cityam--2020-07-17--London boroughs spent nearly £1m opposing Heathrow expansion

A number of London boroughs and Transport for London have spent almost £1m over the last year and a half in challenging plans to expand Heathrow Airport .
Between September 2018 and March this year , the boroughs of Hillingdon , Windsor and Maidenhead , and Hammersmith and Fulham , as well as the capital ’ s transport operator , have spent £944,603 opposing the building of a third runway .
Read more : Heathrow calls for help as passenger numbers crash 95 per cent The total sum , which was obtained through a freedom of information request by campaign @ @ @ @ @ @ @ of legal fees , advertising , and direct campaign funding .
Nearly half of the total came from £452,336 in legal fees paid by Transport for London , while Boris Johnson ’ s home borough of Hillingdon spent £159,626.50 .
The Prime Minister once vowed to lie down in front of the bulldozers to prevent the controversial infrastructure project going ahead .
In February , the expansion plans were dealt a potentially devastating blow when the Court of Appeal ruled that they were “ unlawful ” as they did not take into account @ @ @ @ @ @ @ afterwards , Johnson ’ s spokesman announced that the government would not appeal the decision .
Before the Open newsletter : Start your day with the City View podcast and key market data Although not party to the case , Heathrow Airport said that it would appeal instead , in a bid to keep the plans alive .
Business groups reacted to the decision with despair , saying that not building a third runway would seriously damage the UK ’ s economic prospects .
However , the onset of the coronavirus crisis , @ @ @ @ @ @ @ meant that even if the project does go ahead a third runway will not be required for at least 15 years , according to Heathrow chief executive John Holland-Kaye .
Due to the fall in air traffic the airport will operate just one runway until October .
Back Heathrow said that today ’ s FOI findings brought the total that boroughs had spent on opposing the third runway plan to over £3m .
Read more : Heathrow Airport to begin job cuts as passenger numbers flatline The campaign ’ s executive director Parmjit @ @ @ @ @ @ @ give us all a sobering reminder that whilst some politicians are talking up a ‘ build , build , build ’ agenda , the reality on the ground is different .
“ Lawyers have gotten rich taking up councils ’ ‘ block , block , block ’ agenda .
It would be sensible if they engaged constructively with the project to ensure we build the cleanest and greenest runway in the world .
”

London boroughs spent nearly £1m opposing Heathrow expansion
The bosses of some of the UK’s biggest aviation firms, including BA, together called for the US to be put on the UK’s green list for international travel from 17 May.
A number of London boroughs and Transport for London have spent almost £1m over the last year and a half in challenging plans to expand Heathrow Airport.
Between September 2018 and March this year, the boroughs of Hillingdon, Windsor and Maidenhead, and Hammersmith and Fulham, as well as the capital’s transport operator, have spent £944,603 opposing the building of a third runway.
The total sum, which was obtained through a freedom of information request by campaign group Back Heathrow, is made up of legal fees, advertising, and direct campaign funding.
Nearly half of the total came from £452,336 in legal fees paid by Transport for London, while Boris Johnson’s home borough of Hillingdon spent £159,626.50.
The Prime Minister once vowed to lie down in front of the bulldozers to prevent the controversial infrastructure project going ahead.
In February, the expansion plans were dealt a potentially devastating blow when the Court of Appeal ruled that they were “unlawful” as they did not take into account the 2015 Paris climate accords.
Shortly afterwards, Johnson’s spokesman announced that the government would not appeal the decision.
Before the Open newsletter: Start your day with the City View podcast and key market data
Although not party to the case, Heathrow Airport said that it would appeal instead, in a bid to keep the plans alive.
Business groups reacted to the decision with despair, saying that not building a third runway would seriously damage the UK’s economic prospects.
However, the onset of the coronavirus crisis, which has crippled global aviation, has meant that even if the project does go ahead a third runway will not be required for at least 15 years, according to Heathrow chief executive John Holland-Kaye.
Due to the fall in air traffic the airport will operate just one runway until October.
Back Heathrow said that today’s FOI findings brought the total that boroughs had spent on opposing the third runway plan to over £3m.
The campaign’s executive director Parmjit Dhanda said: “These FOI requests give us all a sobering reminder that whilst some politicians are talking up a ‘build, build, build’ agenda, the reality on the ground is different.
“Lawyers have gotten rich taking up councils’ ‘block, block, block’ agenda. It would be sensible if they engaged constructively with the project to ensure we build the cleanest and greenest runway in the world.”


cityam--2020-07-17--FTSE 100 inches up as EU begins €750bn fund discussion

The FTSE 100 eked out a minor rise today , staying just about in the green to post a 0.11 per cent gain by 10.45am .
European stocks were mixed as traders witnessed a nervy start to a crucial meeting of the EU to agree on a €750bn package , and whether it should be mainly given out as grants or loans .
Fears of the extent of the pandemic and local lockdowns also played against FTSE 100 traders ’ hopes of further stimulus .
US cases continued to spike overnight , while Prime Minister Boris Johnson was set to @ @ @ @ @ @ @ to lockdown their local areas .
Read more : PM set to unveil ‘ lightning lockdowns ’ and £3bn Covid cash for NHS “ It ’ s a continuation of the push-pull factors influencing stocks , ” said AJ Bell investment director Russ Mould .
“ On one hand there is ongoing nervousness about the pandemic and localised flare-ups .
On the other hand , there is the hope of more stimulus measures until there is firm evidence that the pandemic is under control and economies are getting back on track.
” Read @ @ @ @ @ @ @ less than expected after April crash In Europe , Germany ’ s Dax was up 0.2 per cent with discussions of a European Recovery Fund underway .
The continent-wide Stoxx 600 was virtually flat with a 0.03 per cent increase .
And the US yesterday shattered the one-day record for new coronavirus cases .
It notched up more than 75,000 .
FTSE 100 , European and US stock investors fear that the surge in cases could lead to states reimposing lockdowns and damaging the recovery in the world ’ s biggest economy .
@ @ @ @ @ @ @ and overnight .
US jobless claims figures yesterday came in higher than anticipated .
A total of 1.3m Americans made new claims for unemployment insurance .
The Dax climbed 0.26 per cent despite Chancellor Angela Merkel ’ s warning that talks to establish a €750bn coronavrius recovery fund for the EU will be “ very , very difficult ” .
Dutch Prime Minister Mark Rutte also aired a note of scepticism , declaring he was “ not optimistic ” .
Read more : Angela Merkel lowers hopes as talks start over €750bn EU @ @ @ @ @ @ @ EU member states become more closely tied on financial matters .
But historic issues of how much rich members should bail out poor members are likely to resurface during discussions .
“ This is not an ordinary summit – what ’ s being talked about is mutual debt issuance for the first time , ” Neil Wilson , chief market analyst at Markets , com , said .
“ A deal would be a major breakthrough for the EU and show that the bloc has the ability to respond to an era-defining crisis @ @ @ @ @ @ @ throwing all her political capital behind the European Recovery Fund , so there is more than just EU solidarity riding on it.
” He warned “ the frugal four ” of Sweden , Austria , Denmark and the Netherlands are the main obstacles , as they are set against funnelling cash to poorer members .
“ At least they are all back in a room and can talk through the night to trade horses and get something done – not so easy on Zoom , albeit it ’ s an absolute hangar of @ @ @ @ @ @ @ Asian shares were mixed overnight .
China ’ s CSI 300 index was 0.6 per cent higher and Hong Kong ’ s Hang Seng was up 0.5 per cent .
But Japan ’ s Nikkei slipped 0.3 per cent .
US stock markets also slipped yesterday .
The S & P 500 fell 0.3 per cent and the tech-heavy Nasdaq dropped 0.7 per cent .
Texas governor Greg Abbott warned yesterday that the recent outbreak may force him to lock down the US ’ s second most-populous state .
Nonetheless , the FTSE @ @ @ @ @ @ @ on the reopening of economies around the world .
Investors will have their eyes trained on a major EU summit debating a rescue fund today .
Debate will begin over a €750bn package , and whether it should be mainly given out as grants or loans .
Read more : Decline in London ’ s business activity eases as economy reopens “ There is no doubt the region needs a financial boost , but nothing is likely to be agreed upon soon , ” said David Madden , market analyst at trading platform @ @ @ @ @ @ @ rose , the pound was roughly flat against the dollar at $ 1.255 .

FTSE 100 inches up as EU begins €750bn fund discussion
Investors in the City of London have had a torrid time during coronavirus – although they have not physically been in the Square Mile
The FTSE 100 eked out a minor rise today, staying just about in the green to post a 0.11 per cent gain by 10.45am.
European stocks were mixed as traders witnessed a nervy start to a crucial meeting of the EU to agree on a €750bn package, and whether it should be mainly given out as grants or loans.
Fears of the extent of the pandemic and local lockdowns also played against FTSE 100 traders’ hopes of further stimulus.
US cases continued to spike overnight, while Prime Minister Boris Johnson was set to hand councils in the UK the ability to lockdown their local areas.
“It’s a continuation of the push-pull factors influencing stocks,” said AJ Bell investment director Russ Mould.
“On one hand there is ongoing nervousness about the pandemic and localised flare-ups. On the other hand, there is the hope of more stimulus measures until there is firm evidence that the pandemic is under control and economies are getting back on track.”
In Europe, Germany’s Dax was up 0.2 per cent with discussions of a European Recovery Fund underway.
The continent-wide Stoxx 600 was virtually flat with a 0.03 per cent increase.
And the US yesterday shattered the one-day record for new coronavirus cases. It notched up more than 75,000.
FTSE 100, European and US stock investors fear that the surge in cases could lead to states reimposing lockdowns and damaging the recovery in the world’s biggest economy.
Weaker-than-expected economic data weighed on markets yesterday and overnight. US jobless claims figures yesterday came in higher than anticipated. A total of 1.3m Americans made new claims for unemployment insurance.
European stocks waver on €750bn EU fund meeting
The Dax climbed 0.26 per cent despite Chancellor Angela Merkel’s warning that talks to establish a €750bn coronavrius recovery fund for the EU will be “very, very difficult”.
Dutch Prime Minister Mark Rutte also aired a note of scepticism, declaring he was “not optimistic”.
An agreement would see the EU member states become more closely tied on financial matters. But historic issues of how much rich members should bail out poor members are likely to resurface during discussions.
“This is not an ordinary summit – what’s being talked about is mutual debt issuance for the first time,” Neil Wilson, chief market analyst at Markets,com, said. “A deal would be a major breakthrough for the EU and show that the bloc has the ability to respond to an era-defining crisis with one voice.
“Merkel is throwing all her political capital behind the European Recovery Fund, so there is more than just EU solidarity riding on it.”
He warned “the frugal four” of Sweden, Austria, Denmark and the Netherlands are the main obstacles, as they are set against funnelling cash to poorer members.
“At least they are all back in a room and can talk through the night to trade horses and get something done – not so easy on Zoom, albeit it’s an absolute hangar of a room,” Wilson added.
FTSE 100 rises after US shares drop
Asian shares were mixed overnight. China’s CSI 300 index was 0.6 per cent higher and Hong Kong’s Hang Seng was up 0.5 per cent. But Japan’s Nikkei slipped 0.3 per cent.
US stock markets also slipped yesterday. The S&P 500 fell 0.3 per cent and the tech-heavy Nasdaq dropped 0.7 per cent.
Texas governor Greg Abbott warned yesterday that the recent outbreak may force him to lock down the US’s second most-populous state.
Nonetheless, the FTSE 100 rose as investors chose to focus on the reopening of economies around the world.
Investors will have their eyes trained on a major EU summit debating a rescue fund today. Debate will begin over a €750bn package, and whether it should be mainly given out as grants or loans.
“There is no doubt the region needs a financial boost, but nothing is likely to be agreed upon soon,” said David Madden, market analyst at trading platform CMC Markets.
As the FTSE 100 rose, the pound was roughly flat against the dollar at $1.255.


cityam--2020-07-17--Ericsson shares soar as 5G sales boost profit

A rise in 5G network sales and software revenue helped Ericsson report higher-than-expected quarterly core earnings today , as it stuck to 2020 and 2022 financial targets .
The Swedish company has experienced a recovery under Borje Ekholm – a former CEO of Investor AB- who took the position in 2017 , having been chosen to steer the company through one of its deepest crises .
Read more : The Huawei ‘ U-turn ’ isn ’ t enough to keep Britain safe Ericsson and Finland ’ s Nokia are expected to benefit from Britain ’ s decision this week to @ @ @ @ @ @ @ networks .
Sales in Ericsson ’ s mainstay network business grew 4 per cent in the second quarter , mostly due to contract wins in China .
It won a share of 5G business – alongside Chinese giants Huawei and ZTE – from the country ’ s three largest telecom operators : China Mobile , China Telecom and China Unicom .
Ericsson ’ s shares were up over 10 per cent at 10.11am .
“ On paper ( the UK ban ) should be a tremendous opportunity for Ericsson , particularly if there @ @ @ @ @ @ @ Ben Wood , chief analyst at CCS Insight , told Reuters .
Despite the economic uncertainty over the Covid-19 pandemic , many telecom operators around the world have been moving ahead with plans to upgrade to 5G networks .
Ericsson had said it has won 99 commercial 5G contracts , while Nokia has said it has 79 .
There has been an increasing network build-up in China , Europe and North America , but some operators in Latin America and Africa have been more cautious , Ericsson ’ s chief financial officer Carl @ @ @ @ @ @ @ during these five months it ( the pandemic ) has been going on , we have coped well , ” he said .
Ericsson keeps financial targets in sight While the company is keeping its forecast for 2020 and 2022 , its digital services business is likely to miss its target this year , Ekholm said .
Ericsson has a 2020 group sales target of 230-240 billion Swedish crowns ( $ 25.3-26.4 billion ) , and an adjusted operating margin goal of more than 10 % ; for 2022 it has an adjusted @ @ @ @ @ @ @ .
The company does not have targets for 2021 .
The digital services unit , which includes cloud-based services , saw a hit to sales due to the pandemic .
High-margin software sales increased though .
Read more : Vodafone and BT warn it may take five years and cost ‘ billions ’ to scrap Huawei The group ’ s gross margin rose to 38.2 per cent in the second quarter from 36.7 per cent in the year-ago period .
The company ’ s adjusted quarterly operating earnings rose 18 per cent to @ @ @ @ @ @ @ mean forecast of 3.36 billion crowns in Refinitiv poll of analysts .

Ericsson shares soar as 5G sales boost profit
Rise in 5G sales buoys Ericsson’s quarterly profit as analysts say it could benefit from increasing Huawei suspicion
A rise in 5G network sales and software revenue helped Ericsson report higher-than-expected quarterly core earnings today, as it stuck to 2020 and 2022 financial targets.
The Swedish company has experienced a recovery under Borje Ekholm – a former CEO of Investor AB- who took the position in 2017, having been chosen to steer the company through one of its deepest crises.
Ericsson and Finland’s Nokia are expected to benefit from Britain’s decision this week to ban Chinese supplier Huawei from next-generation 5G networks.
Sales in Ericsson’s mainstay network business grew 4 per cent in the second quarter, mostly due to contract wins in China. It won a share of 5G business – alongside Chinese giants Huawei and ZTE – from the country’s three largest telecom operators: China Mobile, China Telecom and China Unicom.
Ericsson’s shares were up over 10 per cent at 10.11am.
“On paper (the UK ban) should be a tremendous opportunity for Ericsson, particularly if there is contagion to other markets,” Ben Wood, chief analyst at CCS Insight, told Reuters.
Despite the economic uncertainty over the Covid-19 pandemic, many telecom operators around the world have been moving ahead with plans to upgrade to 5G networks.
Ericsson had said it has won 99 commercial 5G contracts, while Nokia has said it has 79.
There has been an increasing network build-up in China, Europe and North America, but some operators in Latin America and Africa have been more cautious, Ericsson’s chief financial officer Carl Mellander told Reuters.
“So far during these five months it (the pandemic) has been going on, we have coped well,” he said.
Ericsson keeps financial targets in sight
While the company is keeping its forecast for 2020 and 2022, its digital services business is likely to miss its target this year, Ekholm said.
Ericsson has a 2020 group sales target of 230-240 billion Swedish crowns ($25.3-26.4 billion), and an adjusted operating margin goal of more than 10%; for 2022 it has an adjusted operating margin goal of 12-14 per cent.
The company does not have targets for 2021.
The digital services unit, which includes cloud-based services, saw a hit to sales due to the pandemic. High-margin software sales increased though.
The group’s gross margin rose to 38.2 per cent in the second quarter from 36.7 per cent in the year-ago period.
The company’s adjusted quarterly operating earnings rose 18 per cent to 4.5 billion Swedish crowns, beating a mean forecast of 3.36 billion crowns in Refinitiv poll of analysts.
Total revenue rose 1 per cent to 55.6 billion crowns.


cityam--2020-07-17--DEBATE: Is employee experience with IT the key factor for a productive post-pandemic workforce?

Is employee experience with IT the key factor for a productive post-pandemic workforce ?
Pedro Bados , chief executive and co-founder of Nexthink , says YES .
Employees ’ working experiences have historically been measured through three key elements : people , place , and technology .
Recent months have turned this dynamic on its head .
With workers across the country sent home from the office , place and people are no longer in employers ’ control .
Technology needs to step up to meet this deficit .
A survey conducted this year found that 78 per cent of @ @ @ @ @ @ @ an essential or high priority today , compared to less than half 12 months ago .
In a remote environment , increasing engagement with employees to understand their experience more deeply is essential — as this is more varied than it has ever been .
While individual situations and the ability to cope will differ significantly , their digital experience can be controlled to boost satisfaction and productivity at work .
A digital employee experience , which focuses on solving IT issues preemptively , can democratise the workplace as some staff start to @ @ @ @ @ @ @ continue working from home .
Read more : Beyond lockdown : The tech trends to watch Alex Fleming is country head and president of Adecco Group UK & I .
IT is just one factor when it comes to keeping the workforce ’ s productivity high while working from home .
Those business leaders that have been transparent , engaged and flexible with their employees throughout the pandemic will likely have seen increased levels of productivity from their staff .
The reality is that working much more flexibly , including from home , @ @ @ @ @ @ @ work , and businesses need to ensure they can keep their staff productive .
This doesn ’ t just mean investing in technology though .
What ’ s also needed is a resetting of working norms moving forward .
Our research has found that there is a strong sense that the traditional 9–5 needs to be reconsidered .
Over two thirds of British workers think that set-hour contracts are no longer relevant to modern ways of working .
Furthermore , nearly three quarters think employee contracts should focus on output rather than the @ @ @ @ @ @ @ better normal for everyone relies on strong communication and transparency as much as technology .
Read more : Welcome to the blended office

DEBATE: Is employee experience with IT the key factor for a productive post-pandemic workforce?
Is employee experience with IT the key factor for a productive post-pandemic workforce?
Pedro Bados, chief executive and co-founder of Nexthink, says YES.
Employees’ working experiences have historically been measured through three key elements: people, place, and technology. Recent months have turned this dynamic on its head. With workers across the country sent home from the office, place and people are no longer in employers’ control.
Technology needs to step up to meet this deficit. A survey conducted this year found that 78 per cent of IT leaders believe digital employee experience is an essential or high priority today, compared to less than half 12 months ago.
In a remote environment, increasing engagement with employees to understand their experience more deeply is essential — as this is more varied than it has ever been. While individual situations and the ability to cope will differ significantly, their digital experience can be controlled to boost satisfaction and productivity at work.
A digital employee experience, which focuses on solving IT issues preemptively, can democratise the workplace as some staff start to return to the office, while others continue working from home.
Alex Fleming is country head and president of Adecco Group UK&I.
IT is just one factor when it comes to keeping the workforce’s productivity high while working from home.
Those business leaders that have been transparent, engaged and flexible with their employees throughout the pandemic will likely have seen increased levels of productivity from their staff. The reality is that working much more flexibly, including from home, is going to be the future of work, and businesses need to ensure they can keep their staff productive.
This doesn’t just mean investing in technology though. What’s also needed is a resetting of working norms moving forward.
Our research has found that there is a strong sense that the traditional 9–5 needs to be reconsidered. Over two thirds of British workers think that set-hour contracts are no longer relevant to modern ways of working. Furthermore, nearly three quarters think employee contracts should focus on output rather than the number of hours worked.
Creating a better normal for everyone relies on strong communication and transparency as much as technology.
Main image credit: Getty


cityam--2020-07-17--Angela Merkel lowers hopes as talks start over €750bn EU Covid fund

European Union leaders face “ very , very difficult ” negotiations over a €750bn coronavirus bailout fund , German Chancellor Angela Merkel has warned ahead of the start of talks today .
EU heads of state today go into the first in-person leaders ’ meeting for five-months to try to thrash out a deal over a huge fund that could kickstart the continent ’ s economy .
Read more : European Central Bank holds interest rates as it eyes recovery But opposition to some of the plans from the Netherlands and Hungary means agreement could be hard to come by @ @ @ @ @ @ @ the talks with a lot of vigor , ” Merkel said as she arrived at the summit .
“ But I must say that the differences are still very , very big and so I can ’ t yet say whether we will get a solution this time.
” She added : “ I expect very , very difficult negotiations.
” The talks will be particularly challenging for Merkel , who currently holds the EU ’ s rotating presidency .
The Eurozone has been hit hard by the coronavirus outbreak , with Italy @ @ @ @ @ @ @ in the world .
The European Commission earlier this month predicted the Eurozone economy will shrink by a record 8.7 per cent this year .
It said the European Union economy will contract by 8.3 per cent .
Germany once opposed the EU issuing debt to hand out cash in the form of grants to the worst-hit states .
But Merkel united with French President Emmanuel Macron to support proposals for a €750bn fund .
The Commission has proposed the bulk of the money be funded by the EU issuing its own bonds @ @ @ @ @ @ @ the cash should be handed out as grants .
However , these plans face opposition from the Netherlands ’ Prime Minister Mark Rutte .
He opposes the bulk of the money being given out as grants – which countries would not have to pay back .
Read more : Angela Merkel lowers hopes as talks start over €750bn EU Covid fund On Tuesday , Rutte said that “ subsidies should come with very strict conditions ” .
Arriving for the talks today he said he is “ not optimistic ” about the talks @ @ @ @ @ @ @ .
Hungary ’ s president Viktor Orban is also at loggerheads with the European Commission .
He has promised to block any deal that ties bailout money with respect for the rule of law .

Angela Merkel lowers hopes as talks start over €750bn EU Covid fund
German Chancellor Angela Merkel currently holds the EU’s rotating presidency
European Union leaders face “very, very difficult” negotiations over a €750bn coronavirus bailout fund, German Chancellor Angela Merkel has warned ahead of the start of talks today.
EU heads of state today go into the first in-person leaders’ meeting for five-months to try to thrash out a deal over a huge fund that could kickstart the continent’s economy.
But opposition to some of the plans from the Netherlands and Hungary means agreement could be hard to come by.
“We are all going into the talks with a lot of vigor,” Merkel said as she arrived at the summit.
“But I must say that the differences are still very, very big and so I can’t yet say whether we will get a solution this time.” She added: “I expect very, very difficult negotiations.”
The talks will be particularly challenging for Merkel, who currently holds the EU’s rotating presidency.
The Eurozone has been hit hard by the coronavirus outbreak, with Italy and Spain two of the worst-affected countries in the world.
The European Commission earlier this month predicted the Eurozone economy will shrink by a record 8.7 per cent this year. It said the European Union economy will contract by 8.3 per cent.
Netherlands opposes grant plans
Germany once opposed the EU issuing debt to hand out cash in the form of grants to the worst-hit states. But Merkel united with French President Emmanuel Macron to support proposals for a €750bn fund.
The Commission has proposed the bulk of the money be funded by the EU issuing its own bonds. And Macron has said most of the cash should be handed out as grants.
However, these plans face opposition from the Netherlands’ Prime Minister Mark Rutte. He opposes the bulk of the money being given out as grants – which countries would not have to pay back.
On Tuesday, Rutte said that “subsidies should come with very strict conditions”. Arriving for the talks today he said he is “not optimistic” about the talks, “but you never know”.
Hungary’s president Viktor Orban is also at loggerheads with the European Commission. He has promised to block any deal that ties bailout money with respect for the rule of law.


cityam--2020-07-17--More SMEs eligible for coronavirus loans under rule change

An abrupt U-turn in lending rules means SMEs banks previously rejected for coronavirus loans may now be able to get the vital cash they need to survive .
Small businesses with fewer than 50 staff and less than £9m in annual turnover will no longer be considered “ undertakings in difficulty ” under EU state aid rules amid the coronavirus crisis .
Read more : Treasury welcomes change in state aid rules for government-backed loans The law meant that any small companies classed as being in financial difficulty on 31 December 2019 would not be eligible for bank loans .
@ @ @ @ @ @ @ to determine which SMEs to grant much-needed coronavirus loans to during the pandemic .
But the British Business Bank ( BBB ) has now changed the CBILS scheme to ensure SMEs will not miss out on cash that could help them survive .
From 30 July “ lenders may now be able to offer CBILS to businesses who had previously been unable to access CBILS ” , the BBB said .
SMEs with a turnover of above £9m or more than 50 employees will still be subject to the state aid rules .
@ @ @ @ @ @ @ must not be insolvent or have already received rescue or restructuring aid .
UK banks have been notoriously careful of lending to SMEs despite the government making billions of pounds available through indirect loans .
While more than 1m businesses have received a total of £31.7bn of bounce back loans of up to £50,000 , CBILS lending data is much worse .
Read more : UK has now approved £46.7bn of coronavirus business loans Around just half of coronavirus loans applications under CBILS have been approved so far , with lending totalling £11.9bn @ @ @ @ @ @ @ are 100 per cent underwritten by the government .
Only 80 per cent of CBILS lending is guaranteed by the government , leaving banks exposed to 20 per cent of the risk .
More than 50,000 SMEs have had their CBILS applications rejected by British lenders .
But City A.M. understands RBS does not believe the rule change will have a massive impact on its lending volumes .
However , the Federation of Small Businesses ( FSB ) has urged banks to tell SMEs rejected on EU state aid grounds to reapply .
@ @ @ @ @ @ @ for a CBILS facility should be actively encouraged to apply again , ” the FSB ’ s policy and advocacy chairman Martin McTague said .
“ It ’ s good to see that these much-needed adjustments to state aid rules have fed through to the CBILS swiftly .
A lot of ultimately successful firms are heavily geared or loss-making in their early years .
It ’ s vital that these kinds of firms are not left stranded by banks at this incredibly difficult time .
The BBB and accredited lenders now need to @ @ @ @ @ @ @ this change .
”

More SMEs eligible for coronavirus loans under rule change
An abrupt U-turn in lending rules means SMEs banks previously rejected for coronavirus loans may now be able to get the vital cash they need to survive.
An abrupt U-turn in lending rules means SMEs banks previously rejected for coronavirus loans may now be able to get the vital cash they need to survive.
Small businesses with fewer than 50 staff and less than £9m in annual turnover will no longer be considered “undertakings in difficulty” under EU state aid rules amid the coronavirus crisis.
The law meant that any small companies classed as being in financial difficulty on 31 December 2019 would not be eligible for bank loans.
UK banks had relied on that legislation to determine which SMEs to grant much-needed coronavirus loans to during the pandemic.
But the British Business Bank (BBB) has now changed the CBILS scheme to ensure SMEs will not miss out on cash that could help them survive.
From 30 July “lenders may now be able to offer CBILS to businesses who had previously been unable to access CBILS”, the BBB said.
SMEs with a turnover of above £9m or more than 50 employees will still be subject to the state aid rules.
Those eligible under the temporary rule change must not be insolvent or have already received rescue or restructuring aid.
UK banks have been notoriously careful of lending to SMEs despite the government making billions of pounds available through indirect loans.
While more than 1m businesses have received a total of £31.7bn of bounce back loans of up to £50,000, CBILS lending data is much worse.
Around just half of coronavirus loans applications under CBILS have been approved so far, with lending totalling £11.9bn.
Unlike CBILS, bounce back loans are 100 per cent underwritten by the government. Only 80 per cent of CBILS lending is guaranteed by the government, leaving banks exposed to 20 per cent of the risk.
FSB: Banks must urge rejected SMEs to reapply
More than 50,000 SMEs have had their CBILS applications rejected by British lenders.
But City A.M. understands RBS does not believe the rule change will have a massive impact on its lending volumes.
However, the Federation of Small Businesses (FSB) has urged banks to tell SMEs rejected on EU state aid grounds to reapply.
“Those who have been turned down for a CBILS facility should be actively encouraged to apply again,” the FSB’s policy and advocacy chairman Martin McTague said.
“It’s good to see that these much-needed adjustments to state aid rules have fed through to the CBILS swiftly. A lot of ultimately successful firms are heavily geared or loss-making in their early years. It’s vital that these kinds of firms are not left stranded by banks at this incredibly difficult time. The BBB and accredited lenders now need to work closely to make customers aware of this change.”


cityam--2020-07-17--Met Office mistakes huge swarm of flying ants over London for rain

Flying ants have once again taken to the skies of London , with swarms so big that the Met Office weather radar has mistaken them for rain .
On Sunday , millions of the bugs filled the skies across the country on what is known as “ Flying Ant day ” .
Read more : Reopened restaurants in London : A new regular round-up of the latest food news Undeterred , the winged insects have returned in huge swarms today , turning up as rainclouds on the Met Office ’ s systems .
In a tweet , the Met Office @ @ @ @ @ @ @ raining in London , Kent or Sussex , but our radar says otherwise .
“ The radar is actually picking up a swarm of flying ants across the southeast .
“ During the summer ants can take to the skies in a mass emergence usually on warm , humid and windless days ” .
The invasion is a yearly occurrence also known as “ nuptial day ” , and sees swarms of the creatures descend on towns and cities across the UK as males and queens leave their nests in search of mates @ @ @ @ @ @ @ London : The latest news about your favourite places to eat On Sunday GMB ’ s weather equipment also mistook the flying ants for rain .
People took to Twitter in a swarm to rival even the flying ants to complain about the winged insects .
“ Flying ants !
The facemask is finding an unexpected secondary use !
” declared Neil Denham .
Remainer Dammi Lamon added : “ Britain 2020 : # BorisJohnson , # Brexit , # floods , # COVID__19 , next it ‘ s # FlyingAnts .
When @ @ @ @ @ @ @ due ?
” And plenty of Brits in the south east saw their afternoons spoiled by the cloud of creatures .
Karen Chamberlain complained when the bugs ruined her relaxing afternoon of reading .
“ Brew made & sat outside reading my book to suddenly be engulfed in a swarm of flying ants , hundreds of the damn things , ” she wrote .
“ 2020 really can do one !
!
”

Met Office mistakes huge swarm of flying ants over London for rain
Flying ants have once again taken to the skies of London, with swarms so big that the Met Office weather radar has mistaken them for rain.
On Sunday, millions of the bugs filled the skies across the country on what is known as “Flying Ant day”.
Undeterred, the winged insects have returned in huge swarms today, turning up as rainclouds on the Met Office’s systems.
In a tweet, the Met Office wrote: “It’s not raining in London, Kent or Sussex, but our radar says otherwise.
“The radar is actually picking up a swarm of flying ants across the southeast.
It's not raining in London, Kent or Sussex, but our radar says otherwise…📡
The radar is actually picking up a swarm of #flyingants across the southeast 🐜
During the summer ants can take to the skies in a mass emergence usually on warm, humid and windless days #flyingantday pic.twitter.com/aMF6RxR943 — Met Office (@metoffice) July 17, 2020
“During the summer ants can take to the skies in a mass emergence usually on warm, humid and windless days”.
The invasion is a yearly occurrence also known as “nuptial day”, and sees swarms of the creatures descend on towns and cities across the UK as males and queens leave their nests in search of mates.
On Sunday GMB’s weather equipment also mistook the flying ants for rain.
People took to Twitter in a swarm to rival even the flying ants to complain about the winged insects.
“Flying ants! The facemask is finding an unexpected secondary use!” declared Neil Denham.
Remainer Dammi Lamon added: “Britain 2020: #BorisJohnson, #Brexit, #floods, #COVID__19, next it‘s #FlyingAnts. When are the Four Horsemen of the Apocalypse due?”
And plenty of Brits in the south east saw their afternoons spoiled by the cloud of creatures.
Karen Chamberlain complained when the bugs ruined her relaxing afternoon of reading.
“Brew made & sat outside reading my book to suddenly be engulfed in a swarm of flying ants, hundreds of the damn things,” she wrote. “2020 really can do one!!”


cityam--2020-07-17--How badly will the UK unemployment rate spike when furlough ends?

Chancellor Rishi Sunak ’ s furlough scheme has so far saved the UK unemployment rate from sharp increases during the coronavirus lockdown , but it is drawing to an end .
Consequently job losses are set to spike after furlough concludes in October , according to economists .
Currently the government is paying 80 per cent of over 9m British workers ’ wages .
The unemployment rate barely changed between March and May over lockdown .
But below the surface , it is clear there are signs of an unemployment crisis ahead .
The unemployment rate is unchanged at 3.9 @ @ @ @ @ @ @ National Statistics ( ONS ) said the number of hours worked have plummeted 17 per cent since the start of the pandemic .
And 650,000 people have still lost their jobs despite the scheme .
This , economists agree , means UK unemployment will likely worsen dramatically when the chancellor ends his furlough scheme in October .
“ The unemployment rate will surge over the coming months as people re-engage with the labour market and job losses crystallise when the [ furlough ] scheme ends , ” said Samuel Tombs , chief economist @ @ @ @ @ @ @ the unemployment rate to push higher than the 8.5 per cent peak in the wake of the 2008 financial crisis later this year .
Furlough scheme masks the extent of the UK ’ s unemployment crisis Sunak introduced his job retention scheme in March to help struggling companies .
Under it , the government pays 80 per cent of furloughed employees ’ wages .
The most recent job retention scheme statistics show the scheme has saved 9.4m people from redundancy .
“ The damage to the labour market has been substantially limited by @ @ @ @ @ @ @ the government ’ s Coronavirus Job Retention Scheme , ” said Howard Archer , chief economic advisor to the EY Item Club .
The EY ITEM Club ’ s predicts the UK unemployment rate will hit nine per cent late in the year before stabilising and then starting to fall back .
“ However , there is a risk that unemployment will rise more than this , ” Archer added .
Indeed , the Office for Budget Responsibility ( OBR ) predicted earlier this week that around 15 per cent of those on @ @ @ @ @ @ @ scheme ends if a second wave of infections hits the UK .
Read more : UK unemployment rate could hit 15 per cent with second Covid wave , says OECD There may well be a round of redundancies ahead of the end of the furlough scheme as companies adjust to the so-called new normal .
A recent survey by the British Chambers of Commerce found almost a third of companies are planning to make job cuts in the next three months ahead of the end of furlough .
And many big employers have @ @ @ @ @ @ @ Boots and John Lewis .
Easyjet , British Airways and Virgin Atlantic have also announced a swathe of job cuts .
Travel restrictions have had devastating impacts on airlines ’ bottom lines .
By City A.M. ‘ s count , job cuts relating to coronavirus already top 85,000 roles around the UK .
Current government measures are not enough Read more : ‘ Calm before the storm ’ : Rate of redundancies slows but worst is yet to come Calls to extend the furlough scheme beyond the autumn to keep the UK unemployment @ @ @ @ @ @ @ , chief executive of the Learning and Work Institute , urged the government to consider a “ flexible extension to the scheme , and put in place urgent support for those at risk of losing their jobs ” .
It echoes calls by the Labour party to extend the furlough scheme beyond its October end for workers most at risk .
Shadow chancellor Anneliese Dodds has also asked Sunak to develop a scheme to help businesses hit by local lockdowns .
Sunak has insisted the scheme will wind down in October .
But @ @ @ @ @ @ @ stem any surge in the UK unemployment rate .
This included the £2bn Kickstart Scheme .
That will create hundreds of thousands of jobs for 16 to 24-year-olds .
Read more : Rishi Sunak ’ s mini-Budget : Everything the chancellor announced Some sectors will bear brunt of job cuts However , KPMG has called for the UK government to intervene further .
It called on the government “ to stem the rise in unemployment and facilitate the move to new employment ” .
Sectors most at threat like tourism and leisure will @ @ @ @ @ @ @ between 200,000 to 1.1m of low and mid-skilled workers will lose their jobs .
“ This is both a challenge and an opportunity for government , ” the firm added .
“ Now is a chance to create training and skills programmes to help workers transition to higher-skilled jobs.
” Andrew Wishart , chief UK economist at Capital Economics , predicts a seven per cent UK unemployment rate come 2021 .
“ Of course , there will be another wave of layoffs when the furlough scheme ends , ” he said .
“ @ @ @ @ @ @ @ one per cent fall in employment we have seen so far in this crisis to grow to five per cent.
” That would be twice the size of the fall in the last financial crisi .
“ And the unemployment rate [ wil ] rise to seven per cent in mid-2021 .
But with the furlough and self-employed income support schemes currently supporting over 12m workers that would be a good result.
” Read more : Has the dream of a ‘ V-shaped ’ economic recovery died ?
Given how dire the outlook @ @ @ @ @ @ @ UK unemployment rate will bounce back quickly .
“ Monthly redundancies look set to rise imminently to a much higher level than during the worst phase of the 2008 to 2009 recession , ” said Tombs .
“ We still expect the UK unemployment rate later this year modestly to exceed the 8.5 per cent peak seen in the wake of the last recession.
” Hopes of a V-shaped recovery suffered a blow when the economy grew just 1.8 per cent in May .
It was far below the 5.5 per cent analysts @ @ @ @ @ @ @ 20.3 per cent drop in GDP .
James Reed , chairman of recruiter Reed , said : “ The UK ’ s economic trajectory could look more like a game of snakes and ladders .
“ It ’ s clear that the road to recovery will be long .
There ’ ll be lots more ups and downs along the way.
” And it is not just coronavirus worries that will dent a recovery .
The looming Brexit deadline is also considered to be a threat .
EY Item Club adviser Archer added @ @ @ @ @ @ @ recovery will be limited by persistently cautious businesses and consumers .
Business uncertainty may well be reinforced over the latter months of this year by concerns over the future UK- EU relationship once the transition arrangement ends on 31 December.
” Get the news as it happens by following City A.M. on Twitter .

How badly will the UK unemployment rate spike when furlough ends?
Chancellor Rishi Sunak’s furlough scheme has so far saved the UK unemployment rate from sharp increases during the coronavirus lockdown, but it is drawing to an end.
Consequently job losses are set to spike after furlough concludes in October, according to economists. Currently the government is paying 80 per cent of over 9m British workers’ wages.
The unemployment rate barely changed between March and May over lockdown. But below the surface, it is clear there are signs of an unemployment crisis ahead.
The unemployment rate is unchanged at 3.9 per cent. But the Office for National Statistics (ONS) said the number of hours worked have plummeted 17 per cent since the start of the pandemic.
And 650,000 people have still lost their jobs despite the scheme.
This, economists agree, means UK unemployment will likely worsen dramatically when the chancellor ends his furlough scheme in October.
“The unemployment rate will surge over the coming months as people re-engage with the labour market and job losses crystallise when the [furlough] scheme ends,” said Samuel Tombs, chief economist at Pantheon Macroeconomics.
Pantheon Macro expects the unemployment rate to push higher than the 8.5 per cent peak in the wake of the 2008 financial crisis later this year.
Furlough scheme masks the extent of the UK’s unemployment crisis
Sunak introduced his job retention scheme in March to help struggling companies. Under it, the government pays 80 per cent of furloughed employees’ wages.
The most recent job retention scheme statistics show the scheme has saved 9.4m people from redundancy.
“The damage to the labour market has been substantially limited by companies’ ability to furlough workers under the government’s Coronavirus Job Retention Scheme,” said Howard Archer, chief economic advisor to the EY Item Club.
The EY ITEM Club predicts the UK unemployment rate will hit nine per cent late in the year before stabilising and then starting to fall back.
“However, there is a risk that unemployment will rise more than this,” Archer added.
Indeed, the Office for Budget Responsibility (OBR) predicted earlier this week that around 15 per cent of those on furlough will lose their jobs when the scheme ends if a second wave of infections hits the UK.
There may well be a round of redundancies ahead of the end of the furlough scheme as companies adjust to the so-called new normal.
A recent survey by the British Chambers of Commerce found almost a third of companies are planning to make job cuts in the next three months ahead of the end of furlough.
Boots is just one retailer to have announced thousands of job losses as the impact of a lengthy coronavirus lockdown becomes clear
And many big employers have already announced substantial cuts, including retailers Boots and John Lewis. Easyjet, British Airways and Virgin Atlantic have also announced a swathe of job cuts. Travel restrictions have had devastating impacts on airlines’ bottom lines.
By City A.M.‘s count, job cuts relating to coronavirus already top 85,000 roles around the UK.
UK unemployment rate predictions
Unemployment rate predictions
EY Item Club: 9 per cent
Pantheon Macro: >8.5 per cent
Capital Economics: 7 per cent by mid-2021
Current government measures are not enough
Calls to extend the furlough scheme beyond the autumn to keep the UK unemployment rate down are multiplying.
Stephen Evans, chief executive of the Learning and Work Institute, urged the government to consider a “flexible extension to the scheme, and put in place urgent support for those at risk of losing their jobs”.
It echoes calls by the Labour party to extend the furlough scheme beyond its October end for workers most at risk.
Shadow chancellor Anneliese Dodds has also asked Sunak to develop a scheme to help businesses hit by local lockdowns.
Sunak has insisted the scheme will wind down in October. But last week he unveiled further measures to stem any surge in the UK unemployment rate.
This included the £2bn Kickstart Scheme. That will create hundreds of thousands of jobs for 16 to 24-year-olds.
Some sectors will bear brunt of job cuts
Travel and leisure sectors are set to bear the brunt of job cuts following coronavirus travel bans
However, KPMG has called for the UK government to intervene further. It called on the government “to stem the rise in unemployment and facilitate the move to new employment”.
Sectors most at threat like tourism and leisure will see permanent structural changes. KPMG predicts between 200,000 to 1.1m of low and mid-skilled workers will lose their jobs.
“This is both a challenge and an opportunity for government,” the firm added. “Now is a chance to create training and skills programmes to help workers transition to higher-skilled jobs.”
Andrew Wishart, chief UK economist at Capital Economics, predicts a seven per cent UK unemployment rate come 2021.
“Of course, there will be another wave of layoffs when the furlough scheme ends,” he said. “We think that this will cause the one per cent fall in employment we have seen so far in this crisis to grow to five per cent.”
That would be twice the size of the fall in the last financial crisis. “And the unemployment rate [wil] rise to seven per cent in mid-2021. But with the furlough and self-employed income support schemes currently supporting over 12m workers that would be a good result.”
Jing Teow, senior economist at PwC predicts labour demand could fall by around five per cent in 2020.
As the labour market remains under pressure, PwC has called for interventions to protect jobs in certain sectors. “The risk is higher for furloughed workers in sectors such as accommodation and food services (hotels and restaurants), the arts, entertainment and recreation sector and education sector,” she added.
Proportion of furloughed workers by sector at risk of redundancy by the end of Q2 2020
Source: PwC
PwC analysis shows a third of furloughed employees in accommodation and food services industries are at risk of losing their jobs, followed by 28 per cent in education. Financial services could also take a significant hit from the economic fallout of the pandemic, with 17 per cent of furloughed staff at risk of redundancy.
An absence of further support will adversely impact those in at-risk sectors but long term trends like automation also poses a risk. The outbreak of coronavirus has accelerated the move towards automation which will hit sectors like retail, transport and manufacturing. Teow predicts “business priorities to improve resilience and maintain social distancing are likely to increase the reliance on automation”.
‘A game of snakes and ladders’
The end of furlough could cause UK unemployment to jump despite chancellor Rishi Sunak’s measures announced so far, economists believe
Given how dire the outlook is, it is unlikely that the UK unemployment rate will bounce back quickly.
“Monthly redundancies look set to rise imminently to a much higher level than during the worst phase of the 2008 to 2009 recession,” said Tombs. “We still expect the UK unemployment rate later this year modestly to exceed the 8.5 per cent peak seen in the wake of the last recession.”
Hopes of a V-shaped recovery suffered a blow when the economy grew just 1.8 per cent in May. It was far below the 5.5 per cent analysts had predicted after April’s huge 20.3 per cent drop in GDP.
James Reed, chairman of recruiter Reed, said: “The UK’s economic trajectory could look more like a game of snakes and ladders.
“It’s clear that the road to recovery will be long. There’ll be lots more ups and downs along the way.”
And it is not just coronavirus worries that will dent a recovery. The looming Brexit deadline is also considered to be a threat.
EY Item Club adviser Archer added: “We increasingly suspect that the recovery will be limited by persistently cautious businesses and consumers. Business uncertainty may well be reinforced over the latter months of this year by concerns over the future UK- EU relationship once the transition arrangement ends on 31 December.”
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-07-17--Andrew Bailey says an uneven economic recovery has begun

Bank of England governor Andrew Bailey has said the UK economy is starting to recover from April ’ s lockdown , although he stressed that the rebound had been uneven so far .
Bailey said activity was resuming “ quite strongly ” in the housing and car markets .
But he said the hospitality and entertainment sectors were still struggling .
Read more : UK economy grows by much less than expected after April crash His comments came a few days after data showed that the UK economy grew by just 1.8 per cent in May after plunging 20.3 per @ @ @ @ @ @ @ expecting growth of 5.5 per cent .
Bailey ’ s fellow Bank of England policymaker Silvana Tenreyro this week said the UK economy will likely go through an “ interrupted or incomplete ” V-shaped recovery .
as unemployment and social distancing weigh on growth .
During a webinar today , Bailey said : “ We are seeing activity return .
We are beginning to see this recovery.
” He said there was a “ very big question ” about whether people would return to their pre-coronavirus habits and spending patterns .
Asked whether @ @ @ @ @ @ @ recovery , he said : “ We don ’ t yet know the full story of this.
” A V-shaped recovery would see GDP bounce back almost as sharply as it fell off in March and April .
The economy would return to its pre-coronavirus size relatively quickly .
However , earlier this week the UK ’ s budget watchdog said the economy was likely to shrink 12.4 per cent this year and grow 8.7 per cent the next .
It said GDP would recover its pre-coronavirus size at the end of 2022 @ @ @ @ @ @ @ ’ s business activity eases as economy reopens Economists have said such a recovery would look like a square-root sign on a graph .
It would show activity bouncing back relatively fast but never recovering its pre-coronavirus trend .
Bailey said the Bank of England did not know how damaging company failures would be to the UK economy .

Andrew Bailey says an uneven economic recovery has begun
Bank of England governor Andrew Bailey took his post at the start of the coronavirus crisis
Bank of England governor Andrew Bailey has said the UK economy is starting to recover from April’s lockdown, although he stressed that the rebound had been uneven so far.
Bailey said activity was resuming “quite strongly” in the housing and car markets. But he said the hospitality and entertainment sectors were still struggling.
His comments came a few days after data showed that the UK economy grew by just 1.8 per cent in May after plunging 20.3 per cent in April. Economists had been expecting growth of 5.5 per cent.
Bailey’s fellow Bank of England policymaker Silvana Tenreyro this week said the UK economy will likely go through an “interrupted or incomplete” V-shaped recovery. as unemployment and social distancing weigh on growth.
During a webinar today, Bailey said: “We are seeing activity return. We are beginning to see this recovery.”
He said there was a “very big question” about whether people would return to their pre-coronavirus habits and spending patterns.
Asked whether the UK economy would see a V-shaped recovery, he said: “We don’t yet know the full story of this.”
A V-shaped recovery would see GDP bounce back almost as sharply as it fell off in March and April. The economy would return to its pre-coronavirus size relatively quickly.
However, earlier this week the UK’s budget watchdog said the economy was likely to shrink 12.4 per cent this year and grow 8.7 per cent the next. It said GDP would recover its pre-coronavirus size at the end of 2022.
Economists have said such a recovery would look like a square-root sign on a graph. It would show activity bouncing back relatively fast but never recovering its pre-coronavirus trend.
Bailey said the Bank of England did not know how damaging company failures would be to the UK economy.


cityam--2020-07-17--Blackrock profit trumps estimates as Wall Street bounces back from coronavirus

Blackrock ended the quarter with $ 7.32 trillion in assets under management , up from $ 6.84 trillion a year earlier as profit beat predictions , it said today .
The S & P 500 rose 20 per cent in the second quarter after falling by that amount in the first three months of 2020 as the coronavirus pandemic slammed the economy .
“ We had more conversations with our clients in the last six months than we have probably had in aggregate in years , ” chief executive Larry Fink told Reuters .
“ Clients are looking to Blackrock @ @ @ @ @ @ @ a 21 per cent jump in quarterly profit as investors poured money into its fixed-income funds and cash management services .
The New York-based company ’ s net income rose to $ 1.21 billion , or $ 7.85 per share .
Analysts had expected a profit of $ 6.99 per share , according to IBES data from Refinitiv .
The asset manager ’ s fixed-income funds took in $ 60.27 billion in new money .
Its cash-management business attracted $ 24.2 billion in net inflows in the second quarter .
“ Improved investor @ @ @ @ @ @ @ ” said Kyle Sanders , an analyst with St. Louis-based financial services firm Edward Jones .
“ We were most encouraged by the sharp rebound in asset flows , as we believe sustained flow growth above industry peers is a key driver for the stock , ” he said .
The asset manager ’ s technology business , a key area of growth for the firm , reported a 17 per cent rise in revenue .
Read more : More SMEs eligible for coronavirus loans under rule change , British bank confirms BlackRock @ @ @ @ @ @ @ which manages the U.S. Federal Reserve ’ s bond-buying programme , generated $ 39 million in revenue , down from $ 53 million for the same quarter a year ago .
BlackRock shares , up about 13 per cent for the year , were about one per cent higher in early trading Friday .

Blackrock profit trumps estimates as Wall Street bounces back from coronavirus
Blackrock ended the quarter with $7.32 trillion in assets under management, up from $6.84 trillion a year earlier.
Blackrock ended the quarter with $7.32 trillion in assets under management, up from $6.84 trillion a year earlier as profit beat predictions, it said today.
The S&P 500 rose 20 per cent in the second quarter after falling by that amount in the first three months of 2020 as the coronavirus pandemic slammed the economy.
“We had more conversations with our clients in the last six months than we have probably had in aggregate in years,” chief executive Larry Fink told Reuters.
“Clients are looking to Blackrock more than ever before.”
Blackrock reported a 21 per cent jump in quarterly profit as investors poured money into its fixed-income funds and cash management services.
The New York-based company’s net income rose to $1.21 billion, or $7.85 per share. Analysts had expected a profit of $6.99 per share, according to IBES data from Refinitiv.
The asset manager’s fixed-income funds took in $60.27 billion in new money. Its cash-management business attracted $24.2 billion in net inflows in the second quarter.
“Improved investor sentiment led to robust asset gathering,” said Kyle Sanders, an analyst with St. Louis-based financial services firm Edward Jones.
“We were most encouraged by the sharp rebound in asset flows, as we believe sustained flow growth above industry peers is a key driver for the stock,” he said.
The asset manager’s technology business, a key area of growth for the firm, reported a 17 per cent rise in revenue.
BlackRock’s financial markets advisory unit, which manages the U.S. Federal Reserve’s bond-buying programme, generated $39 million in revenue, down from $53 million for the same quarter a year ago.
BlackRock shares, up about 13 per cent for the year, were about one per cent higher in early trading Friday.


cityam--2020-07-17--Business groups cautiously welcome easing of workplace restrictions

Boris Johnson has announced that employers will be given “ more discretion ” to decide whether to bring staff back to workplaces after the coronavirus lockdown .
From 1 August , firms will be able to ask staff to come back if it is safe to do so .
Read more : England lockdown : Guidance on public transport and workplaces to be relaxed “ If employees think it would be better and more productive to come into the office and if they can work in a Covid-secure way in the office then there should be discussions between employers and @ @ @ @ @ @ @ ” , the Prime Minister said .
Business groups cautiously welcomed the announcement , but said there was much that was still be resolved for companies .
Adam Marshall , director general of British Chambers of Commerce , said that to take such decisions businesses needed “ crystal clear guidance ” .
“ Firms will be weighing up how they want to work in future .
Many have seen benefits to productivity and work-life balance over recent months , and will want to keep elements of their new normal ” , he added @ @ @ @ @ @ @ to the workplace is contingent on schools reopening , the availability of wraparound care and the capacity of public transport .
“ Businesses should be able to offset the investments they make to ensure their premises are Covid-secure against their tax bill , which would help many to return to workplaces over the coming months.
” Before the Open newsletter : Start your day with the City View podcast and key market data The IoD ’ s policy director Edwin Morgan said that while firms would welcome the advance warning , many were @ @ @ @ @ @ @ “ Directors need to balance the risks , and won ’ t want to increase the possibility of closures down the line by rushing back .
“ On top of this , not everything is in a company ’ s control .
Childcare is an issue for many employees , and even if the guidance is changed , some staff who use public transport will still be concerned ” , he added .
Morgan suggested that it not clear that there was a desire to return to the “ previous normal ” for @ @ @ @ @ @ @ group London First Jasmine Whitbread said that the conflicting advice from Johnson and chief scientific adviser Sir Patrick Vallance would be a concern for some businesses .
Yesterday Vallance said that he could see no reason to change the current working from home advice .
Read more : Boris Johnson says England will move to local coronavirus lockdowns “ Employers would like to be able to encourage those who want to return to the office to do so as soon as they are ready , with all the social and economic benefits that @ @ @ @ @ @ @ However there must be strong coordination between businesses and government and clear , consistent communication from central and local government before 1 August on what a managed return to public transport looks like ” , she added .
Mayor of London Sadiq Khan hit out at the announcement , however , saying that the government was “ passing the buck ” to companies .
“ Understandably , Londoners may feel unsure of what to do next after continued mixed messages and confused communications from the Government .
“ It is important that we @ @ @ @ @ @ @ , but this can only happen if people continue to follow the guidance and the virus is kept under control .
Read more : Matt Hancock calls for ‘ urgent review ’ into England coronavirus deaths tally “ Rather than passing the buck to employers , the Government must get a grip on the virus so people have the confidence to go out and about and to return to their workplaces when it is safe to do so ” .
Khan asked Londoners not to return to work until it was safe to @ @ @ @ @ @ @ avoid public transport .

Business groups cautiously welcome easing of workplace restrictions
Boris Johnson has announced that employers will be given “more discretion” to decide whether to bring staff back to workplaces after the coronavirus lockdown.
From 1 August, firms will be able to ask staff to come back if it is safe to do so.
“If employees think it would be better and more productive to come into the office and if they can work in a Covid-secure way in the office then there should be discussions between employers and employees and they should take a decision”, the Prime Minister said.
Business groups cautiously welcomed the announcement, but said there was much that was still be resolved for companies.
Firms need ‘crystal clear guidance’
Adam Marshall, director general of British Chambers of Commerce, said that to take such decisions businesses needed “crystal clear guidance”.
“Firms will be weighing up how they want to work in future. Many have seen benefits to productivity and work-life balance over recent months, and will want to keep elements of their new normal”, he added.
“For many employees, returning to the workplace is contingent on schools reopening, the availability of wraparound care and the capacity of public transport.
“Businesses should be able to offset the investments they make to ensure their premises are Covid-secure against their tax bill, which would help many to return to workplaces over the coming months.”
Before the Open newsletter: Start your day with the City View podcast and key market data
‘Significant caution’ remains
The IoD’s policy director Edwin Morgan said that while firms would welcome the advance warning, many were still feeling “significant caution”.
“Directors need to balance the risks, and won’t want to increase the possibility of closures down the line by rushing back.
“On top of this, not everything is in a company’s control. Childcare is an issue for many employees, and even if the guidance is changed, some staff who use public transport will still be concerned”, he added.
Morgan suggested that it not clear that there was a desire to return to the “previous normal” for workers.
‘Strong coordination’ essential
The chief executive of business group London First Jasmine Whitbread said that the conflicting advice from Johnson and chief scientific adviser Sir Patrick Vallance would be a concern for some businesses.
Yesterday Vallance said that he could see no reason to change the current working from home advice.
“Employers would like to be able to encourage those who want to return to the office to do so as soon as they are ready, with all the social and economic benefits that brings”, Whitbread said.
“However there must be strong coordination between businesses and government and clear, consistent communication from central and local government before 1 August on what a managed return to public transport looks like”, she added.
Khan: Government ‘passing the buck’
Mayor of London Sadiq Khan hit out at the announcement, however, saying that the government was “passing the buck” to companies.
“Understandably, Londoners may feel unsure of what to do next after continued mixed messages and confused communications from the Government.
“It is important that we get our country and economy moving again, but this can only happen if people continue to follow the guidance and the virus is kept under control.
“Rather than passing the buck to employers, the Government must get a grip on the virus so people have the confidence to go out and about and to return to their workplaces when it is safe to do so”.
Khan asked Londoners not to return to work until it was safe to do so, and to try to avoid public transport.


cityam--2020-07-17--Reopened restaurants in London: A new regular round-up of the latest food news

Coronavirus may have shuttered the food industry since lockdown was announced , but the restaurant business is bouncing back , with dozens of our favourite places to eat reopening every day .
In this new column , we ’ ll bring you the latest news from the front-line of the food business , complete with all the details you need to book a table .
The Nest is a spacious rooftop terrace with uninterrupted 360-degree skyline views , making it perfectly suited to social distancing measures .
Now open to the public , it will serve breakfast , lunch and @ @ @ @ @ @ @ time .
It has developed a new bar menu for the relaunch , with cocktails including the Avocado Bellini , Whisky Colada and Barrel Aged Coconut Manhattan .
Also new is the Frozen Almond Flat White and Margarita Milk Punch , which will be enough for five people and will set you back £40 perfect for forgetting about the corona blues .
• To reserve a table go to treehousehotels.com/london or call 020 7580 0111 ; 14-15 Langham Pl , Marylebone , W1B 2QS Jurema is a laid-back cabana-style bar/restaurant surrounded by hanging @ @ @ @ @ @ @ wooden shack bar and summer-time cocktails .
It has food from YOPO , offering South American inspired summer dishes and a new menu of bespoke cocktails from Waeska bar ’ s team .
The Mandrake ’ s outdoor terrace is one of the largest of any hotel in London , making social distancing easy .
The terrace is now open for bookings .
• To make a reservation go to themandrake.com or call 020 3146 8880 ; 20-21 Newman St , Fitzrovia , W1T 1PG Established as one of the most fashionable and @ @ @ @ @ @ @ s has welcomed film stars , politicians and writers through the decades .
It also boasts an elegant outdoor space for lunch , dinner and cocktails .
Located in Mount Street , Mayfair , Scott ’ s is open daily from midday .
The menu reflects its esteemed heritage , serving traditional fish and shellfish dishes alongside a variety of meat and seasonal game favourites .
• To make a reservation go to scotts-restaurant.com or call 020 7495 7309 ; 20 Mount St , Mayfair , W1K 2HE Celebrating the dining and drinking @ @ @ @ @ @ @ returned with a new summer terrace , perfect for al fresco dining , from lunch to dinner , in the heart of central London .
Signature dishes will include aubergine parmigiana , a wagyu burger , and comté , chicken and basil croque-monsieur .
There is also a menu of rare and unusual pastis and vermouths , together with fine Armagnac and other digestifs .
• To make a reservation go to folie.london or call 020 7600 6969 ; 37 Golden Square , Soho , W1F 9LB Contemporary Japanese restaurant Aqua Kyoto has @ @ @ @ @ @ @ retreat just metres from the crowds of Regent Street .
Bookings are now open for the restaurant as well as the rooftop terrace , which is available for reservations for the first time .
• To make a reservation go to aquakyoto.co.uk or call 020 7478 0540 ; 5th Floor 240 Regent ( entrance 30 Argyll St ) , W1F 7EB J Sheekey Atlantic Bar , the terrace attached to the renowned J Sheekey in Covent Garden , offers a selection of fresh fish , oysters and seasonal fare that can be enjoyed @ @ @ @ @ @ @ .
Both sites offer an excellent selection of wines and Champagnes by the glass or bottle , making it the perfect place to enjoy a post-lockdown treat .
• To make a reservation go to jsheekeyatlanticbar.co.uk or call 020 7240 2565 ; 28-32 St Martin ’ s Ct , Covent Garden , WC2N 4AL

Reopened restaurants in London: A new regular round-up of the latest food news
Coronavirus may have shuttered the food industry since lockdown was announced, but the restaurant business is bouncing back, with dozens of our favourite places to eat reopening every day.
In this new column, we’ll bring you the latest news from the front-line of the food business, complete with all the details you need to book a table.
Folie
Jurema at the Mandrake
Aqua Kyoto
Scott’s
J Sheekey Atlantic Bar
The Nest at Treehouse London
The Nest at Treehouse London
The Nest is a spacious rooftop terrace with uninterrupted 360-degree skyline views, making it perfectly suited to social distancing measures. Now open to the public, it will serve breakfast, lunch and dinner and weekend brunch for the first time. It has developed a new bar menu for the relaunch, with cocktails including the Avocado Bellini, Whisky Colada and Barrel Aged Coconut Manhattan. Also new is the Frozen Almond Flat White and Margarita Milk Punch, which will be enough for five people and will set you back £40 perfect for forgetting about the corona blues.
• To reserve a table go to treehousehotels.com/london or call 020 7580 0111; 14-15 Langham Pl, Marylebone, W1B 2QS
Jurema at the Mandrake
Jurema is a laid-back cabana-style bar/restaurant surrounded by hanging passionflower and jasmine plants, with a wooden shack bar and summer-time cocktails. It has food from YOPO, offering South American inspired summer dishes and a new menu of bespoke cocktails from Waeska bar’s team. The Mandrake’s outdoor terrace is one of the largest of any hotel in London, making social distancing easy. The terrace is now open for bookings.
• To make a reservation go to themandrake.com or call 020 3146 8880; 20-21 Newman St, Fitzrovia, W1T 1PG
Scott’s
Established as one of the most fashionable and glamorous restaurants in town, Scott’s has welcomed film stars, politicians and writers through the decades. It also boasts an elegant outdoor space for lunch, dinner and cocktails.
Located in Mount Street, Mayfair, Scott’s is open daily from midday. The menu reflects its esteemed heritage, serving traditional fish and shellfish dishes alongside a variety of meat and seasonal game favourites.
• To make a reservation go to scotts-restaurant.com or call 020 7495 7309; 20 Mount St, Mayfair, W1K 2HE
Folie
Celebrating the dining and drinking culture of the Riviera, Folie has returned with a new summer terrace, perfect for al fresco dining, from lunch to dinner, in the heart of central London. Signature dishes will include aubergine parmigiana, a wagyu burger, and comté, chicken and basil croque-monsieur. There is also a menu of rare and unusual pastis and vermouths, together with fine Armagnac and other digestifs.
• To make a reservation go to folie.london or call 020 7600 6969; 37 Golden Square, Soho, W1F 9LB
Aqua Kyoto
Contemporary Japanese restaurant Aqua Kyoto has reopened, providing guests with a peaceful retreat just metres from the crowds of Regent Street. Bookings are now open for the restaurant as well as the rooftop terrace, which is available for reservations for the first time.
• To make a reservation go to aquakyoto.co.uk or call 020 7478 0540; 5th Floor 240 Regent (entrance 30 Argyll St), W1F 7EB
J Sheekey Atlantic Bar
J Sheekey Atlantic Bar, the terrace attached to the renowned J Sheekey in Covent Garden, offers a selection of fresh fish, oysters and seasonal fare that can be enjoyed at the bar or on the terrace. Both sites offer an excellent selection of wines and Champagnes by the glass or bottle, making it the perfect place to enjoy a post-lockdown treat.
• To make a reservation go to jsheekeyatlanticbar.co.uk or call 020 7240 2565; 28-32 St Martin’s Ct, Covent Garden, WC2N 4AL


cityam--2020-07-17--Reopened restaurants in London: The latest news about your favourite places to eat

Coronavirus may have shuttered the food industry since lockdown was announced , but the restaurant business is bouncing back , with dozens of our favourite places to eat reopening every day .
In this new column , we ’ ll bring you the latest news from the front-line of the food business , complete with all the details you need to book a table .
Jermyn Street ’ s classic restaurant Wilton ’ s is back in business , bringing a little of its formal flair to the covid crisis , including providing customers with an envelope in which to @ @ @ @ @ @ @ .
There are a host of other safety measures in place , including a full sanitisation of the bathrooms after every use .
Now there ’ s no excuse not to get stuck into some of the finest produce in London .
• To reserve a table to wiltons.co.uk or call 020 7629 9955 ; 55 Jermyn St , St. James ’ s , SW1Y 6LX After months of keeping us sane selling fine wines through its website during lockdown , Berry Bros & Rudd has reopened its Pall Mall store , where @ @ @ @ @ @ @ 1,300 wines and spirits , from £10 to £10,000 a bottle .
If you ’ re ready to celebrate returning to the City , make sure you stock up in advance .
• For more information go to bbr.com or call 0800 280 2440 ; 63 Pall Mall , St. James ’ s , SW1Y 5HZ The City ’ s vast dining-hub-cum-members-club has reopened , making use of al that square footage to implement covid-friendly one way systems and social distancing measures .
The eight restaurant ’ s on the Ned ’ s @ @ @ @ @ @ @ public – are now taking bookings , so whether you fancy Italian ( Cecconi ’ s ) , Asian-Pacific ( Kaia ) , British ( Millie ’ s Lounge ) or something totally different , they have you covered .
• To reserve a table go to thened.com or call 020 3828 2000 ; 27 Poultry , EC2R 8AJ Shoreditch Italian restaurant Officina 00 also reopened on 4 July with a new summer menu of pastas , in house cured meats , sourdough focaccia and an updated drinks list ( including plenty of @ @ @ @ @ @ @ a takeaway/delivery Al Parco menu – perfect for Italian picnics and Aperitivo in the comfort of your own home .
• To reserve a table go to officina00.co.uk or call 020 8037 7161 ; 156 Old St , EC1V 9BW Contemporary Greek restaurant Opso , situated in the heart of Marylebone , reopened on 4 July .
The restaurant features an spacious terrace seating between 30-40 d well-spaced diners .
The menu showcases light and summery selections from across Greece and the Eastern Mediterranean , and channels the spirit of seaside dining , @ @ @ @ @ @ @ , and grilled octopus with homemade orzo , tomato jam and lemongrass .
Dishes are paired with a selection of wines from famous Greek winemaking regions .
• To reserve a table go to opso.co.uk or call 020 7487 5088 ; 10 Paddington St , Marylebone , W1U 5QL

Reopened restaurants in London: The latest news about your favourite places to eat
Coronavirus may have shuttered the food industry since lockdown was announced, but the restaurant business is bouncing back, with dozens of our favourite places to eat reopening every day.
In this new column, we’ll bring you the latest news from the front-line of the food business, complete with all the details you need to book a table.
Wilton’s
Officina 00
Berry Bros & Rudd
The Ned
Opso
Wilton’s
Jermyn Street’s classic restaurant Wilton’s is back in business, bringing a little of its formal flair to the covid crisis, including providing customers with an envelope in which to store their face masks during their meal. There are a host of other safety measures in place, including a full sanitisation of the bathrooms after every use. Now there’s no excuse not to get stuck into some of the finest produce in London.
• To reserve a table to wiltons.co.uk or call 020 7629 9955; 55 Jermyn St, St. James’s, SW1Y 6LX
Berry Bros & Rudd
After months of keeping us sane selling fine wines through its website during lockdown, Berry Bros & Rudd has reopened its Pall Mall store, where you can find a range of over 1,300 wines and spirits, from £10 to £10,000 a bottle. If you’re ready to celebrate returning to the City, make sure you stock up in advance.
• For more information go to bbr.com or call 0800 280 2440; 63 Pall Mall, St. James’s, SW1Y 5HZ
The Ned
The City’s vast dining-hub-cum-members-club has reopened, making use of al that square footage to implement covid-friendly one way systems and social distancing measures. The eight restaurant’s on the Ned’s ground floor – all open to the public – are now taking bookings, so whether you fancy Italian (Cecconi’s), Asian-Pacific (Kaia), British (Millie’s Lounge) or something totally different, they have you covered.
• To reserve a table go to thened.com or call 020 3828 2000; 27 Poultry, EC2R 8AJ
Officina 00
Shoreditch Italian restaurant Officina 00 also reopened on 4 July with a new summer menu of pastas, in house cured meats, sourdough focaccia and an updated drinks list (including plenty of Amaro). The team recently introduced a takeaway/delivery Al Parco menu – perfect for Italian picnics and Aperitivo in the comfort of your own home.
• To reserve a table go to officina00.co.uk or call 020 8037 7161; 156 Old St, EC1V 9BW
Opso
Contemporary Greek restaurant Opso, situated in the heart of Marylebone, reopened on 4 July. The restaurant features an spacious terrace seating between 30-40 d well-spaced diners. The menu showcases light and summery selections from across Greece and the Eastern Mediterranean, and channels the spirit of seaside dining, with dishes such as fried baby squid, and grilled octopus with homemade orzo, tomato jam and lemongrass. Dishes are paired with a selection of wines from famous Greek winemaking regions.
• To reserve a table go to opso.co.uk or call 020 7487 5088; 10 Paddington St, Marylebone, W1U 5QL


cityam--2020-07-18--Fast Ford icon: Rare Sierra RS Cosworth heads to auction

“ A working class hero is something to be , ” declared John Lennon .
Anyone who grew up idolising the Ford Sierra RS Cosworth would surely agree .
With its wide wheelarches and whale tail wing , the ‘ Cossie ’ looked brilliant on a bedroom wall .
And its 204hp turbocharged engine offered Porsche-baiting pace : 0-62mph in 6.5 seconds and a top speed of 149mph .
Today , this iconic fast Ford is highly collectable – and a rare pre-production car is coming up for sale .
If you have between £39,000 and £59,000 to spend , @ @ @ @ @ @ @ This 1985 Sierra RS Cosworth was initially part of Ford ’ s ‘ 4P ’ Pre-Production Prove Out Programme .
It ’ s one of 10 such cars built , used for development and press road-testing .
Seven of the 10 were later converted to rally cars , which makes this road-registered example a real rarity .
Indeed , it ’ s the only pre-production RS Cosworth known to survive , its provenance verified by members of the original Ford Special Vehicle Engineering ( SVE ) team .
There ’ s also a @ @ @ @ @ @ @ s ‘ Cars of the Future ’ TV advert at the time , although it isn ’ t possible to prove this .
The car has covered 68,000 miles from new and spent much of its later life in air-conditioned storage .
It was recently restored at a cost of ‘ tens of thousands of pounds ’ .
The goal of the restoration was to return the Ford to as-new condition .
Outside , it wears original Moonstone Blue paintwork , with replacement lights , plastic mouldings , door and window seals , @ @ @ @ @ @ @ , there ’ s new headlining and restuffed front seats , along with the original three-spoke steering wheel and Ford radio/cassette .
Classic car purists will gleefully note the original UK registration number ( returned when the car was repatriated from New Zealand ) , owner ’ s handbook and dealer sticker in the rear window .
The sale also includes an MOT certificate valid until June 2021 .
So you can start driving it straight away .
We sampled a Sierra RS Cosworth from Ford ’ s heritage fleet back in 2016 @ @ @ @ @ @ @ our review , giving a flavour of how the car drives : ‘ Two hundred and four horses was an enviable stable in 1986 , but even a Fiesta ST200 tops that today .
The Sierra ’ s closest descendant , the Mk3 Focus RS , has 350hp .
‘ Even so , floor the right pedal and the winged warrior still feels quick , its raucous four-pot rasping as the rear tyres break traction on damp Dagenham roads .
The gearshift is a little rubbery , the steering slightly slow-witted , but @ @ @ @ @ @ @ .
‘ Find a quiet B-road ( or an empty McDonalds car park ) and the Sierra is more than happy to go sideways .
Yet it ’ s less intimidating than I expected , despite the total lack of electronic traction aids .
Don ’ t expect the scalpel-sharp precision of an E30 M3 , but the Cosworth isn ’ t the blunt instrument its Essex-boy image might suggest.
’ If you ’ re interested in bidding on the Cosworth , visit TheMarket.co.uk , where the online auction starts on 23 July @ @ @ @ @ @ @ This car is a piece of Ford history .
Not only is this one of the most desirable fast-Fords made but this is one of the very first examples ever built , ” says Tristan Judge , director of The Market .
“ The auction will be a very special opportunity for enthusiasts and collectors looking for a genuine Sierra RS Cosworth , with a price tag which is within reach for serious buyers.
” This working-class hero is unlikely to sell for a working-class price .
But if you can afford it @ @ @ @ @ @ @ appeal .

Fast Ford icon: Rare Sierra RS Cosworth heads to auction
“A working class hero is something to be,” declared John Lennon. Anyone who grew up idolising the Ford Sierra RS Cosworth would surely agree.
With its wide wheelarches and whale tail wing, the ‘Cossie’ looked brilliant on a bedroom wall. And its 204hp turbocharged engine offered Porsche-baiting pace: 0-62mph in 6.5 seconds and a top speed of 149mph.
Today, this iconic fast Ford is highly collectable – and a rare pre-production car is coming up for sale. If you have between £39,000 and £59,000 to spend, it could prove a savvy investment.
A possible TV star
This 1985 Sierra RS Cosworth was initially part of Ford’s ‘4P’ Pre-Production Prove Out Programme. It’s one of 10 such cars built, used for development and press road-testing.
Seven of the 10 were later converted to rally cars, which makes this road-registered example a real rarity. Indeed, it’s the only pre-production RS Cosworth known to survive, its provenance verified by members of the original Ford Special Vehicle Engineering (SVE) team.
There’s also a suggestion the Sierra starred in Ford’s ‘Cars of the Future’ TV advert at the time, although it isn’t possible to prove this.
The car has covered 68,000 miles from new and spent much of its later life in air-conditioned storage. It was recently restored at a cost of ‘tens of thousands of pounds’.
Chasing perfect
The goal of the restoration was to return the Ford to as-new condition. Outside, it wears original Moonstone Blue paintwork, with replacement lights, plastic mouldings, door and window seals, and a new front splitter.
Inside, there’s new headlining and restuffed front seats, along with the original three-spoke steering wheel and Ford radio/cassette.
Classic car purists will gleefully note the original UK registration number (returned when the car was repatriated from New Zealand), owner’s handbook and dealer sticker in the rear window.
The sale also includes an MOT certificate valid until June 2021. So you can start driving it straight away.
Slip-sliding away
We sampled a Sierra RS Cosworth from Ford’s heritage fleet back in 2016. Here’s an excerpt from our review, giving a flavour of how the car drives:
‘Two hundred and four horses was an enviable stable in 1986, but even a Fiesta ST200 tops that today. The Sierra’s closest descendant, the Mk3 Focus RS, has 350hp.
‘Even so, floor the right pedal and the winged warrior still feels quick, its raucous four-pot rasping as the rear tyres break traction on damp Dagenham roads. The gearshift is a little rubbery, the steering slightly slow-witted, but there’s no shortage of feedback.
‘Find a quiet B-road (or an empty McDonalds car park) and the Sierra is more than happy to go sideways. Yet it’s less intimidating than I expected, despite the total lack of electronic traction aids. Don’t expect the scalpel-sharp precision of an E30 M3, but the Cosworth isn’t the blunt instrument its Essex-boy image might suggest.’
Auction action
If you’re interested in bidding on the Cosworth, visit TheMarket.co.uk, where the online auction starts on 23 July, ending on 30 July.
“This car is a piece of Ford history. Not only is this one of the most desirable fast-Fords made but this is one of the very first examples ever built,” says Tristan Judge, director of The Market.
“The auction will be a very special opportunity for enthusiasts and collectors looking for a genuine Sierra RS Cosworth, with a price tag which is within reach for serious buyers.”
This working-class hero is unlikely to sell for a working-class price. But if you can afford it, few modern classics have such universal appeal.
• Tim Pitt works for motoringresearch.com


cityam--2020-07-18--Coronavirus roadmap: When will England's lockdown end?

Boris Johnson has outlined a roadmap for the end of England ’ s lockdown , giving hope that coronavirus social distancing could end before Christmas .
Johnson changed tack on government guidance to work from home where possible in a speech on 17 July .
Instead employers will be asked to discuss with employees whether and how they can safely return to offices .
And the PM also signalled that public transport restrictions could be relaxed in the coming weeks .
He also outlined a series of steps in a roadmap the government hopes will mark the end of England @ @ @ @ @ @ @ Boris Johnson says England will move to local coronavirus lockdowns Social distancing could end in November , with Johnson adding that he was hopeful of a “ significant return to normality ” by Christmas .
The coronavirus recovery plan builds on announcements made on 4 July .
• Social distancing cut from two metres to one-metre-plus Read on below for the major next steps in England ’ s end of lockdown roadmap .
People are now able to use public transport again immediately , the PM has said .
Anyone can now use @ @ @ @ @ @ @ as long as they adhere to one-metre-plus social distancing rules .
Read more : England lockdown : Guidance on public transport and workplaces to be relaxed Earlier this month culture secretary Oliver Dowden announced that indoor gyms , swimming pools and sport facilities will all be able to open from 25 July .
Read more : Beauty salons , massage parlours and gyms set to reopen in England next week Audiences adhering to social distancing will be able to return to indoor theatres , music and performance venues from the beginning of August @ @ @ @ @ @ @ and casinos can also open under England ’ s end of lockdown roadmap .
So will beauticians and other “ close contact services ” , the Prime Minister said .
However , nightclubs and soft play areas will remain closed for the time being .
Read more : Government mulls financial support for UK ’ s ailing theatres Wedding receptions with up to 30 people will also be permitted .
August is also a big month for workplaces , and by extension retailers in cities .
The government will scrap its guidance to @ @ @ @ @ @ @ it will ask employers to make the decision over whether to return to offices .
Read more : Business groups cautiously welcome easing of workplace restrictions Employers should ensure they create a safe , socially distanced workspace for staff .
And they should consult employees on the decision and agree on when and how staff can return safely to offices .
Though Patrick Vallance , the government ’ s chief scientific adviser , also said he saw “ absolutely no reason ” to stop working from home .
“ For many companies [ @ @ @ @ @ @ @ because it ’ s easy to do.
” As previously announced , schools , nurseries , and colleges will all be open on a full time basis from September .
Universities are also working to reopen as fully as possible , the government said .
Spectators will be allowed to return sports stadium from the start of October , with a number of trial events to take place in August .
These are expected to include two men ’ s county cricket friendly matches – such as Surrey v Middlesex at The Oval @ @ @ @ @ @ @ Championship at Sheffield ’ s Crucible Theatre from 31 July , and the Glorious Goodwood horse racing festival on 1 August .
Read more : Former City minister calls on PM to fund ‘ Stadium for Cornwall ’ Conferences and business events will also be allowed to go ahead from 1 October .
Read more : Boris Johnson : Social distancing may end in November If the UK does not experience a second wave of coronavirus infections then England ’ s lockdown could end by Christmas , the PM has said .
“ @ @ @ @ @ @ @ that we will be able to review the outstanding restrictions and allow a more significant return to normality from November at the earliest , ” Johnson said on 17 July .
That would include the end of the one-metre social distancing rule .
This would be the biggest step to an end to lockdown in England so far .

Coronavirus roadmap: When will England’s lockdown end?
Coronavirus roadmap: When will England’s lockdown end?
Boris Johnson has outlined a roadmap for the end of England’s lockdown, giving hope that coronavirus social distancing could end before Christmas.
Johnson changed tack on government guidance to work from home where possible in a speech on 17 July. Instead employers will be asked to discuss with employees whether and how they can safely return to offices.
And the PM also signalled that public transport restrictions could be relaxed in the coming weeks.
He also outlined a series of steps in a roadmap the government hopes will mark the end of England’s lockdown.
Social distancing could end in November, with Johnson adding that he was hopeful of a “significant return to normality” by Christmas.
The coronavirus recovery plan builds on announcements made on 4 July.
Those saw:
Social distancing cut from two metres to one-metre-plus
Pubs, cafes, restaurants reopening
Galleries, museums, cinemas reopening
Hairdressers, gyms and fitness facilities reopening
Indoor meetings allowed between households
Outdoor meetings allowed between households
Read on below for the major next steps in England’s end of lockdown roadmap.
Public transport is back: 17 July
People are now able to use public transport again immediately, the PM has said.
Anyone can now use any method of transport they like, as long as they adhere to one-metre-plus social distancing rules.
End of lockdown roadmap: 25 July
Earlier this month culture secretary Oliver Dowden announced that indoor gyms, swimming pools and sport facilities will all be able to open from 25 July.
Leisure facilities: 1 August
Audiences adhering to social distancing will be able to return to indoor theatres, music and performance venues from the beginning of August.
Other leisure facilities like bowling alleys and casinos can also open under England’s end of lockdown roadmap.
So will beauticians and other “close contact services”, the Prime Minister said.
However, nightclubs and soft play areas will remain closed for the time being.
Wedding receptions with up to 30 people will also be permitted.
Back to workplaces: 1 August
August is also a big month for workplaces, and by extension retailers in cities.
The government will scrap its guidance to work from home where possible. Instead it will ask employers to make the decision over whether to return to offices.
Employers should ensure they create a safe, socially distanced workspace for staff. And they should consult employees on the decision and agree on when and how staff can return safely to offices.
Though Patrick Vallance, the government’s chief scientific adviser, also said he saw “absolutely no reason” to stop working from home. “For many companies [it] remains a perfectly good option because it’s easy to do.”
Schools and nurseries: 1 September
As previously announced, schools, nurseries, and colleges will all be open on a full time basis from September.
Universities are also working to reopen as fully as possible, the government said.
Sport stadiums: 1 October
Spectators will be allowed to return sports stadium from the start of October, with a number of trial events to take place in August.
These are expected to include two men’s county cricket friendly matches – such as Surrey v Middlesex at The Oval on 26-27 July – the World Snooker Championship at Sheffield’s Crucible Theatre from 31 July, and the Glorious Goodwood horse racing festival on 1 August.
Conferences and business events will also be allowed to go ahead from 1 October.
England lockdown ends? November/December
If the UK does not experience a second wave of coronavirus infections then England’s lockdown could end by Christmas, the PM has said.
“It is my strong and sincere hope that we will be able to review the outstanding restrictions and allow a more significant return to normality from November at the earliest,” Johnson said on 17 July.
That would include the end of the one-metre social distancing rule. This would be the biggest step to an end to lockdown in England so far.


cityam--2020-07-18--How to: the perfect weekend BBQ - and how to heat it up

Finally the weather is on the up – so for those amateur chefs up and down the country firing up @ @ @ @ @ here ’ s your chance to turn pro .
Award-winning Kentucky bourbon brand Buffalo Trace @ @ @ @ @ Deep South , they know their BBQ – have teamed up with Spitalfields ’ based @ @ @ @ @ the tips and tricks to ensure all goes well this weekend .
Hotbox co-founder Basit @ @ @ @ @ and tricks on how to prepare the tastiest BBQ chicken from start to finish , @ @ @ @ @ perfect smokey fire , to heighten the oakwood-aged Buffalo Trace Bourbon , which will be @ @ @ @ @ chicken .

How to: the perfect weekend BBQ – and how to heat it up
Finally the weather is on the up – so for those amateur chefs up and down the country firing up the barbecue this weekend, here’s your chance to turn pro.
Award-winning Kentucky bourbon brand Buffalo Trace – it’s the Deep South, they know their BBQ – have teamed up with Spitalfields’ based grillers Hotbox to show you the tips and tricks to ensure all goes well this weekend.
Hotbox co-founder Basit Nasim Basit spills industry tips and tricks on how to prepare the tastiest BBQ chicken from start to finish, and how to build the perfect smokey fire, to heighten the oakwood-aged Buffalo Trace Bourbon, which will be seasoned and glazed over the chicken.
What’s a weekend without a little smoke?