cityam--2020-04-03--Coronavirus: When are supermarket opening times for NHS and pensioners?

As the UK heads into lockdown because of the coronavirus outbreak , supermarkets have enforced tighter restrictions and changed opening hours .
Prime Minister Boris Johnson yesterday ordered all “ non-essential ” shops to close , leaving supermarkets one of the few stores to remain open .
In recent weeks supermarkets have struggled to keep shelves replenished as consumers embarked on coronavirus panic buying sprees in anticipation of tighter restrictions .
When are supermarkets ’ opening times during the coronavirus outbreak ?
Johnson said supermarkets will stay open amid the lockdown , but some shops have cut hours in a @ @ @ @ @ @ @ Asda and Tesco announced their 24-hour stores will close from 10pm to 6am to aid restocking .
And several others announced they will operate slightly shorter trading hours .
Aldi stores open from 8am but are closing two hours early every night at 8pm to give staff the opportunity to restock .
Iceland and Lidl stores also open from 8am , while Morrisons has not yet announced any changes to opening times , with most opening at 7am .
Sainsbury ’ s stores are open between 8am and 8pm , and Tesco is @ @ @ @ @ @ @ are the supermarket opening times for NHS workers and pensioners ?
Over the weekend , the PM said 1.5m vulnerable and elderly people will have to self-isolate for up to 12 weeks during the coronavirus outbreak .
Some supermarkets have dedicated hours to the elderly and vulnerable to ensure they ’ re able to pick supplies amid the coronavirus outbreak without worrying if items are sold out .
In a similar vein , some supermarkets are prioritising NHS workers after mass panic buying left some stores stripped of goods .
Tesco has said @ @ @ @ @ @ @ supermarket opening times will be dedicated to elderly and vulnerable customers .
That means .
NHS staff who show a valid ID card are able to shop for an hour before normal opening hours every Sunday at Tesco .
Sainsbury ’ s supermarkets will be open to the elderly between 8am and 9am every Monday , Wednesday and Friday .
NHS workers have a dedicated slot between 7.30am and 8am Monday to Saturday at Sainsbury ’ s .
Waitrose has also made the first opening hour of its supermarkets available only to vulnerable @ @ @ @ @ @ @ opening hours reserved for key coronavirus workers .
But it will hold aside some of the most popular items for such staff .
Marks & Spencer will invite only elderly and vulnerable shoppers into its supermarkets for their first hour of trading on Mondays and Thursdays .
NHS workers will get sole access on Tuesdays and Fridays .
Similarly , Asda has given priority to NHS workers in its larger stores every Monday , Wednesday and Friday from 8am to 9am .
It has not reserved any opening hours solely for elderly or @ @ @ @ @ @ @ dedicated shopping times at Morrisons supermarkets between 7am and 8am throughout the week , save for Sundays .
It has not outlined specific hours for vulnerable shoppers .
Iceland has announced that online orders have been limited to customers who are over state pension age , those in self-isolation and other vulnerable people .
Can I order online during the coronavirus outbreak ?
In his address to the nation , the Prime Minister urged Brits to move to online delivery as he tightened coronavirus restrictions .
“ You should not be going shopping @ @ @ @ @ @ @ – and you should do this as little as you can .
And use food delivery services where you can , ” Johnson said .
However in recent weeks , supermarkets ’ online delivery services have faced a surge in demand in the face of coronavirus restrictions .
Last week , Ocado shut its website for several days as it struggled to cope with the surge in demand .
It has stopped any deliveries to new online accounts as it attempts to meet demand .
Sign up to City A.M. ’ s Midday @ @ @ @ @ @ @ every lunchtime Tesco ’ s online service is operating as normal but shoppers have found there are no available delivery slots .
Guidance on its website says : “ To help free up slots for the more vulnerable , such as our elderly customers and those who are self-isolating , we are encouraging customers who shop online or choose Click & Collect for their grocery home shopping , to prioritise shopping in-store where possible.
” The supermarket has now boosted the number of online delivery and click and collect slots by more than @ @ @ @ @ @ @ in demand .
Tesco has increased capacity from 660,000 two weeks ago to 780,000 this week , with plans to add a further 100,000 in the next few weeks .
It said it .
had hired an additional 200 vans , 2,500 drivers and 5,000 stock pickers but is continuing to urge customers to shop in store if they are able to .
Sainsbury ’ s announced it will have 600,000 online delivery and click and collect slots by the end of next week .
Slots have been scarce and the supermarket stopped @ @ @ @ @ @ @ prioritise elderly and vulnerable customers .
Morrisons has launched a food box service for people who can not get a delivery slot .
Shoppers can pay £35 for a box of shopping but they can not choose what ’ s inside , although the supermarket has promised it is full of essentials .
Milk & More was delivering shopping as early as last week but it has seen shortages of in-demand products such as eggs .
Shoppers have struggled to access the website , and when they do , face huge shopping queues @ @ @ @ @ @ @ on the number of productions customers can buy as availability has improved .
Earlier this month , major supermarkets were forced to limit the number of items shoppers could buy , after a period of panic buying .
Aldi had limited shoppers to four items on all products but this morning announced that , while the purchase of some in-demand products is still limited , restrictions on most have been limited .
Items such as toilet roll , pasta and alcohol are still subject to the four-per-person rule .
Hand wash , bleach @ @ @ @ @ @ @ and part baked breads are also restricted .
Asda has said people can buy up to three of any product across food items , toiletries and cleaning products .
Sainsbury ’ s will begin removing restrictions from its supermarkets good from Sunday .
The supermarket said a combination of more supply and panic buying measures mean there is more stock on the shelves .
The supermarket had previously told customers they can buy a maximum of three of any grocery product .
Restrictions are still in place for popular items , such as @ @ @ @ @ @ @ .
Morrisons has increased the limit for some items from three to four per customers .
Restrictions on some products have been removed to encourage customers to donate to food banks , which have reported a slump in donations .
Tesco is reportedly introducing floor markings in car parkings to help customers maintain safe distances when queuing , and similar measures will be taken in stores .
This morning Waitrose and Sainsbury ’ s said they would limit the number of people allowed in stores at any one time to ensure social distancing @ @ @ @ @ @ @ it will operate a one in , one out policy when shops are at capacity .
The supermarket said marshals will help to manage queues outside stores and enforce the two-metre social distancing rule .
Floor stickers will also be introduced into all Waitrose supermarkets to ensure customers keep two metres apart while queuing at a checkout .
Read more : Waitrose and Lidl impose stricter coronavirus measures in supermarkets As part of efforts to protect staff , the supermarket has ordered checkout screens and protective visors for staff .
Supermarkets are also @ @ @ @ @ @ @ pay , not cash .
Lidl and Aldi have already rolled out protective screens nationwide to protect staff and customers .
Tesco is reportedly also installing screens at checkouts .
Aldi and Waitrose have both urged shoppers to use contactless payments where possible to avoid cash .
It comes after the spending limit for contactless card payments was raised from £30 to £45 yesterday amid the coronavirus outbreak .
Sainsbury ’ s will now only admit one shopper per household to its stores in a bid to limit the spread of coronavirus .
@ @ @ @ @ @ @ people a safe distance apart and also helps to reduce queues to get into stores.
” Get the news as it happens by following City A.M. on Twitter .

Coronavirus: When are supermarket opening times for NHS and pensioners?
As the UK heads into lockdown because of the coronavirus outbreak, supermarkets have enforced tighter restrictions and changed opening hours.
Prime Minister Boris Johnson yesterday ordered all “non-essential” shops to close, leaving supermarkets one of the few stores to remain open.
In recent weeks supermarkets have struggled to keep shelves replenished as consumers embarked on coronavirus panic buying sprees in anticipation of tighter restrictions.
When are supermarkets’ opening times during the coronavirus outbreak?
Johnson said supermarkets will stay open amid the lockdown, but some shops have cut hours in a bid to restock shelves.
Asda has reduced its store opening hours to 8am to 10pm, to give workers more time to restock shelves. The supermarket has also temporarily closed its non-essential services such as pizza and rotisserie counters.
Tesco has also announced that 24-hour stores will close from 10pm to 6am to aid restocking. And several others announced they will operate slightly shorter trading hours.
Aldi previously introduced an earlier closing time of 8pm to give staff the opportunity to restock.
However the budget supermarket has since decided to extend its opening hours to 8 am to 10pm between Monday and Saturday, saying shelves are now well stocked throughout the day.
Lidl also opens at 8am, with most stores open until 10pm. The discount store told customers that the busiest time to shop is between 8am and 11am, while afternoons are quieter. The quietest time to shop is after 2pm until closing time.
Iceland stores open from 9am, while Morrisons has not yet announced any changes to opening times,with most opening at 7am.
Sainsbury’s stores are open between 8am and 8pm, and Tesco is open between 6am and 10pm.
What are the supermarket opening times for NHS workers and pensioners?
Over the weekend, the PM said 1.5m vulnerable and elderly people will have to self-isolate for up to 12 weeks during the coronavirus outbreak.
Some supermarkets have dedicated hours to the elderly and vulnerable to ensure they’re able to pick supplies amid the coronavirus outbreak without worrying if items are sold out.
In a similar vein, some supermarkets are prioritising NHS workers after mass panic buying left some stores stripped of goods.
Tesco
Tesco has said the first opening hour of all its supermarket opening times will be dedicated to elderly and vulnerable customers every Monday, Wednesday and Friday, except at Express stores.
NHS staff who show a valid ID card are able to shop for an hour before normal opening hours every Tuesday and Thursday at Tesco. NHS workers are also able to browse for an hour before checkouts open on Sundays. Tesco extended the NHS shopping hours following feedback from customers.
Sainsbury’s
Sainsbury’s supermarkets will be open to the elderly between 8am and 9am every Monday, Wednesday and Friday.
NHS workers have a dedicated slot between 7.30am and 8am Monday to Saturday at Sainsbury’s.
Customers that have been identified as vulnerable have been given priority access to Sainsbury’s home delivery slots.
Sainsbury’s is also preparing to launch a volunteers shopping card, to make it easier for people to buy essentials for others that are self-isolating.
Waitrose
Waitrose has also made the first opening hour of its supermarkets available only to vulnerable shoppers.
It does not have any opening hours reserved for key coronavirus workers. But it will hold aside some of the most popular items for such staff.
M&S
Marks & Spencer will invite only elderly and vulnerable shoppers into its supermarkets for their first hour of trading on Mondays and Thursdays. NHS workers will get sole access on Tuesdays and Fridays.
Asda
Similarly, Asda has given priority to NHS workers in its larger stores every Monday, Wednesday and Friday from 8am to 9am. It has not reserved any opening hours solely for elderly or vulnerable shoppers.
The supermarket has launched a volunteers shopping card to make it easier for people to help vulnerable people with their shopping.
Morrisons
NHS staff will have dedicated shopping times at Morrisons supermarkets between 7am and 8am throughout the week, save for Sundays.
NHS workers are also eligible for a 10 per cent discount until at least 12 July, and the supermarket has launched an NHS click and collect box which will be delivered directly to hospitals.
The supermarket is also offering a telesales option for elderly and vulnerable customers that may not be familiar with online ordering and are unable to get to stores.
Iceland
Iceland has announced that online orders have been limited to customers who are over state pension age, those in self-isolation and other vulnerable people. The last hour of in-store trading each day is reserved for NHS workers.
A shopper walks past empty milk and dairy shelves amidst the novel coronavirus COVID-19 pandemic, in Manchester, northern England (Photo by OLI SCARFF/AFP via Getty Images)
Can I order online during the coronavirus outbreak?
In his address to the nation, the Prime Minister urged Brits to move to online delivery as he tightened coronavirus restrictions.
“You should not be going shopping except for essentials like food and medicine – and you should do this as little as you can. And use food delivery services where you can,” Johnson said.
However in recent weeks, supermarkets’ online delivery services have faced a surge in demand in the face of coronavirus restrictions.
Ocado online delivery
Ocado shut its website for several days as it struggled to cope with the surge in demand. It has stopped any deliveries to new online accounts as it attempts to meet demand and prioritises vulnerable customers.
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Tesco online delivery
Tesco has already identified and contacted 75,000 vulnerable customers from a list of provided by the government.
Read more: Coronavirus: Tesco adds 100,000 online delivery and collect slots
The supermarket also made 40,000 home delivery slots available to its most vulnerable customers on Sunday, the first time it has completed orders on Easter Sunday.
The supermarket has increased its home delivery and click and collect capacity to around 958,000 slots. That compares to 808,000 two weeks ago.
This week the supermarket will add more than 8,000 new slots per day.
Tesco said it has plans to add hundreds of thousands of slots in the coming weeks.
It said it had hired an additional 200 vans, 2,500 drivers and 5,000 stock pickers but is continuing to urge customers to shop in store if they are able to.
Sainsbury’s online delivery
Sainsbury’s announced it will have 600,000 online delivery and click and collect slots by the end of next week. Slots have been scarce and the supermarket stopped taking orders from newly created accounts to prioritise elderly and vulnerable customers.
Morrisons online delivery
Morrisons has launched a food box service for people who cannot get a delivery slot. Shoppers can pay £35 for a box of shopping but they cannot choose what’s inside, although the supermarket has promised it is full of essentials.
Waitrose online delivery
Waitrose announced that it will treble its rapid delivery slots by the end of next week, with 40 per cent of the new capacity reserved for elderly and vulnerable customers. The supermarket will boost the number of slots from 2,000 to 7,000.
The rapid delivery service, which offers delivery within two hours or less or on the same day, has been trialled from eight London shops, as well as in Hove, East Sussex.
From today the service, which allows customers to choose from 25 items, will be available in the areas surrounding an additional 20 shops across London.
Waitrose has also announced that it will offer an additional 10,000 online grocery collection slots, taking the total number available each week to 30,000,
Online delivery outfit Milk & More
Milk & More was delivering shopping as early as last week but it has seen shortages of in-demand products such as eggs. Shoppers have struggled to access the website, and when they do, face huge shopping queues.
Milk & More shopping queue amid the coronavirus impact on shopping
How are supermarkets preventing coronavirus stockpiling?
Supermarkets have begun to ease restrictions on the number of productions customers can buy as availability has improved.
Earlier this month, major supermarkets were forced to limit the number of items shoppers could buy, after a period of panic buying.
Aldi had limited shoppers to four items on all products but has since announced that, while the purchase of some in-demand products is still limited, restrictions on most have been limited.
Items such as toilet roll, pasta and alcohol are still subject to the four-per-person rule. Hand wash, bleach, shower gel, some canned goods and part baked breads are also restricted.
Asda has said people can buy up to three of any product across hand washing and baby milk products in store, and customers are limited to three of each item online.
Sainsbury’s has also started removing restrictions from its supermarket goods, although there are still limits on pasta, UHT milk, antibacterial products and some tinned and frozen foods.
The supermarket had previously told customers they can buy a maximum of three of any grocery product.
Morrisons has increased the limit for some items from three to four per customers. Restrictions on some products have been removed to encourage customers to donate to food banks, which have reported a slump in donations.
Tesco is introducing floor markings in car parkings to help customers maintain safe distances when queuing, and similar measures will be taken in stores.
Co-op announced this morning that it would lift restrictions on the number of products customers can buy. The retailer said the two-items per customer rule would be lifted across most products, except for baby milk, hand wash, household cleaning products, tinned vegetables, fish and meat, pasta, flour and eggs.
Debbie Robinson, Central England Co-op chief executive, said: “Thanks to the work of our colleagues and suppliers and support from our communities, we are pleased to be able to lift the majority of restrictions we have in place on products in our stores.”
What are supermarkets’ social distancing measures?
Waitrose and Sainsbury’s have limited the number of people allowed in stores at any one time to ensure social distancing measures are adhered to.
Waitrose said it will operate a one in, one out policy when shops are at capacity.
The supermarket said marshals will help to manage queues outside stores and enforce the two-metre social distancing rule. Floor stickers will also be introduced into all Waitrose supermarkets to ensure customers keep two metres apart while queuing at a checkout.
As part of efforts to protect staff, the supermarket has ordered checkout screens and protective visors for staff. Supermarkets are also encouraging customers to use contactless cards to pay, not cash.
Lidl and Aldi have already rolled out protective screens nationwide to protect staff and customers. Tesco is reportedly also installing screens at checkouts.
Aldi and Waitrose have both urged shoppers to use contactless payments where possible to avoid cash. It comes after the spending limit for contactless card payments was raised from £30 to £45 yesterday amid the coronavirus outbreak.
Sainsbury’s will now only admit one shopper per household to its stores in a bid to limit the spread of coronavirus. Coupe said “This helps us keep people a safe distance apart and also helps to reduce queues to get into stores.”
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cityam--2020-04-03--Banks welcome Chancellor's revamp of coronavirus loan scheme

A revamp of the coronavirus loan scheme for businesses has been welcomed by banks after they faced criticism for delays .
The government has pledged to guarantee £330bn of loans but only £14bn has been lent so far .
The coronavirus business interruption loan scheme means businesses with a turnover of up to £45m can apply for a loan of up to £5m .
Read more : Chancellor shakes up coronavirus loan scheme after criticism of banks Small firms say they have struggled with the criteria for the government-backed loans , which are being issued by high street banks and @ @ @ @ @ @ @ lenders would be banned from requesting personal guarantees for loans under £250,000 .
He also pledged “ operational changes ” to speed up lending approvals .
RBS chairman Sir Howard Davies said there had been some problems but expects to see a “ sharp increase ” in lending to small firms in the next few days .
Speaking to the BBC , he said the process of checking borrowers ’ eligibility had been “ difficult ” and the bank had struggled with the demand as inquiries jumped “ by 45 times ” in @ @ @ @ @ @ @ had good discussions with the Treasury and small firms , and I think the changes announced overnight will make quite a big difference , ” he said .
HSBC also welcomed the changes to the coronavirus loan scheme and apologised for delays in its service .
Sign up to City A.M. ’ s Midday Update newsletter , delivered to your inbox every lunchtime In a statement , the bank said : “ HSBC UK is committed to supporting UK businesses through these challenging times , and will continue to launch new measures to @ @ @ @ @ @ @ customers are facing including preferential rates for those within the ventilator business to help combat the threat of Covid-19.
” “ We apologise that it has taken our customers longer than usual to contact us and want to reassure them that we are doing all that we can in these difficult times to get our service levels back to where they were before Covid-19 hit the UK.
” David Oldfield , group director of commercial banking at Lloyds , said : “ This is a welcome broadening of the scheme which will mean @ @ @ @ @ @ @ from 0 % interest on term loans for the first 12 months.
” “ We ’ re pleased too by the announcement of [ the coronavirus large business interruption loan scheme ] which provides much needed help for larger firms .
We will continue to do all that we can to support our clients , large and small , in these difficult times.
” Read more : Banks must engage with businesses on coronavirus loans or “ be bypassed ” , think tank says The Treasury ’ s widening of the loan scheme @ @ @ @ @ @ @ Chief executive of industry body UK Finance , Stephen Jones , said : “ The reforms to the government scheme confirmed by the Chancellor are important changes that should help viable businesses access the help they need.
” Dame Carolyn Fairbairn , director-general of the CBI said : “ The chancellor ’ s measures are a big step forward .
They will help deliver cash faster to firms battling for survival in the headwinds of the pandemic.
” Get the news as it happens by following City A.M. on Twitter .

Banks welcome Chancellor’s revamp of coronavirus loan scheme
(Photo by GEOFF CADDICK/AFP via Getty Images)
A revamp of the coronavirus loan scheme for businesses has been welcomed by banks after they faced criticism for delays.
The government has pledged to guarantee £330bn of loans but only £14bn has been lent so far. The coronavirus business interruption loan scheme means businesses with a turnover of up to £45m can apply for a loan of up to £5m.
Small firms say they have struggled with the criteria for the government-backed loans, which are being issued by high street banks and other lenders.
Chancellor Rishi Sunak said lenders would be banned from requesting personal guarantees for loans under £250,000. He also pledged “operational changes” to speed up lending approvals.
Banks welcome Sunak’s shake-up
RBS chairman Sir Howard Davies said there had been some problems but expects to see a “sharp increase” in lending to small firms in the next few days.
Speaking to the BBC, he said the process of checking borrowers’ eligibility had been “difficult” and the bank had struggled with the demand as inquiries jumped “by 45 times” in the week.
“We’ve had good discussions with the Treasury and small firms, and I think the changes announced overnight will make quite a big difference,” he said.
HSBC also welcomed the changes to the coronavirus loan scheme and apologised for delays in its service.
Sign up to City A.M.’s Midday Update newsletter, delivered to your inbox every lunchtime
In a statement, the bank said: “HSBC UK is committed to supporting UK businesses through these challenging times, and will continue to launch new measures to alleviate some of the pressures that our customers are facing including preferential rates for those within the ventilator business to help combat the threat of Covid-19.”
“We apologise that it has taken our customers longer than usual to contact us and want to reassure them that we are doing all that we can in these difficult times to get our service levels back to where they were before Covid-19 hit the UK.”
David Oldfield, group director of commercial banking at Lloyds, said: “This is a welcome broadening of the scheme which will mean that many more eligible businesses can benefit from 0% interest on term loans for the first 12 months.”
“We’re pleased too by the announcement of [the coronavirus large business interruption loan scheme] which provides much needed help for larger firms. We will continue to do all that we can to support our clients, large and small, in these difficult times.”
Businesses welcome new measures
The Treasury’s widening of the loan scheme has been welcomed by industry bodies.
Chief executive of industry body UK Finance, Stephen Jones, said: “The reforms to the government scheme confirmed by the Chancellor are important changes that should help viable businesses access the help they need.”
Dame Carolyn Fairbairn, director-general of the CBI said: “The chancellor’s measures are a big step forward. They will help deliver cash faster to firms battling for survival in the headwinds of the pandemic.”
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-04-03--COVID-19 has now triggered 215 profit warnings

The headline number tells you that we ’ ve recorded 215 C-19 related profit warnings in 2020 , as of 9am 2 April 2020 .
Of those 215 C-19 related warnings , almost 190 have come in the last three weeks .
That ’ s significantly higher than any quarter we ’ ve recorded in the last 21 years .
It ’ s almost as many as we ’ ve counted in some years… .
In this week ’ s update , I ’ m coving two broad topics .
• Firstly this week ’ s trends and the increasingly @ @ @ @ @ @ @ .
• Secondly , the changing way companies are reporting their profit guidance to the market – because this has immediate and long-term implications .
Last week ( commencing 23 March ) UK companies issued 91 C-19 related profit warnings – as many in a week than they did in the whole of Q1 2019 .
This week , we ’ re on track for around 50 warnings .
That ’ s still more than we usually record in two months…but the pace is slowing This doesn ’ t mean the economic impact @ @ @ @ @ @ @ past the initial shock of an “ all-stop ” in a large part of the consumer economy , which led to so many businesses fundamentally reassessing their operational and financial outlook .
So there are fewer warnings , but they are coming from a broader base of companies .
This is my new go-to profit warning chart .
It shows the initial hit to supply lines ; the sudden peak of consumer-facing warnings ; and now the spread into the wider economy .
Companies are now feeling the impact of the C-19 crisis @ @ @ @ @ @ @ demand shocks cascade through the economy .
One of the biggest themes in corporate reporting is the preservation of cash .
Understandable , but capex retrenchment and delays to payments and discretionary spending have knock-on impacts – as we can see in the rise in warnings in sectors reliant on B2B spending , such as support services and recruitment .
Impacts are often complex .
The real estate sector has seen one of the biggest increases in profit warnings in the last few days , as the commercial side contends with the impact @ @ @ @ @ @ @ also providing essential support for many retailers and leisure companies .
We have a very long way to go , but if you are looking for hope , there are green shoots in terms of a return to production in China – very noticeable now in RNS statements and backed by the latest Chinese PMI data .
Closer to home , there ’ s evidence that companies are positioning for the recovery .
Some are explicitly raising cash to prepare .
Others are thinking about the positives they can take from this crisis @ @ @ @ @ @ @ our new normal ?
How many of us are successfully using remote working technologies today compared with a month ago .
Necessity is the mother of invention !
My second topic concerns the actual text of the mountain of RNS issued in the last few weeks .
The world has fundamentally changed – and so has the way companies communicate to the market .
The language and rhythm of all corporate reporting , including profit warnings has altered significantly .
We ’ ve moved from companies talking about profits being “ below expectations @ @ @ @ @ @ @ impact ” .
Companies also lack the visibility to talk in the usual way about their new earnings profile .
Indeed , almost all companies are withdrawing forward earnings guidance – a topic I ’ ll return to soon because it has deeper implications .
And ultimately , the primary focus of most earnings statements – whether they are profit warnings or not – isn ’ t profit , it ’ s cash .
More specifically , liquidity : • What levers can the business pull to conserve cash and access new funding/government @ @ @ @ @ @ @ company endure ?
It ’ s vital in this environment that companies get this communication right .
I have two recent EY webcast replays to recommend in this regard .
• The first on business continuity and the measures companies can take to keep trading .
• The second on corporate reporting and the close process – including practical advice on market communication and the most important messages to impart to stakeholders in this crisis .
For materials and insight on responding to COVID-19 , visit ey.com/uk/covid

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COVID-19 has now triggered 215 profit warnings
Of the 215 COVID-19 related warnings, almost 190 have come in the last three weeks.
The headline number tells you that we’ve recorded 215 COVID-19 related profit warnings in 2020, as of 9am 2 April 2020. Of those 215 COVID-19 related warnings, almost 190 have come in the last three weeks. That’s significantly higher than any quarter we’ve recorded in the last 21 years. It’s almost as many as we’ve counted in some years….
This week’s trends
In this week’s update, I’m coving two broad topics.
Firstly this week’s trends and the increasingly layered picture behind that exceptionally large number.
Secondly, the changing way companies are reporting their profit guidance to the market – because this has immediate and long-term implications.
1. A (slightly) slower pace….
Last week (commencing 23 March) UK companies issued 91 COVID-19 related profit warnings – as many in a week than they did in the whole of Q1 2019.
This week, we’re on track for around 50 warnings. That’s still more than we usually record in two months…but the pace is slowing
This doesn’t mean the economic impact is lessening. But we have moved past the initial shock of an “all-stop” in a large part of the consumer economy, which led to so many businesses fundamentally reassessing their operational and financial outlook.
2. The broadening impact…
So there are fewer warnings, but they are coming from a broader base of companies.
This is my new go-to profit warning chart. It shows the initial hit to supply lines; the sudden peak of consumer-facing warnings; and now the spread into the wider economy.
Companies are now feeling the impact of the COVID-19 crisis through multiple channels, as supply and demand shocks cascade through the economy. One of the biggest themes in corporate reporting is the preservation of cash. Understandable, but capex retrenchment and delays to payments and discretionary spending have knock-on impacts – as we can see in the rise in warnings in sectors reliant on B2B spending, such as support services and recruitment.
Impacts are often complex. The real estate sector has seen one of the biggest increases in profit warnings in the last few days, as the commercial side contends with the impact of rent forbearance. But this is also providing essential support for many retailers and leisure companies.
3. Thinking ahead
We have a very long way to go, but if you are looking for hope, there are green shoots in terms of a return to production in China – very noticeable now in RNS statements and backed by the latest Chinese PMI data.
Closer to home, there’s evidence that companies are positioning for the recovery. Some are explicitly raising cash to prepare. Others are thinking about the positives they can take from this crisis. Can these newly simplified processes be our new normal? How many of us are successfully using remote working technologies today compared with a month ago.
Necessity is the mother of invention!
Reporting trends…
My second topic concerns the actual text of the mountain of RNS issued in the last few weeks. The world has fundamentally changed – and so has the way companies communicate to the market.
The language and rhythm of all corporate reporting, including profit warnings has altered significantly. We’ve moved from companies talking about profits being “below expectations” to the more fundamental “material impact”. Companies also lack the visibility to talk in the usual way about their new earnings profile. Indeed, almost all companies are withdrawing forward earnings guidance – a topic I’ll return to soon because it has deeper implications.
And ultimately, the primary focus of most earnings statements – whether they are profit warnings or not – isn’t profit, it’s cash. More specifically, liquidity:
What’s the position now?
What levers can the business pull to conserve cash and access new funding/government help?
How long can this company endure?
It’s vital in this environment that companies get this communication right. I have two recent EY webcast replays to recommend in this regard.
The first on business continuity and the measures companies can take to keep trading.
The second on corporate reporting and the close process – including practical advice on market communication and the most important messages to impart to stakeholders in this crisis.
These are extraordinary profit warning figures, reflecting extraordinary times.
For materials and insight on responding to COVID-19, visit ey.com/uk/covid


cityam--2020-04-03--Coronavirus: The London coffee firms offering home delivery

The coronavirus lockdown has thrown everything off – from the morning commute to the pint after work .
Odds are , it ’ s also disrupted your coffee routine .
London coffee expert Tim Ridley tells City AM that most takeaway places have shut down thanks to the Covid-19 pandemic , but plenty of the capital ’ s hotspots have pivoted to online shopping and delivery as home workers try and keep focussed on their laptops .
“ Home brewing equipment is also doing well , ” Ridley – the founder of United Baristas – tells us , as previously @ @ @ @ @ @ @ slightly more relaxed rhythms of home working .
So all is not lost : London ’ s coffee revolutionaries have moved quickly to ensure that you can still get everything you need for a touch of caffeinated luxury .
Here ’ s the crema of the espresso ( geddit ) to get you started..
Missing the cold brew slap-around-the-face from your local artisanal coffee spot ?
Solo have you covered .
The suppliers to M , Kiln and others have stepped into the breach to ensure that nobody has to do anything so @ @ @ @ @ @ @ with free delivery of their 3 litre fridge pack .
Brewed for 16 hours , the single origin coffee from the Minasul co-operative in Brazil is sure to keep you suitably attentive at your makeshift desk .
Probably best to keep away from the kids , though , eh .
They ’ re quite energetic enough already .
solocoffee.co.uk The Borough Market branch of London ’ s coffee Grande Dame is still open for a few hours a day but you can bet they ’ re doing a roaring trade online , with @ @ @ @ @ @ @ coffee available on their website .
Shipping within the UK is £2.50 , and the website warns of potential delays , so best to stock up .
monmouthcoffee.co.uk The new kid on the block said shutting its ever-expanding range of stores was “ incredibly difficult ” but their online delivery options offer plenty of choice straight from their Shoreditch roastery .
Nespresso capsule pods stuffed full of their favourite blends come in a refillable tin , and the letterbox-friendly deliveries of freshly roasted ground coffee means you don ’ t even have to @ @ @ @ @ @ @ although you will , because you can ’ t leave the house , remember ? )
.
grind.co.uk Mercifully , this east London outfit ’ s coffee is better than its name ( and the beans don ’ t come with a ludicrous Brummie accent , either ) .
If variety is the spice of your caffeinated life , Blinders ’ Coffee Club might be for you – a different bag of speciality coffee sent to your door every month for six months , currently discounted to £39 .
Bargain .
perkyblenders.com Award-winning @ @ @ @ @ @ @ hills has built a reputation for consistently sourcing great-tasting coffee and a favourite amongst baristas .
The roaster focuses on single-origin coffee for filter brewing and if you like their coffee they have number of subscriptions , including a 3-month subscription for £25.50 .
Right now it ’ s free shipping , too , if you order two bags .
hundredhousecoffee.com One of the instigators of the London coffee scene , Climpson & Sons has a busy roastery in London Fields .
While their well-known Broadway Market coffee shop is currently closed , @ @ @ @ @ @ @ Try the sampler packs which contain four different coffees to discover the types of coffee you enjoy from £30.00 .
climpsonandsons.comblack cof

Coronavirus: The London coffee firms offering home delivery
The coronavirus lockdown has thrown everything off – from the morning commute to the pint after work. Odds are, it’s also disrupted your coffee routine.
London coffee expert Tim Ridley tells City AM that most takeaway places have shut down thanks to the Covid-19 pandemic, but plenty of the capital’s hotspots have pivoted to online shopping and delivery as home workers try and keep focussed on their laptops.
“Home brewing equipment is also doing well,” Ridley – the founder of United Baristas – tells us, as previously time-poor commuters get used to the perhaps slightly more relaxed rhythms of home working.
So all is not lost: London’s coffee revolutionaries have moved quickly to ensure that you can still get everything you need for a touch of caffeinated luxury. Here’s the crema of the espresso (geddit) to get you started..
Solo
Missing the cold brew slap-around-the-face from your local artisanal coffee spot? Solo have you covered. The suppliers to M, Kiln and others have stepped into the breach to ensure that nobody has to do anything so time consuming as turn the kettle on with free delivery of their 3 litre fridge pack. Brewed for 16 hours, the single origin coffee from the Minasul co-operative in Brazil is sure to keep you suitably attentive at your makeshift desk.
Probably best to keep away from the kids, though, eh. They’re quite energetic enough already. solocoffee.co.uk
Monmouth
The Borough Market branch of London’s coffee Grande Dame is still open for a few hours a day but you can bet they’re doing a roaring trade online, with a phalanx of whole beans and ground coffee available on their website. Shipping within the UK is £2.50, and the website warns of potential delays, so best to stock up. monmouthcoffee.co.uk
Grind
The new kid on the block said shutting its ever-expanding range of stores was “incredibly difficult” but their online delivery options offer plenty of choice straight from their Shoreditch roastery. Nespresso capsule pods stuffed full of their favourite blends come in a refillable tin, and the letterbox-friendly deliveries of freshly roasted ground coffee means you don’t even have to be there when the postman arrives (although you will, because you can’t leave the house, remember?). grind.co.uk
Perky Blenders
Mercifully, this east London outfit’s coffee is better than its name (and the beans don’t come with a ludicrous Brummie accent, either). If variety is the spice of your caffeinated life, Blinders’ Coffee Club might be for you – a different bag of speciality coffee sent to your door every month for six months, currently discounted to £39. Bargain. perkyblenders.com
Hundred House
Award-winning Hundred House coffee nestled in the Shropshire hills has built a reputation for consistently sourcing great-tasting coffee and a favourite amongst baristas. The roaster focuses on single-origin coffee for filter brewing and if you like their coffee they have number of subscriptions, including a 3-month subscription for £25.50. Right now it’s free shipping, too, if you order two bags. hundredhousecoffee.com
Climpson & Sons
One of the instigators of the London coffee scene, Climpson & Sons has a busy roastery in London Fields. While their well-known Broadway Market coffee shop is currently closed, the roastery is busy dispatching orders. Try the sampler packs which contain four different coffees to discover the types of coffee you enjoy from £30.00. climpsonandsons.comblack cof


cityam--2020-04-03--Pound slides against the dollar amid coronavirus recession

The pound has fallen against the dollar after dire economic data and as investors sell shares in favour of holding cash amid the coronavirus pandemic .
Sterling was one per cent lower against the dollar this morning at $ 1.228 .
It was down 0.6 per cent against the euro at €1.136 .
Read more : FTSE 100 falls as oil prices slip and coronavirus spreads Stock markets were lower across Europe this morning .
They were dragged down by a raft of grim survey data and rising fears over the economic hit from coronavirus .
Investors have sold shares @ @ @ @ @ @ @ .
It is the world ’ s most important currency and a so-called safe haven during times of economic stress .
The dollar index , which charts demand for the greenback , rose 0.5 per cent .
The pound was also dragged down by fears over the UK economy .
Purchasing managers ’ index ( PMI ) data today confirmed the UK services sector had its worst month on record in March .
“ The historically low reading in composite PMI could weigh heavily on sterling in the short-term , ” said Sam @ @ @ @ @ @ @ solutions at Silicon Valley Bank .
“ However , it is unlikely to have a long term impact if the same weakness is observed globally.
” The PMI data for the Eurozone was worse than the UK ’ s , with Italy ’ s services sector all but shutting down .
This drove the euro 0.4 per cent lower against the dollar at $ 1.081 .
Derek Halpenny , head of EMEA research at Japanese bank MUFG , said : “ We are not surprised at this juncture to see the dollar remaining @ @ @ @ @ @ @ global recessionary conditions will benefit the dollar ” against currencies such as the pound , he said .
Investors favour the greenback because it usually holds its value during downturns .
The majority of the world ’ s trade and finance is carried out using dollars , so demand is almost always high .
Bank of America yesterday predicted the worst economic crash since at least World War II .
It said it expects further disruption in currency markets which it said have not yet come to terms with the scale of the @ @ @ @ @ @ @ UK services sector to worst month on record “ We are bearish on the EUR because of a worse recession and the lack of sufficient fiscal policy coordination and no debt mutualisation , ” said BoA currency analyst Athanasios Vamvakidis .
He said things look better for the pound : “ We expect GBP to remain supported as the funding pressures ease .
”

Pound slides against the dollar amid coronavirus recession
Investors favour holding the dollar at times of economic stress, putting pressure on the pound during the coronavirus pandemic
The pound has fallen against the dollar after dire economic data and as investors sell shares in favour of holding cash amid the coronavirus pandemic.
Sterling was one per cent lower against the dollar this morning at $1.228. It was down 0.6 per cent against the euro at €1.136.
Stock markets were lower across Europe this morning. They were dragged down by a raft of grim survey data and rising fears over the economic hit from coronavirus.
Investors have sold shares in favour of holding the US dollar. It is the world’s most important currency and a so-called safe haven during times of economic stress.
The dollar index, which charts demand for the greenback, rose 0.5 per cent.
The pound was also dragged down by fears over the UK economy. Purchasing managers’ index (PMI) data today confirmed the UK services sector had its worst month on record in March.
“The historically low reading in composite PMI could weigh heavily on sterling in the short-term,” said Sam Cooper, vice president of market risk solutions at Silicon Valley Bank.
“However, it is unlikely to have a long term impact if the same weakness is observed globally.”
Euro and pound suffer vs dollar
The PMI data for the Eurozone was worse than the UK’s, with Italy’s services sector all but shutting down.
This drove the euro 0.4 per cent lower against the dollar at $1.081.
Derek Halpenny, head of EMEA research at Japanese bank MUFG, said: “We are not surprised at this juncture to see the dollar remaining strong.”
“Uncertainty remains high and global recessionary conditions will benefit the dollar” against currencies such as the pound, he said.
Investors favour the greenback because it usually holds its value during downturns. The majority of the world’s trade and finance is carried out using dollars, so demand is almost always high.
Bank of America yesterday predicted the worst economic crash since at least World War II. It said it expects further disruption in currency markets which it said have not yet come to terms with the scale of the downturn.
“We are bearish on the EUR because of a worse recession and the lack of sufficient fiscal policy coordination and no debt mutualisation,” said BoA currency analyst Athanasios Vamvakidis.
He said things look better for the pound: “We expect GBP to remain supported as the funding pressures ease.”


cityam--2020-04-03--Coronavirus: The tipping point for company communications?

We are living through ‘ unprecedented ’ times .
Everyone agrees that Covid-19 will change the world forever – and in myriad ways .
‘ Unprecedented ’ is used almost constantly .
But can it be said that how companies communicate with their investors specifically , and the financial market in general , has changed in ‘ unprecedented ’ ways too ?
The answer , thus far , is a resounding ‘ no ’ .
One of the main aspects of life with the virus has been the acceleration of trends that were already in place .
The value of @ @ @ @ @ @ @ time in the eyes of many .
How many believe that AGMs will be reinstated in their traditional form once life returns to normal ?
Similarly , the use of video conferencing has risen hugely .
Does anyone doubt that a far higher percentage of work will be carried out remotely using such technology from now on ?
The price of videoconferencing stocks like Zoom , listed in New York , which has seen it price surge by 200 per cent in less than one year , compared to a market fall of @ @ @ @ @ @ @ , suggest that the market believes WFH ( working from home ! )
is unequivocally here to stay .
Let ’ s look at how companies have responded in terms of talking with their investors .
Companies have always used two main channels to communicate with the financial markets .
In the UK , one was via their brokers – who acted as their ‘ eyes and ears ’ towards investors whilst writing the research on which investors based their investment decisions .
Post MIFID II , these traditional broking roles , while @ @ @ @ @ @ @ example , brokers are often barred from attending meetings between companies and investors .
Meanwhile , sell-side research now often sits behind a paywall .
The other channel was editorial media content – delivered with the assistance of financial communications firms – typically around a static , fixed moment such as a single 7am RNS announcement .
But the reach of traditional ‘ offline ’ media is reducing all the time .
How many people are reading physical newspapers right now in their own homes ?
And a significant amount of the best @ @ @ @ @ @ @ paywall and can not be forwarded .
Faced with a revolving news agenda , there has also been a proliferation of new news sources , with many traditional hacks re-defining the role of the broadcast journalist by choosing to break stories on Twitter , rather than in the television studio .
Of course , companies have invested in their own websites with specific sections devoted to investors .
But websites rely on an individual searching out and finding the company .
They are not transitive .
Meanwhile , large ( and increasingly not @ @ @ @ @ @ @ of digital data in their quest to secure Alpha .
It ’ s free and there ’ s lots of it so they use every social media platform available to better assess management teams , how a company manages extra financial risk factors ( such as Environmental , Social and Governmental ) and how to obtain a clearer picture of a company ’ s performance in real time .
In fact , even before the Covid-19 there existed a huge imbalance between use of digital data by investors and by companies .
In @ @ @ @ @ @ @ s vital that companies use digital channels .
Firstly , to see themselves how investors see them .
To see themselves in the mirror , if you like .
Secondly , to communicate all aspects of their business , including the extra financial ones .
Ironically , most companies have swathes of information about such aspects of their business but leave most of it , inert , marooned on their website .
It ’ s time for companies to take this information to their actual and potential investors .
Thirdly , it ’ @ @ @ @ @ @ @ leaders grasp the opportunity that digital communications represents to actively promote themselves as an investment opportunity .
The market , and society at large , is already starting to ask which companies will emerge from the crisis in the strongest shape .
The time for companies to communicate in an unprecedented fashion using digital channels was right six months ago , and it is right now .
Coronavirus is accelerating the digitisation of investor communications , changing the way we interact with investors forever .
Steffan Williams is a partner at Portland Communications @ @ @ @ @ @ @ for City A.M .

Coronavirus: The tipping point for company communications?
We are living through ‘unprecedented’ times. Everyone agrees that Covid-19 will change the world forever – and in myriad ways.
‘Unprecedented’ is used almost constantly. But can it be said that how companies communicate with their investors specifically, and the financial market in general, has changed in ‘unprecedented’ ways too?
The answer, thus far, is a resounding ‘no’.
One of the main aspects of life with the virus has been the acceleration of trends that were already in place. The value of the AGM has been diminishing for some time in the eyes of many. How many believe that AGMs will be reinstated in their traditional form once life returns to normal?
Similarly, the use of video conferencing has risen hugely. Does anyone doubt that a far higher percentage of work will be carried out remotely using such technology from now on? The price of videoconferencing stocks like Zoom, listed in New York, which has seen it price surge by 200 per cent in less than one year, compared to a market fall of 17 per cent over the same period, suggest that the market believes WFH (working from home!) is unequivocally here to stay.
Let’s look at how companies have responded in terms of talking with their investors. Companies have always used two main channels to communicate with the financial markets.
In the UK, one was via their brokers – who acted as their ‘eyes and ears’ towards investors whilst writing the research on which investors based their investment decisions.
Post MIFID II, these traditional broking roles, while important, are less powerful. For example, brokers are often barred from attending meetings between companies and investors. Meanwhile, sell-side research now often sits behind a paywall.
The other channel was editorial media content – delivered with the assistance of financial communications firms – typically around a static, fixed moment such as a single 7am RNS announcement. But the reach of traditional ‘offline’ media is reducing all the time. How many people are reading physical newspapers right now in their own homes? And a significant amount of the best, high-quality journalism also sits behind a paywall and cannot be forwarded.
Faced with a revolving news agenda, there has also been a proliferation of new news sources, with many traditional hacks re-defining the role of the broadcast journalist by choosing to break stories on Twitter, rather than in the television studio.
Of course, companies have invested in their own websites with specific sections devoted to investors. But websites rely on an individual searching out and finding the company. They are not transitive.
Meanwhile, large (and increasingly not so large) institutions make full use of digital data in their quest to secure Alpha. It’s free and there’s lots of it so they use every social media platform available to better assess management teams, how a company manages extra financial risk factors (such as Environmental, Social and Governmental) and how to obtain a clearer picture of a company’s performance in real time.
In fact, even before the Covid-19 there existed a huge imbalance between use of digital data by investors and by companies.
In this ‘unprecedented’ world it’s vital that companies use digital channels.
Firstly, to see themselves how investors see them. To see themselves in the mirror, if you like.
Secondly, to communicate all aspects of their business, including the extra financial ones. Ironically, most companies have swathes of information about such aspects of their business but leave most of it, inert, marooned on their website. It’s time for companies to take this information to their actual and potential investors.
Thirdly, it’s essential the companies and investor relations leaders grasp the opportunity that digital communications represents to actively promote themselves as an investment opportunity.
The market, and society at large, is already starting to ask which companies will emerge from the crisis in the strongest shape.
The time for companies to communicate in an unprecedented fashion using digital channels was right six months ago, and it is right now. Coronavirus is accelerating the digitisation of investor communications, changing the way we interact with investors forever.
Steffan Williams is a partner at Portland Communications, and also writes a wine column for City A.M.


cityam--2020-04-03--UK to open two more Nightingale hospitals to deal with coronavirus cases

The UK will open two more Nightingale hospitals to handle the rising number of coronavirus cases , as the first opened at London ’ s Excel Centre today .
The new Nightingale hospitals in Bristol and Harrogate will provide 1,500 extra beds for patients afflicted by coronavirus .
So far the outbreak has killed 2,921 people in the UK .
Read more : Coronavirus pushes UK services sector to worst month on record The University of the West of England in Bristol and the Harrogate Convention centre will the first sites outside London to be used .
The Bristol site @ @ @ @ @ @ @ while the one at Harrogate will be able to care for up to 500 .
Similar hospitals are due to open at Birmingham ’ s National Exhibition Centre and Manchester ’ s Central Complex .
The announcement comes as the first temporary Nightingale hospital , at London ’ s Excel Centre , will officially open today .
The east London facility has capacity for 4,000 patients .
It was established in under a fortnight to deal with an expected upsurge in coronavirus patients .
NHS chief executive Simon Stevens said the construction of @ @ @ @ @ @ @ short of extraordinary ” .
He added : “ Now we are gearing up to repeat that feat at another four sites across the country to add to the surge capacity in current NHS hospitals .
“ We ’ re giving the go ahead to these additional sites , hoping they may not be needed but preparing in case they are.
” Prince Charles is to open the Excel Centre Nightingale hospital via videolink from his Scottish residence today .
It will be used to treat patients from London and the south east @ @ @ @ @ @ @ “ The NHS and the military have achieved something extraordinary in setting up NHS Nightingale , London in only a matter of days .
“ It is testament to their hard work and dedication that an additional four hospitals will be rolled out across the nation.
” Meanwhile , NHS officials are ramping up critical care capacity in hospitals nationwide .
Read more : Coronavirus : ITV bosses take 20 per cent pay cut as bonuses scrapped NHS England said it has freed up over 33,000 beds across the UK , the equivalent @ @ @ @ @ @ @ has also been struck with the independent hospital sector .
The private sector will provide 8,000 extra beds , as well as staff and equipment .

UK to open two more Nightingale hospitals to deal with coronavirus cases
The UK is to open two more Nightingale hospitals with the Excel Centre opening today to combat a surge in coronavirus cases
The UK will open two more Nightingale hospitals to handle the rising number of coronavirus cases, as the first opened at London’s Excel Centre today.
The new Nightingale hospitals in Bristol and Harrogate will provide 1,500 extra beds for patients afflicted by coronavirus. So far the outbreak has killed 2,921 people in the UK.
The University of the West of England in Bristol and the Harrogate Convention centre will the first sites outside London to be used.
The Bristol site will house up to 1,000 patients, while the one at Harrogate will be able to care for up to 500.
Similar hospitals are due to open at Birmingham’s National Exhibition Centre and Manchester’s Central Complex.
The announcement comes as the first temporary Nightingale hospital, at London’s Excel Centre, will officially open today.
The east London facility has capacity for 4,000 patients. It was established in under a fortnight to deal with an expected upsurge in coronavirus patients.
NHS chief executive Simon Stevens said the construction of the Docklands Nightingale hospital was “nothing short of extraordinary”.
He added: “Now we are gearing up to repeat that feat at another four sites across the country to add to the surge capacity in current NHS hospitals.
“We’re giving the go ahead to these additional sites, hoping they may not be needed but preparing in case they are.”
Prince Charles is to open the Excel Centre Nightingale hospital via videolink from his Scottish residence today.
It will be used to treat patients from London and the south east.
Health secretary Matt Hancock said: “The NHS and the military have achieved something extraordinary in setting up NHS Nightingale, London in only a matter of days.
“It is testament to their hard work and dedication that an additional four hospitals will be rolled out across the nation.”
Meanwhile, NHS officials are ramping up critical care capacity in hospitals nationwide.
NHS England said it has freed up over 33,000 beds across the UK, the equivalent of 50 new hospitals.
A deal has also been struck with the independent hospital sector. The private sector will provide 8,000 extra beds, as well as staff and equipment.


cityam--2020-04-03--Nationwide U-turns on business banking debut over coronavirus

Nationwide has abandoned plans to enter the business banking market , blaming coronavirus for making it commercially unviable .
The building society will return a £50m grant from a pool of RBS cash to foster competititon among British banks as it scales back ambitions in the face of the outbreak .
Read more : Banks must engage with businesses on coronavirus loans or ‘ be bypassed ’ “ The impact of Covid19 , including assumption changes to short and long-term interest rates , has meant that the option of entering the business banking market is no longer commercially viable , @ @ @ @ @ @ @ consequence of its decision , Nationwide will cease activity directly related to its proposed market entry.
” The Bank of England slashed the base interest rate to a historic low of 0.1 per cent earlier this month .
The drastic measures is designed to boost consumer spending .
However , that means banks earn less interest on lending .
Nationwide expects its sudden U-turn to cost it £70m .
But it plans to redeploy staff working on its scrapped business banking debut .
“ Our priority as a building society must always be @ @ @ @ @ @ @ Nationwide chief executive Joe Garner said .
“ Covid-19 has changed the medium-term interest rate landscape , meaning the business case for entering the market is no longer viable .
“ Therefore , our absolute focus will be on supporting our members and our employees through the immediate difficult time and future financial implications of the virus.
” Banks are some of the worst hit firms from the UK coronavirus outbreak .
Major lenders including Barclays , HSBC , Lloyds Banking Group and Royal Bank of Scotland have scrapped their dividends over the @ @ @ @ @ @ @ up coronavirus loan scheme after criticism of banks And they have come under fire for imposing stringent checks on small businesses applying for coronavirus loans underwritten by the government .
Criticism aimed at banks has pushed chancellor Rishi Sunak to revamp the loans scheme , which allows companies with turnover under £45m to apply for loans of up to £5m .
Yesterday Sunak also committed to providing similar support for medium businesses .

Nationwide U-turns on business banking debut over coronavirus
Nationwide has abandoned plans to enter the business banking market, blaming coronavirus for making it commercially unviable.
The building society will return a £50m grant from a pool of RBS cash to foster competititon among British banks as it scales back ambitions in the face of the outbreak.
“The impact of Covid19, including assumption changes to short and long-term interest rates, has meant that the option of entering the business banking market is no longer commercially viable,” Nationwide said.
“As a consequence of its decision, Nationwide will cease activity directly related to its proposed market entry.”
The Bank of England slashed the base interest rate to a historic low of 0.1 per cent earlier this month. The drastic measures is designed to boost consumer spending. However, that means banks earn less interest on lending.
Nationwide now faces £70m bill
Nationwide expects its sudden U-turn to cost it £70m. But it plans to redeploy staff working on its scrapped business banking debut.
“Our priority as a building society must always be our existing members and employees,” Nationwide chief executive Joe Garner said.
“Covid-19 has changed the medium-term interest rate landscape, meaning the business case for entering the market is no longer viable.
“Therefore, our absolute focus will be on supporting our members and our employees through the immediate difficult time and future financial implications of the virus.”
British banks take coronavirus blow
Banks are some of the worst hit firms from the UK coronavirus outbreak. Major lenders including Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland have scrapped their dividends over the crisis.
And they have come under fire for imposing stringent checks on small businesses applying for coronavirus loans underwritten by the government.
Criticism aimed at banks has pushed chancellor Rishi Sunak to revamp the loans scheme, which allows companies with turnover under £45m to apply for loans of up to £5m.
Yesterday Sunak also committed to providing similar support for medium businesses.


cityam--2020-04-03--Woman wrongly charged under new coronavirus legislation

British Transport Police has admitted wrongly charging a woman who was fined under new coronavirus legislation .
Following a joint review with the Crown Prosecution Service ( CPS ) , the British Transport Police ( BTP ) said Marie Dinou had been charged under the incorrect section of the Coronavirus Act .
Read more : Some police may have taken coronavirus powers too far , says minister She had been fined £660 by magistrates for breaching coronavirus restrictions after she refused to tell police why she was at Newcastle Central Station last weekend .
“ There will be understandable concern @ @ @ @ @ @ @ has resulted in an ineffective prosecution , ” said British Transport Police Deputy Chief Constable Adrian Hanstock in a statement .
“ This was in circumstances where officers were properly dealing with someone who was behaving suspiciously in the station , and who staff believed to be travelling without a valid ticket.
” He added officers were “ rightfully challenging her unnecessary travel.
” Police have faced criticism for overzealous enforcement of new legislation .
The Association of Convenience Stores said local police authorities could be “ interpreting rules in their own way @ @ @ @ @ @ @ after shoppers were questioned over whether products , such as Easter eggs , are essential items .
Transport secretary Grant Shapps admitted that some police officers have gone too far in enforcing the coronavirus lockdown .
The National Police Chiefs ’ Council has now sent a letter to every police force in the nation urging them to adopt a “ consistent ” approach and to have an “ inquisitive , questioning mindset ” .
Read more : Coronavirus : Police accused of ‘ overzealous ’ crackdown on Easter eggs Hanstock added : “ @ @ @ @ @ @ @ will continue to engage with people and seek to understand their reasons for their journeys .
Where we determine that there is no justifiable purpose for them being on the transport network , we will explain to the public why they should not travel.
” BTP said it had agreed to contact North Tyneside Magistrates ’ court and ask for the case to be relisted and the conviction be set aside .
It will not pursue any alternative prosecution .
Get the news as it happens by following City A.M. on Twitter .

Woman wrongly charged under new coronavirus legislation
Marie Dinou was arrested at Newcastle Central Station last weekend (Photo by Ian MacNicol/Getty Images)
British Transport Police has admitted wrongly charging a woman who was fined under new coronavirus legislation.
Following a joint review with the Crown Prosecution Service (CPS), the British Transport Police (BTP) said Marie Dinou had been charged under the incorrect section of the Coronavirus Act.
She had been fined £660 by magistrates for breaching coronavirus restrictions after she refused to tell police why she was at Newcastle Central Station last weekend.
“There will be understandable concern that our interpretation of this new legislation has resulted in an ineffective prosecution,” said British Transport Police Deputy Chief Constable Adrian Hanstock in a statement.
“This was in circumstances where officers were properly dealing with someone who was behaving suspiciously in the station, and who staff believed to be travelling without a valid ticket.” He added officers were “rightfully challenging her unnecessary travel.”
Police have faced criticism for overzealous enforcement of new legislation. The Association of Convenience Stores said local police authorities could be “interpreting rules in their own way and coming up with incorrect approaches” after shoppers were questioned over whether products, such as Easter eggs, are essential items.
Transport secretary Grant Shapps admitted that some police officers have gone too far in enforcing the coronavirus lockdown. The National Police Chiefs’ Council has now sent a letter to every police force in the nation urging them to adopt a “consistent” approach and to have an “inquisitive, questioning mindset”.
Hanstock added: “I must remind the public that officers will continue to engage with people and seek to understand their reasons for their journeys. Where we determine that there is no justifiable purpose for them being on the transport network, we will explain to the public why they should not travel.”
BTP said it had agreed to contact North Tyneside Magistrates’ court and ask for the case to be relisted and the conviction be set aside. It will not pursue any alternative prosecution.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-04-03--Growing European Coronavirus fears

Growing European Coronavirus fears

Sterling and the Euro – a story of two halves .
The pound had another resilient week , strengthening by an average of 1.9 % against the other major currencies .
This is despite the downgrade of Britain ’ s credit rating by Fitch .
The pound ’ s strength can be attributed to the US Federal Reserve announcing billions of liquidity to stabilise the financial markets .
With the UK economy so intrinsically tied to its financial services sector , sterling has seen some relief and gains despite market volatility .
With the Fed announcing that it will allow @ @ @ @ @ @ @ US Treasury securities for overnight dollar loans , albeit it temporarily , sterling gained on majors .
Many of the ecostats reflect the UK economy pre-pandemic , so the far from gloomy figures will change in the coming weeks .
The Bank of England ’ s ( BoE ) credit and mortgage approvals figures showed a six year high in February , and GfK ’ s index of consumer confidence weakened by two points to -9 , a better showing than the forecast -15 .
But this was carried out in the first @ @ @ @ @ @ @ will surely worsen next month .
Interesting stats were released from the Office for National Statistics ( ONS ) , comprehensively covering how UK businesses have been suffering because of the coronavirus pandemic so far .
The stats show that many companies were already struggling in the two weeks before PM Boris Johnson announced enhanced movement restrictions and the closures of non-essential businesses .
This has still been put down to social distancing , with economists are warning that activity for the UK could be down by 15 % across the quarter .
@ @ @ @ @ @ @ the euro , down by average of 1.1 % against other majors , losing three and a third cents to sterling and two and a quarter US cents .
The euro ’ s problem this week has been the inability of Eurozone members to agree on a collective fiscal stimulus scheme along the lines of those put in place by Britain , the United States and others .
The Covid-19 mitigation effort in Euroland currently operates on national lines , with Germany pumping in €750 billion for Germany for example .
The European @ @ @ @ @ @ @ lifting when it comes to Euroland fiscal stimulus .
Last week it made its biggest ever asset purchase , buying €39 billion of financial instruments .
The proposal which crops up the most is the debate on Coronabonds , joint issued debt underwritten collectively by EU member states .
While nine countries , including France , Italy , and Spain support the idea when discussed at the recent European Council meeting , Germany and the Netherlands among others did not .
Some argue that Coronabonds will happen eventually if no alternative is put @ @ @ @ @ @ @ has punished the euro .
European data to note this week includes Spain ’ s retail sales , up by an annual 1.8 % in February and inflation came in at a provisional 0.2 % for March , down from 0.9 % .
The manufacturing PMIs from Spain , Italy , France and Germany scored between 45.4 and 40.3 .
Greece lost its place as the top performer and the Eurozone as a whole scored a below forecast 44.5 .
Difficulty in securing supplies however , with deteriorating lead times , means there @ @ @ @ @ @ @ a slump in manufacturing due to the pandemic .
The European PMI ’ s sent the euro to drift lower , eventually losing four fifths of a cent to the US dollar and sterling , holding steady against the Swiss franc .
Even in these uncertain times , you may have international payments to make , and working with a specialist means that you ’ ll get expert guidance and reassurance throughout the process .
With moneycorp , you can make international payments online and via the mobile app 24/7 , wherever you @ @ @ @ @ @ @ competitive rates , no transfer fees , and all the support you need while the FX market is in flux .
With a specialist team based in the company ’ s UK HQ to provide support , access to an online account and a mobile app mean that you can act quickly if the need arises and track all your payments .

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Growing European Coronavirus fears
Sterling and the Euro – a story of two halves.
The pound had another resilient week, strengthening by an average of 1.9% against the other major currencies. This is despite the downgrade of Britain’s credit rating by Fitch. The pound’s strength can be attributed to the US Federal Reserve announcing billions of liquidity to stabilise the financial markets. With the UK economy so intrinsically tied to its financial services sector, sterling has seen some relief and gains despite market volatility. With the Fed announcing that it will allow central banks to exchange their holdings of US Treasury securities for overnight dollar loans, albeit it temporarily, sterling gained on majors.
Stark figures
Many of the ecostats reflect the UK economy pre-pandemic, so the far from gloomy figures will change in the coming weeks. The Bank of England’s (BoE) credit and mortgage approvals figures showed a six year high in February, and GfK’s index of consumer confidence weakened by two points to -9, a better showing than the forecast -15. But this was carried out in the first two weeks of March, so figures will surely worsen next month.
Interesting stats were released from the Office for National Statistics (ONS), comprehensively covering how UK businesses have been suffering because of the coronavirus pandemic so far. The stats show that many companies were already struggling in the two weeks before PM Boris Johnson announced enhanced movement restrictions and the closures of non-essential businesses. This has still been put down to social distancing, with economists are warning that activity for the UK could be down by 15% across the quarter.
Eurozone discord
It was not the same story for the euro, down by average of 1.1% against other majors, losing three and a third cents to sterling and two and a quarter US cents. The euro’s problem this week has been the inability of Eurozone members to agree on a collective fiscal stimulus scheme along the lines of those put in place by Britain, the United States and others. The Covid-19 mitigation effort in Euroland currently operates on national lines, with Germany pumping in €750 billion for Germany for example.
The European Central Bank is still doing the heavy lifting when it comes to Euroland fiscal stimulus. Last week it made its biggest ever asset purchase, buying €39 billion of financial instruments. The proposal which crops up the most is the debate on Coronabonds, joint issued debt underwritten collectively by EU member states. While nine countries, including France, Italy, and Spain support the idea when discussed at the recent European Council meeting, Germany and the Netherlands among others did not. Some argue that Coronabonds will happen eventually if no alternative is put forward, but such lack of decisiveness has punished the euro.
Dismal data
European data to note this week includes Spain’s retail sales, up by an annual 1.8% in February and inflation came in at a provisional 0.2% for March, down from 0.9%. The manufacturing PMIs from Spain, Italy, France and Germany scored between 45.4 and 40.3. Greece lost its place as the top performer and the Eurozone as a whole scored a below forecast 44.5. Difficulty in securing supplies however, with deteriorating lead times, means there could be worse data to come from a slump in manufacturing due to the pandemic. The European PMI’s sent the euro to drift lower, eventually losing four fifths of a cent to the US dollar and sterling, holding steady against the Swiss franc.
Expert service in uncertain times
Even in these uncertain times, you may have international payments to make, and working with a specialist means that you’ll get expert guidance and reassurance throughout the process. With moneycorp, you can make international payments online and via the mobile app 24/7, wherever you are. You’ll benefit from competitive rates, no transfer fees, and all the support you need while the FX market is in flux. With a specialist team based in the company’s UK HQ to provide support, access to an online account and a mobile app mean that you can act quickly if the need arises and track all your payments.
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cityam--2020-04-03--Investors seek greater clarity from boards amid coronavirus outbreak

Investors are calling for greater clarity from boards as the coronavirus crisis wreaks havoc on the markets and upends financial guidance and AGMs .
Investors are expecting more communication , whether through public disclosures or direct contact with management , to weather the storm over the next few months .
Read more : The impact of coronavirus on dividends Some investors have highlighted the lack of communication coming from companies during the coronavirus , according to shareholder advisory firm Squarewell Partners who spoke to 20 institutional investors last month .
“ The request for clarity should not be confused with @ @ @ @ @ @ @ an understanding that these are fluid times , ” the firm added .
The coronavirus crisis and oil price war are having a profound impact on the cash position of companies .
According to Squarewell data , as of 26 March more than a third of US and European Fortune 100 companies have communicated to the market the impact of Covid-19 .
Investors have reportedly been broadly sympathetic to the swathe of coronavirus-induced dividend cuts announced in the past few weeks .
“ Investors largely agree that there may be the need to @ @ @ @ @ @ @ events will lay bare which investors have a long-term or short-term view of the company , ” said Squarewell Partners .
Sign up to City A.M. ’ s Midday Update newsletter , delivered to your inbox every lunchtime This week UK banks temporarily suspended all dividend payments under pressure from the Prudential Regulation Authority ( PRA ) .
Barclays chair Nigel Higgins said it was a difficult decision , not least for shareholders , but the move is “ right and prudent ” .
Some investors have noted that this year may be @ @ @ @ @ @ @ paying dividends as opposed to not paying them , ” due to the coronavirus outbreak , said Squarewell .
Restrictions imposed by governments have forced companies to change their AGM formats or postpone meetings until the summer .
Investors have said they will not be impacted in the upcoming AGM season and it is “ business as usual ” from an operational perspective .
However , companies will face logistical , legal and economic challenges and investors say they will rely on the company ’ s judgment in the face of these issues @ @ @ @ @ @ @ AGMs and investors have said they will monitor how shareholders rights are upheld , especially their right to ask questions .
Additionally , there are worries about the limited number of platforms allowing for virtual meetings , as well as their effectiveness and capacity .
There is some disagreement over the timing of AGMs , with some investors welcoming postponement to spread the concentration of meetings at portfolio companies .
While others worry that this may lead to a concentration of meetings scheduled for the summer .
Get the news as it happens @ @ @ @ @ @ @

Investors seek greater clarity from boards amid coronavirus outbreak
Responsible investing is not a bubble ready to burst. It is an economic and societal transition – a revolution, writes Saker Nusseibeh
Investors are calling for greater clarity from boards as the coronavirus crisis wreaks havoc on the markets and upends financial guidance and AGMs.
Investors are expecting more communication, whether through public disclosures or direct contact with management, to weather the storm over the next few months.
Some investors have highlighted the lack of communication coming from companies during the coronavirus, according to shareholder advisory firm Squarewell Partners who spoke to 20 institutional investors last month.
“The request for clarity should not be confused with a request for detail – there is an understanding that these are fluid times,” the firm added.
Dividend cuts needed to retain cash
The coronavirus crisis and oil price war are having a profound impact on the cash position of companies. According to Squarewell data, as of 26 March more than a third of US and European Fortune 100 companies have communicated to the market the impact of Covid-19.
Investors have reportedly been broadly sympathetic to the swathe of coronavirus-induced dividend cuts announced in the past few weeks.
“Investors largely agree that there may be the need to retain capital within the business. Recent events will lay bare which investors have a long-term or short-term view of the company,” said Squarewell Partners.
Sign up to City A.M.’s Midday Update newsletter, delivered to your inbox every lunchtime
This week UK banks temporarily suspended all dividend payments under pressure from the Prudential Regulation Authority (PRA). Barclays chair Nigel Higgins said it was a difficult decision, not least for shareholders, but the move is “right and prudent”.
Some investors have noted that this year may be one where companies need to “defend paying dividends as opposed to not paying them,” due to the coronavirus outbreak, said Squarewell.
‘Business as usual’ for investors
Restrictions imposed by governments have forced companies to change their AGM formats or postpone meetings until the summer.
Investors have said they will not be impacted in the upcoming AGM season and it is “business as usual” from an operational perspective.
However, companies will face logistical, legal and economic challenges and investors say they will rely on the company’s judgment in the face of these issues.
Concerns have been raised over virtual AGMs and investors have said they will monitor how shareholders rights are upheld, especially their right to ask questions.
Additionally, there are worries about the limited number of platforms allowing for virtual meetings, as well as their effectiveness and capacity.
There is some disagreement over the timing of AGMs, with some investors welcoming postponement to spread the concentration of meetings at portfolio companies. While others worry that this may lead to a concentration of meetings scheduled for the summer.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-04-03--Oil prices surge but global stocks drop over coronavirus fears

Global stocks have slipped lower even as oil prices have rebounded , as investors focus on the economic fallout from coronavirus .
Oil prices have jumped after US President Donald Trump yesterday announced Saudi Arabia and Russia would cut production .
Brent crude rose 10.8 per cent to $ 33.18 per barrel .
US crude rose 4.4 per cent to $ 26.43 per barrel .
Despite the price rise holding up energy stocks , bad economic data weighed on investors today .
On Wall Street , the Dow Jones index was down one per cent in early trading while the @ @ @ @ @ @ @ cent lower .
The Nasdaq was also down 0.8 per cent .
European stocks were also lower .
Britain ’ s FTSE 100 was 0.9 per cent lower and Germany ’ s Dax was down 0.4 per cent .
The pan-European Stoxx 600 had fallen 0.8 per cent .
Jobs data released before Wall Street open showed that US firms laid off 701,000 workers in March .
Economists said the worst is yet to come , however .
Consultancy Oxford Economics said April could see 20m workers laid off .
Survey data out @ @ @ @ @ @ @ sector suffered its worst month on record in March .
UK private sector activity also fell at the fastest rate on record .
As investors sold stocks , they flocked to the dollar .
The greenback is seen as a safe haven unlikely to lose its value at times of stress .
The dollar index rose 0.5 per cent .
Global stocks surged last week but many analysts are now dubbing the rise a “ bear rally ” .
This is when stocks rise for a while , as some investors believe the @ @ @ @ @ @ @ , before resuming their fall .
Investors were cheered yesterday when Trump said Saudi Arabia and Russia would up oil production .
Saudi Arabia has ramped up production as part of a price war with Russia after talks over cuts broke down .
Oil prices have roughly halved since the start of the year .
But fears over the economic effects of coronavirus came to the fore again today with the release of a raft of economic data .
Coronavirus has now infected more than 1m people around the world .
The US @ @ @ @ @ @ @ the virus .
This has led to strict lockdown measures which have caused economy activity to plummet .
“ The pandemic has taken us into uncharted waters , ” said Paul Ashworth , chief US economist at Capital Economics .
He said the US unemployment rate could well surge to 10 per cent from 3.5 per cent in February as tens of millions of Americans lose their jobs .
Read more : US unemployment surges as coronavirus lockdown takes toll Ratings agency Fitch yesterday said it expects a “ deep global recession ” @ @ @ @ @ @ @ chief economist , added that the recovery could be slow .
“ Our baseline forecast does not see GDP reverting to its pre-virus levels until late 2021 in the US and Europe , ” he said .

Oil prices surge but global stocks drop over coronavirus fears
Wall Street has had a torrid two months as coronavirus and a crash in oil prices have rattled markets
Global stocks have slipped lower even as oil prices have rebounded, as investors focus on the economic fallout from coronavirus.
Oil prices have jumped after US President Donald Trump yesterday announced Saudi Arabia and Russia would cut production. Brent crude rose 10.8 per cent to $33.18 per barrel. US crude rose 4.4 per cent to $26.43 per barrel.
Despite the price rise holding up energy stocks, bad economic data weighed on investors today.
On Wall Street, the Dow Jones index was down one per cent in early trading while the S&P 500 was 0.8 per cent lower. The Nasdaq was also down 0.8 per cent.
European stocks were also lower. Britain’s FTSE 100 was 0.9 per cent lower and Germany’s Dax was down 0.4 per cent. The pan-European Stoxx 600 had fallen 0.8 per cent.
Jobs data released before Wall Street open showed that US firms laid off 701,000 workers in March.
Economists said the worst is yet to come, however. Consultancy Oxford Economics said April could see 20m workers laid off.
Survey data out this morning showed that the Eurozone private sector suffered its worst month on record in March. UK private sector activity also fell at the fastest rate on record.
As investors sold stocks, they flocked to the dollar. The greenback is seen as a safe haven unlikely to lose its value at times of stress. The dollar index rose 0.5 per cent.
Stocks rally runs out of steam
Global stocks surged last week but many analysts are now dubbing the rise a “bear rally”. This is when stocks rise for a while, as some investors believe the bottom of the market has been reached, before resuming their fall.
Investors were cheered yesterday when Trump said Saudi Arabia and Russia would up oil production.
Saudi Arabia has ramped up production as part of a price war with Russia after talks over cuts broke down. Oil prices have roughly halved since the start of the year.
But fears over the economic effects of coronavirus came to the fore again today with the release of a raft of economic data.
Coronavirus has now infected more than 1m people around the world. The US and Europe are the new hotspots for the virus. This has led to strict lockdown measures which have caused economy activity to plummet.
“The pandemic has taken us into uncharted waters,” said Paul Ashworth, chief US economist at Capital Economics.
He said the US unemployment rate could well surge to 10 per cent from 3.5 per cent in February as tens of millions of Americans lose their jobs.
Ratings agency Fitch yesterday said it expects a “deep global recession”. Brian Coulton, Fitch’s chief economist, added that the recovery could be slow.
“Our baseline forecast does not see GDP reverting to its pre-virus levels until late 2021 in the US and Europe,” he said.


cityam--2020-04-03--Ladbrokes and Coral withhold rent payments to landlords

Ladbrokes and Coral have refused to pay rent on more than 3,000 shops , dealing a fresh blow to high street landlords who have been hit hard by the coronavirus lockdown .
The two bookmakers , which are owned by GVC Holdings , withheld rent payments last week , according to Sky News .
The firm insisted it would make up the deficit when “ normal ” trading conditions resume .
The move comes as a number of high street tenants preserve cash by closing estates and ask for rent holidays .
Yesterday embattled retail landlord Intu threatened to issue @ @ @ @ @ @ @ to pay rent during the coronavirus crisis .
Last week it revealed less than a third of rent due for the quarter due to the coronavirus outbreak .
Intu said it would negotiate with tenants on a case by case basis , but would not “ bankroll ” retailers that have “ just decided they don ’ t want to pay their rent ” during the coronavirus crisis .
Sign up to City A.M. ’ s Midday Update newsletter , delivered to your inbox every lunchtime GVC and other betting firms have been @ @ @ @ @ @ @ , which forced the closure of live sports across the globe .
Betfred also asked landlords for a rent holiday last month .
A GVC spokesperson said : “ In view of the enforced closure of all Ladbrokes and Coral betting shops in line with government guidelines , GVC has taken the difficult decision to temporarily place on hold rental payments to its landlords.
” “ The decision has been taken in order to ensure as many shops are in a position to reopen once the current crisis abates .
The group fully @ @ @ @ @ @ @ trading conditions resume.
” “ We have written to our landlords to inform them and request their understanding of the decision , which will not only help to secure the long-term future of their rental incomes but also the jobs of over 15,000 retail colleagues.
” Get the news as it happens by following City A.M. on Twitter .

Ladbrokes and Coral withhold rent payments to landlords
The Ladbrokes owner has been on a hunt for acquisitions lately.
Ladbrokes and Coral have refused to pay rent on more than 3,000 shops, dealing a fresh blow to high street landlords who have been hit hard by the coronavirus lockdown.
The two bookmakers, which are owned by GVC Holdings, withheld rent payments last week, according to Sky News. The firm insisted it would make up the deficit when “normal” trading conditions resume.
The move comes as a number of high street tenants preserve cash by closing estates and ask for rent holidays.
Yesterday embattled retail landlord Intu threatened to issue statutory demands to tenants that have refused to pay rent during the coronavirus crisis. Last week it revealed less than a third of rent due for the quarter due to the coronavirus outbreak.
Intu said it would negotiate with tenants on a case by case basis, but would not “bankroll” retailers that have “just decided they don’t want to pay their rent” during the coronavirus crisis.
Sign up to City A.M.’s Midday Update newsletter, delivered to your inbox every lunchtime
GVC and other betting firms have been badly hit by the outbreak of Covid-19, which forced the closure of live sports across the globe. Betfred also asked landlords for a rent holiday last month.
A GVC spokesperson said: “In view of the enforced closure of all Ladbrokes and Coral betting shops in line with government guidelines, GVC has taken the difficult decision to temporarily place on hold rental payments to its landlords.”
“The decision has been taken in order to ensure as many shops are in a position to reopen once the current crisis abates. The group fully intends to make-up the shortfall once normal trading conditions resume.”
“We have written to our landlords to inform them and request their understanding of the decision, which will not only help to secure the long-term future of their rental incomes but also the jobs of over 15,000 retail colleagues.”
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-04-03--Coronavirus: US services sector slows but data hides real slump

US service sector activity slowed to a three-and-a-half-year low in March , survey data has shown , although economists believe the real picture is much worse as coronavirus spreads rapidly through the country .
The ISM non-manufacturing purchasing managers ’ index ( PMI ) fell to 52.5 in March from 57.3 in February .
A score above 50 indicates expansion .
Analysts had expected a fall to 44 .
Read more : US unemployment surges as coronavirus lockdown takes toll A separate PMI survey from data firm IHS Markit said US services sector activity plunged to the lowest since its @ @ @ @ @ @ @ better-than-expected reading on the ISM ( Institute of Supply Management ) gauge – which is more closely watched – was largely due to a severe delay in supplier deliveries .
Such a delay is usually associated with high demand and pushes the PMI up .
But it was in fact caused by shortages in March .
Economists say the US ’ s economy and its vast services sector are currently in recession .
This analysis was backed up by a surge in unemployment in March , revealed in data today .
More than @ @ @ @ @ @ @ , the Department of Labor said .
But analysts said April ’ s figures will be much worse as the economy will have been stunted by coronavirus lockdown measures .
Consultancy Oxford Economics said the April reading could show 20m Americans have become unemployed .
The IHS Markit survey said services sector output fell at the fastest rate since its survey began in 2009 .
Service firms also laid off workers at a record pace .
Chris Williamson , chief business economist at IHS Markit , said : “ This decline will likely @ @ @ @ @ @ @ the second quarter.
” Read more : Coronavirus pushes UK services sector to worst month on record “ More non- essential businesses are being forced to close , some are going bust , and lockdowns are leading to vastly reduced consumer spending.
” IHS Markit said it now predicts the US economy will shrink by 5.5 per cent in 2020 .

Coronavirus: US services sector slows but data hides real slump
New York has been particularly hard-hit by the coronavirus outbreak
US service sector activity slowed to a three-and-a-half-year low in March, survey data has shown, although economists believe the real picture is much worse as coronavirus spreads rapidly through the country.
The ISM non-manufacturing purchasing managers’ index (PMI) fell to 52.5 in March from 57.3 in February. A score above 50 indicates expansion. Analysts had expected a fall to 44.
A separate PMI survey from data firm IHS Markit said US services sector activity plunged to the lowest since its records began ten years ago.
The better-than-expected reading on the ISM (Institute of Supply Management) gauge – which is more closely watched – was largely due to a severe delay in supplier deliveries.
Such a delay is usually associated with high demand and pushes the PMI up. But it was in fact caused by shortages in March.
US heading for deep recession
Economists say the US’s economy and its vast services sector are currently in recession. This analysis was backed up by a surge in unemployment in March, revealed in data today.
More than 700,000 Americans lost their jobs in March, the Department of Labor said. But analysts said April’s figures will be much worse as the economy will have been stunted by coronavirus lockdown measures.
Consultancy Oxford Economics said the April reading could show 20m Americans have become unemployed.
The IHS Markit survey said services sector output fell at the fastest rate since its survey began in 2009. Service firms also laid off workers at a record pace.
Chris Williamson, chief business economist at IHS Markit, said: “This decline will likely be eclipsed by what we see in the second quarter.”
“More non- essential businesses are being forced to close, some are going bust, and lockdowns are leading to vastly reduced consumer spending.”
IHS Markit said it now predicts the US economy will shrink by 5.5 per cent in 2020.