cityam--2020-04-27--Gambling firms pull TV and radio advertising during Covid-19 lockdown

The UK ’ s major gambling and betting firms today said they will remove all TV and radio advertising for the remainder of the Covid-19 lockdown .
Existing ad slots will be replaced by safer gambling messages , donated to charities or removed from broadcast for at least six weeks .
Read more : Gambling firm 888 Holdings pushes ahead with plans despite coronavirus crisis The decision is aimed at protecting customers during the pandemic , according to industry body the Betting and Gambling Council ( BGC ) .
However , it will come as a huge blow to broadcasters @ @ @ @ @ @ @ in advertising revenue during the coronavirus crisis .
BGC members currently account for around 50 per cent of all gambling advertising on TV and radio .
The group said it hoped other major operators such as the National Lottery would also follow suit .
“ From day one of this crisis we have sought to protect customers potentially at risk , including announcing stepping up safer gambling measures as part of our 10 pledges for Covid-19 in March , ” said BGC chief executive Michael Dugher .
“ This latest move by the @ @ @ @ @ @ @ safer betting and gaming with many people cut off and feeling anxious.
” ITV has said it expects a 10 per cent reduction in advertising revenue for April as brands withdraw their campaigns .
In a note to clients this morning , analysts at Moody ’ s forecast an 18 per cent drop in the broadcaster ’ s total revenue for 2020 as a result of the pandemic .
“ Due to the whistle to whistle ban implemented in August 2019 , coinciding with the start of the football season , advertising revenue @ @ @ @ @ @ @ significant hit for broadcasters , ” said Mihir Haria-Shah , head of broadcast at Total Media .
“ With no live sport on due to Covid-19 this has got worse for the broadcasters with revenues tumbling in the same way they have from travel and entertainment brands.
” Haria-Shah added that while it was difficult to quantify the exact impact , the loss of revenue would hurt broadcasters “ in what is currently a very deflationary market ” .
It comes a week after the government wrote to gambling firms asking them for @ @ @ @ @ @ @ problem gambling during the pandemic .
The Gambling Commission , which regulates the industry , has warned of an increase in problem gambling as more people engage with online gambling websites during the lockdown .
However , BGC boss Dugher denied suggestions there had been an “ explosion ” in online gambling , saying overall revenue was down 60 per cent as a result of shop closures and the suspension of live sport .
He added that betting firms had already reduced ad spend , while the volume of TV sport and casino @ @ @ @ @ @ @ per cent .

Gambling firms pull TV and radio advertising during Covid-19 lockdown
The UK’s major gambling and betting firms today said they will remove all TV and radio advertising for the remainder of the Covid-19 lockdown.
Existing ad slots will be replaced by safer gambling messages, donated to charities or removed from broadcast for at least six weeks.
The decision is aimed at protecting customers during the pandemic, according to industry body the Betting and Gambling Council (BGC).
However, it will come as a huge blow to broadcasters, who are already battling a collapse in advertising revenue during the coronavirus crisis.
BGC members currently account for around 50 per cent of all gambling advertising on TV and radio.
The group said it hoped other major operators such as the National Lottery would also follow suit.
“From day one of this crisis we have sought to protect customers potentially at risk, including announcing stepping up safer gambling measures as part of our 10 pledges for Covid-19 in March,” said BGC chief executive Michael Dugher.
“This latest move by the regulated industry further underlines our commitment to safer betting and gaming with many people cut off and feeling anxious.”
ITV has said it expects a 10 per cent reduction in advertising revenue for April as brands withdraw their campaigns.
In a note to clients this morning, analysts at Moody’s forecast an 18 per cent drop in the broadcaster’s total revenue for 2020 as a result of the pandemic.
“Due to the whistle to whistle ban implemented in August 2019, coinciding with the start of the football season, advertising revenue from sportsbook advertisers had already taken a significant hit for broadcasters,” said Mihir Haria-Shah, head of broadcast at Total Media.
“With no live sport on due to Covid-19 this has got worse for the broadcasters with revenues tumbling in the same way they have from travel and entertainment brands.”
Haria-Shah added that while it was difficult to quantify the exact impact, the loss of revenue would hurt broadcasters “in what is currently a very deflationary market”.
It comes a week after the government wrote to gambling firms asking them for regular updates on how they were tackling problem gambling during the pandemic.
The Gambling Commission, which regulates the industry, has warned of an increase in problem gambling as more people engage with online gambling websites during the lockdown.
However, BGC boss Dugher denied suggestions there had been an “explosion” in online gambling, saying overall revenue was down 60 per cent as a result of shop closures and the suspension of live sport.
He added that betting firms had already reduced ad spend, while the volume of TV sport and casino spots had fallen as much as 10 per cent.


cityam--2020-04-27--UK 'on track' to reach 100,000 coronavirus tests target by Thursday

Health secretary Matt Hancock has said the UK is on track to reach 100,000 coronavirus tests a day by Thursday , despite only testing 37,000 people yesterday .
Speaking at today ’ s press briefing , Hancock said “ we are broadly where we expected to be ” on testing .
There were 37,024 Covid-19 tests administered yesterday , which was a marked increase from just 18,000 last Tuesday .
The increase has been attributed to the government opening up the testing regime to England ’ s 10m essential workers .
“ You ’ ve seen a big increase over @ @ @ @ @ @ @ now we are also enhancing and making it easier to access how you get hold of tests , ” he said .
Hancock guaranteed at the start of the month that the UK would hit 100,000 coronavirus tests a day , after criticism about how few were being administered .
The health secretary ’ s initiative to increase testing numbers included working with the private sector to open up a swathe of testing laboratories across the country .
There are now 40 of these testing centres , along with a number of drive-through @ @ @ @ @ @ @ .
Hancock said it was essential to increase testing numbers to 100,000 to implement the government ’ s “ test , track and trace ” app .
The app , expected to be up in three weeks , will allow people to see if they have been in contact with someone who may have coronavirus .
Read more : Coronavirus testing expanded to all essential workers People who have been in close contact with a potential Covid-19 spreader will then be able to order a coronavirus test for themselves .
Hancock said : @ @ @ @ @ @ @ a big enough testing system to start test , track and trace , but if it ’ s bigger , then the system can work on a higher number of cases and be more effective .
”

UK ‘on track’ to reach 100,000 coronavirus tests target by Thursday
Britain’s Health Secretary Matt Hancock leaves 10 Downing Street
Health secretary Matt Hancock has said the UK is on track to reach 100,000 coronavirus tests a day by Thursday, despite only testing 37,000 people yesterday.
Speaking at today’s press briefing, Hancock said “we are broadly where we expected to be” on testing.
There were 37,024 Covid-19 tests administered yesterday, which was a marked increase from just 18,000 last Tuesday.
The increase has been attributed to the government opening up the testing regime to England’s 10m essential workers.
“You’ve seen a big increase over the weekend to 37,000 tests yesterday, now we are also enhancing and making it easier to access how you get hold of tests,” he said.
Hancock guaranteed at the start of the month that the UK would hit 100,000 coronavirus tests a day, after criticism about how few were being administered.
The health secretary’s initiative to increase testing numbers included working with the private sector to open up a swathe of testing laboratories across the country.
There are now 40 of these testing centres, along with a number of drive-through testing operations for NHS and essential workers.
Hancock said it was essential to increase testing numbers to 100,000 to implement the government’s “test, track and trace” app.
The app, expected to be up in three weeks, will allow people to see if they have been in contact with someone who may have coronavirus.
People who have been in close contact with a potential Covid-19 spreader will then be able to order a coronavirus test for themselves.
Hancock said: “Now 100,000 tests a day is a big enough testing system to start test, track and trace, but if it’s bigger, then the system can work on a higher number of cases and be more effective.”


cityam--2020-04-27--UK events industry calls for access to government support amid business collapse fears

The UK events industry has urged the government to provide clarification on the financial support available for the sector , amid concerns that thousands of businesses could collapse over the next three months .
Chancellor Rishi Sunak confirmed in the House of Commons last month that event hire firms are eligible for the business rates holiday and retail , hospitality and leisure grants announced for the wider sector .
Read more : More than 1m hospitality jobs at risk without extra government support , industry warns However , written guidance to local authorities is unclear and many companies that operate @ @ @ @ @ @ @ applications for financial support rejected .
Research by the Business Visits and Events Partnership and the Events Industry Forum found that most applicants had been rejected , with 60 per cent of businesses on the brink of collapsing within three months .
“ Our industry is on its knees , ” Jim Winship , secretary of the Events Industry Forum said .
“ We urgently need the government to confirm to local authorities that all event organisers and suppliers to our industry are eligible for the hospitality and leisure grants – that will @ @ @ @ @ @ @ Siobhain McDonagh , the MP for Mitcham and Morden , has written to the chancellor asking him to provide clarification to local authorities .
“ It is a point of frustration for my constituent and other events businesses , who have found themselves unable to secure much-needed financial support at this very difficult time , that the written guidance that appears to have been issued to local authorities is at odds with statements made upon the introduction of the retail , hospitality and leisure grant , ” McDonagh said .
All gatherings , @ @ @ @ @ @ @ the UK ’ s coronavirus lockdown and social distancing measures are expected to remain in place after restrictions are relaxed .
South London-based florist Larry Walshe Studios has had all work cancelled until October , but was unable to access financial support through the council .
“ We [ events businesses ] are the worst affected in this scenario , our income has been completely eradicated , ” Walshe told City A.M .
The firm works on a seasonal basis , and was gearing up for its busiest period when coronavirus hit .
@ @ @ @ @ @ @ until May next year for business to pick up again .
Meanwhile , Jessica Gray , event director at Oxygen Events , said the company could collapse without access to government support .
The Mitcham-based event hire company , which worked on President Obama ’ s last official engagement in the UK , directly employs 15 staff and provides work for hundreds of freelancers .
“ With zero income and no prospect of any income for the rest of the year we need financial support , ” Gray said .
Read more : @ @ @ @ @ @ @ to 40 per cent ’ of wages “ Furlough has allowed us to avoid redundancies at this moment in time , but our premises and business rate costs will soon force us to make this horrible decision , forcing people to be out of work for no fault of their own .
“ Following that our next step would be to close the business completely.
” She added : “ We are not alone in this and without the promised grants and business rate relief , London will soon see a collapsed events @ @ @ @ @ @ @ than just our own immediate business .
”

UK events industry calls for access to government support amid business collapse fears
The UK events industry has urged the government to provide clarification on the financial support available for the sector, amid concerns that thousands of businesses could collapse over the next three months.
Chancellor Rishi Sunak confirmed in the House of Commons last month that event hire firms are eligible for the business rates holiday and retail, hospitality and leisure grants announced for the wider sector.
However, written guidance to local authorities is unclear and many companies that operate out of commercial premises have had their applications for financial support rejected.
Research by the Business Visits and Events Partnership and the Events Industry Forum found that most applicants had been rejected, with 60 per cent of businesses on the brink of collapsing within three months.
“Our industry is on its knees,” Jim Winship, secretary of the Events Industry Forum, said.
“We urgently need the government to confirm to local authorities that all event organisers and suppliers to our industry are eligible for the hospitality and leisure grants – that will give an immediate lifeline for many.”
Siobhain McDonagh, the MP for Mitcham and Morden, has written to the chancellor asking him to provide clarification to local authorities.
“It is a point of frustration for my constituent and other events businesses, who have found themselves unable to secure much-needed financial support at this very difficult time, that the written guidance that appears to have been issued to local authorities is at odds with statements made upon the introduction of the retail, hospitality and leisure grant,” McDonagh said.
All gatherings, including weddings, have been banned under the UK’s coronavirus lockdown and social distancing measures are expected to remain in place after restrictions are relaxed.
South London-based florist Larry Walshe Studios has had all work cancelled until October, but was unable to access financial support through the council.
“We [events businesses] are the worst affected in this scenario, our income has been completely eradicated,” Walshe told City A.M.
The firm works on a seasonal basis, and was gearing up for its busiest period when coronavirus hit. The company could now be left waiting until May next year for business to pick up again.
Meanwhile, Jessica Gray, event director at Oxygen Events, said the company could collapse without access to government support.
The Mitcham-based event hire company, which worked on President Obama’s last official engagement in the UK, directly employs 15 staff and provides work for hundreds of freelancers.
“With zero income and no prospect of any income for the rest of the year we need financial support,” Gray said.
“Furlough has allowed us to avoid redundancies at this moment in time, but our premises and business rate costs will soon force us to make this horrible decision, forcing people to be out of work for no fault of their own.
“Following that our next step would be to close the business completely.”
She added: “We are not alone in this and without the promised grants and business rate relief, London will soon see a collapsed events industry, having a far wider effect than just our own immediate business.”


cityam--2020-04-28--Plans to ease UK lockdown unlikely to be announced this week

Downing Street has quashed suggestions that Boris Johnson will this week outline how the government plans to ease its coronavirus social distancing measures .
Multiple media outlets said this morning that Johnson was drawing up plans for the next stage of the coronavirus lockdown and would set out the next steps by Friday .
Read more : Boris Johnson : Lifting UK lockdown too early would spell ‘ economic disaster ’ However , the Prime Minister ’ s official spokesman today indicated that it was unlikely any announcement would take place this week .
He said the government was still @ @ @ @ @ @ @ current stage of lockdown is set to be reviewed .
“ We set out that we will revenue social distancing measures by 7 May and the government is focussed on that date , ” he said .
Cabinet ministers have consistently said the lockdown would only be eased when a series of five tests have been passed .
• The NHS can cope with the outbreak and will not be overloaded by new Covid-19 patients • There is a “ sustained and consistent ” fall in the death rate • The rate of @ @ @ @ @ @ @ ” • Stocks of personal protective equipment ( PPE ) and coronavirus testing capacity can meet future demand • The government is confident that easing the lockdown will not cause a second peak of infections So far , it could be argued that the first four of the tests have been met as daily deaths and infections have begun to fall .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
The Prime Minister ’ s spokesman said Downing Street would @ @ @ @ @ @ @ be filled for the fifth test later this week .
The Prime Minister said yesterday that the UK was approaching the end of the “ first phase of this conflict ” , but warned that lifting the lockdown too early would cause economic damage .
“ Let me say directly also to British business , to the shopkeepers , to the entrepreneurs , to the hospitality sector , to everyone on whom our economy depends : I understand your impatience , I share your anxiety , ” he said .
“ We must @ @ @ @ @ @ @ spike , the risk of losing control of that virus and letting the reproduction rate go back over one , because that would mean not only a new wave of death and disease , but also an economic disaster.
” “ I refuse to throw away all the effort , and the sacrifice of the British people and to risk a second major outbreak and huge loss of life , and the overwhelming of the NHS.
” Read more : Nearly 9,000 coronavirus-related deaths registered in week to 17 April Chief medical officer @ @ @ @ @ @ @ form of social distancing would need to be in place until a vaccine or effective drugs were available for Covid-19 .
He said it was very unlikely for that to happen before the end of the year .

Plans to ease UK lockdown unlikely to be announced this week
Prime minister Boris Johnson, stands inside the Cabinet Room of 10 Downing Street, London, to observe a minute’s silence in tribute to the NHS staff and key workers who have died during the coronavirus outbreak
Downing Street has quashed suggestions that Boris Johnson will this week outline how the government plans to ease its coronavirus social distancing measures.
Multiple media outlets said this morning that Johnson was drawing up plans for the next stage of the coronavirus lockdown and would set out the next steps by Friday.
However, the Prime Minister’s official spokesman today indicated that it was unlikely any announcement would take place this week.
He said the government was still focussed on 7 May, when the current stage of lockdown is set to be reviewed.
“We set out that we will revenue social distancing measures by 7 May and the government is focussed on that date,” he said.
Cabinet ministers have consistently said the lockdown would only be eased when a series of five tests have been passed.
They are:
The NHS can cope with the outbreak and will not be overloaded by new Covid-19 patients
There is a “sustained and consistent” fall in the death rate
The rate of infection has decreased to “manageable levels”
Stocks of personal protective equipment (PPE) and coronavirus testing capacity can meet future demand
The government is confident that easing the lockdown will not cause a second peak of infections
So far, it could be argued that the first four of the tests have been met as daily deaths and infections have begun to fall.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
The Prime Minister’s spokesman said Downing Street would provide more information on what criterion must be filled for the fifth test later this week.
The Prime Minister said yesterday that the UK was approaching the end of the “first phase of this conflict”, but warned that lifting the lockdown too early would cause economic damage.
“Let me say directly also to British business, to the shopkeepers, to the entrepreneurs, to the hospitality sector, to everyone on whom our economy depends: I understand your impatience, I share your anxiety,” he said.
“We must also recognise the risk of a second spike, the risk of losing control of that virus and letting the reproduction rate go back over one, because that would mean not only a new wave of death and disease, but also an economic disaster.”
“I refuse to throw away all the effort, and the sacrifice of the British people and to risk a second major outbreak and huge loss of life, and the overwhelming of the NHS.”
Chief medical officer Chris Whitty said last week that some form of social distancing would need to be in place until a vaccine or effective drugs were available for Covid-19.
He said it was very unlikely for that to happen before the end of the year.


cityam--2020-04-28--Coronavirus: UK retailers have worst month since 2008

UK retailers suffered the biggest fall in sales since the financial crisis in 2008 in the first two months of April as coronavirus lockdown measures battered the sector , a survey has shown .
Every part of the retail sector was hit hard this month , according to the CBI ’ s distributive trades survey .
Even grocers and specialist food and drink shops reported falling sales as the economy all but ground to a halt .
Read more : Coronavirus pandemic ‘ worse than financial crisis ’ for UK retail sector The dire figures come as the UK government @ @ @ @ @ @ @ back on its feet .
Prime Minister Boris Johnson , who has returned to work this week after coming down with coronavirus , yesterday urged caution .
He said the country ’ s hard work in tackling the virus could be undone if restrictions are relaxed too soon .
However , the government is drawing up plans for a gradual easing of some restrictions , which could be announced this week .
They reportedly could include allowing some workplaces and “ non-essential ” shops to reopen in the coming weeks .
The economic @ @ @ @ @ @ @ in today ’ s CBI survey data .
The business group ’ s gauge of sales fell to minus 55 in April , the joint-lowest balance in the survey ’ s history , from minus three in March .
Retailers expect a similar decline next month , the CBI said .
Almost 40 per cent of retailers said they have completely shut down because of coronavirus .
Meanwhile , 96 per cent reported cash-flow difficulties as plunging demand left them with obligations but greatly reduced income .
Another report out today said coronavirus @ @ @ @ @ @ @ crisis .
The retail health index by professional services firm KPMG and pollster Ipsos fell three points to 71 in the first quarter of the year – a new record low .
On the CBI survey , all retail sub-sectors , including those selling essential items , were hit .
The gauge for grocers fell to minus 27 in April , while the specialist food and drinks measure fell to minus four .
This suggests “ households may have been dipping into stockpiles built up prior to the lockdown or tightening their belts @ @ @ @ @ @ @ , ” said CBI chief economist Rain Newton-Smith .
As sales plunged , close to 45 per cent of retailers said they had temporarily laid off staff while eight per cent reported permanent layoffs .
Read more : Retailers call on government to withdraw ‘ disastrous ’ business rates bill Newton-Smith said the government ’ s worker support scheme , which pays 80 per cent of “ furloughed ” workers ’ wages , had helped prevent higher levels of unemployment .
She said the “ job retention scheme is providing genuine relief , @ @ @ @ @ @ @ permanent lay-offs ” .

Coronavirus: UK retailers have worst month since 2008
Debenhams entered administration this month amid plunging demand due to coronavirus
UK retailers suffered the biggest fall in sales since the financial crisis in 2008 in the first two months of April as coronavirus lockdown measures battered the sector, a survey has shown.
Every part of the retail sector was hit hard this month, according to the CBI’s distributive trades survey. Even grocers and specialist food and drink shops reported falling sales as the economy all but ground to a halt.
The dire figures come as the UK government debates how best to get the economy back on its feet. Prime Minister Boris Johnson, who has returned to work this week after coming down with coronavirus, yesterday urged caution. He said the country’s hard work in tackling the virus could be undone if restrictions are relaxed too soon.
However, the government is drawing up plans for a gradual easing of some restrictions, which could be announced this week. They reportedly could include allowing some workplaces and “non-essential” shops to reopen in the coming weeks.
The economic cost of the lockdown was laid bare in today’s CBI survey data. The business group’s gauge of sales fell to minus 55 in April, the joint-lowest balance in the survey’s history, from minus three in March. Retailers expect a similar decline next month, the CBI said.
Almost 40 per cent of retailers said they have completely shut down because of coronavirus. Meanwhile, 96 per cent reported cash-flow difficulties as plunging demand left them with obligations but greatly reduced income.
Another report out today said coronavirus was worse for retailers than the financial crisis. The retail health index by professional services firm KPMG and pollster Ipsos fell three points to 71 in the first quarter of the year – a new record low.
On the CBI survey, all retail sub-sectors, including those selling essential items, were hit. The gauge for grocers fell to minus 27 in April, while the specialist food and drinks measure fell to minus four.
This suggests “households may have been dipping into stockpiles built up prior to the lockdown or tightening their belts more generally as incomes take a hit,” said CBI chief economist Rain Newton-Smith.
As sales plunged, close to 45 per cent of retailers said they had temporarily laid off staff while eight per cent reported permanent layoffs.
Newton-Smith said the government’s worker support scheme, which pays 80 per cent of “furloughed” workers’ wages, had helped prevent higher levels of unemployment.
She said the “job retention scheme is providing genuine relief, with many opting for temporary rather than permanent lay-offs”.


cityam--2020-04-28--Burford Capital shares jump as it predicts coronavirus litigation boom

Shares in Burford Capital rose 20 per cent today as it predicted a spike in litigation in the aftermath of the coronavirus pandemic .
In its annual report , Burford said : “ Economic downturns produce litigation claims… [ Burford ] expects to see significant amounts of litigation , and meaningful demands for capital , over the next several years.
” Burford also said today it had achieved litigation successes in the first four months of the year that could lead to more than $ 800m ( £639m ) in cash receipts for the group .
Shares rose to 491p @ @ @ @ @ @ @ profit before tax for 2019 fell 24 per cent to $ 239.6m .
Read more : Burford Capital nominates three new male directors for all-male board Burford said the awards it had achieved in 2020 so far could lead to more than $ 500m in profit for the group .
In August , Burford was blasted by shortseller Muddy Waters which questioned its accounting and governance standards and sent its share price into freefall .
Burford maintained that it was the victim of market manipulation in connection to the short attack which its @ @ @ @ @ @ @ meritless ” .
Read more : Burford Capital faces setback in bitter battle over £350m mega-yacht Burford ’ s chief executive Christopher Bogart described 2019 as a “ spectacular year ” for the business , despite its share price crashing 55 per cent from 1,602p at the end of 2018 to 708p at the end of 2019 .
“ Against the measure of success of growing Burford ’ s business and generating substantial free cash , Burford had a spectacular year , and 2020 is off to a terrific start .
“ We @ @ @ @ @ @ @ growing industry with high and uncorrelated returns , and we expect meaningful demand for our services in light of the current economic disruption , ” he said .

Burford Capital shares jump as it predicts coronavirus litigation boom
Shares in Burford Capital rose 20 per cent today as it predicted a spike in litigation in the aftermath of the coronavirus pandemic.
In its annual report, Burford said: “Economic downturns produce litigation claims… [Burford] expects to see significant amounts of litigation, and meaningful demands for capital, over the next several years.”
Burford also said today it had achieved litigation successes in the first four months of the year that could lead to more than $800m (£639m) in cash receipts for the group.
Shares rose to 491p despite the litigation funder saying today that profit before tax for 2019 fell 24 per cent to $239.6m.
Burford said the awards it had achieved in 2020 so far could lead to more than $500m in profit for the group.
Burford chief executive Christopher Bogart told City A.M.: “The unfortunate reality…is this pandemic is going to generate an enormous number of disputes.”
Bogart pointed to areas such as insurance coverage and contractual obligation disputes as likely areas of growth, in addition to work flowing from the global economic downturn.
“Insolvency and restructuring activity also yields a substantial amount of litigation and arbitration… our anticipation is that over the next few years we will see a significant demand for capital,” he said.
In a note to clients, broker Peel Hunt said: “Our core concern is that cash generation has been slow. Announcements today suggest that might be allayed, and that Burford is on the cusp of delivering big cash wins. We prefer to wait.”
In August, Burford was blasted by shortseller Muddy Waters which questioned its accounting and governance standards and sent its share price into freefall.
Burford maintained that it was the victim of market manipulation in connection to the short attack which its chair Sir Peter Middleton described as “meritless”.
Bogart described 2019 as a “spectacular year” for the business, despite its share price crashing 55 per cent from 1,602p at the end of 2018 to 708p at the end of 2019.
“It was not a tremendous year for shareholders.” he said. “The performance of the stock became disconnected from the performance of the business because shareholders reacted to a false and misleading short attack and because we believe that there was market manipulation that accompanied that short attack.”
He added: “We don’t believe the value of the shares should have gone down, but that doesn’t change the fact they went down and that shareholders have been injured.”
Although Burford said it saw no merits in Muddy Waters’ criticism, the company has shaken up its governance structure and made changes which it said would increase transparency in the wake of the attack.
Aim-listed Burford is seeking an additional listing in the US and has also added new members to its board. It has also appointed a new chief financial officer after criticism that the previous finance chief – Elizabeth O’Connell who is married to Bogart – lacked the independence to properly scrutinise management.
Bogart said the short attack had increased shareholder concerns and meant it had to make changes quickly to allay investor worries.
“The acceleration of shareholder anxiety came in response to a sharp fall in the share price. It wasn’t that we or shareholders were complacent or coasting along, the business had been evolving every year,” he said.


cityam--2020-04-28--Oil prices plunge: WTI nears $10 as storage fears increase

Oil prices continued to slide this morning as traders rushed to withdraw their money from upcoming futures delivery contracts amid fears they will have nowhere to put the substance .
With storage space running severely scarce around the world , exchange-traded funds are trying to avoid a similar situation to last week ’ s price crash by selling out of the June front-month contract and buying later in the year .
Read more : BP profit tumbles by two-thirds as oil demand dries up Having fallen around 23 per cent yesterday , US benchmark West Texas Intermediate ( WTI ) @ @ @ @ @ @ @ trade at $ 11.46 .
The world ’ s largest exchange-traded product , the United States Oil Fund , has announced that it will shift its holding to later months .
Brent crude , the worldwide standard , steadied after yesterday ’ s fall , picking up 0.7 per cent to remain above $ 20 .
Analysts said that Brent ’ s slight rally was due to increased optimism over hopes that some countries would begin easing restrictions soon .
Norbert Rücker , analyst at Swiss bank Julius Baer , said : “ @ @ @ @ @ @ @ last in the very near term , we see more upside than downside from prices around $ 20 per barrel .
The oil price should recover in the longer term ” .
Tomorrow the US Energy Information Administration will release numbers for US crude inventories , with levels already on the brink of breaching all time highs .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
The main WTI delivery point at Cushing in Oklahoma is also near capacity , @ @ @ @ @ @ @ already full and the remaining capacity pre-leased .
ING ’ s head of commodities strategy Warren Peterson said : “ Looking ahead , and all attention will be on inventory numbers this week , and in particular the build we see at Cushing , the WTI delivery hub .
“ If we see similar builds to the last few weeks , we will likely reach full capacity at Cushing over the first half of May , which should maintain bearish pressure on the market.
” Read more : Analysis : Why oil prices @ @ @ @ @ @ @ According to City Index ’ s Fiona Cincotta , although oil production cartel Opec ’ s output curbs are due to kick in this week , there is a “ growing realisation is hitting that any increase in oil demand will be gradual rather than a sudden jump to pre-coronavirus levels .
“ Furthermore the 10m barrel per day Opec+ cut planned doesn ’ t even scratch the surface of the 30m barrel per day hit to demand that lock down is estimated to have caused ” .

Oil prices plunge: WTI nears $10 as storage fears increase
Oil prices continued to slide this morning as traders rushed to withdraw their money from upcoming futures delivery contracts amid fears they will have nowhere to put the substance.
With storage space running severely scarce around the world, exchange-traded funds are trying to avoid a similar situation to last week’s price crash by selling out of the June front-month contract and buying later in the year.
Having fallen around 23 per cent yesterday, US benchmark West Texas Intermediate (WTI) fell 10.3 per cent this morning to trade at $11.46.
The world’s largest exchange-traded product, the United States Oil Fund, has announced that it will shift its holding to later months.
Brent crude, the worldwide standard, steadied after yesterday’s fall, picking up 0.7 per cent to remain above $20.
Analysts said that Brent’s slight rally was due to increased optimism over hopes that some countries would begin easing restrictions soon.
Norbert Rücker, analyst at Swiss bank Julius Baer, said: “While wild price swings are set to last in the very near term, we see more upside than downside from prices around $20 per barrel. The oil price should recover in the longer term”.
Oil storage in focus
Tomorrow the US Energy Information Administration will release numbers for US crude inventories, with levels already on the brink of breaching all time highs.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
The main WTI delivery point at Cushing in Oklahoma is also near capacity, with over 70 per cent of space already full and the remaining capacity pre-leased.
ING’s head of commodities strategy Warren Peterson said: “Looking ahead, and all attention will be on inventory numbers this week, and in particular the build we see at Cushing, the WTI delivery hub.
“If we see similar builds to the last few weeks, we will likely reach full capacity at Cushing over the first half of May, which should maintain bearish pressure on the market.”
According to City Index’s Fiona Cincotta, although oil production cartel Opec’s output curbs are due to kick in this week, there is a “growing realisation is hitting that any increase in oil demand will be gradual rather than a sudden jump to pre-coronavirus levels.
“Furthermore the 10m barrel per day Opec+ cut planned doesn’t even scratch the surface of the 30m barrel per day hit to demand that lock down is estimated to have caused”.


cityam--2020-04-28--Travis Perkins revenue down two thirds due to coronavirus

Building materials supplier Travis Perkins suffered a sharp drop in revenue in April after it closed its branches in response to the UK ’ s coronavirus lockdown .
Total revenue in the first three weeks of the month was about one third of the same period last year due to the coronavirus pandemic .
The company shut all of its branches last month after the government announced a coronavirus lockdown .
However last week it began reopening more of its merchant branch network with a “ service-light , non-contact operating model ” in line with the latest government advice as @ @ @ @ @ @ @ .
Travis Perkins has taken further steps to conserve cash during the crisis , including a 20 per cent three-month pay cut for the board of directors and leadership team .
The company will also save around £90m due to the business rates holiday announced by the government in March .
Last month the group withdrew its market guidance , suspended its proposed full-year 2019 dividend and paused the process for the demerger of Wickes .
Read more : Travis Perkins returns to profit despite ‘ challenging market ’ Chief executive Nick Roberts @ @ @ @ @ @ @ Covid-19 emergency , we have established a new operating model that has kept colleagues and customers safe , operating within Government guidelines , and enabling branches across all of the Group ’ s businesses to remain open .
“ Moreover , we have provided essential services and support to keep the nation ’ s critical infrastructure maintained and operational and the UK ’ s homes warm , dry and safe during this time of need .
”

Travis Perkins revenue down two thirds due to coronavirus
The sale of the plumbing business was the last step in Travis Perkins’ plans to simplify its business.
Building materials supplier Travis Perkins suffered a sharp drop in revenue in April after it closed its branches in response to the UK’s coronavirus lockdown.
Total revenue in the first three weeks of the month was about one third of the same period last year due to the coronavirus pandemic.
The company shut all of its branches last month after the government announced a coronavirus lockdown.
However last week it began reopening more of its merchant branch network with a “service-light, non-contact operating model” in line with the latest government advice as some building sites got back to work.
Travis Perkins has taken further steps to conserve cash during the crisis, including a 20 per cent three-month pay cut for the board of directors and leadership team.
The company will also save around £90m due to the business rates holiday announced by the government in March.
Last month the group withdrew its market guidance, suspended its proposed full-year 2019 dividend and paused the process for the demerger of Wickes.
Chief executive Nick Roberts said: “In light of the Covid-19 emergency, we have established a new operating model that has kept colleagues and customers safe, operating within Government guidelines, and enabling branches across all of the Group’s businesses to remain open.
“Moreover, we have provided essential services and support to keep the nation’s critical infrastructure maintained and operational and the UK’s homes warm, dry and safe during this time of need.”


cityam--2020-04-28--UK sets new record for longest period without coal-powered electricity

The UK has this morning set a new record for the longest period without using electricity generated from coal since pre-industrial times .
As of midday , the country has been without coal power for 18 days and 12 hours , the longest period since the Industrial Revolution .
Read more : BP profit tumbles by two-thirds as oil demand dries up The previous record was set on 4 June last year , but has been surpassed through the combination of lower demand due to coronavirus and a long streak of sunny weather .
Record levels of solar generation pushed @ @ @ @ @ @ @ more than one terawatt hour of such power put on the grid since 10 April .
Last week solar power generation covered 11 per cent of UK power demand , with a new peak of 9.68 gigawatts production hit on 20 April .
The chief executive of the Solar Trade Association , Chris Hewett , said : Solar is playing a critical role in delivering a fossil-free grid and cleaner , cheaper power to Britain .
Listen to our daily City View podcast as we chart the economic fallout and business impact of @ @ @ @ @ @ @ look towards a net zero future , solar will become an increasingly greater part of the energy mix , tackling high power prices , climate change , and biodiversity loss.
” According to the National Grid , the UK ’ s electricity demand has dropped by nearly a fifth due to the coronavirus lockdown , which has seen businesses , shops and schools shuttered .
Earlier this year the government brought forward the date for the complete phase-out of coal-powered electricity in the UK by a year to 2024 .
Dr Jonathan Marshall @ @ @ @ @ @ @ and Climate Intelligence Unit ( ECIU ) said : “ Today ’ s record coal-free run is another remarkable milestone in the decline of coal power in the UK , and it won ’ t be the last .
Read more : UK oil industry warns 30,000 jobs at risk due to coronavirus “ But underneath the latest record lies a bigger story , that the operation of national energy systems with dwindling supplies from fossil fuels is rapidly becoming the norm .
Analysts have suggested that the coronavirus crisis will accelerate the @ @ @ @ @ @ @ contributing most of power output offers valuable practice in managing the grid of the future ” .

UK sets new record for longest period without coal-powered electricity
The UK has this morning set a new record for the longest period without using electricity generated from coal since pre-industrial times.
As of midday, the country has been without coal power for 18 days and 12 hours, the longest period since the Industrial Revolution.
The previous record was set on 4 June last year, but has been surpassed through the combination of lower demand due to coronavirus and a long streak of sunny weather.
Record levels of solar generation pushed the country to the milestone, with more than one terawatt hour of such power put on the grid since 10 April.
Last week solar power generation covered 11 per cent of UK power demand, with a new peak of 9.68 gigawatts production hit on 20 April.
The chief executive of the Solar Trade Association, Chris Hewett, said: Solar is playing a critical role in delivering a fossil-free grid and cleaner, cheaper power to Britain.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
“As we look towards a net zero future, solar will become an increasingly greater part of the energy mix, tackling high power prices, climate change, and biodiversity loss.”
According to the National Grid, the UK’s electricity demand has dropped by nearly a fifth due to the coronavirus lockdown, which has seen businesses, shops and schools shuttered.
Earlier this year the government brought forward the date for the complete phase-out of coal-powered electricity in the UK by a year to 2024.
Dr Jonathan Marshall, Head of Analysis at the Energy and Climate Intelligence Unit (ECIU) said:
“Today’s record coal-free run is another remarkable milestone in the decline of coal power in the UK, and it won’t be the last.
“But underneath the latest record lies a bigger story, that the operation of national energy systems with dwindling supplies from fossil fuels is rapidly becoming the norm.
Analysts have suggested that the coronavirus crisis will accelerate the energy transition, as systems with renewables contributing most of power output offers valuable practice in managing the grid of the future”.


cityam--2020-04-28--HSBC CEO: Applications for coronavirus loans 'now easier' to process

HSBC ’ s CEO today blamed the sheer demand for coronavirus loans for banks ’ apparent slowness to lend out cash to struggling small businesses .
Noel Quinn said banks have seen a “ significant volume ” of applications for the Coronavirus Business Interruption Loan Scheme ( CBILS ) so far .
And he rejected the notion that a full government guarantee of such lending would speed up the approval process .
Read more : HSBC first quarter profit halves on coronavirus pandemic Currently the government underwrites 80 per cent of coronavirus loans made under CBILS .
And last night @ @ @ @ @ @ @ unconvinced ” about taking on the risk for the remaining 20 per cent .
But HSBC ’ s boss today said such a move was not necessary .
Instead he blamed a combination of a complex application process and the amount of demand banks have seen .
The latest available data shows coronavirus loans doubled last week to £2.8bn , but only around half of 36,000 applications have been approved .
Read more : Coronavirus loans double to £2.8bn but only half of applications approved “ I dont think it ’ s about @ @ @ @ @ @ @ , I don ’ t think that ’ s the difference , ” Quinn told City A.M. “ There was a significant amount of volume in the early days and some of the scheme requirements to perform viability assessments of future cash flows created a requirement to perform work that took time.
” Instead he predicted the speed of CBILS approvals will increase after banks yesterday removed a requirement for small businesses to predict their future earnings .
Read more : Rishi Sunak unveils 100 per cent state-backed ‘ bounce back loans ’ @ @ @ @ @ @ @ been some adjustments to the criteria in the last few days… and therefore those should make it easier to process those transactions , ” Quinn told City A.M. “ The primary issue was around scheme eligibility and setting up the process , that was something we had to react very quickly to .
Read more : CBILS application process ‘ soul destroying ’ , says director of film industry business “ In that first week we developed and launched an online portal for customers to fill out applications online to allow digital processing @ @ @ @ @ @ @ do it all via call centres and manual paperwork would have meant the response times would have been that much lower.
” HSBC , which today revealed its first quarter profit fell 50 per cent because of coronavirus , said it has lent out around £600m under CBILS to 4,200 small businesses .
That is equivalent to around 17 per cent of the total lending of coronavirus loans , Quinn said .
That compares to Natwest ’ s ( formerly RBS ) own estimate last week that it has lent out £937m .
@ @ @ @ @ @ @ worth around half of total CBILS lending at the time .
But small businesses have criticised banks for rejecting their loan applications .
And City heavyweights have called on UK banks and the government to step up their rate of lending .
Yesterday Sunak appeared to respond to that criticism by committing to underwrite 100 per cent of so-called bounce back loans worth up to £50,000 .
Firms that apply can receive those loans within 24 hours from next Monday .
Quinn defended banks ’ rate of lending , however .
“ We @ @ @ @ @ @ @ significant pace , ” he said on a media call .
“ The new scheme launched yesterday , we welcome that scheme and think it will be very beneficial .
There has been good progress but more still to come.
” TheCityUK boss Miles Celic also stepped in to defend banks over their lending record today .
Speaking to City A.M. editor Christian May on City A.M ’ s daily City View podcast , Celic said banks were not “ shirking their responsibilities ” .
He added : “ It was the taxpayer @ @ @ @ @ @ @ behind the banks [ in 2008 , whereas ] this is an opportunity for banks and the financial sector to stand behind the country .
”

HSBC CEO: Applications for coronavirus loans ‘now easier’ to process
HSBC’s CEO today blamed the sheer demand for coronavirus loans for banks’ apparent slowness to lend out cash to struggling small businesses.
Noel Quinn said banks have seen a “significant volume” of applications for the Coronavirus Business Interruption Loan Scheme (CBILS) so far. And he rejected the notion that a full government guarantee of such lending would speed up the approval process.
Currently the government underwrites 80 per cent of coronavirus loans made under CBILS. And last night chancellor Rishi Sunak said he “remained unconvinced” about taking on the risk for the remaining 20 per cent.
But HSBC’s boss today said such a move was not necessary. Instead he blamed a combination of a complex application process and the amount of demand banks have seen.
The latest available data shows coronavirus loans doubled last week to £2.8bn, but only around half of 36,000 applications have been approved.
Government ‘doesn’t need’ to underwrite entire CBILS scheme
“I dont think it’s about 80 vs 100 [per cent], I don’t think that’s the difference,” Quinn told City A.M.
“There was a significant amount of volume in the early days and some of the scheme requirements to perform viability assessments of future cash flows created a requirement to perform work that took time.”
Instead he predicted the speed of CBILS approvals will increase after banks yesterday removed a requirement for small businesses to predict their future earnings.
“There’s been some adjustments to the criteria in the last few days… and therefore those should make it easier to process those transactions,” Quinn told City A.M.
“The primary issue was around scheme eligibility and setting up the process, that was something we had to react very quickly to.
“In that first week we developed and launched an online portal for customers to fill out applications online to allow digital processing of this volume of work. To do it all via call centres and manual paperwork would have meant the response times would have been that much lower.”
HSBC, which today revealed its first quarter profit fell 50 per cent because of coronavirus, said it has lent out around £600m under CBILS to 4,200 small businesses.
That is equivalent to around 17 per cent of the total lending of coronavirus loans, Quinn said.
That compares to Natwest’s (formerly RBS) own estimate last week that it has lent out £937m. City A.M. understands that sum to be worth around half of total CBILS lending at the time.
But small businesses have criticised banks for rejecting their loan applications. And City heavyweights have called on UK banks and the government to step up their rate of lending.
Yesterday Sunak appeared to respond to that criticism by committing to underwrite 100 per cent of so-called bounce back loans worth up to £50,000. Firms that apply can receive those loans within 24 hours from next Monday.
HSBC processing coronavirus loans ‘at pace’
Quinn defended banks’ rate of lending, however. “We are progressing through those applications at a significant pace,” he said on a media call. “The new scheme launched yesterday, we welcome that scheme and think it will be very beneficial. There has been good progress but more still to come.”
TheCityUK boss Miles Celic also stepped in to defend banks over their lending record today.
Speaking to City A.M. editor Christian May on City A.M’s daily City View podcast, Celic said banks were not “shirking their responsibilities”.
He added: “It was the taxpayer and the country that had to stand behind the banks [in 2008, whereas] this is an opportunity for banks and the financial sector to stand behind the country.”


cityam--2020-04-28--Coronavirus pandemic 'worse than financial crisis' for UK retail sector

The impact of the coronavirus pandemic on the high street has been worse than the aftermath of the financial crisis , experts said as UK retail health plunged to record lows .
The retail health index by KPMG and Ipsos fell three points to 71 in the first quarter of the year – a new record low .
Read more : Retailers call on government to withdraw ‘ disastrous ’ business rates bill The index was previously expected to hold steady at 74 in the first quarter , with hopes that the certainty provided by the conclusive general election result @ @ @ @ @ @ @ 2020 .
However , UK retail health is now expected to suffer a further sharp decline of nine points in the second quarter .
Experts said the dive is dependent on how long the UK ’ s lockdown continues and the subsequent enforcement of social distancing measures .
The coronavirus pandemic has “ quickly eclipsed even the sector ’ s previous woes , and with it any hopes of improved health for the foreseeable future ” , the study said .
Read more : UK retail sales ‘ obliterated ’ in record fall @ @ @ @ @ @ @ retail intelligence Tim Denison said : “ As was clear through heated debate , the longevity and nature of the current lockdown measures is largely unknown , but there remains little doubt that retail will be severely impacted – at levels eclipsing what had previously been experienced during the 2008/09 financial crisis .
Read more : UK retail parks fare better in lockdown than high streets and shopping centres “ Unlike previous historic downturns , this is not only about the consumer ’ s response to what is occurring around them , but @ @ @ @ @ @ @ fundamentally changed , forcing the consumer ’ s hand and blocking demand .
“ Even when restrictions are lifted – whenever and however that may be – it ’ s unlikely we ’ ll see a return to ‘ normal ’ by any means.
” He added : “ The future is rather murky , and consumer confidence is likely to be volatile for the foreseeable future , especially as the longer-term impact of the pandemic becomes clearer .
”

Coronavirus pandemic ‘worse than financial crisis’ for UK retail sector
Oxford Street during the UK coronavirus lockdown
The impact of the coronavirus pandemic on the high street has been worse than the aftermath of the financial crisis, experts said as UK retail health plunged to record lows.
The retail health index by KPMG and Ipsos fell three points to 71 in the first quarter of the year – a new record low.
The index was previously expected to hold steady at 74 in the first quarter, with hopes that the certainty provided by the conclusive general election result would benefit the UK retail industry during 2020.
However, UK retail health is now expected to suffer a further sharp decline of nine points in the second quarter.
Experts said the dive is dependent on how long the UK’s lockdown continues and the subsequent enforcement of social distancing measures.
The coronavirus pandemic has “quickly eclipsed even the sector’s previous woes, and with it any hopes of improved health for the foreseeable future”, the study said.
Ipsos Retail Performance director of retail intelligence Tim Denison said: “As was clear through heated debate, the longevity and nature of the current lockdown measures is largely unknown, but there remains little doubt that retail will be severely impacted – at levels eclipsing what had previously been experienced during the 2008/09 financial crisis.
“Unlike previous historic downturns, this is not only about the consumer’s response to what is occurring around them, but rather the mechanics of daily life have fundamentally changed, forcing the consumer’s hand and blocking demand.
“Even when restrictions are lifted – whenever and however that may be – it’s unlikely we’ll see a return to ‘normal’ by any means.”
He added: “The future is rather murky, and consumer confidence is likely to be volatile for the foreseeable future, especially as the longer-term impact of the pandemic becomes clearer.”


cityam--2020-04-28--Nissan set for first loss since 2008 financial crisis

Nissan is on course to post its first annual loss since the 2008 financial crisis , the Japanese auto giant warned today .
Car sales have collapsed around the world as the coronavirus pandemic has drained demand , with carmakers braced for significant losses .
Read more : Renault sees revenue drop a fifth due to coronavirus In a statement , Nissan said it was forecasting a loss of 45bn yen ( £338m ) , a hefty swing from previous estimates of 85bn yen in profit .
The last loss the firm posted came back in 2008 , when it @ @ @ @ @ @ @ The carmaker also said that annual vehicle sales had fallen 43 per cent since March last year , leading to total sales of 4.8m cars , its worst result since 2011 .
Nissan has delayed releasing its annual results until the end of May , it confirmed in a statement : Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
“ The company ’ s performance has continued to decline , primarily impacted by the Covid-19 pandemic .
“ Nissan anticipates @ @ @ @ @ @ @ is currently reviewing the precise financial impact ” .
The coronavirus crisis has accelerated a pre-existing fall in Nissan ’ s sales and profits , with the result that the firm has had to row back an ambitious expansion plan from disgraced former executive Carlos Ghosn .
As a result of the pandemic , the company is considering a downsizing plan which will shrink the firm ’ s annual sales target by 1m vehicles , Reuters reported .
Nissan is expected to provide an update on its partnership with French giant Renault , @ @ @ @ @ @ @ the next month .
Renault recently received €5bn in loans from the French government to help it through the crisis .

Nissan set for first loss since 2008 financial crisis
Nissan is on course to post its first annual loss since the 2008 financial crisis, the Japanese auto giant warned today.
Car sales have collapsed around the world as the coronavirus pandemic has drained demand, with carmakers braced for significant losses.
In a statement, Nissan said it was forecasting a loss of 45bn yen (£338m), a hefty swing from previous estimates of 85bn yen in profit.
The last loss the firm posted came back in 2008, when it fell 137bn yen into the red.
The carmaker also said that annual vehicle sales had fallen 43 per cent since March last year, leading to total sales of 4.8m cars, its worst result since 2011.
Nissan has delayed releasing its annual results until the end of May, it confirmed in a statement:
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
“The company’s performance has continued to decline, primarily impacted by the Covid-19 pandemic.
“Nissan anticipates additional time to finalise the results and is currently reviewing the precise financial impact”.
The coronavirus crisis has accelerated a pre-existing fall in Nissan’s sales and profits, with the result that the firm has had to row back an ambitious expansion plan from disgraced former executive Carlos Ghosn.
As a result of the pandemic, the company is considering a downsizing plan which will shrink the firm’s annual sales target by 1m vehicles, Reuters reported.
Nissan is expected to provide an update on its partnership with French giant Renault, which has been under pressure, during the next month.
Renault recently received €5bn in loans from the French government to help it through the crisis.


cityam--2020-04-28--Nearly 9,000 coronavirus-related deaths registered in week to 17 April

Data released today by the Office for National Statistics ( ONS ) showed 8,758 coronavirus-related deaths were registered in England and Wales in the week to 17 April .
This was an increase of 40 per cent on the previous week when 6,213 registered deaths mentioned coronavirus .
Read more : London coronavirus cases : How many infections are in your London borough ?
There were 22,351 deaths registered in England and Wales in the week to 17 April , the highest since comparable records began in 1993 .
This was an increase of 3,835 deaths compared with the previous @ @ @ @ @ @ @ average .
In London , over half ( 55.5 per cent ) of deaths registered in the week ended 17 April involved covid-19 .
Read more : Coronavirus : UK has lowest single day death toll since March Including deaths that occurred up to 17 April but registered up to 25 April , of those processed so far , the number involving covid-19 was 21,284 for England and 1,016 for Wales .
Care and Quality Commission ( CQC ) data from 10 to 24 April shows CQC had been notified of 4,343 deaths @ @ @ @ @ @

Nearly 9,000 coronavirus-related deaths registered in week to 17 April
(Photo by Andrew Milligan – WPA Pool/Getty Images)
Data released today by the Office for National Statistics (ONS) showed 8,758 coronavirus-related deaths were registered in England and Wales in the week to 17 April.
This was an increase of 40 per cent on the previous week when 6,213 registered deaths mentioned coronavirus.
There were 22,351 deaths registered in England and Wales in the week to 17 April, the highest since comparable records began in 1993.
This was an increase of 3,835 deaths compared with the previous week and 11,854 more than the five-year average.
In London, over half (55.5 per cent) of deaths registered in the week ended 17 April involved covid-19.
Including deaths that occurred up to 17 April but registered up to 25 April, of those processed so far, the number involving covid-19 was 21,284 for England and 1,016 for Wales.
Care and Quality Commission (CQC) data from 10 to 24 April shows CQC had been notified of 4,343 deaths from covid-19 in care homes.


cityam--2020-04-28--VCs turn to portfolio companies as they anticipate slowdown in investment

Venture capitalists are prioritising their portfolio companies as they anticipate a slowdown in investment during the coronavirus pandemic .
According to new research by Plexal and Beauhurst , investment since lockdown began grew 34 per cent to reach £663m .
However , the drop in the number of deals , down 39 per cent , indicates investor confidence has been dented somewhat .
Andrew Roughan , managing director of Plexal , tells City A.M. that there is a particular focus on current investors “ shoring up existing investments to make sure they have liquidity and cash flow to survive the @ @ @ @ @ @ @ , just £50.2m went to startups that had never raised funds before .
Tim Levine , who runs the fintech venture capital firm Augmentum , tells City A.M. he is not actively looking for new deals .
It is in part because the logistics of forging new deals , as well as due diligence , has been made more difficult due to the lockdown measures .
“ Our priority is our existing portfolio at the moment .
We ’ re unlikely to jump in if a business asks for capital urgently and we @ @ @ @ @ @ @ them , ” he said .
Kerry Baldwin , managing partner of early stage fund IQ Capital , adds : “ I ’ m advising to extend the runway on my portfolio , and advising businesses to protect the customers they have .
There ’ s a lot of work you need to do in-house.
” Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
New startups will struggle in tough climate As venture capital firms turn to protecting their portfolios @ @ @ @ @ @ @ change in the next few months .
Baldwin tells City A.M. that while IQ Capital is still investing the firm has had to be frank with businesses as it will be a “ tough funding climate out there.
” “ We ’ ve had to tell them that assembling a syndicate might not be as simple as normal and we ’ re looking at projections with more detail , ” she adds .
The scale of the challenges facing many startups is clear .
While the technology sector remains somewhat resilient , the @ @ @ @ @ @ @ .
Nearly 1,000 small businesses in administration or liquidation , according to Plexal and Beauhurst ’ s research .
This pressure will only intensify as investors pause to assess the full impact of Covid-19 on business models .
“ Even in April we do not have enough data for investors to take a good look at the full impact – that will require the best part of two months for investors to make decisions , ” says Levine .
There is some glimmer of hope as the outbreak of coronavirus presents opportunities for @ @ @ @ @ @ @ the adoption of Augmentum ’ s portfolio company FareWill , a wills and probate service .
Additionally , Levine has seen an acceleration in the digital adoption of financial services .
“ An event such as this forces the hand of those consumers who were previously reluctant , ” he tells City A.M. Venture capital firms call for more to be done for startups A scaling back of investment amid the economic turmoil risks losing a generation of startups .
VCs have welcomed the government ’ s Future Fund , which provides government @ @ @ @ @ @ @ calls for greater clarity .
“ To pull something together as quickly as they did was impressive , ” says Levine .
“ The devil will be in the detail and we ’ ll wait for more specifics .
It ’ s a good initiative but it has to be executed in the right way.
” To be eligible for the convertible loans , firms must have raised at least £250,000 in the last five years .
In addition , the government loan must be at least matched by private investors , and @ @ @ @ @ @ @ in the majority of cases .
Levine hopes the fund will be extended beyond the initial £250m pledged .
Read more : Private equity activity reaches new peak but firms brace for difficult year Additionally , there are increased calls for an exit strategy that will allow startups to forecast when customers are coming back to work .
“ Companies are screaming out for contracts – not a loan or grant but real business , ” says Roughan .
He adds : “ While the Future Fund is an excellent first start , @ @ @ @ @ @ @ required to protect the businesses that have driven job creation and economic growth in the UK for the last 10 years.
” Get the news as it happens by following City A.M. on Twitter .

VCs shun new startups as coronavirus slowdown hits investors
Venture capitalists are prioritising their portfolio companies over new startups as they anticipate a slowdown in investment during the coronavirus pandemic.
According to new research by Plexal and Beauhurst, investment since lockdown began grew 34 per cent to reach £663m. However, the drop in the number of deals, down 39 per cent, indicates investor confidence has been dented somewhat.
Andrew Roughan, managing director of Plexal, tells City A.M. that there is a particular focus on current investors “shoring up existing investments to make sure they have liquidity and cash flow to survive the current period.”
Of the £663m raised, just £50.2m went to startups that had never raised funds before.
Tim Levene, who runs the fintech venture capital firm Augmentum, tells City A.M. he is not actively looking for new deals. It is in part because lockdown has made the logistics of forging new deals, as well as due diligence, more difficult.
“Our priority is our existing portfolio at the moment. We’re unlikely to jump in if a business asks for capital urgently and we don’t have a relationship with them,” he said.
Kerry Baldwin, managing partner of early stage fund IQ Capital, adds: “I’m advising to extend the runway on my portfolio, and advising businesses to protect the customers they have. There’s a lot of work you need to do in-house.”
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
New startups will struggle in tough climate
As venture capital firms turn to protecting their portfolios, the nature of investment will undoubtedly change in the next few months.
Baldwin tells City A.M. that while IQ Capital is still investing the firm has had to be frank with businesses as it will be a “tough funding climate out there”.
“We’ve had to tell them that assembling a syndicate might not be as simple as normal and we’re looking at projections with more detail,” she adds.
The scale of the challenges facing many startups is clear. While the technology sector remains somewhat resilient, the vast majority are struggling to raise funding. Nearly 1,000 small businesses in administration or liquidation, according to Plexal and Beauhurst’s research.
This pressure will only intensify as investors pause to assess the full impact of Covid-19 on business models.
“Even in April we do not have enough data for investors to take a good look at the full impact – that will require the best part of two months for investors to make decisions,” says Levene.
There is some glimmer of hope as the outbreak of coronavirus presents opportunities for certain companies. The outbreak has accelerated the adoption of Augmentum’s portfolio company FareWill, a wills and probate service.
Additionally, Levine has seen an acceleration in the digital adoption of financial services. “An event such as this forces the hand of those consumers who were previously reluctant,” he tells City A.M.
Venture capital firms call for more to be done for startups
A scaling back of investment amid the economic turmoil risks losing a generation of startups.
VCs have welcomed the government’s Future Fund, which provides government loans for small businesses but there are calls for greater clarity.
“To pull something together as quickly as they did was impressive,” says Levene. “The devil will be in the detail and we’ll wait for more specifics. It’s a good initiative but it has to be executed in the right way.”
To be eligible for the convertible loans, firms must have raised at least £250,000 in the last five years. In addition, the government loan must be at least matched by private investors, and will automatically convert into an equity stake in the majority of cases. Levene hopes the fund will be extended beyond the initial £250m pledged.
Additionally, there are increased calls for an exit strategy that will allow startups to forecast when customers are coming back to work. “Companies are screaming out for contracts – not a loan or grant but real business,” says Roughan.
He adds: “While the Future Fund is an excellent first start, it’s clear that more is required to protect the businesses that have driven job creation and economic growth in the UK for the last 10 years.”
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-04-28--The City View podcast, from City A.M., with Martin Gilbert

In this episode Christian talks to City veteran Martin Gilbert on the eve of his departure from Standard Life Aberdeen , the £550bn investment management giant .
Martin founded Aberdeen Asset Management in 1983 and became co-CEO of SLA after a 2017 merger with Standard Life .
After a stint sharing the top job he moved to the vice chair role and will leave the board next month – before taking up a new role as chair of fintech giant Revolut .
Read more : David Buik : Tories could lose next election over coronavirus loans delays Read more : @ @ @ @ @ @ @ , with Dr Gerard Lyons Read more : The City View podcast , from City A.M. , with Miles Celic Read more : The City View podcast from City A.M. , with Dr Gerard Lyons Read more : The City View podcast from City A.M. , with David Buik Read more : The City View podcast : M Restaurants CEO Martin Williams on cooking for the NHS Read more : The City View , from City A.M. , with Robert Colvile Read more : The City View from City A.M. with Dame Helena @ @ @ @ @ @ @ from City A.M. , with Jimmy McLoughlin Martin shares his thoughts on how governments have responded to the coronavirus pandemic and reflects on the challenges asset management and financial services will face in the months and years ahead .
Describing the economic fallout as the most serious since the Great Depression , Martin predicts a business landscape marked by struggling sectors , consolidation and the survival of the fittest .
Read more : Burford Capital shares jump as it predicts coronavirus litigation boom Also in this episode , Christian looks at HSBC ’ @ @ @ @ @ @ @ coronavirus business interruption loans ; BP ’ s results amid an oil price plunge ; and the bullish outlook of litigation funder Burford Capital .
ETX Capital is one of the UK ’ s leading spread betting and CFD trading providers , offering services to retail , institutional , professional and high net worth customers via an award-winning trading platform .
With over 50 years of experience in the financial markets , customers and service are always put first at ETX , and the company prides itself in offering a tailor-made trading experience @ @ @ @ @ @ @ platform delivers a fully customisable , award-winning trading technology with customisable charts , instant execution and over 5,000 markets to trade .
Disclaimer : Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage .
75.1 % of retail investor accounts lose money when spread betting or trading CFDs with ETX .
You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money .
Authorised and regulated by @ @ @ @ @ @ @ register number 124721 .
ETX Capital provides an execution-only service and therefore any market analysis , opinion , commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice .
ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind .
Any instruments that are mentioned throughout are cited only for illustrative and educational purposes .

The City View podcast, from City A.M., with Martin Gilbert
In this episode Christian talks to City veteran Martin Gilbert on the eve of his departure from Standard Life Aberdeen, the £550bn investment management giant.
Subscribe to The City View Podcast: Apple / Google / Spotify / RSS
Martin founded Aberdeen Asset Management in 1983 and became co-CEO of SLA after a 2017 merger with Standard Life. After a stint sharing the top job he moved to the vice chair role and will leave the board next month – before taking up a new role as chair of fintech giant Revolut.
Martin shares his thoughts on how governments have responded to the coronavirus pandemic and reflects on the challenges asset management and financial services will face in the months and years ahead.
Describing the economic fallout as the most serious since the Great Depression, Martin predicts a business landscape marked by struggling sectors, consolidation and the survival of the fittest.
Also in this episode, Christian looks at HSBC’s commitment to increase the number of coronavirus business interruption loans; BP’s results amid an oil price plunge; and the bullish outlook of litigation funder Burford Capital.
In association with ETX Capital
ETX Capital is one of the UK’s leading spread betting and CFD trading providers, offering services to retail, institutional, professional and high net worth customers via an award-winning trading platform. With over 50 years of experience in the financial markets, customers and service are always put first at ETX, and the company prides itself in offering a tailor-made trading experience to every customer. The multi-device TraderPro platform delivers a fully customisable, award-winning trading technology with customisable charts, instant execution and over 5,000 markets to trade.
Disclaimer: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when spread betting or trading CFDs with ETX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money. Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721. ETX Capital provides an execution-only service and therefore any market analysis, opinion, commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice. ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind. Any instruments that are mentioned throughout are cited only for illustrative and educational purposes.


cityam--2020-04-28--British Airways says it could cut 12,000 jobs as global travel slumps

International Airlines Group ( IAG ) today said a redundancy consultation at British Airways could lead to 12,000 people losing their jobs .
Read more : Coronavirus : British Airways owner IAG suspends 90 per cent of flights IAG said British Airways is formally notifying its trade unions about a proposed restructuring and redundancy programme .
“ The proposals remain subject to consultation but it is likely that they will affect most of British Airways ’ employees and may result in the redundancy of up to 12,000 of them , ” IAG said .
In April , British Airways furloughed @ @ @ @ @ @ @ s coronavirus job retention scheme .
Sign up to City A.M. ’ s Midday Update newsletter , delivered to your inbox every lunchtime The airline group said it had reduced passenger capacity in April and May by 94 per cent compared to last year .
“ Recovery to the level of passenger demand in 2019 is expected to take several years , necessitating group-wide restructuring measures , ” IAG said .
Read more : Matt Hancock opens coronavirus testing to all NHS and social care workers IAG said today it had €9.5bn ( @ @ @ @ @ @ @ and committed aircraft finance facilities at the end of March , including €6.95bn of cash , cash equivalents and interest-bearing deposits .
The British Airways-owner said it lost €535m before exceptional items in the first quarter , compared to a profit of €135m the previous year .
It also said it was hit by an exceptional charge of €1.3bn resulting from the ineffectiveness of its fuel and foreign currency hedges for the rest of 2020 .
IAG said all of the reduction in its operating result for the quarter came in March .
@ @ @ @ @ @ @ ’ s operating result was incurred by British Airways , followed by Iberia and Aer Lingus , the group said .
IAG said its operating loss in the second quarter is likely to be “ significantly worse than in the first quarter , given the substantial decline in passenger capacity and traffic ” .
“ BA pilots and all staff are devastated by the announcement of up to 12,000 possible job losses in British Airways .
“ This has come as a bolt out of the blue from an airline that said it @ @ @ @ @ @ @ storm and declined any government support .
“ BALPA does not accept that a case has been made for these job losses and we will be fighting to save every single one.
” Read more : FCA warns banks not to pressure corporate clients amid coronavirus Richard Burge , chief executive of London Chamber of Commerce and Industry , said : “ This is very sad news indeed to see such a large amount of staff set to lose their jobs .
And a blow to London , its airports , supply chains @ @ @ @ @ @ @ As we ease from lockdown , and when we finally defeat covid-19 , British Airways will play a key role in the economic recovery .
I ’ m sure we see better news for them and staff over the course of time .
”

British Airways says it could cut 12,000 jobs as global travel slumps
International Airlines Group (IAG) today said a redundancy consultation at British Airways could lead to 12,000 people losing their jobs.
IAG said British Airways is formally notifying its trade unions about a proposed restructuring and redundancy programme.
“The proposals remain subject to consultation but it is likely that they will affect most of British Airways’ employees and may result in the redundancy of up to 12,000 of them,” IAG said.
In April, British Airways furloughed 22,626 staff using the UK government’s coronavirus job retention scheme.
Sign up to City A.M.’s Midday Update newsletter, delivered to your inbox every lunchtime
The airline group said it had reduced passenger capacity in April and May by 94 per cent compared to last year.
“Recovery to the level of passenger demand in 2019 is expected to take several years, necessitating group-wide restructuring measures,” IAG said.
IAG said today it had €9.5bn (£8.3bn) in cash and undrawn general and committed aircraft finance facilities at the end of March, including €6.95bn of cash, cash equivalents and interest-bearing deposits.
The British Airways-owner said it lost €535m before exceptional items in the first quarter, compared to a profit of €135m the previous year.
It also said it was hit by an exceptional charge of €1.3bn resulting from the ineffectiveness of its fuel and foreign currency hedges for the rest of 2020.
IAG said all of the reduction in its operating result for the quarter came in March.
The majority of the reduction in IAG’s operating result was incurred by British Airways, followed by Iberia and Aer Lingus, the group said.
IAG said its operating loss in the second quarter is likely to be “significantly worse than in the first quarter, given the substantial decline in passenger capacity and traffic”.
The British Airline Pilots Association’s (BALPA) general secretary Brian Strutton said:
“BA pilots and all staff are devastated by the announcement of up to 12,000 possible job losses in British Airways.
“This has come as a bolt out of the blue from an airline that said it was wealthy enough to weather the COVID storm and declined any government support.
“BALPA does not accept that a case has been made for these job losses and we will be fighting to save every single one.”
Richard Burge, chief executive of London Chamber of Commerce and Industry, said: “This is very sad news indeed to see such a large amount of staff set to lose their jobs. And a blow to London, its airports, supply chains, & air cargo movement.
“As we ease from lockdown, and when we finally defeat covid-19, British Airways will play a key role in the economic recovery. I’m sure we see better news for them and staff over the course of time.”


cityam--2020-04-28--Renewed calls for change to UK's post-Brexit immigration system

There have been fresh calls for the government to amend its post-Brexit immigration proposals in the aftermath of the coronavirus crisis .
Home secretary Priti Patel laid out the government ’ s proposal for a post-Brexit EU immigration system in February , which included a requirement for applicants to have a job offer with a wage of £25,560 or more .
Read more : EU immigration proposals bad for London , says mayoral candidate Rory Stewart As a part of the new points-based system , EU immigration applicants will also be required to speak English and to have never been @ @ @ @ @ @ @ or more .
However , some have pointed out that many of the essential , low-skilled workers that have garnered praise through the coronavirus crisis are migrants who would not have been allowed into the UK through the government ’ s new system .
Morgan Schondelmeier , head of external affairs at the free market think tank Adam Smith Institute , said the crisis “ has shown that this country is deeply dependent on the essential services provided by immigrants from across the world ” .
“ The salary threshold should be revised @ @ @ @ @ @ @ as is necessary for any functioning economy , ” she said .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Associate director at the left-leaning Institute for Public Policy Research ( IPPR ) Marley Morris said the immigration model should be changed to target certain sectors of work .
“ It needs to be a more nuanced and targeted immigration system and this has been brought into stark focus by the crisis , ” he said .
“ Large portions @ @ @ @ @ @ @ the NHS , social care , retail and logistics throughout the coronavirus crisis and have played a large role .
“ Most of them would not be allowed in the new immigration system.
” Also a part of the government ’ s new immigration system is an NHS visa , making it easier for health care workers to migrate .
However , there have been calls for this to be extended to include care workers , in light of their efforts during the Covid-19 crisis .
Some have speculated that it would be @ @ @ @ @ @ @ for carers after the crisis , particularly considering the popular clap for our carers that occurs weekly at 8pm .
Director of pro-immigration think tank British Future Sunder Katwala said : “ Extending the proposed NHS visa to cover social care workers would reflect how people increasingly value the many migrants working in care homes .
“ The government has also indicated it will consider removing the NHS surcharge for NHS workers – it could go further in reviewing the case for this charge , and how it is used.
” The government @ @ @ @ @ @ @ parliament after its second reading .
The bill would ensure that freedom of movement with the EU is ended after the transition period ends on 31 December .
Read more : Matt Hancock opens coronavirus testing to all NHS and social care workers Legislation to implement its proposed new immigration scheme has not come before parliament yet .
When asked today about potential changes to the government ’ s immigration policy , the Prime Minister ’ s official spokesman said : “ I ’ m not aware of any changes .
”

Renewed calls for change to UK’s post-Brexit immigration system
There have been fresh calls for the government to amend its post-Brexit immigration proposals in the aftermath of the coronavirus crisis.
Home secretary Priti Patel laid out the government’s proposal for a post-Brexit EU immigration system in February, which included a requirement for applicants to have a job offer with a wage of £25,560 or more.
As a part of the new points-based system, EU immigration applicants will also be required to speak English and to have never been given a custodial sentence of 12 months or more.
However, some have pointed out that many of the essential, low-skilled workers that have garnered praise through the coronavirus crisis are migrants who would not have been allowed into the UK through the government’s new system.
Morgan Schondelmeier, head of external affairs at the free market think tank Adam Smith Institute, said the crisis “has shown that this country is deeply dependent on the essential services provided by immigrants from across the world”.
“The salary threshold should be revised to allow for such essential low-paid work as is necessary for any functioning economy,” she said.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Associate director at the left-leaning Institute for Public Policy Research (IPPR) Marley Morris said the immigration model should be changed to target certain sectors of work.
“It needs to be a more nuanced and targeted immigration system and this has been brought into stark focus by the crisis,” he said.
“Large portions of EU workers have been helping in the NHS, social care, retail and logistics throughout the coronavirus crisis and have played a large role.
“Most of them would not be allowed in the new immigration system.”
Also a part of the government’s new immigration system is an NHS visa, making it easier for health care workers to migrate.
However, there have been calls for this to be extended to include care workers, in light of their efforts during the Covid-19 crisis.
Some have speculated that it would be politically untenable to not have special access for carers after the crisis, particularly considering the popular clap for our carers that occurs weekly at 8pm.
Director of pro-immigration think tank British Future Sunder Katwala said: “Extending the proposed NHS visa to cover social care workers would reflect how people increasingly value the many migrants working in care homes.
“The government has also indicated it will consider removing the NHS surcharge for NHS workers – it could go further in reviewing the case for this charge, and how it is used.”
The government shelved its immigration bill last week in parliament after its second reading.
The bill would ensure that freedom of movement with the EU is ended after the transition period ends on 31 December.
Legislation to implement its proposed new immigration scheme has not come before parliament yet.
When asked today about potential changes to the government’s immigration policy, the Prime Minister’s official spokesman said: “I’m not aware of any changes.”


cityam--2020-04-28--FTSE 100 jumps as investors look past dire results to economies reopening

The FTSE 100 closed at its highest in more than six weeks today as investor sentiment improved on hopes that European economies will soon start to reopen .
The blue-chip FTSE 100 index rose 1.9 per cent today to finish at 5,959 points , its highest point since early to mid-March .
Read more : US stocks slip back as consumer confidence plunges Traders have been buoyed by the gradual easing of restrictions across Europe as death and infection rates declined to their lowest levels in weeks .
“ All the focus will now be on the extent of any @ @ @ @ @ @ @ steps back towards normality , ” said Russ Mould , investment director at AJ Bell .
“ These may take a couple of weeks to emerge and the markets may well remain in a nervy mood until then.
” The FTSE managed to shake off dire results from lender HSBC and oil major BP .
Investors instead chose to focus on steps towards reopening economies .
Investors have also been buoyed this week by recent stimulus measures from the US Congress and Bank of Japan .
Read more : UK economy will take @ @ @ @ @ @ @ say analysts “ Stocks have continued to take comfort from the largesse of central banks , ” said CMC Markets analyst Michael Hewson .
“ Investors appear to be banking on a quick return to normal as governments slowly relax restrictions.
” Earnings got off to a bad start this morning with HSBC and BP reporting .
HSBC ’ s profit almost halved in the first quarter as the bank prepared for credit losses caused by the Covid-19 crisis .
Meanwhile , BP ’ s profit fell by two-thirds in the first three @ @ @ @ @ @ @ for oil dries up .
However , its shares rose 2.6 per cent today as it kept its dividend in place .
Investor sentiment improved across the day , sending big players that would be well-placed in a recovery higher .
British American Tobacco , Prudential , Lloyds Banking Group and Barclays all rose .
US stocks were having a rougher time today , however , as consumer confidence plunged and drugmaker Merck dragged down health stocks .
The S & P 500 was last down slightly while the Nasdaq had fallen 0.7 @ @ @ @ @ @ @ was 0.2 per cent higher , however .
Read more : Oil prices reverse losses as US government considers aid for sector In a further boon to investors , oil markets regained some lost ground after US government officials indicated that it would provide support to the battered sector .
The WTI crude oil price , the US benchmark , rose 1.1 per cent in US afternoon trading to $ 12.90 per barrel .
Brent crude was up 1.4 per cent to $ 20.30 per barrel .

FTSE 100 jumps as investors look past dire results to economies reopening
The FTSE 100 closed at its highest in more than six weeks today as investor sentiment improved on hopes that European economies will soon start to reopen.
The blue-chip FTSE 100 index rose 1.9 per cent today to finish at 5,959 points, its highest point since early to mid-March.
Traders have been buoyed by the gradual easing of restrictions across Europe as death and infection rates declined to their lowest levels in weeks.
“All the focus will now be on the extent of any increase in infections associated with these cautious steps back towards normality,” said Russ Mould, investment director at AJ Bell.
“These may take a couple of weeks to emerge and the markets may well remain in a nervy mood until then.”
The FTSE managed to shake off dire results from lender HSBC and oil major BP. Investors instead chose to focus on steps towards reopening economies.
Investors have also been buoyed this week by recent stimulus measures from the US Congress and Bank of Japan.
“Stocks have continued to take comfort from the largesse of central banks,” said CMC Markets analyst Michael Hewson.
“Investors appear to be banking on a quick return to normal as governments slowly relax restrictions.”
FTSE 100 looks past HSBC and BP results
Earnings got off to a bad start this morning with HSBC and BP reporting. HSBC’s profit almost halved in the first quarter as the bank prepared for credit losses caused by the Covid-19 crisis.
Meanwhile, BP’s profit fell by two-thirds in the first three months of the year as global demand for oil dries up. However, its shares rose 2.6 per cent today as it kept its dividend in place.
Investor sentiment improved across the day, sending big players that would be well-placed in a recovery higher. British American Tobacco, Prudential, Lloyds Banking Group and Barclays all rose.
US stocks were having a rougher time today, however, as consumer confidence plunged and drugmaker Merck dragged down health stocks.
The S&P 500 was last down slightly while the Nasdaq had fallen 0.7 per cent. The Dow Jones index was 0.2 per cent higher, however.
In a further boon to investors, oil markets regained some lost ground after US government officials indicated that it would provide support to the battered sector.
The WTI crude oil price, the US benchmark, rose 1.1 per cent in US afternoon trading to $12.90 per barrel. Brent crude was up 1.4 per cent to $20.30 per barrel.


cityam--2020-04-28--US stocks slip back as consumer confidence plunges

Wall Street stocks reversed course in morning trading after a survey showed US consumer confidence plunged in April and drugmaker Merck dragged down health equities .
The S & P 500 was marginally lower three hours into trading .
The Nasdaq was down 0.7 per cent but the Dow Jones was up 0.2 per cent Read more : FTSE 100 ticks up as oil troubles dampen Covid-19 hopes European markets finished the day higher , however , as investors looked past falling oil prices to governments ’ plans to reopen economies after lengthy coronavirus lockdowns .
The UK ’ s @ @ @ @ @ @ @ in afternoon trading , while Germany ’ s Dax was up 1.3 per cent .
The pan-European Stoxx 600 rose 1.7 per cent .
In the US , markets were initially boosted by conglomerate 3M , which makes the N95 respirator mask .
Its shares rose as much as five per cent after it reported a rise in income .
Stocks also rose as investors took stock of moves by some states to lift certain coronavirus restrictions .
Yet investor sentiment waned after a survey showed consumer confidence plunged in April amid mass @ @ @ @ @ @ @ .
US drugmaker Merck also weighed on the markets .
Its shares slipped three per cent after it said sales would be down by more than $ 2bn this year ( £1.6bn ) .
The wider healthcare index also fell .
Edward Moya , senior market analyst at currency firm Oanda , said investors were selling stocks ahead before tech firms report their results .
“ US stocks are turning negative as investors start to abandon tech-heavy positions before the technology giants start to report , ” he said .
“ Alphabet posts @ @ @ @ @ @ @ Microsoft report tomorrow , and Amazon and Apple deliver results on Thursday.
” Read more : Oil prices reverse losses as US government considers aid for sector As stocks reversed course , oil markets regained some lost ground after US government officials indicated that it would provide support to the battered sector .
The WTI crude oil price , the US benchmark , rose 0.6 per cent higher in US afternoon trading to $ 12.85 per barrel .
Brent crude was up 0.8 per cent to $ 20.15 per barrel .

US stocks slip back as consumer confidence plunges
Wall Street stocks reversed course in morning trading after a survey showed US consumer confidence plunged in April and drugmaker Merck dragged down health equities.
The S&P 500 was marginally lower three hours into trading. The Nasdaq was down 0.7 per cent but the Dow Jones was up 0.2 per cent
European markets finished the day higher, however, as investors looked past falling oil prices to governments’ plans to reopen economies after lengthy coronavirus lockdowns.
The UK’s FTSE 100 ended 1.9 per cent higher in afternoon trading, while Germany’s Dax was up 1.3 per cent. The pan-European Stoxx 600 rose 1.7 per cent.
In the US, markets were initially boosted by conglomerate 3M, which makes the N95 respirator mask. Its shares rose as much as five per cent after it reported a rise in income.
Stocks also rose as investors took stock of moves by some states to lift certain coronavirus restrictions.
Yet investor sentiment waned after a survey showed consumer confidence plunged in April amid mass job losses due to the coronavirus shutdown.
US drugmaker Merck also weighed on the markets. Its shares slipped three per cent after it said sales would be down by more than $2bn this year (£1.6bn). The wider healthcare index also fell.
Edward Moya, senior market analyst at currency firm Oanda, said investors were selling stocks ahead before tech firms report their results.
“US stocks are turning negative as investors start to abandon tech-heavy positions before the technology giants start to report,” he said.
“Alphabet posts earnings after the close, Facebook and Microsoft report tomorrow, and Amazon and Apple deliver results on Thursday.”
As stocks reversed course, oil markets regained some lost ground after US government officials indicated that it would provide support to the battered sector.
The WTI crude oil price, the US benchmark, rose 0.6 per cent higher in US afternoon trading to $12.85 per barrel. Brent crude was up 0.8 per cent to $20.15 per barrel.