cityam--2020-10-26--Aviation watchdog slams Heathrow's legal threats over £1.7bn airport charge hike

The Civil Aviation Authority ( CAA ) has hit back at Heathrow Airport over threats that it will take the regulator to court unless it budges on its decision to reject Heathrow ’ s attempt to increase airport charges by £1.7bn .
Earlier this month , the CAA turned down the request from the UK ’ s largest airport , which wanted to hike charges to compensate from the financial damage done by Covid-19 .
Read more : Heathrow Airport passenger numbers plummet over 80 per cent in September The airport runs on a mechanism that allows it to recoup @ @ @ @ @ @ @ , but the watchdog said its proposals were not “ proportionate ” .
Yesterday , the Telegraph reported that Heathrow ’ s finance chief Javier Echave had accused the regulator of “ failing [ its ] duties ” by not reconsidering its request .
“ If the CAA does not change its decision this could require us to launch a legal challenge .
Because the consequences [ on Heathrow ] would be severe ” , Echave added .
But in a letter to Heathrow ’ s chief strategy officer Andrew Macmillan today , @ @ @ @ @ @ @ Paul Smith slammed Echave ’ s comments .
“ The quote attributed to Javier claims incorrectly that the Q6 [ current ] price control in some way includes provisions that require us to grant HAL ’ s ( Heathrow ) request to reopen the price control ” , the letter , which City A.M. has seen , read .
Read more : Heathrow boss : PM told me airport testing will be in place ‘ in October ’ “ Such obligations do not exist .
Accordingly , it is both inappropriate and wrong @ @ @ @ @ @ @ may be acting outside our legal obligations.
” “ We would strongly urge that HAL ensures that any further comments it makes about the scope for re-opening the Q6 price control are clear about what the control requires , and in particular , do not state or imply , that the CAA is in some way legally obliged to grant HAL ’ s request ” , it went on .
Smith also said that reports that the CAA had threatened to nationalise Heathrow were false .
Before the Open newsletter : Start your @ @ @ @ @ @ @ key market data “ This is not and never has been the case .
It is not within the scope of our powers ” , he wrote .
In conclusion , Smith added : “ I note the article ’ s claim that Javier ’ s aim is to change the CAA ’ s mind .
Rather than threatening legal action in the media , I would encourage HAL to engage fully with the formal consultation process.
” Heathrow ’ s decision to ask the CAA to let it hike charges led to @ @ @ @ @ @ @ with airlines group IAG dubbing it “ staggering ” .
“ Heathrow is a wealthy , privately owned company , which should seek funds from its shareholders ” , it told the Telegraph .
The company is owned by Spanish infrastructure firm Ferrovial , as well as Qatari and Chinese sovereign wealth funds .
As of September , Heathrow had cash reserves of £2.4bn , enough to see it through until 2023 .
A Heathrow spokesperson said : “ We stand by our position that the Q6 regulatory settlement was predicated on a @ @ @ @ @ @ @ no longer valid in light of the impacts of Covid-19 .
“ We have made the CAA aware of this significant impact and requested the balance be redressed .
The CAA has statutory duties to protect consumers and ensure Heathrow can be privately financed .
Read more : Heathrow Airport operating at a fifth of normal levels “ We are firmly of the view that granting the amendment is the best way for the CAA to fulfil these duties .
We are actively engaging with the CAA on its consultation and look forward @ @ @ @ @ @ @ of the issues .
“ In the event that the CAA does not grant the amendment we will carefully consider what further action is appropriate .
”

Aviation watchdog slams Heathrow’s legal threats over £1.7bn airport charge hike
The CAA and Heathrow Airport are embroiled in a spat over the airport’s bid to raise charges by £1.7bn.
The Civil Aviation Authority (CAA) has hit back at Heathrow Airport over threats that it will take the regulator to court unless it budges on its decision to reject Heathrow’s attempt to increase airport charges by £1.7bn.
Earlier this month, the CAA turned down the request from the UK’s largest airport, which wanted to hike charges to compensate from the financial damage done by Covid-19.
The airport runs on a mechanism that allows it to recoup the losses it makes by increasing charges, but the watchdog said its proposals were not “proportionate”.
Yesterday, the Telegraph reported that Heathrow’s finance chief Javier Echave had accused the regulator of “failing [its] duties” by not reconsidering its request.
“If the CAA does not change its decision this could require us to launch a legal challenge. Because the consequences [on Heathrow] would be severe”, Echave added.
But in a letter to Heathrow’s chief strategy officer Andrew Macmillan today, CAA group director of consumers and markets Paul Smith slammed Echave’s comments.
“The quote attributed to Javier claims incorrectly that the Q6 [current] price control in some way includes provisions that require us to grant HAL’s (Heathrow) request to reopen the price control”, the letter, which City A.M. has seen, read.
“Such obligations do not exist. Accordingly, it is both inappropriate and wrong to claim or imply that the CAA may be acting outside our legal obligations.”
“We would strongly urge that HAL ensures that any further comments it makes about the scope for re-opening the Q6 price control are clear about what the control requires, and in particular, do not state or imply, that the CAA is in some way legally obliged to grant HAL’s request”, it went on.
Smith also said that reports that the CAA had threatened to nationalise Heathrow were false.
Before the Open newsletter: Start your day with the City View podcast and key market data
“This is not and never has been the case. It is not within the scope of our powers”, he wrote.
In conclusion, Smith added: “I note the article’s claim that Javier’s aim is to change the CAA’s mind. Rather than threatening legal action in the media, I would encourage HAL to engage fully with the formal consultation process.”
Heathrow’s decision to ask the CAA to let it hike charges led to widespread outrage among the aviation community, with airlines group IAG dubbing it “staggering”.
“Heathrow is a wealthy, privately owned company, which should seek funds from its shareholders”, it told the Telegraph.
The company is owned by Spanish infrastructure firm Ferrovial, as well as Qatari and Chinese sovereign wealth funds.
As of September, Heathrow had cash reserves of £2.4bn, enough to see it through until 2023.
A Heathrow spokesperson said: “We stand by our position that the Q6 regulatory settlement was predicated on a balance of risk and reward which is no longer valid in light of the impacts of Covid-19.
“We have made the CAA aware of this significant impact and requested the balance be redressed. The CAA has statutory duties to protect consumers and ensure Heathrow can be privately financed.
“We are firmly of the view that granting the amendment is the best way for the CAA to fulfil these duties. We are actively engaging with the CAA on its consultation and look forward to the CAA responding to the substance of the issues.
“In the event that the CAA does not grant the amendment we will carefully consider what further action is appropriate.”


cityam--2020-10-26--Hasbro shares slide despite lockdown board game boost

Shares in toy maker Hasbro dropped 10 per cent today as declining revenue from its film and TV operations offset a bumper performance by its board games business .
Hasbro reported net revenue of $ 1.8bn ( £1.4bn ) in the third quarter , down four per cent on the same period last year .
Read more : Hasbro swoops on Peppa Pig-maker Entertainment One in $ 4bn deal The figure came in ahead of analysts ’ forecasts at the US toy giant , which owns brands including Monopoly and Twister , enjoyed a spike in board game sales during @ @ @ @ @ @ @ offset by a sharp decline in the company ’ s film and TV unit after the pandemic put productions across the world on hold .
Hasbro last year stumped up £3.3bn to Peppa Pig owner Entertainment One in a bid to expand its portfolio and generate additional revenue from character-based films and TV shows .
But revenue from film , TV and entertainment slumped 28 per cent over the quarter as a result of the Covid-19 crisis , and Hasbro warned of a lack of a major film release to boost toy sales @ @ @ @ @ @ @ the share price drop may also reflect the strong performance by rival toy maker Mattel , which last week smashed revenue and profit forecasts for the third quarter .
Mattel , whose brands including Barbie dolls and Hot Wheels cars , beat sales estimates by nearly $ 200m and closed the revenue gap on its larger competitor .
Read more : Gambling firms unveil new online games rules as reforms loom “ Building off this quarter ’ s growth in toys , games and digital we are positioned to deliver a good holiday @ @ @ @ @ @ @ chief executive Brian Goldner .
“ While Covid-19 remains a factor in our global operations , consumers remain engaged in activities that create joy and personal connections and we are working purposefully to deliver them the world ’ s best play and entertainment experiences , while remaining focused on the safety and well-being of our global teams and communities .
”

Hasbro shares slide despite lockdown board game boost
Hasbro owns brands including Monopoly and Twister
Shares in toy maker Hasbro dropped 10 per cent today as declining revenue from its film and TV operations offset a bumper performance by its board games business.
Hasbro reported net revenue of $1.8bn (£1.4bn) in the third quarter, down four per cent on the same period last year.
The figure came in ahead of analysts’ forecasts at the US toy giant, which owns brands including Monopoly and Twister, enjoyed a spike in board game sales during the coronavirus lockdown.
But this was offset by a sharp decline in the company’s film and TV unit after the pandemic put productions across the world on hold.
Hasbro last year stumped up £3.3bn to Peppa Pig owner Entertainment One in a bid to expand its portfolio and generate additional revenue from character-based films and TV shows.
But revenue from film,TV and entertainment slumped 28 per cent over the quarter as a result of the Covid-19 crisis, and Hasbro warned of a lack of a major film release to boost toy sales over the festive period.
Analysts said the share price drop may also reflect the strong performance by rival toy maker Mattel, which last week smashed revenue and profit forecasts for the third quarter.
Mattel, whose brands including Barbie dolls and Hot Wheels cars, beat sales estimates by nearly $200m and closed the revenue gap on its larger competitor.
“Building off this quarter’s growth in toys, games and digital we are positioned to deliver a good holiday season,” said Hasbro chairman and chief executive Brian Goldner.
“While Covid-19 remains a factor in our global operations, consumers remain engaged in activities that create joy and personal connections and we are working purposefully to deliver them the world’s best play and entertainment experiences, while remaining focused on the safety and well-being of our global teams and communities.”


cityam--2020-10-27--Rolls-Royce shareholders approve £2bn rights raise plan

Rolls-Royce shareholders have this morning approved the engine maker ’ s £2bn rights issue as it seeks to bolster its finances .
As a result , the group ’ s liquidity will rise by £5bn , as the capital raise opens up new options including a £2bn bond issue and the extension of a two-year loan by £1bn .
Read more : Rolls-Royce shares sink 10 % after it taps shareholders for £2bn in fresh funding Chairman Ian Davis told an online meeting that the resolution had passed “ overwhelmingly ” .
Shares in the blue-chip stock rose 2.2 per @ @ @ @ @ @ @ s market capitalisation has shrunk by more than 80 per cent in the last year .
The pandemic has hammered the FTSE 100 firm because airlines pay the company according to how many hours its engines fly in wide-body jets .
Before the Open newsletter : Start your day with the City View podcast and key market data In August the firm said that it had posted a £5.4bn loss in the first half of the year due to the slump in air travel caused by coronavirus .
International air travel still remains @ @ @ @ @ @ @ cutting capacity over the winter due to increasingly strict travel restrictions .
Rolls-Royce forecast a £1bn outflow in the second half of the year , after burning through £3bn in the first six months .
Read more : Rolls-Royce to raise up to £2.5bn in dash for funding The Derby-based firm cut at least 9,000 jobs in May .
It said last month that it also plans to sell off its Spanish unit ITP Aero among other assets .

Rolls-Royce shareholders approve £2bn rights raise plan
For the first time in the company’s history, Rolls-Royce will shut its jet engine factories for two weeks in the summer.
Rolls-Royce shareholders have this morning approved the engine maker’s £2bn rights issue as it seeks to bolster its finances.
As a result, the group’s liquidity will rise by £5bn, as the capital raise opens up new options including a £2bn bond issue and the extension of a two-year loan by £1bn.
Chairman Ian Davis told an online meeting that the resolution had passed “overwhelmingly”.
A later filing showed that 99.5 per cent of shareholders had voted in favour of the move.
Shares in the blue-chip stock rose initially, but then fell 2.1 per cent in the early afternoon.
Rolls-Royce’s market capitalisation has shrunk by more than 80 per cent in the last year.
The pandemic has hammered the FTSE 100 firm because airlines pay the company according to how many hours its engines fly in wide-body jets.
Before the Open newsletter: Start your day with the City View podcast and key market data
In August the firm said that it had posted a £5.4bn loss in the first half of the year due to the slump in air travel caused by coronavirus.
International air travel still remains at historic lows, with many carries cutting capacity over the winter due to increasingly strict travel restrictions.
Rolls-Royce forecast a £1bn outflow in the second half of the year, after burning through £3bn in the first six months.
The Derby-based firm cut at least 9,000 jobs in May. It said last month that it also plans to sell off its Spanish unit ITP Aero among other assets.
More to follow.


cityam--2020-10-27--Retail sales fall sharply as new restrictions dampen economic recovery

Retail sales fell sharply this month as new coronavirus restrictions dampened the UK ’ s economic recovery , according to the latest research .
In the year to October retail sales dropped to a balance of minus 23 per cent , from growth of 11 per cent last month , according to the CBI distributive trades survey .
Retail sales have been growing since non-essential stores were allowed to reopen in June , however the introduction of new Covid-19 restrictions are taking a toll on the sector ’ s recovery .
Grocery volumes were flat after five months of strong @ @ @ @ @ @ @ clothing stores were among those that reported falling sales .
However sales of furniture , DIY and recreational goods remained strong , indicating that the interior design and renovation trend that gained traction as people stayed at home during lockdown has continued .
Orders placed with suppliers fell for the 18th consecutive months – and at the fastest pace since June , according to the survey of 116 firms .
Ben Jones , CBI principal economist , said : “ The fall in retail sales in October is a warning sign of a @ @ @ @ @ @ @ as coronavirus cases pick up and restrictions are tightened across many parts of the country .
“ It ’ s no surprise that sales have dipped despite no new direct restrictions on retail in England , as the evidence from earlier in the year suggests consumers become more cautious as case numbers rise .
“ With footfall still down by one third , many retailers face a difficult run-up to the all-important Christmas period .
It is vital that local authorities use their discretion over the new Tier 2 grant funding to target @ @ @ @ @ @ @ town and city centres open for business .
”

Retail sales fall sharply as new restrictions dampen economic recovery
Retail sales fell sharply this month as new coronavirus restrictions dampened the UK’s economic recovery, according to the latest research.
In the year to October retail sales dropped to a balance of minus 23 per cent, from growth of 11 per cent last month, according to the CBI distributive trades survey.
Retail sales have been growing since non-essential stores were allowed to reopen in June, however the introduction of new Covid-19 restrictions are taking a toll on the sector’s recovery.
Grocery volumes were flat after five months of strong growth during the coronavirus pandemic, while clothing stores were among those that reported falling sales.
However sales of furniture, DIY and recreational goods remained strong, indicating that the interior design and renovation trend that gained traction as people stayed at home during lockdown has continued.
Orders placed with suppliers fell for the 18th consecutive months – and at the fastest pace since June, according to the survey of 116 firms.
Ben Jones, CBI principal economist, said: “The fall in retail sales in October is a warning sign of a further loss of momentum in the economy as coronavirus cases pick up and restrictions are tightened across many parts of the country.
“It’s no surprise that sales have dipped despite no new direct restrictions on retail in England, as the evidence from earlier in the year suggests consumers become more cautious as case numbers rise.
“With footfall still down by one third, many retailers face a difficult run-up to the all-important Christmas period. It is vital that local authorities use their discretion over the new Tier 2 grant funding to target support in a way that helps keep town and city centres open for business.”


cityam--2020-10-27--Has an unverified Woolworths twitter account pranked Britain? Probably.

An unverified Twitter account claiming to belong to Woolworths emerged this morning , sparking a media frenzy and a social media storm .
The account claimed that three trial stores of the retailer will open next year , with just “ a few legal contracts left to sign ” .
But there is little evidence that a return is , in fact , in the cards .
Companies House data shows the former high street brand still a dormant company owned by The Very Group .
The account lists a website that doesn ’ t exist and until this morning @ @ @ @ @ @ @ .
The account ’ s tweets include a number of typos , including of the brand ’ s actual name .
That has not stopped the account ‘ trending ’ on Twitter .
Read more : Social media giants call for curbs on content regulation According to Companies House , two companies – Woolworths Online and Woolworths Limited – were registered at the headquarters of The Very Group , which bought Woolworths when it went under in 2008 .
Woolworths Online was dissolved in 2019 .
Woolworths Limited has continued to file accounts @ @ @ @ @ @ @ Group have made no mention of a Woolworths return .
It has been contacted for comment .

Has an unverified Woolworths twitter account pranked Britain? Probably.
An unverified Twitter account claiming to belong to Woolworths emerged this morning, sparking a media frenzy and a social media storm.
The account claimed that three trial stores of the retailer will open next year, with just “a few legal contracts left to sign”.
But there is little evidence that a return is, in fact, in the cards.
Companies House data shows the former high street brand still a dormant company owned by The Very Group.
A spokesperson for The Very Group commented: “We own the Woolworths trademark in the UK. The Twitter account UKWoolworths is not connected to The Very Group.”
The account lists a website that doesn’t exist and until this morning didn’t have a single follower.
The account’s tweets include a number of typos, including of the brand’s actual name.
That has not stopped the account ‘trending’ on Twitter.
Read more: Social media giants call for curbs on content regulation
According to Companies House, two companies – Woolworths Online and Woolworths Limited – were registered at the headquarters of The Very Group, which bought Woolworths when it went under in 2008.
Woolworths Online was dissolved in 2019. Woolworths Limited has continued to file accounts as a dormant company.


cityam--2020-10-27--Beautiful Samoa: Beautiful will always be here

Nestled in the heart of the Polynesia – only four hours away from New Zealand , five hours from Australia and three hours from Fiji – lies beautiful Samoa .
Known for its pristine beaches , lush gardens , majestic mountains , breath-taking waterfalls , powerful blowholes and stunning seascapes , the islands of Samoa celebrate the gifts bestowed upon it by Mother Nature .
The main islands are Upolu , home to over two thirds of the nation , and Savaii , the largest island in Polynesia .
The other eight smaller islands include two of which are inhabited @ @ @ @ @ @ @ on Upolu is full of island charm and home to 40,000 Samoans .
Its historic and deep water harbour has been shelter to countless explorers , naval warships over the centuries .
Although life on Samoa is scenic and tranquil , Apia is lively ; lined with bustling markets selling all things from traditional crafts to the catch of the day .
The city is the hub of Samoa ’ s social life , with many restaurants , bars and even nightclubs .
A ferry ride away is Savaii , the largest of @ @ @ @ @ @ @ big island ’ – is even more unspoiled .
This island teems with wildlife , its jungle ecosystem humming with tropical fauna , perfect for nature lovers seeking their own adventure !
The southern tip of Savaii is blessed with the Tafua Peninsula , now a rainforest reserve and also home to beautiful turquoise lagoon of Si ’ ufaga beach , Aganoa beach , the Tafua volcanic crater and is close to the stunning and thundering Afu Aau Falls .
Samoa ’ s happy and welcoming people are governed by a unique 3,000 @ @ @ @ @ @ @ Samoa – The Samoan Way .
Fa ’ a Samoa is the Polynesian culture at its purest , celebrating and protecting traditional values of family , hospitality , respect and service .
The key three elements of Fa ’ a Samoa include the matai ( chiefs ) , aiga , ( the extended family ) and the church .
There are 362 nu ’ u ( villages ) found throughout the islands with a total of 18,000 matai .
The people see it as their duty to protect and preserve the blessings given @ @ @ @ @ @ @ enjoy the creative expression of this tradition by attending a Fia Fia night organised once a week by most hotels and resorts on the islands .
Alternatively , guests can visit the Samoa Cultural Village in Apia , to get to grip with Samoa ’ s rich culture and heritage .
Here , visitors can experience traditional Samoan “ siva ” , or dancing , and food cooked on an “ umu ” , a hot earth oven made from volcanic rocks .
Fresh , succulent and bursting with flavour Samoa ’ s @ @ @ @ @ @ @ is surrounded by the bounty of fish the ocean provides .
Fruit and vegetables are in abundance , taro , tropical fruits and fresh vegetables add to the freshness of the meals .
This ideal tropical holiday destination caters to all travellers offering a mixture of relaxation and adventure .
Take in the beautiful surroundings and dive , surf , snorkel or siesta in a Samoan-style open air fale or get amongst the locals at a market .
Visitor ’ s favourites include : The waters of Samoa are perfect for snorkelling and @ @ @ @ @ @ @ an exciting destination for the more experienced surfer while those who seek slower pursuits can swim with the turtles at their natural habitat around Namua Island .
To Sua Ocean Trench is a 30 metre deep swimming hole , only accessible by ladder and surrounded by tropical gardens .
Skilled divers can swim in the trench ’ s cave , leading to the sea .
15 miles from Apia , fun for all ages can be found on Mother Nature ’ s very own waterslides at Papase ’ ea Sliding Rocks , formed @ @ @ @ @ @ @ .
Alofaaga Blowholes on south-west Savai ’ i propel a roaring jet of water hundreds of feet up into the air .
They are particularly worth watching when locals throw coconuts into the holes and these are blasted into the air !
For those seeking a less adventurous holiday , there is much opportunity for unwinding at the beautiful beaches and relaxing resorts .
Tourists can visit the house of author Robert Louis Stevenson which is now a museum dedicated to his works and final years of his life he spent on the @ @ @ @ @ @ @ respects to the author of their favourite classics by visiting the burial site on Mount Vaea which can be found within the property grounds .
Alofa is the Samoan word for love , and many have fallen in love at first sight with our islands .
Visit Samoa and see why the heart of Polynesia is the perfect holiday destination and ideal to combine with a trip to Australia or New Zealand .

Sponsored Ad Feature is produced by an advertiser with the specific intent to promote a product and is not produced by the City A.M. team.
Beautiful Samoa: Beautiful will always be here
Nestled in the heart of the Polynesia – only four hours away from New Zealand, five hours from Australia and three hours from Fiji – lies beautiful Samoa. Known for its pristine beaches, lush gardens, majestic mountains, breath-taking waterfalls, powerful blowholes and stunning seascapes, the islands of Samoa celebrate the gifts bestowed upon it by Mother Nature.
The main islands are Upolu, home to over two thirds of the nation, and Savaii, the largest island in Polynesia. The other eight smaller islands include two of which are inhabited. The gateway and thriving capital Apia on Upolu is full of island charm and home to 40,000 Samoans. Its historic and deep water harbour has been shelter to countless explorers, naval warships over the centuries. Although life on Samoa is scenic and tranquil, Apia is lively; lined with bustling markets selling all things from traditional crafts to the catch of the day. The city is the hub of Samoa’s social life, with many restaurants, bars and even nightclubs.
A ferry ride away is Savaii, the largest of the Polynesian islands – called ‘the big island’ – is even more unspoiled. This island teems with wildlife, its jungle ecosystem humming with tropical fauna, perfect for nature lovers seeking their own adventure! The southern tip of Savaii is blessed with the Tafua Peninsula, now a rainforest reserve and also home to beautiful turquoise lagoon of Si’ufaga beach, Aganoa beach, the Tafua volcanic crater and is close to the stunning and thundering Afu Aau Falls.
Samoa’s happy and welcoming people are governed by a unique 3,000 year old tradition called Fa’a Samoa – The Samoan Way. Fa’a Samoa is the Polynesian culture at its purest, celebrating and protecting traditional values of family, hospitality, respect and service. The key three elements of Fa’a Samoa include the matai (chiefs), aiga, (the extended family) and the church. There are 362 nu’u (villages) found throughout the islands with a total of 18,000 matai.
The people see it as their duty to protect and preserve the blessings given to them by nature. Visitors can enjoy the creative expression of this tradition by attending a Fia Fia night organised once a week by most hotels and resorts on the islands. Alternatively, guests can visit the Samoa Cultural Village in Apia, to get to grip with Samoa’s rich culture and heritage. Here, visitors can experience traditional Samoan “siva”, or dancing, and food cooked on an “umu”, a hot earth oven made from volcanic rocks.
Fresh, succulent and bursting with flavour Samoa’s cuisine features coconut at its heart and is surrounded by the bounty of fish the ocean provides. Fruit and vegetables are in abundance, taro, tropical fruits and fresh vegetables add to the freshness of the meals.
This ideal tropical holiday destination caters to all travellers offering a mixture of relaxation and adventure. Take in the beautiful surroundings and dive, surf, snorkel or siesta in a Samoan-style open air fale or get amongst the locals at a market. Visitor’s favourites include:
The waters of Samoa are perfect for snorkelling and scuba diving, reef breaks make it an exciting destination for the more experienced surfer while those who seek slower pursuits can swim with the turtles at their natural habitat around Namua Island. To Sua Ocean Trench is a 30 metre deep swimming hole, only accessible by ladder and surrounded by tropical gardens. Skilled divers can swim in the trench’s cave, leading to the sea.
15 miles from Apia, fun for all ages can be found on Mother Nature’s very own waterslides at Papase’ea Sliding Rocks, formed from thousands of years of running water. Alofaaga Blowholes on south-west Savai’i propel a roaring jet of water hundreds of feet up into the air. They are particularly worth watching when locals throw coconuts into the holes and these are blasted into the air!
For those seeking a less adventurous holiday, there is much opportunity for unwinding at the beautiful beaches and relaxing resorts. Tourists can visit the house of author Robert Louis Stevenson which is now a museum dedicated to his works and final years of his life he spent on the islands. Visitors can also pay their respects to the author of their favourite classics by visiting the burial site on Mount Vaea which can be found within the property grounds.
Alofa is the Samoan word for love, and many have fallen in love at first sight with our islands. Visit Samoa and see why the heart of Polynesia is the perfect holiday destination and ideal to combine with a trip to Australia or New Zealand.
For more information, visit www.samoa.travel


cityam--2020-10-27--Investment into UK 'tech for good' surges amid climate crisis

UK impact tech firms have received nearly ten times more investment in the past five years as European investors turned their attention to issues such as climate change .
Investment into these ‘ tech for good ’ startups has increased 9.5 times between 2014 and 2019 , according to the latest research by Tech Nation and Dealroom .
An impact startup is a company that addresses one or more of the UN ’ s Sustainable Development Goals , which include gender equality , climate action and tackling poverty .
Rather than a sector of firms , they are a framework @ @ @ @ @ @ @ impact .
In the UK , these startups have raised a staggering €1.4bn so far this year with cleantech and climate tech firms raising the most capital .
The biggest funding rounds this year include The Meatless Farm Company , a Leeds-based vegan brand , which last month closed a $ 31m funding round , as well as energy firms Octopus Energy and Tokamak Energy .
Climate tech startups , which includes electric vehicles , have attracted the most capital with €9.8bn investment from venture capital firms in the last five years .
@ @ @ @ @ @ @ a core part of Europe ’ s landscape , with data showing European startups emerging as global market leaders .
Impact startups on the continent received €6bn in investment in 2019 , making up over 15 per cent of all VC investment in the region .
Crucially these firms are fuelling growth and job creation ; Tech Nation ’ s new database of impact startups shows over 2,100 jobs in impact startups are currently hiring in Europe with over 390 of these in the UK .
Read more : Climate-related risk becomes leading @ @ @ @ @ @ @ head of insights at Tech Nation said : “ UK impact tech firms have come on leaps and bounds over the last six years… UK tech must continue to play a key part in tackling some of the world ’ s toughest challenges , including climate change.
” Tech Nation recently launched its Net Zero programme for companies who are “ paving the way to stabilising global temperatures ” .
As part of the initiative , the industry body is looking to help early-stage firms that operate across key sectors without taking an @ @ @ @ @ @

Investment into UK ‘tech for good’ surges amid climate crisis
The Bank of England has set out its first comprehensive climate stress test.
UK impact tech firms have received nearly ten times more investment in the past five years as European investors turned their attention to issues such as climate change.
Investment into these ‘tech for good’ startups has increased 9.5 times between 2014 and 2019, according to the latest research by Tech Nation and Dealroom.
An impact startup is a company that addresses one or more of the UN’s Sustainable Development Goals, which include gender equality, climate action and tackling poverty. Rather than a sector of firms, they are a framework for articulating values that focus on social impact.
In the UK, these startups have raised a staggering €1.4bn so far this year with cleantech and climate tech firms raising the most capital.
The biggest funding rounds this year include The Meatless Farm Company, a Leeds-based vegan brand, which last month closed a $31m funding round, as well as energy firms Octopus Energy and Tokamak Energy.
Climate tech startups, which includes electric vehicles, have attracted the most capital with €9.8bn investment from venture capital firms in the last five years.
What was once fringe investment has become a core part of Europe’s landscape, with data showing European startups emerging as global market leaders.
Impact startups on the continent received €6bn in investment in 2019, making up over 15 per cent of all VC investment in the region.
Crucially these firms are fuelling growth and job creation; Tech Nation’s new database of impact startups shows over 2,100 jobs in impact startups are currently hiring in Europe with over 390 of these in the UK.
George Windsor, head of insights at Tech Nation said: “UK impact tech firms have come on leaps and bounds over the last six years… UK tech must continue to play a key part in tackling some of the world’s toughest challenges, including climate change.”
Tech Nation recently launched its Net Zero programme for companies who are “paving the way to stabilising global temperatures”. As part of the initiative, the industry body is looking to help early-stage firms that operate across key sectors without taking an equity stake in the business.


cityam--2020-10-27--Driverless Tube trains would cost £7bn, report shows

A leaked document has shown that it would cost £7bn to introduce driverless trains onto London ’ s Tube network .
Automating trains on the capital ’ s underground network is a pet project of PM Boris Johnson , who has pushed for progress on the development .
Read more : Khan accuses PM of ‘ blatant lie ’ in tit-for-tat over TfL bailout Back in July , he said that driverless Tube trains should be a condition of any future government funding of Transport for London ( TfL ) .
And last week the FT revealed that Grant Shapps @ @ @ @ @ @ @ ” on the measure as one of the government ’ s demands for providing the capital ’ s transport network with a new bailout package .
But the document , which was obtained by train drivers union ASLEF and first reported by the BBC , suggests that automating the network would be economically unfeasible .
In addition , it showed that due to the constraints of the Tube ’ s infrastructure , there would still need to be a train operator on every train .
ASLEF London Underground organiser Finn Brennan said : @ @ @ @ @ @ @ driverless trains should be a condition of a funding settlement for TfL .
Before the Open newsletter : Start your day with the City View podcast and key market data “ But these documents show that not only is there no business case for this , but it would make TfL ’ s financial position much worse .
“ When Boris Johnson was Mayor of London , his failed vanity projects , like the Garden Bridge and those Boris buses , cost Londoners almost £1bn .
But this is dwarfed by the vast @ @ @ @ @ @ @ trains , a project that every transport expert , as well as TfL senior managers , have concluded makes no financial sense .
“ If the government tries to force TfL to waste huge sums on this pointless exercise , it would suck resources away from projects that could have real positive benefits for passenger safety and bankrupt the entire Tube network.
” The analysis was prepared by TfL as part of a review of its finances carried out by KPMG .
A TfL spokesman said : “ Our train operators perform a @ @ @ @ @ @ @ .
Read more : Exclusive : Tram risk audit at time of Croydon crash was never revealed to TfL safety panel “ Along with all our front-line staff , they have played an essential role in keeping London moving during the pandemic .
“ The possibilities , costs and benefits of driverless trains are things that TfL has looked at in the past and will continue to keep under review but it is not something we are actively pursuing .
”

Driverless Tube trains would cost £7bn, report shows
A leaked document has shown that it would cost £7bn to introduce driverless trains onto London’s Tube network.
Automating trains on the capital’s underground network is a pet project of PM Boris Johnson, who has pushed for progress on the development.
Back in July, he said that driverless Tube trains should be a condition of any future government funding of Transport for London (TfL).
And last week the FT revealed that Grant Shapps had listed speeding up “inadequate progress” on the measure as one of the government’s demands for providing the capital’s transport network with a new bailout package.
But the document, which was obtained by train drivers union ASLEF and first reported by the BBC, suggests that automating the network would be economically unfeasible.
In addition, it showed that due to the constraints of the Tube’s infrastructure, there would still need to be a train operator on every train.
ASLEF London Underground organiser Finn Brennan said: “Boris Johnson has said that introducing driverless trains should be a condition of a funding settlement for TfL.
Before the Open newsletter: Start your day with the City View podcast and key market data
“But these documents show that not only is there no business case for this, but it would make TfL’s financial position much worse.
“When Boris Johnson was Mayor of London, his failed vanity projects, like the Garden Bridge and those Boris buses, cost Londoners almost £1bn. But this is dwarfed by the vast cost of his ideological obsession with driverless trains, a project that every transport expert, as well as TfL senior managers, have concluded makes no financial sense.
“If the government tries to force TfL to waste huge sums on this pointless exercise, it would suck resources away from projects that could have real positive benefits for passenger safety and bankrupt the entire Tube network.”
The analysis was prepared by TfL as part of a review of its finances carried out by KPMG.
A TfL spokesman said: “Our train operators perform a fundamental safety-critical role on the transport network.
“Along with all our front-line staff, they have played an essential role in keeping London moving during the pandemic.
“The possibilities, costs and benefits of driverless trains are things that TfL has looked at in the past and will continue to keep under review but it is not something we are actively pursuing.”


cityam--2020-10-27--Why I’m calling the US election for Biden and the Democrats

Given the absolute lunacy of this past year , the American presidential campaign of 2020 has followed a strikingly consistent pattern .
Since the coming of the virus in the spring , Democratic challenger Joe Biden has held a clear ( if not quite overwhelming ) lead over the incumbent Donald Trump .
Last Thursday ’ s Real Clear Politics aggregator of polls found Biden at 52 per cent nationally , with Trump 10 points back , at 42 per cent .
Read more : Donald Trump needs to get back to basics on the campaign trail Of course , @ @ @ @ @ @ @ herring , as it is not how Americans elect their presidents .
Instead , it is done through the electoral college , state-by-state , with the winner of all but two of the 50 contests receiving all the electoral votes from that specific election ( with the exception of Maine and Nebraska , who assign their electoral votes using a proportional system ) .
The states with the largest populations receive the most electoral votes .
This can lead to some very odd outcomes .
For example , any campaign manager would far @ @ @ @ @ @ @ prize of California by one vote , rather than winning the beautiful emptiness of Alaska by 10,000 .
Another quirk of the present system is that it is possible to call more than 30 states for the Democrats or the Republicans years ahead of the November vote .
At present , Alabama , Kansas , and Oklahoma will perpetually vote for the Republicans , just as the Democrats do not have to worry about California , Massachusetts , or New York .
As a general rule of thumb , the coasts are kinder @ @ @ @ @ @ @ of America ( derisively dubbed “ the fly-by states ” by arrogant Democrats , which is perhaps why they tend to lose there ) favouring the Republicans .
So given all this , in the end it is just a handful of battleground states — toss-ups which swing from party to party and have a significant number of electoral votes — that actually determine the overall presidential contest .
This time around that list includes Florida , North Carolina , Arizona , Ohio , and the Big Three that shockingly put Trump over @ @ @ @ @ @ @ Wisconsin , and Michigan .
And here , the contest is much closer .
As of last Thursday , the aggregate of battleground polls only had Biden up by four and a half points , tantalizingly at the edge of the margin of error .
To put this in recent political context , in the key battlegrounds Biden finds himself ahead by almost exactly the same percentage as Hillary Clinton was in 2016 .
This is a reality keeping Democrats up late at night .
Trump has a real chance at winning a @ @ @ @ @ @ @ .
And yet , for all this , I am prepared to call the coming election as a Democratic sweep .
The House of Representatives is easy : presently the Democrats are decisively ahead in the 215 contests , compared to the Republicans in 186 , with 34 races in play , and 435 Representatives in total .
As such , the Democrats need to only win three more races to hold the House , which they will surely do .
In fact , Speaker Nancy Pelosi will find herself again with a @ @ @ @ @ @ @ to work with .
Given that the lower House is run by majority on almost all voting matters , the Democrats there can do largely as they please .
The battle for control of the Senate is entirely different , as hard-fought and unpredictable as the House is a foregone conclusion .
Presently , poll aggregators have it 51–49 for the Democrats , which would be a pick-up of four seats ( I have it even closer as a sex scandal in North Carolina is likely to derail the front-running Democratic candidate there @ @ @ @ @ @ @ six-seat majority , 53-47 .
Republicans are sure to pick up a seat in Alabama , but that is all .
The Democrats , meanwhile , have the chance to win seats in Arizona , Colorado , Maine , and quite possibly Iowa .
That will leave the chamber divided exactly evenly , 50–50 .
In such a case , the Constitution dictates that the usually embarrassingly extraneous Vice President , as nominal President of the Senate , should break ties — meaning whoever wins the presidency this time around would also take @ @ @ @ @ @ @ the stakes over who wins the White House that much higher .
This leaves only the race for the White House .
Here we return to our old friend Heraclitus : “ character is destiny.
” Donald Trump ’ s brashness initially seemed a refreshing breath of fresh air for America after years of what often seemed ( even to moderates ) to be decidedly mediocre government , presided over by a smug , entitled , quasi-aristocracy of the Clintons , the Bushes , and the Obamas .
After the debacle of Iraq @ @ @ @ @ @ @ years of the middle of the country feeling largely forgotten by coastal elites , Trump ’ s ascension perfectly fit this more populist tenor of the times .
That is , until Covid-19 .
Suddenly , Trump ’ s bumptiousness , silly belief in the rule of the amateur , serial narcissism , and most of all his preternatural lack of empathy — all in abundant display before in safer times — now seemed to many to pose an unendurable risk .
This , above all , is why Biden will win a @ @ @ @ @ @ @ November .
This is how I have called the horse race .
We will spend the next four years analysing what this new political constellation means for both America and the rest of the world .
Read more : Trump or Biden ?
Either way , global Britain should prepare to step into the void

Why I’m calling the US election for Biden and the Democrats
Since Covid-19 struck America, Donald Trump’s bumptiousness has seemed to many to pose an unendurable risk
Given the absolute lunacy of this past year, the American presidential campaign of 2020 has followed a strikingly consistent pattern.
Since the coming of the virus in the spring, Democratic challenger Joe Biden has held a clear (if not quite overwhelming) lead over the incumbent Donald Trump.
Last Thursday’s Real Clear Politics aggregator of polls found Biden at 52 per cent nationally, with Trump 10 points back, at 42 per cent.
Of course, this number itself is an analytical red herring, as it is not how Americans elect their presidents. Instead, it is done through the electoral college, state-by-state, with the winner of all but two of the 50 contests receiving all the electoral votes from that specific election (with the exception of Maine and Nebraska, who assign their electoral votes using a proportional system).
The states with the largest populations receive the most electoral votes. This can lead to some very odd outcomes. For example, any campaign manager would far and away prefer to win the rich prize of California by one vote, rather than winning the beautiful emptiness of Alaska by 10,000.
Another quirk of the present system is that it is possible to call more than 30 states for the Democrats or the Republicans years ahead of the November vote. At present, Alabama, Kansas, and Oklahoma will perpetually vote for the Republicans, just as the Democrats do not have to worry about California, Massachusetts, or New York. As a general rule of thumb, the coasts are kinder to the Democrats with the vast hinterland of America (derisively dubbed “the fly-by states” by arrogant Democrats, which is perhaps why they tend to lose there) favouring the Republicans.
So given all this, in the end it is just a handful of battleground states — toss-ups which swing from party to party and have a significant number of electoral votes — that actually determine the overall presidential contest. This time around that list includes Florida, North Carolina, Arizona, Ohio, and the Big Three that shockingly put Trump over the top last time: Pennsylvania, Wisconsin, and Michigan.
And here, the contest is much closer. As of last Thursday, the aggregate of battleground polls only had Biden up by four and a half points, tantalizingly at the edge of the margin of error. To put this in recent political context, in the key battlegrounds Biden finds himself ahead by almost exactly the same percentage as Hillary Clinton was in 2016.
This is a reality keeping Democrats up late at night. Trump has a real chance at winning a second term — say one in three.
And yet, for all this, I am prepared to call the coming election as a Democratic sweep.
The House of Representatives is easy: presently the Democrats are decisively ahead in the 215 contests, compared to the Republicans in 186, with 34 races in play, and 435 Representatives in total.
As such, the Democrats need to only win three more races to hold the House, which they will surely do. In fact, Speaker Nancy Pelosi will find herself again with a comfortable, if not overwhelming, majority to work with. Given that the lower House is run by majority on almost all voting matters, the Democrats there can do largely as they please.
The battle for control of the Senate is entirely different, as hard-fought and unpredictable as the House is a foregone conclusion. Presently, poll aggregators have it 51–49 for the Democrats, which would be a pick-up of four seats (I have it even closer as a sex scandal in North Carolina is likely to derail the front-running Democratic candidate there).
Presently, Republicans enjoy a six-seat majority, 53-47. Republicans are sure to pick up a seat in Alabama, but that is all. The Democrats, meanwhile, have the chance to win seats in Arizona, Colorado, Maine, and quite possibly Iowa.
That will leave the chamber divided exactly evenly, 50–50. In such a case, the Constitution dictates that the usually embarrassingly extraneous Vice President, as nominal President of the Senate, should break ties — meaning whoever wins the presidency this time around would also take control of the Senate. That makes the stakes over who wins the White House that much higher.
This leaves only the race for the White House. Here we return to our old friend Heraclitus: “character is destiny.”
Donald Trump’s brashness initially seemed a refreshing breath of fresh air for America after years of what often seemed (even to moderates) to be decidedly mediocre government, presided over by a smug, entitled, quasi-aristocracy of the Clintons, the Bushes, and the Obamas.
After the debacle of Iraq, the global financial crisis, and years of the middle of the country feeling largely forgotten by coastal elites, Trump’s ascension perfectly fit this more populist tenor of the times.
That is, until Covid-19. Suddenly, Trump’s bumptiousness, silly belief in the rule of the amateur, serial narcissism, and most of all his preternatural lack of empathy — all in abundant display before in safer times — now seemed to many to pose an unendurable risk.
This, above all, is why Biden will win a relatively close but clear victory on 3 November.
This is how I have called the horse race. We will spend the next four years analysing what this new political constellation means for both America and the rest of the world.
Main image credit: Getty


cityam--2020-10-27--HSBC to overhaul business model as ultra-low interest rates hit profit

HSBC is planning a coronavirus-induced overhaul of its business model , seeking to shift its main source of income from interest rate to fee-based businesses .
Europe ’ s biggest lender will also accelerate a sweeping cost-cutting programme , despite reporting better-than-expected results for the third quarter .
Read more : HSBC ‘ to cut 300 jobs ’ in overhaul of UK commercial banking In a potentially seismic shift for the banking industry , HSBC also suggested that it could start charging for current accounts in markets including the UK , where they are currently free .
The bank posted @ @ @ @ @ @ @ ( £2.4bn ) – a 36 per cent drop year-on-year .
The figure is significantly higher than analyst forecasts compiled by the bank of $ 2.07bn , and chief executive Noel Quinn said the results were “ promising ” given the ongoing global impact of Covid-19 .
Before the Open newsletter : Start your day with the City View podcast and key market data Provisions for bad loans fell to $ 785m in the third quarter , down from $ 3.8bn in the previous three months .
The bank said it expected losses @ @ @ @ @ @ @ lower end of the $ 8bn to $ 13bn range it set out earlier this year .
“ This latest guidance , which continues to be subject to a high degree of uncertainty due to Covid-19 and geopolitical tensions , assumes that the likelihood of further significant deterioration in the current economic outlook is low , ” the lender said .
HSBC ’ s London shares rose as much as 6.86 per cent following the results .
The newly-announced plans to overhaul its business model represent one of the largest shifts in long-term @ @ @ @ @ @ @ has long touted its ability to generate interest income from its more than $ 1.5 trillion in customer deposits .
However with interest rates across the globe at rock-bottom and some even turning negative , the bank has struggled to generate income from lending , warning today that net interest income would remain under pressure .
Chief executive Noel Quinn told reporters that HSBC needs to explore ways to increase revenue in “ a low interest rate environment.
” “ Part of that is looking into how we price our assets that we @ @ @ @ @ @ @ offer , ” he continued .
Read more : Santander rebounds from historic loss as loan repayments pick up Quinn said that while the lender was committed to offering its basic bank account in the UK without fees , it would look into introducing charges elsewhere “ to make sure that we have a sustainable profitable business going forward ” .
However experts warned that a move towards charging for more services could be a tough sell to consumers in some markets .
“ It will need to be done carefully to not @ @ @ @ @ @ @ get customers to switch , especially in countries where competitors offer the service for no charge , ” said Sudeepto Mukherjee of consulting firm Publicis Sapient .
HSBC said it would consider paying a “ conservative ” dividend following its better-than-expected performance in the third quarter .
The bank cancelled its dividend for the first time in 74 years following pressure from the Bank of England for lenders to scrap payouts in the face of the disruption caused by Covid-19 .
HSBC said it would announce a final decision on dividends in its @ @ @ @ @ @ @ that a payout would depend on its forecasts for 2021 and consultations with regulators .
Read more : Bank of England considering to permit banks to restart dividend payments next year “ We recognise how important dividends are to our shareholders and we will look again in early 2021 as to what the appropriate level of dividend might be , ” chief executive Noel Quinn said .
AJ Bell investment director Russ Mould said that while the decision on dividends was in regulators ’ hands for now , “ the decision to mention @ @ @ @ @ @ @ has an idea of which way the winds are blowing ” .
“ The company can also point to a very generous capital buffer when it comes to its ability to sustain dividend payments without overstretching itself , ” Mould added .
HSBC has been looking for opportunities to slash costs globally , and in June resumed plans to cut 35,000 jobs .
The lender had put the planned job cuts on ice when the coronavirus pandemic first hit .
Chief financial officer Ewan Stevenson said that HSBC had reduced its headcount by @ @ @ @ @ @ @ the first nine months of 2020 .
The bank is expecting a total reduction of 10,000 by the end of the year , he added .
Read more : HSBC to set aside $ 1 trillion in green financing , targets net zero emissions by 2050 HSBC said it will accelerate plans to overhaul its US business , and will provide an update at its 2020 full-year results .
The lender has long struggled to compete with bigger local lenders in the US , and announced plans to slash its branch network in @ @ @ @ @ @

HSBC to overhaul business model as ultra-low interest rates hit profit
Justifying the recommendation, the investment advisory firm highlighted the bank’s alleged links to Hong Kong human rights abuses.
HSBC is planning a coronavirus-induced overhaul of its business model, seeking to shift its main source of income from interest rate to fee-based businesses.
Europe’s biggest lender will also accelerate a sweeping cost-cutting programme, despite reporting better-than-expected results for the third quarter.
Read more: HSBC ‘to cut 300 jobs’ in overhaul of UK commercial banking
In a potentially seismic shift for the banking industry, HSBC also suggested that it could start charging for current accounts in markets including the UK, where they are currently free.
Third quarter profit beats expectations
The bank posted a quarterly pre-tax profit of $3.1bn (£2.4bn) – a 36 per cent drop year-on-year.
The figure is significantly higher than analyst forecasts compiled by the bank of $2.07bn, and chief executive Noel Quinn said the results were “promising” given the ongoing global impact of Covid-19.
Before the Open newsletter: Start your day with the City View podcast and key market data
Provisions for bad loans fell to $785m in the third quarter, down from $3.8bn in the previous three months. The bank said it expected losses from bad loans to be at the lower end of the $8bn to $13bn range it set out earlier this year.
“This latest guidance, which continues to be subject to a high degree of uncertainty due to Covid-19 and geopolitical tensions, assumes that the likelihood of further significant deterioration in the current economic outlook is low,” the lender said.
HSBC’s London shares rose as much as 6.86 per cent following the results.
HSBC may charge for accounts amid ultra-low interest rates
The newly-announced plans to overhaul its business model represent one of the largest shifts in long-term strategy to date from HSBC, which has long touted its ability to generate interest income from its more than $1.5 trillion in customer deposits.
However with interest rates across the globe at rock-bottom and some even turning negative, the bank has struggled to generate income from lending, warning today that net interest income would remain under pressure.
Chief executive Noel Quinn told reporters that HSBC needs to explore ways to increase revenue in “a low interest rate environment.”
“Part of that is looking into how we price our assets that we lend, and the services that we offer,” he continued.
Quinn said that while the lender was committed to offering its basic bank account in the UK without fees, it would look into introducing charges elsewhere “to make sure that we have a sustainable profitable business going forward”.
However experts warned that a move towards charging for more services could be a tough sell to consumers in some markets.
“It will need to be done carefully to not damage the trust of the brand or get customers to switch, especially in countries where competitors offer the service for no charge,” said Sudeepto Mukherjee of consulting firm Publicis Sapient.
HSBC sees case for ‘conservative’ dividend
HSBC said it would consider paying a “conservative” dividend following its better-than-expected performance in the third quarter.
The bank cancelled its dividend for the first time in 74 years following pressure from the Bank of England for lenders to scrap payouts in the face of the disruption caused by Covid-19.
HSBC said it would announce a final decision on dividends in its 2020 full-year results in February, adding that a payout would depend on its forecasts for 2021 and consultations with regulators.
“We recognise how important dividends are to our shareholders and we will look again in early 2021 as to what the appropriate level of dividend might be,” chief executive Noel Quinn said.
AJ Bell investment director Russ Mould said that while the decision on dividends was in regulators’ hands for now, “the decision to mention a pay-out at all may suggest HSBC has an idea of which way the winds are blowing”.
“The company can also point to a very generous capital buffer when it comes to its ability to sustain dividend payments without overstretching itself,” Mould added.
Bank to accelerate cost-cutting
HSBC has been looking for opportunities to slash costs globally, and in June resumed plans to cut 35,000 jobs. The lender had put the planned job cuts on ice when the coronavirus pandemic first hit.
Chief financial officer Ewan Stevenson said that HSBC had reduced its headcount by around 6,000, including contractors, in the first nine months of 2020. The bank is expecting a total reduction of 10,000 by the end of the year, he added.
Read more: HSBC to set aside $1 trillion in green financing, targets net zero emissions by 2050
HSBC said it will accelerate plans to overhaul its US business, and will provide an update at its 2020 full-year results.
The lender has long struggled to compete with bigger local lenders in the US, and announced plans to slash its branch network in the country earlier this year.


cityam--2020-10-27--Exclusive: Private jet sector remains 'robust' amid air travel slump

The number of flights made on private jets in August was nearly three per cent higher than in the same month last year , new data for City A.M. has shown .
Analysis from business aviation broker Colibri Aircraft showed that there were 68,525 such flights in August , a 2.8 per cent rise year-on-year , despite the coronavirus crisis .
Meanwhile , in the six weeks from 1 September , the number of private jet flights fell 10.3 per cent to 85,520 .
This however was far better than the commercial sector , which saw traffic fall over 50 @ @ @ @ @ @ @ director at Wing X , which carried out the analysis with Colibri , said that the recovery had faltered due to leisure demand tailing off after the summer .
Increasing rigid travel restrictions due to a surge in Covid cases have suffocated the commercial air travel market in September , creating a vacuum for smaller private players .
Colibri said that the figures highlighted how the business aviation market is a “ rare bright spot in an otherwise gloomy aviation industry ” .
It added that the combination of commercial airlines limiting flights @ @ @ @ @ @ @ and growing concerns about flying with other people , had supported the sector .
Before the Open newsletter : Start your day with the City View podcast and key market data Oliver Stone , managing director of Colibri , said : “ It is encouraging to see a level of robustness in Europe ’ s business aviation market .
“ Although we expect to see significant peaks and troughs in the number of flights over the next few weeks and months , the sector is in a stronger position than commercial aviation to @ @ @ @ @ @ @ top 10 largest European markets for business aviation , Russia , Turkey , Switzerland and Germany are leading the way in terms of robustness .
In August , Russia saw a 25.6 per cent increase in business aircraft departures when compared to the same month last year , and the corresponding figures for Turkey , Switzerland and Germany are 16.8 per cent , 14.1 per cent and 13.1 per cent respectively .
By contrast , the UK lags the rest of the continent , with the number of private jet flights falling 13.1 @ @ @ @ @ @ @ cent in September .
Stone added that the pandemic had seen an increase in enquiries about purchasing private jets .
“ For many business owners and executives , travel is a necessary component to keep their business running ” , he said .
“ The use of private aviation is now often the only way to continue to travel and keep their companies operational .
”

Exclusive: Private jet sector remains ‘robust’ amid air travel slump
While the UK had the second-largest market, Germany saw the largest number of pre-owned business aircraft sales in 2020, according to Colibri Aircraft, with 32 private jets bought and worth around $127m.
The number of flights made on private jets in August was nearly three per cent higher than in the same month last year, new data for City A.M. has shown.
Analysis from business aviation broker Colibri Aircraft showed that there were 68,525 such flights in August, a 2.8 per cent rise year-on-year, despite the coronavirus crisis.
Meanwhile, in the six weeks from 1 September, the number of private jet flights fell 10.3 per cent to 85,520. This however was far better than the commercial sector, which saw traffic fall over 50 per cent.
Richard Coe, managing director at Wing X, which carried out the analysis with Colibri, said that the recovery had faltered due to leisure demand tailing off after the summer.
Increasing rigid travel restrictions due to a surge in Covid cases have suffocated the commercial air travel market in September, creating a vacuum for smaller private players.
Colibri said that the figures highlighted how the business aviation market is a “rare bright spot in an otherwise gloomy aviation industry”.
It added that the combination of commercial airlines limiting flights and routes due to travel restrictions, and growing concerns about flying with other people, had supported the sector.
Before the Open newsletter: Start your day with the City View podcast and key market data
Oliver Stone, managing director of Colibri, said: “It is encouraging to see a level of robustness in Europe’s business aviation market.
“Although we expect to see significant peaks and troughs in the number of flights over the next few weeks and months, the sector is in a stronger position than commercial aviation to mount a sustainable recovery.”
Of the top 10 largest European markets for business aviation, Russia, Turkey, Switzerland and Germany are leading the way in terms of robustness.
In August, Russia saw a 25.6 per cent increase in business aircraft departures when compared to the same month last year, and the corresponding figures for Turkey, Switzerland and Germany are 16.8 per cent, 14.1 per cent and 13.1 per cent respectively.
By contrast, the UK lags the rest of the continent, with the number of private jet flights falling 13.1 per cent in August and 27.6 per cent in September.
Stone added that the pandemic had seen an increase in enquiries about purchasing private jets.
“For many business owners and executives, travel is a necessary component to keep their business running”, he said.
“The use of private aviation is now often the only way to continue to travel and keep their companies operational.”


cityam--2020-10-27--Revolution Bars to close six sites as sales plunge due to coronavirus 10pm curfew

Revolution Bars will permanently close six sites after coronavirus restrictions such as the 10pm curfew on hospitality venues caused sales to plummet .
The bar chain announced this morning it would launch a company voluntary arrangement to close sites , cut rents and improve profitability .
Read more : Revolution Bars sales beat expectations on Eat Out to Help Out boost Investors will need a stiff drink today , with shares already down 6.5 per cent to 9p .
The company ’ s market capitalisation has shrunk more than 85 per cent since the end of February .
Revolution has @ @ @ @ @ @ @ that the Christmas trading period will be “ severely compromised ” .
“ Any return to near normal levels will not be possible before next Spring at the very earliest ” .
The decision comes after new government restrictions , including the 10pm curfew on hospitality venues .
The ban on households mixing indoors in tier 2 areas , created further uncertainty for the sector .
In the period between reopening on 4 July through to 29 August , sales were 72.5 per cent of last year .
However in the five weeks @ @ @ @ @ @ @ 49.4 per cent of 2019 levels .
It said this reflected the introduction of the 10pm curfew and localised lockdowns .
Revolution said it will exit six bars and negotiate rent cuts with the landlords of seven others .
The 13 sites identified are either significantly underperforming due to their location , are significantly over-rented or not expected to generate profits going forward , Revolution said .
Read more : Revolution Bars taps investors for £15m to cut debt during coronavirus crisis Chief executive Rob Pitcher said : “ Throughout this extended period @ @ @ @ @ @ @ Group has sought to prioritise the health and well-being of its staff and customers , minimise its cash consumption , maintain good levels of liquidity to ensure its ongoing viability and to be in a position to take advantage of opportunities that may arise once restrictions are lifted .
“ The CVA proposed by the Group ’ s Revolution Bars Limited subsidiary entity , if agreed by landlords , is another proactive step to lower outgoings to help safeguard the future of the Group and improve long-term performance .
”

Revolution Bars to close six sites as sales plunge due to coronavirus 10pm curfew
Revolution Bars will permanently close six sites after coronavirus restrictions such as the 10pm curfew on hospitality venues caused sales to plummet.
The bar chain announced this morning it would launch a company voluntary arrangement to close sites, cut rents and improve profitability.
Investors will need a stiff drink today, with shares already down 6.5 per cent to 9p.
The company’s market capitalisation has shrunk more than 85 per cent since the end of February.
Revolution has begun the restructuring process as it anticipates that the Christmas trading period will be “severely compromised”.
“Any return to near normal levels will not be possible before next Spring at the very earliest”.
The decision comes after new government restrictions, including the 10pm curfew on hospitality venues.
The ban on households mixing indoors in tier 2 areas, created further uncertainty for the sector.
Tier 2 troubles
In the period between reopening on 4 July through to 29 August, sales were 72.5 per cent of last year.
However in the five weeks to 24 October sales have reduced to 49.4 per cent of 2019 levels.
It said this reflected the introduction of the 10pm curfew and localised lockdowns.
Revolution said it will exit six bars and negotiate rent cuts with the landlords of seven others.
The 13 sites identified are either significantly underperforming due to their location, are significantly over-rented or not expected to generate profits going forward, Revolution said.
Chief executive Rob Pitcher said: “Throughout this extended period of distress caused by Covid-19, the Group has sought to prioritise the health and well-being of its staff and customers, minimise its cash consumption, maintain good levels of liquidity to ensure its ongoing viability and to be in a position to take advantage of opportunities that may arise once restrictions are lifted.
“The CVA proposed by the Group’s Revolution Bars Limited subsidiary entity, if agreed by landlords, is another proactive step to lower outgoings to help safeguard the future of the Group and improve long-term performance.”


cityam--2020-10-28--Rush to beat stamp duty rise sees UK house prices jump again

The stamp duty holiday and pent-up demand have led to a stampede into the housing market , with 140,000 more buyers currently waiting to complete their property transactions than a year earlier , according to a new report .
The high demand saw UK house prices jump again in September by three per cent year on year , the latest house price index from property website Zoopla showed .
It was the strongest growth in two and a half years .
Britain ’ s housing market has been a surprising bright spot in the economy this year .
It was @ @ @ @ @ @ @ the height of the UK lockdowns .
But demand built up during that time and is still boosting property transactions .
Chancellor Rishi Sunak ’ s stamp duty holiday , which raised the payment threshold for the tax to £500,000 , has also fuelled the market .
The policy offers savings of up to £15,000 .
Zoopla today said the number of house sales agreed had hit a record high “ as buyers rush to meet the stamp duty holiday deadline ” on 31 March .
More than 400,000 property sales worth £112bn @ @ @ @ @ @ @ in October , Zoopla said .
That figure was up around 50 per cent compared to a year earlier .
However , sales had slowed slightly from previous months , the index showed .
In August , sales had been running 62 per cent higher than a year earlier .
“ The stamp duty deadline will focus the minds of committed movers in the near term , ” said Richard Donnell , research and insight director at Zoopla .
Read more : UK house prices to rise 20 per cent by 2024 He @ @ @ @ @ @ @ and make for a strong first quarter of sales completions in 2021 ” .
Donnell said buyers who hope to complete their deal before the policy ends but wait until January “ will be cutting it fine ” .
UK house prices soar – but will it continue ?
London house prices rose by 2.6 per cent in the year to September .
That compared to the national average of three per cent .
Many analysts have argued that Sunak ’ s stamp duty holiday has simply “ brought forward ” transactions into @ @ @ @ @ @ @ transactions will dry up and UK house prices will fall when the policy ends .
Zoopla said : “ Stamp duty changes always distort market volumes to some degree ” .
But it said it thought the “ once in a lifetime re-evaluation of housing ” amid coronavirus had been a greater driver .
“ In our view , the latent demand for housing that has been unlocked by Covid… has the potential to run into 2021.
” Read more : UK house prices stage rapid recovery in third quarter The report also @ @ @ @ @ @ @ was masking the impacts of the recession .
It said that there had been a “ relative decline ” in the share of sales recorded among poorer people .
The change in the mix of sales has been stark , Zoopla data showed .
There was an 18 per cent drop in sales among the poorest over September to October compared to the five-year average .
By contrast , there was a 19 per cent jump in sales among the most affluent .

Rush to beat stamp duty rise sees UK house prices jump again
UK house prices have boomed during the coronavirus pandemic, despite the record economic downturn
The stamp duty holiday and pent-up demand have led to a stampede into the housing market, with 140,000 more buyers currently waiting to complete their property transactions than a year earlier, according to a new report.
The high demand saw UK house prices jump again in September by three per cent year on year, the latest house price index from property website Zoopla showed. It was the strongest growth in two and a half years.
Britain’s housing market has been a surprising bright spot in the economy this year. It was closed for much of the spring at the height of the UK lockdowns. But demand built up during that time and is still boosting property transactions.
Chancellor Rishi Sunak’s stamp duty holiday, which raised the payment threshold for the tax to £500,000, has also fuelled the market. The policy offers savings of up to £15,000.
Zoopla today said the number of house sales agreed had hit a record high “as buyers rush to meet the stamp duty holiday deadline” on 31 March.
More than 400,000 property sales worth £112bn were working their way through the pipelines in October, Zoopla said. That figure was up around 50 per cent compared to a year earlier.
However, sales had slowed slightly from previous months, the index showed. In August, sales had been running 62 per cent higher than a year earlier.
“The stamp duty deadline will focus the minds of committed movers in the near term,” said Richard Donnell, research and insight director at Zoopla.
He said this would “support sales volumes and make for a strong first quarter of sales completions in 2021”.
Donnell said buyers who hope to complete their deal before the policy ends but wait until January “will be cutting it fine”.
UK house prices soar – but will it continue?
London house prices rose by 2.6 per cent in the year to September. That compared to the national average of three per cent.
Many analysts have argued that Sunak’s stamp duty holiday has simply “brought forward” transactions into a shorter period. They say that transactions will dry up and UK house prices will fall when the policy ends.
Zoopla said: “Stamp duty changes always distort market volumes to some degree”. But it said it thought the “once in a lifetime re-evaluation of housing” amid coronavirus had been a greater driver.
“In our view, the latent demand for housing that has been unlocked by Covid… has the potential to run into 2021.”
The report also highlighted how the strength of the market was masking the impacts of the recession. It said that there had been a “relative decline” in the share of sales recorded among poorer people.
The change in the mix of sales has been stark, Zoopla data showed. There was an 18 per cent drop in sales among the poorest over September to October compared to the five-year average. By contrast, there was a 19 per cent jump in sales among the most affluent.


cityam--2020-10-28--UK maintains position as leader of Europe's fintech community

The UK continues to reign as the leader of Europe ’ s fintech community as investment among its peers lags behind .
Investors in the UK ’ s fintechs remain bullish even as the country heads towards a no-deal Brexit , according to new figures from the Association for Financial Markets in Europe ( AFME ) .
Read more : London fintechs secure billions from US investors despite virus and Brexit uncertainty The AFME ’ s ranking is based on a country ’ s regulatory landscape , availability of finance , degree of innovation and talent pool .
There has @ @ @ @ @ @ @ but investment continues to be below that of other major regions .
Investment into EU27 fintech startups during the first half of the year – €1.5bn – is dwarfed by the UK ’ s €2.1bn and €7.4bn invested in the US .
The success of the UK ’ s fintech community is in large part driven to a supportive regulatory environment with local sandboxes and innovation hubs across a section of sectors , the AFME said .
Sandboxes are schemes that enable firms to test new business models or financial products against the @ @ @ @ @ @ @ world was mirrored in Europe with seven European countries setting up innovation hubs for at least one financial services activity over the last year .
Additionally , the joint committee of the European Supervisory Authorities launched the European Forum for Innovation Facilitators to coordinate the regulatory efforts taken by various member states .
The AFME also noted the UK ’ s local funding ecosystem , which accounted for 58 per cent of the funding provided to fintechs in Europe , had contributed to the success of the UK ’ s fintech landscape .
@ @ @ @ @ @ @ in recent months as investors start to plough money back into fintechs after a few months of calm .
UK fintech platform Primary Bid this week announced it had closed its $ 50m Series B round .
Investors included Draper Esprit , Fidelity International Strategic Ventures and the London Stock Exchange .
Despite the success of the UK – which is now home to 10 of Europe ’ s 14 European fintechs – the AFME has sounded a warning on Brexit .
“ “ The terms of the Brexit agreement between the EU @ @ @ @ @ @ @ determine the degree in which the UK will continue to benefit from attracting a global pool of talent for their local labour force and to continue to support the production of innovative products in leading research and education centres .
”

UK maintains position as leader of Europe’s fintech community
The UK continues to reign as the leader of Europe’s fintech community as investment among its peers lags behind.
Investors in the UK’s fintechs remain bullish even as the country heads towards a no-deal Brexit, according to new figures from the Association for Financial Markets in Europe (AFME).
The AFME’s ranking is based on a country’s regulatory landscape, availability of finance, degree of innovation and talent pool. There has been a significant improvement on the continent but investment continues to be below that of other major regions.
Investment into EU27 fintech startups during the first half of the year – €1.5bn – is dwarfed by the UK’s €2.1bn and €7.4bn invested in the US.
The success of the UK’s fintech community is in large part driven to a supportive regulatory environment with local sandboxes and innovation hubs across a section of sectors, the AFME said.
Sandboxes are schemes that enable firms to test new business models or financial products against the regulatory environment.
Development within the regulatory world was mirrored in Europe with seven European countries setting up innovation hubs for at least one financial services activity over the last year. Additionally, the joint committee of the European Supervisory Authorities launched the European Forum for Innovation Facilitators to coordinate the regulatory efforts taken by various member states.
The AFME also noted the UK’s local funding ecosystem, which accounted for 58 per cent of the funding provided to fintechs in Europe, had contributed to the success of the UK’s fintech landscape.
There has been a flurry of investments in recent months as investors start to plough money back into fintechs after a few months of calm.
UK fintech platform Primary Bid this week announced it had closed its $50m Series B round. Investors included Draper Esprit, Fidelity International Strategic Ventures and the London Stock Exchange.
Despite the success of the UK – which is now home to 10 of Europe’s 14 European fintechs – the AFME has sounded a warning on Brexit. “
“The terms of the Brexit agreement between the EU and the UK will be crucial to determine the degree in which the UK will continue to benefit from attracting a global pool of talent for their local labour force and to continue to support the production of innovative products in leading research and education centres.”


cityam--2020-10-27--The Trump train hits Pennsylvania: A day in the key US election swing state

Billy Joel ’ s 1982 song Allentown tells the tale of disaffected steel industry cities in North East Pennsylvania that were ravaged by deindunstrialisation and globalisation .
Joel talks about blue collar workers from places like Allentown and Bethlehem that were left unemployed and pushed to the fringe of American culture in exchange for cheaper labour and products .
In 2016 , these same aresa formed the heart of Trump country .
Northampton County , which includes Bethlemen , was one of several Pennsylvanian counties to switch from Barack Obama in 2012 to Donald Trump in 2016 .
Neighbouring Lehigh @ @ @ @ @ @ @ saw a substantial swing to the Republicans after being solidly Democrat in 2012 .
It was the left behind working class voters of the so-called Slate Belt that swung behind Trump ’ s populist message to help deliver him the state of Pennsylvania and the White House four years ago .
Read more : US election : Nervous New Yorkers sleepwalking toward polling day Pennsylvania once again looms large as one of the most important battlegrounds in 2020 , with both candidates touring the state yesterday a week out from polling day .
@ @ @ @ @ @ @ ’ s regional airport was a sea of Trump merchandise , American flags and flannel .
Trump-themed country and western music was also a fixture on the walk to the airport , with one car blasting a tune that warned “ the Trump train was-a-coming ” .
Indeed it was .
The President ’ s motorcade blew into town just after 11am and was greeted by chants of “ four more years ” at the entrance to the rally .
One proud patriot also chimed in unironically with : “ Why not 24 @ @ @ @ @ @ @ s arrival to the stage was a rockstar welcome as he walked on to rapturous applause and chants of “ USA ” that rippled across the crowd .
Trump went to back to basics as he hit on the themes which cut through to Pennsylvania ’ s rural voters in 2016 .
He blasted Biden for being a “ diehard globalist ” who shut down the country ’ s steel industry , claimed the former Vice President would gut Pennsylvania ’ s booming fracking sector ( more on this later ) and said @ @ @ @ @ @ @ a “ depression the likes of which we have never seen in this country ” .
He also said his famous border wall will be “ built very soon ” , that China had been tamed under his Presidency and that he had kept radical islamists out of the country .
His 2016 pitch as the anti-politician and working class hero was back in full force throughout the 80-minute speech .
Read more : Donald Trump and Barack Obama lash out at each other in rival election rallies “ If I don ’ @ @ @ @ @ @ @ , it ’ s because I ’ m not a politician , ” Trump said .
“ I don ’ t always play by the rules of the Washington establishment , it ’ s because I was elected to fight for you harder than anyone ever before.
” This sentiment hit home with voters in the state ’ s North East and Western counties in 2016 and converted them into Trumpers .
Those at the rally said their faith in the President had not wavered .
Joe Filosetta from Bethlehem said Trump had @ @ @ @ @ @ @ and he speaks my language ” .
“ He ’ s not afraid to make enemies and that ’ s why he has so many supporters…he puts the American workers , American families , American people first and foreign policy second , ” he said .
Kaz Kotlow , a retired army veteran , said he took “ a leap ” by voting for Trump in 2016 , but was now a lifetime convert .
“ I was frustrated by the lack of progress that the regular Republican party was making , but @ @ @ @ @ @ @ demonstrated that he means what he says , ” he said .
“ He ’ s done more than Washington ever has for veterans in the last four years.
” Tony Sebelin , a forklift operator , said he found out about the rally at 6am that morning during his shift at Nestle ’ s local packing factory .
“ I went into work at 7pm last night , I got out at 7am this morning and said ‘ I ’ m going to that rally ’ , with my wife who loves @ @ @ @ @ @ @ said .
“ I never voted before in my life and 2016 was the first time I registered to vote – I voted for him in the [ Republican ] primary and I will vote for him , and my wife will vote for him , on 3 November in the General Election .
“ I think he ’ s truthful , I do , the media doesn ’ t cover a lot of the good things he does.
” Sebelino and his wife are the exact people who carried Trump to victory @ @ @ @ @ @ @ to activate working class Americans who had never voted before or who had not voted for many years .
However , polls have Trump on course for a crushing defeat in Pennsylvania and nationwide this time around .
The latest survey from polling guru Scott Rasmussen showed the President trailed Biden by five points in Pennsylvania .
Rasmussen told City A.M. that small swings in voter turnout will have enormous implications for the final result .
“ In 2016 , [ Trump ] won Pennsylvania because the turnout in the rural counties in @ @ @ @ @ @ @ very high relative to other years and much more supportive of the Republicans than the counties have been before , ” he said .
“ The question is whether those counties will turn out and once again be enough to offset what ’ s happening in Philadelphia , where Joe Biden will wrap up big numbers.
” Local Northampton County Democrats are hoping the President ’ s inability to get control of Covid-19 will rally locals to vote for Biden and turn the county blue again .
Matthew Munsey , chair of the @ @ @ @ @ @ @ his figures indicated 48,000 mail-in ballots had been returned already and it is estimated that 71 per cent of these are for Biden .
Hilary Clinton had just 66,272 votes from the county in 2016 .
“ There were a large number of people who just didn ’ t think it was that important last time , so we ’ re definitely seeing people voting by mail who didn ’ t vote for Hillary , ” Munsey said .
“ There ’ s a different feel to it around here this time – @ @ @ @ @ @ @ around and a lot more people holding their own car rallies.
” However , the mood around Bethlehem yesterday afternoon was decidedly pro-Trump .
Those who voted for him in 2016 said they were sticking by the President , because of the job he had done in managing the economy during his term .
When asked if they were concerned around his handling of Covid-19 , the US has had 220,000 fatalities and one of the highest per capita death rates in the world , it was unanimous – they just didn ’ @ @ @ @ @ @ @ crisis .
Joe Iervolino , a retired aerospace engineer from Bethlehem , said the flourishment of the Pensylvania ’ s fracking industry under Trump was a key factor for him .
“ It ’ s an energy driven state and he ’ s been good with energy , ” Iervolino said .
“ We ’ re an energy independent country now and no longer at the whims of the oil cartels.
” The US is now the world ’ s largest oil producer thanks to fracking , with the industry employing tens of @ @ @ @ @ @ @ Trump accused Biden at his rally of wanting to shut down the sector , saying he would “ abolish the entire US oil industry ” .
“ That means no fracking , no jobs , no energy for Pennsylvania , ” the President said .
At the last debate , Biden said he wanted to ease the country off fossil fuels , however it is over a long timeframe and he has no plans to shut down the fracking industry any time soon .
However , Rasmussen said Biden ’ s comments will @ @ @ @ @ @ @ producing states such as Pennsylvania , Ohio and Texas .
“ I ’ m sure people in western Pennsylvania have seen some of the clips of Joe Biden stumbling on the fracking topic , the topic he ’ s stumbled on before , ” he said .
“ That ’ s one of those things that ’ s not going to reshape the race , but if it has a slight impact on turnout in Pennsylvania it could be the difference on electoral votes.
” Another potential ray of light for Trump is @ @ @ @ @ @ @ large voter base that is too shy to say they are going to back the President .
Multiple people at the rally said they were reluctant to tell people about their support for Trump through fears it would trigger aggression from Democrats .
Vangelica Perillo , an Albanian immigrant , said : “ Trump has my husband , he has all my neighbours , he has all of mainstream Pennsylvania .
Read more : How much is Donald Trump worth ?
Judging by his Scottish golf resorts , not as much as you @ @ @ @ @ @ @ say , because they put the flag out and the next morning you don ’ t see it in front any more.
” If Trump is going to do the improbable for a second time it is these silent voters that may carry him to four more years in the White House .

The Trump train hits Pennsylvania: A day in the key US election swing state
Donald Trump’s rally at Allentown’s regional airport was a sea of Trump merchandise, American flags and flannel.
Billy Joel’s 1982 song Allentown tells the tale of disaffected steel industry cities in North East Pennsylvania that were ravaged by deindunstrialisation and globalisation. Joel talks about blue collar workers from places like Allentown and Bethlehem that were left unemployed and pushed to the fringe of American culture in exchange for cheaper labour and products.
In 2016, these same areas formed the heart of Trump country. Northampton County, which includes Bethlehem, was one of several Pennsylvanian counties to switch from Barack Obama in 2012 to Donald Trump in 2016. Neighbouring Lehigh County, which includes Allentown, also saw a substantial swing to the Republicans after being solidly Democrat in 2012. It was the left behind working class voters of the so-called Slate Belt that swung behind Trump’s populist message to help deliver him the state of Pennsylvania and the White House four years ago.
Pennsylvania once again looms large as one of the most important battlegrounds in 2020, with both candidates touring the state yesterday a week out from polling day. The President’s rally at Allentown’s regional airport was a sea of Trump merchandise, American flags and flannel. Trump-themed country and western music was also a fixture on the walk to the airport, with one car blasting a tune that warned “the Trump train was-a-coming”.
Indeed it was.
Trump’s Allentown rally was one of three he held in Pennsylvania yesterday. Image credit: Stefan Boscia
The President’s motorcade blew into town just after 11am and was greeted by chants of “four more years” at the entrance to the rally. One proud patriot also chimed in unironically with: “Why not 24 more years?!” Trump’s arrival to the stage was a rockstar welcome as he walked on to rapturous applause and chants of “USA” that rippled across the crowd.
Trump went to back to basics as he hit on the themes which cut through to Pennsylvania’s rural voters in 2016. He blasted Biden for being a “diehard globalist” who shut down the country’s steel industry, claimed the former Vice President would gut Pennsylvania’s booming fracking sector (more on this later) and said the Democrats would plunge the US into a “depression the likes of which we have never seen in this country”. He also said his famous border wall will be “built very soon”, that China had been tamed under his Presidency and that he had kept radical islamists out of the country. His 2016 pitch as the anti-politician and working class hero was back in full force throughout the 80-minute speech.
“If I don’t sound like a typical Washington politician, it’s because I’m not a politician,” Trump said.
“I don’t always play by the rules of the Washington establishment, it’s because I was elected to fight for you harder than anyone ever before.”
This sentiment hit home with voters in the state’s north east and western counties in 2016 and converted them into Trumpers. Those at the rally said their faith in the President had not wavered.
Joe Filosetta from Bethlehem said Trump had “done everything he said he would and he speaks my language”.
Trump says the wall will be built “very soon” as a chant of “build that wall” goes up pic.twitter.com/1jm9S3RIdB — Stefan Boscia (@Stefan_Boscia) October 26, 2020
“He’s not afraid to make enemies and that’s why he has so many supporters…he puts the American workers, American families, American people first and foreign policy second,” he said.
Kaz Kotlow, a retired army veteran, said he took “a leap” by voting for Trump in 2016, but was now a lifetime convert.
“I was frustrated by the lack of progress that the regular Republican party was making, but now for sure he’s definitely demonstrated that he means what he says,” he said.
“He’s done more than Washington ever has for veterans in the last four years.”
Tony Sebelin, a forklift operator, said he found out about the rally at 6am that morning during his shift at Nestle’s local packing factory.
“I went into work at 7pm last night, I got out at 7am this morning and said ‘I’m going to that rally’, with my wife who loves Donald Trump as well,” he said.
“I never voted before in my life and 2016 was the first time I registered to vote – I voted for him in the [Republican] primary and I will vote for him, and my wife will vote for him, on 3 November in the General Election.
Maria and Tony Sebelin at Trump’s Allentown rally. Image credit: Stefan Boscia
“I think he’s truthful, I do, the media doesn’t cover a lot of the good things he does.”
Sebelino and his wife are the exact people who carried Trump to victory in 2016, after he was able to activate working class Americans who had never voted before or who had not voted for many years.
However, polls have Trump on course for a crushing defeat in Pennsylvania and nationwide this time around. The latest survey from polling guru Scott Rasmussen showed the President trailed Biden by five points in Pennsylvania. Rasmussen told City A.M. that small swings in voter turnout will have enormous implications for the final result.
“In 2016, [Trump] won Pennsylvania because the turnout in the rural counties in the western part of the state were very high relative to other years and much more supportive of the Republicans than the counties have been before,” he said.
“The question is whether those counties will turn out and once again be enough to offset what’s happening in Philadelphia, where Joe Biden will wrap up big numbers.”
Local Northampton County Democrats are hoping the President’s inability to get control of Covid-19 will rally locals to vote for Biden and turn the county blue again.
Matthew Munsey, chair of the Democrats’ Northampton County branch, said his figures indicated 48,000 mail-in ballots had been returned already and it is estimated that 71 per cent of these are for Biden.
Hilary Clinton had just 66,272 votes from the county in 2016.
“There were a large number of people who just didn’t think it was that important last time, so we’re definitely seeing people voting by mail who didn’t vote for Hillary,” Munsey said.
A local Allentown business shows its support for Biden. Image credit: Stefan Boscia
“There’s a different feel to it around here this time – there are a lot more Democrat signs around and a lot more people holding their own car rallies.”
However, the mood around Bethlehem yesterday afternoon was decidedly pro-Trump. Those who voted for him in 2016 said they were sticking by the President, because of the job he had done in managing the economy during his term. When asked if they were concerned around his handling of Covid-19, the US has had 220,000 fatalities and one of the highest per capita death rates in the world, it was unanimous – they just didn’t blame Trump for an unprecedented health crisis.
Joe Iervolino, a retired aerospace engineer from Bethlehem, said the flourishment of the Pensylvania’s fracking industry under Trump was a key factor for him.
“It’s an energy driven state and he’s been good with energy,” Iervolino said.
“We’re an energy independent country now and no longer at the whims of the oil cartels.”
The US is now the world’s largest oil producer thanks to fracking, with the industry employing tens of thousands of people in rural Pennsylvania. Trump accused Biden at his rally of wanting to shut down the sector, saying he would “abolish the entire US oil industry”.
“That means no fracking, no jobs, no energy for Pennsylvania,” the President said.
At the last debate, Biden said he wanted to ease the country off fossil fuels, however it is over a long timeframe and he has no plans to shut down the fracking industry any time soon. However, Rasmussen said Biden’s comments will likely cause concern among voters in energy producing states such as Pennsylvania, Ohio and Texas.
“I’m sure people in western Pennsylvania have seen some of the clips of Joe Biden stumbling on the fracking topic, the topic he’s stumbled on before,” he said.
“That’s one of those things that’s not going to reshape the race, but if it has a slight impact on turnout in Pennsylvania it could be the difference on electoral votes.”
Another potential ray of light for Trump is that the polls may not reflect a large voter base that is too shy to say they are going to back the President. Multiple people at the rally said they were reluctant to tell people about their support for Trump through fears it would trigger aggression from Democrats.
The president has left the building pic.twitter.com/FMVc5trWNn — Stefan Boscia (@Stefan_Boscia) October 26, 2020
Vangelica Perillo, an Albanian immigrant, said: “Trump has my husband, he has all my neighbours, he has all of mainstream Pennsylvania.
“People are just scared to say, because they put the flag out and the next morning you don’t see it in front any more.”
If Trump is going to do the improbable for a second time it is these silent voters that will have to carry him to four more years in the White House.