cityam--2020-04-30--Sketch: The tech giants dance to their own tune in Zoom parliament

“ Have you ever met Mark Zuckerberg ?
” the culture select committee asks , wasting no time in getting to the real issues about the spread of fake news during the coronavirus crisis .
Facebook ’ s UK public policy manager , a bespectacled millennial sat predictably next to a potted plant , looks nonplussed via webcam .
“ I have seen him , ” he says without a hint of irony .
“ I haven ’ t personally met him.
” Cue scoffs from the distinguished panel of backbench MPs who , for the remainder of the session @ @ @ @ @ @ @ Silicon Valley tech giant hasn ’ t sent someone more important .
It ’ s an inauspicious start for Facebook in what will end up being an astounding masterclass in incompetence and an all-round waste of everyone ’ s Thursday morning .
After thoughtful evidence from a slate of academics and experts about the problem of disinformation on social media , the DCMS committee turns to the bogeymen themselves — or at least three people who ’ ve gone through the rigorous bogeyman media training programme .
First up is Twitter , which @ @ @ @ @ @ @ This is the one they actually use , not just the one their constituents use or that weird dancing video one their teenage children always go on about .
It soon becomes clear what they ’ re worried about : bots .
Surely Twitter should be cracking down on those pesky automated accounts that lay into MPs — sorry , I mean that spread disinformation about Covid-19 ?
“ We ’ re very proud of the progress we ’ ve made over the past couple of years… ” begins Twitter ’ s representative @ @ @ @ @ @ @ , public policy and — inexplicably — philanthropy .
“ Well I don ’ t know why , ” retorts John Nicolson , who is verified on Twitter and has more than 29,000 followers , but has not yet located the unmute button on Zoom .
Clive Efford , who ’ s lagging behind on 13,000 , says : “ Can I just clarify one or two things you said about blue tick accounts ?
” It all seems to be missing the point .
Bots may be an issue , but perhaps @ @ @ @ @ @ @ are mistakenly spreading false information ?
The MPs don ’ t ask this .
But it wouldn ’ t matter if they did anyway , because the Twitter executive is about as likely to deviate from her pre-prepared script as the Queen is to rip up her Christmas speech and say : “ Sod this , I ’ m winging it.
” Committee chair Julian Knight , who looks more and more exasperated by the minute , goes in for the kill one final time .
Has Twitter ever blocked or restricted the @ @ @ @ @ @ @ s tweets ?
The question is expertly avoided with vague talk of “ world leaders ” and some feigned concern about Brazil .
“ I didn ’ t actually detect an answer there , ” says Knight , who ’ s not angry , just disappointed .
Then comes the turn of the Facebook whippersnapper who — despite his alleged inexperience — has already mastered the art of , ahem , making sure the questions match whatever it was he was planning to say anyway .
You almost had to admire the semantic @ @ @ @ @ @ @ was said about the firm ’ s duty of care to users .
Then the committee asks whether it ’ s in Facebook ’ s commercial interests to stop misinformation when this is what creates the most engagement , and for a moment we almost seem to be approaching something interesting .
But the moment soon passes .
“ Just give us a rough guess , ” cries an MP at one point , with admirable commitment to the farce .
Last up is Google ’ s public policy wonk , who bowls @ @ @ @ @ @ @ couple of questions .
But as the talk turns to why Google serves ads to websites that peddle conspiracy theories , her responses drift back into platitudes about “ rigorous enforcement ” .
Chair Julian Knight , who by now has resorted to shouting “ yes or no ?
” after every question , finally musters up the compassion to put the session out of its misery .
But if you ’ re worried the tech titans are off the hook , fear not .
The committee will be writing to all three @ @ @ @ @ @ @ at the lack of clear answers .
The fear in the Zoom is palpable .

Sketch: The tech giants dance to their own tune in Zoom parliament
“Have you ever met Mark Zuckerberg?” the culture select committee asks, wasting no time in getting to the real issues about the spread of fake news during the coronavirus crisis.
Facebook’s UK public policy manager, a bespectacled millennial sat predictably next to a potted plant, looks nonplussed via webcam. “I have seen him,” he says without a hint of irony. “I haven’t personally met him.”
Cue scoffs from the distinguished panel of backbench MPs who, for the remainder of the session, simply cannot fathom why the Silicon Valley tech giant hasn’t sent someone more important.
It’s an inauspicious start for Facebook in what will end up being an astounding masterclass in incompetence and an all-round waste of everyone’s Thursday morning.
After thoughtful evidence from a slate of academics and experts about the problem of disinformation on social media, the DCMS committee turns to the bogeymen themselves — or at least three people who’ve gone through the rigorous bogeyman media training programme.
First up is Twitter, which is hugely exciting for the committee. This is the one they actually use, not just the one their constituents use or that weird dancing video one their teenage children always go on about.
It soon becomes clear what they’re worried about: bots. Surely Twitter should be cracking down on those pesky automated accounts that lay into MPs — sorry, I mean that spread disinformation about Covid-19?
“We’re very proud of the progress we’ve made over the past couple of years…” begins Twitter’s representative, who is UK head of government, public policy and — inexplicably — philanthropy.
“Well I don’t know why,” retorts John Nicolson, who is verified on Twitter and has more than 29,000 followers, but has not yet located the unmute button on Zoom.
Clive Efford, who’s lagging behind on 13,000, says: “Can I just clarify one or two things you said about blue tick accounts?”
It all seems to be missing the point. Bots may be an issue, but perhaps the key concern is that normal people are mistakenly spreading false information?
The MPs don’t ask this. But it wouldn’t matter if they did anyway, because the Twitter executive is about as likely to deviate from her pre-prepared script as the Queen is to rip up her Christmas speech and say: “Sod this, I’m winging it.”
Committee chair Julian Knight, who looks more and more exasperated by the minute, goes in for the kill one final time. Has Twitter ever blocked or restricted the spread of one of Donald Trump’s tweets?
The question is expertly avoided with vague talk of “world leaders” and some feigned concern about Brazil.
“I didn’t actually detect an answer there,” says Knight, who’s not angry, just disappointed.
Then comes the turn of the Facebook whippersnapper who — despite his alleged inexperience — has already mastered the art of, ahem, making sure the questions match whatever it was he was planning to say anyway. You almost had to admire the semantic acrobatics employed to ensure that nothing meaningful was said about the firm’s duty of care to users.
Then the committee asks whether it’s in Facebook’s commercial interests to stop misinformation when this is what creates the most engagement, and for a moment we almost seem to be approaching something interesting.
But the moment soon passes. “Just give us a rough guess,” cries an MP at one point, with admirable commitment to the farce.
Last up is Google’s public policy wonk, who bowls everybody over by actually answering the first couple of questions. But as the talk turns to why Google serves ads to websites that peddle conspiracy theories, her responses drift back into platitudes about “rigorous enforcement”.
Chair Julian Knight, who by now has resorted to shouting “yes or no?” after every question, finally musters up the compassion to put the session out of its misery.
But if you’re worried the tech titans are off the hook, fear not. The committee will be writing to all three companies to express its “displeasure” at the lack of clear answers. The fear in the Zoom is palpable.


cityam--2020-04-30--Boris Johnson: UK 'past the peak' of coronavirus outbreak

Boris Johnson has announced that the UK is past the peak of its coronavirus outbreak and that he will outline the government ’ s plan to ease the lockdown next week .
Speaking at today ’ s press briefing , Johnson said the country was “ past the peak and we ’ re on the downward slope ” .
Read more : Boris Johnson asks British businesses to ‘ keep going ’ through coronavirus lockdown He said that next week ’ s unveiling of the country ’ s exit strategy will be a “ road map ” and will not @ @ @ @ @ @ @ while also indicating that people be directed to wear face masks in public .
It comes as the UK ’ s death toll from Covid-19 hit 26,711 today .
“ I will be laying out a comprehensive plan next week to explain how we will get our economy running , how we get our children back into school and childcare and how we can travel to work and how we can make life in the workplace safer , ” Johnson said .
“ In short , how we can continue to suppress the @ @ @ @ @ @ @ the economy.
” Johnson said the key to easing social distancing restrictions would be avoiding a second peak of infections by keeping the reproduction rate , or r , of the disease down .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
The reproduction rate of the disease is how many people an infected coronavirus patient passes the disease onto .
An r of one means that each carrier infects one other person .
The UK ’ s reproduction rate @ @ @ @ @ @ @ it would need to stay below one to avoid a second outbreak and a potential return to full lockdown after it is eased .
A video was played at the press conference to explain the reproduction rate .
The video said : “ In March , at its peak , r was around three which seems to be the natural rate for this virus .
“ Since then , thanks to you and the social distancing measures you ’ ve followed we ’ ve been able to reduce r and this is now @ @ @ @ @ @ @ ve only just passed the peak of the virus and it ’ s vital r stays below one .
“ The government will be monitoring r very carefully , it will be a key factor in how social distancing measures are used in the future.
” Johnson also announced that the UK administered 81,611 coronavirus tests yesterday , bringing the country close to the government ’ s target of 100,000 tests by today .
Health secretary Matt Hancock is expected to announce if the UK has hit the target which he himself set @ @ @ @ @ @ @

Boris Johnson: UK ‘past the peak’ of coronavirus outbreak
Boris Johnson has announced that the UK is past the peak of its coronavirus outbreak and that he will outline the government’s plan to ease the lockdown next week.
Speaking at today’s press briefing, Johnson said the country was “past the peak and we’re on the downward slope”.
He said that next week’s unveiling of the country’s exit strategy will be a “road map” and will not have specific dates attached to it, while also indicating that people be directed to wear face masks in public.
It comes as the UK’s death toll from Covid-19 hit 26,711 today.
“I will be laying out a comprehensive plan next week to explain how we will get our economy running, how we get our children back into school and childcare and how we can travel to work and how we can make life in the workplace safer,” Johnson said.
“In short, how we can continue to suppress the disease and at the same time restart the economy.”
Johnson said the key to easing social distancing restrictions would be avoiding a second peak of infections by keeping the reproduction rate, or r, of the disease down.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
The reproduction rate of the disease is how many people an infected coronavirus patient passes the disease onto.
An r of one means that each carrier infects one other person.
The UK’s reproduction rate is now below one and Johnson said it would need to stay below one to avoid a second outbreak and a potential return to full lockdown after it is eased.
A video was played at the press conference to explain the reproduction rate.
The video said: “In March, at its peak, r was around three which seems to be the natural rate for this virus.
“Since then, thanks to you and the social distancing measures you’ve followed we’ve been able to reduce r and this is now below one.
“But we’ve only just passed the peak of the virus and it’s vital r stays below one.
“The government will be monitoring r very carefully, it will be a key factor in how social distancing measures are used in the future.”
Johnson also announced that the UK administered 81,611 coronavirus tests yesterday, bringing the country close to the government’s target of 100,000 tests by today.
Health secretary Matt Hancock is expected to announce if the UK has hit the target which he himself set at the start of the month.


cityam--2020-04-30--Boris Johnson asks British businesses to 'keep going' through coronavirus lockdown

Boris Johnson has asked the UK ’ s business owners to “ keep going ” as he prepares to face his first press conference since March .
Addressing businesses today , the Prime Minister tweeted “ I share your anxiety ” about the future of the economy , but that the coronavirus lockdown must continue to “ protect our NHS and save lives ” .
Johnson , who returned to work on Monday after contracting Covid-19 , is expected to give more details about the government ’ s five tests for easing social distancing restrictions at the press briefing .
@ @ @ @ @ @ @ to the UK ’ s lockdown will be made until June .
Johnson tweeted : “ I know how hard and how stressful it has been to give up even temporarily those ancient and basic freedoms , not seeing friends , not seeing loved ones , working from home , managing the kids , worrying about your job and your firm .
“ So 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 @ @ @ @ @ @ @ share your anxiety .
“ But I must ask you to keep going in the way that you have kept going so far , so we can protect our NHS and save lives.
” Read more : Coronavirus : US weekly jobless claims at 3.8m as unemployment skyrockets Speaking at Prime Minister ’ s Questions ( PMQs ) yesterday , foreign secretary Dominic Raab said the government was still waiting for the Scientific Advisory Group for Emergencies ( Sage ) to give its guidance on how to approach the next stage of lockdown @ @ @ @ @ @ @ next week or so ” .
“ I will just gently say that based on the advice and evidence we have from Sage , it would be very difficult to set out those proposals before we ’ ve had that subsequent advice from Sage , ” Raab said .

Boris Johnson asks British businesses to ‘keep going’ through coronavirus lockdown
Prime Minister Boris Johnson leaves 10 Downing Street before making a speech as he returns to work following his recovery from Covid-19 on April 27, 2020
Boris Johnson has asked the UK’s business owners to “keep going” as he prepares to face his first press conference since March.
Addressing businesses today, the Prime Minister tweeted “I share your anxiety” about the future of the economy, but that the coronavirus lockdown must continue to “protect our NHS and save lives”.
Johnson, who returned to work on Monday after contracting Covid-19, is expected to give more details about the government’s five tests for easing social distancing restrictions at the press briefing.
It is now expected that no changes to the UK’s lockdown will be made until June.
Johnson tweeted: “I know how hard and how stressful it has been to give up even temporarily those ancient and basic freedoms, not seeing friends, not seeing loved ones, working from home, managing the kids, worrying about your job and your firm.
“So 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.
“But I must ask you to keep going in the way that you have kept going so far, so we can protect our NHS and save lives.”
Speaking at Prime Minister’s Questions (PMQs) yesterday, foreign secretary Dominic Raab said the government was still waiting for the Scientific Advisory Group for Emergencies (Sage) to give its guidance on how to approach the next stage of lockdown, which will be “in the next week or so”.
“I will just gently say that based on the advice and evidence we have from Sage, it would be very difficult to set out those proposals before we’ve had that subsequent advice from Sage,” Raab said.


cityam--2020-04-30--Shell chief: Economic recovery from Covid-19 could speed up energy transition

Shell chief executive Ben van Beurden said that economic recovery coronavirus pandemic might accelerate the shift to a low-carbon economy as the oil major released its first quarter results amid a decimated oil and gas industry .
As a result of collapsed demand for fuel , the firm has elected to cut its capital spending from $ 25bn to $ 20bn and to cut its dividend by two-thirds to 16 cents .
Read more : Shell cuts dividend as earnings halve in first quarter Although Shell ’ s low carbon Integrated Gas and New Energies division will not escape the @ @ @ @ @ @ @ firm had tried to spare it the worst of the cuts : “ Where possible , we try to spare ( New Energies ) a little bit and that is basically because we still believe that there is an energy transition underway which may even pick up speed in the recovery phase of this crisis and we want to be well positioned for it , ” he said .
About 45 per cent of the cuts will hit Shell ’ s exploration and production division , with 30 per cent for the refining @ @ @ @ @ @ @ business will bear the remaining 25 per cent of the cuts , but van Beurden said the firm remained committed to the shift to low-carbon energy production .
Sign up to City A.M. ’ s Midday Update newsletter , delivered to your inbox every lunchtime Two weeks ago Shell unveiled plans to become a net-zero emissions business by 2050 .
Analysts said that the historic decision to cut its dividend – the first time it had done so since the second world war – was a sign that Shell was committed to the @ @ @ @ @ @ @ analysts said : “ The cut will save the company approximately $ 10bn in cash and therefore significantly lowers its cash breakeven , while it is notable that the announcement comes shortly after Shell upped its commitment to decarbonising the business .
“ While this [ cut ] makes Shell by far the lowest yielding of the major oil companies , it also arguably makes them best placed to transition towards a low carbon business due to the cash that it will free up , and therefore potentially has wider implications for the @ @ @ @ @ @ @ analyst at Hargreaves Lansdown , said : “ The need to service a cash hungry dividend has seen future investment sacrificed and assets sold .
Read more : Shell unveils plan to become a net zero emissions firm by 2050 “ Essentially both Shell and BP have been slowly digesting themselves to keep the dividend ticking over .
“ Removing that pressure allows the group to focus on the future and also secures the future of recently announced renewable energy investments ” .

Shell chief: Economic recovery from Covid-19 could speed up energy transition
Shell chief executive Ben van Beurden said that economic recovery coronavirus pandemic might accelerate the shift to a low-carbon economy as the oil major released its first quarter results amid a decimated oil and gas industry.
As a result of collapsed demand for fuel, the firm has elected to cut its capital spending from $25bn to $20bn and to cut its dividend by two-thirds to 16 cents.
Although Shell’s low carbon Integrated Gas and New Energies division will not escape the cuts unscathed, van Beurden said the firm had tried to spare it the worst of the cuts:
“Where possible, we try to spare (New Energies) a little bit and that is basically because we still believe that there is an energy transition underway which may even pick up speed in the recovery phase of this crisis and we want to be well positioned for it,” he said.
About 45 per cent of the cuts will hit Shell’s exploration and production division, with 30 per cent for the refining and marketing business.
The low carbon business will bear the remaining 25 per cent of the cuts, but van Beurden said the firm remained committed to the shift to low-carbon energy production.
Sign up to City A.M.’s Midday Update newsletter, delivered to your inbox every lunchtime
Two weeks ago Shell unveiled plans to become a net-zero emissions business by 2050.
Analysts said that the historic decision to cut its dividend – the first time it had done so since the second world war – was a sign that Shell was committed to the transition.
In a note, Killik analysts said: “The cut will save the company approximately $10bn in cash and therefore significantly lowers its cash breakeven, while it is notable that the announcement comes shortly after Shell upped its commitment to decarbonising the business.
“While this [cut] makes Shell by far the lowest yielding of the major oil companies, it also arguably makes them best placed to transition towards a low carbon business due to the cash that it will free up, and therefore potentially has wider implications for the sector”.
Nicholas Hyett, equity analyst at Hargreaves Lansdown, said: “The need to service a cash hungry dividend has seen future investment sacrificed and assets sold.
“Essentially both Shell and BP have been slowly digesting themselves to keep the dividend ticking over.
“Removing that pressure allows the group to focus on the future and also secures the future of recently announced renewable energy investments”.


cityam--2020-04-30--Treasury fast tracks VAT cut for e-books and digital newspapers

Plans to scrap VAT on e-books and digital newspapers have been fast tracked in an effort to support the publishing industry during the Covid-19 crisis , the chancellor said today .
In his Budget speech in March Rishi Sunak said all digital publications , including books , newspapers , magazines and academic journals , would be exempt from the tax from 1 December .
But the measures will now come into force tomorrow seven months ahead of schedule .
The government hopes the move will make it easier for people to access e-books and other material during lockdown .
“ @ @ @ @ @ @ @ as possible for people across the UK to get hold of the books they want whilst they are staying at home and saving lives , ” Sunak said in a statement .
“ That is why we have fast tracked plans to scrap VAT on all e-publications , which will make it cheaper for publishers to sell their books , magazines and newspapers.
” In addition , the government said it will spend up to £35m on newspaper advertising for its Covid-19 public health campaign over the next three months .
The additional @ @ @ @ @ @ @ local , regional and national papers , will come as a major boost to titles as they fight a sudden collapse in advertising revenue .
The government has previously said it expected publishers to pass on the VAT relief to consumers as they benefit from a boost in sales .
Read more : Read all about it : Newspapers feel the strain of Covid-19 According to the Treasury ’ s estimates , the e-book of Hilary Mantel ’ s The Mirror and The Light could be over £2 cheaper , while the average @ @ @ @ @ @ @ or e-magazine subscription could be £25 or £20 respectively .
Ian Murray , executive editor of the Society of Editors , said the decision was a “ great success for those who have been urging the government to take this step to support the newspaper industry ” .

Treasury fast tracks VAT cut for e-books and digital newspapers
Plans to scrap VAT on e-books and digital newspapers have been fast tracked in an effort to support the publishing industry during the Covid-19 crisis, the chancellor said today.
In his Budget speech in March Rishi Sunak said all digital publications, including books, newspapers, magazines and academic journals, would be exempt from the tax from 1 December.
But the measures will now come into force tomorrow seven months ahead of schedule. The government hopes the move will make it easier for people to access e-books and other material during lockdown.
“We want to make it as easy as possible for people across the UK to get hold of the books they want whilst they are staying at home and saving lives,” Sunak said in a statement.
“That is why we have fast tracked plans to scrap VAT on all e-publications, which will make it cheaper for publishers to sell their books, magazines and newspapers.”
In addition, the government said it will spend up to £35m on newspaper advertising for its Covid-19 public health campaign over the next three months.
The additional spend, which will be split between local, regional and national papers, will come as a major boost to titles as they fight a sudden collapse in advertising revenue.
The government has previously said it expected publishers to pass on the VAT relief to consumers as they benefit from a boost in sales.
According to the Treasury’s estimates, the e-book of Hilary Mantel’s The Mirror and The Light could be over £2 cheaper, while the average tax annual saving on a typical e-newspaper or e-magazine subscription could be £25 or £20 respectively.
Ian Murray, executive editor of the Society of Editors, said the decision was a “great success for those who have been urging the government to take this step to support the newspaper industry”.


cityam--2020-05-01--Coronavirus: Government optimistic UK will hit 100,000 daily testing target

The government is likely to hit or come close to its daily coronavirus testing target of 100,000 today , according to housing minister Robert Jenrick .
As of yesterday morning , the UK had carried out 80,000 tests – 20,000 short of the original target set by health secretary Matt Hancock a month ago .
Read more : Matt Hancock opens coronavirus testing to all NHS and social care workers Hitting the goal would lay the foundations to comprehensively test , track and trace people going forward , Jenrick told BBC Breakfast today .
“ I don ’ t have @ @ @ @ @ @ @ be published later today , but it looks like we ’ ll either meet the target or come close , ” he said .
“ It ’ s an important stepping stone to more testing.
” Coronavirus testing is expected to increase in the coming days as the government ramps up drive-through testing sites and home testing kits .
The government is also targeting people aged over 65 and essential workers , including teachers , for testing .
“ It ’ s an important stepping stone .
We ’ ve now built the @ @ @ @ @ @ @ ll need of testing , tracking and tracing for the next phase of fighting the virus.
” Johnson and his government have been criticised not only for not quickly stepping up testing , but also for moving slowly on bringing in a lockdown and for a lack of protective equipment for health workers .
With more than 26,000 deaths , Britain is set to be one of the worst-hit countries in Europe and it is all but inevitable the government ’ s response to the outbreak will be subject of an inquiry afterwards @ @ @ @ @ @ @ to all essential workers Opposition Labour leader Keir Starmer renewed his criticism of the prime minister in an interview with the Evening Standard newspaper , saying Johnson had been “ slow , slow at every turn ” .
He called for testing to be ramped up to a quarter of a million tests every 24 hours and for 50,000 contact tracers to be deployed to keep the nation safe .
Britain carried out more than 81,000 tests on Wednesday , a leap from early last month when only 10,000 people were being tested @ @ @ @ @ @ @ testing strategy coordinator , John Newton , called “ an extraordinary achievement ” .

Coronavirus: Government optimistic UK will hit 100,000 daily testing target
Matt Hancock has set a 100,000 daily coronavirus testing target for the end of April
The government is likely to hit or come close to its daily coronavirus testing target of 100,000 today, according to housing minister Robert Jenrick.
As of yesterday morning, the UK had carried out 80,000 tests – 20,000 short of the original target set by health secretary Matt Hancock a month ago.
Hitting the goal would lay the foundations to comprehensively test, track and trace people going forward, Jenrick told BBC Breakfast today.
“I don’t have the figures yet, they’ll be published later today, but it looks like we’ll either meet the target or come close,” he said.
“It’s an important stepping stone to more testing.”
Coronavirus testing is expected to increase in the coming days as the government ramps up drive-through testing sites and home testing kits.
The government is also targeting people aged over 65 and essential workers, including teachers, for testing.
“It’s an important stepping stone. We’ve now built the beginnings of the network that we’ll need of testing, tracking and tracing for the next phase of fighting the virus.”
Johnson and his government have been criticised not only for not quickly stepping up testing, but also for moving slowly on bringing in a lockdown and for a lack of protective equipment for health workers.
With more than 26,000 deaths, Britain is set to be one of the worst-hit countries in Europe and it is all but inevitable the government’s response to the outbreak will be subject of an inquiry afterwards.
Opposition Labour leader Keir Starmer renewed his criticism of the prime minister in an interview with the Evening Standard newspaper, saying Johnson had been “slow, slow at every turn”.
He called for testing to be ramped up to a quarter of a million tests every 24 hours and for 50,000 contact tracers to be deployed to keep the nation safe.
Britain carried out more than 81,000 tests on Wednesday, a leap from early last month when only 10,000 people were being tested in what the country’s national testing strategy coordinator, John Newton, called “an extraordinary achievement”.


cityam--2020-05-01--Donald Trump claims to have seen evidence coronavirus started in Wuhan lab

President Donald Trump has claimed to see evidence coronavirus originated in a Wuhan laboratory , and said the outbreak could have been contained “ relatively easily ” by China .
At Thursday ’ s White House press briefing , the US President was asked if he had seen “ anything that gives you a high degree of confidence ” the Wuhan Institute of Virology was the origin of the virus , to which he responded : “ Yes I have.
” Read more : First-hand account : my observations on China ’ s return to work “ We ’ re @ @ @ @ @ @ @ , ” Trump said .
“ We have people looking at it very , very strongly .
Scientific people , intelligence people , and others .
“ We ’ re going to put it all together .
I think we will have a very good answer eventually .
And China might even tell us.
” Pressed to explain what evidence he had seen to suggest coronavirus had originated in the institute , the President responded : “ I can ’ t tell you that .
I ’ m not allowed to tell you @ @ @ @ @ @ @ in the US soaring over 63,000 , Trump said the virus “ could have been contained at the original location and it could have been contained relatively easily.
” Trump ’ s unsubstantiated claims came as US intelligence agencies concluded that coronavirus was “ not man-made or genetically modified.
” In a statement released yesterday , the Office of the Director of National Intelligence said : “ The intelligence community will continue to rigorously examine emerging information and intelligence to determine whether the outbreak began through contact with infected animals or if it @ @ @ @ @ @ @ a laboratory in Wuhan.
” Trump ’ s blaming of China has become a recurrent feature of his press conferences .
After praising China at the start of the year , the President has dramatically changed course .
Yesterday he threatened Beijing with new tariffs for China ’ s handling of coronavirus .
In comments that suggest anti-China posturing will be a key element of his re-election campaign this year , Trump said : “ I don ’ t want to cast any dispersions [ sic ] , I just will tell you @ @ @ @ @ @ @ Joe Biden [ win the US election ] .
China doesn ’ t want to see me re-elected.
” Trump ’ s volte-face follows a leaked Republican party memo , published by Politico , encouraging candidates to target China in their responses to the pandemic .
“ Coronavirus was a Chinese hit-and-run followed by a cover-up , ” states the 17 April memo , which has been sent to Republican campaigns .
The Chinese government said that claims suggesting coronavirus was leaked by the Wuhan lab were “ unfounded and purely fabricated out @ @ @ @ @ @ @ in Beijing have retaliated to Trump ’ s accusations .
Foreign ministry spokesperson Hua Chunying tweeted : “ The playbook for Blaming China has been exposed .
Better stop and take back its systematic and organised attack , slander and defamation on China.
” Meanwhile , another 3.8m people lost their jobs in the US last week as unemployment continues to rocket .
And a coronavirus model from Northeastern University predicted that 100,000 Americans will die of Covid-19 by the end of the “ first wave ” at the end of the summer @

Donald Trump claims to have seen evidence coronavirus started in Wuhan lab
President Donald Trump has claimed to see evidence coronavirus originated in a Wuhan laboratory, and said the outbreak could have been contained “relatively easily” by China.
At Thursday’s White House press briefing, the US President was asked if he had seen “anything that gives you a high degree of confidence” the Wuhan Institute of Virology was the origin of the virus, to which he responded: “Yes I have.”
“We’re going to see where it comes from,” Trump said. “We have people looking at it very, very strongly. Scientific people, intelligence people, and others.
“We’re going to put it all together. I think we will have a very good answer eventually. And China might even tell us.”
Pressed to explain what evidence he had seen to suggest coronavirus had originated in the institute, the President responded: “I can’t tell you that. I’m not allowed to tell you that.”
Despite numbers of virus-related deaths in the US soaring over 63,000, Trump said the virus “could have been contained at the original location and it could have been contained relatively easily.”
Trump’s unsubstantiated claims came as US intelligence agencies concluded that coronavirus was “not man-made or genetically modified.”
In a statement released yesterday, the Office of the Director of National Intelligence said: “The intelligence community will continue to rigorously examine emerging information and intelligence to determine whether the outbreak began through contact with infected animals or if it was the result of an accident at a laboratory in Wuhan.”
Trump’s blaming of China has become a recurrent feature of his press conferences. After praising China at the start of the year, the President has dramatically changed course. Yesterday he threatened Beijing with new tariffs for China’s handling of coronavirus.
In comments that suggest anti-China posturing will be a key element of his re-election campaign this year, Trump said: “I don’t want to cast any dispersions [sic], I just will tell you that China would like to see sleepy Joe Biden [win the US election]. China doesn’t want to see me re-elected.”
Trump’s volte-face follows a leaked Republican party memo, published by Politico, encouraging candidates to target China in their responses to the pandemic.
“Coronavirus was a Chinese hit-and-run followed by a cover-up,” states the 17 April memo, which has been sent to Republican campaigns.
The Chinese government said that claims suggesting coronavirus was leaked by the Wuhan lab were “unfounded and purely fabricated out of nothing”.
Senior government figures in Beijing have retaliated to Trump’s accusations.
Foreign ministry spokesperson Hua Chunying tweeted: “The playbook for Blaming China has been exposed. Better stop and take back its systematic and organised attack, slander and defamation on China.”
Meanwhile, another 3.8m people lost their jobs in the US last week as unemployment continues to rocket.
And a coronavirus model from Northeastern University predicted that 100,000 Americans will die of Covid-19 by the end of the “first wave” at the end of the summer.


cityam--2020-05-01--Meghan Markle loses first claim in Mail on Sunday legal battle

Meghan Markle has lost the first stage of her legal battle against the Mail on Sunday over alleged breach of privacy .
A High Court judge today sided with publisher Associated Newspapers and ruled that three aspects of Markle ’ s case should be ruled out .
Read more : Trump says Meghan and Harry must pay for own protection in the US The lawsuit relates to the publication of a private letter sent by the Duchess of Sussex to her father .
At a hearing last week , the Mail on Sunday ’ s legal team argued that allegations @ @ @ @ @ @ @ in the family should be removed .
It also called for references to other articles about the royal — which Markle has said were false — to be thrown out .
In his ruling today Mr Justice Warby agreed that these parts of the case should be struck out , but said they could be revived later on if they are presented on a proper legal basis .
The Duke and Duchess of Sussex filed the suit in October as they launched a blistering attack on the press over its “ ruthless campaign @ @ @ @ @ @ @ salvo against Fleet Street , Prince Harry accused the media of publishing “ relentless propaganda ” , adding that the family had been unable to take action against much of the coverage .
In an emotional defence of his wife , the Duke said he was no longer able to be a “ silent witness to her private suffering ” .
However , today ’ s ruling marks a major setback to the royal couple ’ s case .
The Mail on Sunday has said it stands by the story it published and @ @ @ @ @ @ @ .

Meghan Markle loses first claim in Mail on Sunday legal battle
Meghan Markle has lost the first stage of her legal battle against the Mail on Sunday over alleged breach of privacy.
A High Court judge today sided with publisher Associated Newspapers and ruled that three aspects of Markle’s case should be ruled out.
The lawsuit relates to the publication of a private letter sent by the Duchess of Sussex to her father.
At a hearing last week, the Mail on Sunday’s legal team argued that allegations it had acted dishonestly and stoked tensions in the family should be removed.
It also called for references to other articles about the royal — which Markle has said were false — to be thrown out.
In his ruling today Mr Justice Warby agreed that these parts of the case should be struck out, but said they could be revived later on if they are presented on a proper legal basis.
The Duke and Duchess of Sussex filed the suit in October as they launched a blistering attack on the press over its “ruthless campaign” against them.
In an unprecedented salvo against Fleet Street, Prince Harry accused the media of publishing “relentless propaganda”, adding that the family had been unable to take action against much of the coverage.
In an emotional defence of his wife, the Duke said he was no longer able to be a “silent witness to her private suffering”.
However, today’s ruling marks a major setback to the royal couple’s case.
The Mail on Sunday has said it stands by the story it published and will defend the case “vigorously”.


cityam--2020-05-01--IAG secures Spanish bank loans for Iberia and Vueling despite BA job cuts

International Airlines Group ( IAG ) this morning announced it had secured over €1bn ( £880m ) in Spanish bank loans for its Iberia and Vueling carriers , a day after announcing 12,000 job cuts at British Airways ( BA ) .
The loans , which will be guaranteed by the Spanish state bank , will see Iberia receive $ 750m and Vueling $ 260m to see them through the coronavirus crisis .
Read more : British Airways to axe a quarter of pilots amid 12,000 job cuts Finance chief Stephen Gunning said the money would be channelled through a @ @ @ @ @ @ @ the state .
“ The agreement is part of the legal framework established by the Spanish government to mitigate the COVID-19 economic impact ” , he added .
In March British Airways extended one of its credit lines to $ 1.4bn to help it through the crisis .
IAG chief executive Willie Walsh is a well-known opposition of state aid , and has repeatedly said it will not pursue such schemes through the crisis .
In March Walsh confirmed that the group had not followed other airlines in seeking financial help from governments @ @ @ @ @ @ @ filed a complaint with the European Union about a potential UK bailout of regional carrier Flybe .
Yesterday British Airways announced that up to 12,000 jobs , including a quarter of its pilot roles , would be cut due to the crisis .
It was also reported that the airline might not return to flying from Gatwick even after the crisis abates .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Pilots ’ union Balpa said that it was “ @ @ @ @ @ @ @ the cuts , given that IAG had declined government support : “ There are many options to ensure BA can continue its business and survive coronavirus and BALPA does not accept that job losses are the only answer .
Pilots want evidence that all options have been explored fully ” .
Other carriers such as Easyjet have taken advantage of government support to bolster its finances , drawing down £600m from the Bank of England ’ s loan scheme .
The decision to take funding from the Spanish government came after Ryanair this @ @ @ @ @ @ @ significantly distort ” competition in the aviation sector when demand returns .
Due to such funding , the budget carrier pointed out , flag carriers bolstered by state funds will be able to undercut other airlines on pricing and drive down their market share .
City A.M. has contacted IAG for comment .

IAG secures Spanish bank loans for Iberia and Vueling despite BA job cuts
International Airlines Group (IAG) this morning announced it had secured over €1bn (£880m) in Spanish bank loans for its Iberia and Vueling carriers, a day after announcing 12,000 job cuts at British Airways (BA).
The loans, which will be guaranteed by the Spanish state bank, will see Iberia receive $750m and Vueling $260m to see them through the coronavirus crisis.
Finance chief Stephen Gunning said the money would be channelled through a group of five banks and backed by the state.
“The agreement is part of the legal framework established by the Spanish government to mitigate the COVID-19 economic impact”, he added.
In March British Airways extended one of its credit lines to $1.4bn to help it through the crisis.
IAG chief executive Willie Walsh is a well-known opposition of state aid, and has repeatedly said it will not pursue such schemes through the crisis.
In March Walsh confirmed that the group had not followed other airlines in seeking financial help from governments.
Earlier in the year IAG had filed a complaint with the European Union about a potential UK bailout of regional carrier Flybe.
Yesterday British Airways announced that up to 12,000 jobs, including a quarter of its pilot roles, would be cut due to the crisis.
It was also reported that the airline might not return to flying from Gatwick even after the crisis abates.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Pilots’ union Balpa said that it was “hard to see the justification” for the cuts, given that IAG had declined government support:
“There are many options to ensure BA can continue its business and survive coronavirus and BALPA does not accept that job losses are the only answer. Pilots want evidence that all options have been explored fully”.
Other carriers such as Easyjet have taken advantage of government support to bolster its finances, drawing down £600m from the Bank of England’s loan scheme.
Ryanair this morning warned that state aid could “significantly distort” competition in the aviation sector when demand returns.
Due to such funding, the budget carrier pointed out, flag carriers bolstered by state funds will be able to undercut other airlines on pricing and drive down their market share.
An IAG spokesperson said: “These are commercial loans agreed with banks in accordance with current market conditions with 70 per cent government guarantee”.


cityam--2020-05-01--UK tech firms suffer worst quarter since financial crisis

British tech firms have posted their worst quarterly performance since the global financial crisis as the Covid-19 crisis stunts growth , new figures have revealed .
Business activity across the tech sector declined for the first time in almost eight years , according to the latest KPMG UK Tech Monitor index .
Read more : Amazon and Apple earnings : Covid-19 crashes the tech titan party The headline index dropped to 47.1 from 50.1 in the final quarter of last year , marking the fastest decline since the second quarter of 2009 .
Tech firms blamed the sharp downturn on @ @ @ @ @ @ @ a decline in non-essential spending , cancelled projects and widespread closure among clients .
Among the hardest hit companies were those that manufacture tech products , as lockdowns in Asia sparked mass disruption for supply chains .
Manufacturers said shortages of electronic components and delayed shipments from suppliers meant they had struggled to fulfil orders .
Despite the sharp fall in overall business activity , some areas of the tech sector enjoyed a boost in demand due to lockdown measures .
Companies providing services related to home working and business continuity were among @ @ @ @ @ @ @ growth in the first quarter .
In addition , the economic uncertainty has done little to hurt employment numbers , which rose in each month of the first quarter .
The job growth — the fastest since the second quarter last year — was largely driven by an immediate need to fill vacancies .
Lingering concerns about the pandemic have taken their toll on growth projections , and business confidence fell sharply from its peak in the fourth quarter .
However , the tech sector remains more upbeat about the business outlook than @ @ @ @ @ @ @ “ With UK tech companies adding to their payrolls at the start of 2020 , a recovery in staff hiring was the most positive development highlighted by them so far this year , ” said Bernard Brown , vice chair at KPMG UK .
“ Although tech business confidence fell in recent months , confidence remains stronger than most sectors of the UK economy , helped by pockets of growth within software & services amongst growing consumer demand for relevant digital solutions to cope in ‘ the new normal ’ .
”

UK tech firms suffer worst quarter since financial crisis
British tech firms have posted their worst quarterly performance since the global financial crisis as the Covid-19 crisis stunts growth, new figures have revealed.
Business activity across the tech sector declined for the first time in almost eight years, according to the latest KPMG UK Tech Monitor index.
The headline index dropped to 47.1 from 50.1 in the final quarter of last year, marking the fastest decline since the second quarter of 2009.
Tech firms blamed the sharp downturn on the outbreak of coronavirus, pointing to a decline in non-essential spending, cancelled projects and widespread closure among clients.
Among the hardest hit companies were those that manufacture tech products, as lockdowns in Asia sparked mass disruption for supply chains.
Manufacturers said shortages of electronic components and delayed shipments from suppliers meant they had struggled to fulfil orders.
Despite the sharp fall in overall business activity, some areas of the tech sector enjoyed a boost in demand due to lockdown measures.
Companies providing services related to home working and business continuity were among those to buck the trend and report growth in the first quarter.
In addition, the economic uncertainty has done little to hurt employment numbers, which rose in each month of the first quarter.
The job growth — the fastest since the second quarter last year — was largely driven by an immediate need to fill vacancies.
Lingering concerns about the pandemic have taken their toll on growth projections, and business confidence fell sharply from its peak in the fourth quarter.
However, the tech sector remains more upbeat about the business outlook than other areas of the UK economy.
“With UK tech companies adding to their payrolls at the start of 2020, a recovery in staff hiring was the most positive development highlighted by them so far this year,” said Bernard Brown, vice chair at KPMG UK.
“Although tech business confidence fell in recent months, confidence remains stronger than most sectors of the UK economy, helped by pockets of growth within software & services amongst growing consumer demand for relevant digital solutions to cope in ‘the new normal’.”


cityam--2020-05-01--Heathrow expects passenger numbers to fall 97 per cent during 'major crisis for aviation'

Heathrow Airport has called the coronavirus outbreak a “ major crisis for global aviation ” as it said passenger numbers for last month are expected to be down 97 per cent .
Read more : Heathrow boss calls for coronavirus tests at UK airports Passenger numbers dropped 18.3 per cent during the first quarter to 14.6m .
Heathrow expects numbers to be down 97 per cent in April .
It is more than the anticipated 90 per cent drop the airport had predicted a few weeks ago .
Revenue declined 12.7 per cent from £679m to £593m .
Aeronautical revenue @ @ @ @ @ @ @ per cent and 15 per cent respectively , due to the dramatic reduction in passenger numbers .
Profit before tax dropped a staggering 310 per cent to minus £278m .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
The airline industry has been hit hard by travel restrictions and social distancing measures .
However , Heathrow said its £3.2bn in liquidity was “ sufficient to maintain the business at least over the next 12 months , even with no passengers @ @ @ @ @ @ @ immediate action to conserve cash and reduce costs by around 30 per cent .
Last month senior executives said they will take pay cuts to limit the damage done by the coronavirus outbreak .
Heathrow predicts demand will remain weak until governments around the world deem it safe to lift travel restrictions .
It said it was working with partnerst to establish a “ Common International Standard ” for safe air travel to help the economy recover .
Chief executive John Holland-Kaye said : “ When we have beaten this virus , we @ @ @ @ @ @ @ so that the economy can recover as fast as possible.
” The airport also said that due to the crisis any expansion plans would be pushed back by at least two years .
In February the Court of Appeal ruled that the long-running plans to build a third runway at Heathrow did not take into account the Paris Climate Accords .
Although the government declined to review the decision , Heathrow has applied for permission to do so .
Read more : Heathrow Airport forecasts 90 per cent passenger number plunge in April @ @ @ @ @ @ @ s hard to imagine that 2019 was our busiest year ever with 81 million passengers .
Now only five months into 2020 , we ’ re operating from a single runway , we ’ re consolidating our operations into only two terminals and our daily passenger numbers have shrunk to the thousands .
This is a major crisis for global aviation and no one can be sure of how fast we will recover from it .
The actions we are taking now are ones that none of us like having to do ; @ @ @ @ @ @ @ renegotiating contracts , consolidating down to just two terminals and a single runway .
But this is what we have had to do to survive and remain competitive .
Get the news as it happens by following City A.M. on Twitter .

Heathrow expects passenger numbers to fall 97 per cent during ‘major crisis for aviation’
Heathrow Airport has called the coronavirus outbreak a “major crisis for global aviation” as it said passenger numbers for last month are expected to be down 97 per cent.
The figures
Passenger numbers dropped 18.3 per cent during the first quarter to 14.6m.
Heathrow expects numbers to be down 97 per cent in April. It is more than the anticipated 90 per cent drop the airport had predicted a few weeks ago.
Revenue declined 12.7 per cent from £679m to £593m. Aeronautical revenue and retail revenue both plunged, 16.3 per cent and 15 per cent respectively, due to the dramatic reduction in passenger numbers.
Profit before tax dropped a staggering 310 per cent to minus £278m.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Why it’s interesting
The airline industry has been hit hard by travel restrictions and social distancing measures. However, Heathrow said its £3.2bn in liquidity was “sufficient to maintain the business at least over the next 12 months, even with no passengers”.
Heathrow said it had taken immediate action to conserve cash and reduce costs by around 30 per cent. Last month senior executives said they will take pay cuts to limit the damage done by the coronavirus outbreak.
Heathrow predicts demand will remain weak until governments around the world deem it safe to lift travel restrictions. It said it was working with partnerst to establish a “Common International Standard” for safe air travel to help the economy recover.
Chief executive John Holland-Kaye said: “When we have beaten this virus, we will need to get Britain flying again so that the economy can recover as fast as possible.”
The airport also said that due to the crisis any expansion plans would be pushed back by at least two years.
In February the Court of Appeal ruled that the long-running plans to build a third runway at Heathrow did not take into account the Paris Climate Accords.
Although the government declined to review the decision, Heathrow has applied for permission to do so.
What Heathrow said
Chief executive John Holland-Kaye said:
Our industry is struggling. It’s hard to imagine that 2019 was our busiest year ever with 81 million passengers. Now only five months into 2020, we’re operating from a single runway, we’re consolidating our operations into only two terminals and our daily passenger numbers have shrunk to the thousands. This is a major crisis for global aviation and no one can be sure of how fast we will recover from it. The actions we are taking now are ones that none of us like having to do; reducing pay, restructuring the organisation, renegotiating contracts, consolidating down to just two terminals and a single runway. But this is what we have had to do to survive and remain competitive.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-05-01--Credit card lending fell for the first time in March

UK consumers ’ credit card debt fell for the first time since records began in March , as lockdown measures froze spending .
The annual growth rate of credit card lending fell to minus 0.3 per cent , the first negative annual growth since the Bank of England ( BoE ) started tracking the data .
The annual growth rate of other loans and advances fell to 5.6 per cent .
British households repaid £3.8bn of consumer credit in March – the largest on record .
Within this , credit cards accounted for £2.4bn of net repayments .
Weak net @ @ @ @ @ @ @ borrowing that was partially offset by marginally lower repayments .
Gross lending was £5.4bn weaker than February , while repayments were £1.3bn lower .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Evidence of a decline in housing market activity began to show in March .
Mortgage approvals fell by over 20 per cent to 56,200 , their lowest levels since March 2013 .
Mortgage borrowing picked up slightly in March , with a net increase of £4.8bn .
The @ @ @ @ @ @ @ 3.6 per cent .
However , mortgage borrowing tends to lag approvals so this strength is likely to indicate strength in approvals in previous months .
Former Rics residential chairman , Jeremy Leaf , said : “ The only good news is that it seems most deals have not been cancelled or withdrawn unless the buyer is employed in an industry particularly badly affected by the pandemic.
” “ Most seem to be prepared to proceed hopefully sooner rather than later when restrictions are eased and surveyors can start to revisit properties again.
@ @ @ @ @ @ @ at their fastest rate since February 2017 before the coronavirus lockdown brought the market crashing to a halt , Nationwide data released today showed .
Get the news as it happens by following City A.M. on Twitter .

Credit card lending fell for the first time in March
UK consumers’ credit card debt fell for the first time since records began in March, as lockdown measures froze spending.
The annual growth rate of credit card lending fell to minus 0.3 per cent, the first negative annual growth since the Bank of England (BoE) started tracking the data. The annual growth rate of other loans and advances fell to 5.6 per cent.
British households repaid £3.8bn of consumer credit in March – the largest on record. Within this, credit cards accounted for £2.4bn of net repayments.
Weak net lending reflected a steeper decline in new borrowing that was partially offset by marginally lower repayments. Gross lending was £5.4bn weaker than February, while repayments were £1.3bn lower.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Mortgage approvals drop to seven-year low
Evidence of a decline in housing market activity began to show in March. Mortgage approvals fell by over 20 per cent to 56,200, their lowest levels since March 2013.
Mortgage borrowing picked up slightly in March, with a net increase of £4.8bn. The annual growth rate rose slightly, to 3.6 per cent. However, mortgage borrowing tends to lag approvals so this strength is likely to indicate strength in approvals in previous months.
Former Rics residential chairman, Jeremy Leaf, said: “The only good news is that it seems most deals have not been cancelled or withdrawn unless the buyer is employed in an industry particularly badly affected by the pandemic.”
“Most seem to be prepared to proceed hopefully sooner rather than later when restrictions are eased and surveyors can start to revisit properties again.”
The value of British homes grew at their fastest rate since February 2017 before the coronavirus lockdown brought the market crashing to a halt, Nationwide data released today showed.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-05-01--First-hand account: my observations on China’s return to work

Emerging markets analyst Shuyu Gao provides a personal account of virus containment measures on her return to China , and reviews the recovery in activity .
Amid the global spread of Covid-19 , with lockdowns necessitating working from home more broadly , I decided to return to China and work from my family home in Nanjing .
At the time , China appeared to be on the path to recovery from the healthcare crisis , while Europe was at a much earlier stage .
As an emerging markets analyst focused on China A-shares , it also provided the benefit of @ @ @ @ @ @ @ period .
Here is what I have found .
Has China taken measures to limit imported cases of Covid-19 ?
I was aware when I booked the trip to China that there would be a quarantine period to follow on arrival .
This required 14 days and nights in a hotel designated by the government , to be paid for out of my own pocket .
Few people will have taken a plane in the past month , and while perhaps to be expected , it was an unusual sight to see the @ @ @ @ @ @ @ ( see photo below ) .
Upon arrival at my quarantine hotel , I was tested for Covid-19 .
Thereafter , my temperature was tested twice a day for two weeks .
I also had to register on a Tencent mini app , which gave me a QR status code red .
After 14 days , and having cleared a second test for the virus , I was free to check out , at which point the medical staff updated my QR code on the app , which turned to green ( shown @ @ @ @ @ @ @ another green QR code for the city of Nanjing ; after my mum got a call form the local Nanjing government to check on the arrival time of my train .
These QR codes were checked on entry to “ check-in ” at places such as visiting the bank or a supermarket .
My temperature was often taken , and this was common in both Guangzhou and Nanjing .
There is another QR code which I had to scan at certain places ; it tracks people ’ s movements , which proves highly @ @ @ @ @ @ @ order to protect the public .
In Guangzhou , everyone is required to wear a mask in public .
For a brief moment I was not wearing my mask in the lift and on the metro .
In both instances I was detected by cameras and asked to put one on .
At the arrival gate in Nanjing , there was also an infrared temperature monitor .
Anyone with a high temperature could be identified – a similar approach was in use at a shopping centre in Nanjing .
There is much focus @ @ @ @ @ @ @ wave of outbreaks in China , now that the country has largely re-opened after the lifting of lockdowns .
My experience suggests that this is a risk the authorities are taking very seriously .
Before leaving Guangzhou , I took the opportunity to look around a few shopping centres and restaurants .
There were many people going about their daily lives , but social distancing measures were evident in most restaurants , and the shops were relatively quiet , albeit a Friday afternoon .
The picture in Nanjing was very different , however @ @ @ @ @ @ @ a lower tier city ; Nanjing has a population of 8.5 million people while there are 13 million in Guangzhou .
This was perhaps because it was a weekend , but I also suspect because Nanjing saw far fewer cases of the virus than Guangzhou and so the recovery has been swifter .
In the shopping centres I visited in Nanjing , there were far more people ; some of the luxury brands had queues outside of their stores .
Restaurants , meanwhile , displayed minimal social distancing requirements and in certain cases @ @ @ @ @ @ @ still closed .
The virus appears to have accelerated the consolidation trend : the popular restaurants survive and take market share , while the weaker ones are leaving the market .
Gym classes were full .
Meanwhile , students were back at school and university in batches .
I was positively surprised by what I saw in Nanjing .
But there were signs of the crisis , be it temperature checkpoints and masks everywhere , or an increase in the number of small stores available for rent .
It is impossible to draw @ @ @ @ @ @ @ few days back in China .
I have provided a snapshot of activity in two cities in a country with over 1.4 billion people .
My comments in that sense are of course anecdotal .
Experiencing the measures to prevent imported cases of Covid-19 , and to limit domestic transmission was on one hand reassuring .
It is certainly true to say that life is not back to what we previously called “ normal ” .
Things appear to be moving in that direction , although it may be the case that we @ @ @ @ @ @ @ sense ; some change may be long lasting .
The differences in the normalisation between Guangzhou and Nanjing also suggest that the recovery and exit from restrictions may be happening at a different pace across China .
For more : – Economies in free fall as hopes fade for a V-shaped recovery – Will Covid-19 prove a pivotal moment for climate change ?
– Is the market recovery a false dawn ?
• Or visit Schroders insights and follow them on twitter for more views Important Information : The views and opinions contained @ @ @ @ @ @ @ article and may not necessarily represent views expressed or reflected in other Schroders communications , strategies or funds .
The sectors and securities shown above are for illustrative purposes only and are not to be considered a recommendation to buy or sell .
This communication is marketing material .
This material is intended to be for information purposes only and is not intended as promotional material in any respect .
The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument .
The material is @ @ @ @ @ @ @ be relied on for accounting , legal or tax advice , or investment recommendations .
Reliance should not be placed on the views and information in this document when taking individual investment and/or strategic decisions .
Past performance is not a guide to future performance and may not be repeated .
The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested .
All investments involve risks including the risk of possible loss of principal .
Information herein @ @ @ @ @ @ @ does not warrant its completeness or accuracy .
Reliance should not be placed on the views and information in this document when taking individual investment and/or strategic decisions .
The opinions in this document include some forecasted views .
We believe we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know .
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First-hand account: my observations on China’s return to work
SHANGHAI, CHINA: Neon signs lit on Nanjing Road. The area is the main shopping district of Shanghai and one of the world’s busiest shopping streets.
Emerging markets analyst Shuyu Gao provides a personal account of virus containment measures on her return to China, and reviews the recovery in activity.
Amid the global spread of Covid-19, with lockdowns necessitating working from home more broadly, I decided to return to China and work from my family home in Nanjing. At the time, China appeared to be on the path to recovery from the healthcare crisis, while Europe was at a much earlier stage.
As an emerging markets analyst focused on China A-shares, it also provided the benefit of being on the ground for a longer period. Here is what I have found.
Has China taken measures to limit imported cases of Covid-19?
I was aware when I booked the trip to China that there would be a quarantine period to follow on arrival. This required 14 days and nights in a hotel designated by the government, to be paid for out of my own pocket.
Few people will have taken a plane in the past month, and while perhaps to be expected, it was an unusual sight to see the crew dressed in full personal protective equipment (see photo below).
Upon arrival at my quarantine hotel, I was tested for Covid-19. Thereafter, my temperature was tested twice a day for two weeks. I also had to register on a Tencent mini app, which gave me a QR status code red.
The experience after quarantine
After 14 days, and having cleared a second test for the virus, I was free to check out, at which point the medical staff updated my QR code on the app, which turned to green (shown below).
I was later granted another green QR code for the city of Nanjing; after my mum got a call form the local Nanjing government to check on the arrival time of my train.
These QR codes were checked on entry to “check-in” at places such as visiting the bank or a supermarket. My temperature was often taken, and this was common in both Guangzhou and Nanjing.
There is another QR code which I had to scan at certain places; it tracks people’s movements, which proves highly effective when carrying out contact tracing in order to protect the public.
In Guangzhou, everyone is required to wear a mask in public. For a brief moment I was not wearing my mask in the lift and on the metro. In both instances I was detected by cameras and asked to put one on.
At the arrival gate in Nanjing, there was also an infrared temperature monitor. Anyone with a high temperature could be identified – a similar approach was in use at a shopping centre in Nanjing.
There is much focus on mitigating the risk of a second wave of outbreaks in China, now that the country has largely re-opened after the lifting of lockdowns. My experience suggests that this is a risk the authorities are taking very seriously.
Gauging the recovery in consumption
Before leaving Guangzhou, I took the opportunity to look around a few shopping centres and restaurants. There were many people going about their daily lives, but social distancing measures were evident in most restaurants, and the shops were relatively quiet, albeit a Friday afternoon.
The picture in Nanjing was very different, however, despite the fact that it is a lower tier city; Nanjing has a population of 8.5 million people while there are 13 million in Guangzhou. This was perhaps because it was a weekend, but I also suspect because Nanjing saw far fewer cases of the virus than Guangzhou and so the recovery has been swifter.
In the shopping centres I visited in Nanjing, there were far more people; some of the luxury brands had queues outside of their stores.
Restaurants, meanwhile, displayed minimal social distancing requirements and in certain cases were full. But many restaurants were still closed. The virus appears to have accelerated the consolidation trend: the popular restaurants survive and take market share, while the weaker ones are leaving the market.
Gym classes were full. Meanwhile, students were back at school and university in batches.
I was positively surprised by what I saw in Nanjing. But there were signs of the crisis, be it temperature checkpoints and masks everywhere, or an increase in the number of small stores available for rent.
What have I learned?
It is impossible to draw any meaningful conclusion based on my first few days back in China. I have provided a snapshot of activity in two cities in a country with over 1.4 billion people. My comments in that sense are of course anecdotal.
Experiencing the measures to prevent imported cases of Covid-19, and to limit domestic transmission was on one hand reassuring.
It is certainly true to say that life is not back to what we previously called “normal”. Things appear to be moving in that direction, although it may be the case that we never see a full normalisation in that sense; some change may be long lasting. The differences in the normalisation between Guangzhou and Nanjing also suggest that the recovery and exit from restrictions may be happening at a different pace across China.
For more:
– Economies in free fall as hopes fade for a V-shaped recovery
– Will Covid-19 prove a pivotal moment for climate change?
– Is the market recovery a false dawn?
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Important Information: The views and opinions contained herein are of those named in the article and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds. The sectors and securities shown above are for illustrative purposes only and are not to be considered a recommendation to buy or sell. This communication is marketing material.
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cityam--2020-05-01--Greggs shares sink as it cancels plan to reopen stores amid lockdown

Shares in high street bakery chain Greggs dropped today after it postponed its reopening plans over fears of attracting crowds .
The bakery chain ’ s share price fell 4.73 per cent to 1,750p this morning after last night ’ s announcement that it will now carry out social distancing trials behind closed doors .
Read more : Coronavirus : Greggs to start reopening branches for takeaway and delivery Greggs had previously planned to reopen 20 stores in Newcastle , where it is based , to trial new safety measures .
A Greggs spokesperson said : “ Due to significant @ @ @ @ @ @ @ the risk that excessive numbers of customers may plan to visit Greggs , we will now initially operate these trials behind closed doors in order to effectively test our new operational safety measures .
“ We will continue to review this and will invite walk-in customers into our shops only when we can be confident of doing so in the controlled manner we intended.
” Greggs shut its more-than 2,000 stores when the coronavirus lockdown was announced .
But it had hoped to open a further 700 branches if the trial was successful @ @ @ @ @ @ @ Markets , said : “ The bakery group had originally planned to reopen 20 stores and carry out social distancing guidelines , but for fear of ‘ excessive crowds ’ , it will now carry out those trials behind closed doors .
“ This seems more like a minor setback rather than a huge strategic shift , so if the internal trials are successful , the firm is likely to revisit the reopening plans.
” Read more : Greggs scraps dividend as all branches set to close due to coronavirus However , Peel @ @ @ @ @ @ @ a sign of a bigger problem for Greggs amid the ongoing lockdown measures .
“ Does this make the shares a buy ( how can too many customers ever be a problem ? )
or a sell ( if it can ’ t conduct a trial under lockdown , how will it cope in real life ? )
?
“ We think the latter , ” said analysts at Peel Hunt , who downgraded their recommendation to “ sell ” from “ reduce ” .

Greggs shares sink as it cancels plan to reopen stores amid lockdown
Shares in high street bakery chain Greggs dropped today after it postponed its reopening plans over fears of attracting crowds.
The bakery chain’s share price fell 4.73 per cent to 1,750p this morning after last night’s announcement that it will now carry out social distancing trials behind closed doors.
Greggs had previously planned to reopen 20 stores in Newcastle, where it is based, to trial new safety measures.
A Greggs spokesperson said: “Due to significant interest in our 20-shop trial, and the risk that excessive numbers of customers may plan to visit Greggs, we will now initially operate these trials behind closed doors in order to effectively test our new operational safety measures.
“We will continue to review this and will invite walk-in customers into our shops only when we can be confident of doing so in the controlled manner we intended.”
Greggs shut its more-than 2,000 stores when the coronavirus lockdown was announced. But it had hoped to open a further 700 branches if the trial was successful.
David Madden, analyst at CMC Markets, said: “The bakery group had originally planned to reopen 20 stores and carry out social distancing guidelines, but for fear of ‘excessive crowds’, it will now carry out those trials behind closed doors.
“This seems more like a minor setback rather than a huge strategic shift, so if the internal trials are successful, the firm is likely to revisit the reopening plans.”
However, Peel Hunt analysts said the decision could be a sign of a bigger problem for Greggs amid the ongoing lockdown measures.
“Does this make the shares a buy (how can too many customers ever be a problem?) or a sell (if it can’t conduct a trial under lockdown, how will it cope in real life?)?
“We think the latter,” said analysts at Peel Hunt, who downgraded their recommendation to “sell” from “reduce”.


cityam--2020-05-01--Norwegian Air faces anxious wait to find out if it has a future today

Norwegian Air faces an anxious wait to find out whether its bondholders have approved a critical rescue package , with the low-cost airline ’ s future in doubt if it is rejected .
Yesterday shareholders voted on the package , with the deadline for acceptance moved to 9pm at literally the last minute as the airline updated its final offer one minute before the initial deadline of 2pm .
Read more : Norwegian Air says planes set to remain grounded until April 2021 In order to access government loans worth up to 2.7bn crowns ( £210m ) , Norwegian has @ @ @ @ @ @ @ majority ownership to the firm ’ s lessors .
Unless the deal is accepted , the transatlantic carrier has warned it will run out of cash by mid-May .
The airline has already received initial government cash injection of 300m crowns .
If approved , bondholders would be left with 41.7 per cent of the company , and shareholders just 5.1 per cent .
A Norwegian spokesperson said that there was nothing to communicate on the outcome of the vote as yet .
Listen to our daily City View podcast as we chart @ @ @ @ @ @ @ the coronavirus pandemic .
Speaking ahead of the vote , some bondholders told Reuters that they would vote for the plan .
In its 27-year history , Norwegian has grown to become one of Europe ’ s biggest low-cost carriers , and has captured a considerable share of the lucrative transatlantic market with its budget model .
However , its rapid expansion saw it accrue a debt pile of around $ 8bn , which has left many analysts speculating that it would be one of the first airlines to go out of business @ @ @ @ @ @ @ pandemic has seen air traffic almost completely dry up due to wide-ranging bans on travel across the world .
Read more : Coronavirus : Norwegian Air passenger numbers fall 60 per cent in March Currently , Norwegian has grounded 95 per cent of its fleet and has only seven planes in operation on domestic routes .
According to its proposal , these minimal operations will continue until April 2021 , before a gradual increase in services .

Norwegian Air faces anxious wait to find out if it has a future today
Norwegian Air faces an anxious wait to find out whether its bondholders have approved a critical rescue package, with the low-cost airline’s future in doubt if it is rejected.
Yesterday shareholders voted on the package, with the deadline for acceptance moved to 9pm at literally the last minute as the airline updated its final offer one minute before the initial deadline of 2pm.
In order to access government loans worth up to 2.7bn crowns (£210m), Norwegian has proposed a debt-to-equity swap which would hand majority ownership to the firm’s lessors.
Unless the deal is accepted, the transatlantic carrier has warned it will run out of cash by mid-May.
The airline has already received initial government cash injection of 300m crowns.
If approved, bondholders would be left with 41.7 per cent of the company, and shareholders just 5.1 per cent.
A Norwegian spokesperson said that there was nothing to communicate on the outcome of the vote as yet.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Speaking ahead of the vote, some bondholders told Reuters that they would vote for the plan.
In its 27-year history, Norwegian has grown to become one of Europe’s biggest low-cost carriers, and has captured a considerable share of the lucrative transatlantic market with its budget model.
However, its rapid expansion saw it accrue a debt pile of around $8bn, which has left many analysts speculating that it would be one of the first airlines to go out of business due to the coronavirus crisis.
The pandemic has seen air traffic almost completely dry up due to wide-ranging bans on travel across the world.
Currently, Norwegian has grounded 95 per cent of its fleet and has only seven planes in operation on domestic routes.
According to its proposal, these minimal operations will continue until April 2021, before a gradual increase in services.


cityam--2020-05-01--Coronavirus lockdown: More Londoners consider moving out of capital

Estate agents have seen an uptick in Londoners considering moving out of the capital as city-dwellers seek more green space and enjoy working from home during the coronavirus lockdown .
The latest research by Rightmove showed there has been an increase in Londoners searching for properties outside of the city during the coronavirus lockdown .
Read more : Coronavirus lockdowns : Which countries have relaxed social distancing measures ?
In total 51 per cent of property enquiries from Londoners are for homes outside of the capital , up from 42 per cent last April .
Similar shifts have been seen @ @ @ @ @ @ @ Birmingham during the coronavirus lockdown .
Rightmove housing market analyst Miles Shipside said : “ The longer people are spending in their homes the more they may be considering not just a new home but also a new location , and are starting to research and search for their next move , leading to this slow but steady recovery in activity.
” He added : “ It remains to be seen how people ’ s commutes may change when lockdown is over .
“ Some people may already be thinking of moving further @ @ @ @ @ @ @ if they can perhaps work from home a few days a week , which opens up a number of new areas they had never considered before.
” Reece Giles , branch manager at Douglas Allen Estate Agents in Brentwood , said the company had seen a spike in enquiries from Londoners during the coronavirus lockdown .
“ We ’ ve definitely seen an uplift in people looking to move out of the more built-up areas from nearby London boroughs , ” he said .
“ Interest has kind of gone through the roof @ @ @ @ @ @ @ showed that 94 per cent of buyers and sellers currently in market say they ’ re going ahead with sales already agreed or plan to continue when the coronavirus lockdown is lifted .
Visits to Rightmove are up over 20 per cent when compared with the first few days of lockdown as more people staying at home start to think about moving .

Coronavirus lockdown: More Londoners consider moving out of capital
Estate agents have seen an uptick in Londoners considering moving out of the capital as city-dwellers seek more green space and enjoy working from home during the coronavirus lockdown.
The latest research by Rightmove showed there has been an increase in Londoners searching for properties outside of the city during the coronavirus lockdown.
In total 51 per cent of property enquiries from Londoners are for homes outside of the capital, up from 42 per cent last April.
Similar shifts have been seen in other UK cities including Edinburgh and Birmingham during the coronavirus lockdown.
Rightmove housing market analyst Miles Shipside said: “The longer people are spending in their homes the more they may be considering not just a new home but also a new location, and are starting to research and search for their next move, leading to this slow but steady recovery in activity.”
He added: “It remains to be seen how people’s commutes may change when lockdown is over.
“Some people may already be thinking of moving further out from their current place of work if they can perhaps work from home a few days a week, which opens up a number of new areas they had never considered before.”
Reece Giles, branch manager at Douglas Allen Estate Agents in Brentwood, said the company had seen a spike in enquiries from Londoners during the coronavirus lockdown.
“We’ve definitely seen an uplift in people looking to move out of the more built-up areas from nearby London boroughs,” he said.
“Interest has kind of gone through the roof, really.”
The Rightmove research also showed that 94 per cent of buyers and sellers currently in market say they’re going ahead with sales already agreed or plan to continue when the coronavirus lockdown is lifted.
Visits to Rightmove are up over 20 per cent when compared with the first few days of lockdown as more people staying at home start to think about moving.


cityam--2020-05-01--Elon Musk tweets that Tesla stock price is 'too high' as he rails against lockdown again

Outspoken Tesla chief executive Elon Musk has said Tesla stock is “ too high ” and called once again for the end of lockdown measures .
The Tesla boss has come under fire for tweeting about the company ’ s stock in the past .
In 2018 , he was sued by the SEC after it argued Musk had made false statements in regards to going private .
Musk announced he wanted to take the company private at the price of $ 420 per share .
He has since agreed to submit his public statements about the company ’ s @ @ @ @ @ @ @ Shares were trading at 760.96 before Musk tweeted and are now down to 696.80 .
It was among a barrage of tweets from Musk .
He also said he was “ selling almost all physical possessions ” and to give people back their freedom , presumably referencing the US lockdown .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
He has been outspoken about the coronavirus pandemic .
Earlier this week , the billionaire called for the end of the @ @ @ @ @ @ @ its first-quarter results .
Musk tweeted : “ FREE AMERICA NOW ” and separately tweeted “ give people their freedom back !
” He also labelled the US ’ coronavirus lockdown as “ fascist ” and said it posed a serious risk to Tesla ’ s business .
In an earnings call , he said : “ This is not democratic , this is not freedom .
Give people back their goddamn freedom !
” Get the news as it happens by following City A.M. on Twitter .

Elon Musk tweets that Tesla stock price is ‘too high’ as he rails against lockdown again
Elon Musk’s human-computer interface company, Neuralink puts chips in animals’ brains
Outspoken Tesla chief executive Elon Musk has said Tesla stock is “too high” and called once again for the end of lockdown measures.
The Tesla boss has come under fire for tweeting about the company’s stock in the past. In 2018, he was sued by the SEC after it argued Musk had made false statements in regards to going private.
Tesla stock price is too high imo — Elon Musk (@elonmusk) May 1, 2020
Musk announced he wanted to take the company private at the price of $420 per share. He has since agreed to submit his public statements about the company’s finances to vetting by his lawyers.
Shares were trading at 760.96 before Musk tweeted and are now down to 696.80.
It was among a barrage of tweets from Musk. He also said he was “selling almost all physical possessions” and to give people back their freedom, presumably referencing the US lockdown.
Now give people back their FREEDOM — Elon Musk (@elonmusk) May 1, 2020
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
He has been outspoken about the coronavirus pandemic. Earlier this week, the billionaire called for the end of the coronavirus lockdown in the US ahead of its first-quarter results. Musk tweeted: “FREE AMERICA NOW” and separately tweeted “give people their freedom back!”
He also labelled the US’ coronavirus lockdown as “fascist” and said it posed a serious risk to Tesla’s business. In an earnings call, he said: “This is not democratic, this is not freedom. Give people back their goddamn freedom!”
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-05-01--Exclusive: Ronan Keating sues Rupert Murdoch’s News UK in phone hacking claim

Ronan Keating has filed a lawsuit against the owner of the Sun , becoming the latest celebrity to seek damages from Rupert Murdoch ’ s media empire over alleged phone hacking .
The former Boyzone star has hired lawyers at specialist phone hacking firm Hamlins to file a claim against News Group Newspapers ( NGN ) , part of Murdoch ’ s News UK .
Read more : Meghan Markle loses first claim in Mail on Sunday legal battle City A.M. understands Keating is seeking compensation worth hundreds of thousands of pounds from his claim , which relates to a @ @ @ @ @ @ @ 1990s .
Keating has accused the publisher of using unlawful information gathering — a term that refers to phone hacking as well as other methods such as the use of private detectives .
The articles appeared in the Sun as well as News of the World , which was published by NGN before closing in 2011 in the wake of the phone hacking scandal .
News UK has not admitted liability for phone hacking at the Sun and always said that incidents were restricted to News of the World .
The High Court @ @ @ @ @ @ @ April according to data from litigation analytics company Solomonic , forms part of a group litigation action made up of over 50 other claimants , including Prince Harry .
Cheryl Tweedy , Lily Allen , Noel Fielding and Ray Winstone are among other celebrities involved in the suit .
The claims highlight the continued impact of the phone hacking scandal on Murdoch ’ s media empire .
NGN fell to a loss of £68m in its most recently available annual accounts to June 2019 after forking out £54m on legal costs and damages @ @ @ @ @ @ @ and Elizabeth Hurley were among the celebrities to secure payouts for phone hacking last year .
Despite the hefty litigation costs , Murdoch ’ s media empire has proved relatively resilient amid a wider downturn in newspaper revenue caused by the coronavirus crisis .
The Sun , which is the UK ’ s best-selling newspaper , launched a US version of its website in January as it looks to expand its online presence across the Atlantic and cash in on demand for entertainment and royal coverage .
Read more : Murdoch ’ s @ @ @ @ @ @ @ as Sun suffers hefty loss Meanwhile The Times and the Sunday Times , which are also published by News UK , have enjoyed a surge in digital subscriptions .
The group is looking to further grow subscriptions through the launch of Times Radio , a new talk radio station that has been slated as a rival to BBC Radio 4 .

Exclusive: Ronan Keating sues Rupert Murdoch’s News UK in phone hacking claim
Ronan Keating has filed a lawsuit against the owner of the Sun, becoming the latest celebrity to seek damages from Rupert Murdoch’s media empire over alleged phone hacking.
The former Boyzone star has hired lawyers at specialist phone hacking firm Hamlins to file a claim against News Group Newspapers (NGN), part of Murdoch’s News UK.
City A.M. understands Keating is seeking compensation worth hundreds of thousands of pounds from his claim, which relates to a series of articles published primarily during the 1990s.
Keating has accused the publisher of using unlawful information gathering — a term that refers to phone hacking as well as other methods such as the use of private detectives.
The articles appeared in the Sun as well as News of the World, which was published by NGN before closing in 2011 in the wake of the phone hacking scandal.
News UK has not admitted liability for phone hacking at the Sun and always said that incidents were restricted to News of the World.
The High Court case, which was filed on 28 April according to data from litigation analytics company Solomonic, forms part of a group litigation action made up of over 50 other claimants, including Prince Harry.
Cheryl Tweedy, Lily Allen, Noel Fielding and Ray Winstone are among other celebrities involved in the suit.
The claims highlight the continued impact of the phone hacking scandal on Murdoch’s media empire.
NGN fell to a loss of £68m in its most recently available annual accounts to June 2019 after forking out £54m on legal costs and damages.
Sir Elton John, Heather Mills and Elizabeth Hurley were among the celebrities to secure payouts for phone hacking last year.
Despite the hefty litigation costs, Murdoch’s media empire has proved relatively resilient amid a wider downturn in newspaper revenue caused by the coronavirus crisis.
The Sun, which is the UK’s best-selling newspaper, launched a US version of its website in January as it looks to expand its online presence across the Atlantic and cash in on demand for entertainment and royal coverage.
Meanwhile The Times and the Sunday Times, which are also published by News UK, have enjoyed a surge in digital subscriptions.
The group is looking to further grow subscriptions through the launch of Times Radio, a new talk radio station that has been slated as a rival to BBC Radio 4.