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(Alliance News) - JD Wetherspoon on Friday complained bitterly about the UK government's post-lockdown tier system, which effectively forces almost half of its about 870 pubs to close.
Just 13 Wetherspoon pubs in England are in areas classified as Tier 1, under the new UK virus restrictions that go into place from next week. In addition, there are 51 pubs in Wales, where the regulations equate to Tier 1 in England.
Under new post-lockdown rules set out by the UK government on Thursday, more than 55 million people will be placed into Tier 2 and Tier 3 measures when the second national lockdown ends next week, meaning mixing between households indoors will effectively be banned for the vast majority of the country.
In Tier 1, the rule of six applies indoors and outdoors, but in Tier 2 there will be a ban on households mixing indoors, and pubs and restaurants will only be able to sell alcohol with a "substantial meal". Tier 3 measures mean a ban on households mixing, except in limited circumstances such as in parks.
For Wetherspoon, Tier 2 affects 435 pubs. This tier includes 17 pubs in Scotland where the regulations approximate to Tier 2 in England, the pub chain said.
Wetherspoon highlighted that it has 366 pubs which will remain closed. Of these, 315 are in Tier 3 in England and 51 are in Northern Ireland and Scotland. These 51 pubs have similar restrictions to Tier 3 in England.
"These rules greatly reduced pub capacity and provided strict social distancing and hygiene standards but, with difficultly, allowed pubs to trade viably. It is very disappointing that yet another raft of regulations has been introduced, which has effectively closed half our pubs. In reality, the government has extended a form of lockdown, by stealth, in large swathes of the country," said Chair Tim Martin.
"There has been no evidence of widespread transmission of the coronavirus in pubs, as the Test & Trace system has evidenced."
Wetherspoon shares were down 1.1% early Friday.
Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: down 0.6% at 6,323.66
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Hang Seng: up 0.3% at 26,894.68
Nikkei 225: closed up 0.4% at 26,644.71
NY market closed for holiday Thursday; open half-day Friday.
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GBP: up at USD1.3372 (USD1.3333)
EUR: up at USD1.1922 (USD1.1908)
Gold: flat at USD1,810.21 per ounce (USD1,810.32)
Oil (Brent): unchanged at USD47.76 a barrel (USD47.77)
(changes since previous London equities close)
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ECONOMICS AND GENERAL
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Friday's Key Economic Events still to come
1100 GMT Ireland retail sales
1100 CET EU business & consumer surveys
1300 EST US financial markets close early on day after Thanksgiving.
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The decision to impose tough restrictions on 99% of England has prompted a furious reaction with UK Prime Minister Boris Johnson facing a Tory revolt over his post-lockdown plans. More than 55 million people will be placed into Tier 2 and Tier 3 measures when the second national lockdown ends on December 2, meaning mixing between households indoors will effectively be banned for the vast majority of the country. Only the Isle of Wight, Cornwall and the Isles of Scilly – accounting for little more than 1% of England's population – face the lightest Tier 1 coronavirus restrictions. Large swathes of the Midlands, North East and North West are in the most restrictive Tier 3, which accounts for 41.5% of the population, or 23.3 million people. The majority of authorities – including London – will be in Tier 2, which will cover 57% of the country, or 32 million people. Out of those areas to go into Tier 3, only eight of 119 have reported a rise in cases.
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Germany is set to take out almost EUR180 billion in new debt next year, according to the nation's 2021 budget, which has grown in recent weeks to allow for the mounting costs of the pandemic in Europe's biggest economy. The budget was agreed to early Friday following overnight discussions by a parliamentary committee. The Bundestag parliament is expected to pass the framework in a vote in December. The German state is to spend around EUR498.6 billion in 2021 - almost as much as its outgoings this year, when the government freed up billions for business aid and stimulus in response to the coronavirus crisis. Germany, once a beacon of hope in Europe's coronavirus nightmare, logged its one millionth case on Friday.
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BROKER RATING CHANGES
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MORGAN STANLEY RAISES DIAGEO TO 'OVERWEIGHT' (EQUAL-WEIGHT) - PRICE TARGET 3,500 (2,600) PENCE
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GOLDMAN SACHS CUTS MARKS & SPENCER TO 'NEUTRAL' ('BUY') - TARGET 145 PENCE
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JPMORGAN RAISES RYANAIR PRICE TARGET TO 18.50 (13) EUR - 'OVERWEIGHT'
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COMPANIES - MAIN MARKET AND AIM
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Newspaper publisher Reach said it saw a strong performance in digital revenue as it moves its news brands towards an online future, with its financial year ending December 27 drawing to a close. For the period from June 29 to November 27, Reach said its performance has exceeded market expectations, with continued strong digital revenue growth of 16%, assisted by increased customer engagement. The Daily Mirror newspaper publisher said circulation sales have remained resilient despite the recent lockdowns, supported by increased cross-promotion of national and regional titles. Overall, for the five months to November-end, a decline in print revenue of 20% contributed to a revenue decline of 14%. Reach expects trends of strong digital growth and resilient circulation to continue into December, but noted that the current macroeconomic uncertainties make forecasting "more challenging". "The headwinds from Covid-19 have been considerable, but while we remain mindful of potential impacts from the current lockdowns, we approach the end of the year with a strong and growing digital business, resilient print circulation sales, and a new, efficient operating model," said Chief Executive Officer Jim Mullen.
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COMPANIES - GLOBAL
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Toyota Motor said sales and production of its cars increased in October amid a recovery of both the Japanese and international markets. The Japanese automotive manufacturer said global sales - including subsidiaries Daihatsu Motor and Hino Motors - in October were up 8.6% to 927,623 units from the previous year. In the US, sales of the Camry, RAV4, and Lexus brand models were strong, resulting in a new record high for October, Toyota said. In China, sales of the Corolla, Levin, and Lexus brand models were strong. As a result, sales were up 33% year-on-year, the seventh consecutive year-on-year increase. Global production of Toyota-branded cars in October was up 9.0% to 845,107 units from a year before. When including Daihatsu and Hino, production grew by 6.5% year-on-year to 979,232 units.
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Spain's second-largest bank BBVA and smaller rival Banco Sabadell said they had scrapped plans for a possible tie-up that could create the country's largest lender. Sabadell said in a statement that it had "decided to terminate these discussions" as the two parties had failed to come up with a share exchange agreement.
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Friday's Shareholder Meetings
Bushveld Minerals Ltd - GM re authority for share issues
Hotel Chocolat Group PLC - AGM
Quadrise Fuels International PLC - AGM
Sylvania Platinum Ltd - AGM
Inspirit Energy Holdings PLC - GM requisitioned to remove board
MetalNRG PLC - GM re authority to allot shares
Murray Income Trust PLC - AGM
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By Tom Waite; thomaslwaite@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
