he would outline plans to ease the coronavirus lockdown next week, with some speculation that the first measures will not be taken until June.
Johnson said he was concerned about the state of the economy, but that if the lockdown was lifted too early that it would do more damage in the long-run.
“It’s absolutely vital that if we’re to bounce back as strongly as I think we can that we don’t have a second bad spike,” he said.
“That would really do the economic damage, lasting economic damage.”


cityam--2020-04-30--FTSE 100 ends April in a slump as coronavirus batters Shell and Lloyds

The FTSE 100 fell dramatically today after oil giant Shell slashed its dividend in response to the plunge in demand for oil amid the coronavirus pandemic and Lloyds profits slumped .
The sell-off gathered speed throughout the day , with the FTSE 100 index ending 3.5 per cent lower at 5,901 points .
Read more : Shell chief : Economic recovery from Covid-19 could speed up energy transition It came after a dramatic surge yesterday , when the index rose past 6,000 points .
The jump was spurred by US drug firm Gilead ’ s announcement that its coronavirus drug @ @ @ @ @ @ @ were in a pessimistic mood today , however , as dire economic data and earnings reports spread a cloud over markets .
In Europe , the continent-wide Stoxx 600 index ended two per cent lower .
Germany ’ s Dax fell 2.2 per cent and France ’ s CAC dropped 2.1 per cent .
Stocks were hit by data that showed that the Eurozone economy shrank by 3.8 per cent in the first quarter , the fastest pace on record .
Europe ’ s banks slipped after the European Central Bank left interest @ @ @ @ @ @ @ .
US markets have fallen in morning trading after the number of Americans making new jobless claims surged again .
Roughly 30m people have made new unemployment insurance claims in the past six weeks .
In the UK , the FTSE 100 was pummeled by Shell ’ s dividend cut and a plunge in profit at Lloyds Bank .
Shell shares finished 11 per cent lower after it slashed its dividend by two-thirds .
The oil major ’ s results showed the heavy toll the coronavirus crisis is having on energy demand .
@ @ @ @ @ @ @ per cent in the first quarter as it set aside cash to deal with loan losses .
The lender ’ s shares finished seven per cent lower .
“ Yesterday ’ s optimism appears to have been short-lived , ” said Joshua Mahony , senior market analyst at trading platform IG .
“ There is no doubt that this economic suffering will be drawn out if the views of central bankers are anything to go by , ” he said .
Both the ECB and US Federal Reserve have suggested a quick recovery @ @ @ @ @ @ @ still on track for one of its best months on record in April , despite today ’ s falls .
The US ’ s S & P 500 has risen around 12 per cent this month .
Read more : Dow Jones , S & P 500 and Nasdaq drop as coronavirus ravages global economy Stocks have been supported by unprecedented levels of stimulus from central banks and governments .
Yet some analysts question whether the rally can continue .
Edward Moya , senior market analyst at currency platform Oanda , said : @ @ @ @ @ @ @ long drawn out one and that might mean some investors might wait and see if this rapid recovery [ in stocks ] finally delivers a modest pullback .
”

FTSE 100 ends April in a slump as coronavirus batters Shell and Lloyds
The FTSE 100 fell dramatically today after oil giant Shell slashed its dividend in response to the plunge in demand for oil amid the coronavirus pandemic and Lloyds profits slumped.
The sell-off gathered speed throughout the day, with the FTSE 100 index ending 3.5 per cent lower at 5,901 points.
It came after a dramatic surge yesterday, when the index rose past 6,000 points. The jump was spurred by US drug firm Gilead’s announcement that its coronavirus drug remdesivir had shown positive signs.
Investors were in a pessimistic mood today, however, as dire economic data and earnings reports spread a cloud over markets.
In Europe, the continent-wide Stoxx 600 index ended two per cent lower. Germany’s Dax fell 2.2 per cent and France’s CAC dropped 2.1 per cent.
Stocks were hit by data that showed that the Eurozone economy shrank by 3.8 per cent in the first quarter, the fastest pace on record. Europe’s banks slipped after the European Central Bank left interest rates and its bond-buying programme on hold.
US markets have fallen in morning trading after the number of Americans making new jobless claims surged again. Roughly 30m people have made new unemployment insurance claims in the past six weeks.
Shell dividend cut batters FTSE 100
In the UK, the FTSE 100 was pummeled by Shell’s dividend cut and a plunge in profit at Lloyds Bank.
Shell shares finished 11 per cent lower after it slashed its dividend by two-thirds. The oil major’s results showed the heavy toll the coronavirus crisis is having on energy demand.
Lloyds said its profit fell by 95 per cent in the first quarter as it set aside cash to deal with loan losses. The lender’s shares finished seven per cent lower.
“Yesterday’s optimism appears to have been short-lived,” said Joshua Mahony, senior market analyst at trading platform IG.
“There is no doubt that this economic suffering will be drawn out if the views of central bankers are anything to go by,” he said. Both the ECB and US Federal Reserve have suggested a quick recovery is unlikely.
However, markets are still on track for one of its best months on record in April, despite today’s falls. The US’s S&P 500 has risen around 12 per cent this month.
Stocks have been supported by unprecedented levels of stimulus from central banks and governments. Yet some analysts question whether the rally can continue.
Edward Moya, senior market analyst at currency platform Oanda, said: “The economic recovery will be a long drawn out one and that might mean some investors might wait and see if this rapid recovery [in stocks] finally delivers a modest pullback.”