cityam--2020-05-13--Housing market at the forefront of UK's economic revival, says minister

The housing market will be key to reviving the British economy and needed to be re-opened , according to housing secretary Robert Jenrick .
At today ’ s press briefing , Jenrick said the “ pressure for some to move was becoming acute ” , with the government estimating that 450,000 buyers and renters have been unable to move house since March .
Read more : UK house market to restart as government relaxes regulations The UK ’ s housing market and construction industry were opened today , after government ’ s coronavirus lockdown was eased for some sectors of @ @ @ @ @ @ @ , people will be able to visit estate agents , view properties and move house without breaking lockdown rules .
Those involved will be expected to observe social distancing rules and wear gloves or masks where necessary .
The policy has come under criticism , with some pointing out that it is not allowed to go to a family member ’ s house , while estate agents can visit multiple houses .
Jenrick addressed these concerns , saying that all initial meetings with estate agents need to be done virtually and that open @ @ @ @ @ @ @ our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
The housing secretary said the housing and construction industry would be crucial in aiding the country ’ s economic recovery .
“ History tells us that in every economic recovery in modern British economic history that the housing market has been key to recovery and revival , ” he said .
Read more : Housebuilder Taylor Wimpey to reopen show homes and sales centres after government lifts restrictions “ As housing secretary , I @ @ @ @ @ @ @ the millions of people supported in the construction and housing industries to help the sector bounce back while always prioritising their safety and wellbeing .
“ We restart the housing market and construction industry to protect lives , to save jobs and to begin rebuilding our economy .
”

Housing market at the forefront of UK’s economic revival, says minister
The UK’s housing market was opened today, after government’s coronavirus lockdown was eased for some sectors of the economy.
The housing market will be key to reviving the British economy and needed to be re-opened, according to housing secretary Robert Jenrick.
At today’s press briefing, Jenrick said the “pressure for some to move was becoming acute”, with the government estimating that 450,000 buyers and renters have been unable to move house since March.
The UK’s housing market and construction industry were opened today, after government’s coronavirus lockdown was eased for some sectors of the economy.
Under the new regulations, people will be able to visit estate agents, view properties and move house without breaking lockdown rules.
Those involved will be expected to observe social distancing rules and wear gloves or masks where necessary.
The policy has come under criticism, with some pointing out that it is not allowed to go to a family member’s house, while estate agents can visit multiple houses.
Jenrick addressed these concerns, saying that all initial meetings with estate agents need to be done virtually and that open viewings are not allowed.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
The housing secretary said the housing and construction industry would be crucial in aiding the country’s economic recovery.
“History tells us that in every economic recovery in modern British economic history that the housing market has been key to recovery and revival,” he said.
“As housing secretary, I will do everything I can to support the millions of people supported in the construction and housing industries to help the sector bounce back while always prioritising their safety and wellbeing.
“We restart the housing market and construction industry to protect lives, to save jobs and to begin rebuilding our economy.”


cityam--2020-05-13--Fed chair Jerome Powell warns the US faces extended period” of weak growth

US Federal Reserve chair Jerome Powell today warned that the US faces an “ extended period ” of weak growth and stagnant incomes , and pledged to continue to intervene in the economy , and issued a call for additional fiscal spending .
“ It will take some time to get back to where we were , ” Powell said .
“ There is a sense , growing sense I think , that the recovery may come more slowly than we would like .
But it will come , and that may mean that it ’ s necessary for us @ @ @ @ @ @ @ US jobless claims hit 33m since start of coronavirus lockdown Powell said the Fed would not push interest rates below zero , despite widespread speculation and bets from traders .
Negative interest rates “ not something that we are considering , ” he said .
The Fed has slashed interest rates to near zero and set up a network of initiatives to ensure financial markets continue to function during the pandemic .
The US response “ has been particularly swift and forceful , ” Powell said in the webcast by the Peterson Institute @ @ @ @ @ @ @ recovery may take some time to gather momentum , ” and would be dictated by progress fighting the pandemic , he added .
The worst case outcome leaves the economy mired in “ an extended period of low productivity growth and stagnant incomes … Additional fiscal support could be costly but worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery , ” Powell said .
“ This trade-off is one for our elected representatives , who wield powers of taxation and spending.
” The US House @ @ @ @ @ @ @ responses to the pandemic , which has killed about 81,000 people in the US .
Nearly 3.2m workers applied for unemployment benefits in the US in a week in the last US jobless claims data published on & March .
Approximately 33.5m US workers have filed for jobless aid since the coronavirus pandemic began .

Fed chair Jerome Powell warns the US faces extended period” of weak growth
US Federal Reserve chair Jerome Powell today warned that the US faces an “extended period” of weak growth and stagnant incomes, and pledged to continue to intervene in the economy, and issued a call for additional fiscal spending.
“It will take some time to get back to where we were,” Powell said. “There is a sense, growing sense I think, that the recovery may come more slowly than we would like. But it will come, and that may mean that it’s necessary for us to do more.”
Powell said the Fed would not push interest rates below zero, despite widespread speculation and bets from traders.
Negative interest rates “not something that we are considering,” he said.
The Fed has slashed interest rates to near zero and set up a network of initiatives to ensure financial markets continue to function during the pandemic.
The US response “has been particularly swift and forceful,” Powell said in the webcast by the Peterson Institute for International Economics. “But the recovery may take some time to gather momentum,” and would be dictated by progress fighting the pandemic, he added.
The worst case outcome leaves the economy mired in “an extended period of low productivity growth and stagnant incomes … Additional fiscal support could be costly but worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery,” Powell said.
“This trade-off is one for our elected representatives, who wield powers of taxation and spending.”
The US House of Representatives and Senate are deliberating further responses to the pandemic, which has killed about 81,000 people in the US.
Nearly 3.2m workers applied for unemployment benefits in the US in a week in the last US jobless claims data published on & March.
Approximately 33.5m US workers have filed for jobless aid since the coronavirus pandemic began.


cityam--2020-05-13--Bus industry calls for further government funding as lockdown measures ease

The UK bus industry has warned that the government needs to extend its emergency funding if operators are to increase the number of services they are running in line with official instructions .
Speaking to City A.M. , the Confederation for Passenger Transport ( CPT ) , which represents the UK ’ s bus and coach firms , said that “ it was highly unlikely that we will be able to increase service levels without an extra funding guarantee ” .
Read more : Coronavirus : Government poised to unveil rescue deal for bus industry Bus operators were given an @ @ @ @ @ @ @ split over 12 weeks , a period that comes to an end in June .
The money was intended for firms to be able to cover the costs of continuing to run services for essential workers .
At the time , the CPT estimated that it was running about 40 per cent of services for only 10 per cent of its normal customer bases .
Now , however , having been asked to run more services as the UK begins to emerge from lockdown , firms have warned they would be left with @ @ @ @ @ @ @ not predicted to increase in line with service levels .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
In a statement , it said : “ Reduced capacity combined with extensive home working will mean greatly reduced fare revenue and sustained investment from government is required to ensure the costs of an expanded network can be delivered until passenger numbers return to normal levels ” .
It added that the new funding provisions should be “ flexible ” and without @ @ @ @ @ @ @ react to changes in lockdown measures accordingly .
The CPT said that in order to ensure passengers were able to adequately socially distance while travelling , buses would probably only carry 20 to 25 per cent of their full capacity for the foreseeable future .
A representative for the association said that in order to keep numbers low it was advising passengers to sit only in window seats and leave rows between people .
Read more : Coronavirus lockdown : Commuters should prepare to queue , government says In addition , drivers are @ @ @ @ @ @ @ monitoring capacity , potentially leading to a “ one-on , one-off ” system .
City A.M. has contacted the Department for Transport for comment .

Bus industry calls for further government funding as lockdown measures ease
The UK bus industry has warned that the government needs to extend its emergency funding if operators are to increase the number of services they are running in line with official instructions.
Speaking to City A.M., the Confederation for Passenger Transport (CPT), which represents the UK’s bus and coach firms, said that “it was highly unlikely that we will be able to increase service levels without an extra funding guarantee”.
Bus operators were given an initial grant of £167m by officials, split over 12 weeks, a period that comes to an end in June.
The money was intended for firms to be able to cover the costs of continuing to run services for essential workers.
At the time, the CPT estimated that it was running about 40 per cent of services for only 10 per cent of its normal customer bases.
Now, however, having been asked to run more services as the UK begins to emerge from lockdown, firms have warned they would be left with a shortfall, as passenger revenues are not predicted to increase in line with service levels.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
In a statement, it said: “Reduced capacity combined with extensive home working will mean greatly reduced fare revenue and sustained investment from government is required to ensure the costs of an expanded network can be delivered until passenger numbers return to normal levels”.
It added that the new funding provisions should be “flexible” and without a cap, so that companies can react to changes in lockdown measures accordingly.
The CPT said that in order to ensure passengers were able to adequately socially distance while travelling, buses would probably only carry 20 to 25 per cent of their full capacity for the foreseeable future.
A representative for the association said that in order to keep numbers low it was advising passengers to sit only in window seats and leave rows between people.
In addition, drivers are likely to be given a role in monitoring capacity, potentially leading to a “one-on, one-off” system.
City A.M. has contacted the Department for Transport for comment.


cityam--2020-05-13--EU unveils plans to reopen borders in bid to salvage tourism season

The EU has lain out new guidelines for member states to use to reopen their borders and encourage tourism as the bloc seeks to begin its recovery from the coronavirus pandemic .
It is hoped that the measures will salvage at least some of Europe ’ s summer holiday season , which brings in around €150bn in the average year .
Read more : Exclusive : EU accused of ‘ politicising ’ City of London in Brexit trade talks Under the non-binding plan , which was drafted by the European Commission , states are encouraged to adopt a “ co-ordinated @ @ @ @ @ @ @ means that countries should begin by opening its borders to other countries which are in similar epidemiological situations .
Countries have also been encouraged to ensure that tracing apps could be operated across borders in order to warn citizens in the event of an outbreak .
The bloc ’ s external borders will remain closed except for non-essential travel until mid-June at the earliest .
Due to the virus , the internal borders of 27-country Schengen zone has been closed for the first in its history .
Individual governments are already taking bilateral @ @ @ @ @ @ @ with Germany today announcing that blanket controls with France , Austria and Switzerland would be relaxed from 15 May .
On the continent ’ s Baltic coast , meanwhile , Latvia , Lithuania and Estonia have agreed an internal travel “ bubble ” from the same date .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
The announcement comes as the UK government said that it would implement a 14-day quarantine period for all incoming travellers .
Health secretary Matt @ @ @ @ @ @ @ unlikely ” that international holidays would be possible this summer .
The government ’ s move prompted a strong backlash from the aviation industry , which said it was confused by an exemption for passengers coming from France .
Carriers such as Ryanair are now planning to begin operating a much enlarged service from July , with extensive measures to protect passengers .
The EU said it would not force airlines to leave the middle seat empty , a measure that many had dismissed as impraticable .
Read more : 8,000 jobs at @ @ @ @ @ @ @ ’ for travel industry People will also be able to travel to and from Ireland without needing to quarantine .
The Foreign Office is currently advising against all but essential international travel .

EU unveils plans to reopen borders in bid to salvage tourism season
The EU has lain out new guidelines for member states to use to reopen their borders and encourage tourism as the bloc seeks to begin its recovery from the coronavirus pandemic.
It is hoped that the measures will salvage at least some of Europe’s summer holiday season, which brings in around €150bn in the average year.
Under the non-binding plan, which was drafted by the European Commission, states are encouraged to adopt a “co-ordinated approach” to lifting restrictions.
This means that countries should begin by opening its borders to other countries which are in similar epidemiological situations.
Countries have also been encouraged to ensure that tracing apps could be operated across borders in order to warn citizens in the event of an outbreak.
The bloc’s external borders will remain closed except for non-essential travel until mid-June at the earliest.
Due to the virus, the internal borders of 27-country Schengen zone has been closed for the first in its history.
Individual governments are already taking bilateral steps to reopen their own borders, with Germany today announcing that blanket controls with France, Austria and Switzerland would be relaxed from 15 May.
On the continent’s Baltic coast, meanwhile, Latvia, Lithuania and Estonia have agreed an internal travel “bubble” from the same date.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
The announcement comes as the UK government said that it would implement a 14-day quarantine period for all incoming travellers.
Health secretary Matt Hancock also said that it was “unlikely” that international holidays would be possible this summer.
The government’s move prompted a strong backlash from the aviation industry, which said it was confused by an exemption for passengers coming from France.
Carriers such as Ryanair are now planning to begin operating a much enlarged service from July, with extensive measures to protect passengers.
The EU said it would not force airlines to leave the middle seat empty, a measure that many had dismissed as impraticable.
People will also be able to travel to and from Ireland without needing to quarantine.
The Foreign Office is currently advising against all but essential international travel.


cityam--2020-05-14--Sadiq Khan warns TfL will run out of cash today without government bailout

London ’ s mayor Sadiq Khan has given the government an ultimatum saying that if Transport for London does not receive a bailout today the operator will have to cut tube and bus services .
Speaking to LBC , Khan said : “ Being blunt , today is the last day .
Unless the government gives us confirmation of the grant we need , then the consequences could be quite severe and the ramifications for all of us will be huge .
Read more : TfL set for £4bn loss as operator seeks government bailout “ Because we are required @ @ @ @ @ @ @ pay for services , we ’ ll have to start reducing services ” .
However , political opponents said that the mayor was more to blame for TfL ’ s financial situation than the coronavirus outbreak .
Under government law , TfL will have to issue a Section 114 notice if its cash reserves fall under £1.2bn , which will happen today , Khan said .
This notice is the equivalent of a public company going bust and means strict spending restrictions will be implemented .
A TfL source said : “ Every @ @ @ @ @ @ @ closer to the point of having to issue a 114.
” Over the weekend it was reported that TfL was in negotiations with the government over a bailout worth up to £2bn .
The coronavirus has decimated the network ’ s finances , more than 80 per cent of which come from passenger revenues .
Khan added : “ Over the last two months we ’ ve lost more than 90 per cent of our fares and advertising ’ s down , so is the congestion charge .
“ We ’ ve been @ @ @ @ @ @ @ and getting nothing back for our customers or very little .
At the start of this crisis we had a cash reserve of north of £2.1bn , but that ’ s running out ” .
Read more : TfL needs a bailout , but nobody should give the Mayor a blank cheque However , London Assembly conservative spokesman Keith Prince said the mayor ’ s comments were “ unhelpful and alarmist ” : “ Transport for London will inevitably need a bailout to continue operating during this crisis , but TfL has £1.2bn @ @ @ @ @ @ @ the network for two months ” , he added .
Conservative mayoral candidate Shaun Bailey said that Khan had “ failed in his job as chairman of Transport for London ” : Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
“ Coronavirus highlighted existing structural flaws within TfL ’ s balance sheet – it is not the primary cause .
“ The past four years have proven Khan can not be handed a blank cheque .
As a condition for @ @ @ @ @ @ @ how he will rebuild TfL ’ s finances once the virus recedes.
” According to papers from an emergency finance committee earlier this week , TfL is on course to make a £4bn loss this year as a result of the crisis .
The operator has prepared an emergency budget in an attempt to balance its finances , but the government needs to plug a funding gap of £3.2bn across 2020 .
Read more : Sadiq Khan : There will be no swift return to normality for TfL The crunch talks come as @ @ @ @ @ @ @ the government to increase service levels to aid the UK ’ s first steps into its coronavirus recovery plan .
In order to allow passengers to safely socially distance while travelling , TfL has said it will only be able to run services at 13 to 15 per cent of passenger capacity .
Khan said : “ Ironically , at a time when the government is wanting us to increase services , we may have to cut them because the government is failing to give us the grant support we need ” .
@ @ @ @ @ @ @ in western Europe that operates without a government grant , the mayor added .
Speaking at Tuesday ’ s meeting , deputy mayor for transport Heidi Alexander said the situation was “ now critical ” : “ We have to reach an agreement with the government on this in the next 48 hours , ” she added .
The Times reported that any bailout was likely to come with conditions , such as the curtailment of projects such as the long-planned Bakerloo line extension .

Sadiq Khan warns TfL will run out of cash today without government bailout
London’s mayor Sadiq Khan has given the government an ultimatum saying that if Transport for London does not receive a bailout today the operator will have to cut tube and bus services.
Speaking to LBC, Khan said: “Being blunt, today is the last day. Unless the government gives us confirmation of the grant we need, then the consequences could be quite severe and the ramifications for all of us will be huge.
“Because we are required to keep two months’ money to pay for services, we’ll have to start reducing services”.
However, political opponents said that the mayor was more to blame for TfL’s financial situation than the coronavirus outbreak.
Under government law, TfL will have to issue a Section 114 notice if its cash reserves fall under £1.2bn, which will happen today, Khan said.
This notice is the equivalent of a public company going bust and means strict spending restrictions will be implemented.
A TfL source said: “Every hour that goes by, we get closer to the point of having to issue a 114.”
A government spokesman said that it was in “advanced negotiations” with TfL:
“It is absolutely vital that the priority is reaching an agreement that keeps critical services running for those passengers who must use public transport to get to work, ensuring we keep London moving safely.
“That means protecting key routes, rapidly increasing the number of services available and protecting the interests of taxpayers in the long-term.”
Rail workers union the RMT said that it “would be nothing short of a scandal” if the government did not plug the gap in TfL’s budget immediately.
TfL fare revenue down 90 per cent
Over the weekend it was reported that TfL was in negotiations with the government over a bailout worth up to £2bn.
The coronavirus has decimated the network’s finances, more than 80 per cent of which come from passenger revenues.
Khan added: “Over the last two months we’ve lost more than 90 per cent of our fares and advertising’s down, so is the congestion charge.
“We’ve been spending £600m a month paying for services and getting nothing back for our customers or very little. At the start of this crisis we had a cash reserve of north of £2.1bn, but that’s running out”.
However, London Assembly conservative spokesman Keith Prince said the mayor’s comments were “unhelpful and alarmist”:
“Transport for London will inevitably need a bailout to continue operating during this crisis, but TfL has £1.2bn in reserves which is enough to run the network for two months”, he added.
Conservative mayoral candidate Shaun Bailey said that Khan had “failed in his job as chairman of Transport for London”:
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
“Coronavirus highlighted existing structural flaws within TfL’s balance sheet – it is not the primary cause.
“The past four years have proven Khan cannot be handed a blank cheque. As a condition for any bailout, Khan must show Londoners how he will rebuild TfL’s finances once the virus recedes.”
TfL set for £4bn loss this year
According to papers from an emergency finance committee earlier this week, TfL is on course to make a £4bn loss this year as a result of the crisis.
The operator has prepared an emergency budget in an attempt to balance its finances, but the government needs to plug a funding gap of £3.2bn across 2020.
The crunch talks come as public transport providers have been asked by the government to increase service levels to aid the UK’s first steps into its coronavirus recovery plan.
In order to allow passengers to safely socially distance while travelling, TfL has said it will only be able to run services at 13 to 15 per cent of passenger capacity.
Khan said: “Ironically, at a time when the government is wanting us to increase services, we may have to cut them because the government is failing to give us the grant support we need”.
TfL is the only public transport operator in western Europe that operates without a government grant, the mayor added.
Speaking at Tuesday’s meeting, deputy mayor for transport Heidi Alexander said the situation was “now critical”:
“We have to reach an agreement with the government on this in the next 48 hours,” she added.
The Times reported that any bailout was likely to come with conditions, such as the curtailment of projects such as the long-planned Bakerloo line extension.


cityam--2020-05-14--Tory MPs call for trade bill overhaul amid fears over UK’s reliance on China

Two dozen Tory MPs have called for a revamp of the UK ’ s trade bill amid concerns that Britain is too reliant on China for imports to critical national infrastructure .
The group , which includes former Brexit secretary David Davis and party leader Iain Duncan Smith , today penned a letter to trade secretary Liz Truss urging the government to reconsider the bill currently going through the Commons .
Read more : Defence minister : China has questions to answer over Covid-19 outbreak It comes after a report warned that the UK relies too heavily on China for @ @ @ @ @ @ @ service parts of the country ’ s critical national infrastructure .
Pharmaceutical ingredients needed for antibiotics , painkillers and anti-viral medicines are among the goods listed alongside consumer electronics such as laptops and phones .
Overall , the UK is strategically dependent on China for 227 categories of goods , 57 of which are needed in key infrastructure , according to the Henry Jackson society .
Strategic dependency is defined as when more than 50 per cent of imports of certain goods come from one country .
Citing the report , the MPs @ @ @ @ @ @ @ ’ s dependence on any one state when striking new trade deals .
They also said the government should update parliament on the number of categories in which the UK is strategically dependent on another nation and should set a definition of strategic import dependency .
“ We support trade with China , ” the letter read .
“ However , we need to balance that with ; first , a concern for China ’ s strategic objective of dominating key industries and technologies ; and second , a mindfulness of the UK @ @ @ @ @ @ @ Tory backbenchers added that the UK ’ s struggle to source key personal protective equipment during the Covid-19 crisis had highlighted the issue of relying on other nations for imports , especially when dealing with “ authoritarian states ” such as Russia and China .
In its report , the Henry Jackson Society said all members of the so-called Five Eyes security alliance — the UK , US , Australia , New Zealand and Canada — were too reliant on Beijing and should attempt to “ decouple ” .
The think tank urged @ @ @ @ @ @ @ s system of entity lists , which ban firms from doing business with nations that have engaged in unfair trade practices or intellectual property theft .
The US has used this strategy to implement a ban on controversial Chinese tech firm Huawei , which it has accused of spying .
The report said the countries should also establish a working group to explore the viability of a Five Eyes free-trading zone .
“ The Five Eyes ’ concerning reliance on China – a country that does not share our values and has different @ @ @ @ @ @ @ the Covid-19 crisis , ” said Alan Mendoza , executive director of the Henry Jackson Society .
“ The pandemic has laid bare the dangers of rampant globalisation without consideration of who our trading partners are , whether they are distorting the free trade system , and how our strategic dependency might make us vulnerable.
” Read more : US stocks rise on China trade hopes despite dire jobs report Newly-released polling published alongside the report suggested that the majority of Brits also support a tougher approach to China .
Sixty-three per cent @ @ @ @ @ @ @ trade policy towards Beijing , while 62 per cent of UK adults said they would support bringing back the manufacturing of key medical supplies to Britain from China .

Tory MPs call for trade bill overhaul amid fears over UK’s reliance on China
Two dozen Tory MPs have called for a revamp of the UK’s trade bill amid concerns that Britain is too reliant on China for imports to critical national infrastructure.
The group, which includes former Brexit secretary David Davis and party leader Iain Duncan Smith, today penned a letter to trade secretary Liz Truss urging the government to reconsider the bill currently going through the Commons.
It comes after a report warned that the UK relies too heavily on China for scores of imports, many of which service parts of the country’s critical national infrastructure.
Pharmaceutical ingredients needed for antibiotics, painkillers and anti-viral medicines are among the goods listed alongside consumer electronics such as laptops and phones.
Overall, the UK is strategically dependent on China for 227 categories of goods, 57 of which are needed in key infrastructure, according to the Henry Jackson society.
Strategic dependency is defined as when more than 50 per cent of imports of certain goods come from one country.
Citing the report, the MPs called on the government to reduce Britain’s dependence on any one state when striking new trade deals.
They also said the government should update parliament on the number of categories in which the UK is strategically dependent on another nation and should set a definition of strategic import dependency.
“We support trade with China,” the letter read. “However, we need to balance that with; first, a concern for China’s strategic objective of dominating key industries and technologies; and second, a mindfulness of the UK’s national strategic interest.”
The Tory backbenchers added that the UK’s struggle to source key personal protective equipment during the Covid-19 crisis had highlighted the issue of relying on other nations for imports, especially when dealing with “authoritarian states” such as Russia and China.
In its report, the Henry Jackson Society said all members of the so-called Five Eyes security alliance — the UK, US, Australia, New Zealand and Canada — were too reliant on Beijing and should attempt to “decouple”.
The think tank urged the countries to mirror the US’s system of entity lists, which ban firms from doing business with nations that have engaged in unfair trade practices or intellectual property theft.
The US has used this strategy to implement a ban on controversial Chinese tech firm Huawei, which it has accused of spying.
The report said the countries should also establish a working group to explore the viability of a Five Eyes free-trading zone.
“The Five Eyes’ concerning reliance on China – a country that does not share our values and has different strategic priorities – has been exposed by the Covid-19 crisis,” said Alan Mendoza, executive director of the Henry Jackson Society.
“The pandemic has laid bare the dangers of rampant globalisation without consideration of who our trading partners are, whether they are distorting the free trade system, and how our strategic dependency might make us vulnerable.”
Newly-released polling published alongside the report suggested that the majority of Brits also support a tougher approach to China.
Sixty-three per cent said they supported a more hardline US-style trade policy towards Beijing, while 62 per cent of UK adults said they would support bringing back the manufacturing of key medical supplies to Britain from China.


cityam--2020-05-14--FTSE 100 tumbles as investors doubt coronavirus recovery

The FTSE 100 has tumbled as doubts about the economic recovery set in following a gloomy speech by the chair of the US Federal Reserve and as President Donald Trump dials up the rhetoric against China .
Britain ’ s FTSE 100 index dropped three per cent to 5,724 points just after midday .
It fell yesterday on US-China tensions and fears of a second wave of infections .
The mid-cap FTSE 250 dropped 3.6 per cent today .
Read more : Donald Trump extends US Huawei ban by another year European markets also slumped .
The continent-wide Stoxx 600 @ @ @ @ @ @ @ ’ s Dax was 2.4 per cent lower and France ’ s CAC was down 2.6 per cent .
Global investor sentiment was dragged down by a speech yesterday by Fed chair Jay Powell .
He said the downturn could have a lasting influence unless the US government carries out more stimulus spending .
He warned that a “ a prolonged recession and weak recovery ” could result in an “ an extended period of low productivity growth and stagnant incomes ” .
US indices dropped around two per cent yesterday .
Investor @ @ @ @ @ @ @ China on Twitter .
He said : “ We just made a great Trade Deal , the ink was barely dry , and the World was hit by the Plague from China .
100 Trade Deals wouldn ’ t make up the difference – and all those innocent lives lost !
” Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Jim Reid of Deutsche Bank said investors “ just about managed to cope with a downbeat assessment from Fed chair @ @ @ @ @ @ @ evidence that the US-China relationship is souring further ” .
Asian markets dropped overnight in the wake of the tweet .
New coronavirus cases in Hong Kong , South Korea and China have also soured the mood .
In the UK , doubts about the recovery sent energy , construction and travel stocks tumbling on the FTSE 100 .
Insurer Prudential was the biggest faller , however , dropping more than six per cent after it said its first-quarter sales in Asia fell 24 per cent to $ 986m due to coronavirus .
@ @ @ @ @ @ @ the pandemic for the insurance industry , insurance market Lloyd ’ s of London today said it expected to pay out $ 3bn to $ 4.3bn ( £2.5bn to £3.5bn ) in claims stemming from the pandemic .
Shell and British Airways owner IAG both dropped more than five per cent .
Miners Evraz and Glencore were also hit hard .
Housbuilders Persimmon , Barratt and Berkeley tumbled after rising yesterday when construction was encouraged to restart .
Only four FTSE 100 stocks rose today .
Stock markets have rallied dramatically in recent @ @ @ @ @ @ @ the catastrophic losses they suffered in March and February .
In the US , the S & P 500 has risen 26 per cent since its March low .
The FTSE 100 has risen 15 per cent since then .
However , many analysts have questioned the rally .
They say it does not match the economic reality of the deepest recession since the Great Depression .
Now , new cases and rising US-China tensions are making investors nervous .
Fed chair Powell ’ s speech highlighted that the downturn could have a @ @ @ @ @ @ @ out more stimulus spending .
Read more : UK GDP shrinks : Economists warn worst yet to come as lockdown persists Many Wall Street figures have grown wary of the rally .
Legendary investor Stan Druckenmiller , former chairman of Duquesne Capital , yesterday said the economic situation meant the risk-reward trade off was one of the worst he has ever seen .
US Treasury bonds rose in price today , signalling that investors are seeking safe-haven assets .
The pound was down 0.3 per cent at $ 1.22 as the FTSE 100 @ @ @ @ @ @

FTSE 100 tumbles as investors doubt coronavirus recovery
City of London investors have become jittery today as doubts emerge about the coronavirus recovery
The FTSE 100 has fallen dramatically and US stocks have turned lower as doubts about the economic recovery set in following a gloomy speech by the governor of the US Federal Reserve.
Britain’s FTSE 100 index dropped 2.8 per cent to finish at 5,741 points. That wiped out all of May’s gains. The mid-cap FTSE 250 ended three per cent lower.
European markets also fell sharply. The continent-wide Stoxx 600 fell 2.2 per cent. Germany’s Dax was two per cent lower and France’s CAC was also down 1.7 per cent.
US stocks fell as Wall Street opened for trading after yet another dire jobs report. More than 36m Americans have now made new jobless claims since the coronavirus pandemic began.
The Dow Jones was down 0.3 per cent lower in early trading. The S&P 500 had fallen 0.7 per cent and the Nasdaq was 1.1 per cent lower.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Global investor sentiment has been dragged down by a speech from Fed chair Jay Powell. He said yesterday that the downturn could have a lasting influence unless the US government carries out more stimulus spending.
He warned that a “a prolonged recession and weak recovery” could result in an “an extended period of low productivity growth and stagnant incomes”. US indices dropped around two per cent yesterday.
Joshua Mahony, senior market analyst at trading platform IG, said: “Global markets are on the slide once again, with traders once again selling risk-assets as fears over another potential crash in stocks comes into view.”
“The lack of market direction over the past month has been a reflection of the uncertainty that has dominated for traders, with initial optimism over impending moves to ease lockdown measures gradually souring.”
FTSE 100 stocks battered
Investor nerves were also shaken after Trump attacked China on Twitter. He said: “We just made a great Trade Deal… and the World was hit by the Plague from China. 100 Trade Deals wouldn’t make up the difference – and all those innocent lives lost!”
Asian markets dropped overnight in the wake of the tweet. New coronavirus cases in Hong Kong, South Korea and China have also soured the mood.
In the UK, doubts about the recovery sent energy, construction and travel stocks tumbling on the FTSE 100.
Insurer Prudential was the biggest faller, however, dropping more than six per cent after it said its first-quarter sales in Asia fell 24 per cent to $986m due to coronavirus.
In a sign of the dangers of the pandemic for the insurance industry, insurance market Lloyd’s of London today said it expected to pay out $3bn to $4.3bn (£2.5bn to £3.5bn) in claims stemming from the pandemic.
FTSE 100 titans Shell and British Airways owner IAG both dropped more than five per cent. Housbuilders Persimmon, Barratt and Berkeley were also among the biggest fallers. Only four FTSE 100 stocks rose.
Fiona Cincotta, market analyst at City Index, said: “There will be fundamental changes to many industries.”
She said this will “simply mean that they won’t be able to return to pre-virus level output with social distancing measures in place”.
Doubts set in about recent rally
Stock markets have rallied dramatically in recent weeks, making up more than half of the catastrophic losses they suffered in March and February. The S&P 500 has climbed around 24 per cent since its March lows. The FTSE 100 has gained roughly 14 per cent in that time.
However, many analysts have questioned the rally. They say it does not match the economic reality of the deepest recession since the Great Depression. Now, new cases and rising US-China tensions are making investors nervous.
Fed chair Powell’s speech highlighted that the downturn could have a lasting influence unless the US government carries out more stimulus spending.
Many Wall Street figures have grown wary of the rally. Legendary investor Stan Druckenmiller, former chairman of Duquesne Capital, yesterday said the economic situation meant the risk-reward trade off was one of the worst he has ever seen.
Michael Hewson, chief market analyst at CMC Markets, said he was surprised that markets were only selling now as countries reopened.
“The likelihood of a V-shaped recovery has been a long shot for quite some time now,” he said. He added that it is a “surprise is that it’s taken markets so long to cotton on”.
US Treasury bonds rose in price today, signalling that investors are seeking safe-haven assets. The pound was down 0.3 per cent at $1.22 as investors also sought dollars.


cityam--2020-05-14--World Trade Organization head set for shock exit

The head of the World Trade Organization ( WTO ) is today set to announce his early departure , more than a year before the end of his term .
Brazilian Roberto Azevedo , 62 , has been director-general since 2013 and is serving a second term due to conclude at the end of August next year .
Read more : UK ready to slash tariffs on US agricultural imports in free trade talks – report Azevedo has summoned a virtual meeting to inform national members today of his decision to step down early , sources told Reuters .
His @ @ @ @ @ @ @ for the 25-year-old body , which has seen its role in settling disputes undermined after its appellate body was paralysed in December by a decision by Washington to block the appointment of judges .
The heads of delegations of the WTO ’ s 164 members were called to a special meeting to be held at 4pm ( 12pm GMT ) on Thursday to inform them about “ pressing WTO administrative issues ” .
The WTO said it would make an announcement following the meeting , but would not comment until then .
Read @ @ @ @ @ @ @ to give London a £383m per year boost The WTO club of 164 members , which is designed to set global trading rules , has not produced any major international accord since abandoning “ Doha Round ” negotiations in 2015 .
Its members are negotiating an agreement to cut subsidies for fishing to allow a revival of depleted fish stocks , while a smaller group are discussing a possible deal on e-commerce .
However , key differences remain and they are far from the consensus required to agree both deals .
Some members @ @ @ @ @ @ @ the European Union , are pushing for more fundamental reforms .
They say global trading rules need to reflect new realities , notably a far stronger China , and address problems such as state-led subsidies and forced technology transfers .
Read more : Exclusive : EU accused of ‘ politicising ’ City of London in Brexit trade talks Simon Evenett , professor of international trade and economic development at Switzerland ’ s University of St Gallen , said the next director-general would need to put the WTO back together again , with the @ @ @ @ @ @ @ , not Geneva .
“ The next leader of the WTO must command respect in the corridors of power of the major players .
This is not the time to promote another ambassador .
Someone with very senior government experience or global status is needed , ” Evenett said .

World Trade Organization head set for shock exit
World Trade Organization (WTO) Director General Roberto Azevedo (Photo by FABRICE COFFRINI/AFP via Getty Images)
The head of the World Trade Organization (WTO) is today set to announce his early departure, more than a year before the end of his term.
Brazilian Roberto Azevedo, 62, has been director-general since 2013 and is serving a second term due to conclude at the end of August next year.
Azevedo has summoned a virtual meeting to inform national members today of his decision to step down early, sources told Reuters.
His departure would come at a testing time for the 25-year-old body, which has seen its role in settling disputes undermined after its appellate body was paralysed in December by a decision by Washington to block the appointment of judges.
The heads of delegations of the WTO’s 164 members were called to a special meeting to be held at 4pm (12pm GMT) on Thursday to inform them about “pressing WTO administrative issues”.
The WTO said it would make an announcement following the meeting, but would not comment until then.
The WTO club of 164 members, which is designed to set global trading rules, has not produced any major international accord since abandoning “Doha Round” negotiations in 2015.
Its members are negotiating an agreement to cut subsidies for fishing to allow a revival of depleted fish stocks, while a smaller group are discussing a possible deal on e-commerce. However, key differences remain and they are far from the consensus required to agree both deals.
Some members, notably the US, Japan and the European Union, are pushing for more fundamental reforms. They say global trading rules need to reflect new realities, notably a far stronger China, and address problems such as state-led subsidies and forced technology transfers.
Simon Evenett, professor of international trade and economic development at Switzerland’s University of St Gallen, said the next director-general would need to put the WTO back together again, with the principle trade battles now in national capitals, not Geneva.
“The next leader of the WTO must command respect in the corridors of power of the major players. This is not the time to promote another ambassador. Someone with very senior government experience or global status is needed,” Evenett said.


cityam--2020-05-14--Greene King launches pub grub delivery service

Pub chain Greene King has launched a takeaway service from 29 London pubs to deliver meals across the capital during the coronavirus crisis .
The company said 29 of its Metropolitan Pub Company sites , including the Cricketers in Richmond and the World ’ s End in Finsbury Park , will offer delivery through Deliveroo from 22 May .
Additionally , 10 of the pubs will also offer a click and collect service for gastro pub meals such as fish and chips and Sunday roasts .
Greene King said extra social distancing measures will be in place such as separate @ @ @ @ @ @ @ system for customers and hand sanitiser at the pub entrance .
Greene King chief executive Nick Mackenzie said : “ We have selected pubs carefully for this initial roll out based on suitable layout of pubs as we ensure we not only adhere to all government guidance but further precautions we are choosing to implement too .
“ It ’ s important for us that our team feel safe in the workplace so we have consulted them every step of the way , giving the option to return to work for those who @ @ @ @ @ @ @ personal circumstances allow.
” Read more : Marston ’ s secures £70m liquidity as brewer prepares for sustained pub closures Greene King said NHS and emergency services will get a 50 per centdiscount at the 10 pubs which are offering collection .
Which Greene King pubs will open for delivery ?

Greene King launches pub grub delivery service
Pub chain Greene King has launched a takeaway service from 29 London pubs to deliver meals across the capital during the coronavirus crisis.
The company said 29 of its Metropolitan Pub Company sites, including the Cricketers in Richmond and the World’s End in Finsbury Park, will offer delivery through Deliveroo from 22 May.
Additionally, 10 of the pubs will also offer a click and collect service for gastro pub meals such as fish and chips and Sunday roasts.
Greene King said extra social distancing measures will be in place such as separate entrances for delivery drivers, a one-way system for customers and hand sanitiser at the pub entrance.
Greene King chief executive Nick Mackenzie said: “We have selected pubs carefully for this initial roll out based on suitable layout of pubs as we ensure we not only adhere to all government guidance but further precautions we are choosing to implement too.
“It’s important for us that our team feel safe in the workplace so we have consulted them every step of the way, giving the option to return to work for those who work in these selected pubs if their personal circumstances allow.”
Greene King said NHS and emergency services will get a 50 per centdiscount at the 10 pubs which are offering collection.
Which Greene King pubs will open for delivery?


cityam--2020-05-14--Four fintech forums growing in importance to women investors

Based on my 10 years of research , I know that financial independence – being able to pay one ’ s way without having to work or rely on others – is a critical theme for women .
In my recent global survey , when women were asked the most important reason why they invest , the second most popular answer was ‘ to become more financially independent ’ behind the unsurprising first choice , ‘ fund my retirement ’ .
Historically , women have been less likely to invest than men .
But that is changing fast .
Women @ @ @ @ @ @ @ forums that are helping them get started .
Copy trading is investing in the wake of another investor , mimicking their trades in real time .
There are several copy trading platforms , such as Israel-based e-Toro .
Most influential traders on these platforms integrate social media to communicate and explain their strategies .
Traders normally earn a revenue share from the trading commissions generated by their followers on the platform .
Sandra Bourbon started investing in her own ‘ Future Feminist ’ gender-equality stock portfolio five years ago .
Today , about @ @ @ @ @ @ @ portfolio of shares as Bourbon using Shareville , Nordnet ’ s social investment network .
Bourbon engages with her followers largely through Instagram .
When I interviewed her recently in Sweden , she said that most of their questions these days revolve around the COVID-19 epidemic ’ s impact on the stock market .
Her advice ?
“ I will keep investing in gender-equal companies that I believe in .
I have only invested in eight stocks .
The best performer under the present circumstances is ICA Gruppen – they own all of @ @ @ @ @ @ @ communities are networks that promote communication about all aspects of investing , including portfolio tracking and performance comparison and competition .
These investment communities live on social media , primarily Facebook and Instagram , and are especially popular in Scandinavia .
Linnéa Schmidt , a cancer researcher , founded the popular Facebook community Moneypenny .
She and her partners now administer several Facebook communities in the Nordics .
Combined , these communities number more than 200,000 members .
Starting Moneypenny has changed Schmidt ’ s aspirations for her professional life .
“ My @ @ @ @ @ @ @ my full-time job , ” she told me .
“ Cancer research is important , but so is getting women to start investing , and ( unlike medical research ) I can see the results of my efforts and have an impact immediately.
” Mobile investment clubs invite friends , family and colleagues to join an app , link accounts and begin investing together .
Once established , these clubs can compete with one another .
I am yet to encounter any formal online investment clubs other than Vancouver-based Voleo .
Voleo , @ @ @ @ @ @ @ US only , is the empress of mobile investment clubs : almost one in two of their investors are female .
Women can solo trade on Voleo , team up with a club or start their own .
Inside the clubs , members debate investment ideas and then vote on buying .
The clubs track their performance and can compete with other investment clubs across the globe .
Votes are tracked for each trade that clubs do not approve , so the app has an ‘ I told you so ’ feature .
@ @ @ @ @ @ @ Stock Sisters , a Voleo investment club composed of eight African-Americans who meet regularly online .
Spires told me : “ Each week one of us analyses two companies and then presents our recommendation .
Being accountable to the group helps so much – we have to be fully prepared for our meetings.
” Subscription-based online learning , or e-learning , is already a trend in universities and is gaining more momentum as a result of COVID-19 .
Female Invest is Scandinavia ’ s largest online investment education platform for women .
Topics @ @ @ @ @ @ @ COVID-19 means for markets and how to invest in bear markets .
I spoke to co-founder Anna-Sophie Hartvigsen , who was recently listed as among Forbes ‘ s 30 under 30 .
“ After launch [ in 2017 ] a lot of media covered our story and within the first one or two months some of the big banks reached out to collaborate .
Our educational events are in partnership with the banks – there is no product promotion : we are independent .
“ For the last year we have gone all-in @ @ @ @ @ @ @ a for-profit company .
During that time , we have launched a digital learning platform , created a subscription business , reached thousands of women across borders and attracted 25,000 attendees to our events .
“ The demand for this type of investor education is global .
In November of 2020 we launched our subscription model offering access to video courses and investment tips for a monthly fee of DKK 59 [ about £6.90 ] .
” In these times of self-isolation and social distancing , online activities are fundamental to our day-to-day @ @ @ @ @ @ @ to embrace online investing platforms , clubs and communities .
Recent market declines may have created an entry opportunity , just like that of the 2008-2009 financial crisis .
Financial knowledge builds confidence and the freedom to pursue the careers and lives that we want .
In Hartvigsen ’ s words : “ We work to unite all the women who want to be the boss of their own money and begin their investing journeys.
” If you liked this post , don ’ t forget to subscribe to the Enterprising Investor .
@ @ @ @ @ @ @ author .
As such , they should not be construed as investment advice , nor do the opinions expressed necessarily reflect the views of CFA Institute or the author ’ s employer .

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Four fintech forums growing in importance to women investors
Based on my 10 years of research, I know that financial independence – being able to pay one’s way without having to work or rely on others – is a critical theme for women.
In my recent global survey, when women were asked the most important reason why they invest, the second most popular answer was ‘to become more financially independent’ behind the unsurprising first choice, ‘fund my retirement’.
Historically, women have been less likely to invest than men. But that is changing fast. Women are increasingly taking advantage of four fintech forums that are helping them get started.
1. Copy Trading: ‘Future Feminist’
Copy trading is investing in the wake of another investor, mimicking their trades in real time. There are several copy trading platforms, such as Israel-based e-Toro. Most influential traders on these platforms integrate social media to communicate and explain their strategies. Traders normally earn a revenue share from the trading commissions generated by their followers on the platform.
Sandra Bourbon started investing in her own ‘Future Feminist’ gender-equality stock portfolio five years ago. Today, about 20,000 investors follow and buy the same portfolio of shares as Bourbon using Shareville, Nordnet’s social investment network.
Bourbon engages with her followers largely through Instagram. When I interviewed her recently in Sweden, she said that most of their questions these days revolve around the COVID-19 epidemic’s impact on the stock market. Her advice? “I will keep investing in gender-equal companies that I believe in. I have only invested in eight stocks. The best performer under the present circumstances is ICA Gruppen – they own all of the major supermarkets in Sweden.”
2. Social Communities: ‘Moneypenny’
Social communities are networks that promote communication about all aspects of investing, including portfolio tracking and performance comparison and competition. These investment communities live on social media, primarily Facebook and Instagram, and are especially popular in Scandinavia.
Linnéa Schmidt, a cancer researcher, founded the popular Facebook community Moneypenny. She and her partners now administer several Facebook communities in the Nordics. Combined, these communities number more than 200,000 members.
Starting Moneypenny has changed Schmidt’s aspirations for her professional life. “My hope is to eventually make this work my full-time job,” she told me. “Cancer research is important, but so is getting women to start investing, and (unlike medical research) I can see the results of my efforts and have an impact immediately.”
3. Mobile Investment Clubs: ‘Voleo’
Mobile investment clubs invite friends, family and colleagues to join an app, link accounts and begin investing together. Once established, these clubs can compete with one another.
I am yet to encounter any formal online investment clubs other than Vancouver-based Voleo. Voleo, whose app is currently available in the US only, is the empress of mobile investment clubs: almost one in two of their investors are female.
Women can solo trade on Voleo, team up with a club or start their own. Inside the clubs, members debate investment ideas and then vote on buying. The clubs track their performance and can compete with other investment clubs across the globe. Votes are tracked for each trade that clubs do not approve, so the app has an ‘I told you so’ feature.
Randiesa Spires is the president of Florida Stock Sisters, a Voleo investment club composed of eight African-Americans who meet regularly online. Spires told me: “Each week one of us analyses two companies and then presents our recommendation. Being accountable to the group helps so much – we have to be fully prepared for our meetings.”
4. Subscription-Based e-Learning: ‘Female Invest’
Subscription-based online learning, or e-learning, is already a trend in universities and is gaining more momentum as a result of COVID-19.
Female Invest is Scandinavia’s largest online investment education platform for women. Topics include an introduction to investing, what COVID-19 means for markets and how to invest in bear markets.
I spoke to co-founder Anna-Sophie Hartvigsen, who was recently listed as among Forbes‘s 30 under 30. “After launch [in 2017] a lot of media covered our story and within the first one or two months some of the big banks reached out to collaborate. Our educational events are in partnership with the banks – there is no product promotion: we are independent.
“For the last year we have gone all-in as full-time entrepreneurs and now we are a for-profit company. During that time, we have launched a digital learning platform, created a subscription business, reached thousands of women across borders and attracted 25,000 attendees to our events.
“The demand for this type of investor education is global. In November of 2020 we launched our subscription model offering access to video courses and investment tips for a monthly fee of DKK 59 [about £6.90].”
In these times of self-isolation and social distancing, online activities are fundamental to our day-to-day productivity. Advisers need to encourage people to embrace online investing platforms, clubs and communities.
Recent market declines may have created an entry opportunity, just like that of the 2008-2009 financial crisis.
Financial knowledge builds confidence and the freedom to pursue the careers and lives that we want. In Hartvigsen’s words: “We work to unite all the women who want to be the boss of their own money and begin their investing journeys.”
If you liked this post, don’t forget to subscribe to the Enterprising Investor.
By Barbara Stewart, CFA
All posts are the opinion of the author. As such, they should not be construed as investment advice, nor do the opinions expressed necessarily reflect the views of CFA Institute or the author’s employer.
Image credit: Getty Images / Maskot


cityam--2020-05-14--Domino's slams Amazon's £442m investment in Deliveroo

Pizza takeaway chain Domino ’ s has slammed a watchdog ’ s decision to give the go-ahead to Amazon ’ s £442m investment in Deliveroo , saying the decision will harm competition and consumers .
The Competition and Markets Authority ( CMA ) provisionally cleared the investment in April over concerns that Deliveroo could collapse without extra financial backing due restaurant closures during the coronavirus crisis .
However , in evidence to the CMA published today , Domino ’ s said the watchdog had taken “ a short-term view unduly influenced by Covid-19 ” .
“ The effect of the @ @ @ @ @ @ @ the Amazon ecosystem and opens up the real possibility of this dominance being leveraged into restaurant home delivery to the detriment of consumers , ” Domino ’ s said .
It added : “ Just as Amazon marketplace has become an essential route to market for e-commerce retailers , the same could become true of restaurant and grocery home delivery , with Amazon/Deliveroo controlling the gateway to consumers in the online food delivery sector.
” Pub chain All Our Bars also said the deal could be negative for competition and consumers .
“ @ @ @ @ @ @ @ with finance , then they should take the routes that the bricks and mortar retailers have had to take and you should not allow Amazon to take dominance in one of the last areas where they do not pervade , ” said Paul Wigham , chief executive of the group , which owns pubs across south east England .
The CMA called the situation “ wholly unprecedented ” but said the cash was “ realistically only available from Amazon ” when it granted provisional approval to the deal in April .
Read more @ @ @ @ @ @ @ crashes the tech titan party Restaurants and cafes were closed in late March under coronavirus lockdown orders from the government , impacting Deliveroo ’ s revenues .
In its response to the CMA today Amazon welcomed the decision but said it was false to claim it would have “ material influence ” over Deliveroo following the deal .

Domino’s slams Amazon’s £442m investment in Deliveroo
Pizza takeaway chain Domino’s has slammed a watchdog’s decision to give the go-ahead to Amazon’s £442m investment in Deliveroo, saying the decision will harm competition and consumers.
The Competition and Markets Authority (CMA) provisionally cleared the investment in April over concerns that Deliveroo could collapse without extra financial backing due restaurant closures during the coronavirus crisis.
However, in evidence to the CMA published today, Domino’s said the watchdog had taken “a short-term view unduly influenced by Covid-19”.
“The effect of the transaction is to reinforce the dominance of the Amazon ecosystem and opens up the real possibility of this dominance being leveraged into restaurant home delivery to the detriment of consumers,” Domino’s said.
It added: “Just as Amazon marketplace has become an essential route to market for e-commerce retailers, the same could become true of restaurant and grocery home delivery, with Amazon/Deliveroo controlling the gateway to consumers in the online food delivery sector.”
Pub chain All Our Bars also said the deal could be negative for competition and consumers.
“If they [Deliveroo] have issues with finance, then they should take the routes that the bricks and mortar retailers have had to take and you should not allow Amazon to take dominance in one of the last areas where they do not pervade,” said Paul Wigham, chief executive of the group, which owns pubs across south east England.
The CMA called the situation “wholly unprecedented” but said the cash was “realistically only available from Amazon” when it granted provisional approval to the deal in April.
Restaurants and cafes were closed in late March under coronavirus lockdown orders from the government, impacting Deliveroo’s revenues.
In its response to the CMA today Amazon welcomed the decision but said it was false to claim it would have “material influence” over Deliveroo following the deal.


cityam--2020-05-14--Three quarters of UK businesses apply for furlough scheme

More than three quarters of UK businesses have applied for the government ’ s job retention scheme , according to an official survey that laid bare the extent to which the furlough programme is supporting the economy .
The Office for National Statistics ( ONS ) said 76 per cent of UK firms had applied for the scheme , up from 66 per cent a fortnight ago .
The centrepiece of the government ’ s economic support , it pays 80 per cent of “ furloughed ” workers ’ wages up to £2,500 a month .
The survey also revealed @ @ @ @ @ @ @ with 44 per cent saying their cash reserves will only last six months .
Businesses were relieved when chancellor Rishi Sunak on Monday extended the furlough scheme until October at its current 80 per cent level .
He said companies would have to start sharing some of the cost from August , however , and estimated it is costing the government £8bn a month .
Sunak said the scheme , which supports 7.5m workers , would aid Britain ’ s economic recovery .
He told the House of Commons : “ We stood @ @ @ @ @ @ @ as we came into this crisis , and we will stand behind them as we come through the other side.
” Today ’ s ONS figures also showed that 22 per cent of businesses surveyed between 20 April 20 and 3 May had paused trading .
Encouragingly , less than one per cent had closed for good .
However , economists have warned that there is likely to be a wave of company failures when the government eventually winds down its support .
Exacerbating their cashflow problems , 61 per cent of firms @ @ @ @ @ @ @ began .
A quarter said turnover had fallen by more than 50 per cent .
Read more : Furlough : When will the job retention scheme end ?
The outlook for companies is not bright .
The Bank of England said last week that GDP could crash 25 per cent in the second quarter , driving the economy to its worst year since the 1700s .
However , it predicted a strong bounceback , with GDP growing 15 per cent in 2021 .
It praised the government ’ s support schemes , saying @ @ @ @ @ @ @ of the economy .

Three quarters of UK businesses apply for furlough scheme
Small businesses across the country have turned to the government’s job retention scheme amid the coronavirus pandemic
More than three quarters of UK businesses have applied for the government’s job retention scheme, according to an official survey that laid bare the extent to which the furlough programme is supporting the economy.
The Office for National Statistics (ONS) said 76 per cent of UK firms had applied for the scheme, up from 66 per cent a fortnight ago. The centrepiece of the government’s economic support, it pays 80 per cent of “furloughed” workers’ wages up to £2,500 a month.
The survey also revealed the fragility of many UK businesses, with 44 per cent saying their cash reserves will only last six months.
Businesses were relieved when chancellor Rishi Sunak on Monday extended the furlough scheme until October at its current 80 per cent level. He said companies would have to start sharing some of the cost from August, however, and estimated it is costing the government £8bn a month.
Sunak said the scheme, which supports 7.5m workers, would aid Britain’s economic recovery. He told the House of Commons: “We stood behind Britain’s workers and businesses as we came into this crisis, and we will stand behind them as we come through the other side.”
Today’s ONS figures also showed that 22 per cent of businesses surveyed between 20 April 20 and 3 May had paused trading. Encouragingly, less than one per cent had closed for good.
However, economists have warned that there is likely to be a wave of company failures when the government eventually winds down its support.
Exacerbating their cashflow problems, 61 per cent of firms said turnover was lower since the lockdown began. A quarter said turnover had fallen by more than 50 per cent.
The outlook for companies is not bright. The Bank of England said last week that GDP could crash 25 per cent in the second quarter, driving the economy to its worst year since the 1700s.
However, it predicted a strong bounceback, with GDP growing 15 per cent in 2021. It praised the government’s support schemes, saying they should prevent long-term “scarring” of the economy.


cityam--2020-05-14--Times Radio snaps up Sun political editor Tom Newton Dunn

Times Radio today said it has appointed The Sun ’ s political editor Tom Newton Dunn as a presenter and chief political commentator .
It is the latest high-profile appointment for the new radio station , which is due to be launched this summer by Rupert Murdoch ’ s News UK empire .
Read more : Times Radio taps BBC and Channel 4 stars ahead of summer launch Newton Dunn has worked at the Sun for 16 years , joining first as defence editor before becoming political editor in 2009 .
He will present a weekly show on Times Radio @ @ @ @ @ @ @ such as election nights and the Budget .
“ It ’ s hugely exciting to be involved in the launch of Times Radio , ” Newton Dunn said .
“ We hope to do everything a little differently , and give listeners warmth with intelligence .
The world of broadcast is a great new challenge that I can ’ t wait to throw myself into.
” The Sun today said that Newton Dunn will be placed by Harry Cole , who currently serves as deputy political editor at the Mail on Sunday .
@ @ @ @ @ @ @ Sun ’ s Westminster correspondent , will lead the paper ’ s political coverage across its print and digital formats .
“ I am thrilled to be coming home to The Sun in my dream job and hitting the daily grind as British politics continues its manic roller coaster ride , ” he said .
The reshuffle comes as News UK bolsters its line-up of presenters ahead of the launch of Times Radio , which has been slated as a major new rival to BBC Radio 4 .
Aasmah Mir , Cathy Newman @ @ @ @ @ @ @ among the other high-profile names to have joined the venture .
The digital radio station will be advert-free , with executives hoping to use the programming to attract new subscribers to its newspapers .

Times Radio snaps up Sun political editor Tom Newton Dunn
Times Radio today said it has appointed The Sun’s political editor Tom Newton Dunn as a presenter and chief political commentator.
It is the latest high-profile appointment for the new radio station, which is due to be launched this summer by Rupert Murdoch’s News UK empire.
Newton Dunn has worked at the Sun for 16 years, joining first as defence editor before becoming political editor in 2009.
He will present a weekly show on Times Radio as well as covering major political events such as election nights and the Budget.
“It’s hugely exciting to be involved in the launch of Times Radio,” Newton Dunn said.
“We hope to do everything a little differently, and give listeners warmth with intelligence. The world of broadcast is a great new challenge that I can’t wait to throw myself into.”
The Sun today said that Newton Dunn will be placed by Harry Cole, who currently serves as deputy political editor at the Mail on Sunday.
Cole, who previously worked as the Sun’s Westminster correspondent, will lead the paper’s political coverage across its print and digital formats.
“I am thrilled to be coming home to The Sun in my dream job and hitting the daily grind as British politics continues its manic roller coaster ride,” he said.
The reshuffle comes as News UK bolsters its line-up of presenters ahead of the launch of Times Radio, which has been slated as a major new rival to BBC Radio 4.
Aasmah Mir, Cathy Newman, John Pienaar and Michael Portillo are among the other high-profile names to have joined the venture.
The digital radio station will be advert-free, with executives hoping to use the programming to attract new subscribers to its newspapers.


cityam--2020-05-14--Government urged to help property market recover amid UK house price slump

The government has been urged to provide measures to help the property market to recover , after the latest research warned that UK house prices are set to plunge this year .
The Royal Institution of Chartered Surveyors ( Rics ) reiterated its call for a stamp duty holiday to encourage buyers , warning that UK house prices were set to plunge this year despite the recent easing of lockdown restrictions .
Read more : How badly will coronavirus hit UK house prices in 2020 ?
More than 40 per cent of respondents to the Rics survey said prices could @ @ @ @ @ @ @ , while 35 per cent said they will be four per cent lower .
In total a net balance of minus 21 per cent of respondents reported a decline in UK house prices in April as the market came to a standstill during the lockdown .
However , the government last night announced it would relax rules to allow estate agents reopen , and let potential buyers view properties .
Rics head of UK Government relations Hew Edgar said : “ Rics last month called on the UK Government to explore confidence-boosting measures @ @ @ @ @ @ @ , and the data suggests that our proposal for a stamp duty holiday would be a successful change that would boost transactional activity , helping people move home .
“ There are , of course , other options available to fovernment as they reopen the market , notwithstanding stamp duty options such as reducing or removing stamp duty for downsizers that would kickstart market fluidity , and we look forward to continuing conversations as the market starts to move again.
” In total 80 per cent of respondents to the survey said both @ @ @ @ @ @ @ transactions in April .
The agreed sales balance for the month plunged to minus 92 per cent , down from minus 68 per cent in March .
According to the research , 62 per cent of respondents believed a stamp duty holiday would help the market to recover after the pandemic by lifting sales and leaving prices relatively unchanged .
Read more : UK house prices dip in April as coronavirus lockdown brings market to standstill A net balance of minus 93 per cent of respondents reported a decline in buyer enquiries during @ @ @ @ @ @ @ cent the previous month .
New instructions also continued to fall , and 96 per cent of respondents reported a drop rather than a rise of new properties being listed for sale , the worst reading on record .
Jeremy Leaf , north London estate agent and former Rics residential chairman , said : ’ ’ This data , though interesting , has largely been overshadowed by the re-opening of the property market yesterday so the next survey is likely to be quite different , bearing in mind the spike in enquiries which @ @ @ @ @ @ @ near-term expectations show that we shouldn ’ t get carried away by this sudden release of pent-up demand .
“ Many bigger hurdles remain for homebuyers and sellers , not least in arranging visits safely and securely , as well as ensuring that previous as well as new lending arrangements are in place on the same or similar terms.
” Knight Frank head of London residential research Tom Bill said : “ We expect UK house prices will continue to decline over the summer as the bad economic news racks up .
“ @ @ @ @ @ @ @ are likely to be behind us and there may be upwards pressure on prices in the final two quarters of the year if , as many expect , economic activity rebounds .
”

Government urged to help property market recover amid UK house price slump
The government has been urged to provide measures to help the property market to recover, after the latest research warned that UK house prices are set to plunge this year.
The Royal Institution of Chartered Surveyors (Rics) reiterated its call for a stamp duty holiday to encourage buyers , warning that UK house prices were set to plunge this year despite the recent easing of lockdown restrictions.
More than 40 per cent of respondents to the Rics survey said prices could fall by more than four per cent, while 35 per cent said they will be four per cent lower.
In total a net balance of minus 21 per cent of respondents reported a decline in UK house prices in April as the market came to a standstill during the lockdown.
However, the government last night announced it would relax rules to allow estate agents reopen, and let potential buyers view properties.
Rics head of UK Government relations Hew Edgar said: “Rics last month called on the UK Government to explore confidence-boosting measures for the residential market as it reopens, and the data suggests that our proposal for a stamp duty holiday would be a successful change that would boost transactional activity, helping people move home.
“There are, of course, other options available to fovernment as they reopen the market, notwithstanding stamp duty options such as reducing or removing stamp duty for downsizers that would kickstart market fluidity, and we look forward to continuing conversations as the market starts to move again.”
In total 80 per cent of respondents to the survey said both buyers and sellers had pulled out of transactions in April. The agreed sales balance for the month plunged to minus 92 per cent, down from minus 68 per cent in March.
According to the research, 62 per cent of respondents believed a stamp duty holiday would help the market to recover after the pandemic by lifting sales and leaving prices relatively unchanged.
A net balance of minus 93 per cent of respondents reported a decline in buyer enquiries during April, dropping from minus 76 per cent the previous month.
New instructions also continued to fall, and 96 per cent of respondents reported a drop rather than a rise of new properties being listed for sale, the worst reading on record.
Jeremy Leaf, north London estate agent and former Rics residential chairman, said: ’’This data, though interesting, has largely been overshadowed by the re-opening of the property market yesterday so the next survey is likely to be quite different, bearing in mind the spike in enquiries which followed the announcement.
“Nevertheless, near-term expectations show that we shouldn’t get carried away by this sudden release of pent-up demand.
“Many bigger hurdles remain for homebuyers and sellers, not least in arranging visits safely and securely, as well as ensuring that previous as well as new lending arrangements are in place on the same or similar terms.”
Knight Frank head of London residential research Tom Bill said: “We expect UK house prices will continue to decline over the summer as the bad economic news racks up.
“However, the worst of the declines are likely to be behind us and there may be upwards pressure on prices in the final two quarters of the year if, as many expect, economic activity rebounds.”


cityam--2020-05-14--TfL agrees £1.6bn bailout deal with government

TfL tonight agreed a £1.6bn bailout deal with central government after London mayor Sadiq Khan warned that without an emergency cash injection the transport system would run out of cash .
The bailout is made up of £1.1bn in cash with a £500m loan .
Read more : Sadiq Khan warns TfL will run out of cash today without government bailout Number 10 has attached a number of conditions to the bailout including the return of a full tube service .
Other conditions include a review of TfL ’ s finances and government officials taking seats on the board that @ @ @ @ @ @ @ source said : “ The government has belatedly agreed financial support for TfL to deal with covid-19 – as they have for every other train and bus operator in the country .
“ But they have forced ordinary Londoners to pay a very heavy price for doing the right thing on covid-19 by hiking TfL fares , temporarily suspending the Freedom Pass at busy times and loading TfL with debt that Londoners will pay for in the long run.
” Conservative mayoral candidate Shaun Bailey said : “ What has happened tonight in @ @ @ @ @ @ @ been exposed as being such an incompetent mayor , that the government have had to take control of the TfL board and its finances as a condition of the bailout that he had to beg them for .
“ As the upcoming review of TfL ’ s finances will show , the coronavirus highlighted existing structural flaws within TfL ’ s balance sheet – the primary cause was our profligate mayor .
“ Once the virus recedes there will be a day of reckoning and Khan will be held to account .
When @ @ @ @ @ @ @ assembly , he better be ready to explain why TfL ’ s finances were in such a sorry state .
“ I have only one question for the mayor for now .
Given you haven ’ t completed a single major infrastructure upgrade since you took office , where did all the money go ?
” Sign up to City A.M. ’ s Midday Update newsletter , delivered to your inbox every lunchtime Earlier Khan warned that TfL would cut bus and tube services if it did not receive a bailout today .
@ @ @ @ @ @ @ “ Being blunt , today is the last day .
Unless the government gives us confirmation of the grant we need , then the consequences could be quite severe and the ramifications for all of us will be huge .
“ Because we are required to keep two months ’ money to pay for services , we ’ ll have to start reducing services ” .
Read more : Grant Shapps ‘ optimistic ’ of TfL bailout deal , but signals potential fare rises TfL has to issue a Section 114 notice if @ @ @ @ @ @ @ which would have happened today , Khan said .
This notice is the equivalent of a public company going bust and means strict spending restrictions will be implemented .
TfL has suffered a 95 per cent drop in Tube fares and an 85 per cent drop in bus fares due to the covid-19 lockdown .
Transport secretary Grant Shapps earlier signalled that any bailout of TfL could lead to an increase in fares which have been frozen since 2016 .
“ It ’ s very important in providing a rescue package that TfL @ @ @ @ @ @ @ that we don ’ t end up in a situation where those outside the capital are unfairly carrying the burden , ” he said .
“ Sadly…fares do end up having to rise with inflation , if not there ’ s less money going into the system .
If you have consistent freezes , it means that less money is going into the system .
“ You can ’ t , then , have an unfair settlement where other British taxpayers are effectively bailing out the system .
”

TfL agrees £1.6bn bailout deal with government
Packed tubes and fewer vaccinated youth are likely what fuelled London’s shift to home working more than any other UK region.
TfL tonight agreed a £1.6bn bailout deal with central government after London mayor Sadiq Khan warned that without an emergency cash injection the transport system would run out of cash.
The bailout is made up of £1.1bn in cash with a £500m loan.
Number 10 has attached a number of conditions to the bailout including the return of a full tube service.
Other conditions include a review of TfL’s finances and government officials taking seats on the board that oversees the transport operator.
A mayoral source said: “The government has belatedly agreed financial support for TfL to deal with covid-19 – as they have for every other train and bus operator in the country.
“But they have forced ordinary Londoners to pay a very heavy price for doing the right thing on covid-19 by hiking TfL fares, temporarily suspending the Freedom Pass at busy times and loading TfL with debt that Londoners will pay for in the long run.”
Conservative mayoral candidate Shaun Bailey said: “What has happened tonight in London is extraordinary. Sadiq Khan has been exposed as being such an incompetent mayor, that the government have had to take control of the TfL board and its finances as a condition of the bailout that he had to beg them for.
“As the upcoming review of TfL’s finances will show, the coronavirus highlighted existing structural flaws within TfL’s balance sheet – the primary cause was our profligate mayor.
“Once the virus recedes there will be a day of reckoning and Khan will be held to account. When he eventually decides to face the London assembly, he better be ready to explain why TfL’s finances were in such a sorry state.
“I have only one question for the mayor for now. Given you haven’t completed a single major infrastructure upgrade since you took office, where did all the money go?”
Sign up to City A.M.’s Midday Update newsletter, delivered to your inbox every lunchtime
Earlier Khan warned that TfL would cut bus and tube services if it did not receive a bailout today.
Speaking to LBC, Khan said: “Being blunt, today is the last day. Unless the government gives us confirmation of the grant we need, then the consequences could be quite severe and the ramifications for all of us will be huge.
“Because we are required to keep two months’ money to pay for services, we’ll have to start reducing services”.
TfL has to issue a Section 114 notice if its cash reserves fall below £1.2bn, which would have happened today, Khan said.
This notice is the equivalent of a public company going bust and means strict spending restrictions will be implemented.
TfL has suffered a 95 per cent drop in Tube fares and an 85 per cent drop in bus fares due to the covid-19 lockdown.
Transport secretary Grant Shapps earlier signalled that any bailout of TfL could lead to an increase in fares which have been frozen since 2016.
“It’s very important in providing a rescue package that TfL and the London mayor can work with that we don’t end up in a situation where those outside the capital are unfairly carrying the burden,” he said.
“Sadly…fares do end up having to rise with inflation, if not there’s less money going into the system. If you have consistent freezes, it means that less money is going into the system.
“You can’t, then, have an unfair settlement where other British taxpayers are effectively bailing out the system.”


cityam--2020-05-14--Grant Shapps 'optimistic' of TfL bailout deal, but signals potential fare rises

Transport secretary Grant Shapps has said he is “ optimistic ” a deal can be struck to rescue struggling Transport for London ( TfL ) , while signalling that fare hikes may be a condition of any bailout .
Shapps said at today ’ s press briefing that a bailout was on its way for TfL , just hours after Sadiq Khan said he would cut services if the government didn ’ t agree to a rescue package today .
Read more : Sadiq Khan warns TfL will run out of cash today without government bailout Khan told LBC this @ @ @ @ @ @ @ about to drop below £1.2bn , which is the minimum buffer it must hold as mandated by the government .
It has suffered from a 95 per cent drop in Tube fares and an 85 per cent drop in bus fares due to the Covid-19 lockdown .
He issued an ultimatum to the government , demanding the government agree to a bailout today or he would slash TfL services .
It is believed City Hall is asking for up to £2bn in emergency funding .
Listen to our daily City View podcast as @ @ @ @ @ @ @ impact of the coronavirus pandemic .
Shapps said he was confident a deal would get done and urged Khan to increase TfL services back to pre-lockdown levels .
“ We are now in a situation where I am optimistic of having a solution with TfL and the mayor of London , ” he said .
“ We don ’ t know what the long term will be , but I am confident TfL , London Underground and buses will continue to run and I ’ m encouraging the mayor to get that back @ @ @ @ @ @ @ quickly .
As people travel more it ’ s important we do not have overcrowding.
” However , Shapps ’ words came with a caveat .
The transport secretary indicated that a condition of the bailout could be that Khan raises fares , after he has kept them frozen since 2016 .
“ It ’ s very important in providing a rescue package that TfL and the London mayor can work with that we don ’ t end up in a situation where those outside the capital are unfairly carrying the burden , @ @ @ @ @ @ @ end up having to rise with inflation , if not there ’ s less money going into the system .
If you have consistent freezes , it means that less money is going into the system .
“ You can ’ t , then , have an unfair settlement where other British taxpayers are effectively bailing out the system.
” The Sunday Times reported last week that TfL had just £2bn in the bank and would run out of cash in two months without government support .
The hit to TfL ’ s @ @ @ @ @ @ @ come at a worse time , after it had compiled an estimated £11bn in debt in recent years .
The transport body had a projected 2019-20 deficit of around £220m , which was a vast improvement on initial estimates .
TfL ’ s finances have been affected by the government reducing its contribution to the body by £700m per year , Crossrail ’ s budget blowouts and Khan ’ s fares freeze for single journeys implemented in 2016 .

Grant Shapps ‘optimistic’ of TfL bailout deal, but signals potential fare rises
Passengers sit in a quiet London Underground tube train in London on May 14, 2020 after a partial loosening of the coronavirus lockdown guidelines.
Transport secretary Grant Shapps has said he is “optimistic” a deal can be struck to rescue struggling Transport for London (TfL), while signalling that fare hikes may be a condition of any bailout.
Shapps said at today’s press briefing that a bailout was on its way for TfL, just hours after Sadiq Khan said he would cut services if the government didn’t agree to a rescue package today.
Khan told LBC this morning that TfL’s coffers was about to drop below £1.2bn, which is the minimum buffer it must hold as mandated by the government.
It has suffered from a 95 per cent drop in Tube fares and an 85 per cent drop in bus fares due to the Covid-19 lockdown.
He issued an ultimatum to the government, demanding the government agree to a bailout today or he would slash TfL services.
It is believed City Hall is asking for up to £2bn in emergency funding.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Shapps said he was confident a deal would get done and urged Khan to increase TfL services back to pre-lockdown levels.
“We are now in a situation where I am optimistic of having a solution with TfL and the mayor of London,” he said.
“We don’t know what the long term will be, but I am confident TfL, London Underground and buses will continue to run and I’m encouraging the mayor to get that back to 100 per cent [capacity] quickly. As people travel more it’s important we do not have overcrowding.”
However, Shapps’ words came with a caveat.
The transport secretary indicated that a condition of the bailout could be that Khan raises fares, after he has kept them frozen since 2016.
“It’s very important in providing a rescue package that TfL and the London mayor can work with that we don’t end up in a situation where those outside the capital are unfairly carrying the burden,” he said.
“Sadly…fares do end up having to rise with inflation, if not there’s less money going into the system. If you have consistent freezes, it means that less money is going into the system.
“You can’t, then, have an unfair settlement where other British taxpayers are effectively bailing out the system.”
The Sunday Times reported last week that TfL had just £2bn in the bank and would run out of cash in two months without government support.
The hit to TfL’s finances from the virus could not have come at a worse time, after it had compiled an estimated £11bn in debt in recent years.
The transport body had a projected 2019-20 deficit of around £220m, which was a vast improvement on initial estimates.
TfL’s finances have been affected by the government reducing its contribution to the body by £700m per year, Crossrail’s budget blowouts and Khan’s fares freeze for single journeys implemented in 2016.


cityam--2020-05-14--France to push ahead with tax on internet giants despite US anger

France will push ahead with its tax on internet giants this year , its finance minister said today .
In January France offered to suspend its tax on big digital companies ’ income in until the end of the year while an international agreement on cross-border taxation was negotiated this year .
Read more : France warns of tech tax chaos if global deal not reached this year “ Never has a digital tax been more legitimate and more necessary , ” Finance Minister Bruno Le Maire told journalists , adding that big digital companies were doing better than most @ @ @ @ @ @ @ countries are negotiating the first major rewriting of international tax rules in more than a generation , to take better account of the rise of big tech companies that often book profit in low-tax countries .
However , the fallout from the coronavirus outbreak has left finance ministries more focused on saving their economies than overhauling outdated tax rules , making a deadline of the end of the year to wrap up the talks look increasingly compromised .
“ In any case , France will apply as it has always indicated a tax @ @ @ @ @ @ @ an international form if there is a deal or in a national form if there is no deal , ” Le Maire said .
France ’ s national tax has been a source of contention with Washington , which considers that it unfairly targets US digital companies .
In December the US threatened to hit French exports to the US with steep tariffs in retaliation for the new tax .
The US has vowed to slap tariffs of up to 100 per cent on $ 2.4bn ( £1.6bn ) of French goods , @ @ @ @ @ @ @ digital services tax in the country would harm US tech companies .
US trade representative Robert Lighthizer said its investigation found that the French proposal was “ inconsistent with prevailing principles of international tax policy , and is unusually burdensome for affected US companies ” , such as Google , Facebook , Apple and Amazon .

France to push ahead with tax on internet giants despite US anger
France will push ahead with its tax on internet giants this year, its finance minister said today.
In January France offered to suspend its tax on big digital companies’ income in until the end of the year while an international agreement on cross-border taxation was negotiated this year.
“Never has a digital tax been more legitimate and more necessary,” Finance Minister Bruno Le Maire told journalists, adding that big digital companies were doing better than most during the coronavirus crisis.
Nearly 140 countries are negotiating the first major rewriting of international tax rules in more than a generation, to take better account of the rise of big tech companies that often book profit in low-tax countries.
However, the fallout from the coronavirus outbreak has left finance ministries more focused on saving their economies than overhauling outdated tax rules, making a deadline of the end of the year to wrap up the talks look increasingly compromised.
“In any case, France will apply as it has always indicated a tax on digital giants in 2020 either in an international form if there is a deal or in a national form if there is no deal,” Le Maire said.
France’s national tax has been a source of contention with Washington, which considers that it unfairly targets US digital companies.
In December the US threatened to hit French exports to the US with steep tariffs in retaliation for the new tax.
The US has vowed to slap tariffs of up to 100 per cent on $2.4bn (£1.6bn) of French goods, in retaliation over findings that a new digital services tax in the country would harm US tech companies.
US trade representative Robert Lighthizer said its investigation found that the French proposal was “inconsistent with prevailing principles of international tax policy, and is unusually burdensome for affected US companies”, such as Google , Facebook, Apple and Amazon.