cityam--2020-06-26--Beaches will be closed if social distancing not observed, government warns

Health secretary Matt Hancock has warned that the government does have the power to close beaches if social distancing guidelines are ignored .
Speaking on Talk Radio , Hancock said that though he was “ reluctant ” to shut public spaces after the lockdown , ministers would do so if there was a spike in coronavirus infections .
Read more : Bournemouth : ‘ Major incident ’ declared as Brits flock to the beach during heatwave His comments came after a major incident was declared in Bournemouth after thousands took advantage of the sunny weather by heading to the south @ @ @ @ @ @ @ council said the beach was “ stretched to the hilt ” yesterday on what was the hottest day of the year so far .
However , council leader Vikki Slade said that it was not so much the number of visitors as their behaviour that had led to an incident being declared .
The bout of hot weather saw gridlock on the roads , illegal overnight camping , excessive waste , anti-social behaviour and alcohol-fuelled fights .
Before the Open newsletter : Start your day with the City View podcast and key market @ @ @ @ @ @ @ ’ s comments to the BBC earlier today , saying that the health secretary had made it clear that “ we do have the power to go back in and act ” .
“ We don ’ t want to do that and we will be very reluctant to do so ” , he added .
“ We are appealing to everyone who does decide to go to the beach to observe that social distancing and stay within their family ” .
He also suggested that once the hot weather broke people would @ @ @ @ @ @ @ .
Read more : Police attacked again at illegal Notting Hill party The incident came after Prime Minister Boris Johnson unveiled the latest tranche of lockdown easing measures , which will come into force from 4 July .
With the two metre social distancing rule being cut to “ one metre plus ” , swathes of the economy are now allowed to reopen , including pubs , bars , cafes , museums , art galleries , hotels and cinemas .

Beaches will be closed if social distancing not observed, government warns
Health secretary Matt Hancock has warned that the government does have the power to close beaches if social distancing guidelines are ignored.
Speaking on Talk Radio, Hancock said that though he was “reluctant” to shut public spaces after the lockdown, ministers would do so if there was a spike in coronavirus infections.
His comments came after a major incident was declared in Bournemouth after thousands took advantage of the sunny weather by heading to the south coast.
Bournemouth, Christchurch and Poole council said the beach was “stretched to the hilt” yesterday on what was the hottest day of the year so far.
However, council leader Vikki Slade said that it was not so much the number of visitors as their behaviour that had led to an incident being declared.
The bout of hot weather saw gridlock on the roads, illegal overnight camping, excessive waste, anti-social behaviour and alcohol-fuelled fights.
Before the Open newsletter: Start your day with the City View podcast and key market data
Environment secretary George Eustice reiterated Hancock’s comments to the BBC earlier today, saying that the health secretary had made it clear that “we do have the power to go back in and act”.
“We don’t want to do that and we will be very reluctant to do so”, he added.
“We are appealing to everyone who does decide to go to the beach to observe that social distancing and stay within their family”.
He also suggested that once the hot weather broke people would return to observing social distancing guidelines better.
The incident came after Prime Minister Boris Johnson unveiled the latest tranche of lockdown easing measures, which will come into force from 4 July.
With the two metre social distancing rule being cut to “one metre plus”, swathes of the economy are now allowed to reopen, including pubs, bars, cafes, museums, art galleries, hotels and cinemas.


cityam--2020-06-26--France and UK offer concessions on digital tax after US tariff threat

The Treasury is offering to reduce the scope of its digital services tax if the US promises to come back to the negotiating table on a global proposal , it has emerged .
Alongside the finance ministers of France , Italy and Spain , the UK said in a letter to US Treasury secretary Steven Mnuchin it would “ considerably ease the task of achieving a consensus-based solution and make a political agreement within reach this year ” , Bloomberg reported .
Mnuchin sent a letter to ministers last week saying the US would be pulling out of discussions with @ @ @ @ @ @ @ unless the four countries halted their independent levies .
Read more : US dashes hopes of global deal on digital tax US trade representative Robert Lighthizer later confirmed the US would push ahead with imposing additional tariffs on those countries if the plans went ahead .
A Treasury spokesperson said at the time : “ We have always been clear that our preference is for a global solution to the tax challenges posed by digitalisation , and we ’ ll continue to work with our international partners to achieve that objective.
” The @ @ @ @ @ @ @ a “ phased approach ” to taxing “ automated ” technology companies , according to the letter .
Washington has been at odds with countries such as France and Britain over their plans to impose digital service taxes , arguing they unfairly target American firms .
Critics say the companies profit enormously from local markets while making only limited contributions in corporation tax by keeping their headquarters overseas .
Read more : UK says it still wants deal on global digital tax after US quits talks The UK ’ s levy centres on @ @ @ @ @ @ @ that operate search engines , social media websites and online marketplaces with revenues above £500m .
It will come into effect next year .
French finance minister Bruno Le Maire said of Washington ’ s response last week : “ This letter is a provocation .
It ’ s a provocation towards all the partners at the OECD when we were centimetres away from a deal on the taxation of digital giants.
” A Treasury spokesperson did not immediately respond to a request for comment .

France and UK offer concessions on digital tax after US tariff threat
The Treasury is offering to reduce the scope of its digital services tax if the US promises to come back to the negotiating table on a global proposal, it has emerged.
Alongside the finance ministers of France, Italy and Spain, the UK said in a letter to US Treasury secretary Steven Mnuchin it would “considerably ease the task of achieving a consensus-based solution and make a political agreement within reach this year”, Bloomberg reported.
Mnuchin sent a letter to ministers last week saying the US would be pulling out of discussions with the OECD on a global digital tax unless the four countries halted their independent levies.
US trade representative Robert Lighthizer later confirmed the US would push ahead with imposing additional tariffs on those countries if the plans went ahead.
A Treasury spokesperson today repeated its statement: “We have always been clear that our preference is for a global solution to the tax challenges posed by digitalisation, and we’ll continue to work with our international partners to achieve that objective.”
The four nations are now offering to take a “phased approach” to taxing “automated” technology companies, according to the letter.
Washington has been at odds with countries such as France and Britain over their plans to impose digital service taxes, arguing they unfairly target American firms.
Critics say the companies profit enormously from local markets while making only limited contributions in corporation tax by keeping their headquarters overseas.
The UK’s levy centres on taking a percentage of sales from companies that operate search engines, social media websites and online marketplaces with revenues above £500m. It will come into effect next year, and is intended to be a temporary solution until a global decision is made.
French finance minister Bruno Le Maire said of Washington’s response last week: “This letter is a provocation. It’s a provocation towards all the partners at the OECD when we were centimetres away from a deal on the taxation of digital giants.”


cityam--2020-06-26--Quarantine rules set to be relaxed for some countries from July

Environment secretary George Eustice has confirmed the UK is considering relaxing its blanket quarantine measures to allow travel from countries with a lower risk of contracting coronavirus .
Ministers are currently finalising the plans , with an announcement on the matter expected on Monday .
Read more : Exclusive : Half of business travel jobs at risk , says BTA boss Speaking to the BBC , Eustice said : “ I know that ( transport secretary ) Grant Shapps is giving this a lot of consideration so that the quarantine provisions that we have got in place can perhaps start @ @ @ @ @ @ @ the risk is low ” .
On Wednesday Shapps himself was questioned on the matter by the transport select committee , but said he would save details of the plan for the upcoming announcement .
However , he suggested that one of the criteria for assessing which countries included under the air bridge scheme would be whether they had an equivalent of the NHS track and trace scheme .
It is expected that the new rules , which will replace the current policy of making all those who enter England quarantine for 14 @ @ @ @ @ @ @ July .
The BBC suggested that the majority of western Europe could be covered under the updated rules .
Before the Open newsletter : Start your day with the City View podcast and key market data It reported that participating countries would include France , Spain , Italy , Greece , Belgium , Germany , the Netherlands , Turkey and Finland .
However , Portugal , which had been mooted as a possible destination , is likely to be ruled out due to a recent spike in coronavirus cases in and around capital @ @ @ @ @ @ @ among the most unpopular of the government ’ s coronavirus policies , with a significant backlash from across the political and business communities .
Unsurprisingly , the nation ’ s airlines have been among the biggest opponents of the scheme , with British Airways , Ryanair and Easyjet joining forces to launch legal action against the plan .
Read more : UK to relax quarantine rules for some countries in July A Department for Transport Spokesperson said : “ International travel corridors remain an option under consideration by the UK Government , not @ @ @ @ @ @ @ regularly with governments around the world on a whole range of issues and we will not be providing any further details at this stage ” .

Quarantine rules set to be relaxed for some countries from July
Environment secretary George Eustice has confirmed the UK is considering relaxing its blanket quarantine measures to allow travel from countries with a lower risk of contracting coronavirus.
Ministers are currently finalising the plans, with an announcement on the matter expected on Monday.
Speaking to the BBC, Eustice said: “I know that (transport secretary) Grant Shapps is giving this a lot of consideration so that the quarantine provisions that we have got in place can perhaps start to be relaxed with certain countries where the risk is low”.
On Wednesday Shapps himself was questioned on the matter by the transport select committee, but said he would save details of the plan for the upcoming announcement.
However, he suggested that one of the criteria for assessing which countries included under the air bridge scheme would be whether they had an equivalent of the NHS track and trace scheme.
It is expected that the new rules, which will replace the current policy of making all those who enter England quarantine for 14 days, will be introduced from 4 July.
The BBC suggested that the majority of western Europe could be covered under the updated rules.
Before the Open newsletter: Start your day with the City View podcast and key market data
It reported that participating countries would include France, Spain, Italy, Greece, Belgium, Germany, the Netherlands, Turkey and Finland.
However, Portugal, which had been mooted as a possible destination, is likely to be ruled out due to a recent spike in coronavirus cases in and around capital Sweden.
The quarantine scheme has been among the most unpopular of the government’s coronavirus policies, with a significant backlash from across the political and business communities.
Unsurprisingly, the nation’s airlines have been among the biggest opponents of the scheme, with British Airways, Ryanair and Easyjet joining forces to launch legal action against the plan.
A Department for Transport Spokesperson said: “International travel corridors remain an option under consideration by the UK Government, not established policy.
“Conversations take place regularly with governments around the world on a whole range of issues and we will not be providing any further details at this stage”.


cityam--2020-06-26--FCA orders Wirecard to cease all regulated activities

The Financial Conduct Authority has ordered Wirecard to cease all regulated activities after the firm disclosed a €1.9bn financial hole in its accounts .
The watchdog said Wirecard should not dispose of any assets or funds or carry out any regulated activities .
Read more : Wirecard files for insolvency after disclosing €1.9bn financial hole After news of a missing €1.9bn in the company ’ s accounts , the FCA said it immediately placed requirements on Wirecard ’ s UK business .
This meant it could not pay out or reduce any money it holds for its customers unless they @ @ @ @ @ @ @ has now taken the step to instruct the firm to stop all regulated activities and customers money can not now be accessed .
In a statement the FCA said : “ We have been working closely with Wirecard UK and other authorities over the past few days to take action that protects consumers .
We are continuing to do this and on 26 June , we took additional measures to require the firm to cease all regulated activities in order to further protect customer money .
This now means customers money can not @ @ @ @ @ @ @ turbulent week for Wirecard after its Frankfurt-listed shares were frozen ahead of management ’ s decision to file for insolvency .
The firm ’ s longstanding chief executive Markus Braun resigned last week and was arrested on Monday and released on €5m bail .
He is accused of misrepresenting Wirecard ’ s accounts and of market manipulation by falsifying income from transactions with so-called third-party acquirers .
This morning , the Financial Times reported that Brussels is calling for a probe into whether Germany ’ s banking regulator , BaFin , failed in @ @ @ @ @ @ @ more : Former Wirecard boss Markus Braun released from custody , says lawyer Valdis Dombrovskis , the EU ’ s executive vice-president in charge of financial services policy , told the FT that he was writing to Europe ’ s markets supervisor to assess BaFin ’ s supervision of Wirecard .
He said the bloc should prepare to investigate the regulator for “ breach of union law ” if the preliminary investigation by the European Securities and Markets Authority discovered faults in BaFin ’ s approach .

FCA orders Wirecard to cease all regulated activities
The Financial Conduct Authority has ordered Wirecard to cease all regulated activities after the firm disclosed a €1.9bn financial hole in its accounts.
The watchdog said Wirecard should not dispose of any assets or funds or carry out any regulated activities.
After news of a missing €1.9bn in the company’s accounts, the FCA said it immediately placed requirements on Wirecard’s UK business. This meant it could not pay out or reduce any money it holds for its customers unless they were instructed to do so.
It has now taken the step to instruct the firm to stop all regulated activities and customers money cannot now be accessed.
In a statement the FCA said: “We have been working closely with Wirecard UK and other authorities over the past few days to take action that protects consumers. We are continuing to do this and on 26 June, we took additional measures to require the firm to cease all regulated activities in order to further protect customer money. This now means customers money cannot be accessed.”
It has been a turbulent week for Wirecard after its Frankfurt-listed shares were frozen ahead of management’s decision to file for insolvency.
The firm’s longstanding chief executive Markus Braun resigned last week and was arrested on Monday and released on €5m bail.
He is accused of misrepresenting Wirecard’s accounts and of market manipulation by falsifying income from transactions with so-called third-party acquirers.
This morning, the Financial Times reported that Brussels is calling for a probe into whether Germany’s banking regulator, BaFin, failed in its handling of the firm.
Valdis Dombrovskis, the EU’s executive vice-president in charge of financial services policy, told the FT that he was writing to Europe’s markets supervisor to assess BaFin’s supervision of Wirecard.
He said the bloc should prepare to investigate the regulator for “breach of union law” if the preliminary investigation by the European Securities and Markets Authority discovered faults in BaFin’s approach.


cityam--2020-06-26--Marston's warns of uncertain outlook ahead of pub reopenings

Marston ’ s warned its financial outlook in the short term is uncertain as it looks to reopening pubs and restaurants from next week .
Read more : Marston ’ s and Carlsberg to unite brewing operations in £780m joint venture The pub operator said the coronavirus outbreak had a material impact on revenues estimated at around £40m .
It took a hit to profit as it reported a £9.4m profit before tax compared to £34.2m last year , as the government shut pubs in order to limit the spread of coronavirus .
Despite an impact on earnings , Marston @ @ @ @ @ @ @ £55m which it said reflected progress on its debt reduction plans .
Marston ’ s said it reduced its monthly cash burn to £10m and its partnership with Carlsberg UK helps it with its post-pandemic recovery .
The firm said it was a “ transformational ” deal which positions it well for the future .
Last month Marston ’ s announced a plan to merge its brewing business with Carlsberg ’ s UK division in a £780m deal .
Despite this the pub chain warned of short term uncertainty as the sector grapples @ @ @ @ @ @ @ way of operating .
Marston ’ s said the challenges should not be underestimated with a lot resting on consumer confidence .
Read more : Marston ’ s secures £70m liquidity as brewer prepares for sustained pub closures “ Our immediate priority is to prepare our pubs to reopen on 4 July .
Whilst there is short term uncertainty as the sector emerges from lockdown , we are focussed on offering a great guest experience , synonymous with Marston ’ s hospitality , to welcome our customers back into our pubs within a @ @ @ @ @ @ @ the sector should not be underestimated and much rests on consumer confidence which may take time to rebuild.
” Get the news as it happens by following City A.M. on Twitter .

Marston’s warns of uncertain outlook ahead of pub reopenings
Marston’s warned its financial outlook in the short term is uncertain as it looks to reopening pubs and restaurants from next week.
The figures
The pub operator said the coronavirus outbreak had a material impact on revenues estimated at around £40m.
It took a hit to profit as it reported a £9.4m profit before tax compared to £34.2m last year, as the government shut pubs in order to limit the spread of coronavirus.
Despite an impact on earnings, Marston’s net cash flow improved by £55m which it said reflected progress on its debt reduction plans.
Why it’s interesting
Marston’s said it reduced its monthly cash burn to £10m and its partnership with Carlsberg UK helps it with its post-pandemic recovery.
The firm said it was a “transformational” deal which positions it well for the future.
Last month Marston’s announced a plan to merge its brewing business with Carlsberg’s UK division in a £780m deal.
Despite this the pub chain warned of short term uncertainty as the sector grapples with social distancing guidelines and a new way of operating. Marston’s said the challenges should not be underestimated with a lot resting on consumer confidence.
What Marston’s said
Chief executive Ralph Findlay said:
“Our immediate priority is to prepare our pubs to reopen on 4 July. Whilst there is short term uncertainty as the sector emerges from lockdown, we are focussed on offering a great guest experience, synonymous with Marston’s hospitality, to welcome our customers back into our pubs within a safe trading environment. The challenges facing the sector should not be underestimated and much rests on consumer confidence which may take time to rebuild.”
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-06-26--Google reveals coronavirus support package for UK businesses

Google has today launched a number of pledges to support British small businesses during the pandemic , as part of a bid to help companies stay open through boosting online performance .
The tech firm said it has set a goal of helping 1m businesses by the end of 2021 , particularly focusing on those which rely on in-person interactions such as in the hospitality industry .
Google said it will provide £25m in advertising credits and grants to small businesses , government agencies and non-government organisations ( NGOs ) .
It will also be launching new tools to help @ @ @ @ @ @ @ efficient , such as allowing anyone to report a business as reopened or buy gift cards and make donations .
Supported by the Department for Business , Energy and Industrial Strategy , Google will also launch 10,000 hours of free mentoring and training for businesses in partnership with Digital Boost .
Read more : Ebay calls for government funding to help charities innovate during pandemic Small businesses will be connected with Google Digital Garage coaches and Google employees for one-to-one sessions , teaching skills in marketing , how to improve Google rankings and @ @ @ @ @ @ @ post-pandemic model .
“ Local businesses are the lifeblood of our communities .
Like millions up and down the country , we want to help small businesses both survive and thrive , ” said Ronan Harris , UK managing director at Google .
“ Through this programme we ’ re aiming to upskill SMEs and charities by helping them adapt to operating in a post lockdown environment .
Despite the ongoing uncertainty , we want to show that having an online presence can have a transformative impact on offline businesses.
” A separate @ @ @ @ @ @ @ for anyone to sign up to , with topics ranging from livestreaming tips to optimising for remote working .
Read more : Amazon launches accelerator for UK startups and small businesses Similar initiatives have been launched by other tech firms this week .
Today Ebay announced a coalition to support charities move towards online retail , while Amazon on Monday launched a small business accelerator programme .
Chancellor Rishi Sunak said today : “ Our small businesses form the backbone of the British economy , fuelling growth and creating jobs in communities across @ @ @ @ @ @ @ difficult time for them , and that ’ s why I am delighted that today Google have announced this plan to help small businesses recover from the crisis .
”

Google reveals coronavirus support package for UK businesses
Google has today launched a number of pledges to support British small businesses during the pandemic, as part of a bid to help companies stay open through boosting online performance.
The tech firm said it has set a goal of helping 1m businesses by the end of 2021, particularly focusing on those which rely on in-person interactions such as in the hospitality industry.
Google said it will provide £25m in advertising credits and grants to small businesses, government agencies and non-government organisations (NGOs).
It will also be launching new tools to help companies keep their online presence updated and efficient, such as allowing anyone to report a business as reopened or buy gift cards and make donations.
Supported by the Department for Business, Energy and Industrial Strategy, Google will also launch 10,000 hours of free mentoring and training for businesses in partnership with Digital Boost.
Small businesses will be connected with Google Digital Garage coaches and Google employees for one-to-one sessions, teaching skills in marketing, how to improve Google rankings and how to re-organise a business towards a post-pandemic model.
“Local businesses are the lifeblood of our communities. Like millions up and down the country, we want to help small businesses both survive and thrive,” said Ronan Harris, UK managing director at Google.
“Through this programme we’re aiming to upskill SMEs and charities by helping them adapt to operating in a post lockdown environment. Despite the ongoing uncertainty, we want to show that having an online presence can have a transformative impact on offline businesses.”
A separate series of 60-minute webinars has been launched for anyone to sign up to, with topics ranging from livestreaming tips to optimising for remote working.
Similar initiatives have been launched by other tech firms this week. Today Ebay announced a coalition to support charities move towards online retail, while Amazon on Monday launched a small business accelerator programme.
Chancellor Rishi Sunak said today: “Our small businesses form the backbone of the British economy, fuelling growth and creating jobs in communities across the country. This has been a difficult time for them, and that’s why I am delighted that today Google have announced this plan to help small businesses recover from the crisis.”


cityam--2020-06-26--Intu ready to call in the administrators as funding talks fail

Intu said it is set to call in administrators today after cliff-edge negotiations with lenders failed to secure its future .
The retail landlord said “ unortunately , insufficient alignment and agreement has been achieved ” with key creditors on a standstill on loan repayments , ahead of its debt waiver period expiring at midnight tonight .
Intu was already suffering from closures due to lower footfall to its shopping centres pre-coronavirus , .
But it has been hit badly by the pandemic as locked down retailers simply refused to pay rent .
It had lined up KPMG to step @ @ @ @ @ @ @ new funding this week .
Today Intu said those talks have collapsed .
“ The board is therefore considering the position of Intu with a view to protecting the interests of its stakeholders , ” it said .
“ This is likely to involve the appointment of administrators.
” AJ Bell investment director Russ Mould said “ time is up ” for Intu .
“ Already in a sorry state before coronavirus , the pandemic and effective shuttering of its sites has tipped it over the edge , ” he said .
“ @ @ @ @ @ @ @ waiver expiring at midnight and little sign of an agreement being reached with its lenders , calling in the administrators looks an inevitable next step .
Intu ’ s share price almost halved to just 1.71p on today ’ s announcement as traders gave it a market cap of under £20m .
“ This is an acknowledgement from investors that the company ’ s net borrowings of more than £4.5 billion will swallow it up , ” Mould added .
He pointed to the rise of online shopping hurting retailers who in turn @ @ @ @ @ @ @ s rental income .
But Mould also blamed Intu for taking on too much debt and added : “ In hindsight [ Intu ] was buying up assets at the wrong time in the early to mid-2010s .
The fact several suitors took a look at the business in the last couple of years before walking away should have set alarm bells ringing.
” Read more : Retail landlord Intu seeks debt standstill as rent payments fall in lockdown And Hammerson walked away from a £3.4bn purchase in April 2018 that would have @ @ @ @ @ @ @ company .
“ The chances of a white knight riding to the rescue are practically non-existent at this point , with the future of Intu ’ s assets likely to be more akin to vultures picking over its carcass .
”

Intu ready to call in the administrators as funding talks fail
Intu said it is set to call in administrators today after cliff-edge negotiations with lenders failed to secure its future.
The retail landlord said “unfortunately, insufficient alignment and agreement has been achieved” with key creditors on a standstill on loan repayments, ahead of its debt waiver period expiring at midnight tonight.
Intu was already suffering from closures due to lower footfall to its shopping centres pre-coronavirus. But it has been hit badly by the pandemic as locked down retailers simply refused to pay rent.
It had lined up KPMG to step in if lenders failed to agree to new funding this week.
Today Intu said those talks have collapsed.
“The board is therefore considering the position of Intu with a view to protecting the interests of its stakeholders,” it said. “This is likely to involve the appointment of administrators.”
AJ Bell investment director Russ Mould said “time is up” for Intu.
“Already in a sorry state before coronavirus, the pandemic and effective shuttering of its sites has tipped it over the edge,” he said.
“With the expiry on a debt covenant waiver expiring at midnight and little sign of an agreement being reached with its lenders, calling in the administrators looks an inevitable next step.
Intu’s share price almost halved to just 1.71p on today’s announcement as traders gave it a market cap of under £20m.
“This is an acknowledgement from investors that the company’s net borrowings of more than £4.5bn will swallow it up,” Mould added.
He pointed to the rise of online shopping hurting retailers who in turn have shut shop, hurting Intu’s rental income.
But Mould also blamed Intu for taking on too much debt and added: “In hindsight [Intu] was buying up assets at the wrong time in the early to mid-2010s. The fact several suitors took a look at the business in the last couple of years before walking away should have set alarm bells ringing.”
A consortium led by billionaire shareholder John Whittaker abandoned a £2.9bn takeover proposal in November 2018.
And Hammerson walked away from a £3.4bn purchase in April 2018 that would have created the UK’s largest property company.
“The chances of a white knight riding to the rescue are practically non-existent at this point, with the future of Intu’s assets likely to be more akin to vultures picking over its carcass.”


cityam--2020-06-26--Camden Town brewery launches pub beer fundraiser

Camden Town brewery has today launched a new beer with profits going towards the production of free kegs for their pub customers .
Profits from the sale of cans of the new American Pale Ale , ‘ To the Pub ’ , will be used to produce more than 250,000 pints of the beer which will be given away to pubs across the summer .
Though pubs have been given the OK to reopen , it is expected that with capacity reduced at many venues and with some institutional landlords insisting on unamended rent payments some will still see tough @ @ @ @ @ @ @ more : Pubs given thumbs up on reopening but questions remain Jasper Cuppaidge , Founder of Camden Town Brewery said : “ Never would I have thought that the industry that ’ s brought me so much , would need so much help to survive .
It needs all of us , from brewers to beer drinkers , to help this industry get back to stable ground.
” At the beginning of lockdown , the brewery also renamed their Camden Hells lager ‘ Camden Heroes ’ and donated profits to NHS charities .
@ @ @ @ @ @ @ Pub ’ will be given to all pubs buying 2 kegs of their flagship Hells lager .
Camden Town was founded in 2010 and built their second brewery , the largest built in London for more than 30 years , in 2017 .
The outfit has been owned by Anheuser-Busch since a 2015 buyout .

Camden Town brewery launches pub beer fundraiser
Camden Town brewery has today launched a new beer with profits going towards the production of free kegs for their pub customers.
Profits from the sale of cans of the new American Pale Ale, ‘To the Pub’, will be used to produce more than 250,000 pints of the beer which will be given away to pubs across the summer.
Though pubs have been given the OK to reopen, it is expected that with capacity reduced at many venues and with some institutional landlords insisting on unamended rent payments some will still see tough times in the months ahead.
Read more: Pubs given thumbs up on reopening but questions remain
Jasper Cuppaidge, Founder of Camden Town Brewery said: “Never would I have thought that the industry that’s brought me so much, would need so much help to survive. It needs all of us, from brewers to beer drinkers, to help this industry get back to stable ground.”
At the beginning of lockdown, the brewery also renamed their Camden Hells lager ‘Camden Heroes’ and donated profits to NHS charities. A free keg of ‘To the Pub’ will be given to all pubs buying 2 kegs of their flagship Hells lager.
Camden Town was founded in 2010 and built their second brewery, the largest built in London for more than 30 years, in 2017.
The outfit has been owned by Anheuser-Busch since a 2015 buyout.


cityam--2020-06-26--Three people 'believed dead' in Glasgow stabbing

Three people are believed to have been killed in a stabbing attack in Glasgow city centre this afternoon , the BBC reported .
The attacker , who was shot dead by police , was one of the fatalities , and there are reports that two others were killed .
A total of six people are being treated in hospital for their injuries , including a police officer .
Emergency services are currently dealing with the incident , which has closed off West George street , police said on Twitter .
In a statement , Assistant Chief Constable Steve Johnson said @ @ @ @ @ @ @ with the incident on West George Street Glasgow and would ask people to avoid the area .
“ However , I would like to reassure the public that this is a contained incident and that the wider public is not at risk .
“ Armed police officers attended the incident and I can confirm that a male suspect was shot by an armed officer .
“ I would like to reassure the public that at this time we are not looking for anyone else in relation to this incident .
“ I can @ @ @ @ @ @ @ injured while dealing with the incident and that officer is receiving treatment in hospital.
” Before the Open newsletter : Start your day with the City View podcast and key market data Scotland ’ s first minister Nicola Sturgeon said that she was being briefed on the situation .
Prime Minister Boris Johnson tweeted : “ Deeply saddened by the terrible incident in Glasgow , my thoughts are with all the victims and their families .
“ Thank you to our brave emergency services who are responding ” .
Home secretary Priti Patel @ @ @ @ @ @ @ ” and urged people to follow police advice .
One eyewitness , Craig Milroy , who saw the aftermath of the Glasgow incident from a nearby office , said four people were taken away by ambulances .
He told PA : “ I saw a man lying on the ground , of African descent , with no shoes on .
He was on the ground with someone holding his side – I don ’ t know if it was a bullet wound , a stab wound , or what it was.
” The @ @ @ @ @ @ @ one of the victims .
“ After that we saw commotion , ambulances further up and we saw armed police all running into the hotel next to the Society Room , ” he added .
“ We were still standing outside , after that the police all came down , the riot police and triage team told us to go back in and lock the door.
” Read more : Reading attacks : Government undertaking ‘ biggest overhaul of terrorism laws in decades ’ “ We were still standing outside , after that @ @ @ @ @ @ @ riot police and triage team told us to go back in and lock the door.
” The incident comes after three people were killed in a park in Reading last Saturday , in what the government later declared a terrorist incident .

Three people ‘believed dead’ in Glasgow stabbing
Three people are believed to have been killed in a stabbing attack in Glasgow city centre this afternoon, the BBC reported.
The attacker, who was shot dead by police, was one of the fatalities, and there are reports that two others were killed.
A total of six people are being treated in hospital for their injuries, including a police officer.
Emergency services are currently dealing with the incident, which has closed off West George street, police said on Twitter.
In a statement, Assistant Chief Constable Steve Johnson said: “We are continuing to deal with the incident on West George Street Glasgow and would ask people to avoid the area.
“However, I would like to reassure the public that this is a contained incident and that the wider public is not at risk.
“Armed police officers attended the incident and I can confirm that a male suspect was shot by an armed officer.
“I would like to reassure the public that at this time we are not looking for anyone else in relation to this incident.
“I can also confirm that a police officer was injured while dealing with the incident and that officer is receiving treatment in hospital.”
Before the Open newsletter: Start your day with the City View podcast and key market data
Scotland’s first minister Nicola Sturgeon said that she was being briefed on the situation.
Prime Minister Boris Johnson tweeted: “Deeply saddened by the terrible incident in Glasgow, my thoughts are with all the victims and their families.
“Thank you to our brave emergency services who are responding”.
Home secretary Priti Patel said the reports were “deeply alarming” and urged people to follow police advice.
One eyewitness, Craig Milroy, who saw the aftermath of the Glasgow incident from a nearby office, said four people were taken away by ambulances.
He told PA: “I saw a man lying on the ground, of African descent, with no shoes on. He was on the ground with someone holding his side – I don’t know if it was a bullet wound, a stab wound, or what it was.”
The eyewitness said he thought the man was one of the victims.
“After that we saw commotion, ambulances further up and we saw armed police all running into the hotel next to the Society Room,” he added.
“We were still standing outside, after that the police all came down, the riot police and triage team told us to go back in and lock the door.”
“We were still standing outside, after that the police all came down, the riot police and triage team told us to go back in and lock the door.”
The incident comes after three people were killed in a park in Reading last Saturday, in what the government later declared a terrorist incident.
More to follow.


cityam--2020-06-26--Dwindling number of female chiefs as Card Factory boss leaves

Karen Hubbard ’ s departure from Card Factory leaves no women at the top of any FTSE retailer .
Hubbard claimed the status as the only female boss after a considerable drop in the number of women at the top of FTSE firms .
Read more : Card Factory chief Karen Hubbard steps down after four years This is despite around 60 per cent of the retail workforce are women while approximately 80 per cent of purchasing decisions are made by females .
Last autumn the chief of B & Q owner Kingfisher , Veronique Laury , left the firm @ @ @ @ @ @ @ And just five per cent of the FTSE 100 chiefs are women : GlaxoSmithKline ’ s Emma Walmsley , Liv Garfield at Severen Trent and Carolyn McCall at ITV .
Whitbread ’ s Alison Brittain and RBS boss Alison Rose join the small group of women at the top of the FTSE firms .
In February a government-backed review wrote to 63 firms asking them how they planned to improve gender balance .
The Hampton-Alexander review is aiming for a third of board-level and leadership positions at top firms to be filled by @ @ @ @ @ @ @ .
The Investment Association has also issued a so-called red-top on Domino ’ s Pizza , representing the strongest warning from the body because of it failure to appoint women to its board .
Read more : Domino ’ s Pizza scolded by the IA over lack of gender diversity Anne Cairns , global chair of the 30 % Club told City A.M. : “ This is less about Karen stepping down and more about the dearth of women at the top in an industry where over 80 per cent of day to @ @ @ @ @ @ @ ” “ In this age of Stakeholder Capitalism , the time has come for companies to really represent their client base .
In the case of retail that would suggest many more women at the top , ” Cairns added .

Dwindling number of female chiefs as Card Factory boss leaves
Outdated ideas of what entrepreneurs should be like are holding women back, writes Jenny Griffiths
Karen Hubbard’s departure from Card Factory leaves no women at the top of any FTSE retailer.
Hubbard claimed the status as the only female boss after a considerable drop in the number of women at the top of FTSE firms.
This is despite around 60 per cent of the retail workforce are women while approximately 80 per cent of purchasing decisions are made by females.
Last autumn the chief of B&Q owner Kingfisher, Veronique Laury, left the firm and was succeeded by Thierry Garnier.
And just five per cent of the FTSE 100 chiefs are women: GlaxoSmithKline’s Emma Walmsley, Liv Garfield at Severen Trent and Carolyn McCall at ITV. Whitbread’s Alison Brittain and RBS boss Alison Rose join the small group of women at the top of the FTSE firms.
In February a government-backed review wrote to 63 firms asking them how they planned to improve gender balance. The Hampton-Alexander review is aiming for a third of board-level and leadership positions at top firms to be filled by women by the end of the year.
The Investment Association has also issued a so-called red-top on Domino’s Pizza, representing the strongest warning from the body because of it failure to appoint women to its board.
Anne Cairns, global chair of the 30% Club told City A.M.: “This is less about Karen stepping down and more about the dearth of women at the top in an industry where over 80 per cent of day to day buying decisions are made by women.”
“In this age of Stakeholder Capitalism, the time has come for companies to really represent their client base. In the case of retail that would suggest many more women at the top,” Cairns added.


cityam--2020-06-26--Outgoing Tesco boss Dave Lewis sees £6.4m pay packet voted down

Dave Lewis ’ tenure as Tesco ’ s chief executive looks set to end on a sour note after shareholders voted down the pay report that will give him £6.4m in compensation .
Over 67 per cent of shareholders revolted against the report at the grocer ’ s annual meeting today , but as the vote is non-binding Lewis will still receive the full amount .
Investor groups had called on shareholders to vote against the proposals , pointing to the fact that Tesco had excluded Ocado as a competitor in its benchmarking report , thus boosting Lewis ’ bonus @ @ @ @ @ @ @ not included in the competitor group because it had turned itself into a technology company licensing its software instead of a straight grocery business .
One of the investor groups , Glass Lewis , said in its note that with Ocado included , Tesco had underperformed its rivals by 4.2 per cent over three years .
However , when it took out Ocado , it beat its competitors by 3.3 per cent .
For the outgoing Lewis , the vote is a disappointing note on which to depart Tesco after winning many plaudits @ @ @ @ @ @ @ around over the last five years .
Before the Open newsletter : Start your day with the City View podcast and key market data Lewis will step down at the end of September and will be replaced by Boots veteran Ken Murphy .
The vote came as Lewis announced his last results as Tesco boss , with sales rising nearly nine per cent in the first quarter due to the coronavirus pandemic .
Underlying sales in the UK rose 8.7 per cent in the 13 weeks to the end of May , reaching @ @ @ @ @ @ @ profit , saying that it expects income for the full year to be more or less the same as in 2019/20 as capital expenditure rises in tandem with sales .
While in the UK shopping frequency dropped 32 per cent as Brits stayed at home , the average transaction size rose by 64 per cent .
Read more : Tesco sells Polish business for £165m due to ‘ market challenges ’ Online sales in the UK rose an average of 48 per cent over the quarter , including a 91 per cent jump @ @ @ @ @ @ @ had increased its home delivery slots from 600,000 to 1.3m per week , taking its costs for digital to £4m .

Outgoing Tesco boss Dave Lewis sees £6.4m pay packet voted down
Dave Lewis’ tenure as Tesco’s chief executive looks set to end on a sour note after shareholders voted down the pay report that will give him £6.4m in compensation.
Over 67 per cent of shareholders revolted against the report at the grocer’s annual meeting today, but as the vote is non-binding Lewis will still receive the full amount.
Investor groups had called on shareholders to vote against the proposals, pointing to the fact that Tesco had excluded Ocado as a competitor in its benchmarking report, thus boosting Lewis’ bonus.
The supermarket said that Ocado was not included in the competitor group because it had turned itself into a technology company licensing its software instead of a straight grocery business.
One of the investor groups, Glass Lewis, said in its note that with Ocado included, Tesco had underperformed its rivals by 4.2 per cent over three years.
However, when it took out Ocado, it beat its competitors by 3.3 per cent.
For the outgoing Lewis, the vote is a disappointing note on which to depart Tesco after winning many plaudits for his role in turning the company around over the last five years.
Before the Open newsletter: Start your day with the City View podcast and key market data
Lewis will step down at the end of September and will be replaced by Boots veteran Ken Murphy.
The vote came as Lewis announced his last results as Tesco boss, with sales rising nearly nine per cent in the first quarter due to the coronavirus pandemic.
Underlying sales in the UK rose 8.7 per cent in the 13 weeks to the end of May, reaching £9.9bn.
It maintained its outlook on profit, saying that it expects income for the full year to be more or less the same as in 2019/20 as capital expenditure rises in tandem with sales.
While in the UK shopping frequency dropped 32 per cent as Brits stayed at home, the average transaction size rose by 64 per cent.
Online sales in the UK rose an average of 48 per cent over the quarter, including a 91 per cent jump in May alone.
Tesco said it had increased its home delivery slots from 600,000 to 1.3m per week, taking its costs for digital to £4m.


cityam--2020-06-26--UK coronavirus deaths jump by 186 to hit 43,414

UK coronavirus deaths increased by 186 overnight days before England is set to ease its lockdown , official data showed today .
That took the official UK death toll to 43,414 , according to Department of Health data .
However , including suspected cases , UK coronavirus deaths are believed to have exceeded 50,000 .
Read more : Bournemouth : ‘ Major incident ’ declared as Brits flock to the beach during heatwave Today ’ s figure is the third day running that deaths have hit triple figures after Prime Minister Boris Johnson signalled a significant easing of England ’ @ @ @ @ @ @ @ , restaurants , cafes , cinemas and other shops can reopen following three months of closures to contain coronavirus .
Another 1,006 Brits tested positive for Covid-19 to bring the UK ’ s total number of diagnosed cases so far to 309,360 .
The government had the capacity for 165,665 coronavirus tests yesterday , the Department of Health said .
But it failed to say how many people it actually tested .
It comes after police announced a major incident yesterday after Brits flocked to Bournemouth ’ s beaches .
Thousands of sunseekers @ @ @ @ @ @ @ as 50 despite the government urging people to stay more than a metre apart .
Officials condemned the crowds , which emerged during a heatwave this week .
Council leader Vikki Slade said : “ We are absolutely appalled at the scenes witnessed on our beaches , particularly at Bournemouth and Sandbanks , in the last 24 to 48 hours.
” “ The irresponsible behaviour and actions of so many people is just shocking and our services are stretched to the absolute hilt trying to keep everyone safe .
We have had no @ @ @ @ @ @ @ incident and initiate an emergency response.
” In response to the major incident in Bournemouth health secretary Matt Hancock today warned the government could close beaches if people do not stick to social distancing guidelines .
Hancock said he would be “ reluctant ” to shut beaches but would do so if coronavirus infections spike .
Environment secretary George Eustice supported Hancock ’ s stance .
He told the BBC “ we do have the power to go back in and act ” .
“ We don ’ t want to do that @ @ @ @ @ @ @ do so ” , he added .
“ We are appealing to everyone who does decide to go to the beach to observe that social distancing and stay within their family ” .
Yesterday the government revealed 149 people had died by 5pm on 24 June from coronavirus .
And the UK experienced 154 coronavirus deaths on 23 June after 171 died on 22 June .
Health experts have warned the UK of the risk of a second wave of coronavirus infections .
Read more : Coronavirus : Government urged to prepare for @ @ @ @ @ @ @ open letter earlier this week urging politicians to prepare measures to protect Brits and the economy in the event of a second spike .
Some US states like Texas have paused their reopenings following lockdowns as coronavirus infections rocket .
The US yesterday recorded its biggest one-day case increase since the start of the pandemic .
And Germany saw its R rate – the average number of people an infected person passes coronavirus to – jump back up to 2.88 over the weekend .

UK coronavirus deaths jump by 186 to hit 43,414
Beachgoers enjoy the sunshine as they sunbathe and play in the sea on Bournemouth beach in Bournemouth, southern England, on June 25, 2020. – Just days after lockdown ended and European travel restrictions were lifted, many were staying home in the cool as a heatwave hit the continent with temperatures touching 40 degrees Celcius. Britain was bracing for a flood of visitors to its beaches with the heatwave expected to last until Friday and temperatures set to climb into the mid-30s in the south and centre of the country. (Photo by Glyn KIRK / AFP) (Photo by GLYN KIRK/AFP via Getty Images)
UK coronavirus deaths increased by 186 overnight days before England is set to ease its lockdown, official data showed today.
That took the official UK death toll to 43,414, according to Department of Health data.
However, including suspected cases, UK coronavirus deaths are believed to have exceeded 50,000.
Today’s figure is the third day running that deaths have hit triple figures after Prime Minister Boris Johnson signalled a significant easing of England’s lockdown.
From 4 July pubs, restaurants, cafes, cinemas and other shops can reopen following three months of closures to contain coronavirus.
Another 1,006 Brits tested positive for Covid-19 to bring the UK’s total number of diagnosed cases so far to 309,360.
The government had the capacity for 165,665 coronavirus tests yesterday, the Department of Health said. But it failed to say how many people it actually tested.
It comes after police announced a major incident yesterday after Brits flocked to Bournemouth’s beaches.
Thousands of sunseekers swarmed onto beaches in groups as large as 50 despite the government urging people to stay more than a metre apart.
Officials condemned the crowds, which emerged during a heatwave this week.
Council leader Vikki Slade said: “We are absolutely appalled at the scenes witnessed on our beaches, particularly at Bournemouth and Sandbanks, in the last 24 to 48 hours.”
“The irresponsible behaviour and actions of so many people is just shocking and our services are stretched to the absolute hilt trying to keep everyone safe. We have had no choice now but to declare a major incident and initiate an emergency response.”
In response to the major incident in Bournemouth health secretary Matt Hancock today warned the government could close beaches if people do not stick to social distancing guidelines.
Hancock said he would be “reluctant” to shut beaches but would do so if coronavirus infections spike.
Environment secretary George Eustice supported Hancock’s stance. He told the BBC “we do have the power to go back in and act”.
“We don’t want to do that and we will be very reluctant to do so”, he added.
“We are appealing to everyone who does decide to go to the beach to observe that social distancing and stay within their family”.
Yesterday the government revealed 149 people had died by 5pm on 24 June from coronavirus.
And the UK experienced 154 coronavirus deaths on 23 June after 171 died on 22 June.
Health experts have warned the UK of the risk of a second wave of coronavirus infections.
Medical experts wrote an open letter earlier this week urging politicians to prepare measures to protect Brits and the economy in the event of a second spike.
Some US states like Texas have paused their reopenings following lockdowns as coronavirus infections rocket. The US yesterday recorded its biggest one-day case increase since the start of the pandemic.
And Germany saw its R rate – the average number of people an infected person passes coronavirus to – jump back up to 2.88 over the weekend.
More to follow.


cityam--2020-06-26--Intu falls into administration after lender talks fall through

Retail landlord Intu has fallen into administration after lenders failed to agree to last-minute relief on the company ’ s debt obligations today .
Intu ’ s failure to raise new capital means KPMG will now step in to handle its administration .
Read more : Intu ready to call in the administrators as funding talks fail Adminstrators James Tucker , Michael Pink and David PIke will lead the process .
Intu ’ s shares have now been suspended on the London Stock Exchange and the Johannesburg Stock Exchange and but shopping centres continue to trade .
Intu has suffered @ @ @ @ @ @ @ during the coronavirus lockdown .
Read more : Retailers pay less than 15 per cent of rent for June quarter as property crisis deepens But the shopping centre landlord had high levels of debt prior to the crisis and has been caught out by the industry ’ s shift to online shopping .
Underlying group operating companies remain unaffected and all shopping centres are continuing to trade .
The intu Group ’ s relationships with its tenants are with these operating companies , not the companies entering administration .
The shopping centre operating @ @ @ @ @ @ @ into transitional services agreements with the Administrators of the central entities to ensure continuity of service provision by the central entities to the individual shopping centres .
The commercial property giant had won a waiver on potential breaches of its debt facility on 1 May , with the new deadline due to expire at midnight tonight .
Intu had been hoping that cliff-edge talks with its lenders would result in a last-minute deal to extend its debt waiver , due to expire at midnight tonight .
Read more : Microsoft to permanently close @ @ @ @ @ @ @ fruitless and KPMG will now take the retail landlord – and its empire of shopping centres – into administration .
Intu blamed “ insufficient alignment and agreement in relation to the terms of such standstill-based agreements ” for the talks ’ failure and its fall into administration .
Richard Lim , the chief executive of research outfit Retail Economics , pointed the finger at retail landlords “ stuck in an age of analogue retailing ” .
He accused Intu of being “ sluggish ” to adapt to the impact of online shopping .
@ @ @ @ @ @ @ shops shut , but were growing at the expense of high street footfall long prior to the pandemic .
“ The future for the retail property market is unsettling , ” Lim added .
“ The impact of Covid-19 will only accelerate these trends , pushing a greater proportion of spending online while making the commercial viability of physical retail even more challenging .
“ Permanent changes in the way people work , travel and communicate will also create further challenges for destinations reliant on high levels of footfall from office workers .
@ @ @ @ @ @ @ towards more mixed-use space that offers flexible office , residential and more leisure and entertainment may end up misplaced .
”

Intu falls into administration after lender talks fall through
Intu falls into administration after lender talks
Retail landlord Intu has fallen into administration after lenders failed to agree to last-minute relief on the company’s debt obligations today.
Intu’s failure to raise new capital means KPMG will now step in to handle its administration.
Adminstrators James Tucker, Michael Pink and David PIke will lead the process.
Intu’s shares have now been suspended on the London Stock Exchange and the Johannesburg Stock Exchange and but shopping centres continue to trade.
Intu has suffered from retailers being unable to pay rent during the coronavirus lockdown.
But the shopping centre landlord had high levels of debt prior to the crisis and has been caught out by the industry’s shift to online shopping.
Intu said:
Underlying group operating companies remain unaffected and all shopping centres are continuing to trade. The intu Group’s relationships with its tenants are with these operating companies, not the companies entering administration. The shopping centre operating companies have or are expected to enter into transitional services agreements with the Administrators of the central entities to ensure continuity of service provision by the central entities to the individual shopping centres.
The commercial property giant had won a waiver on potential breaches of its debt facility on 1 May, with the new deadline due to expire at midnight tonight.
Intu had been hoping that cliff-edge talks with its lenders would result in a last-minute deal to extend its debt waiver, due to expire at midnight tonight.
But the talks proved fruitless and KPMG will now take the retail landlord – and its empire of shopping centres – into administration.
Intu blamed “insufficient alignment and agreement in relation to the terms of such standstill-based agreements” for the talks’ failure and its fall into administration.
Richard Lim, the chief executive of research outfit Retail Economics, pointed the finger at retail landlords “stuck in an age of analogue retailing”.
He accused Intu of being “sluggish” to adapt to the impact of online shopping. Online sales have rocketed in lockdown with shops shut, but were growing at the expense of high street footfall long prior to the pandemic.
“The future for the retail property market is unsettling,” Lim added. “The impact of Covid-19 will only accelerate these trends, pushing a greater proportion of spending online while making the commercial viability of physical retail even more challenging.
“Permanent changes in the way people work, travel and communicate will also create further challenges for destinations reliant on high levels of footfall from office workers.
“Meanwhile, the shift in investment towards more mixed-use space that offers flexible office, residential and more leisure and entertainment may end up misplaced.”


cityam--2020-06-26--Markets live: FTSE 100 gains on Sunak's hints of additional fiscal stimulus

The FTSE 100 clawed back some of the week ’ s losses as investors took comfort in Rishi Sunak ’ s hints at potential additional stimulus .
The blue-chip index opened 1.07 per cent higher before climbing to trade up 1.5 per cent by 1.50pm .
However , the FTSE 100 is on track for a two per cent loss across the week .
Read more : Rishi Sunak says government bailouts are a ‘ last resort ’ It came after Rishi Sunak hinted at additional fiscal stimulus in the coming weeks .
Speaking to Bloomberg , the Chancellor said @ @ @ @ @ @ @ last resort ” but stressed his priority is to try and preserve as many jobs as possible .
“ If hardly a rousing statement of intent , it was still enough of a hint to allow the FTSE to double down on its early growth , ” Spreadex analyst Connor Campbell said .
ECB president Christine Lagarde also said “ there is no question ” that central banks will need to use “ all tools available ” to combat a recession .
Investors seemed to turn a blind eye to the continued rise @ @ @ @ @ @ @ Fears of another wave and subsequent lockdown has weighed on global stocks this week but the FTSE 100 and its European peers started Friday ’ s session positively .
The pan-European Stoxx 600 opened up 0.72 per cent while Germany ’ s Dax edged 0.69 per cent higher .
France ’ s Cac is trading flat .
This is despite a growing number of US states recording their highest one day increase in daily Covid-19 cases .
Texas also announced it would postpone reopening after just one month as new cases hit nearly @ @ @ @ @ @ @ fall on Fed announcement Stateside , investors were more cautious than the FTSE as the Dow Jones opened 0.94 per cent lower .
The benchmark S & P 500 is down 0.49 per cent while the Nasdaq edged 0.24 per cent lower .
It comes after the Fed ’ s stress test found US banks were “ well capitalised under even the harshest ” of downside scenarios .
“ So , all the banks have , in essence , ‘ passed ’ , but we know that is only because of the massive @ @ @ @ @ @ @ easing , as well as Congressional stimulus , ” said Neil Wilson , chief markets analyst at Markets.com .
Bank of America dropped 3.44 per cent on open , while Goldman Sachs plummeted 5.53 per cent , as the Fed capped dividend payments and barred share repurchases until at least the fourth quarter .
In yesterday ’ s session bank stocks had driven Wall Street ’ s gains , helping offset fears of the rising cases .
Get the news as it happens by following City A.M. on Twitter .

Markets live: FTSE 100 gains on Sunak’s hints of additional fiscal stimulus
The FTSE 100 clawed back some of the week’s losses as investors took comfort in Rishi Sunak’s hints at potential additional stimulus.
The blue-chip index opened 1.07 per cent higher before climbing to trade up 1.5 per cent by 1.50pm. However, the FTSE 100 is on track for a two per cent loss across the week.
It came after Rishi Sunak hinted at additional fiscal stimulus in the coming weeks. Speaking to Bloomberg, the Chancellor said government bailouts would only be a “last resort” but stressed his priority is to try and preserve as many jobs as possible.
“If hardly a rousing statement of intent, it was still enough of a hint to allow the FTSE to double down on its early growth,” Spreadex analyst Connor Campbell said.
ECB president Christine Lagarde also said “there is no question” that central banks will need to use “all tools available” to combat a recession.
Investors seemed to turn a blind eye to the continued rise in coronavirus cases in the US. Fears of another wave and subsequent lockdown has weighed on global stocks this week but the FTSE 100 and its European peers started Friday’s session positively. The pan-European Stoxx 600 opened up 0.72 per cent while Germany’s Dax edged 0.69 per cent higher. France’s Cac is trading flat.
This is despite a growing number of US states recording their highest one day increase in daily Covid-19 cases. Texas also announced it would postpone reopening after just one month as new cases hit nearly 6,000.
US stocks drop as banks fall on Fed announcement
Stateside, investors were more cautious than the FTSE as the Dow Jones opened 0.94 per cent lower. The benchmark S&P 500 is down 0.49 per cent while the Nasdaq edged 0.24 per cent lower.
It comes after the Fed’s stress test found US banks were “well capitalised under even the harshest” of downside scenarios.
“So, all the banks have, in essence, ‘passed’, but we know that is only because of the massive injection of Fed liquidity provisions and monetary easing, as well as Congressional stimulus,” said Neil Wilson, chief markets analyst at Markets.com.
Bank of America dropped 3.44 per cent on open, while Goldman Sachs plummeted 5.53 per cent, as the Fed capped dividend payments and barred share repurchases until at least the fourth quarter.
In yesterday’s session bank stocks had driven Wall Street’s gains, helping offset fears of the rising cases.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-06-26--Amazon buys self-driving startup Zoox for $1bn

Amazon has acquired US self-driving startup Zoox , marking its first major step into the driverless cars market .
The deal is valued at more than $ 1bn , the Information first reported .
Amazon declined to confirm the size of the acquisition .
Zoox chief executive Aicha Evans and chief technology officer Jesse Levinson will continue to lead Zoox as a standalone business , the two companies said in a statement .
It has been suggested that Amazon may use the acquisition to incorporate self-driving technology into its logistics network , with the potential to develop a driverless fleet @ @ @ @ @ @ @ stake in self-driving startup Aurora and electric carmaker Rivian last year , prompting rumours about its intentions in the sector .
It joins fellow tech giant Alphabet and its driverless unit Waymo , which has been trialling self-driving cars on streets for a number of years .
Uber similarly has skin in the game , raising more than $ 1bn in investment for its autonomous fleet from the likes of Toyota last year .
Meanwhile Apple is known to have been developing driverless technology for several years , though it has yet to @ @ @ @ @ @ @ 2014 , Zoox was last publicly valued in a private fundraising round at $ 3.2bn two years ago .
Investors who stand to gain from the deal include Breyer Capital , the Canada Pension Plan Investment Board , Lux Capital and Atlassian co-founder Mike Cannon-Brookes .
Read more : Volkswagen throws down the gauntlet to Silicon Valley on self-driving cars “ Zoox is working to imagine , invent , and design a world-class autonomous ride-hailing experience , ” said Jeff Wilke , Amazon ’ s chief executive of its worldwide consumer division .
@ @ @ @ @ @ @ about innovation and about its customers , and we ’ re excited to help the talented Zoox team to bring their vision to reality in the years ahead.
” Zoox was forced to suspend driving trials of its technology earlier this year due to the coronavirus pandemic .
It is also reported to have laid off about 100 employees in April .

Amazon buys self-driving startup Zoox for $1bn
Zoox chief executive Aicha Evans
Amazon has acquired US self-driving startup Zoox, marking its first major step into the driverless cars market.
The deal is valued at more than $1bn, the Information first reported. Amazon declined to confirm the size of the acquisition.
Zoox chief executive Aicha Evans and chief technology officer Jesse Levinson will continue to lead Zoox as a standalone business, the two companies said in a statement.
It has been suggested that Amazon may use the acquisition to incorporate self-driving technology into its logistics network, with the potential to develop a driverless fleet down the line.
Amazon took a stake in self-driving startup Aurora and electric carmaker Rivian last year, prompting rumours about its intentions in the sector.
It joins fellow tech giant Alphabet and its driverless unit Waymo, which has been trialling self-driving cars on streets for a number of years.
Uber similarly has skin in the game, raising more than $1bn in investment for its autonomous fleet from the likes of Toyota last year. Meanwhile Apple is known to have been developing driverless technology for several years, though it has yet to debut a physical model.
Founded in 2014, Zoox was last publicly valued in a private fundraising round at $3.2bn two years ago. Investors who stand to gain from the deal include Breyer Capital, the Canada Pension Plan Investment Board, Lux Capital and Atlassian co-founder Mike Cannon-Brookes.
“Zoox is working to imagine, invent, and design a world-class autonomous ride-hailing experience,” said Jeff Wilke, Amazon’s chief executive of its worldwide consumer division.
“Like Amazon, Zoox is passionate about innovation and about its customers, and we’re excited to help the talented Zoox team to bring their vision to reality in the years ahead.”
Zoox was forced to suspend driving trials of its technology earlier this year due to the coronavirus pandemic. It is also reported to have laid off about 100 employees in April.


cityam--2020-06-26--Microsoft to permanently close all retail stores

Microsoft has said it intends to keep all of its retail locations closed permanently , as it reorganises its sales offering towards online shopping .
It said its retail team members will “ continue to serve customers from Microsoft corporate facilities ” , remotely providing sales , training , and support .
No job losses were mentioned .
It added that it will reimagine some of its spaces that serve its customers , including the Microsoft Experience Centres in London , New York City , Sydney and Redmond .
It is understood this includes the recently opened flagship store on @ @ @ @ @ @ @ physical locations will result in a pre-tax charge of approximately $ 450m , Microsoft said , which will be recorded in the current quarter .
The charge “ includes primarily asset write-offs and impairments ” .
“ Our sales have grown online as our product portfolio has evolved to largely digital offerings , and our talented team has proven success serving customers beyond any physical location , ” said Microsoft corporate vice president David Porter .
“ It is a new day for how Microsoft Store team members will serve all customers .
@ @ @ @ @ @ @ innovate in how we engage with all customers , maximise our talent for greatest impact , and most importantly help our valued customers achieve more.
” Read more : Microsoft downgrades Windows and Surface outlook on coronavirus outbreak Retail team members have been involved in providing webinars and mentoring sessions while lockdown measures forced stores to close all over the world .
Microsoft said it believes refocusing its retail staff towards working digitally will allow the company to serve both consumer and business customers , while “ building a pipeline of talent with @ @ @ @ @ @ @ in New York this afternoon , its shares edged down slightly by 0.4 per cent .
The move into physical retail was relatively new for Microsoft , as it sought to compete against Apple which operates a highly successful store network globally .
It often located its stores in close proximity to Apple ’ s own flagships , with its London flagship only doors away from Apple ’ s Regent Street location .
A Microsoft spokesperson did not immediately respond to a request for comment confirming the future of its Oxford Street store @

Microsoft to permanently close all retail stores
Microsoft has said it intends to keep all of its retail locations closed permanently, as it reorganises its sales offering towards online shopping.
It said its retail team members will “continue to serve customers from Microsoft corporate facilities”, remotely providing sales, training, and support. No job losses were mentioned.
It added that it will reimagine some of its spaces that serve its customers, including the Microsoft Experience Centres in London, New York City, Sydney and Redmond.
It is understood this includes the recently opened flagship store on Oxford Circus.
The closing of all physical locations will result in a pre-tax charge of approximately $450m, Microsoft said, which will be recorded in the current quarter. The charge “includes primarily asset write-offs and impairments”.
“Our sales have grown online as our product portfolio has evolved to largely digital offerings, and our talented team has proven success serving customers beyond any physical location,” said Microsoft corporate vice president David Porter.
“It is a new day for how Microsoft Store team members will serve all customers. We are energised about the opportunity to innovate in how we engage with all customers, maximise our talent for greatest impact, and most importantly help our valued customers achieve more.”
Retail team members have been involved in providing webinars and mentoring sessions while lockdown measures forced stores to close all over the world.
Microsoft said it believes refocusing its retail staff towards working digitally will allow the company to serve both consumer and business customers, while “building a pipeline of talent with transferable skills”.
As markets opened in New York this afternoon, its shares edged down slightly by 0.4 per cent.
The move into physical retail was relatively new for Microsoft, as it sought to compete against Apple which operates a highly successful store network globally. It often located its stores in close proximity to Apple’s own flagships, with its London flagship only doors away from Apple’s Regent Street location.
A Microsoft spokesperson did not immediately respond to a request for comment confirming the future of its Oxford Street store.


cityam--2020-06-26--EY 'failed to request Wirecard bank statements for three years'

EY failed to carry out a standard audit procedure on Wirecard for more than three years that could have uncovered colossal fraud at the fintech , it is claimed .
The accounting firm , which has audited Wirecard for over a decade , has come under fire after the German fintech disclosed a €1.9bn black hole in its accounts .
It is now reported that EY failed to request crucial account information .
Read more : Softbank plans to sue EY over its role in Wirecard scandal A report by the Financial Times claims that between 2016 and 2018 EY @ @ @ @ @ @ @ s OCBC Bank to confirm the lender held huge amounts of cash on Wirecard ’ s behalf .
Instead , the auditor relied on documents and screenshots provided by Wirecard and a third-party trustee .
One person told the FT that Wirecard has no banking relationship with OCBC and that the firm ’ s former trustee does not have an escrow account with the bank .
Additionally , the lender did not receive any query from EY in relation to Wirecard between 2016 and 2018 .
In a statement on Thursday , EY @ @ @ @ @ @ @ procedures may not uncover this kind of fraud ” .
EY is facing mounting legal action after the German shareholders ’ association SdK said it had filed a criminal complaint against Wirecard ’ s auditors .
Japanese company Softbank has also said it will sue EY after it invested in Wirecard last month , according to Der Spiegel .
On Thursday Wirecard said it was filing for insolvency after auditors refused to sign off the 2019 accounts after discovering billions missing from the balance sheet .
Read more : FCA orders Wirecard to @ @ @ @ @ @ @ , Wolfgang Schirp filed a class action lawsuit against the firm on behalf of Wirecard ’ s investors .
In a statement today , EY Germany said : “ EY has previously disclosed that it was provided false bank confirmations and statements pertaining to Wirecard escrow accounts .
We are currently reviewing all new and emerging information relating to the relevant financial statements and accounts.
” “ Due to market disclosure and confidentiality rules , we are unable to comment on Wirecard accounts .
With knowledge that 2019 bank statements , confirmations and @ @ @ @ @ @ @ can not rule out that prior years ’ documents and confirmations are suspect .
”

EY ‘failed to request Wirecard bank statements for three years’
EY failed to carry out a standard audit procedure on Wirecard for more than three years that could have uncovered colossal fraud at the fintech, it is claimed.
The accounting firm, which has audited Wirecard for over a decade, has come under fire after the German fintech disclosed a €1.9bn black hole in its accounts.
It is now reported that EY failed to request crucial account information.
A report by the Financial Times claims that between 2016 and 2018 EY did not directly check with Singapore’s OCBC Bank to confirm the lender held huge amounts of cash on Wirecard’s behalf.
Instead, the auditor relied on documents and screenshots provided by Wirecard and a third-party trustee.
One person told the FT that Wirecard has no banking relationship with OCBC and that the firm’s former trustee does not have an escrow account with the bank.
Additionally, the lender did not receive any query from EY in relation to Wirecard between 2016 and 2018.
In a statement on Thursday, EY said “even the most robust audit procedures may not uncover this kind of fraud”.
EY is facing mounting legal action after the German shareholders’ association SdK said it had filed a criminal complaint against Wirecard’s auditors.
Japanese company Softbank has also said it will sue EY after it invested in Wirecard last month, according to Der Spiegel.
On Thursday Wirecard said it was filing for insolvency after auditors refused to sign off the 2019 accounts after discovering billions missing from the balance sheet.
Earlier this month, Wolfgang Schirp filed a class action lawsuit against the firm on behalf of Wirecard’s investors.
In a statement today, EY Germany said: “EY has previously disclosed that it was provided false bank confirmations and statements pertaining to Wirecard escrow accounts. We are currently reviewing all new and emerging information relating to the relevant financial statements and accounts.”
“Due to market disclosure and confidentiality rules, we are unable to comment on Wirecard accounts. With knowledge that 2019 bank statements, confirmations and other routine documentation were falsified, we cannot rule out that prior years’ documents and confirmations are suspect.”


cityam--2020-06-26--DEBATE: Will a fall in house prices be good for young people?

Will a fall in house prices be good for young people ?
Matthew Addison , chief executive at StepLadder , says YES .
Given that we still aren ’ t building enough homes to satisfy demand as a nation , it is incredibly important for this finite supply to be allocated in a way that works equitably .
This hasn ’ t been the experience of most prospective first-time buyers , with the combination of stringent mortgage affordability criteria and runaway housing costs snatching away the first rung of the property ladder .
A drop in prices will represent a @ @ @ @ @ @ @ , which is currently tilted in the favour of existing property owners who are able to use their existing wealth to buy more buy-to-let properties — depriving first-time buyers of suitable homes and turning them into Generation Rent .
Adding insult to injury , rising costs for buy-to-let landlords get passed on to tenants , meaning that for many , the cost of renting is substantially worse compared to what their mortgage would be for their own home .
Though it may not last long , with lenders constantly adjusting their mortgage availability @ @ @ @ @ @ @ undoubtedly help more first-time buyers achieve their dreams of homeownership .
Read more : UK house prices to fall five per cent this year Mick Silver , chief executive at Moovshack , says NO .
While on the face of it a five per cent drop in house prices seems great for first-time buyers , it isn ’ t .
Drops in house prices mean that the market is nervous and unpredictable , which causes mortgage providers to become nervous too and demand bigger deposits .
Housebuilders are also less likely to build @ @ @ @ @ @ @ , meaning fewer homes available to first-time buyers .
Deposits are already a huge challenge , and where young people may previously have been able to buy with a five to 10 per cent deposit , they will now need 20 per cent or more to secure their home , making getting onto the property ladder even harder .
Price drops undermine confidence , so if the market falls further , first-time buyers also risk entering negative equity .
Owning a home is ultimately the best way to acquire capital , so it @ @ @ @ @ @ @ ( and everyone ’ s ) interest that the market remains stable .
Read more : Builders urge government to target 30,000 new houses for elderly a year in pandemic recovery

DEBATE: Will a fall in house prices be good for young people?
House prices are predicted to fall by five per cent this year
Will a fall in house prices be good for young people?
Matthew Addison, chief executive at StepLadder, says YES.
Given that we still aren’t building enough homes to satisfy demand as a nation, it is incredibly important for this finite supply to be allocated in a way that works equitably.
This hasn’t been the experience of most prospective first-time buyers, with the combination of stringent mortgage affordability criteria and runaway housing costs snatching away the first rung of the property ladder.
A drop in prices will represent a much needed correction in an imbalanced market, which is currently tilted in the favour of existing property owners who are able to use their existing wealth to buy more buy-to-let properties — depriving first-time buyers of suitable homes and turning them into Generation Rent.
Adding insult to injury, rising costs for buy-to-let landlords get passed on to tenants, meaning that for many, the cost of renting is substantially worse compared to what their mortgage would be for their own home.
Though it may not last long, with lenders constantly adjusting their mortgage availability, a fall in prices now will undoubtedly help more first-time buyers achieve their dreams of homeownership.
Mick Silver, chief executive at Moovshack, says NO.
While on the face of it a five per cent drop in house prices seems great for first-time buyers, it isn’t. Drops in house prices mean that the market is nervous and unpredictable, which causes mortgage providers to become nervous too and demand bigger deposits.
Housebuilders are also less likely to build affordable homes in a declining property market, meaning fewer homes available to first-time buyers.
Deposits are already a huge challenge, and where young people may previously have been able to buy with a five to 10 per cent deposit, they will now need 20 per cent or more to secure their home, making getting onto the property ladder even harder.
Price drops undermine confidence, so if the market falls further, first-time buyers also risk entering negative equity.
Owning a home is ultimately the best way to acquire capital, so it’s in first time buyers’ (and everyone’s) interest that the market remains stable.
Main image credit: Getty


cityam--2020-06-27--The failure of the track and trace app is the least-worst thing about it

Last week , the UK government announced a radical change in direction in its track and trace programme .
Its contact-tracing app , first announced in early May and once promised as a “ world beating ” solution , was pulled from development .
The NHSX app was abandoned because Apple and Google refused to yield on personal privacy restrictions that are built into the iPhone and Google Android operating systems , which the app had been trying to subvert .
This meant that only one in 25 contacts were being logged by users with iPhones .
The UK has @ @ @ @ @ @ @ second version of the app using the system architecture approved by Apple and Google , which is already in use by foreign governments in Europe and elsewhere .
Read more : The government should have been working on multiple tracing apps all along In the wake of this frustrating development , we have to question why the UK refused to adopt this framework in the first place , instead pushing ahead with its own app on a centralised data infrastructure that was questioned at the time by privacy experts .
The government also @ @ @ @ @ @ @ , Palantir and Faculty , were appointed to compile and analyse the patient data that was being collected by the NHSX Covid-19 application .
These names might not be familiar to the average citizen , but to privacy advocates they are immediate red flags .
Palantir is a US tech giant , part-funded by the CIA , and has an infamous track record of citizen surveillance for the purposes of immigration control .
Faculty is a UK AI company , which has come under scrutiny for its links to Boris Johnson ’ s @ @ @ @ @ @ @ its past role in the Vote Leave campaign .
These contracts provided both companies with access to UK citizen ’ s health data .
Much more information may have been added to the database if the app had been allowed to proceed , as new features were added and the scope of the app was allowed to creep .
Analysis of this data by Faculty and Palantir could easily have been leveraged for either political or economic gain .
While the failure of the app has delayed a potentially life saving programme — @ @ @ @ @ @ @ in the process — in the short term it has stopped these companies getting dangerous access to our data , and a new Cambridge Analytica-style breach .
However , the story of test and trace is not over .
In fact , we are back at square one , with a new app in development .
And in spite of the acceptance of Apple and Google ’ s framework , there is still the potential for data misuse .
Concerns remain about how Palantir and Faculty will now be involved in the development @ @ @ @ @ @ @ vital we ask questions now about how data will be gathered and used , to ensure that privacy is not once again put at risk in the next version .
Let ’ s not forget the purpose behind this app in the first place .
Once it is eventually developed and rolled out , the government is going to ask citizens to download it onto their personal devices and trust it to store and share their information in a safe and secure way .
If the public can not trust this , the @ @ @ @ @ @ @ mass of downloads needed for the test and trace programme to be a success .
These are extraordinary times , and we must acknowledge the challenges facing those trying to develop solutions to the Covid-19 crisis .
Yet , the challenge of these times should demand from all of us — the government included — the best of behaviours .
Gaining the public ’ s trust now , by ensuring people ’ s privacy is protected and demonstrating there is transparency in this intersection between technology and government , is essential .
Otherwise @ @ @ @ @ @ @ an app at all .
Read more : DEBATE : Should we be worried about the privacy issues around the contact tracing app ?

The failure of the track and trace app is the least-worst thing about it
If the public cannot trust the app, the government will struggle to get the critical mass of downloads needed for the test and trace programme to be a success
Last week, the UK government announced a radical change in direction in its track and trace programme.
Its contact-tracing app, first announced in early May and once promised as a “world beating” solution, was pulled from development.
The NHSX app was abandoned because Apple and Google refused to yield on personal privacy restrictions that are built into the iPhone and Google Android operating systems, which the app had been trying to subvert. This meant that only one in 25 contacts were being logged by users with iPhones. The UK has now had to begin work on a second version of the app using the system architecture approved by Apple and Google, which is already in use by foreign governments in Europe and elsewhere.
In the wake of this frustrating development, we have to question why the UK refused to adopt this framework in the first place, instead pushing ahead with its own app on a centralised data infrastructure that was questioned at the time by privacy experts.
The government also needs to explain why two tech companies, Palantir and Faculty, were appointed to compile and analyse the patient data that was being collected by the NHSX Covid-19 application. These names might not be familiar to the average citizen, but to privacy advocates they are immediate red flags.
Palantir is a US tech giant, part-funded by the CIA, and has an infamous track record of citizen surveillance for the purposes of immigration control. Faculty is a UK AI company, which has come under scrutiny for its links to Boris Johnson’s closest aide, Dominic Cummings, and its past role in the Vote Leave campaign.
These contracts provided both companies with access to UK citizen’s health data. Much more information may have been added to the database if the app had been allowed to proceed, as new features were added and the scope of the app was allowed to creep. Analysis of this data by Faculty and Palantir could easily have been leveraged for either political or economic gain.
While the failure of the app has delayed a potentially life saving programme — and cost the taxpayer a reported £11.8m in the process — in the short term it has stopped these companies getting dangerous access to our data, and a new Cambridge Analytica-style breach.
However, the story of test and trace is not over. In fact, we are back at square one, with a new app in development. And in spite of the acceptance of Apple and Google’s framework, there is still the potential for data misuse.
Concerns remain about how Palantir and Faculty will now be involved in the development of the new app. It is vital we ask questions now about how data will be gathered and used, to ensure that privacy is not once again put at risk in the next version.
Let’s not forget the purpose behind this app in the first place. Once it is eventually developed and rolled out, the government is going to ask citizens to download it onto their personal devices and trust it to store and share their information in a safe and secure way. If the public cannot trust this, the government will struggle to get the critical mass of downloads needed for the test and trace programme to be a success.
These are extraordinary times, and we must acknowledge the challenges facing those trying to develop solutions to the Covid-19 crisis.
Yet, the challenge of these times should demand from all of us — the government included — the best of behaviours. Gaining the public’s trust now, by ensuring people’s privacy is protected and demonstrating there is transparency in this intersection between technology and government, is essential.
Otherwise, there is no point to building an app at all.
Main image credit: Getty


cityam--2020-06-27--Tony Pidgley, self-made co-founder of FTSE 100 homebuilder Berkeley, dies at 72

British homebuilder Berkeley Group has said its chairman and co-founder , Tony Pidgley , died suddenly on Friday , aged 72 .
“ He died of a stroke , he was working yesterday and went to ( the ) hospital last night and then sadly passed away earlier today , ” a company spokesman told Reuters .
Pidgley helped set up Berkeley Group in 1976 and became chairman more than a decade ago .
Chief executive Rob Perrins said in a statement : “ Tony was a brilliant man who I have been fortunate to work closely with for 20 @ @ @ @ @ @ @ building one house and his vision grew into a FTSE 100 company .
“ He knew he would never retire so he ensured that his culture was embedded in the company for when this sad day came .
“ Berkeley and I owe Tony a huge debt .
With my team I will ensure this debt is honoured by continuing to position Berkeley as the leading place-maker and ensuring it continues to be a company of which he would be proud.
” Deputy chairman Glyn Barker , who joined Berkeley Group as a @ @ @ @ @ @ @ up the chairman role on an interim basis .
He said : “ It has been an immense privilege to work with Tony .
“ He created a unique company with a strong management team that has been led by Rob Perrins since 2009 .
“ Under Rob ’ s leadership , Tony ’ s values of ambition and quality will ensure the business continues to flourish.
” Pidgley won many accolades throughout his career , serving as president of the London Chamber of Commerce and Industry and being named a CBE in @ @ @ @ @ @ @ sector and the community ” .
In 2015 he was named Business Personality of the Year at the 2015 City A.M .
Awards .
Adopted from Barnardo ’ s aged four by travellers and brought up in a disused railway carriage , he left home and school aged 15 barely able to read and write , but with a strong understanding of business .
“ On Sunday , my mum would count the family wealth and if we were not a little richer , it meant a little less came off the table @ @ @ @ @ @ @ in 2015 .
Aged 19 , Pidgley had amassed a fleet of 40 lorries through years of saving and Crest Nicholson acquired his haulage business and appointed him to the board .
That is where he met Jim Farrer , a Crest director at the time who he later founded Berkeley Group with .
As a 19-year-old on a board , Pidgley clashed with Crest ’ s chairman , and Pidgley was sacked , with Farrer resigning in sympathy .
The pair founded Berkeley Group in 176 and floated their business in 1985 @ @ @ @ @ @ @ Tony Pidgley on Brexit , buildings and bonus backlashes “ I didn ’ t call being sacked a lucky break at the time , ” Pidgley said in 2015 .
“ Jim and I , we went to lunch and thought what are we going to do ?
So we said let ’ s start our own .
And that is just how Berkeley was formed.
” Shares of Berkeley , which operates mainly in London , Birmingham and the South of England , closed down 3.8 per cent at 4,105p on Friday @ @ @ @ @ @ @ commitment to return £280m to shareholders annually , despite a 35 per cent fall in annual profit in a bruised market .

Tony Pidgley, self-made co-founder of FTSE 100 homebuilder Berkeley, dies at 72
British homebuilder Berkeley Group has said its chairman and co-founder, Tony Pidgley, died suddenly on Friday, aged 72.
“He died of a stroke, he was working yesterday and went to (the) hospital last night and then sadly passed away earlier today,” a company spokesman told Reuters.
Pidgley helped set up Berkeley Group in 1976 and became chairman more than a decade ago.
Chief executive Rob Perrins said in a statement: “Tony was a brilliant man who I have been fortunate to work closely with for 20 years.
“He started Berkeley by building one house and his vision grew into a FTSE 100 company.
“He knew he would never retire so he ensured that his culture was embedded in the company for when this sad day came.
“Berkeley and I owe Tony a huge debt. With my team I will ensure this debt is honoured by continuing to position Berkeley as the leading place-maker and ensuring it continues to be a company of which he would be proud.”
Deputy chairman Glyn Barker, who joined Berkeley Group as a non-executive director in 2012, will take up the chairman role on an interim basis.
He said: “It has been an immense privilege to work with Tony.
“He created a unique company with a strong management team that has been led by Rob Perrins since 2009.
“Under Rob’s leadership, Tony’s values of ambition and quality will ensure the business continues to flourish.”
Pidgley won many accolades throughout his career, serving as president of the London Chamber of Commerce and Industry and being named a CBE in 2013 for “services to the housing sector and the community”.
In 2015 he was named Business Personality of the Year at the 2015 City A.M. Awards.
Adopted from Barnardo’s aged four by travellers and brought up in a disused railway carriage, he left home and school aged 15 barely able to read and write, but with a strong understanding of business.
“On Sunday, my mum would count the family wealth and if we were not a little richer, it meant a little less came off the table,” he told City A.M. back in 2015.
Aged 19, Pidgley had amassed a fleet of 40 lorries through years of saving and Crest Nicholson acquired his haulage business and appointed him to the board.
That is where he met Jim Farrer, a Crest director at the time who he later founded Berkeley Group with.
As a 19-year-old on a board, Pidgley clashed with Crest’s chairman, and Pidgley was sacked, with Farrer resigning in sympathy.
The pair founded Berkeley Group in 176 and floated their business in 1985.
“I didn’t call being sacked a lucky break at the time,” Pidgley said in 2015. “Jim and I, we went to lunch and thought what are we going to do? So we said let’s start our own. And that is just how Berkeley was formed.”
Shares of Berkeley, which operates mainly in London, Birmingham and the South of England, closed down 3.8 per cent at 4,105p on Friday.
Berkeley last week stuck by its commitment to return £280m to shareholders annually, despite a 35 per cent fall in annual profit in a bruised market.