cityam--2020-07-15--Re-focusing on Brexit as we look to the future

The UK Government has confirmed that it will not request an extension to the Brexit transition period which ends on 31st December 2020 and negotiations towards a Free Trade Agreement with the European Union ( EU ) are ongoing .
Although the first half of this year has brought other priorities it ’ s now time to return our attention to Brexit and the practical steps mid-market businesses can start to take to prepare for the future .
At the end of last year , the impact of Brexit on business was an issue that many were debating .
Although @ @ @ @ @ @ @ a year ago and the UK has officially left the EU , the impact of Brexit is very firmly back on the agenda .
So far in 2020 , we have had other unforeseen priorities , which still need to be addressed , but it is now clear that , from 1 January , we will have new rules governing how we trade with the EU , even if we are not yet certain what those rules will be .
To date there has been limited progress on trade negotiations between the UK @ @ @ @ @ @ @ UK-EU Free Trade Agreement ( FTA ) seem increasingly unlikely .
Following the UK Government ’ s formal confirmation that it would not seek an extension of the Brexit transition period beyond 31 December 2020 , meetings have taken place between the UK and EU with a commitment to intensify negotiations in July and there are rumours of some movement on both sides .
However , even if a FTA is successfully negotiated before the end of this year , there is a real risk that it will not cover everything business might @ @ @ @ @ @ @ and compliance requirements for some British businesses .
For mid-market companies , having a team dedicated to Brexit planning is a luxury that most can not afford .
Even where a Brexit team is in place , how can planning be undertaken when the outcomes remain so uncertain ?
We believe that there are practical steps that businesses can take .
We won ’ t know the specifics of this until we understand the terms of any trade agreements agreed by the UK with the EU and other nations around the world .
@ @ @ @ @ @ @ a direct impact on any trade of goods and services with EU countries .
However , businesses should also consider whether their trading relationships with suppliers or clients in non-EU countries are currently governed by an EU trade agreement which will no longer be available to UK businesses after 31 December 2020 or indeed whether there might be completely new agreements covering those non-EU countries .
It ’ s important to assess the level of exposure and potential risk as early as possible .
As a starting point , finance teams can interrogate @ @ @ @ @ @ @ of the areas where the business may be impacted .
• What percentage of sales revenue and sales invoices relate to overseas clients ?
• What percentage of the supply chain is based outside the UK ?
• How much of the business activities relies on staff who are from the EU , or do staff need to regularly travel to EU countries for business purposes ?
• These metrics will start to provide a picture of the practical implications that may lie ahead .
If your business relies on non-UK clients or @ @ @ @ @ @ @ to have a clear understanding of the areas which could give rise to additional customs formalities or immigration and business regulation requirements .
What can you do about Brexit now ?
With an unknown outcome and therefore unknown implications , it can be tempting to say , “ there ’ s nothing we can do until we know the terms of a deal.
” Right now , the details and compliance requirements might be unknown but the effect of them will be a predictable need to pull together information about your business transactions @ @ @ @ @ @ @ authorities .
• Review your supply chain – even if your business isn ’ t reliant on overseas goods or services , one of your suppliers may be .
Do you have a contingency plan if a critical component in your supply chain is delayed ?
Have you talked to your key suppliers about Brexit exposure ?
• Talk to your overseas customers – just as you want to ensure that your supply chain won ’ t be interrupted , your customers will want to see the same from you and proactively demonstrating @ @ @ @ @ @ @ implications will instil confidence .
• Consider your current finance information flows – do your current processes and systems allow you to quickly and easily analyse , filter and present sales and purchasing data ?
Post-Brexit customs requirements will rely on clean , traceable data that shows the origin of any goods or services .
For businesses that are importing or exporting goods , EY is offering customs training seminars which are an excellent starting point to explore the potential requirements that lie ahead .
In addition , our recent Brexit webcast provides @ @ @ @ @ @ @ including the likely immigration landscape .
With the post-Brexit world just five months away , it should be a priority to understand your potential exposure to any disruption , assess the ability of your finance systems to provide the data that will be required in the future , and to act now to mitigate your risks in either of these areas .
In an uncertain world , the businesses that can react and adapt quickly will be best placed to face the future .

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Re-focusing on Brexit as we look to the future
The UK Government has confirmed that it will not request an extension to the Brexit transition period which ends on 31st December 2020 and negotiations towards a Free Trade Agreement with the European Union (EU) are ongoing. Although the first half of this year has brought other priorities it’s now time to return our attention to Brexit and the practical steps mid-market businesses can start to take to prepare for the future.
At the end of last year, the impact of Brexit on business was an issue that many were debating. Although December 2019 seems much more than half a year ago and the UK has officially left the EU, the impact of Brexit is very firmly back on the agenda.
So far in 2020, we have had other unforeseen priorities, which still need to be addressed, but it is now clear that, from 1 January, we will have new rules governing how we trade with the EU, even if we are not yet certain what those rules will be. To date there has been limited progress on trade negotiations between the UK and the EU, making a comprehensive UK-EU Free Trade Agreement (FTA) seem increasingly unlikely. Following the UK Government’s formal confirmation that it would not seek an extension of the Brexit transition period beyond 31 December 2020, meetings have taken place between the UK and EU with a commitment to intensify negotiations in July and there are rumours of some movement on both sides. However, even if a FTA is successfully negotiated before the end of this year, there is a real risk that it will not cover everything business might want and that will create additional reporting and compliance requirements for some British businesses.
For mid-market companies, having a team dedicated to Brexit planning is a luxury that most cannot afford. Even where a Brexit team is in place, how can planning be undertaken when the outcomes remain so uncertain? We believe that there are practical steps that businesses can take.
How will Brexit impact businesses?
We won’t know the specifics of this until we understand the terms of any trade agreements agreed by the UK with the EU and other nations around the world. It is obvious that there will be a direct impact on any trade of goods and services with EU countries. However, businesses should also consider whether their trading relationships with suppliers or clients in non-EU countries are currently governed by an EU trade agreement which will no longer be available to UK businesses after 31 December 2020 or indeed whether there might be completely new agreements covering those non-EU countries. It’s important to assess the level of exposure and potential risk as early as possible.
As a starting point, finance teams can interrogate their finance systems to get some indicators of the areas where the business may be impacted.
What percentage of sales revenue and sales invoices relate to overseas clients?
What percentage of the supply chain is based outside the UK?
How much of the business activities relies on staff who are from the EU, or do staff need to regularly travel to EU countries for business purposes?
These metrics will start to provide a picture of the practical implications that may lie ahead. If your business relies on non-UK clients or suppliers, then it’s important to have a clear understanding of the areas which could give rise to additional customs formalities or immigration and business regulation requirements.
What can you do about Brexit now?
With an unknown outcome and therefore unknown implications, it can be tempting to say, “there’s nothing we can do until we know the terms of a deal.” Right now, the details and compliance requirements might be unknown but the effect of them will be a predictable need to pull together information about your business transactions and provide clear evidence to the relevant authorities.
Review your supply chain – even if your business isn’t reliant on overseas goods or services, one of your suppliers may be. Do you have a contingency plan if a critical component in your supply chain is delayed? Have you talked to your key suppliers about Brexit exposure?
– even if your business isn’t reliant on overseas goods or services, one of your suppliers may be. Do you have a contingency plan if a critical component in your supply chain is delayed? Have you talked to your key suppliers about Brexit exposure? Talk to your overseas customers – just as you want to ensure that your supply chain won’t be interrupted, your customers will want to see the same from you and proactively demonstrating that you are planning for any Brexit implications will instil confidence.
– just as you want to ensure that your supply chain won’t be interrupted, your customers will want to see the same from you and proactively demonstrating that you are planning for any Brexit implications will instil confidence. Consider your current finance information flows – do your current processes and systems allow you to quickly and easily analyse, filter and present sales and purchasing data? Post-Brexit customs requirements will rely on clean, traceable data that shows the origin of any goods or services.
For businesses that are importing or exporting goods, EY is offering customs training seminars which are an excellent starting point to explore the potential requirements that lie ahead. In addition, our recent Brexit webcast provides a broad overview of the current position including the likely immigration landscape.
With the post-Brexit world just five months away, it should be a priority to understand your potential exposure to any disruption, assess the ability of your finance systems to provide the data that will be required in the future, and to act now to mitigate your risks in either of these areas. In an uncertain world, the businesses that can react and adapt quickly will be best placed to face the future.


cityam--2020-07-15--CVC looks to add coronavirus clauses to Six Nations investment

CVC Capital Partners is reportedly looking to add coronavirus clauses to its planned £300m investment in the Six Nations rugby union tournament , which will allow the buyout firm to withhold funding if the pandemic disrupts the sport further .
The private equity group is in the final stages of agreeing on a deal to take a 17 per cent stake in the tournament .
Read more : Leicester Tigers are up for sale as Premiership Rugby enters new era following CVC investment However the Financial Times reports that the fear over a second wave and the potential disruption to @ @ @ @ @ @ @ point .
The buyout firm is still looking to make the full £300m investment , to be paid in instalments over five years .
It would split the money between the six unions – England , Scotland , Wales , Ireland , France and Italy .
England and France will reportedly receive the largest share of the £300m because of the higher value of their broadcasting rights .
The deal was due to be finalised in March but was pushed back after the remaining games were postponed due to the pandemic .
CVC @ @ @ @ @ @ @ payments if the majority of the games are canceled or if there are bankruptcies , according to the FT .
The firm is also reportedly seeking commitments that the Six Nations will withhold some money from the six countries ’ unions to cover costs in the event of a second wave which affects matches .
However , the FT reports the unions have not agreed to these terms yet .
The Six Nations tournament is particularly vulnerable to disruption because it comprises of just 15 games , with four still to be played @ @ @ @ @ @ @ .
Read more : CVC abandons IPO or sale of Domestic and General after tepid investor response Sporting events ground to a halt after the onset of the pandemic and competitions such as Premier League football and English cricket have only just just resumed .
Rugby competitions have been slow to implement testing measures with the English Premiership only beginning to start testing players last week .
CVC Capital Partners declined to comment .
Six Nations could not be reached for comment .

CVC looks to add coronavirus clauses to Six Nations investment
(via Getty Images)
CVC Capital Partners is reportedly looking to add coronavirus clauses to its planned £300m investment in the Six Nations rugby union tournament, which will allow the buyout firm to withhold funding if the pandemic disrupts the sport further.
The private equity group is in the final stages of agreeing on a deal to take a 17 per cent stake in the tournament.
However the Financial Times reports that the fear over a second wave and the potential disruption to the competition has become a major sticking point.
The buyout firm is still looking to make the full £300m investment, to be paid in instalments over five years. It would split the money between the six unions – England, Scotland, Wales, Ireland, France and Italy. England and France will reportedly receive the largest share of the £300m because of the higher value of their broadcasting rights.
The deal was due to be finalised in March but was pushed back after the remaining games were postponed due to the pandemic.
CVC now wants to be able to withhold payments if the majority of the games are canceled or if there are bankruptcies, according to the FT.
The firm is also reportedly seeking commitments that the Six Nations will withhold some money from the six countries’ unions to cover costs in the event of a second wave which affects matches. However, the FT reports the unions have not agreed to these terms yet.
The Six Nations tournament is particularly vulnerable to disruption because it comprises of just 15 games, with four still to be played this season after the suspension in March.
Sporting events ground to a halt after the onset of the pandemic and competitions such as Premier League football and English cricket have only just just resumed. Rugby competitions have been slow to implement testing measures with the English Premiership only beginning to start testing players last week.
CVC Capital Partners declined to comment. Six Nations could not be reached for comment.


cityam--2020-07-15--Boris Johnson commits to independent coronavirus inquiry

Boris Johnson has committed to hold an independent inquiry into the government ’ s response to coronavirus at today ’ @ @ @ @ @ Questions ( PMQs ) .
“ Certainly we will have an independent inquiry into what @ @ @ @ @ .

Boris Johnson commits to independent coronavirus inquiry
Prime Minister Boris Johnson leaves 10 Downing Street on July 15, 2020
Boris Johnson has committed to hold an independent inquiry into the government’s response to the coronavirus pandemic at today’s Prime Minister’s Questions (PMQs).
Johnson told the House of Commons at Prime Minister’s Questions that there would be an inquiry, marking it the first official confirmation that the government’s response would be officially scrutinised.
The format of the inquiry is yet to be made clear.
“I do not believe now in the middle of combating, still as we are, a pandemic is the right moment to devote huge amounts of official time to an inquiry, but of course we will seek to learn the lessons of this pandemic in the future,” Johnson said.
“Certainly we will have an independent inquiry into what happened.”
The government’s response to the coronavirus pandemic has been much criticised, after more than 45,000 people have officially died from the disease.
Per capita, the UK has one of the highest few death rates in the world.
Johnson’s commitment to an inquiry came after a question by Liberal Democrats acting leader Ed Davey.
“Under this prime minister we suffered one of the worst death rates in the world and Europe’s worst death rate for health and care workers,” he said.
It comes as a new report from the Academy of Medical Sciences, which was commissioned by chief scientific adviser Sir Patrick Vallance, warned of a potential second spike if the government does not take action now.
The report said that there could be a further 120,000 deaths from coronavirus from September to June next year if actions are not taken to reduce and keep down the Covid-19 rate of transmission.
However, the report does not take into account potential government measures to reduce the UK’s Covid-19 infection rate.


cityam--2020-07-15--Boris Johnson refuses to censure British Airways on workers conditions

Boris Johnson has refused to condemn British Airways for planning to rehire 30,000 workers on worse conditions in a fiery Prime Minister ’ s Questions ( PMQs ) .
Sir Keir Starmer pushed the Prime Minister on whether the coronavirus bail outs , loans and grants should come with conditions that companies do not diminish workers ’ rights .
It was reported two weeks ago by the Mirror that British Airways planned to axe 42,00 jobs and rehire 30,000 of them on reduced pay and conditions .
Starmer said the Prime Minister should “ call it out ” and impose @ @ @ @ @ @ @ Airways .
Johnson refused to commit to any such conditions or censuring of the UK ’ s flag carrier .
“ Let ’ s be absolutely clear – British Airways and many other companies are having severe difficulties at the moment , ” he said .
Before the Open newsletter : Start your day with the City View podcast and key market data “ We can not , I ’ m afraid , simply with a magic wand ensure that ever single job that was being done before the crisis is retained after @ @ @ @ @ @ @ do , and what we are doing , is encouraging companies to keep their workers with the job retention scheme , with the job retention bonus and with a massive programme of investment in this country – a £600bn investment programme in this country to build , build , build and create jobs , jobs , jobs.
” Starmer also called for “ sector specific ” support , while Labour business committee chair called for support caompanies that are in regions put inot local lockdowns .
Read more : British Airways must follow @ @ @ @ @ @ @ , ministers warn Johnson was non-committal on both these points .
“ We ’ ve given in addition to the 160bn of support to people and firms across the country , we ’ ve supported areas and cities in lockdown with considerable grants .

Boris Johnson refuses to censure British Airways on workers conditions
British Airways passenger planes are pictured at the apron at London Heathrow Airport in west London as the UK government’s planned 14-day quarantine for international arrivals to limit the spread of Covid-19 starts on June 8, 2020. (Photo by Adrian DENNIS / AFP) (Photo by ADRIAN DENNIS/AFP via Getty Images)
Boris Johnson has refused to condemn British Airways for planning to rehire 30,000 workers on worse conditions in a fiery Prime Minister’s Questions (PMQs).
Sir Keir Starmer pushed the Prime Minister on whether the coronavirus bail outs, loans and grants should come with conditions that companies do not diminish workers’ rights.
It was reported two weeks ago by the Mirror that British Airways planned to axe 42,00 jobs and rehire 30,000 of them on reduced pay and conditions.
Starmer said the Prime Minister should “call it out” and impose conditions on government cash received by British Airways.
Johnson refused to commit to any such conditions or censuring of the UK’s flag carrier.
“Let’s be absolutely clear – British Airways and many other companies are having severe difficulties at the moment,” he said.
Before the Open newsletter: Start your day with the City View podcast and key market data
“We cannot, I’m afraid, simply with a magic wand ensure that ever single job that was being done before the crisis is retained after the crisis.
“What we can do, and what we are doing, is encouraging companies to keep their workers with the job retention scheme, with the job retention bonus and with a massive programme of investment in this country – a £600bn investment programme in this country to build, build, build and create jobs, jobs, jobs.”
Starmer also called for “sector specific” support, while Labour business committee chair called for support caompanies that are in regions put inot local lockdowns.
Johnson was non-committal on both these points.
“We’ve given in addition to the 160bn of support to people and firms across the country, we’ve supported areas and cities in lockdown with considerable grants.
Responding to Starmer’s criticisms, a British Airways spokesperson said: “It is disappointing for a company taking action to save as many jobs as possible to be singled out in this way.
“Politicians should be wary of supporting a union campaign that would ultimately result in the loss of more British jobs. Instead of acting against us, Unite and GMB need to consult with us on our proposals as our pilot union, BALPA, is doing.”


cityam--2020-07-15--Trump on UK's Huawei U-turn: 'I did this myself'

US President Donald Trump has said he is responsible for the UK ’ s reversal on an earlier policy decision regarding Chinese tech firm Huawei .
The government said yesterday Huawei equipment must be purged completely from the UK ’ s 5G network by the end of 2027 .
“ We convinced many countries , many countries — I did this myself for the most part — not to use Huawei , because we think it ’ s an unsafe security risk , it ’ s a big security risk , ” Trump told reporters at a news conference in @ @ @ @ @ @ @ I talked many countries out of using it : if they want to do business with us , they can ’ t use it .
Just today , I believe that UK announced that they ’ re not going to be using it.
” Read more : Huawei banned from UK ’ s 5G network after government U-turn Health secretary Matt Hancock today denied that Trump alone was responsible for the Huawei ban , telling Sky News : “ Well , we all know Donald Trump , don ’ t we.
” Meanwhile @ @ @ @ @ @ @ the move to ban Huawei was about geopolitics , rather than a security issue .
“ This once again demonstrates that the relevant bans on Huawei are completely unrelated to national security , rather this is highly politicised manipulation , ” Chinese foreign ministry spokeswoman Hua Chunying said in Beijing .
“ This once again allows everyone to see clearly the one who is issuing threats here , there and everywhere is perhaps not China but the US , ” she said .
Read more : Rival firms prepare to scoop up Huawei @ @ @ @ @ @ @ I would even say this is not only disappointing — this is disheartening , ” Chinese ambassador Liu Xiaoming told the Centre for European Reform , adding that Britain had “ simply dumped this company ” .
“ The way you are treating Huawei is being followed very closely by other Chinese businesses , and it will be very difficult for other businesses to have the confidence to have more investment , ” he said .
Huawei said yesterday that Prime Minister Boris Johnson ’ s decision would put Britain into the digital @ @ @

Trump on UK’s Huawei U-turn: ‘I did this myself’
US President Donald Trump has said he is responsible for the UK’s reversal on an earlier policy decision regarding Chinese tech firm Huawei.
The government said yesterday Huawei equipment must be purged completely from the UK’s 5G network by the end of 2027.
“We convinced many countries, many countries — I did this myself for the most part — not to use Huawei, because we think it’s an unsafe security risk, it’s a big security risk,” Trump told reporters at a news conference in the White House Rose Garden.
“I talked many countries out of using it: if they want to do business with us, they can’t use it. Just today, I believe that UK announced that they’re not going to be using it.”
Health secretary Matt Hancock today denied that Trump alone was responsible for the Huawei ban, telling Sky News: “Well, we all know Donald Trump, don’t we.”
Meanwhile China said Trump’s comments showed the move to ban Huawei was about geopolitics, rather than a security issue.
“This once again demonstrates that the relevant bans on Huawei are completely unrelated to national security, rather this is highly politicised manipulation,” Chinese foreign ministry spokeswoman Hua Chunying said in Beijing.
“This once again allows everyone to see clearly the one who is issuing threats here, there and everywhere is perhaps not China but the US,” she said.
“Now I would even say this is not only disappointing — this is disheartening,” Chinese ambassador Liu Xiaoming told the Centre for European Reform, adding that Britain had “simply dumped this company”.
“The way you are treating Huawei is being followed very closely by other Chinese businesses, and it will be very difficult for other businesses to have the confidence to have more investment,” he said.
Huawei said yesterday that Prime Minister Boris Johnson’s decision would put Britain into the digital slow lane.


cityam--2020-07-15--Kanye West drops out of 2020 presidential race

Kanye West has reportedly dropped out of the presidential race less than two weeks after announcing his bid for the White House .
On Tuesday , a member of West ’ s campaign team told Intelligencer that the rapper would no longer be contesting the election .
“ He ’ s out , ” said Steve Kramer , a get-out-the-vote specialist working with West .
Read more : Kanye West announces he will run for president Kramer told the publication that he was in the process of getting “ all our stuff cancelled ” after amassing an 180-strong team .
@ @ @ @ @ @ @ the bid was over on the same day West shared a picture of himself registering to vote in Wyoming .
Kramer later added : “ I have nothing good or bad to say about Kanye .
Everyone has their personal decision about why they make decisions… any candidate running for president for the first time goes through these hiccups.
” The rapper has not publicly commented on whether his bid for the White House is continuing .
West had reportedly attempted to get his name on the ballot paper as a third-party candidate @ @ @ @ @ @ @ by 15 July to be eligible to run in Florida .
It comes just days after a poll showed the rapper would gain less than two per cent of votes were he to run against President Donald Trump and the presumptive Democratic nominee and former vice-president Joe Biden .
The rapper has previously publicly supported President Trump , wearing Make America Great Again hats and even visiting him at the White House .
Read more : Bernie Sanders drops out of presidential race West announced his candidacy earlier this month , tweeting : @ @ @ @ @ @ @ of America by trusting God , unifying our vision and building our future .
I am running for president of the United States.
” In an interview with Forbes , West said his party would be called the “ Birthday Party ” because “ when we win , it ’ s everybody ’ s birthday ” .

Kanye West drops out of 2020 presidential race
(Photo by SAUL LOEB/AFP via Getty Images)
Kanye West has reportedly dropped out of the presidential race less than two weeks after announcing his bid for the White House.
On Tuesday, a member of West’s campaign team told Intelligencer that the rapper would no longer be contesting the election. “He’s out,” said Steve Kramer, a get-out-the-vote specialist working with West.
Kramer told the publication that he was in the process of getting “all our stuff cancelled” after amassing an 180-strong team.
He also Intelligencer that staff were told the bid was over on the same day West shared a picture of himself registering to vote in Wyoming.
Kramer later added: “I have nothing good or bad to say about Kanye. Everyone has their personal decision about why they make decisions… any candidate running for president for the first time goes through these hiccups.”
The rapper has not publicly commented on whether his bid for the White House is continuing.
West had reportedly attempted to get his name on the ballot paper as a third-party candidate, but needed to collect 132,781 signatures by 15 July to be eligible to run in Florida.
It comes just days after a poll showed the rapper would gain less than two per cent of votes were he to run against President Donald Trump and the presumptive Democratic nominee and former vice-president Joe Biden.
The rapper has previously publicly supported President Trump, wearing Make America Great Again hats and even visiting him at the White House.
West announced his candidacy earlier this month, tweeting: “We must now realise the promise of America by trusting God, unifying our vision and building our future. I am running for president of the United States.”
In an interview with Forbes, West said his party would be called the “Birthday Party” because “when we win, it’s everybody’s birthday”.


cityam--2020-07-15--Guardian to axe 180 jobs as revenue plunges

The Guardian has announced plans to cut 180 jobs in both its editorial and commercial departments , after revenue plunged more than £25m during the coronavirus crisis .
The newspaper group said the job cuts will mostly affect its advertising , Guardian Jobs , marketing and Guardian Live departments , with 70 additional redundancies in its editorial unit .
The job cuts will reduce the Guardian ’ s overall workforce by 12 per cent .
Read more : Mirror publisher Reach to axe 550 jobs as advertising dries up Editor-in-chief Katharine Viner and the Guardian Media Group ( GMG ) @ @ @ @ @ @ @ joint statement to staff that the pandemic had created an “ unsustainable financial outlook for the Guardian ” with revenues expected to slump more than £25m over the year .
They added that GMG , the parent company of the Guardian and its Sunday paper the Observer , was facing “ unsustainable annual losses in future years unless we take decisive action ” to reduce costs .
The Guardian said it will not make changes to its free-to-read model by introducing a paywall service used by many of its rivals .
Viner and @ @ @ @ @ @ @ on the Guardian ’ s online growth , and refocus its revenue model .
“ Despite the pressures that coronavirus has placed on our business , our unique reader relationship model has proved successful , and the strategy of the past few years has been the right one , ” they said .
The announcements came as GMG released its annual results for the 12 months to 29 March .
Group revenue remained mostly flat before the pandemic dipping slightly from £224.5m last year to £223.5m in 2020 .
GMG said strong growth @ @ @ @ @ @ @ declines in advertising revenues and ongoing structural declines in its newsstand .
Read more : Guardian , Financial Times and Telegraph furlough staff as coronavirus hits newspaper revenue Group earnings before tax , depreciation and amortisation ( Ebitda ) plummeted from a £3.7m loss last year to losses of £9.3m in the 12 months to March .
GMG reported an overall loss of £36.8m for the year , with finances expected to take a further hit in the wake of the pandemic .

Guardian to axe 180 jobs as revenue plunges
The Guardian has announced plans to cut 180 jobs in both its editorial and commercial departments, after revenue plunged more than £25m during the coronavirus crisis.
The newspaper group said the job cuts will mostly affect its advertising, Guardian Jobs, marketing and Guardian Live departments, with 70 additional redundancies in its editorial unit. The job cuts will reduce the Guardian’s overall workforce by 12 per cent.
Editor-in-chief Katharine Viner and the Guardian Media Group (GMG) chief executive Annette Thomas said in a joint statement to staff that the pandemic had created an “unsustainable financial outlook for the Guardian” with revenues expected to slump more than £25m over the year.
They added that GMG, the parent company of the Guardian and its Sunday paper the Observer, was facing “unsustainable annual losses in future years unless we take decisive action” to reduce costs.
The Guardian said it will not make changes to its free-to-read model by introducing a paywall service used by many of its rivals. Viner and Thomas said the group will instead concentrate on the Guardian’s online growth, and refocus its revenue model.
“Despite the pressures that coronavirus has placed on our business, our unique reader relationship model has proved successful, and the strategy of the past few years has been the right one,” they said.
The announcements came as GMG released its annual results for the 12 months to 29 March.
Group revenue remained mostly flat before the pandemic dipping slightly from £224.5m last year to £223.5m in 2020.
GMG said strong growth in reader revenues was offset by steep declines in advertising revenues and ongoing structural declines in its newsstand.
Group earnings before tax, depreciation and amortisation (Ebitda) plummeted from a £3.7m loss last year to losses of £9.3m in the 12 months to March.
GMG reported an overall loss of £36.8m for the year, with finances expected to take a further hit in the wake of the pandemic.


cityam--2020-07-15--No more posturing — impact matters more than dogma in the fight against climate change

“ As the number of products that claim to be linked to firms ’ sustainability performance increases , we need to be careful to ensure that investors do not end up buying products that are marketed as sustainable when in reality they are not ” .
That ’ s the view of Steven Maijoor , chair of the European Securities and Markets Authority .
And he has a point .
As the “ ESG ” trend — that is , investment focusing on environmental , social , and governance factors rather than profit alone — gathers pace , the question @ @ @ @ @ @ @ and what the criteria should be for assessing sustainability has become ever more pressing .
Read more : Confession of an ESG sceptic : How I learned to stop worrying and love ESG Like so many other businesses , asset managers have are now ESG players , producing extensive messaging on the “ E for Environment ” aspect .
Greenwashing is widespread , and we are witnessing a no holds barred game of one-upmanship .
In this jungle , it is all too often impossible to understand the concrete objectives of ESG funds @ @ @ @ @ @ @ product may be .
At this point , it is necessary to restate the obvious : the main remit of asset managers is to grow the savings of their clients .
Happily , integrating environmental impact in our analysis of the companies in which we invest has been shown to continue to long-term value creation .
Today , nobody would dare challenge this view .
The latest research underscores the reality of climate and greater awareness among civil society should convince any last doubters .
That in itself is very good news .
@ @ @ @ @ @ @ how could anyone not be glad that asset management is becoming a key player in the change of business practices towards an economy that is more environment-friendly ?
But while the case for sustainable investing is not in doubt , the reality of how to do it in practice is far less clear-cut .
And some of the prevailing attitudes could in fact be counterproductive .
Today , the majority of “ green investments ” are focused on areas like renewable energy technologies , electric vehicles and energy storage .
These are an @ @ @ @ @ @ @ that they aren ’ t enough .
At the current rate of progress , achieving the Paris Agreement target of limiting global warming to two degrees celcius by the end of the century seems impossible .
To have a chance of meeting that goal , we need to invest in a way that fosters energy transition in other sectors , and fundamentally review our understanding of the role of industrial companies and commodities in the fight against climate change .
There is too much at stake to tolerate undiscerning posturing or doctrinal positions @ @ @ @ @ @ @ .
Instead of dismissing whole sectors as unworthy of green investment , impact must be the sole criterion — and this must be quantifiable and objective .
This requires conviction , proprietary analysis , and a dynamic view of environmental outcomes .
For a start , metals and commodities — sectors rarely regarded as ESG investments — are crucial to energy transition .
Copper , steel and nickel , to take just a few examples , are essential for manufacturing electric vehicles and wind turbines and , therefore , for reducing the consumption @ @ @ @ @ @ @ that excludes mineral extraction , on the grounds that it is a polluting activity , is a genuine barrier to energy transition .
As asset managers , we should instead select the companies within these sectors that have the best growth prospects because they provide the products and services that enable other businesses to reduce their emissions .
Next , we should recognise that the companies with the greatest potential to reduce carbon emissions are those that are the most carbon intensive , whether it is from their operations or use of their @ @ @ @ @ @ @ economic spheres that rely the most on carbon is an error of judgement .
Asset management must support the companies that , in their operations , make an active commitment to using renewable energies and preserving the ecosystem in which they operate by reducing negative externalities .
We must then rigorously assess the progress achieved .
Finally , we must focus our investments on companies capable of offering less carbon-intensive products and services than their competitors since we believe that this is a driver of long-term growth .
Only a bold and pragmatic @ @ @ @ @ @ @ and popular misconceptions when necessary , can have an impact and meet the immense challenges facing our societies as a result of climate change .
For our part , we are ready to take our share of responsibility and play an active role by investing , in line with our remit , in a way that supports energy transition .
We urge others in the industry to put aside dogma , and focus instead on the one thing that truly matters : impact .
Read more : An open letter to the PM @ @ @ @ @ @ @ nuclear sits at the heart of a green recovery

No more posturing — impact matters more than dogma in the fight against climate change
Copper, steel and nickel are essential for manufacturing electric vehicles and wind turbines, so an investment policy that excludes mineral extraction, on the grounds that it is a polluting activity, is a genuine barrier to energy transition
“As the number of products that claim to be linked to firms’ sustainability performance increases, we need to be careful to ensure that investors do not end up buying products that are marketed as sustainable when in reality they are not”.
That’s the view of Steven Maijoor, chair of the European Securities and Markets Authority. And he has a point.
As the “ESG” trend — that is, investment focusing on environmental, social, and governance factors rather than profit alone — gathers pace, the question of what actually constitutes a sustainable product and what the criteria should be for assessing sustainability has become ever more pressing.
Like so many other businesses, asset managers have are now ESG players, producing extensive messaging on the “E for Environment” aspect. Greenwashing is widespread, and we are witnessing a no holds barred game of one-upmanship.
In this jungle, it is all too often impossible to understand the concrete objectives of ESG funds, or assess how sustainable a particular product may be.
At this point, it is necessary to restate the obvious: the main remit of asset managers is to grow the savings of their clients. Happily, integrating environmental impact in our analysis of the companies in which we invest has been shown to continue to long-term value creation.
Today, nobody would dare challenge this view. The latest research underscores the reality of climate and greater awareness among civil society should convince any last doubters. That in itself is very good news.
Moreover, on a personal level, how could anyone not be glad that asset management is becoming a key player in the change of business practices towards an economy that is more environment-friendly?
But while the case for sustainable investing is not in doubt, the reality of how to do it in practice is far less clear-cut. And some of the prevailing attitudes could in fact be counterproductive.
Today, the majority of “green investments” are focused on areas like renewable energy technologies, electric vehicles and energy storage. These are an obvious target, but the reality is that they aren’t enough.
At the current rate of progress, achieving the Paris Agreement target of limiting global warming to two degrees celcius by the end of the century seems impossible. To have a chance of meeting that goal, we need to invest in a way that fosters energy transition in other sectors, and fundamentally review our understanding of the role of industrial companies and commodities in the fight against climate change.
There is too much at stake to tolerate undiscerning posturing or doctrinal positions, which are all too often counterproductive. Instead of dismissing whole sectors as unworthy of green investment, impact must be the sole criterion — and this must be quantifiable and objective.
This requires conviction, proprietary analysis, and a dynamic view of environmental outcomes.
For a start, metals and commodities — sectors rarely regarded as ESG investments — are crucial to energy transition. Copper, steel and nickel, to take just a few examples, are essential for manufacturing electric vehicles and wind turbines and, therefore, for reducing the consumption of fossil fuels.
An investment policy that excludes mineral extraction, on the grounds that it is a polluting activity, is a genuine barrier to energy transition.
As asset managers, we should instead select the companies within these sectors that have the best growth prospects because they provide the products and services that enable other businesses to reduce their emissions.
Next, we should recognise that the companies with the greatest potential to reduce carbon emissions are those that are the most carbon intensive, whether it is from their operations or use of their products. Ruling out investing in the economic spheres that rely the most on carbon is an error of judgement.
Asset management must support the companies that, in their operations, make an active commitment to using renewable energies and preserving the ecosystem in which they operate by reducing negative externalities. We must then rigorously assess the progress achieved.
Finally, we must focus our investments on companies capable of offering less carbon-intensive products and services than their competitors since we believe that this is a driver of long-term growth.
Only a bold and pragmatic approach, capable of rejecting false assumptions and popular misconceptions when necessary, can have an impact and meet the immense challenges facing our societies as a result of climate change. For our part, we are ready to take our share of responsibility and play an active role by investing, in line with our remit, in a way that supports energy transition.
We urge others in the industry to put aside dogma, and focus instead on the one thing that truly matters: impact.
Main image credit: Getty


cityam--2020-07-15--Tube cleaners accidentally scrub out Banksy coronavirus artwork

Artwork worth potentially hundreds of thousands pounds by street artist Banksy was removed from a London Tube carriage accidentally , after cleaners had no idea about the value of the works .
Transport for London ( TfL ) removed the artwork , after the world-renowned artist painted a series of his trademark rats posing with face masks , due to TfL ’ s “ strict anti-graffiti policy ” .
Read more : PM calls for driverless Tube trains in TfL bailout Cleaners from the cash-strapped transport body removed the artworks , despite Banksy ’ s works regularly selling for more @ @ @ @ @ @ @ one Banksy piece sold for £12.2m .
The enigmatic artist posted a video yesterday of him clandestinely creating the works with a caption of “ don ’ t mask , don ’ t get ” in reference to new rules requiring people wear face masks in indoor areas .
City A.M. understands that Banksy daubed the works last week and that TfL cleaners removed themunaware of what they were looking at .
TfL chiefs and mayor of London Sadiq Khan had no input into the decision as it was made at a much @ @ @ @ @ @ @ City A.M. that cleaners had followed “ the correct procedure ” and likely did not recognise Banksy ’ s trademark rats .
A City Hall source said : “ We had no idea that Banksy had done the work until we saw the Instagram video yesterday .
“ I understand that it was taken last week and in the interim it was removed.
” A spokesperson from TfL said : “ We appreciate the sentiment of encouraging people to wear face coverings , which the vast majority of customers on our transport network @ @ @ @ @ @ @ case , the work was removed some days ago due to our strict anti-graffiti policy .
We ’ d like to offer Banksy the chance to do a new version of his message for our customers in a suitable location.
” TfL chiefs will likely be rueing a missed opportunity to raise revenues .
London ’ s transport body has lost billions of pounds during the Covid-19 crisis .
It received a £1.6bn bailout from central government , which came with a stringent set of conditions .
Banksy ’ s video shows the @ @ @ @ @ @ @ , with a large mask , stencilling his infamous rats in the Tube carriage .
Some of the rats are using blue face masks as parachutes , while others are using them as blankets .
Read more : TfL bailout conditions published as rescue row rolls on The video ends by showing a message spray painted across a closing door , and on the wall behind , saying : “ I get lockdown , but I get up again.
” The phrase is a nod to Chumbawumba ’ s 1997 hit Tubthumping , @ @ @ @ @ @ @ .

Tube cleaners accidentally scrub out Banksy coronavirus artwork
World-renowned artist Banksy painted a series of his trademark rats posing with face masks. Image credit: Banksy
Artwork worth potentially hundreds of thousands pounds by street artist Banksy was removed from a London Tube carriage accidentally, after cleaners had no idea about the value of the works.
Transport for London (TfL) removed the artwork, after the world-renowned artist painted a series of his trademark rats posing with face masks, due to TfL’s “strict anti-graffiti policy”.
Cleaners from the cash-strapped transport body removed the artworks, despite Banksy’s works regularly selling for more than £1m at auction. Last October one Banksy piece sold for £12.2m.
The enigmatic artist posted a video yesterday of him clandestinely creating the works with a caption of “don’t mask, don’t get” in reference to new rules requiring people wear face masks in indoor areas.
City A.M. understands that Banksy daubed the works last week and that TfL cleaners removed themunaware of what they were looking at.
TfL chiefs and mayor of London Sadiq Khan had no input into the decision as it was made at a much lower level.
A TfL source told City A.M. that cleaners had followed “the correct procedure” and likely did not recognise Banksy’s trademark rats.
A City Hall source said: “We had no idea that Banksy had done the work until we saw the Instagram video yesterday.
“I understand that it was taken last week and in the interim it was removed.”
A spokesperson from TfL said: “We appreciate the sentiment of encouraging people to wear face coverings, which the vast majority of customers on our transport network are doing.
“In this particular case, the work was removed some days ago due to our strict anti-graffiti policy. We’d like to offer Banksy the chance to do a new version of his message for our customers in a suitable location.”
TfL chiefs will likely be rueing a missed opportunity to raise revenues. London’s transport body has lost billions of pounds during the Covid-19 crisis.
It received a £1.6bn bailout from central government, which came with a stringent set of conditions.
Banksy’s video shows the anonymous artist dressed in all-white cleaning gear, with a large mask, stencilling his infamous rats in the Tube carriage.
Some of the rats are using blue face masks as parachutes, while others are using them as blankets.
The video ends by showing a message spray painted across a closing door, and on the wall behind, saying: “I get lockdown, but I get up again.”
The phrase is a nod to Chumbawumba’s 1997 hit Tubthumping, also known as I Get Knocked Down.


cityam--2020-07-15--Coronavirus eats into Finsbury Food revenue as sales sink during lockdown

Cake manufacturer Finsbury Food Group said it expects annual sales to dip slightly in 2020 as a plunge in sales during the second half of the year during the coronavirus crisis diluted progress made last year .
The bakery group said second half sales slumped as a result of the national lockdown , with sales sinking 24 per cent in April compared to the same period last year , before recovering slightly in June .
Shares rose 1.7 per cent to 68p on the news at 10.30am .
Read more : Burberry shares sink as it warns of ‘ continued @ @ @ @ @ @ @ per cent to £306.3m in the year ended 27 June , from £315.3m last year .
Revenue sank 9.8 per cent to £146.9m in the second half of the year , after a strong first half performance , which saw revenue climb 4.7 per cent to £159.4m .
Turnover at the group ’ s core division UK Bakey dipped 2.6 per cent year-on-year .
Overseas sales dropped 4.9 per cent during the year .
Finsbury ’ s second half sales were a combination of “ good momentum and strong trading “ in January @ @ @ @ @ @ @ weaker trading at the outbreak of the pandemic ” and “ depressed but progressively improving sales ” in the last few months , the company said .
The Prime Minister ’ s announcement of a nationwide lockdown in March annihilated demand in Finsbury ’ s foodservice and food to go units , which accounted for around 20 per cent of group sales last year .
Finsbury said its food to go sales plunged to nil overnight , and only recovered 39 per cent of trading levels seen in the same period last year @ @ @ @ @ @ @ group trading , with demand for celebration sales sinking during the pandemic as families and friends were prohibited from gathering in large groups .
Finsbury said it will prioritise store cupboard essentials in the next quarter , after seeing a spike in demand for everyday product ranges including buns and rolls .
The group said it expects many of the changing consumer behaviours witnessed during the pandemic will endure , and Finsbury will look to adapt to an acceleration in online grocery shopping , home-delivered eat-in , and an increase in home working @ @ @ @ @ @ @ demand patterns in the months ahead remain uncertain , particularly in the foodservice channel and the ongoing Brexit uncertainty ” .
Finsbury said : “ We therefore remain unable to provide market guidance at this time.
” The group said it will bring furloughed staff back on a demand-led basis , with many having now returned to work as trading picks up again .
Read more : Asos sales soar during lockdown as fashion firm looks set to smash forecasts “ It has been a challenging period for the group but we have @ @ @ @ @ @ @ cost and cash management measures quickly and effectively we will emerge from the crisis with new and more efficient ways of working that will be of long-term benefit .
“ We continue to operate against a backdrop of heightened uncertainty and likely will for some time , but the group remains well-positioned to withstand the current situation , working collaboratively with large customers and global brand partners alike to ensure we anticipate and respond to future demand patterns and proactively develop products and ranges that fulfil those shifting consumer needs .
“ These @ @ @ @ @ @ @ colleagues and their families .
On behalf of the board I would like to take this opportunity to again extend our profound thanks to them all for their hard work , passion and commitment .
”

Coronavirus eats into Finsbury Food revenue as sales sink during lockdown
Cake manufacturer Finsbury Food Group said it expects annual sales to dip slightly in 2020 as a plunge in sales during the second half of the year during the coronavirus crisis diluted progress made last year.
The bakery group said second half sales slumped as a result of the national lockdown, with sales sinking 24 per cent in April compared to the same period last year, before recovering slightly in June.
Shares rose 1.7 per cent to 68p on the news at 10.30am.
The results
Group revenue slipped 2.9 per cent to £306.3m in the year ended 27 June, from £315.3m last year.
Revenue sank 9.8 per cent to £146.9m in the second half of the year, after a strong first half performance, which saw revenue climb 4.7 per cent to £159.4m.
Turnover at the group’s core division UK Bakey dipped 2.6 per cent year-on-year.
Overseas sales dropped 4.9 per cent during the year.
Why it’s interesting
Finsbury’s second half sales were a combination of “good momentum and strong trading“ in January and February, followed by “significantly weaker trading at the outbreak of the pandemic” and “depressed but progressively improving sales” in the last few months, the company said.
The Prime Minister’s announcement of a nationwide lockdown in March annihilated demand in Finsbury’s foodservice and food to go units, which accounted for around 20 per cent of group sales last year. Finsbury said its food to go sales plunged to nil overnight, and only recovered 39 per cent of trading levels seen in the same period last year.
Social distancing rules also bit into group trading, with demand for celebration sales sinking during the pandemic as families and friends were prohibited from gathering in large groups.
Finsbury said it will prioritise store cupboard essentials in the next quarter, after seeing a spike in demand for everyday product ranges including buns and rolls.
The group said it expects many of the changing consumer behaviours witnessed during the pandemic will endure, and Finsbury will look to adapt to an acceleration in online grocery shopping, home-delivered eat-in, and an increase in home working.
However, it added that “demand patterns in the months ahead remain uncertain, particularly in the foodservice channel and the ongoing Brexit uncertainty”.
Finsbury said: “We therefore remain unable to provide market guidance at this time.”
The group said it will bring furloughed staff back on a demand-led basis, with many having now returned to work as trading picks up again.
What Finsbury said
John Duffy, chief executive of Finsbury Food Group, said:


cityam--2020-07-16--Leicester lockdown to be eased on 24 July

Leicester ’ s local lockdown will be eased on 24 July , after a drop in its coronavirus infection rate .
Schools , early years child care and some non-essential retail shops will be allowed to reopen next week , but restaurants and pubs will remain closed .
Read more : Coronavirus : Leicester lockdown to be reviewed on Thursday Restrictions on travel and meeting more than six people will also remain in place .
The power to designate which non-essential shops can open has been delegated to a new local power .
Health secretary Matt Hancock told MPs today @ @ @ @ @ @ @ Leicester is 119 per 100,000 people , which is still “ well above ” the national average .
The infection rate was 135 people per 100,000 people when Leicester was put into lockdown and also accounted for 10 per cent of national cases at the time .
Before the Open newsletter : Start your day with the City View podcast and key market data Out of the people tested in the past week , 4.8 per cent had Covid-19 .
Hancock said Public Health England had doubled the amount of local testing since @ @ @ @ @ @ @ restrictions will be assessed in another two week ’ time .
“ It remains vital for the health of everyone in Leicester and the rest of country that these restrictions stay in place , ” Hancock said .
“ I pay tribute to you all , your perseverance has bought real tangible results.
” It comes after Leicester mayor Sir Peter Soulsby said earlier today that 90 per cent of the city should be exempt from the lockdown .
Read more : Boohoo ‘ aware of poor working practices ’ in Leicester since @ @ @ @ @ @ @ this was because only 10 per cent of the city had high rates of coronavirus .
Soulsby said “ there are going to be an awful lot of Leicester people who are very angry indeed ” if lockdown was extended .

Leicester lockdown to be eased on 24 July
LEICESTER, ENGLAND – JULY 04: A woman walks past advertising trucks carrying a coronavirus warning during local lockdown on July 04, 2020 in Leicester, England. The UK Government announced that Pubs, Hotels and Restaurants can open from Saturday, July 4th providing they follow guidelines on social distancing and sanitising, whilst the city of Leicester remains in lockdown following a spike in coronavirus cases (Photo by Darren Staples/Getty Images)
Leicester’s local lockdown will be eased on 24 July, after a drop in its coronavirus infection rate.
Schools, early years child care and some non-essential retail shops will be allowed to reopen next week, but restaurants and pubs will remain closed.
Restrictions on travel and meeting more than six people will also remain in place.
The power to designate which non-essential shops can open has been delegated to a new local power.
Health secretary Matt Hancock told MPs today that the seven-day coronavirus infection rate for Leicester is 119 per 100,000 people, which is still “well above” the national average.
The infection rate was 135 people per 100,000 people when Leicester was put into lockdown and also accounted for 10 per cent of national cases at the time.
Before the Open newsletter: Start your day with the City View podcast and key market data
Out of the people tested in the past week, 4.8 per cent had Covid-19.
Hancock said Public Health England had doubled the amount of local testing since the lockdown was imposed.
The new restrictions will be assessed in another two week’ time.
“It remains vital for the health of everyone in Leicester and the rest of country that these restrictions stay in place,” Hancock said.
“I pay tribute to you all, your perseverance has bought real tangible results.”
It comes after Leicester mayor Sir Peter Soulsby said earlier today that 90 per cent of the city should be exempt from the lockdown.
He said that this was because only 10 per cent of the city had high rates of coronavirus.
Soulsby said “there are going to be an awful lot of Leicester people who are very angry indeed” if lockdown was extended.


cityam--2020-07-16--Centrica staff may have to sign new contracts or risk more redundancies

Workers at British Gas owner Centrica have been told they may have to accept new employment conditions or risk having their jobs cut .
It was reported that the services firm has told employees to sign new contracts or risk a second wave of redundancies .
Last month Centrica announced that it would slash 5,000 jobs in a bid to restructure its business model after coronavirus .
The firm insisted that the use of the controversial section 188 measures – so-called “ fire and rehire ” tactics – was a “ last resort ” .
Airline British Airways has come @ @ @ @ @ @ @ tactics , with one report labelling the carrier a “ national disgrace ” .
Justin Bowden , national secretary of union GMB hit out at the plan , saying : “ On top of the 5,000 job losses announced in June , Centrica now wants to make cuts to pay and terms and conditions.
” Before the Open newsletter : Start your day with the City View podcast and key market data “ GMB members have worked throughout the coronavirus crisis to maintain services to customers and delivered millions of meals to the @ @ @ @ @ @ @ appears Centrica have used this period planning cuts to the earnings of loyal staff ” .
The company said that the new conditions would not affect pay or pensions .
A spokesperson said : “ Base pay and pensions will be protected but simplifying and modernising their terms is essential if we ’ re to become more flexible and price competitive.
” Centrica , which was recently demoted from the FTSE 100 premier share index , was undergoing a torrid time even before the coronavirus pandemic began .
In recent years , the @ @ @ @ @ @ @ imposition of a price cap for energy suppliers , which has damaged its margins .
The current pandemic has further battered it , which earlier this year cancelled its dividend and warned it would take a £100m hit due to the virus .

Centrica staff may have to sign new contracts or risk more redundancies
People with energy prepayment meters in their homes have been nearly twice as likely to dip into debt.
Workers at British Gas owner Centrica have been told they may have to accept new employment conditions or risk having their jobs cut.
It was reported that the services firm has told employees to sign new contracts or risk a second wave of redundancies.
Last month Centrica announced that it would slash 5,000 jobs in a bid to restructure its business model after coronavirus.
The firm insisted that the use of the controversial section 188 measures – so-called “fire and rehire” tactics – was a “last resort”.
Airline British Airways has come under fire from lawmakers for using the tactics, with one report labelling the carrier a “national disgrace”.
Justin Bowden, national secretary of union GMB hit out at the plan, saying:
“On top of the 5,000 job losses announced in June, Centrica now wants to make cuts to pay and terms and conditions.”
Before the Open newsletter: Start your day with the City View podcast and key market data
“GMB members have worked throughout the coronavirus crisis to maintain services to customers and delivered millions of meals to the elderly and vulnerable.
“It now appears Centrica have used this period planning cuts to the earnings of loyal staff”.
The company said that the new conditions would not affect pay or pensions. A spokesperson said:
“Base pay and pensions will be protected but simplifying and modernising their terms is essential if we’re to become more flexible and price competitive.”
Centrica, which was recently demoted from the FTSE 100 premier share index, was undergoing a torrid time even before the coronavirus pandemic began.
In recent years, the firm has been hit hard by the imposition of a price cap for energy suppliers, which has damaged its margins.
The current pandemic has further battered it, which earlier this year cancelled its dividend and warned it would take a £100m hit due to the virus.


cityam--2020-07-16--66 more people die of coronavirus in the UK

An additional 66 people have died of coronavirus in the UK , government officials confirmed , taking the total number of fatalities to 45,119 .
According to figures from the Department of Health , there have also been 642 new positive cases of the virus .
That means 292,552 people have now tested positive for coronavirus in the UK .
The new figures came as the government ’ s chief scientific adviser said that the government had likely made mistakes in its handling of the virus .
Speaking to the parliamentary science and technology committee , Sir Patrick Vallance said @ @ @ @ @ @ @ good outcome from the pandemic .
“ It ’ s very difficult to know exactly where we stand at the moment .
It ’ s clear that the outcome has not been good in the UK , I think we can be absolutely clear about that ” , he said .
Before the Open newsletter : Start your day with the City View podcast and key market data “ There will be things , decisions made , that will turn out not to have been the right decisions at the time , I @ @ @ @ @ @ @ ” Yesterday Prime Minister Boris Johnson committed to an “ independent inquiry ” into the pandemic today after a question by the Lib Dem ’ s Ed Davey .
He said it was not right to devote a huge amount of time to an inquiry while the UK is still in the middle of a pandemic .
But the government would seek to learn lessons and “ certainly we will have an independent inquiry in to what happened ” .
The UK has the highest coronavirus death toll in Europe .
According to @ @ @ @ @ @ @ people in the country have been killed by the new disease .
Vallance also warned that it was likely that the virus would return in future years .
“ What we ’ re dealing with now is a suppressed first wave , ” he said .
“ I think it ’ s quite probable that we will see this virus coming back in different waves over a number of years .
”

66 more people die of coronavirus in the UK
An additional 66 people have died of coronavirus in the UK, government officials confirmed, taking the total number of fatalities to 45,119.
According to figures from the Department of Health, there have also been 642 new positive cases of the virus.
That means 292,552 people have now tested positive for coronavirus in the UK.
The new figures came as the government’s chief scientific adviser said that the government had likely made mistakes in its handling of the virus.
Speaking to the parliamentary science and technology committee, Sir Patrick Vallance said that the UK had not achieved a good outcome from the pandemic.
“It’s very difficult to know exactly where we stand at the moment. It’s clear that the outcome has not been good in the UK, I think we can be absolutely clear about that”, he said.
Before the Open newsletter: Start your day with the City View podcast and key market data
“There will be things, decisions made, that will turn out not to have been the right decisions at the time, I’m sure about that as well.”
Yesterday Prime Minister Boris Johnson committed to an “independent inquiry” into the pandemic today after a question by the Lib Dem’s Ed Davey.
He said it was not right to devote a huge amount of time to an inquiry while the UK is still in the middle of a pandemic. But the government would seek to learn lessons and “certainly we will have an independent inquiry in to what happened”.
The UK has the highest coronavirus death toll in Europe. According to Reuters’ tally of deaths, 56,000 people in the country have been killed by the new disease.
Vallance also warned that it was likely that the virus would return in future years.
“What we’re dealing with now is a suppressed first wave,” he said. “I think it’s quite probable that we will see this virus coming back in different waves over a number of years.”


cityam--2020-07-16--Sir Patrick Vallance: UK coronavirus response has not achieved a good outcome

The UK ’ s response to the coronavirus pandemic has not achieved a good outcome , according to chief scientific adviser Sir Patrick Vallance .
Vallance told a parliamentary committee today that he thinks about why the UK has had so many deaths “ a lot ” , but added that the reason could be down to many factors .
Vallance also said that he was “ sure ” that mistakes had been made during the crisis , while adding that he recommended the UK ’ s lockdown be imposed up to a week earlier than it actually was .
@ @ @ @ @ @ @ are in stark contrast to senior members of government who have been reluctant to admit anything went wrong with its response to Covid-19 .
That is despite having one of the worst total coronavirus death tolls in the world , together with one of the highest rates of death per capita .
More than 45,000 people have died in the UK from the virus so far .
When asked by Westminster ’ s Science and Technology Committee about why the UK had such a high death toll , Vallance said : “ We @ @ @ @ @ @ @ there are things we do as we go along to keep learning and we are in regular contact with many international partners .
“ As [ chief medical officer ] Chris Whitty has said before it ’ s very difficult to know exactly where we stand at the moment , it ’ s clear that the outcome has not been good in the UK – I think we can be absolutely clear about that .
“ There are many factors I think that are going to play in when we look and say @ @ @ @ @ @ @ countries having done worse than others ’ and there will be decisions made that didn ’ t turn out to be right at the time – I ’ m sure of that as well.
” Read more : Russians tried to swing UK election with US trade papers used by Corbyn Vallance also talked about how the virus highlighted the need for the UK to improve its data gathering abilities for future public health emergencies .
He added : “ You need the information to be able to make the decision , therefore @ @ @ @ @ @ @ need to be in place up front in order to be able to give the information to make the analysis and make the decisions .
”

Sir Patrick Vallance: UK coronavirus response has not achieved a good outcome
Chief Scientific Adviser Patrick Vallance arrives at 10 Downing Street in central London on May 25, 2020.
The UK’s response to the coronavirus pandemic has not achieved a good outcome, according to chief scientific adviser Sir Patrick Vallance.
Vallance told a parliamentary committee today that he thinks about why the UK has had so many deaths “a lot”, but added that the reason could be down to many factors.
Vallance also said that he was “sure” that mistakes had been made during the crisis, while adding that he recommended the UK’s lockdown be imposed up to a week earlier than it actually was.
The chief scientific adviser’s comments are in stark contrast to senior members of government who have been reluctant to admit anything went wrong with its response to Covid-19.
That is despite having one of the worst total coronavirus death tolls in the world, together with one of the highest rates of death per capita.
More than 45,000 people have died in the UK from the virus so far.
When asked by Westminster’s Science and Technology Committee about why the UK had such a high death toll, Vallance said: “We think about that a lot and clearly there are things we do as we go along to keep learning and we are in regular contact with many international partners.
“As [chief medical officer] Chris Whitty has said before it’s very difficult to know exactly where we stand at the moment, it’s clear that the outcome has not been good in the UK – I think we can be absolutely clear about that.
“There are many factors I think that are going to play in when we look and say ‘what is it that makes some countries having done worse than others’ and there will be decisions made that didn’t turn out to be right at the time – I’m sure of that as well.”
Vallance also talked about how the virus highlighted the need for the UK to improve its data gathering abilities for future public health emergencies.
He added: “You need the information to be able to make the decision, therefore for any emergency situations those data systems need to be in place up front in order to be able to give the information to make the analysis and make the decisions.”


cityam--2020-07-16--Morgan Stanley reports record revenues after surge in trading

Morgan Stanley today revealed quarterly earnings had beaten analysts ’ expectations , even as coronavirus ravaged the US economy .
The Wall Street bank ’ s record profit was boosted by strong trading revenues which jumped nearly 70 per cent .
Morgan Stanley reported net revenues of $ 13.4bn ( £10.64bn ) for the second quarter , compared with $ 10.2bn ( £8.1bn ) a year ago .
It reported a record profit of $ 3.2bn ( £2.54bn ) , or $ 1.96 a share , beating the $ 1.12 estimate of analysts surveyed by Refinitiv .
Morgan Stanley is @ @ @ @ @ @ @ banks such as JP Morgan .
Trading revenues jumped 68 per cent on “ strong client management ” which helped bolster overall revenues .
Investment banking revenues were up 39 per cent , to $ 2bn , including a 68 per cent rise in fees for helping customers raise debt .
The wealth management division of the bank , which typically accounts for around half of revenues , recorded a six per cent rise in revenues to $ 4.7bn .
This was “ despite a challenging market and rate environment ” .
Morgan @ @ @ @ @ @ @ trend in Wall Street this week that saw JP Morgan and Goldman Sachs beat estimates .
Read more : Morgan Stanley profit drops by nearly a third Chief executive James Gorman said : “ Our decade long business transformation was intended to provide stability during times of serious stress.
” “ The second quarter tested the model and we performed exceedingly well , delivering record results .
This builds on the momentum of a very strong first quarter , while more than 90 per cent of our employees continue to work from home @ @ @ @ @ @ @ our platform.
” “ We remain focused on supporting our employees , communities , and clients , while managing our risk and continuing to invest in our businesses .
”

Morgan Stanley reports record revenues after surge in trading
The lender has become the latest casualty of businesses and investors parking their money in safer places to ride out the worldwide economic slowdown
Morgan Stanley today revealed quarterly earnings had beaten analysts’ expectations, even as coronavirus ravaged the US economy.
The Wall Street bank’s record profit was boosted by strong trading revenues which jumped nearly 70 per cent.
The figures:
Morgan Stanley reported net revenues of $13.4bn (£10.64bn) for the second quarter, compared with $10.2bn (£8.1bn) a year ago.
It reported a record profit of $3.2bn (£2.54bn), or $1.96 a share, beating the $1.12 estimate of analysts surveyed by Refinitiv.
Why it’s interesting:
Morgan Stanley is more heavily weighted towards trading than other banks such as JP Morgan. Trading revenues jumped 68 per cent on “strong client management” which helped bolster overall revenues.
Investment banking revenues were up 39 per cent, to $2bn, including a 68 per cent rise in fees for helping customers raise debt.
The wealth management division of the bank, which typically accounts for around half of revenues, recorded a six per cent rise in revenues to $4.7bn. This was “despite a challenging market and rate environment”.
Morgan Stanley’s better-than-expected results follow a trend in Wall Street this week that saw JP Morgan and Goldman Sachs beat estimates.
What Morgan Stanley said
Chief executive James Gorman said: “Our decade long business transformation was intended to provide stability during times of serious stress.”
“The second quarter tested the model and we performed exceedingly well, delivering record results. This builds on the momentum of a very strong first quarter, while more
than 90 per cent of our employees continue to work from home, demonstrating the ongoing operational resilience of our
platform.”
“We remain focused on supporting our employees, communities, and clients, while managing our risk and
continuing to invest in our businesses.”


cityam--2020-07-16--Privacy Shield ban 'hurts' UK’s chances of post-Brexit data deal

Industry figures have warned that a decision today to ban Privacy Shield , a data-sharing deal between the EU and the US , will compromise the UK ’ s hopes of securing its own data-sharing agreement at the end of the Brexit transition period .
Judges at the European Court of Justice ( ECJ ) today banned the Privacy Shield data-sharing agreement between the US and the bloc over surveillance concerns , and said that national regulators need to take tougher action to protect the privacy of users ’ data .
In a statement , the court said the US @ @ @ @ @ @ @ circumscribed in a way that satisfies requirements that are essentially equivalent to those required under EU law.
” The ruling comes as a major blow to thousands of tech companies , social media firms , banks and law firms that use the agreement to transfer large swathes of data between the US and Europe .
However , legal experts have warned that the court decision will particularly impact British businesses when the UK formally leaves the EU at the end of the transition period on 1 January .
Daniel Tozer , head of @ @ @ @ @ @ @ & Lewis said the ruling may compromise the UK ’ s chances of securing a post-Brexit data sharing agreement from the EU .
“ Following the transition period , the UK will become a ‘ third country ’ to the EU .
This judgement raises questions about the UK ’ s ability to be awarded data protection ‘ adequacy ’ by the EU , given the UK ’ s own surveillance laws and its membership of the Five Eyes programme , ” said Tozer .
“ Data transfers between the EU and the @ @ @ @ @ @ @ become very challenging indeed.
” In November , the UK secured a deal with the US to make it easier to share data between national security bodies in the two countries .
But the European Data Protection Board warned that the deal may jeopardise the UK ’ s chance of securing an independent data sharing agreement with the EU after Brexit .
The Prime Minister in February said the UK was planning to set up sovereign controls over its data sharing policies , and that Britain could diverge from EU rules once it @ @ @ @ @ @ @ today means the UK ’ s surveillance laws are likely to be subject to similar scrutiny to those of the US , as the European Commission attempts to weigh up whether UK laws respect the privacy rights of EU citizens .
The UK has embedded the EU ’ s GDPR into its own national law , but Britain has a questionable track record in mass surveillance schemes .
A landmark European Court of Human Rights ruling in 2018 found that the UK had breached human rights protections in its mass surveillance program by @ @ @ @ @ @ @ revealed by Edward Snowden in 2013 .
The EU has subsequently called for a “ high level of personal data protection ” in its trade negotiations with Britain , and has said that any data sharing deal must “ fully respect the Union ’ s personal data protection rules ” .
Mark Lubbock , partner in the innovation and technology group at law firm Brown Rudnick said the decision will likely cause a headache for all governments , but in particular will make data transfer between the UK and the EU much more @ @ @ @ @ @ @ EU-US data transfers may be in breach of GDPR [ rules ] and , once the transition period is over , data transfers between the EU and the UK will become much more difficult.
” “ One would like to think this issue was foreseen and an effective response is prepared and ready to be put in place but , given what we have seen in terms of the US , EU , [ and ] UK governments ’ responses to Covid-19 , I fear there is a risk that this is not @ @ @ @ @ @ @ privacy partner at London law firm Hunton Andrews Kurth , added that the UK government may now have to rethink its surveillance bodies to bring them in line with EU law .
Read more : Shamima Begum wins right to return to the UK “ This was an unexpected result , ” said Treacy .
“ For businesses that transfer personal data… this represents the worst of all possible outcomes .
“ The ruling on the Privacy Shield is likely to have implications for the UK ’ s hopes for a post-Brexit data @ @ @ @ @ @ @ .
The UK can expect its surveillance laws to be subject to similar scrutiny to those of the US , to assess whether they respect the privacy rights of EU citizens.
” Before the Open : Get the jump on the markets with our early morning newsletter

Privacy Shield ban ‘hurts’ UK’s chances of post-Brexit data deal
Industry figures have warned that a decision today to ban Privacy Shield, a data-sharing deal between the EU and the US, will compromise the UK’s hopes of securing its own data-sharing agreement at the end of the Brexit transition period.
Judges at the European Court of Justice (ECJ) today banned the Privacy Shield data-sharing agreement between the US and the bloc over surveillance concerns, and said that national regulators need to take tougher action to protect the privacy of users’ data.
In a statement, the court said the US’ data sharing policies “are not circumscribed in a way that satisfies requirements that are essentially equivalent to those required under EU law.”
The ruling comes as a major blow to thousands of tech companies, social media firms, banks and law firms that use the agreement to transfer large swathes of data between the US and Europe.
However, legal experts have warned that the court decision will particularly impact British businesses when the UK formally leaves the EU at the end of the transition period on 1 January.
Daniel Tozer, head of data and technology at law firm Harbottle & Lewis said the ruling may compromise the UK’s chances of securing a post-Brexit data sharing agreement from the EU.
“Following the transition period, the UK will become a ‘third country’ to the EU. This judgement raises questions about the UK’s ability to be awarded data protection ‘adequacy’ by the EU, given the UK’s own surveillance laws and its membership of the Five Eyes programme,” said Tozer.
“Data transfers between the EU and the UK from 1 January 2021 could well become very challenging indeed.”
In November, the UK secured a deal with the US to make it easier to share data between national security bodies in the two countries. But the European Data Protection Board warned that the deal may jeopardise the UK’s chance of securing an independent data sharing agreement with the EU after Brexit.
The Prime Minister in February said the UK was planning to set up sovereign controls over its data sharing policies, and that Britain could diverge from EU rules once it leaves the bloc.
But the ruling today means the UK’s surveillance laws are likely to be subject to similar scrutiny to those of the US, as the European Commission attempts to weigh up whether UK laws respect the privacy rights of EU citizens.
The UK has embedded the EU’s GDPR into its own national law, but Britain has a questionable track record in mass surveillance schemes. A landmark European Court of Human Rights ruling in 2018 found that the UK had breached human rights protections in its mass surveillance program by Britain’s spy bodies, initially revealed by Edward Snowden in 2013.
The EU has subsequently called for a “high level of personal data protection” in its trade negotiations with Britain, and has said that any data sharing deal must “fully respect the Union’s personal data protection rules”.
Mark Lubbock, partner in the innovation and technology group at law firm Brown Rudnick said the decision will likely cause a headache for all governments, but in particular will make data transfer between the UK and the EU much more difficult post-Brexit.
“Large swathes of EU-US data transfers may be in breach of GDPR [rules] and, once the transition period is over, data transfers between the EU and the UK will become much more difficult.”
“One would like to think this issue was foreseen and an effective response is prepared and ready to be put in place but, given what we have seen in terms of the US, EU, [and] UK governments’ responses to Covid-19, I fear there is a risk that this is not the case.”
Bridget Treacy, data privacy partner at London law firm Hunton Andrews Kurth, added that the UK government may now have to rethink its surveillance bodies to bring them in line with EU law.
“This was an unexpected result,” said Treacy. “For businesses that transfer personal data… this represents the worst of all possible outcomes.
“The ruling on the Privacy Shield is likely to have implications for the UK’s hopes for a post-Brexit data protection adequacy ruling from the European Commission. The UK can expect its surveillance laws to be subject to similar scrutiny to those of the US, to assess whether they respect the privacy rights of EU citizens.”
Before the Open: Get the jump on the markets with our early morning newsletter