cityam--2020-09-09--London's startup scene is under threat – here’s how we can safeguard our entrepreneurs

Following one of the biggest economic upheavals in living memory , London is now resetting itself .
But our capital ’ s startups have taken a bruising in the last few months and their recovery requires urgent action .
The impact has not been uniform , as some investment is still flowing .
But investors have been backing portfolio companies , or in some cases later-stage companies that have already proven they have market traction .
This trend is evidenced by research Plexal conducted with Beauhurst of nearly 30,000 businesses .
We found that only 10 per cent of the @ @ @ @ @ @ @ to those seeking funding for the first time – a 59 per cent drop from the same period last year .
Read more : Exclusive : Islington is the number one hotspot for new UK startups This is partly down to the trust factor .
Investors are not used to backing a new company without meeting the leadership team face to face .
Remote working is good for many things , but building relationships and establishing trust is not one of them .
At the same time , investors have become even more @ @ @ @ @ @ @ not the time to take big risks on an unestablished startup .
Startups themselves are also in survival mode .
The pandemic was a shock and it has made them pause to work out how their market has fundamentally changed , and what that means for their business model .
Many are not pitching for investment , and are simply trying to build enough runway to survive the peak of the crisis , largely by taking advantage of government schemes or continuing to trade .
This status quo is concerning .
London is @ @ @ @ @ @ @ but we can ’ t afford to be complacent .
I hear it first-hand from our members at Plexal : our startups are under pressure and if we don ’ t act now , we ’ ll see the impact on job creation and innovation years down the line .
For startups operating in sectors like cybersecurity or health , their very existence is needed to secure our economy and critical national infrastructure .
So what is to be done ?
The government has taken bold action to see startups through the worst @ @ @ @ @ @ @ play too .
Startups need contracts , we need to see industry partnering with innovators to run pilots , create proof of concepts and award contracts to small businesses that can solve specific challenges they ’ re facing .
A perfect example is the government aiming to direct £1 of every £3 it spends to an SME .
This creates a golden opportunity for enterprises and SMEs to work with each other to win these consortium-based contracts together .
Read more : Funding the Next Wave of Tech Startups And in London , @ @ @ @ @ @ @ make this joined-up approach easier .
As large companies rethink the value of a city office , they are considering what the future of work looks like for them .
If they choose to instead join startups in shared workspaces dotted around the city , this could enable a new era of work that ’ s reflective of the blurring of sectoral boundaries already taking place , and the need for collaboration that our economic recovery story will require .
Andrew Roughan is the Managing Director of Plexal

London’s startup scene is under threat – here’s how we can safeguard our entrepreneurs
London is the tech startup capital of Europe
Following one of the biggest economic upheavals in living memory, London is now resetting itself. But our capital’s startups have taken a bruising in the last few months and their recovery requires urgent action.
The impact has not been uniform, as some investment is still flowing. But investors have been backing portfolio companies, or in some cases later-stage companies that have already proven they have market traction. This trend is evidenced by research Plexal conducted with Beauhurst of nearly 30,000 businesses. We found that only 10 per cent of the £3.5bn invested since lockdown began has gone to those seeking funding for the first time – a 59 per cent drop from the same period last year.
This is partly down to the trust factor. Investors are not used to backing a new company without meeting the leadership team face to face. Remote working is good for many things, but building relationships and establishing trust is not one of them.
At the same time, investors have become even more cautious than before, as now is not the time to take big risks on an unestablished startup.
Startups themselves are also in survival mode. The pandemic was a shock and it has made them pause to work out how their market has fundamentally changed, and what that means for their business model. Many are not pitching for investment, and are simply trying to build enough runway to survive the peak of the crisis, largely by taking advantage of government schemes or continuing to trade.
This status quo is concerning. London is the tech startup capital of Europe, but we can’t afford to be complacent. I hear it first-hand from our members at Plexal: our startups are under pressure and if we don’t act now, we’ll see the impact on job creation and innovation years down the line. For startups operating in sectors like cybersecurity or health, their very existence is needed to secure our economy and critical national infrastructure.
So what is to be done? The government has taken bold action to see startups through the worst, but industry has a role to play too. Startups need contracts, we need to see industry partnering with innovators to run pilots, create proof of concepts and award contracts to small businesses that can solve specific challenges they’re facing.
A perfect example is the government aiming to direct £1 of every £3 it spends to an SME. This creates a golden opportunity for enterprises and SMEs to work with each other to win these consortium-based contracts together.
And in London, the changing map of our capital could make this joined-up approach easier.
As large companies rethink the value of a city office, they are considering what the future of work looks like for them. If they choose to instead join startups in shared workspaces dotted around the city, this could enable a new era of work that’s reflective of the blurring of sectoral boundaries already taking place, and the need for collaboration that our economic recovery story will require.
Andrew Roughan is the Managing Director of Plexal


cityam--2020-09-09--London house prices stabilise as buyers take advantage of stamp duty holiday

London ’ s housing market has stabilised with activity continuing to rise , as buyers take advantage of the stamp duty holiday .
The August Rics residential survey found 28 per cent of respondents noted an increase in buyer interest across the capital .
Buyer enquiries continued to rise while the number of new properties listed for sale also increased .
This led to the third successive month of strong growth in agreed sales , with a net balance of 25 per cent of contributors seeing a pick-up .
The government suspended stamp duty on the first £500,000 of all @ @ @ @ @ @ @ in a bid to boost house prices .
The pandemic has triggered a shift in the desirability of certain property characteristics .
The survey found 83 per cent of respondents anticipate demand increasing for homes with gardens over the next two years .
While 79 per cent predict rising demand for those properties near green space .
While near term sales expectations for London have stabilised , the longer-term view remains more cautious .
Rics said concerns over the broader economic climate were driving this more subdued assessment .
There has also been @ @ @ @ @ @ @ as tenant demand has started to rise in the capital .
Rental growth expectations over the near term have weakened further in August , with a net balance of minus 41 per cent of contributors now anticipating a fall .
Simon Rubinsohn , Rics Chief Economist commented : “ The latest RICS survey provides firm evidence of a strong uplift in activity in the housing market which should help support the wider economy gain traction over the coming months .
More of a concern is the pick-up in prices which could intensify issues @ @ @ @ @ @ @ country .
Disaggregated data shows demand generally to run ahead of supply.
” “ Meanwhile the results provide a further pointer to more substantive changes taking place in household behaviour in the wake of the pandemic .
Increased demand for properties with garden and near green spaces has if anything increased since we tested the water in May .
”

London house prices stabilise as buyers take advantage of stamp duty holiday
London’s housing market has stabilised with activity continuing to rise, as buyers take advantage of the stamp duty holiday.
The August Rics residential survey found 28 per cent of respondents noted an increase in buyer interest across the capital.
Buyer enquiries continued to rise while the number of new properties listed for sale also increased.
This led to the third successive month of strong growth in agreed sales, with a net balance of 25 per cent of contributors seeing a pick-up.
The government suspended stamp duty on the first £500,000 of all property sales in England and Northern Ireland in a bid to boost house prices.
The pandemic has triggered a shift in the desirability of certain property characteristics. The survey found 83 per cent of respondents anticipate demand increasing for homes with gardens over the next two years. While 79 per cent predict rising demand for those properties near green space.
While near term sales expectations for London have stabilised, the longer-term view remains more cautious. Rics said concerns over the broader economic climate were driving this more subdued assessment.
There has also been a pick-up in the lettings market, as tenant demand has started to rise in the capital. Rental growth expectations over the near term have weakened further in August, with a net balance of minus 41 per cent of contributors now anticipating a fall.
Simon Rubinsohn, Rics Chief Economist commented: “The latest RICS survey provides firm evidence of a strong uplift in activity in the housing market which should help support the wider economy gain traction over the coming months. More of a concern is the pick-up in prices which could intensify issues around affordability in some parts of the country. Disaggregated data shows demand generally to run ahead of supply.”
“Meanwhile the results provide a further pointer to more substantive changes taking place in household behaviour in the wake of the pandemic. Increased demand for properties with garden and near green spaces has if anything increased since we tested the water in May.”


cityam--2020-09-09--Government to invest £65m in new technologies

The government has today announced that it will invest £65m into a range of future technologies including batteries for electric vehicles , robotics , and new medical treatments .
The money will be made available through the Industrial Strategy Challenge Fund , which will help the UK build back better from the coronavirus crisis by transitioning to a low carbon economy and developing solutions for an ageing society .
Read more : Hammersmith Bridge : Sadiq Khan in fierce row with government row over closure Science Minister Amanda Solloway said : “ This new funding will strengthen the UK ’ @ @ @ @ @ @ @ areas , including battery technologies for electric vehicles and robotics , helping us develop innovative solutions to some of our biggest global challenges and creating jobs in rewarding careers right across the country.
” Nearly £44m to develop the next generation of high performance batteries for electric vehicles and wind turbines , which could also be used for new technologies such as electric aeroplanes .
The funding will also be used to complete a first-of-its-kind UK Battery Industrialisation Centre , in Coventry , which will create 100 high-skilled jobs .
In addition , @ @ @ @ @ @ @ of robots which can inspect , maintain and repair nuclear power stations , satellites and wind turbines .
Before the Open newsletter : Start your day with the City View podcast and key market data Some of the robots are being developed to address new problems resulting from the pandemic , including ones that can operated remotely and make contact-free deliveries or move hospital beds .
Finally , £6.5m will be allocated to five Advanced Therapy Treatment Centres , located in Manchester , Birmingham , Cardiff , Newcastle and Edinburgh , to accelerate @ @ @ @ @ @ @ .
These treatments use cell and genetic approaches , like stem cell transplants , to treat cancer , inherited diseases like cystic fibrosis , and injuries including burns .
The funding will also support at least 50 apprenticeships , provide additional training packages to health workers and a mobile facility to enable hospitals across the UK that do not have the specialised infrastructure needed to offer these treatments .
Read more : Tech rout wipes $ 13bn off Softbank ’ s market value Challenge director for the Faraday Battery Challenge Tony Harper said @ @ @ @ @ @ @ play their full environmental and economic role in achieving Net Zero we need to deploy at scale and build supply chains for today ’ s technology , shift from strong potential to commercial dominance in a new generation of batteries and continue to build world-class scientific capability to sustain us into the future.
” Since it was established in 2017 , the Industrial Strategy Challenge Fund has now committed £2.6bn of government investment with the aim of funding research into new technologies .

Government to invest £65m in new technologies
The government has today announced that it will invest £65m into a range of future technologies including batteries for electric vehicles, robotics, and new medical treatments.
The money will be made available through the Industrial Strategy Challenge Fund, which will help the UK build back better from the coronavirus crisis by transitioning to a low carbon economy and developing solutions for an ageing society.
Science Minister Amanda Solloway said: “This new funding will strengthen the UK’s global status in a range of areas, including battery technologies for electric vehicles and robotics, helping us develop innovative solutions to some of our biggest global challenges and creating jobs in rewarding careers right across the country.”
Nearly £44m to develop the next generation of high performance batteries for electric vehicles and wind turbines, which could also be used for new technologies such as electric aeroplanes.
The funding will also be used to complete a first-of-its-kind UK Battery Industrialisation Centre, in Coventry, which will create 100 high-skilled jobs.
In addition, £15m will be put towards the development of robots which can inspect, maintain and repair nuclear power stations, satellites and wind turbines.
Before the Open newsletter: Start your day with the City View podcast and key market data
Some of the robots are being developed to address new problems resulting from the pandemic, including ones that can operated remotely and make contact-free deliveries or move hospital beds.
Finally, £6.5m will be allocated to five Advanced Therapy Treatment Centres, located in Manchester, Birmingham, Cardiff, Newcastle and Edinburgh, to accelerate access to advanced therapies for the NHS.
These treatments use cell and genetic approaches, like stem cell transplants, to treat cancer, inherited diseases like cystic fibrosis, and injuries including burns.
The funding will also support at least 50 apprenticeships, provide additional training packages to health workers and a mobile facility to enable hospitals across the UK that do not have the specialised infrastructure needed to offer these treatments.
Challenge director for the Faraday Battery Challenge Tony Harper said: “In order for batteries to play their full environmental and economic role in achieving Net Zero we need to deploy at scale and build supply chains for today’s technology, shift from strong potential to commercial dominance in a new generation of batteries and continue to build world-class scientific capability to sustain us into the future.”
Since it was established in 2017, the Industrial Strategy Challenge Fund has now committed £2.6bn of government investment with the aim of funding research into new technologies.


cityam--2020-09-09--City firms look to home testing for return to work

A home-testing kit launching today could be the solution for City firms looking to get employees back to the office .
British saliva-based Covid-19 testing system Halo is the first commercial provider of the tests , which are designed for large organisations .
It is understood that leading law and accountancy firms as well as some of the City ’ s fund managers are in talks to use the system .
The saliva tests , which require only a spit sample , are first done at home with results sent to the Halo app .
The company says the test @ @ @ @ @ @ @ long-term solution for companies to get back to business , with weekly retests in the workplace .
Chief executive Jonathan Biles told City A.M. “ We built this to get people back to work – the only way you can get people back to normal life is to separate the sick from the healthy.
” Halo has also partnered with the University of Exeter to test students and staff at campuses in Exeter and Cornwall .
The Halo team is led by Dr Craig Rochford alongside biotech and computer scientists from Oxford University @ @ @ @ @ @ @ and throat swab but in recent weeks , as cases rise , many people with symptoms have struggled to obtain a test .
Sarah-Jane Marsh , the director of testing at NHS test and trace , said this week that the problem was not a lack of capacity at testing centres but in the labs that process the swabs .
She described it as a “ critical pinch-point ” .
Yesterday the Prime Minister outlined his “ moonshot plan ” for mass testing with a pilot due to go live in Salford next @ @ @ @ @ @ @ “ a number of challenges ” , such as ensuring the technology works and there is a strong distribution network , adding : “ We are not there yet.
” Dr Rochford said : “ We believe HALO is the best COVID-19 testing system available commercially and at scale in Britain today .
Saliva testing is becoming the de-facto gold standard for COVID 19 diagnostics and is as accurate , if not more accurate , than nasal and throat swab testing .
As-well as being painless and more convenient , it is more @ @ @ @ @ @ @

City firms look to home testing for return to work
(Photo: HALO/VelanJoe)
A home-testing kit launching today could be the solution for City firms looking to get employees back to the office.
British saliva-based Covid-19 testing system Halo is the first commercial provider of the tests, which are designed for large organisations.
It is understood that leading law and accountancy firms as well as some of the City’s fund managers are in talks to use the system.
The saliva tests, which require only a spit sample, are first done at home with results sent to the Halo app. The company says the test, which cost £50, is the long-term solution for companies to get back to business, with weekly retests in the workplace.
Chief executive Jonathan Biles told City A.M. “We built this to get people back to work – the only way you can get people back to normal life is to separate the sick from the healthy.”
Halo has also partnered with the University of Exeter to test students and staff at campuses in Exeter and Cornwall.
The Halo team is led by Dr Craig Rochford alongside biotech and computer scientists from Oxford University.
The NHS currently uses a nasal and throat swab but in recent weeks, as cases rise, many people with symptoms have struggled to obtain a test.
Sarah-Jane Marsh, the director of testing at NHS test and trace, said this week that the problem was not a lack of capacity at testing centres but in the labs that process the swabs. She described it as a “critical pinch-point”.
Yesterday the Prime Minister outlined his “moonshot plan” for mass testing with a pilot due to go live in Salford next month.
Boris Johnson admitted there are “a number of challenges”, such as ensuring the technology works and there is a strong distribution network, adding: “We are not there yet.”
Dr Rochford said: “We believe HALO is the best COVID-19 testing system available commercially and at scale in Britain today. Saliva testing is becoming the de-facto gold standard for COVID 19 diagnostics and is as accurate, if not more accurate, than nasal and throat swab testing. As-well as being painless and more convenient, it is more cost-effective than all comparable tests.”


cityam--2020-09-09--Hammersmith Bridge: Government thinks TfL inflated £140m repair estimate

The government is refusing to fund repairs for the closed Hammersmith Bridge because it believes the £140m price tag has been inflated by the local council and Transport for London ( TfL ) , City A.M. can reveal .
A source close to transport secretary Grant Shapps said the government wants to fund the restoration of the 133-year-old West London bridge , but it first wants to make its own assessment of the repair costs .
Read more : Hammersmith Bridge : Sadiq Khan in fierce row with government over closure The Hammersmith Bridge was closed to vehicles last year @ @ @ @ @ @ @ stayed open for cyclists and pedestrians .
Last month , during a heatwave , it was also closed to cyclists and pedestrians as the cracks widened and fears grew of a “ catastrophic failure ” .
Its closure has led to an outpouring of frustration from West Londoners and has caused traffic build-ups in the area .
TfL and Hammersmith and Fulham Council sent in a funding bid to the Department of Transport , estimating the cost to be £140m – a £100m increase from initial estimates .
The source close to Shapps @ @ @ @ @ @ @ does not believe the £140m figure ” .
“ There ’ s a lot of doubt around the figure that has been put out there and the government wants to interrogate it , ” they said .
Before the Open newsletter : Start your day with the City View podcast and key market data “ They want to know why it ’ s gone from £40m to £140m in such a small space of time.
” Shapps announced the formation of a Hammersmith Bridge taskforce today , led by transport minister Baroness Charlotte @ @ @ @ @ @ @ the bridge for cycling and walking “ as soon as safely possible ” and re-opening it to vehicles “ in time ” .
Shapps said there had been a “ lack of leadership in London on re-opening this vital bridge ” in a clear jab at mayor of London Sadiq Khan , the Hammersmith and Fulham Council and TfL .
A spokesperson for Khan hit back at the government for not providing funding required for the repairs .
“ Londoners need the government to pay to get Hammersmith Bridge repaired and reopened — @ @ @ @ @ @ @ that will just lead to more delay and disruption , ” they said .
The Labour-run Hammersmith and Fulham Council originally estimated the cost of the repairs would cost between £30m to £40m .
The figure was revised upward by TfL and the council to £120m last September .
Now estimate has ballooned to £140m , with TfL also asking for a further £25m to build a temporary crossing for pedestrians adjacent to the bridge when repairs are underway .
It is estimated that the job would take three years to complete and @ @ @ @ @ @ @ its own money to help fund the project .
Chelsea and Fulham MP Greg Hands said the saga had been “ an incredible example of incompetence from TfL and Hammersmith and Fulham council ” .
“ All the signs are that the two authorities don ’ t want the job and are not up for the job , ” he said .
The leader of the Fulham and Hammersmith Council Stephen Cowan said he hoped the govenrment “ will now work with our cross-party team to prioritise the needs of residents on both @ @ @ @ @ @ @ added : “ There is an urgency to tackling this issue , so while TfL , Hammersmith and Fulham and Richmond councils will play a full part inthe government ’ s taskforce , we must avoid an empty talking shop.
” A TfL spokesperson said : “ The cost estimates for the restoration have been put together by a highly-experienced team of consultants , contractors and our own experts .
We have never said that the cost estimate to restore the bridge to vehicle traffic was £40m and we are unclear where that @ @ @ @ @ @ @ , along with Hammersmith and Fulham Council , have been working with the DfT for many months as part of the project to restore Hammersmith Bridge and will continue to work closely with all parties to develop a viable solution as quickly as possible .
”

Hammersmith Bridge: Government thinks TfL inflated £140m repair estimate
The Oxford crew lead Cambridge crew approach Hammersmith Bridge as they compete during the BNY Mellon 160th Oxford versus Cambridge University Boat Race on The River Thameson April 6, 2014
The government is refusing to fund repairs for the closed Hammersmith Bridge because it believes the £140m price tag has been inflated by the local council and Transport for London (TfL), City A.M. can reveal.
A source close to transport secretary Grant Shapps said the government wants to fund the restoration of the 133-year-old West London bridge, but it first wants to make its own assessment of the repair costs.
The Hammersmith Bridge was closed to vehicles last year due to potentially dangerous cracks, but stayed open for cyclists and pedestrians.
Last month, during a heatwave, it was also closed to cyclists and pedestrians as the cracks widened and fears grew of a “catastrophic failure”.
Its closure has led to an outpouring of frustration from West Londoners and has caused traffic build-ups in the area.
TfL and Hammersmith and Fulham Council sent in a funding bid to the Department of Transport, estimating the cost to be £140m – a £100m increase from initial estimates.
The source close to Shapps told City A.M. that “the government does not believe the £140m figure”.
“There’s a lot of doubt around the figure that has been put out there and the government wants to interrogate it,” they said.
Before the Open newsletter: Start your day with the City View podcast and key market data
“They want to know why it’s gone from £40m to £140m in such a small space of time.”
Shapps announced the formation of a Hammersmith Bridge taskforce today, led by transport minister Baroness Charlotte Vere, with a view to opening the bridge for cycling and walking “as soon as safely possible” and re-opening it to vehicles “in time”.
Shapps said there had been a “lack of leadership in London on re-opening this vital bridge” in a clear jab at mayor of London Sadiq Khan, the Hammersmith and Fulham Council and TfL.
A spokesperson for Khan hit back at the government for not providing funding required for the repairs.
“Londoners need the government to pay to get Hammersmith Bridge repaired and reopened — they do not need another talking shop that will just lead to more delay and disruption,” they said.
The Labour-run Hammersmith and Fulham Council originally estimated the cost of the repairs would cost between £30m to £40m. The figure was revised upward by TfL and the council to £120m last September.
Now estimate has ballooned to £140m, with TfL also asking for a further £25m to build a temporary crossing for pedestrians adjacent to the bridge when repairs are underway.
It is estimated that the job would take three years to complete and TfL has already set aside £25m of its own money to help fund the project.
Chelsea and Fulham MP Greg Hands said the saga had been “an incredible example of incompetence from TfL and Hammersmith and Fulham council”.
“All the signs are that the two authorities don’t want the job and are not up for the job,” he said.
The leader of the Fulham and Hammersmith Council Stephen Cowan said he hoped the govenrment “will now work with our cross-party team to prioritise the needs of residents on both sides of the river”.
He added: “There is an urgency to tackling this issue, so while TfL, Hammersmith and Fulham and Richmond councils will play a full part inthe government’s taskforce, we must avoid an empty talking shop.”
A TfL spokesperson said: “The cost estimates for the restoration have been put together by a highly-experienced team of consultants, contractors and our own experts. We have never said that the cost estimate to restore the bridge to vehicle traffic was £40m and we are unclear where that figure has come from.
“We, along with Hammersmith and Fulham Council, have been working with the DfT for many months as part of the project to restore Hammersmith Bridge and will continue to work closely with all parties to develop a viable solution as quickly as possible.”


cityam--2020-09-09--Pubs warn new restrictions will damage their recovery from 'devastating' year

The pub industry has warned that the new restrictions outlined by the Prime Minister today will halt their recovery without additional government support .
The British Beer and Pub Association said the changes to social gatherings will have an “ immediate cooling effect on public confidence to go out and visit our pubs.
” From Monday gatherings of more than six people in public or in private will be banned .
Boris Johnson said the existing restrictions had become “ complicated and confusing ” , and that everyone should limit social contact .
It has been a devastating year for @ @ @ @ @ @ @ , and it is still struggling to get back on its feet .
Emma McClarkin , chief executive of the BBPA said : “ At such a delicate point in our recovery after a steady start this summer , as we head into Autumn and Winter where we expect trade to already slow down , this is very concerning.
” “ With the announcements made today pubs and breweries will need much more support from the Government if they are to survive ” , she said .
The industry body is calling for @ @ @ @ @ @ @ well as a continuation of the VAT cut to food and soft drinks .
It has also joined calls for a sector-specific furlough extension to help the hospitality sector through the crisis .
These measures , along with a beer duty cut , are what the industry needs to survive and protect jobs , McClarkin said .
Read more : London pubs and restaurants suffer sharp sales drop in July She added : “ Without this support from Government , and a clear message that pubs remain open for business and that the @ @ @ @ @ @ @ is in for a very rough end to an already devastating year.
” Johnson also announced that hospitality venues will be legally required to take test and trace details of customers , with £1,000 fines for non-compliance .
Get the news as it happens by following City A.M. on Twitter .

Pubs warn new restrictions will damage their recovery from ‘devastating’ year
(Photo by Peter Summers/Getty Images)
The pub industry has warned that the new restrictions outlined by the Prime Minister today will halt their recovery without additional government support.
The British Beer and Pub Association said the changes to social gatherings will have an “immediate cooling effect on public confidence to go out and visit our pubs.”
From Monday gatherings of more than six people in public or in private will be banned. Boris Johnson said the existing restrictions had become “complicated and confusing”, and that everyone should limit social contact.
It has been a devastating year for the industry after closing for four months, and it is still struggling to get back on its feet.
Emma McClarkin, chief executive of the BBPA said: “At such a delicate point in our recovery after a steady start this summer, as we head into Autumn and Winter where we expect trade to already slow down, this is very concerning.”
“With the announcements made today pubs and breweries will need much more support from the Government if they are to survive”, she said.
The industry body is calling for an extension on business rates relief as well as a continuation of the VAT cut to food and soft drinks. It has also joined calls for a sector-specific furlough extension to help the hospitality sector through the crisis.
These measures, along with a beer duty cut, are what the industry needs to survive and protect jobs, McClarkin said.
She added: “Without this support from Government, and a clear message that pubs remain open for business and that the public should support them, our sector is in for a very rough end to an already devastating year.”
Johnson also announced that hospitality venues will be legally required to take test and trace details of customers, with £1,000 fines for non-compliance.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-09-09--Back to work: Half of Londoners miss socialising with colleagues, survey finds

Half of Londoners have missed socialising with their colleagues while they have been working from home during the coronavirus pandemic , a survey has found as more staff return to offices .
Many employers are seeking to permanently embrace home working after lockdown forced offices to close .
Read more : Office design experts lead London ’ s return to the office However 49 per cent of London-based office staff have missed the social aspect of work , and more than a quarter admitted they had missed being able to bounce ideas off colleagues .
Meanwhile 25 per cent said @ @ @ @ @ @ @ , while 21 per cent want to get back to the office to have a break from home life .
Londoners were the most likely out of any UK region to be working remotely during lockdown , with just five per cent saying they have not worked remotely , according to research by Savills ’ flexible office specialist Workthere .
While some firms are keen to incorporate more remote working into normal life , concerns have been raised about city centre-based businesses , such as coffee shops and dry cleaners , that depend @ @ @ @ @ @ @ survive .
Workthere global head Cal Lee said : “ It ’ s clear from our figures that remote working fatigue is starting to set in with workers missing the social aspect of the office .
“ While lockdown was a period to reflect on what motivates and inspires people in the workplace , it could not be clearer that it still has a huge role to play.
” Read more : Two City professional bodies to share Walkie Talkie office space in home working drive Global research analyst Jessica Alderson added : @ @ @ @ @ @ @ place for remote working , we expect more and more people to return to the office now the summer is over.
” She said : “ As businesses return to the office and we see a more blended mix of office and home working moving forward , we expect to see a continued shift in the pattern of hours worked across London offices .
”

Back to work: Half of Londoners miss socialising with colleagues, survey finds
Capita has also bagged hefty contracts this year with the Royal Navy Training, worth £925m, the extension of a European telecoms client valued at £528m and another £58m contract for Tesco Mobile.
Half of Londoners have missed socialising with their colleagues while they have been working from home during the coronavirus pandemic, a survey has found as more staff return to offices.
Many employers are seeking to permanently embrace home working after lockdown forced offices to close.
However 49 per cent of London-based office staff have missed the social aspect of work, and more than a quarter admitted they had missed being able to bounce ideas off colleagues.
Meanwhile 25 per cent said they missed having a change of scenery, while 21 per cent want to get back to the office to have a break from home life.
Londoners were the most likely out of any UK region to be working remotely during lockdown, with just five per cent saying they have not worked remotely, according to research by Savills’ flexible office specialist Workthere.
While some firms are keen to incorporate more remote working into normal life, concerns have been raised about city centre-based businesses, such as coffee shops and dry cleaners, that depend on a daily influx of commuters to survive.
Workthere global head Cal Lee said: “It’s clear from our figures that remote working fatigue is starting to set in with workers missing the social aspect of the office.
“While lockdown was a period to reflect on what motivates and inspires people in the workplace, it could not be clearer that it still has a huge role to play.”
Global research analyst Jessica Alderson added: “While there is most certainly a place for remote working, we expect more and more people to return to the office now the summer is over.”
She said: “As businesses return to the office and we see a more blended mix of office and home working moving forward, we expect to see a continued shift in the pattern of hours worked across London offices.”


cityam--2020-09-09--Fashion retailer Quiz closes 15 UK stores after coronavirus lockdown

Fashion retailer Quiz has announced it will permanently close around 15 stores in the UK following the UK coronavirus lockdown .
The company is only planning to reopen around 60 of its 75 stores .
It has reopened 48 sites since non-essential retailers were given the go-ahead to trade in June .
Quiz has also reduced the number of concession stores from 164 to 141 .
Quiz said it had agreed rental terms for the reopened stores that are “ consistent with those targeted by the group ” , and are mainly tied to revenues rather than the previous fixed @ @ @ @ @ @ @ has opened four of its stores in the Republic of Ireland , with negotiations ongoing in relation to a further two sites .
The company will not reopen its three Spanish branches .
Between the 1 April and 1 August , which included the lockdown of physical stores and the two week closure of its online store , Quiz suffered a 77 per cent drop in sales to £12.8m Online sales , which have seen a sharp uptick across most of the retail sector , plunged 54 per cent during the period .
@ @ @ @ @ @ @ the slump in demand by slashing prices , reducing gross margin by around six per cent .
Quiz said it would not continue that level of discounting for the rest of the year .

Fashion retailer Quiz closes 15 UK stores after coronavirus lockdown
Fashion retailer Quiz has announced it will permanently close around 15 stores in the UK following the UK coronavirus lockdown.
The company is only planning to reopen around 60 of its 75 stores. It has reopened 48 sites since non-essential retailers were given the go-ahead to trade in June.
Quiz has also reduced the number of concession stores from 164 to 141.
Quiz said it had agreed rental terms for the reopened stores that are “consistent with those targeted by the group”, and are mainly tied to revenues rather than the previous fixed rental arrangements.
The high street retailer has opened four of its stores in the Republic of Ireland, with negotiations ongoing in relation to a further two sites.
The company will not reopen its three Spanish branches.
Between the 1 April and 1 August, which included the lockdown of physical stores and the two week closure of its online store, Quiz suffered a 77 per cent drop in sales to £12.8m
Online sales, which have seen a sharp uptick across most of the retail sector, plunged 54 per cent during the period.
The company said it had responded to the slump in demand by slashing prices, reducing gross margin by around six per cent.
Quiz said it would not continue that level of discounting for the rest of the year.


cityam--2020-09-09--Boris Johnson unveils new England coronavirus restrictions

Boris Johnson has unveiled a string of new coronavirus restrictions on social gatherings in England as a response to rising rates of infection across the country .
Gatherings of more than six people in public or in private will be banned from Monday , with several exemptions such as schools .
Read more : DEBATE : Has enforced working from home during the coronavirus pandemic benefited women in the workplace ?
Venues like places of worship , gyms , restaurants and hospitality venues can still hold more than six people , but no individual group can be larger than that @ @ @ @ @ @ @ existing restrictions had become “ complicated and confusing ” , and that everyone should limit social contact .
“ This single measure replaces both the existing ban on gatherings of more than 30 and the current guidance on allowing two households to meet indoors , ” Johnson said .
“ Now you only need to remember the rule of six.
” Johnson said “ Covid Secure marshalls ” would be created in cities and towns across the country to make sure people are obeying the new rules .
Hospitality venues will also be @ @ @ @ @ @ @ details of customers , with £1,000 fines for non-compliance .
Before the Open newsletter : Start your day with the City View podcast and key market data “ Let me be clear – these measures are not a second national lockdown – the whole point of them is to avoid a second national lockdown , ” Johnson said .
A total of 2,948 Covid-19 cases were recorded throughout the entire UK on Monday .
On Sunday , 2,988 new cases were recorded , which was the highest number of infections since May .
@ @ @ @ @ @ @ led by sharp increases in positive tests among 20-29 year-olds who have an infection rate of double the UK population as a whole .
Chief medical officer Professor Chris Whitty said that the rise in cases in the UK had a similar trajectory to other European countries who have experienced second waves , like Spain and France .
He said that Belgium imposed new restrictions at the same point the UK is currently at , which meant the country avoided a second coronavirus wave .
“ It is a clear indication that if @ @ @ @ @ @ @ change are happening , there is a reasonable chance or a good chance of bringing the rates back under control , ” he said .
The Prime Minister also announced plans for a mass coronavirus testing programme that would see millions of tests administered per day .
Johnson called the plan a “ moon shot ” , which would see life return largely to normal .
The Prime Minister said his vision is for everyone to have a Covid test that shows if someone is infectious with the disease every morning .
The @ @ @ @ @ @ @ showing results within 60 minutes .
“ That level of testing would allow people to lead more normal lives , without the need for social distancing , ” he said .
“ Theatres and sports venues could test all audience members on the day and let in those with a negative result , all those who are not infectious .
Read more : Coronavirus : England to ban meetings of more than six people “ Workplaces could be opened up to all those who test negative that morning and allow them to behave @ @ @ @ @ @ @ Covid.
” The programme will soon be trialled in Salford .

Boris Johnson unveils new England coronavirus restrictions
BRENTFORD, ENGLAND – JULY 22: Fans watch the match from The New Inn pub garden next to the stadium during the Sky Bet Championship match between Brentford and Barnsley at Griffin Park on July 22, 2020 in Brentford, England. (Photo by Alex Burstow/Getty Images)
Boris Johnson has unveiled a string of new coronavirus restrictions on social gatherings in England as a response to rising rates of infection across the country.
Gatherings of more than six people in public or in private will be banned from Monday, with several exemptions such as schools.
Venues like places of worship, gyms, restaurants and hospitality venues can still hold more than six people, but no individual group can be larger than that number.
The Prime Minister said the existing restrictions had become “complicated and confusing”, and that everyone should limit social contact.
“This single measure replaces both the existing ban on gatherings of more than 30 and the current guidance on allowing two households to meet indoors,” Johnson said.
“Now you only need to remember the rule of six.”
Johnson said “Covid Secure marshalls” would be created in cities and towns across the country to make sure people are obeying the new rules.
Hospitality venues will also be legally required to take test and trace details of customers, with £1,000 fines for non-compliance.
Before the Open newsletter: Start your day with the City View podcast and key market data
“Let me be clear – these measures are not a second national lockdown – the whole point of them is to avoid a second national lockdown,” Johnson said.
A total of 2,948 Covid-19 cases were recorded throughout the entire UK on Monday.
On Sunday, 2,988 new cases were recorded, which was the highest number of infections since May.
The rise in coronavirus cases has been led by sharp increases in positive tests among 20-29 year-olds who have an infection rate of double the UK population as a whole.
Chief medical officer Professor Chris Whitty said that the rise in cases in the UK had a similar trajectory to other European countries who have experienced second waves, like Spain and France.
He said that Belgium imposed new restrictions at the same point the UK is currently at, which meant the country avoided a second coronavirus wave.
“It is a clear indication that if you act rapidly and decisively when these change are happening, there is a reasonable chance or a good chance of bringing the rates back under control,” he said.
The Prime Minister also announced plans for a mass coronavirus testing programme that would see millions of tests administered per day.
Johnson called the plan a “moon shot”, which would see life return largely to normal.
The Prime Minister said his vision is for everyone to have a Covid test that shows if someone is infectious with the disease every morning.
The tests would have a rapid turnaround, showing results within 60 minutes.
“That level of testing would allow people to lead more normal lives, without the need for social distancing,” he said.
“Theatres and sports venues could test all audience members on the day and let in those with a negative result, all those who are not infectious.
“Workplaces could be opened up to all those who test negative that morning and allow them to behave in a way that was normal before Covid.”
The programme will soon be trialled in Salford.


cityam--2020-09-10--National Grid names Paula Rosput Reynolds its first female chair

National Grid has appointed seasoned executive Paula Rosput Reynolds to replace Sir Peter Gershon as chairman when he steps down next year .
Rosput Reynolds , 64 , currently holds a clutch of other directorships at some of the world ’ s largest companies , including BP , BAE Systems , and GE .
She used to be chair and chief executive of Safeco , a Fortune 500 insurance firm that was acquired by Liberty Mutual Insurance in 2008 .
Rosput Reynolds will become the network operator ’ s first female chair , as well as the FTSE 100 ’ @ @ @ @ @ @ @ senior independent director of National Grid , who led the search , said ; “ Paula has a highly successful track record as a chief executive across the energy and insurance industries and has over 20 years ’ experience as a non-executive director in both the UK and US across multiple sectors and businesses.
” Before the Open newsletter : Start your day with the City View podcast and key market data “ I am honoured to be joining National Grid ’ s Board as the entire industry is evolving .
I am @ @ @ @ @ @ @ and the rest of the Board and meeting National Grid employees and key stakeholders ” , Reynolds said .
The firm confirmed that she would join the board on 1 January and take over from Gershon after a transition period .
This will occur at the latest before the company ’ s annual general meeting .
Read more : National Grid profit takes a hit from coronavirus but maintains dividend Chief executive John Pettigrew said : “ Paula brings a wealth of board level experience leading global companies in the energy and financial @ @ @ @ @ @ @ and US companies and insight into strategic and regulatory issues will be an asset to the Board and I look forward to working alongside her .
”

National Grid names Paula Rosput Reynolds its first female chair
National Grid has appointed seasoned executive Paula Rosput Reynolds to replace Sir Peter Gershon as chairman when he steps down next year.
Rosput Reynolds, 64, currently holds a clutch of other directorships at some of the world’s largest companies, including BP, BAE Systems, and GE.
She used to be chair and chief executive of Safeco, a Fortune 500 insurance firm that was acquired by Liberty Mutual Insurance in 2008.
Rosput Reynolds will become the network operator’s first female chair, as well as the FTSE 100’s tenth overall.
Mark Williamson, senior independent director of National Grid, who led the search, said; “Paula has a highly successful track record as a chief executive across the energy and insurance industries and has over 20 years’ experience as a non-executive director in both the UK and US across multiple sectors and businesses.”
Before the Open newsletter: Start your day with the City View podcast and key market data
“I am honoured to be joining National Grid’s Board as the entire industry is evolving. I am looking forward to working with John Pettigrew and the rest of the Board and meeting National Grid employees and key stakeholders”, Reynolds said.
The firm confirmed that she would join the board on 1 January and take over from Gershon after a transition period.
This will occur at the latest before the company’s annual general meeting.
Chief executive John Pettigrew said: “Paula brings a wealth of board level experience leading global companies in the energy and financial sectors.
“Her experience within international and US companies and insight into strategic and regulatory issues will be an asset to the Board and I look forward to working alongside her.”


cityam--2020-09-10--Facebook hits back at Irish watchdog over data inquiry

Facebook has criticised the Irish data regulator for issuing proceedings against the firm over how it transfers data between the EU and the US , following the scrapping of a major EU ruling this summer .
The Irish Data Protection Commission ( IPDC ) is said to have given Facebook until the end of September to appeal its decision , which ordered Facebook to suspend data transfers between the two regions .
An EU court ruling in July invalidated the flagship Privacy Shield data agreement used by businesses such as Facebook to transfer data on European users to the US @ @ @ @ @ @ @ legality an alternative transfer mechanism called standard contractual clauses ( SCC ) .
Read more : Tiktok under scrutiny by French privacy watchdog over data use Facebook ’ s vice president of global affairs Sir Nick Clegg warned that if the IDPC chooses to enforce its decision , it could have a “ far reaching effect ” on its business .
“ A lack of safe , secure and legal international data transfers would damage the economy and hamper the growth of data-driven businesses in the EU , just as we seek a @ @ @ @ @ @ @ .
“ In the worst case scenario , this could mean that a small tech startup in Germany would no longer be able to use a US-based cloud provider .
A Spanish product development company could no longer be able to run an operation across multiple time zones.
” Read more : Facebook is a ‘ major threat ’ to public health , report warns Facebook currently relies on SCCs to carry out data transfers following the court decision known as Schrems II — which stemmed from a complaint about Facebook ’ s @ @ @ @ @ @ @ added : “ While policymakers are working towards a sustainable , long-term solution , we urge regulators to adopt a proportionate and pragmatic approach to minimise disruption to the many thousands of businesses who , like Facebook , have been relying on these mechanisms in good faith to transfer data in a safe and secure way.
” The IDPC did not immediately respond to a request for comment .

Facebook hits back at Irish watchdog over data inquiry
Facebook chief executive Mark Zuckerberg at the European Parliament last year
Facebook has criticised the Irish data regulator for issuing proceedings against the firm over how it transfers data between the EU and the US, following the scrapping of a major EU ruling this summer.
The Irish Data Protection Commission (IPDC) is said to have given Facebook until the end of September to appeal its decision, which ordered Facebook to suspend data transfers between the two regions.
An EU court ruling in July invalidated the flagship Privacy Shield data agreement used by businesses such as Facebook to transfer data on European users to the US. It also cast doubt on the legality an alternative transfer mechanism called standard contractual clauses (SCC).
Facebook’s vice president of global affairs Sir Nick Clegg warned that if the IDPC chooses to enforce its decision, it could have a “far reaching effect” on its business.
“A lack of safe, secure and legal international data transfers would damage the economy and hamper the growth of data-driven businesses in the EU, just as we seek a recovery from Covid-19,” said Clegg.
“In the worst case scenario, this could mean that a small tech startup in Germany would no longer be able to use a US-based cloud provider. A Spanish product development company could no longer be able to run an operation across multiple time zones.”
Facebook currently relies on SCCs to carry out data transfers following the court decision known as Schrems II — which stemmed from a complaint about Facebook’s use of SCCs in 2013.
Clegg added: “While policymakers are working towards a sustainable, long-term solution, we urge regulators to adopt a proportionate and pragmatic approach to minimise disruption to the many thousands of businesses who, like Facebook, have been relying on these mechanisms in good faith to transfer data in a safe and secure way.”
The IDPC declined to comment.


cityam--2020-09-10--Mairead McGuinness: Meet the EU's future finance boss

Mairead McGuinness was this week nominated as the new EU financial services commissioner following the recent resignation of her Irish counterpart and EU trade chief Phil Hogan .
Mr Hogan departs having found himself in the centre of a “ golfgate ” scandal , breaking lockdown rules by attending a dinner in County Galway , Ireland , with more than 80 people .
Former Latvian Prime Minister Valdis Dombrovskis , who is already the European Commission ’ s executive vice president , took over the vacant post .
Before McGuinness formally replaces Dombrovskis , her selection will be subject to @ @ @ @ @ @ @ , both members of the centre-right European People ’ s Party , are expected to work closely together as some of the EU trade commissioner ’ s responsibilities will be handed over to McGuinness .
The Irish MEP will take over FISMA ’ - the financial stability , financial services and capital markets union portfolio which includes implementing reforms to the financial and banking industries .
Read more : Ireland ’ s Mairead McGuinness picked to be next EU finance boss Who is the new EU finance commissioner ?
Born in 1959 , @ @ @ @ @ @ @ Louth town of Ardee , Ireland .
She studied at University College Dublin , graduating in 1980 as the first female to gain a Bachelor of Science degree in Agricultural Economics .
McGuinness soon after embarked on a career in the media , becoming a radio producer at RTE and a researcher on the Late Late Show .
She was also a journalist with the Irish Farmers Journal , before becoming editor of the Irish Independent farming supplement .
McGuinness is married to Tom Duff , a sheep farmer , and have four @ @ @ @ @ @ @ and Cathal ) .
Her political career began back in 2004 , following her election as an Irish Fine Gael MEP to the European Parliament representing the Midlands-North-West constituency in Ireland .
Her 16-year tenure in European Politics has included serving on European Parliamentary committees such as Agriculture and Rural Development ; Environment , Public Health and Food Safety .
McGuinness almost ran in the 2011 Irish presidential election , before becoming the first female vice president of the European Parliament in 2014 .
Alongside being voted ‘ MEP of the Year ’ @ @ @ @ @ @ @ Parliament members , her appointment as the future EU finance boss will be seen by many as a safe pair of hands .
“ Mrs McGuinness has significant political experience on EU issues , having been an MEP since 2004 and currently holding the post of first vice-president of the European Parliament , ” Von der Leyen said .
He said : “ The government put forward two candidates of the highest calibre for consideration to be the next European Commissioner from Ireland .
“ The financial services portfolio is a hugely significant @ @ @ @ @ @ @ this post has been secured for the commissioner designate.
” Speculations soon followed as to whether a further reshuffle would be needed .
William Wright , founder and managing director of think tank New Financial , tweeted : “ Can any EU-ologists confirm : if is confirmed as Commissioner for financial services , would this mean that John Berrigan – who has only been director general of DG FISMA since March – would have to step down down ?
Candidates for McGuinness ’ vacant position wasted no time in expressing their interest .
@ @ @ @ @ @ @ , Councillor Colm Markey said : “ I can confirm that I am first on the list and I would certainly be interested in taking up the position if the vacancy arises.
” Colm Markey has now been confirmed as the new MEP for Midlands North West constituency .
He said : “ I have worked closely with my predecessor Mairead McGuinness for almost two decades and I wish her all the best in her new role as European Commissioner in what will be a crucial period with the challenges presented by Brexit @ @ @ @ @ @ @ ” Taking on the brief The news of McGuinness as European Commissioner designate certainly raised eyebrows , given Ireland ’ s controversial tax avoidance schemes .
“ However , Ireland is not a fair tax player , and holding both FISMA and Eurogroup is not what the EU needs for a just and social answer to the crisis .
Looking forward to the hearings.
” Perez leads the left-wing Progressive Alliance of Socialists and Democrats in the European Parliament , the second-largest grouping after the EPP .
Mairead McGuinness has faced criticism for @ @ @ @ @ @ @ and her fellow Fine Gael MEPs opted against a 2019 European Parliament resolution to enhance refugee rescue operations in the Meditterranean .
Read more : European Parliament sets up more Brexit drama as it backs ‘ dynamic alignment ’ What is her stance on Brexit ?
Mairead McGuinness has not shied away from engaging in Brexit debates .
Speaking to the Late Late Show back in January 2019 , McGuinness explained why she did not believe there would be a hard border on the island of Ireland .
She said : “ If @ @ @ @ @ @ @ has a great understanding of the issue of the island of Ireland and the peace process and he was engaged in that and the whole founding of it .
“ I think it is very difficult but the responsibility is not on our shoulders alone .
“ The responsibility indeed at this stage is for the United Kingdom to live up to their commitments and the Withdrawal Agreement does that.
” The Irish MEP also famously clashed with arch-Brexiteer Nigel Farage over his flag-waving antics in the European Parliament at the start of @ @ @

Mairead McGuinness: Meet the EU’s future finance boss
Mairead McGuinness was this week nominated as the new EU financial services commissioner following the recent resignation of her Irish counterpart and EU trade chief Phil Hogan.
Mr Hogan departs having found himself in the centre of a “golfgate” scandal, breaking lockdown rules by attending a dinner in County Galway, Ireland, with more than 80 people.
Former Latvian Prime Minister Valdis Dombrovskis, who is already the European Commission’s executive vice president, took over the vacant post.
Before McGuinness formally replaces Dombrovskis, her selection will be subject to a European Parliament vote.
The two, both members of the centre-right European People’s Party, are expected to work closely together as some of the EU trade commissioner’s responsibilities will be handed over to McGuinness.
The Irish MEP will take over FISMA’- the financial stability, financial services and capital markets union portfolio which includes implementing reforms to the financial and banking industries.
Who is the new EU finance commissioner?
Born in 1959, Mairead McGuinness grew up in the County Louth town of Ardee, Ireland.
She studied at University College Dublin, graduating in 1980 as the first female to gain a Bachelor of Science degree in Agricultural Economics.
McGuinness soon after embarked on a career in the media, becoming a radio producer at RTE and a researcher on the Late Late Show.
She was also a journalist with the Irish Farmers Journal, before becoming editor of the Irish Independent farming supplement.
McGuinness is married to Tom Duff, a sheep farmer, and have four children (Orlaith, James, Aine and Cathal).
Her political career began back in 2004, following her election as an Irish Fine Gael MEP to the European Parliament representing the Midlands-North-West constituency in Ireland.
Her 16-year tenure in European Politics has included serving on European Parliamentary committees such as Agriculture and Rural Development; Environment, Public Health and Food Safety.
McGuinness almost ran in the 2011 Irish presidential election, before becoming the first female vice president of the European Parliament in 2014.
Alongside being voted ‘MEP of the Year’ for agriculture in 2011 by fellow European Parliament members, her appointment as the future EU finance boss will be seen by many as a safe pair of hands.
Reaction
European Commission president Ursula von der Leyen recommended McGuinness for the role.
“Mrs McGuinness has significant political experience on EU issues, having been an MEP since 2004 and currently holding the post of first vice-president of the European Parliament,” Von der Leyen said.
Irish Taoiseach Micheal Martin also “welcomed” the selection.
He said: “The government put forward two candidates of the highest calibre for consideration to be the next European Commissioner from Ireland.
“The financial services portfolio is a hugely significant one and I am very pleased that this post has been secured for the commissioner designate.”
Speculations soon followed as to whether a further reshuffle would be needed.
William Wright, founder and managing director of think tank New Financial, tweeted: “Can any EU-ologists confirm: if @MaireadMcGMEP is confirmed as Commissioner for financial services, would this mean that John Berrigan – who has only been director general of DG FISMA since March – would have to step down down?
Finding a replacement
Candidates for McGuinness’ vacant position wasted no time in expressing their interest.
Speaking to the Dundalk Democrat on Monday, Councillor Colm Markey said: “I can confirm that I am first on the list and I would certainly be interested in taking up the position if the vacancy arises.”
Colm Markey has now been confirmed as the new MEP for Midlands North West constituency.
He said: “I have worked closely with my predecessor Mairead McGuinness for almost two decades and I wish her all the best in her new role as European Commissioner in what will be a crucial period with the challenges presented by Brexit and Covid-19 for the island of Ireland.”
Taking on the brief
The news of McGuinness as European Commissioner designate certainly raised eyebrows, given Ireland’s controversial tax avoidance schemes.
Spanish MEP Iratxe Garcia Perez tweeted: “Congratulations to Mairead McGuinness! Good news for a gender-balanced European Commission, a S&D demand.
“However, Ireland is not a fair tax player, and holding both FISMA and Eurogroup is not what the EU needs for a just and social answer to the crisis. Looking forward to the hearings.”
Perez leads the left-wing Progressive Alliance of Socialists and Democrats in the European Parliament, the second-largest grouping after the EPP.
Mairead McGuinness has faced criticism for her past voting record, as she and her fellow Fine Gael MEPs opted against a 2019 European Parliament resolution to enhance refugee rescue operations in the Meditterranean.
What is her stance on Brexit?
Mairead McGuinness has not shied away from engaging in Brexit debates.
Speaking to the Late Late Show back in January 2019, McGuinness explained why she did not believe there would be a hard border on the island of Ireland.
She said: “If you listen to Michel Barnier, he has a great understanding of the issue of the island of Ireland and the peace process and he was engaged in that and the whole founding of it.
“I think it is very difficult but the responsibility is not on our shoulders alone.
“The responsibility indeed at this stage is for the United Kingdom to live up to their commitments and the Withdrawal Agreement does that.”
The Irish MEP also famously clashed with arch-Brexiteer Nigel Farage over his flag-waving antics in the European Parliament at the start of this year.


cityam--2020-09-10--Shares in fast food group Yum China fall on Hong Kong debut

Shares in Yum China fell more than six per cent this morning after the fast food group made its debut on the Hong Kong market , as investors reacted to uncertainty in global markets .
The Shanghai-based company , which operates KFC , Taco Bell and Pizza Hut restaurants in China , raised $ 2.2bn ( £1.7bn ) in the listing having sold nearly 42m shares at HK $ 412 ( £41 ) each .
Debut trading performances in the Hong Kong market tend to be strong , yet early figures show Yum China hit a low of HK $ @ @ @ @ @ @ @ value had been up 1.7 per cent yesterday before its stock decreased 8.7 per cent from its peak on 1 September .
The fall comes after concerns over Yum China ’ s capacity to increase its market share in China .
It has been a New York-listed company since 2016 and has more than 10,000 restaurants in China .
The underwhelming debut sharply contrasts other trading performances on the Hong Kong market this year .
Netease reported an opening up of eight per cent on its first day while JD.com saw a 5.8 @ @ @ @ @ @ @ executive director of institutional sales at UOB Kay Hian in Hong Kong , said , “ Investors who subscribed for the stock are unlikely to hold for long amid the softer tone in the US stock lately.
” Meanwhile , Hong Kong-based Geo Securities ’ chief executive Francis Lun said investors seeking to offload their shares contributed towards the opening trading results .
“ People who apply for stock in these deals are looking for quick money , they borrow very heavily so if a stock falls they need to get out , @ @ @ @

Shares in fast food group Yum China fall on Hong Kong debut
Shares in Yum China fell more than six per cent this morning after the fast food group made its debut on the Hong Kong market, as investors reacted to uncertainty in global markets.
The Shanghai-based company, which operates KFC, Taco Bell and Pizza Hut restaurants in China, raised $2.2bn (£1.7bn) in the listing having sold nearly 42m shares at HK$412 (£41) each.
Debut trading performances in the Hong Kong market tend to be strong, yet early figures show Yum China hit a low of HK$386.2.
The Hang Seng Index traded 0.15 per cent higher.
Yum China’s market value had been up 1.7 per cent yesterday before its stock decreased 8.7 per cent from its peak on 1 September.
The fall comes after concerns over Yum China’s capacity to increase its market share in China.
It has been a New York-listed company since 2016 and has more than 10,000 restaurants in China.
The underwhelming debut sharply contrasts other trading performances on the Hong Kong market this year.
Netease reported an opening up of eight per cent on its first day while JD.com saw a 5.8 per cent rise.
Steven Leung, executive director of institutional sales at UOB Kay Hian in Hong Kong, said, “Investors who subscribed for the stock are unlikely to hold for long amid the softer tone in the US stock lately.”
Meanwhile, Hong Kong-based Geo Securities’ chief executive Francis Lun said investors seeking to offload their shares contributed towards the opening trading results.
“People who apply for stock in these deals are looking for quick money, they borrow very heavily so if a stock falls they need to get out,” he said.


cityam--2020-09-10--Jacob Rees-Mogg self-isolates after child shows Covid symptoms

Commons leader Jacob Rees-Mogg has gone into self-isolation after one of his children displayed symptoms of Covid-19 .
Deputy chief whip Stuart Andrew stood in for Rees-Mogg , making the business statement in the chamber this morning .
Read more : Coronavirus : Government to pay low income workers in self-isolation In a tweet the Commons leader wrote : “ Many thanks to Stuart Andrew for standing in for me at Business Questions .
“ One of my children was tested for Covid-19 last weekend after displaying symptoms .
In accordance with government guidance , the household has been in @ @ @ @ @ @ @ ” Labour shadow Commons leader Valerie Vaz told MPs : “ We all wish the Leader of the House and the whole Rees-Mogg family well , and we know it had to be something very , very serious for him not to be here.
” Last week , Rees-Mogg posted a photo on Twitter of his children going back to school .
He wrote in a tweet : “ The holidays are over and my five older children certainly need and want to be at school.
” It means the Commons leader will @ @ @ @ @ @ @ the internal market bill , due to proceed in the Commons next week .
Jacob Rees-Mogg follows several other government ministers to have self-isolated during the coronavirus pandemic .
Alok Sharma self-isolated and tested negative for Covid-19 back in June , while the prime minister , health secretary and health minister Nadine Dorries all caught the virus .
Read more : Coronavirus self-isolation to increase by three days to 10-day lockdown Alongside the internal market bill , the government has faced criticism for not providing enough support for self-isolating workers .
Mayor of @ @ @ @ @ @ @ the chancellor and health secretary calling for a further package to support workers and the businesses that employ them , should they have to quarantine .

Jacob Rees-Mogg self-isolates after child shows Covid symptoms
Jacob Rees-Mogg is a ‘sleeping’ partner at Somerset Capital
Commons leader Jacob Rees-Mogg has gone into self-isolation after one of his children displayed symptoms of Covid-19.
Deputy chief whip Stuart Andrew stood in for Rees-Mogg, making the business statement in the chamber this morning.
In a tweet the Commons leader wrote: “Many thanks to Stuart Andrew for standing in for me at Business Questions.
“One of my children was tested for Covid-19 last weekend after displaying symptoms. In accordance with government guidance, the household has been in self-isolation while we await the test result.”
Labour shadow Commons leader Valerie Vaz told MPs: “We all wish the Leader of the House and the whole Rees-Mogg family well, and we know it had to be something very, very serious for him not to be here.”
Last week, Rees-Mogg posted a photo on Twitter of his children going back to school.
He wrote in a tweet: “The holidays are over and my five older children certainly need and want to be at school.”
It means the Commons leader will be absent for the second reading of the internal market bill, due to proceed in the Commons next week.
Jacob Rees-Mogg follows several government ministers to have self-isolated during the coronavirus pandemic.
Alok Sharma self-isolated and tested negative for Covid-19 back in June, while the prime minister, health secretary and health minister Nadine Dorries all caught the virus.
Alongside the internal market bill, the government has faced criticism for not providing enough support for self-isolating workers.
Mayor of London Sadiq Khan last month wrote to the chancellor and health secretary calling for a further package to support workers and the businesses that employ them, should they have to quarantine.


cityam--2020-09-10--McLaren puts iconic Woking HQ up for sale for £200m

Sports car maker McLaren has put its iconic headquarters near Woking in Surrey up for sale in a bid to shore up its balance sheet amid the ongoing coronavirus crisis .
Sky News first reported that the firm has instructed property agent Colliers to begin marketing a sale-and-leaseback of the McLaren Technology Centre , with offers in excess of £200m expected .
Read more : McLaren seals £150m in funding from Bahraini bank The spectacular facility , which houses the firm ’ s collection of classic vehicles and features a number of artificial lakes , as well as a wind @ @ @ @ @ @ @ , was designed by renowned architect Norman Foster .
Since opening in 2003 it has become one of the automotive industry ’ s most distinctive settings , featuring in a number of films including the “ Fast and Furious ” franchise .
The deal , which McLaren confirmed would not change its day-to-day operations , is the latest in a series of steps the F1 team owner has taken to raise additional funding .
Back in June , the firm sealed a new £150m financing facility with Bahrain ’ s national bank , @ @ @ @ @ @ @ as part of a wide-ranging restructuring .
Before the Open newsletter : Start your day with the City View podcast and key market data The redundancies will account for about a quarter of the Surrey-based firm ’ s workforce of 4,000 .
The firm has also reportedly appointed Goldman Sachs and HSBC to advise it on a fresh capital raise next year , as well as planned debt restructuring .
A McLaren spokesman said : “ The potential sale and leaseback of our global headquarters and the appointment of banks to advise us @ @ @ @ @ @ @ are part of the comprehensive refinancing strategy that we announced earlier this year .
“ Building on the shorter-term measures that we put in place over the summer , these initiatives will deliver a stronger balance sheet and ensure that McLaren Group has a sustainable platform for long-term growth and investment .
Read more : McLaren to cut 1,200 jobs as coronavirus forces group restructuring “ The proposed sale and leaseback mirrors best practice among leading companies and will have no impact on our day-to-day operations .
“ The McLaren Campus , comprising @ @ @ @ @ @ @ Centre and the McLaren Thought Leadership Centre , is an iconic , world-class facility that will remain our home in the future .
”

McLaren puts iconic Woking HQ up for sale for £200m
The Applied Technologies division is quartered at McLaren’s HQ in Woking.
Sports car maker McLaren has put its iconic headquarters near Woking in Surrey up for sale in a bid to shore up its balance sheet amid the ongoing coronavirus crisis.
Sky News first reported that the firm has instructed property agent Colliers to begin marketing a sale-and-leaseback of the McLaren Technology Centre, with offers in excess of £200m expected.
The spectacular facility, which houses the firm’s collection of classic vehicles and features a number of artificial lakes, as well as a wind tunnel for testing McLaren’s cars, was designed by renowned architect Norman Foster.
Since opening in 2003 it has become one of the automotive industry’s most distinctive settings, featuring in a number of films including the “Fast and Furious” franchise.
The deal, which McLaren confirmed would not change its day-to-day operations, is the latest in a series of steps the F1 team owner has taken to raise additional funding.
Back in June, the firm sealed a new £150m financing facility with Bahrain’s national bank, while 1,200 employees will be made redundant as part of a wide-ranging restructuring.
Before the Open newsletter: Start your day with the City View podcast and key market data
The redundancies will account for about a quarter of the Surrey-based firm’s workforce of 4,000.
The firm has also reportedly appointed Goldman Sachs and HSBC to advise it on a fresh capital raise next year, as well as planned debt restructuring.
A McLaren spokesman said: “The potential sale and leaseback of our global headquarters and the appointment of banks to advise us on a debt restructuring and equity raise are part of the comprehensive refinancing strategy that we announced earlier this year.
“Building on the shorter-term measures that we put in place over the summer, these initiatives will deliver a stronger balance sheet and ensure that McLaren Group has a sustainable platform for long-term growth and investment.
“The proposed sale and leaseback mirrors best practice among leading companies and will have no impact on our day-to-day operations.
“The McLaren Campus, comprising the McLaren Technology Centre, McLaren Production Centre and the McLaren Thought Leadership Centre, is an iconic, world-class facility that will remain our home in the future.”


cityam--2020-09-10--FTSE 100 slips as investors await ECB decision

The FTSE 100 slid as yesterday ’ s rally died out while investors awaited the European Central Bank ’ s ( ECB ) latest interest rate decision .
London ’ s blue-chip index fell 0.7 per cent to 5,969 points in morning trading .
The FTSE 250 of smaller-cap firms rose 0.2 per cent , however .
In Europe , the continent-wide Stoxx 600 and France ’ s CAC 40 both fell 0.2 per cent .
Yet Germany ’ s Dax rose 0.2 per cent .
Global stock markets fell sharply last week as nerves finally got to investors after @ @ @ @ @ @ @ – hit new all-time highs .
On Tuesday , when Wall Street reopened after Labor Day , tech stocks took a battering .
Apple shed seven per cent but Tesla plunged an enormous 22 per cent .
Read more : Lloyd ’ s of London falls to £400m loss due to coronavirus claims However , investors regained their poise yesterday .
The FTSE 100 rose more than one per cent .
And the US ’ s tech-heavy Nasdaq jumped 2.7 per cent while the S & P 500 climbed two per cent .
@ @ @ @ @ @ @ recovery yesterday and recouped much of their losses from the previous day ’ s selloff .
US tech outperformed , ” said Jim Reid of Deutsche Bank .
The FTSE ’ s falls had not been as pronounced as those in the US , for two main reasons .
One is that it lacks the big tech stocks that proved to be volatile .
And the other is that a falling pound – driven by Brexit worries – had supported the market .
It makes the overseas earnings of multinationals worth more in @ @ @ @ @ @ @ 0.2 per cent this morning to $ 1.302 , however .
That was despite the UK yesterday confirming it would override certain parts of the withdrawal agreement it struck with the EU , breaking international law .
Morrisons was the biggest faller after its first-half profit was weighed down by Covid costs .
Its shares fell 2.7 per cent .
“ The economic climate is iffy at best and Morrison is preparing for a potential shift in consumer behaviour , ” said Sophie Lund-Yates , equity analyst at Hargreaves Lansdown .
Some of @ @ @ @ @ @ @ by the rise in the pound .
Miners BHP and Anglo American and minerals group Antofogasta all lost around two per cent .
British Airways and British American Tobacco also fell .
Investors looked towards the ECB decision this afternoon .
Reid said Deutsche Bank ’ s economists “ think that the policy stance will be left unchanged , but that the ECB will reinforce their communications with a resolutely dovish message ” .
Chris Beauchamp , chief market analyst at trading platform IG , said : “ Indices are trading in the @ @ @ @ @ @ @ from the ECB.
” Read more : German exports rise but stay below pre-Covid levels “ Firm action is unlikely this time around , ” he said .
“ Instead we will likely see the bank lay out a path to further easing later in the year , responding as needed if and when the initial rebound from the Covid-19 economic shock begins to fade.
” “ Markets looking for a real boost may well be disappointed , bolstering the current negative price action of the past week .
”

FTSE 100 edges into the green as Wall Street opens higher on tech bounce
The City of London – usually bustling – has been quiet during the coronavirus pandemic
The FTSE 100 edged into the green as US stocks opened higher as a bounce in tech stocks overshadowed the high number of jobless claims.
London’s blue-chip index climbed 0.19 per cent after spending most of the session in the red in anticipation of the ECB’s rates decision. The FTSE 250 of smaller-cap firms rose 0.59 per cent.
In Europe, the continent-wide Stoxx 600 fell 0.19 per cent. France’s CAC 40 rose 0.12 per cent, while Germany’s Dax traded up 0.27 per cent.
Global stock markets fell sharply last week as nerves finally got to investors after US markets – driven by tech giants – hit new all-time highs.
On Tuesday, when Wall Street reopened after Labor Day, tech stocks took a battering. Apple shed seven per cent but Tesla plunged an enormous 22 per cent.
However, investors regained their poise yesterday, and demand for tech stocks continued into Thursday’s session.
“Markets went from breaking down to recovery yesterday and recouped much of their losses from the previous day’s selloff. US tech outperformed,” said Jim Reid of Deutsche Bank.
Morrisons leads FTSE 100 fallers
The FTSE’s falls had not been as pronounced as those in the US, for two main reasons.
One is that it lacks the big tech stocks that proved to be volatile. And the other is that a falling pound – driven by Brexit worries – had supported the market. It makes the overseas earnings of multinationals worth more in relative terms.
The pound was up 0.2 per cent this morning to $1.302, however. That was despite the UK yesterday confirming it would override certain parts of the withdrawal agreement it struck with the EU, breaking international law.
Morrisons was the biggest faller after its first-half profit was weighed down by Covid costs. Its shares fell 4.36 per cent by the afternoon.
“The economic climate is iffy at best and Morrison is preparing for a potential shift in consumer behaviour,” said Sophie Lund-Yates, equity analyst at Hargreaves Lansdown.
Some of the biggest FTSE 100 multinationals were hit by the rise in the pound. Miners BHP and Anglo American and minerals group Antofogasta all lost around two per cent. British Airways and British American Tobacco also fell.
ECB decision sends Euro rocketing
Investors looking for firm action from the European Central Bank (ECB) were left disappointed after it left interest rates at their current record-low level.
Most investors had anticipated this outcome so were looking for discussion surrounding the rising euro. The ECB said it will monitor the FX rate going forward but targeting a particular exchange rate is not within their mandate.
“So, traders now know that the ECB is merely “monitoring carefully” the exchange rate and how this will impact price levels”, said Fawad Razaqzada, market analyst at Think Markets. “Thus, what we could see going forward is further gains for the euro as trades probably try and milk the bullish trend as much as possible.”
“By resisting calls to cut interest rates deeper into negative territory, the Bank has consolidated the appeal of the Euro to global investors”, said Ulas Akincilar, head of trading at online trading platform Infinox. “It is now walking a tight-rope of currency appreciation, as it dare not let the Euro rise too high for fear of hampering the recovery of export-dependent economies like Germany.”
Wall Street opens higher on tech bounce
The FTSE 100 was buoyed by a strong start to the US session as demand for tech stocks overshadowed disappointing jobless claims figures.
The Dow Jones rose 0.54 per cent while the benchmark S&P 500 climbed 0.47 per cent.
The tech-heavy Nasdaq jumped 0.75 per cent after posting its steepest rise in four months yesterday, gaining 2.7 per cent. Facebook are up 0.23 per cent while Google-owner Alphabet rose 0.91 per cent.
It comes after new figures from the US Labor Department showed the number of people filing for unemployment benefits continues to rise.
Last week there were 884,000 initial claims, unchanged from the previous week’s revised level.
“The numbers are not so bad to cause any real concern, but do show that the economy is not on a continuous upward trend, which is unsurprising”, said Neil Birrell, chief investment officer at Premier Milton.
“The scarring of the economy is clear and is going to last for some time. In markets, in the very short term, we will probably see defensive assets hold firm on the back of this.”


cityam--2020-09-10--The Hut Group confirms £4.5bn stock market listing

The Hut Group has confirmed it is set to price its initial public offering at £5 per share , valuing the e-commerce retailer at £4.5bn The £920m float will make it the largest listing of a British company since 2013 .
The Hut Group will list at least 20 per cent of its stock .
It is also planning to sell some existing shares , which will take the total offer to £1.87bn , or 35 per cent of shares .
Blackrock , Henderson Global Investors and funds managed by Merian and the Qatar Investment Authority have already agreed to @ @ @ @ @ @ @ .
Announcing the intention to float last month , founder and chief executive Matthew Moulding said : “ Our intention to float The Hut Group on the London Stock Exchange reflects the achievements of the past but also our strong belief in the significant potential for THG in the future .
“ THG has enjoyed strong growth since being founded in 2004 , employing more than 7,000 people and establishing a track record of consistent delivery for our customers.
” Read more : The Hut Group gearing up for boardroom reshuffle The float @ @ @ @ @ @ @ for Moulding .
Under the terms of The Hut Group ’ s long-term incentive scheme , Moulding could receive shares worth more than £700m if the company achieves a market capitalisation of £7.25bn by December 2022 , Sky News reported .

The Hut Group confirms £4.5bn stock market listing
The Hut Group has confirmed it is set to price its initial public offering at £5 per share, valuing the e-commerce retailer at £4.5bn
The £920m float will make it the largest listing of a British company since 2013.
The Hut Group will list at least 20 per cent of its stock. It is also planning to sell some existing shares, which will take the total offer to £1.87bn, or 35 per cent of shares.
Blackrock, Henderson Global Investors and funds managed by Merian and the Qatar Investment Authority have already agreed to buy £565m of the shares on offer.
Announcing the intention to float last month, founder and chief executive Matthew Moulding said: “Our intention to float The Hut Group on the London Stock Exchange reflects the achievements of the past but also our strong belief in the significant potential for THG in the future.
“THG has enjoyed strong growth since being founded in 2004, employing more than 7,000 people and establishing a track record of consistent delivery for our customers.”
The float could also trigger a huge corporate payout for Moulding.
Under the terms of The Hut Group’s long-term incentive scheme, Moulding could receive shares worth more than £700m if the company achieves a market capitalisation of £7.25bn by December 2022, Sky News reported.


cityam--2020-09-10--Brexit: UK and EU to hold emergency talks amid flaring tensions

The UK and the EU are set for a heated emergency meeting today over Boris Johnson ’ s decision to breach the Brexit withdrawal agreement by adding a number of “ clarifications ” .
An “ extraordinary ” meeting of the UK-EU Joint Committee is scheduled for this afternoon , along with a one-on-one meeting between Cabinet Office minister Michael Gove and the European Commission ’ s Maroš Šefčovič .
Read more : Brexit : EU threatened to block Great Britain exports to Northern Ireland The EU has said it wants an explanation of how the UK government ’ s @ @ @ @ @ @ @ terms of the withdrawal agreement as it relates to Northern Ireland .
The emergency meeting concerns Johnson ’ s decision to give the UK powers to unilaterally “ disapply ” rules about movement of goods from Great Britain to Northern Ireland , after the end of the Brexit transition period on 31 December .
From 1 January , Northern Ireland will remain in the EU customs union , while the rest of the country will not .
Before the Open newsletter : Start your day with the City View podcast and key market @ @ @ @ @ @ @ reason for the UK ’ s actions was that the EU was threatening to block the transport of goods between Northern Ireland and Great Britain after the UK leaves the transition period .
Johnson said the changes would “ ensure the integrity of the UK internal market ” , however they are also a breach of the withdrawal agreement , which has infuriated Brussels .
President to the European Commission Ursula von der Leyen said she was “ very concerned ” , while former Prime Minister Sir John Major said Johnson ’ s @ @ @ @ @ @ @ ’ s international reputation .
Chief UK negotiator Lord David Frost will also meet his EU counterpart Michel Barnier today for the final time during the current round of post-Brexit trade deal talks .
Both sides have put a deadline of 15 October to agree to a deal , however the latest fiasco over Northern Ireland has increased the prospect of a no-deal exit .
Read more : Brexit : Government minister admits new bill will violate international law Barnier has said in the past that there can be no trade deal between @ @ @ @ @ @ @ does not respect the withdrawal agreement .
A senior EU source told The Times : “ My gut feeling is that the British government has opted for no-deal .
”

Brexit: UK and EU to hold emergency talks amid flaring tensions
The UK and the EU are set for a heated emergency meeting today over Boris Johnson’s decision to breach the Brexit withdrawal agreement by adding a number of “clarifications”.
An “extraordinary” meeting of the UK-EU Joint Committee is scheduled for this afternoon, along with a one-on-one meeting between Cabinet Office minister Michael Gove and the European Commission’s Maroš Šefčovič.
The EU has said it wants an explanation of how the UK government’s new internal market bill will change the terms of the withdrawal agreement as it relates to Northern Ireland.
The emergency meeting concerns Johnson’s decision to give the UK powers to unilaterally “disapply” rules about movement of goods from Great Britain to Northern Ireland, after the end of the Brexit transition period on 31 December.
From 1 January, Northern Ireland will remain in the EU customs union, while the rest of the country will not.
Before the Open newsletter: Start your day with the City View podcast and key market data
The Sun reported yesterday that the reason for the UK’s actions was that the EU was threatening to block the transport of goods between Northern Ireland and Great Britain after the UK leaves the transition period.
Johnson said the changes would “ensure the integrity of the UK internal market”, however they are also a breach of the withdrawal agreement, which has infuriated Brussels.
President to the European Commission Ursula von der Leyen said she was “very concerned”, while former Prime Minister Sir John Major said Johnson’s actions threaten doing damage to the UK’s international reputation.
Chief UK negotiator Lord David Frost will also meet his EU counterpart Michel Barnier today for the final time during the current round of post-Brexit trade deal talks.
Both sides have put a deadline of 15 October to agree to a deal, however the latest fiasco over Northern Ireland has increased the prospect of a no-deal exit.
Barnier has said in the past that there can be no trade deal between the UK and EU if one side does not respect the withdrawal agreement.
A senior EU source told The Times: “My gut feeling is that the British government has opted for no-deal.”


cityam--2020-09-10--British Airways owner IAG to cut more flights over winter

British Airways owner IAG will cut more flights over the coming months than it had previously planned as the recovery in international air travel from the coronavirus pandemic stalls .
In an operations update , IAG said that it would now fly at 40 per cent capacity through the autumn , down from past estimates of 54 per cent .
Read more : Four challenges facing new BA owner IAG ’ s boss Luis Gallego It also reduced its forecast for next year , with capacity now expected to decline 27 per cent , slightly lower the 24 per cent @ @ @ @ @ @ @ shares sank on the announcement , falling 2.3 per cent in the morning ’ s trading , even as it announced a €2.7bn capital raise .
In recent days both Ryanair and Easyjet have also announced a reduction in capacity , which they said was necessary due to the government ’ s quarantine regime .
Since the travel corridor policy was implemented in July , a number of the most popular holiday destinations for Brits have been put back under quarantine restrictions , including France and Spain .
Before the Open newsletter : @ @ @ @ @ @ @ podcast and key market data The lucrative transatlantic market , to which BA is especially exposed , remains largely shut , although there have been reports that ministers are discussing a London to New York “ air bridge ” with their US counterparts .
The update comes as Luis Gallego takes the helm at IAG , with longtime chief executive Willie Walsh stepping down .
“ Since July , IAG has experienced an overall levelling off of bookings ” , the group said in a statement .
“ Short-haul bookings have fallen slightly @ @ @ @ @ @ @ the UK and other European governments for travellers returning from specific countries including Spain .
“ As anticipated , IAG has seen a delayed recovery of long-haul booking activity , impacted by the continued existence of travel restrictions to many long-haul destinations , including North and South America .
Long-haul bookings have seen a modest increase since mid-August.
” It added that it maintained its forecast that air travel would not return to pre-pandemic levels until 2023 .

British Airways owner IAG to cut more flights over winter
British Airways owner IAG will cut more flights over the coming months than it had previously planned as the recovery in international air travel from the coronavirus pandemic stalls.
In an operations update, IAG said that it would now fly at 40 per cent capacity through the autumn, down from past estimates of 54 per cent.
It also reduced its forecast for next year, with capacity now expected to decline 27 per cent, slightly lower the 24 per cent fall previously forecast.
IAG’s shares sank on the announcement, falling 2.3 per cent in the morning’s trading, even as it announced a €2.7bn capital raise.
In recent days both Ryanair and Easyjet have also announced a reduction in capacity, which they said was necessary due to the government’s quarantine regime.
Since the travel corridor policy was implemented in July, a number of the most popular holiday destinations for Brits have been put back under quarantine restrictions, including France and Spain.
Before the Open newsletter: Start your day with the City View podcast and key market data
The lucrative transatlantic market, to which BA is especially exposed, remains largely shut, although there have been reports that ministers are discussing a London to New York “air bridge” with their US counterparts.
The update comes as Luis Gallego takes the helm at IAG, with longtime chief executive Willie Walsh stepping down.
“Since July, IAG has experienced an overall levelling off of bookings”, the group said in a statement.
“Short-haul bookings have fallen slightly following the re-implementation of quarantine requirements by the UK and other European governments for travellers returning from specific countries including Spain.
“As anticipated, IAG has seen a delayed recovery of long-haul booking activity, impacted by the continued existence of travel restrictions to many long-haul destinations, including North and South America. Long-haul bookings have seen a modest increase since mid-August.”
It added that it maintained its forecast that air travel would not return to pre-pandemic levels until 2023.