cityam--2020-07-01--Boisdale launches campaign to allow live music in restaurants

London restaurant group Boisdale has launched a campaign urging the government to overturn a ban on live music in restaurants , as the hospitality sector prepares to reopen after months of lockdown .
Boisdale , which owns restaurants in Mayfair , Bishopsgate , Canary Wharf and Belgravia , has said it will continue to host live music performances at one of its London venues unless instructed otherwise .
Read more : What pubs , cinemas and hairdressers will look like under new lockdown rules Restaurants in England will be allowed to reopen on Saturday , after Prime Minister Boris Johnson @ @ @ @ @ @ @ distancing measures as he welcomed the end of “ national hibernation ” .
However , recorded music , live sports broadcasts , quizzes , live musicians and comedians are prohibited under the new guidelines , in order to “ mitigate the risks of aerosol transmission from either the performer or their But Boisdale has claimed that its plans to host a live jazz trio would not contravene safety protocols .
The group said it would still be complying with Covid-19 guidelines if it hosted a piano , double bass and guitar band , @ @ @ @ @ @ @ apart .
It added that it would place perspex screens around on-stage vocalists to separate them from diners .
In a statement , Boisdale said : “ [ We ] have embarked upon a campaign to allow musicians to perform in restaurants , which is currently prohibited in government guidelines .
“ Boisdale of Belgravia , unless prevented to do so by the authorities , will be the first and the only venue to host live music in London when it opens on 8 July.
” The Scottish restaurant chain has hosted live @ @ @ @ @ @ @ 21 years .
Planned upcoming events at Boisdale include a blues spectacular hosted by Jools Holland and a Boney M performance in September .
Ranald Macdonald , managing director and founder of Boisdale , said : “ After carefully studying the Government ’ s advice concerning live music performances , I do not consider all live music is contrary to guidelines .
“ The government ’ s short paragraph requesting venues do not permit live music , failed to take into account all genres of live music and the different environments in which @ @ @ @ @ @ @ : “ It is counter intuitive that pre-recorded music , at a volume that does not cause customers to raise their voices , is acceptable in restaurants and bars , but not live music at the same volume.
” Macdonald added that since the government safety measures were guidelines rather than statutory requirements , Boisdale will be resuming its live music performances from next week .
including a jazz lunch on 12 July .

Boisdale launches campaign to allow live music in restaurants
(via Boisdale)
London restaurant group Boisdale has launched a campaign urging the government to overturn a ban on live music in restaurants, as the hospitality sector prepares to reopen after months of lockdown.
Boisdale, which owns restaurants in Mayfair, Bishopsgate, Canary Wharf and Belgravia, has said it will continue to host live music performances at one of its London venues unless instructed otherwise.
Restaurants in England will be allowed to reopen on Saturday, after Prime Minister Boris Johnson last week announced the easing of social distancing measures as he welcomed the end of “national hibernation”.
However, recorded music, live sports broadcasts, quizzes, live musicians and comedians are prohibited under the new guidelines, in order to “mitigate the risks of aerosol transmission from either the performer or their
Audience”.
But Boisdale has claimed that its plans to host a live jazz trio would not contravene safety protocols. The group said it would still be complying with Covid-19 guidelines if it hosted a piano, double bass and guitar band, each with each performer standing 1.5 metres apart. It added that it would place perspex screens around on-stage vocalists to separate them from diners.
In a statement, Boisdale said: “[We] have embarked upon a campaign to allow musicians to perform in restaurants, which is currently prohibited in government guidelines.
“Boisdale of Belgravia, unless prevented to do so by the authorities, will be the first and the only venue to host live music in London when it opens on 8 July.”
The Scottish restaurant chain has hosted live music on a nightly basis for over 21 years. Planned upcoming events at Boisdale include a blues spectacular hosted by Jools Holland and a Boney M performance in September.
Ranald Macdonald, managing director and founder of Boisdale, said: “After carefully studying the Government’s advice concerning live music performances, I do not consider all live music is contrary to guidelines.
“The government’s short paragraph requesting venues do not permit live music, failed to take into account all genres of live music and the different environments in which it can be performed.”
He added: “It is counter intuitive that pre-recorded music, at a volume that does not cause customers to raise their voices, is acceptable in restaurants and bars, but not live music at the same volume.”
Macdonald added that since the government safety measures were guidelines rather than statutory requirements, Boisdale will be resuming its live music performances from next week. including a jazz lunch on 12 July.


cityam--2020-07-01--Accenture to cut up to 900 UK jobs as coronavirus bites

Consultancy firm Accenture is planning to axe up to 900 jobs in the UK as the firm tries to cut costs to deal with the coronavirus crisis and an uncertain future .
Accenture is a US firm headquartered in New York , but it employs more than 10,000 people in the UK .
Read more : Ryanair boss Michael O ’ Leary says 3,000 jobs at risk unless pay cuts agreed The job cuts are part of a broader trend sweeping across the UK economy , with companies laying off workers as they grapple with the coronavirus downturn .
UK @ @ @ @ @ @ @ cuts due to the coronavirus crisis in recent months .
British Airways is set to cut 12,000 jobs while energy firm Centrica is laying off 5,000 employees .
Accenture will start consulting on the job cuts in the middle of this month .
It expects between 700 to 900 employees to depart .
The consultancy said in a statement : “ We are taking steps now to be able to continue investing in our workforce and our business , ensuring we have the right people with the right skills to best serve our @ @ @ @ @ @ @ future .
“ We have notified our UK people that it is necessary to go into collective employee consultation for a proposed redundancy programme.
” In a note to staff seen by the Guardian , which first reported the cuts , Accenture said : “ We went into the crisis with an overcapacity of people relative to demand .
The crisis has caused additional strain on the business due to lower demand and reduced national attrition .
“ In addition , we have identified structural costs that we need to address.
” Read @ @ @ @ @ @ @ job cuts and store closures Like almost all industries , consulting has been hit by the coronavirus pandemic and lockdowns .
‘ Big Four ’ firms EY , KPMG , PWC and Deloitte all intend to cut partner pay so as to save money during the pandemic as key income streams such as mergers and acquisitions dry up .

Accenture to cut up to 900 UK jobs as coronavirus bites
Consultancy firm Accenture is planning to axe up to 900 jobs in the UK as the firm tries to cut costs to deal with the coronavirus crisis and an uncertain future.
Accenture is a US firm headquartered in New York, but it employs more than 10,000 people in the UK.
The job cuts are part of a broader trend sweeping across the UK economy, with companies laying off workers as they grapple with the coronavirus downturn.
UK firms have announced more than 68,000 job cuts due to the coronavirus crisis in recent months. British Airways is set to cut 12,000 jobs while energy firm Centrica is laying off 5,000 employees.
Accenture will start consulting on the job cuts in the middle of this month. It expects between 700 to 900 employees to depart.
The consultancy said in a statement: “We are taking steps now to be able to continue investing in our workforce and our business, ensuring we have the right people with the right skills to best serve our clients and are well positioned for the future.
“We have notified our UK people that it is necessary to go into collective employee consultation for a proposed redundancy programme.”
In a note to staff seen by the Guardian, which first reported the cuts, Accenture said: “We went into the crisis with an overcapacity of people relative to demand. The crisis has caused additional strain on the business due to lower demand and reduced national attrition.
“In addition, we have identified structural costs that we need to address.”
Like almost all industries, consulting has been hit by the coronavirus pandemic and lockdowns.
‘Big Four’ firms EY, KPMG, PWC and Deloitte all intend to cut partner pay so as to save money during the pandemic as key income streams such as mergers and acquisitions dry up.


cityam--2020-07-01--1 Lombard Street hires Mark Hix as director of food and drink

City restaurant 1 Lombard Street has hired chef and restauranteur Mark Hix as director of food and drink ahead of the restaurant ’ s reopening , as the hospitality sector begins to emerge from months of lockdown .
Hix , who owns the Hix group of London restaurants , will work alongside executive chef Robin Freeman to reimagine the menu at the restaurant , bar and brasserie opposite the Bank of England .
The chef will also oversee the makeover of 1 Lombard Street ’ s dining room , with artwork and mobiles curated by Hix on display and available @ @ @ @ @ @ @ Mat Collishaw and Antony Gormley .
Hix has previously served as chef director at Caprice Holdings , the group of restaurants owned by multimillionaire Richard Caring that includes The Ivy , J Sheekey and Sexy Fish .
He opened his Hix Oyster and Chop House in 2008 , and went on to open further sites in Soho , Mayfair and the City .
Hix has also collaborated with friend and artist Damien Hirst at concept restaurants including Tramshed in Shoreditch and Pharmacy 2 in Vauxhall .
Both Hix Oyster and Chop House and @ @ @ @ @ @ @ during the coronavirus crisis .
Hix ’ s appointment at 1 Lombard Street comes as the restaurant prepares to reopen on 20 July , after it was forced to shutter during lockdown .
It will continue to serve breakfast , lunch and dinner when it reopens this month in-line with the government ’ s Covid-19 regulations .
Soren Jessen , owner of 1 Lombard Street , said : “ I have known Mark for over 20 years and love his passion for food , art and people .
I am very excited about @ @ @ @ @ @ @ Hix is the perfect match.
” Hix added : “ I have known Soren for many years and have always loved dining at 1 Lombard Street .
When he suggested working together , I thought it was a brilliant way to bring our love of food and art together and bring the elements of Hix to the City .
”

1 Lombard Street hires Mark Hix as director of food and drink
City restaurant 1 Lombard Street has hired chef and restauranteur Mark Hix as director of food and drink ahead of the restaurant’s reopening, as the hospitality sector begins to emerge from months of lockdown.
Hix, who owns the Hix group of London restaurants, will work alongside executive chef Robin Freeman to reimagine the menu at the restaurant, bar and brasserie opposite the Bank of England.
The chef will also oversee the makeover of 1 Lombard Street’s dining room, with artwork and mobiles curated by Hix on display and available to buy, including pieces by artists Mat Collishaw and Antony Gormley.
Hix has previously served as chef director at Caprice Holdings, the group of restaurants owned by multimillionaire Richard Caring that includes The Ivy, J Sheekey and Sexy Fish.
He opened his Hix Oyster and Chop House in 2008, and went on to open further sites in Soho, Mayfair and the City. Hix has also collaborated with friend and artist Damien Hirst at concept restaurants including Tramshed in Shoreditch and Pharmacy 2 in Vauxhall. Both Hix Oyster and Chop House and Tramshed fell into administration earlier this year during the coronavirus crisis.
Hix’s appointment at 1 Lombard Street comes as the restaurant prepares to reopen on 20 July, after it was forced to shutter during lockdown. It will continue to serve breakfast, lunch and dinner when it reopens this month in-line with the government’s Covid-19 regulations.
Soren Jessen, owner of 1 Lombard Street, said: “I have known Mark for over 20 years and love his passion for food, art and people. I am very excited about working together. 1 Lombard Street and Hix is the perfect match.”
Hix added: “I have known Soren for many years and have always loved dining at 1 Lombard Street. When he suggested working together, I thought it was a brilliant way to bring our love of food and art together and bring the elements of Hix to the City.”


cityam--2020-07-01--Hospitality venues raise the bar as pubs’ re-opening app-roaches

‘ Two pints of lager and a packet of crisps ’ : no longer ( for the time being , at least ) a request delivered while waiting at the bar .
Instead , a request delivered electronically by smartphone app from a safe , social distance .
Technology ’ s reach knows no bounds as Britain ’ s public houses – stereotypically bastions of resistance to digital accoutrements – are moving with the electronically-enabled times .
Britain ’ s hospitality sector re-opens from lockdown this weekend ( 4 July ) as government guidance encourages venues to notify customers that @ @ @ @ @ @ @ be delivered to tables through mobile applications ( apps ) .
Some major pub chains have been using apps for years : Wetherspoons launched its well-regarded ‘ Order & Pay ’ app more than three years ago .
Young ’ s is similar , with its ‘ Young ’ s on Tap ’ app enabling users to be ‘ a secret DJ in the pub ’ ( add music to a pub ’ s playlist ) using their smart-phone .
‘ User experience has to be paramount ’ But apps remain anathema ( @ @ @ @ @ @ @ some traditional venues , as with many non-digital small businesses .
What do smaller businesses need to bear in mind when launching an app ?
The three most important things to consider are usability , engagement and data safety , according to Victoria Morrison , global marketing director at technology communications company Hotwire , which advises companies on how to connect with their target audiences .
“ User experience has to be paramount – people need to instinctively know how to use it without having to read a set of instructions , ” @ @ @ @ @ @ @ engagement , an app can help people feel connected and informed .
But most importantly , any app must take security seriously – take the time to explore security features and communicate these clearly within sign-up T & Cs .
Choose where you need password protection and ensure all data collected within the app is treated in a GDPR-compliant way and erased from any third-party databases in a timely manner.
” Getting your head around T & Cs , GDPR and the like – quite aside from the time and resource needed to @ @ @ @ @ @ @ is a clearly a lot to take in for venues facing so many other pressures .
Inevitably , though , there a growing number of tech-based businesses offering bespoke solutions .
One such company is Ubamarket – a retail platform launched in 2017 that provides mobile retail solutions to supermarkets including Budgens and Spar – which has developed a new app called uBARmarket .
When entering a pub signed up to the technology , the app appears on customers ’ phones as if it ’ s the pub ’ s own app .
@ @ @ @ @ @ @ instant app for the “ new normal ” in hospitality ’ .
Chief executive Will Broome believes the sector ’ s forthcoming re-opening will see a marked acceleration of venues adopting technology for the safety of their customers and staff .
He says : “ Wetherspoons is already seen as having a very good app .
But our app enables independent venues to instantly offer a highly sophisticated ‘ order , pay , stay ’ solution that not only increases efficiency but will also provide a personalised experience and ‘ one tap ’ @ @ @ @ @ @ @ increase sales.
” Like Morrison , Broome believes that ease-of-use is crucial to uptake .
“ An app must be quick , efficient , useful , fun and , above all else , easy to use – the fewer ‘ taps ’ , the better , ” says Broome .
Another app possibility is OrderPay , which has Stonegate Pub Company ( which has nearly 5,000 pubs and bars across the UK ) as a client , as well as restaurant chain Five Guys .
Like uBARmarket , the OrderPay app ‘ re-skins @ @ @ @ @ @ @ ( removing the need for customers to download multiple apps ) while it uses Bluetooth to enable bar staff to locate people ’ s tables ( without need to input a table number ) .
A “ pared-back ” app , OrderPay Lite , is in development for independent pubs .
OrderPay co-founder Richard Carter tells City AM : “ Prior to the crisis , we thought the longer-term adoption [ for ordering in a pub or restaurant ] was likely to settle at around one in four or five people , but @ @ @ @ @ @ @ much higher .
The current situation means this is a vital way for pubs to function while maintaining distancing , and that is going to drive behavioural change , longer term .
For some , going to the bar will always be an important ritual but for many , they won ’ t go back – ordering with a few taps of the phone , and having drinks and food brought to the table – it ’ s the future.
” Robyn Black , editor of Imbibe UK , which covers pubs , @ @ @ @ @ @ @ The current situation will surely act a catalyst for the greater adoption of digital technologies in pubs , specifically around payments and also app benefits such as loyalty schemes and pre-ordering .
But time will tell the extent to which people will settle into a routine of ordering by app when so many pubs are about socialising at the bar.
” Check out similar Apater Capital Talk content by Ian Hall on Application Programming Interfaces ’ ( APIs ) – the invisible wiring pivotal to digital transformation and the lockdown-accelerated e-commerce surge .

What is City Talk? City Talk allows marketers to connect directly with our audience by publishing content on cityam.com
Hospitality venues raise the bar as pubs’ re-opening app-roaches
Getty images
‘Two pints of lager and a packet of crisps’: no longer (for the time being, at least) a request delivered while waiting at the bar. Instead, a request delivered electronically by smartphone app from a safe, social distance.
Technology’s reach knows no bounds as Britain’s public houses – stereotypically bastions of resistance to digital accoutrements – are moving with the electronically-enabled times.
Britain’s hospitality sector re-opens from lockdown this weekend (4 July) as government guidance encourages venues to notify customers that they should order food and drink to be delivered to tables through mobile applications (apps).
Some major pub chains have been using apps for years: Wetherspoons launched its well-regarded ‘Order & Pay’ app more than three years ago. Young’s is similar, with its ‘Young’s on Tap’ app enabling users to be ‘a secret DJ in the pub’ (add music to a pub’s playlist) using their smart-phone.
‘User experience has to be paramount’
But apps remain anathema (or certainly met with wariness) by some traditional venues, as with many non-digital small businesses.
What do smaller businesses need to bear in mind when launching an app? The three most important things to consider are usability, engagement and data safety, according to Victoria Morrison, global marketing director at technology communications company Hotwire, which advises companies on how to connect with their target audiences.
“User experience has to be paramount – people need to instinctively know how to use it without having to read a set of instructions,” she says. “In respect of engagement, an app can help people feel connected and informed. But most importantly, any app must take security seriously – take the time to explore security features and communicate these clearly within sign-up T&Cs. Choose where you need password protection and ensure all data collected within the app is treated in a GDPR-compliant way and erased from any third-party databases in a timely manner.”
‘The fewer “taps”, the better’
Getting your head around T&Cs, GDPR and the like – quite aside from the time and resource needed to actually build a fully functioning app – is a clearly a lot to take in for venues facing so many other pressures. Inevitably, though, there a growing number of tech-based businesses offering bespoke solutions.
One such company is Ubamarket – a retail platform launched in 2017 that provides mobile retail solutions to supermarkets including Budgens and Spar – which has developed a new app called uBARmarket. When entering a pub signed up to the technology, the app appears on customers’ phones as if it’s the pub’s own app. It is being marketed as ‘an instant app for the “new normal” in hospitality’.
Chief executive Will Broome believes the sector’s forthcoming re-opening will see a marked acceleration of venues adopting technology for the safety of their customers and staff. He says: “Wetherspoons is already seen as having a very good app. But our app enables independent venues to instantly offer a highly sophisticated ‘order, pay, stay’ solution that not only increases efficiency but will also provide a personalised experience and ‘one tap’ ordering which, in turn, will increase sales.”
Like Morrison, Broome believes that ease-of-use is crucial to uptake. “An app must be quick, efficient, useful, fun and, above all else, easy to use – the fewer ‘taps’, the better,” says Broome.
‘Driving behavioural change’
Another app possibility is OrderPay, which has Stonegate Pub Company (which has nearly 5,000 pubs and bars across the UK) as a client, as well as restaurant chain Five Guys.
Like uBARmarket, the OrderPay app ‘re-skins’ as people enter a specific venue (removing the need for customers to download multiple apps) while it uses Bluetooth to enable bar staff to locate people’s tables (without need to input a table number). A “pared-back” app, OrderPay Lite, is in development for independent pubs.
OrderPay co-founder Richard Carter tells City AM: “Prior to the crisis, we thought the longer-term adoption [for ordering in a pub or restaurant] was likely to settle at around one in four or five people, but now it’s going to be much higher. The current situation means this is a vital way for pubs to function while maintaining distancing, and that is going to drive behavioural change, longer term. For some, going to the bar will always be an important ritual but for many, they won’t go back – ordering with a few taps of the phone, and having drinks and food brought to the table – it’s the future.”
Robyn Black, editor of Imbibe UK, which covers pubs, bars and restaurants, says: “The current situation will surely act a catalyst for the greater adoption of digital technologies in pubs, specifically around payments and also app benefits such as loyalty schemes and pre-ordering. But time will tell the extent to which people will settle into a routine of ordering by app when so many pubs are about socialising at the bar.”
Check out similar Apater Capital Talk content by Ian Hall on APIs – the invisible wiring pivotal to digital transformation and the lockdown-accelerated e-commerce surge.


cityam--2020-07-01--Move over, US: time for a new stock market leader?

The US has dominated stock market returns globally ever since the Global Financial Crisis .
But nothing lasts forever… Dominance in almost any walk of life goes in cycles .
Just ask Manchester United fans or MySpace users… Well , the same can be said of markets .
They also go through periods when certain regions ( or companies ) seem to have an insurmountable advantage .
Most recently , it ’ s been the US – whose stock market has dominated the past decade .
Since the Global Financial Crisis , the annualised return from US equities has been @ @ @ @ @ @ @ global equities ’ 6 % annualised return ( as measured by the MSCI USA Index and MSCI AC World ex US Index respectively , in US dollar terms ) .
Even in the wake of the Covid-19 outbreak , this trend has remained intact , leading some investors to question whether they should even bother owning any shares from outside the US at all .
However , those who expect this trend to continue over the coming decade could be disappointed .
After all , the winners and losers , both within and @ @ @ @ @ @ @ This time shouldn ’ t be any different .
A shift towards non-US equities is arguably long overdue .
And while timing this inflection point is difficult , all the signs suggest that gravity will eventually bring US equities back down to earth .
For more : – Video : Why do markets rise when economies slump ?
– Read : Which stock markets look ‘ cheap ’ after the rapid rebound ?
The main reason US equities have done so well is because of their superior profit growth .
For example , @ @ @ @ @ @ @ ’ s profits divided by the number of its outstanding shares ) grew at 17 % per year .
Outside the US this figure was just 7 % .
The problem is that this earnings growth advantage has pretty much disappeared .
Since 2015 , US equities haven ’ t outperformed because their profits have continued to be superior .
In fact , nearly all of the relative outperformance has been driven by investors being willing to pay ever higher valuations for stocks , combined with dollar strength .
Valuations and the dollar @ @ @ @ @ @ @ indefinitely .
Markets have justified this valuation premium because US firms have been able to reinvest their profits at increasingly higher reinvestment rates .
That is , they ’ ve become more efficient at generating income using their shareholders ’ capital .
However , the secular forces supporting this trend such as globalisation , lax anti-trust enforcement and international tax arbitrage have either stalled or are reversing .
Share prices are no longer in sync with earnings For most of the post-crisis period , US outperformance has moved in tandem with expectations for @ @ @ @ @ @ @ the gap between relative returns and earnings expectations has widened significantly .
This is not sustainable .
At some point , earnings expectations will need to catch up or US stock prices must correct .
The price you pay matters for future returns One consequence of this is that valuations are stretched to levels which would have historically foreshadowed low returns for US equities versus the rest of the world .
For example , US share prices trade at 25 times their cyclically-adjusted historical earnings ( CAPE ) compared to only 13 times @ @ @ @ @ @ @ measure divides a stock market ’ s value or price by all the companies ’ average profits over the past 10 years .
A low number represents better value .
The long-term outlook for the US relative to other markets no longer seems so attractive .
The US is home to some of the most successful companies in the world , including firms such as Amazon , Microsoft , Apple , Google and Facebook .
Together , they have delivered significant profit growth and technological innovation .
However , these companies have become @ @ @ @ @ @ @ the market .
Their combined weight ( as measured by their market cap – the value of all their shares ) has more than doubled from roughly 8 % of the S & P 500 Index in 2015 to nearly 20 % today .
A market this narrow should give cause for concern .
The bigger they get , the harder it becomes for them to replicate that performance .
This is because once a company dominates an industry , it can only grow as fast as the market size grows .
The @ @ @ @ @ @ @ the expectations placed on their growth is by developing other game-changing products , or using their existing resources to branch out into other services .
But there is no guarantee they will succeed .
Cheaper exposure to an economic recovery sits outside the US Global equities are especially attractive now given their higher economic sensitivity .
For example , as at 31 May 2020 , cyclical ( economically sensitive ) stocks represented 58 % of the MSCI All-Country World ex US Index , but only 36 % of the S & P 500 @ @ @ @ @ @ @ best after the economic cycle bottoms , so a lower relative weighting in this segment could limit the rebound in US equities once global growth recovers .
Avoid putting all your eggs in one basket The last decade has belonged to the US , but as we mentioned at the beginning , history shows that winners and losers go in cycles .
Although we can never really claim to know in foresight , the way we do in hindsight , why and how these leadership cycles shift , we do know that conditions @ @ @ @ @ @ @ .
This means investors in equities may be wise to look beyond the US ’ borders for the decade to come .
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What is City Talk? City Talk allows marketers to connect directly with our audience by publishing content on cityam.com
Move over, US: time for a new stock market leader?
Getty Images
The US has dominated stock market returns globally ever since the Global Financial Crisis. But nothing lasts forever…
Dominance in almost any walk of life goes in cycles. Just ask Manchester United fans or MySpace users…
Well, the same can be said of markets. They also go through periods when certain regions (or companies) seem to have an insurmountable advantage. Most recently, it’s been the US – whose stock market has dominated the past decade.
Since the Global Financial Crisis, the annualised return from US equities has been a hefty 13%, far outstripping global equities’ 6% annualised return (as measured by the MSCI USA Index and MSCI AC World ex US Index respectively, in US dollar terms).
Even in the wake of the Covid-19 outbreak, this trend has remained intact, leading some investors to question whether they should even bother owning any shares from outside the US at all.
However, those who expect this trend to continue over the coming decade could be disappointed. After all, the winners and losers, both within and across markets, fluctuate over time. This time shouldn’t be any different.
A shift towards non-US equities is arguably long overdue. And while timing this inflection point is difficult, all the signs suggest that gravity will eventually bring US equities back down to earth.
For more:
– Video: Why do markets rise when economies slump?
– Read: Which stock markets look ‘cheap’ after the rapid rebound?
US profits advantage has disappeared
The main reason US equities have done so well is because of their superior profit growth. For example, US earnings-per-share (EPS, a company’s profits divided by the number of its outstanding shares) grew at 17% per year. Outside the US this figure was just 7%.
The problem is that this earnings growth advantage has pretty much disappeared. Since 2015, US equities haven’t outperformed because their profits have continued to be superior. In fact, nearly all of the relative outperformance has been driven by investors being willing to pay ever higher valuations for stocks, combined with dollar strength. Valuations and the dollar can always climb higher, but not indefinitely.
Markets have justified this valuation premium because US firms have been able to reinvest their profits at increasingly higher reinvestment rates. That is, they’ve become more efficient at generating income using their shareholders’ capital. However, the secular forces supporting this trend such as globalisation, lax anti-trust enforcement and international tax arbitrage have either stalled or are reversing.
Share prices are no longer in sync with earnings
For most of the post-crisis period, US outperformance has moved in tandem with expectations for their future profits. However, recently the gap between relative returns and earnings expectations has widened significantly.
This is not sustainable. At some point, earnings expectations will need to catch up or US stock prices must correct.
The price you pay matters for future returns
One consequence of this is that valuations are stretched to levels which would have historically foreshadowed low returns for US equities versus the rest of the world.
For example, US share prices trade at 25 times their cyclically-adjusted historical earnings (CAPE) compared to only 13 times for global equities. This widely-used valuation measure divides a stock market’s value or price by all the companies’ average profits over the past 10 years. A low number represents better value.
The long-term outlook for the US relative to other markets no longer seems so attractive.
The winner’s curse
The US is home to some of the most successful companies in the world, including firms such as Amazon, Microsoft, Apple, Google and Facebook. Together, they have delivered significant profit growth and technological innovation.
However, these companies have become so large that they are essentially driving the market. Their combined weight (as measured by their market cap – the value of all their shares) has more than doubled from roughly 8% of the S&P 500 Index in 2015 to nearly 20% today.
A market this narrow should give cause for concern. The bigger they get, the harder it becomes for them to replicate that performance. This is because once a company dominates an industry, it can only grow as fast as the market size grows.
The only way they can continue to justify the expectations placed on their growth is by developing other game-changing products, or using their existing resources to branch out into other services. But there is no guarantee they will succeed.
Cheaper exposure to an economic recovery sits outside the US
Global equities are especially attractive now given their higher economic sensitivity. For example, as at 31 May 2020, cyclical (economically sensitive) stocks represented 58% of the MSCI All-Country World ex US Index, but only 36% of the S&P 500 Index.
Typically, cyclical stocks perform best after the economic cycle bottoms, so a lower relative weighting in this segment could limit the rebound in US equities once global growth recovers.
Avoid putting all your eggs in one basket
The last decade has belonged to the US, but as we mentioned at the beginning, history shows that winners and losers go in cycles.
Although we can never really claim to know in foresight, the way we do in hindsight, why and how these leadership cycles shift, we do know that conditions in markets are ripe for a reversal.
This means investors in equities may be wise to look beyond the US’ borders for the decade to come.
You can discover more at Schroders insights and follow Schroders on twitter.
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cityam--2020-07-01--FTSE 100 closes lower as new virus cases unnerve markets

The FTSE 100 closed in the red today as coronavirus cases in the US helped take the shine off some better-than-expected economic data .
The blue-chip index swung between the red and the green in morning trading , but finished down 0.2 per cent at 6,1568 points .
The FTSE 100 ’ s European peers also fell in afternoon trading and were set to close lower .
Wall Street rose in its morning session , however .
US stocks rose despite a warning from US infectious diseases chief Dr Antony Fauci that the country could see coronavirus cases soar to @ @ @ @ @ @ @ recorded its biggest single-day spike in cases since the pandemic began with 47,000 new infections .
Nevertheless all three major US indices made gains in early trading today , as rising hopes of a Covid-19 vaccine overshadowed concerns of another round of possible lockdowns .
Pfizer and German biotech firm Biontech said a coronavirus vaccine they had developed had shown potential and was found to be well tolerated in early-stage human trials .
The benchmark S & P 500 climbed 0.56 per cent in the first hour of trading , while the Dow @ @ @ @ @ @ @ apiece .
In the UK , mid-cap companies performed better than blue-chip firms .
The FTSE 250 closed 0.4 per cent higher as investors clung to hopes of more stimulus and a pickup in economic activity in the second half of the year .
Yet analysts said the FTSE 100 and European stocks are fearing a second wave of coronavirus infections derailing the world ’ s economic recovery .
“ For the same reason that markets didn ’ t take much notice of backward-looking apocalyptic economic data in the spring , more positive @ @ @ @ @ @ @ to one side , ” AJ Bell investment director Russ Mould said .
Fresh tensions in Hong Kong , which has passed a new law handing China unprecedented power over the city , are also a cause for concern .
Today police have already made dozens of arrests under the national security law .
Mould said a warning the US faces hitting 100,000 daily coronavirus cases has led to “ considerable nervousness ” on the FTSE 100 .
“ Notably traditional safe haven gold continues to shine with futures prices late yesterday having @ @ @ @ @ @ @ ” he added .
Gold stood at around $ 1,750 per ounce .
Joshua Mahony , a senior market analyst at online trading platform IG , added that improved manufacturing data for June has failed to lift the FTSE 100 .
He said fears over the rising number of US coronavirus cases has dampened optimism among traders .
The key dilemma stock markets face is an “ ongoing tug-of-war between those optimistic of the benefits that come with lockdown easing , playing off against fears of further restrictive measures if cases pick up @ @ @ @ @ @ @ Read more : UK house prices fall for first time since 2012 amid coronavirus “ The US remains the key hotspot for investors , with Florida and Texas potentially the first of many states that will require another a second bout of restrictions if the virus is to be brought under control .
But he added that the EU ’ s more effective battle against coronavirus is likely to bolster European stocks in the coming weeks .
“ We are now likely to see European markets outperform as a united front on financial @ @ @ @ @ @ @ over recent months.
” European stocks also fell after a technical glitch affected several of the continent ’ s exchanges .
Trading on Germany ’ s DAX was halted for almost three hours due to the technical issue .
The index was down 0.4 per cent as it headed towards the close .
France ’ s CAC 40 was down by 0.2 per cent .
Read more : Trading in Germany ’ s DAX and other European exchanges resumes after technical glitch Asian markets struggled to make headway on Wednesday .
MSCI ’ @ @ @ @ @ @ @ Japan inched 0.2 per cent higher , with the Shanghai Composite gaining 1.34 per cent .
Sentiment had been boosted by signs that China ’ s factories are slowly gathering steam as the world ’ s second biggest economy begins to recover , with the Caixin/Markit manufacturing PMI rising to 51.2 , compared with expectations for 50.5 .

FTSE 100 closes lower as new virus cases unnerve markets
Twenty per cent of FTSE 100 CEOs left their roles during the pandemic.
The FTSE 100 closed in the red today as coronavirus cases in the US helped take the shine off some better-than-expected economic data.
The blue-chip index swung between the red and the green in morning trading, but finished down 0.2 per cent at 6,1568 points.
Read more: FCA extends credit card payment freeze until October
The FTSE 100’s European peers also fell in afternoon trading and were set to close lower. Wall Street rose in its morning session, however.
US stocks make modest gains on vaccine hopes
US stocks rose despite a warning from US infectious diseases chief Dr Antony Fauci that the country could see coronavirus cases soar to 100,000 a day.
The US yesterday recorded its biggest single-day spike in cases since the pandemic began with 47,000 new infections.
Nevertheless all three major US indices made gains in early trading today, as rising hopes of a Covid-19 vaccine overshadowed concerns of another round of possible lockdowns.
Pfizer and German biotech firm Biontech said a coronavirus vaccine they had developed had shown potential and was found to be well tolerated in early-stage human trials.
The benchmark S&P 500 climbed 0.56 per cent in the first hour of trading, while the Dow and Nasdaq added over 0.43 per cent apiece.
Virus fears and Hong Kong tensions hold back UK equities
In the UK, mid-cap companies performed better than blue-chip firms. The FTSE 250 closed 0.4 per cent higher as investors clung to hopes of more stimulus and a pickup in economic activity in the second half of the year.
Yet analysts said the FTSE 100 and European stocks are fearing a second wave of coronavirus infections derailing the world’s economic recovery.
“For the same reason that markets didn’t take much notice of backward-looking apocalyptic economic data in the spring, more positive data seen recently is also being put to one side,” AJ Bell investment director Russ Mould said.
Fresh tensions in Hong Kong, which has passed a new law handing China unprecedented power over the city, are also a cause for concern. Today police have already made dozens of arrests under the national security law.
Mould said a warning the US faces hitting 100,000 daily coronavirus cases has led to “considerable nervousness” on the FTSE 100.
“Notably traditional safe haven gold continues to shine with futures prices late yesterday having reached their highest levels since 2011,” he added. Gold stood at around $1,750 per ounce.
Improved PMI fails to guard FTSE stocks
Joshua Mahony, a senior market analyst at online trading platform IG, added that improved manufacturing data for June has failed to lift the FTSE 100.
He said fears over the rising number of US coronavirus cases has dampened optimism among traders.
The key dilemma stock markets face is an “ongoing tug-of-war between those optimistic of the benefits that come with lockdown easing, playing off against fears of further restrictive measures if cases pick up in response”, he said.
Read more: UK house prices fall for first time since 2012 amid coronavirus
“The US remains the key hotspot for investors, with Florida and Texas potentially the first of many states that will require another a second bout of restrictions if the virus is to be brought under control.
But he added that the EU’s more effective battle against coronavirus is likely to bolster European stocks in the coming weeks. “We are now likely to see European markets outperform as a united front on financial support bolsters the impressive virus response seen over recent months.”
European stocks dip after glitch
European stocks also fell after a technical glitch affected several of the continent’s exchanges.
Trading on Germany’s DAX was halted for almost three hours due to the technical issue. The index was down 0.4 per cent as it headed towards the close. France’s CAC 40 was down by 0.2 per cent.
Read more: Trading in Germany’s DAX and other European exchanges resumes after technical glitch
Asian markets struggled to make headway on Wednesday. MSCI’s broadest index of Asia-Pacific shares outside Japan inched 0.2 per cent higher, with the Shanghai Composite gaining 1.34 per cent.
Sentiment had been boosted by signs that China’s factories are slowly gathering steam as the world’s second biggest economy begins to recover, with the Caixin/Markit manufacturing PMI rising to 51.2, compared with expectations for 50.5.


cityam--2020-07-01--Downing Street still upbeat about gaining post-Brexit EU access for City of London

Downing Street is still confident it can secure post-Brexit access to EU markets for the City of London as it blames Brussels for missing a key deadline in negotiations .
The UK missed yesterday ’ s deadline to hand in 28 regulatory equivalency assessments to the EU relating to Britain ’ s financial services industry .
Brussels must use these documents to assess whether it grants the City of London access to lucrative EU markets after the post-Brexit transition period ends on 31 December .
The EU has the power to unilaterally grant access to financial services firms based on @ @ @ @ @ @ @ own – known as equivalence .
Valdis Dombrovskis , a European Commission executive vice president , told the Financial Times yesterday that the UK had not given enough information over to make a judgement on whether equivalence could be granted .
The Prime Minister ’ s official spokesperson today blamed the EU for missing the deadline , saying that Brussels only gave them the 1000 pages of forms on 24 May which was later than expected .
However , the spokesperson added that Downing Street was still upbeat about the prospects of securing @ @ @ @ @ @ @ services industry .
Before the Open newsletter : Start your day with the City View podcast and key market data “ As the UK and EU start from a position of having similar financial services regulation this should be a straight forward process , ” they said .
“ We continue to to have the belief that [ regulatory equivalence ] is in the best interest of both parties.
” EU chief negotiator Michel Barnier was not as positive yesterday about the future relationship , warning the City that it would have to @ @ @ @ @ @ @ .
Barnier said the UK was trying to keep too many benefits of EU membership without any of the responsibilites .
He cited the UK ’ s request to maintain freedom of movement for City professionals as one example .
“ It wants to ban residence requirements for senior managers and boards of directors , to ensure that all essential functions remain in London , ” he said .
“ It wants almost free rein for service suppliers to fly in and out for short-term stays .
“ We must look beyond short-term @ @ @ @ @ @ @ long-term interests.
” The row over financial services comes as a part of a wider range of disagreements in Brexit trade talks .
Negotiations are at a stalemate after months of talks , with little movement on key areas of EU access to UK fishing waters and business competition policy .
City A.M. reported in May that the equivalence assessment for the financial sector could be used as a bargaining chip in talks , with the EU using it as a tool to extract compromises in other areas from the UK .
Much @ @ @ @ @ @ @ retaining access to the EU as almost half of all debt and equity issuance for non-financial Eurozone firms between 2012 and 2018 came from banks based in London .
However , veteran City commentator David Buik said the vast majority of UK companies in the sector were prepared for a no-deal situation .
Many UK financial institutions have set up bases in the EU to ensure they are not completely shut off from mainland Europe if the worst case scenario happens .
“ They ’ ve had four years now to prepare for @ @ @ @ @ @ @ of a single financial institution , law firm or chartered accountant who hasn ’ t made some sort of preparations , ” he said .
“ We know the business we ’ re likely to lose in any case , but we also know London stands head and shoulders above the competition in Europe .
”

Downing Street still upbeat about gaining post-Brexit EU access for City of London
The EU has the power to unilaterally grant access to Square Mile firms based on whether UK regulations are similar to their own.
Downing Street is still confident it can secure post-Brexit access to EU markets for the City of London as it blames Brussels for missing a key deadline in negotiations.
The UK missed yesterday’s deadline to hand in 28 regulatory equivalency assessments to the EU relating to Britain’s financial services industry.
Brussels must use these documents to assess whether it grants the City of London access to lucrative EU markets after the post-Brexit transition period ends on 31 December.
The EU has the power to unilaterally grant access to financial services firms based on whether UK regulations are similar to their own – known as equivalence.
Valdis Dombrovskis, a European Commission executive vice president, told the Financial Times yesterday that the UK had not given enough information over to make a judgement on whether equivalence could be granted.
The Prime Minister’s official spokesperson today blamed the EU for missing the deadline, saying that Brussels only gave them the 1000 pages of forms on 24 May which was later than expected.
However, the spokesperson added that Downing Street was still upbeat about the prospects of securing equivalency for the UK’s financial services industry.
Before the Open newsletter: Start your day with the City View podcast and key market data
“As the UK and EU start from a position of having similar financial services regulation this should be a straight forward process,” they said.
“We continue to to have the belief that [regulatory equivalence] is in the best interest of both parties.”
EU chief negotiator Michel Barnier was not as positive yesterday about the future relationship, warning the City that it would have to expect “big changes” next year.
Barnier said the UK was trying to keep too many benefits of EU membership without any of the responsibilites.
He cited the UK’s request to maintain freedom of movement for City professionals as one example.
“It wants to ban residence requirements for senior managers and boards of directors, to ensure that all essential functions remain in London,” he said.
“It wants almost free rein for service suppliers to fly in and out for short-term stays.
“We must look beyond short-term adaptation and fragmentation costs, to our long-term interests.”
The row over financial services comes as a part of a wider range of disagreements in Brexit trade talks.
Negotiations are at a stalemate after months of talks, with little movement on key areas of EU access to UK fishing waters and business competition policy.
City A.M. reported in May that the equivalence assessment for the financial sector could be used as a bargaining chip in talks, with the EU using it as a tool to extract compromises in other areas from the UK.
Much is riding on the City of London retaining access to the EU as almost half of all debt and equity issuance for non-financial Eurozone firms between 2012 and 2018 came from banks based in London.
However, veteran City commentator David Buik said the vast majority of UK companies in the sector were prepared for a no-deal situation.
Many UK financial institutions have set up bases in the EU to ensure they are not completely shut off from mainland Europe if the worst case scenario happens.
“They’ve had four years now to prepare for it and I don’t know of a single financial institution, law firm or chartered accountant who hasn’t made some sort of preparations,” he said.
“We know the business we’re likely to lose in any case, but we also know London stands head and shoulders above the competition in Europe.”


cityam--2020-07-01--Software glitch caused trading outage on European exchanges, says Deutsche Borse

The reappearance of a software glitch that first surfaced in April was behind a nearly three hour outage on Wednesday on Germany ’ s electronic trading platform Xetra , exchange operator Deutsche Boerse said .
Trading on several European stock exchanges , including Frankfurt and Vienna , was halted this morning following the technical issue .
Read more : FTSE 100 subdued as coronavirus fears cast shadow over economic recovery The issue resulted from a problem with third-party software and has been fixed , a Deutsche Boerse spokesperson said .
“ The system is now running stably and we expect @ @ @ @ @ @ @ added .
The outage in the fully-electronic cash market trading system affected stock exchanges in Frankfurt , Vienna , Ljubljana , Prague , Budapest , Zagreb , Malta and Sofia , which use the Xetra T7 system , exchange operator Deutsche Boerse said .
The issue meant that the Austrian blue-chip index did not begin trading at its scheduled opening time , while Germany ’ s DAX was stuck after a small number of trades went through at open , according to Refinitiv data .
Trading on the affected exchanges had resumed by @ @ @ @ @ @ @ and stocks futures affected by the Xetra issue also resumed trading .
Read more : Europe pushes back against London bid to trim market trading hours The technical glitch follows one of Deutsche Borse ’ s longest outages in April when the Frankfurt stock market was halted for more than four hours .
Chief Executive Theodor Weimer said after the April blackout that the stock exchange had taken precautions to avoid such an issue in the future .

Software glitch caused trading outage on European exchanges, says Deutsche Borse
Brokers work at the stock exchange market in Frankfurt
The reappearance of a software glitch that first surfaced in April was behind a nearly three hour outage on Wednesday on Germany’s electronic trading platform Xetra, exchange operator Deutsche Boerse said.
Trading on several European stock exchanges, including Frankfurt and Vienna, was halted this morning following the technical issue.
Read more: FTSE 100 subdued as coronavirus fears cast shadow over economic recovery
The issue resulted from a problem with third-party software and has been fixed, a Deutsche Boerse spokesperson said.
“The system is now running stably and we expect it to remain so,” they added.
The outage in the fully-electronic cash market trading system affected stock exchanges in Frankfurt, Vienna, Ljubljana, Prague, Budapest, Zagreb, Malta and Sofia, which use the Xetra T7 system, exchange operator Deutsche Boerse said.
The issue meant that the Austrian blue-chip index did not begin trading at its scheduled opening time, while Germany’s DAX was stuck after a small number of trades went through at open, according to Refinitiv data.
Trading on the affected exchanges had resumed by 9.30am UK time. Some European bond and stocks futures affected by the Xetra issue also resumed trading.
Read more: Europe pushes back against London bid to trim market trading hours
The technical glitch follows one of Deutsche Borse’s longest outages in April when the Frankfurt stock market was halted for more than four hours.
Chief Executive Theodor Weimer said after the April blackout that the stock exchange had taken precautions to avoid such an issue in the future.


cityam--2020-07-02--All England schools set to reopen in full in September

Schools in England will reopen in September , with attendance to become mandatory for all students .
Whole year groups @ @ @ @ @ bubbles and will not be able to interact with other year groups , but social @ @ @ @ @ within the bubbles .
Education secretary Gavin Williamson confirmed the plans today , telling MPs @ @ @ @ @ had been “ some of the most challenging ” ever faced by the education sector @ @ @ @ @ school in England would open in September “ come what may ” , while highlighting @ @ @ @ @ had brought for underprivileged children .
“ Returning to normal educational routines as quickly as @ @ @ @ @ national recovery too , ’ he said .

All England schools set to reopen in full in September
Prime Minister Boris Johnson joins a socially distanced lesson during a visit to Bovingdon Primary School on June 19, 2020 near Hemel Hempstead.
Schools in England will reopen in September, with attendance to become mandatory for all students.
Whole year groups will be forced to form bubbles at secondary schools and will not be able to interact with other year groups, but social distancing will not be mandatory within the bubbles.
Primary school students will have to form bubbles of up to 30 people.
Education secretary Gavin Williamson confirmed the plans today, telling MPs that the past three months had been “some of the most challenging” ever faced by the education sector.
Williamson said that every school in England would open in September “come what may”, while highlighting the challenges that the period had brought for underprivileged children.
“Returning to normal educational routines as quickly as possible is critical to our national recovery too,’ he said.
Before the Open newsletter: Start your day with the City View podcast and key market data
Under the new plans, vast numbers of pupils will have to self-isolate if two pupils in a school return positive coronavirus tests in a fortnight period.
Large scale outbreaks could even force entire schools to shut down.
There will also be other to measures to reduce the risk of infection, such as staggered start times and making it mandatory for all pupils to face the front at all times.
Williamson also told the House of Commons that schools will have access to Covid-19 testing.
“By the start of the autumn term we will provide all schools and colleges with a small number of testing kits,” he said.
“These will be taken home by children or staff who develop symptoms while on site but who would struggle to access a testing centre. This is so that they can have a test quickly and that they can get results back quickly.
“All schools will have direct access to support and advice from their local Public Health England health protection team to deal with any cases that may occur. They will be advised on what steps need to be taken.”


cityam--2020-07-02--Hipgnosis seeks £200m capital raise in new share placing

Music royalties investment firm Hipgnosis has announced plans to raise £200m in a share placing as the company looks to expand its catalogue portfolio .
The London-listed firm said it hopes to raise the cash in a retail offer of up to 200m new C shares , at a price of 100p per share via London fintech Primarybid .
The company , which was added to the FTSE 250 in March , will also conduct a non-preemptive placing of C shares under its existing placing programme .
The net proceeds of the placing will be used to fund fresh acquisitions @ @ @ @ @ @ @ has pursued an aggressive acquisition strategy over the past few years .
Earlier this year Hipgnosis , which generates revenue through licensing deals for its catalogue of hit songs , acquired the majority of the publishing catalogue of songwriter Mark Ronson and Bon Jovi lead guitarist and songwriter Richie Sambora .
The group now has a portfolio of 54 artists , after Hipgnosis last year bagged the rights to The Chainsmokers ’ , Kaiser Chiefs ’ and Timbaland ’ s catalogues .
It now holds the rights to five of the top 10 @ @ @ @ @ @ @ by Billboard Magazine , including Shape of You by Ed Sheeran and Justin Bieber ’ s Despacito .
It also includes old classics such as Amy Winehouse ’ s Back to Black and Bon Jovi ’ s Livin ’ on a Prayer in its portfolio .
Last month , the group announced that its investment adviser was in discussions to secure a pipeline of catalogues with an acquisition value of over £1bn .
Today ’ s share raise will seek additional funding for further investments .
Hipgnosis founder Merck Mercuriadis said : “ @ @ @ @ @ @ @ of the most extraordinarily successful songs of all time in the last 24 months , we are now a FTSE 250 company and the 58th biggest yielder on the index.
” “ This capital raise provides us with the opportunity to continue growing our portfolio of culturally important proven hit songs , which currently offer significant value.
” The share raise comes ahead of the publication of Hipgnosis ’ annual results tomorrow , which look to bolster the firm ’ s strong market position .
Read more : Hipgnosis signs up songwriter behind @ @ @ @ @ @ @ revenue of £64.7m in the year to the end of March , while net asset value grew 17.7 per cent .
Shares remained broadly flat at 116.5p on the news at 12.30 .
Before the Open : Get the jump on the markets with our early morning newsletter

Hipgnosis seeks £200m capital raise in new share placing
Music royalties investment firm Hipgnosis has announced plans to raise £200m in a share placing as the company looks to expand its catalogue portfolio.
The London-listed firm said it hopes to raise the cash in a retail offer of up to 200m new C shares, at a price of 100p per share via London fintech Primarybid. The company, which was added to the FTSE 250 in March, will also conduct a non-preemptive placing of C shares under its existing placing programme.
The net proceeds of the placing will be used to fund fresh acquisitions for the music rights group, which has pursued an aggressive acquisition strategy over the past few years.
Earlier this year Hipgnosis, which generates revenue through licensing deals for its catalogue of hit songs, acquired the majority of the publishing catalogue of songwriter Mark Ronson and Bon Jovi lead guitarist and songwriter Richie Sambora.
The group now has a portfolio of 54 artists, after Hipgnosis last year bagged the rights to The Chainsmokers’, Kaiser Chiefs’ and Timbaland’s catalogues.
It now holds the rights to five of the top 10 songs of the decade as ranked recently by Billboard Magazine, including Shape of You by Ed Sheeran and Justin Bieber’s Despacito. It also includes old classics such as Amy Winehouse’s Back to Black and Bon Jovi’s Livin’ on a Prayer in its portfolio.
Last month, the group announced that its investment adviser was in discussions to secure a pipeline of catalogues with an acquisition value of over £1bn. Today’s share raise will seek additional funding for further investments.
Hipgnosis founder Merck Mercuriadis said: “Having invested over $1bn in some of the most extraordinarily successful songs of all time in the last 24 months, we are now a FTSE 250 company and the 58th biggest yielder on the index.”
“This capital raise provides us with the opportunity to continue growing our portfolio of culturally important proven hit songs, which currently offer significant value.”
The share raise comes ahead of the publication of Hipgnosis’ annual results tomorrow, which look to bolster the firm’s strong market position.
Hipgnosis reported better-than-expected revenue of £64.7m in the year to the end of March, while net asset value grew 17.7 per cent.
Shares remained broadly flat at 116.5p on the news at 12.30.
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-07-02--EU court rules against Blackrock in VAT exemption case

Blackrock ’ s UK arm is not exempt from paying value added tax ( VAT ) on part of a service from an outside supplier to help manage its funds , an EU court ruled today .
The world ’ s biggest asset manager had argued that between 2010 and 2013 it should not have to pay VAT on all the services given , as they included services for special investment funds — which are exempt from the tax .
Read more : Coronavirus : Blackrock reports sharp drop in income and assets Britain ’ s tax authorities disagreed with @ @ @ @ @ @ @ recover the unpaid VAT .
Today , in a ruling dashes the fund sector ’ s hopes for cost savings , the First Chamber of the EU ’ s Court of Justice ruled that Blackrock could not benefit from the exemption .
The Court ruled that a “ single supply of management services , provided by a software platform belonging to a third-party supplier for the benefit of a fund management company , which manages both special investment funds and other funds , does not fall within the exemption provided for in that @ @ @ @ @ @ @ Start your day with the City View podcast and key market data It said that Blackrock ’ s British division receives services from a unit in the US via a software platform called Aladdin , which provides portfolio managers with market analysis to help make investment decisions .
These services constitute a single supply , whichever funds are being managed , the Court said .
Read more : Blackrock vice chair and co-founder Barbara Novick to step down Gert-Jan van Norden , a financial services partner at KPMG Netherlands , said the ruling @ @ @ @ @ @ @ funds industry , which was hoping to copy Blackrock if the ruling had gone the other way .
“ It does not seem a very reasonable outcome .
If you bought these services from two different entities , it would not be a problem , ” van Norden said .
Blackrock has been contacted for comment .

EU court rules against Blackrock in VAT exemption case
Blackrock’s UK arm is not exempt from paying value added tax (VAT) on part of a service from an outside supplier to help manage its funds, an EU court ruled today.
The world’s biggest asset manager had argued that between 2010 and 2013 it should not have to pay VAT on all the services given, as they included services for special investment funds — which are exempt from the tax — but British tax authorities disagreed.
Today, in a ruling dashes the fund sector’s hopes for cost savings, the First Chamber of the EU’s Court of Justice ruled that Blackrock could not benefit from the exemption.
The Court ruled that a “single supply of management services, provided by a software platform belonging to a third-party supplier for the benefit of a fund management company, which manages both special investment funds and other funds, does not fall within the exemption provided for in that provision.”
Before the Open newsletter: Start your day with the City View podcast and key market data
It said that Blackrock’s British division receives services from a unit in the US via a software platform called Aladdin, which provides portfolio managers with market analysis to help make investment decisions.
These services constitute a single supply, whichever funds are being managed, the Court said.
A spokesperson for Blackrock said: “We respect the decision of the Court of Justice of the EU”.
Gert-Jan van Norden, a financial services partner at KPMG Netherlands, said the ruling would be a disappointment for the wider funds industry, which was hoping to copy Blackrock if the ruling had gone the other way.
“It does not seem a very reasonable outcome. If you bought these services from two different entities, it would not be a problem,” van Norden said.


cityam--2020-07-02--UK aims to build world's first transatlantic net zero plane

The UK will aim to be the first country to build a net zero emissions commercial airliner capable of crossing the Atlantic , transport secretary Grant Shapps confirmed today .
Speaking in the House of Commons this morning , Shapps said that the country had set up the so-called “ Jet Zero ” council specifically with that goal in mind .
Read more : Electric scooters zoom onto UK roads as government fast-tracks trials “ That will involve not just investment in sustainable aviation fuels , of which money has already been invested but also work on electric planes , @ @ @ @ @ @ @ , ” he said .
“ You can expect to be hearing a lot more.
” On Tuesday prime minister Boris Johnson raised a few eyebrows when he highlighted the scheme in his speech on the recovery of the UK economy post-coronavirus .
Speaking in Dudley , Johnson said that the UK should aim to be a “ science superpower ” , adding that creating the world ’ s first long-haul zero emissions plane should be part of its 2050 net zero target .
The “ Jet Zero ” council , which has @ @ @ @ @ @ @ “ within a generation ” , comprises ministers , businesses , trade bodies and environmental groups .
Before the Open newsletter : Start your day with the City View podcast and key market data Although a list of participating businesses is yet to be announced , £500,000 has been awarded to renewable fuel maker Velocys , which turns household waste into jet fuel .
European aerospace giant Airbus is one of several companies who have said that they will aim to make the next generation of aircraft much cleaner by environmental standards .
@ @ @ @ @ @ @ called on more funding to make the plan a reality .
Read more : Government set to announce new hydrogen bus town trial “ Now the government needs to extend funding of the Aerospace Technology Institute out to 2036 to enable us to deliver the goal and make the UK a world leader in hybrid and electric aircraft ” , he said .
“ Alongside boosting investment in aerospace innovation , government should establish a long-term investment fund for our supply chains , use procurement opportunities to maximise prosperity from defence and space @ @ @ @ @ @ @ UK ’ s security and resilience sector and ensure direct support to safeguard jobs and skills .
”

UK aims to build world’s first transatlantic net zero plane
The UK will aim to be the first country to build a net zero emissions commercial airliner capable of crossing the Atlantic, transport secretary Grant Shapps confirmed today.
Speaking in the House of Commons this morning, Shapps said that the country had set up the so-called “Jet Zero” council specifically with that goal in mind.
“That will involve not just investment in sustainable aviation fuels, of which money has already been invested but also work on electric planes, hybrid planes and hydrogen planes as well,” he said. “You can expect to be hearing a lot more.”
On Tuesday prime minister Boris Johnson raised a few eyebrows when he highlighted the scheme in his speech on the recovery of the UK economy post-coronavirus.
Speaking in Dudley, Johnson said that the UK should aim to be a “science superpower”, adding that creating the world’s first long-haul zero emissions plane should be part of its 2050 net zero target.
The “Jet Zero” council, which has been charged with making such flights possible “within a generation”, comprises ministers, businesses, trade bodies and environmental groups.
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Although a list of participating businesses is yet to be announced, £500,000 has been awarded to renewable fuel maker Velocys, which turns household waste into jet fuel.
European aerospace giant Airbus is one of several companies who have said that they will aim to make the next generation of aircraft much cleaner by environmental standards.
Aviation trade body ADS boss Paul Everitt called on more funding to make the plan a reality.
“Now the government needs to extend funding of the Aerospace Technology Institute out to 2036 to enable us to deliver the goal and make the UK a world leader in hybrid and electric aircraft”, he said.
“Alongside boosting investment in aerospace innovation, government should establish a long-term investment fund for our supply chains, use procurement opportunities to maximise prosperity from defence and space projects, provide targeted resources for the UK’s security and resilience sector and ensure direct support to safeguard jobs and skills.”


cityam--2020-07-02--Head of audit review calls for urgent reform after Wirecard scandal

The head of the review into the auditing industry has called on the government to press on with an overhaul of the sector , after a Big Four firm failed to uncover fraud at Wirecard .
After a series of allegations against Wirecard , EY , which has been the firm ’ s auditor since 2009 , said it was unable to verify €1.9bn in the accounts .
The accounting firm blamed the black hole on a sophisticated global fraud , but is now coming under increased scrutiny for its role in the scandal .
Read more : Crispin Odey @ @ @ @ @ @ @ ban “ We must not wait until there is a market failure , there has to be a whole mindset change on what is the purpose of an audit , ” Donald Brydon told the Financial Times .
“ Another couple of big scandals and suddenly you have a global audit profession that is entirely in disarray because choices become more limited or there are knee-jerk reactions.
” Brydon , who was commissioned by the government to launch a review into the industry , handed a report to the Department of Business , @ @ @ @ @ @ @ He proposed accounting standards be overhauled to include a requirement for auditing firms to “ endeavour to detect material fraud in all reasonable ways.
” EY has been accused of failing to carry out a standard audit procedure on Wirecard for more than three years .
A report by the Financial Times claims that between 2016 and 2018 EY did not directly check with Singapore ’ s OCBC Bank to confirm the lender held huge amounts of cash on Wirecard ’ s behalf .
Auditors are currently only obliged to confirm that company @ @ @ @ @ @ @ caused by fraud or error.
” However Brydon proposed firms should be taught forensic accounting methods and fraud awareness .
Read more : Regulator told about Wirecard ‘ link to laundering ’ last year Brydon said : “ Given the focus on Wirecard , making it clear that auditors have an obligation to find fraud rather than stumble over it would be a smart move to change auditor behaviour.
” The accounting industry was brought into the spotlight after Patisserie Valerie ’ s collapse last year , as people started to ask whether @ @ @ @ @ @ @ company accounts .
Grant Thornton had failed to uncover a missing £95m in its statements .

Head of audit review calls for urgent reform after Wirecard scandal
The head of the review into the auditing industry has called on the government to press on with an overhaul of the sector, after a Big Four firm failed to uncover fraud at Wirecard.
After a series of allegations against Wirecard, EY, which has been the firm’s auditor since 2009, said it was unable to verify €1.9bn in the accounts. The accounting firm blamed the black hole on a sophisticated global fraud, but is now coming under increased scrutiny for its role in the scandal.
“We must not wait until there is a market failure, there has to be a whole mindset change on what is the purpose of an audit,” Donald Brydon told the Financial Times.
“Another couple of big scandals and suddenly you have a global audit profession that is entirely in disarray because choices become more limited or there are knee-jerk reactions.”
Brydon, who was commissioned by the government to launch a review into the industry, handed a report to the Department of Business, Energy and Industrial Strategy in December. He proposed accounting standards be overhauled to include a requirement for auditing firms to “endeavour to detect material fraud in all reasonable ways.”
EY has been accused of failing to carry out a standard audit procedure on Wirecard for more than three years.
A report by the Financial Times claims that between 2016 and 2018 EY did not directly check with Singapore’s OCBC Bank to confirm the lender held huge amounts of cash on Wirecard’s behalf.
Auditors are currently only obliged to confirm that company statements are free from misstatements “whether caused by fraud or error.” However Brydon proposed firms should be taught forensic accounting methods and fraud awareness.
Brydon said: “Given the focus on Wirecard, making it clear that auditors have an obligation to find fraud rather than stumble over it would be a smart move to change auditor behaviour.”
The accounting industry was brought into the spotlight after Patisserie Valerie’s collapse last year, as people started to ask whether auditors should be looking for fraud in company accounts. Grant Thornton had failed to uncover a missing £95m in its statements.
EY was contacted for comment.


cityam--2020-07-02--FTSE 100 climbs higher on fresh hopes of coronavirus vaccine

The FTSE 100 rose this morning as hopes that a coronavirus vaccine would be developed helped buoy investor sentiment .
The blue-chip index rose over one per cent in early trading , but had pared back gains slightly to stand at 0.72 per cent up at 6,202 points by noon .
The midcap FTSE 250 added 1.22 per cent .
Hopes of a Covid-19 and better-than-expected economic data also helped drive European equities higher ahead of the release of crucial US jobs data later today .
Risk sentiment was boosted by a news of a potential coronavirus vaccine from Pfizer @ @ @ @ @ @ @ was found to be well tolerated in early-stage human trials .
A vaccine for Covid-19 , which has killed more than half a million people globally and ground much of the world economy to a halt , has been long anticipated .
IG analyst Joshua Mahoney said that traders would be watching closely for any updates on the vaccine trials , but warned that there was still a great deal of uncertainty ahead .
“ While the results provided hope for traders that we could soon return to normality , it is worthwhile @ @ @ @ @ @ @ likely to be a long one that means a 2020 production looks unlikely , ” Mahoney said .
“ Meanwhile , the US continues to see Covid-19 cases spike , and market sentiment is likely to remain fragile as 12 states now embark on a move to reverse reopening plans.
” Gold prices steadied after nearing an eight-year peak yesterday as investors ’ appetite for for higher-risk assets improved amid news of a possible vaccine .
Spot gold was sitting at $ 1,772.64 per ounce by noon UK time , after hitting $ @ @ @ @ @ @ @ betting on stock markets rather than on gold .
The short-term scenario is a risk-on mood , ” said Activtrades chief analyst Carlo Alberto De Casa .
Primark-owner Associated British Foods was among the FTSE 100 ’ s highest risers in morning trading after issuing an upbeat trading update .
Shares in the group rose 5.47 per cent after it reported that trading had been “ reassuring and encouraging ” following the reopening of most of its stores .
Before the Open newsletter : Start your day with the City View podcast and @ @ @ @ @ @ @ the pandemic was never going to be easy for businesses , yet AB Foods ’ update would suggest it stands a good chance of bouncing back , ” said Russ Mould , investment director at AJ Bell .
Travel stocks also climbed following reports the government will end quarantine rules for those arriving from 75 countries so that people can go on holiday .
British Airways-owner IAG rose 3.7 per cent , while hotel group Intercontinental added 2.64 per cent .
The FTSE 100 ’ s European peers surged on Thursday as encouraging @ @ @ @ @ @ @ hopes of a Covid-19 vaccine lifted sentiment .
The pan-European STOXX 600 rose 1.02 per cent to mark its fourth consecutive day of gains , with banks , carmakers and travel and leisure firms among the top risers .
In Germany , the DAX gained as much as 1.67 per cent , while France ’ s CAC 40 climbed 1.4 per cent .
Asian markets were also boosted by renewed hopes of a vaccine , with equities nearing a four-month high on Thursday .
MSCI ’ s broadest index of Asia Pacific shares @ @ @ @ @ @ @ , learning levels seen in early March .
Read more : All Bar One owner Mitchells & Butlers falls to £121m loss during lockdown Hong Kong ’ s Hang Seng index rose over 2.23 per cent , while the Shanghai Composite gained 2.12 per cent .
Japan ’ s Nikkei 225 had a more subdued session , but still ended Thursday 0.11 per cent up .

Nasdaq hits all-time high after data shows record jobs growth in US
Global equities were boosted by fresh hopes of a coronavirus vaccine and positive jobs data from the US
Wall Street surged on Thursday, with the Nasdaq hitting an all-time high as strong US jobs data and renewed hopes of a coronavirus vaccine buoyed equities.
The FTSE 100 also rose on optimism over a possible vaccine, ending the session 1.34 per cent up. The midcap FTSE 250 added 1.04 per cent.
Read more: Primark owner revenue slumps as coronavirus lockdowns hammer high street brand
US stocks surge following positive jobs data
All three major Wall Street indices rose after data showed the US economy added jobs at a record pace in June, the latest signal of a rebound in business activity following the easing of coronavirus-led lockdowns.
Nonfarm payrolls rose by 4.8m jobs in June, the Labor Department’s closely-watched monthly employment data showed, the most since the government began keeping records in 1939, although a recent surge in Covid-19 cases has threatened the fledgling recovery.
The Nasdaq hit a record high following the positive jobs data, gaining 1.27 per cent in early trading. The benchmark S&P 500 gained 1.14 per cent, while the Dow added 1.06 per cent.
Read more: Tesla shares accelerate as car deliveries top estimates
“The strong rebound would normally be an unambiguously positive sign that a recovery is underway [but] it is being accompanied by a sharp rise in new infections, which was what caused the collapse in the first place,” said Mike Bell, global market strategist at JP Morgan Asset Management in London.
“It is therefore too soon to say for certain that this recovery in employment sounds the all-clear for investors.”
Optimism about a post-pandemic rebound in business activity, aggressive US stimulus and hopes of a vaccine have fueled a Wall Street rally since April, with the Nasdaq notching up its sixth record closing high since early June on Wednesday.
“What we’re seeing from the payroll report is that the labor markets are healing, or at least had been healing in May and June,” said Patrick Leary, chief market strategist at Incapital.
However Leary cautioned: “these numbers don’t take into consideration a possible second wave, which is what has markets nervous right now.”
Vaccine hopes strengthen risk sentiment
Global risk sentiment was boosted by a news of a potential coronavirus vaccine from Pfizer and Germany’s Biontech, which was found to be well tolerated in early-stage human trials.
A vaccine for Covid-19, which has killed more than half a million people globally and ground much of the world economy to a halt, has been long anticipated.
IG analyst Joshua Mahoney said that traders would be watching closely for any updates on the vaccine trials, but warned that there was still a great deal of uncertainty ahead.
“While the results provided hope for traders that we could soon return to normality, it is worthwhile noting that the process to approval is likely to be a long one that means a 2020 production looks unlikely,” Mahoney said.
“Meanwhile, the US continues to see Covid-19 cases spike, and market sentiment is likely to remain fragile as 12 states now embark on a move to reverse reopening plans.”
Gold steadies as risk appetite returns
Gold prices steadied after nearing an eight-year peak yesterday as investors’ appetite for for higher-risk assets improved amid news of a possible vaccine.
Spot gold was sitting at $1,768.66 per ounce by 2.30pm UK time, after hitting $1,788.96 on Wednesday.
“Investors are betting on stock markets rather than on gold. The short-term scenario is a risk-on mood,” said Activtrades chief analyst Carlo Alberto De Casa.
Primark owner drives FTSE 100 higher after “encouraging” update
Primark-owner Associated British Foods was among the FTSE 100’s highest risers after issuing an upbeat trading update.
Shares in the group rose 4.15 per cent after it reported that trading had been “reassuring and encouraging” following the reopening of most of its stores.
Before the Open newsletter: Start your day with the City View podcast and key market data
“The recovery from the pandemic was never going to be easy for businesses, yet AB Foods’ update would suggest it stands a good chance of bouncing back,” said Russ Mould, investment director at AJ Bell.
Travel stocks also climbed following reports the government will end quarantine rules for those arriving from 75 countries so that people can go on holiday.
British Airways-owner IAG rose 5.38 per cent, while hotel groups Whitbread and Intercontinental added 5.10 and 4.14 per cent respectively.
European and Asian equities climb
The FTSE 100’s European peers surged on Thursday as encouraging economic data from across the globe and hopes of a Covid-19 vaccine lifted sentiment.
The pan-European STOXX 600 rose 1.89 per cent to mark its fourth consecutive day of gains, with banks, carmakers and travel and leisure firms among the top risers.
In Germany, the DAX added 2.84 per cent, while France’s CAC 40 climbed 2.49 per cent.
Asian markets were also boosted by renewed hopes of a vaccine, with equities nearing a four-month high on Thursday.
MSCI’s broadest index of Asia Pacific shares outside of Japan rose 1.5 per cent, learning levels seen in early March.
Read more: All Bar One owner Mitchells & Butlers falls to £121m loss during lockdown
Hong Kong’s Hang Seng index rose over 2.23 per cent, while the Shanghai Composite gained 2.12 per cent.
Japan’s Nikkei 225 had a more subdued session, but still ended Thursday 0.11 per cent up.


cityam--2020-07-02--Facebook reveals flaw that shared data with 5,000 developers

Facebook has said it mistakenly allowed 5,000 app developers to access information about its users after a time limit system failed to expire properly .
The system , introduced in 2018 to block a loophole used in the Cambridge Analytica scandal , was designed to shut off data access to third-party developers if a Facebook user hadn ’ t opened an app in the last 90 days .
The company said yesterday they had discovered the fix had not always worked the way it was meant to , leaving some user data exposed for longer than it should have been @ @ @ @ @ @ @ will be back on Facebook ‘ soon enough ’ “ This could happen if someone used a fitness app to invite their friends from their hometown to a workout , but we didn ’ t recognise that some of their friends had been inactive for many months , ” said Konstantinos Papamiltiadis , Facebook ’ s vice president of platform partnerships .
The leak left information such as language or gender exposed to an estimated 5,000 developers .
However that estimate is only based on the “ last several months of data we @ @ @ @ @ @ @ “ We fixed the issue the day after we found it , ” he added , saying there was no evidence any information had been exposed that users had not granted permission for when they logged in using Facebook .
Read more : Competition watchdog pressures government to take on tech giants Facebook did not say how many users were affected by the flaw .
It follows the platform ’ s largest privacy scandal in 2018 , in which third-party developers were able to harvest troves of user data .
Research firm Cambridge @ @ @ @ @ @ @ a comprehensive database of personal information about Facebook users and their friends , regardless of whether users had given permission for that information to be visible .

Facebook reveals flaw that shared data with 5,000 developers
Facebook has said it mistakenly allowed 5,000 app developers to access information about its users after a time limit system failed to expire properly.
The system, introduced in 2018 to block a loophole used in the Cambridge Analytica scandal, was designed to shut off data access to third-party developers if a Facebook user hadn’t opened an app in the last 90 days.
The company said yesterday they had discovered the fix had not always worked the way it was meant to, leaving some user data exposed for longer than it should have been.
“This could happen if someone used a fitness app to invite their friends from their hometown to a workout, but we didn’t recognise that some of their friends had been inactive for many months,” said Konstantinos Papamiltiadis, Facebook’s vice president of platform partnerships.
The leak left information such as language or gender exposed to an estimated 5,000 developers. However that estimate is only based on the “last several months of data we have available,” Papamiltiadis said.
“We fixed the issue the day after we found it,” he added, saying there was no evidence any information had been exposed that users had not granted permission for when they logged in using Facebook.
Facebook did not say how many users were affected by the flaw.
It follows the platform’s largest privacy scandal in 2018, in which third-party developers were able to harvest troves of user data.
Research firm Cambridge Analytica allegedly used this access to build a comprehensive database of personal information about Facebook users and their friends, regardless of whether users had given permission for that information to be visible.
Facebook shares edged down slightly in pre-market trading.


cityam--2020-07-02--Coronavirus: NHS test and trace system fails to reach a quarter of cases

A quarter of people in England testing positive with coronavirus is still not being reached by the government ’ s test and trace system , according to new figures .
Figures from the Department of Health and Social Services show that only 75 per cent of the 6,183 people who tested positive for Covid-19 , between 18 and 25 June , were were contacted by NHS test and trace .
This means that 1,544 people with coronavirus have not been traced , leaving potentially thousands of people they have been in close contact with unaware they could have the disease @ @ @ @ @ @ @ almost 97 per cent of tests done at mobile testing sites returned a test result within 24 hours between 18 June and 25 June .
Since the test and trace programme began at the start of last month , 27,000 people have been referred to NHS contact tracers .
Of these , 74 per cent were contacted by the track and trace programme .
Before the Open newsletter : Start your day with the City View podcast and key market data More than 130,000 people have been contacted by contact tracers and told @ @ @ @ @ @ @ contact with someone who has tested positive for Covid-19 .
Close contact is deemed to have been made if someone has been within two metres of someone else for 15 minutes , without the use of any protective equipment or clothing .
Read more : Data breach fears raised over test and trace pubs register Dido Harding , executive chair of NHS Test and Trace , said : “ We have seen significant improvements in the time it takes to process test results , an important step to rapidly reach the contacts of @ @ @ @ @ @ @ self-isolate to prevent them spreading the virus further .
“ I am very grateful to all those who have played their part and responded so well to the service .
”

Coronavirus: NHS test and trace system fails to reach a quarter of cases
A quarter of people in England testing positive with coronavirus is still not being reached by the government’s test and trace system, according to new figures.
Figures from the Department of Health and Social Services show that only 75 per cent of the 6,183 people who tested positive for Covid-19, between 18 and 25 June, were were contacted by NHS test and trace.
This means that 1,544 people with coronavirus have not been traced, leaving potentially thousands of people they have been in close contact with unaware they could have the disease.
The new figures also showed that almost 97 per cent of tests done at mobile testing sites returned a test result within 24 hours between 18 June and 25 June.
Since the test and trace programme began at the start of last month, 27,000 people have been referred to NHS contact tracers.
Of these, 74 per cent were contacted by the track and trace programme.
Before the Open newsletter: Start your day with the City View podcast and key market data
More than 130,000 people have been contacted by contact tracers and told to self-isolate, after being in close contact with someone who has tested positive for Covid-19.
Close contact is deemed to have been made if someone has been within two metres of someone else for 15 minutes, without the use of any protective equipment or clothing.
Dido Harding, executive chair of NHS Test and Trace, said: “We have seen significant improvements in the time it takes to process test results, an important step to rapidly reach the contacts of those testing positive and ask them to self-isolate to prevent them spreading the virus further.
“I am very grateful to all those who have played their part and responded so well to the service.”