cityam--2020-09-04--Investors crave knowledge – but where do they find it?

A majority of investors want enough knowledge to make their own decisions – or to challenge the decisions made by their financial adviser .
But they differ on where they look for this information .
An overwhelming 97 % of investors want some level of personal finance knowledge , according to the latest issue of Schroders ’ Global Investor Study , a landmark annual survey of more than 23,000 investors from around the world .
One third want significant knowledge – enough knowledge to be able to invest without necessarily seeking professional help .
A further half want at least @ @ @ @ @ @ @ ” the advice they ’ re given .
Just 3 % say they are happy with no knowledge whatever , and are prepared to trust fully to others ’ guidance .
These latest findings come at a time of extreme market turbulence brought on by Covid-19 and its aftermath .
The survey was conducted across 32 worldwide locations between 30 April and 15 June 2020 , a period following steep falls in global markets .
The crisis appeared to focus investors ’ minds on their personal finances , with almost half ( 49 @ @ @ @ @ @ @ investments at least weekly ( up from 35 % before the crisis ) .
Discover more : – Learn : Market shock : how did investors react to the impact of Covid-19 ?
– Read : Investors expect even higher returns from the stock market in years ahead – despite coronavirus shock – Visit : Schroders ’ Global Investor Study home page to find out more Sheila Nicoll , Head of Public Policy at Schroders , says : “ What we ’ re seeing is a snapshot of the high value that investors @ @ @ @ @ @ @ want the information not necessarily to be able to manage their investments themselves , but to make them feel more comfortable when they talk to advisers and providers .
That ’ s very revealing.
” Sheila , whose background includes many years ’ work in the field of financial consumer protection , says confidence is the key .
“ Financial headlines are often alarming , that ’ s the nature of news , ” she says .
“ But what many people find is that they don ’ t have enough knowledge to @ @ @ @ @ @ @ tells us investors want to be asking the right questions.
” Who should provide financial education ?
Overall , the biggest source of information for investors is their own work and research , with 72 % of respondents citing this .
Financial providers , independent advisers and family members are the next biggest sources of knowledge in that order .
The government ( through a regulator , for example ) , employers and the schooling system come bottom in terms of educating investors .
Interestingly , there is a disconnect with these last @ @ @ @ @ @ @ least likely to provide knowledge , investors think they should be playing a greater role in doing so .
Hence 51 % say schools should be responsible for developing financial knowledge , compared to just 40 % saying that they do .
Where are investors gleaning their knowhow ?
Sheila Nicoll says investors are right to point to schools and governments and demand more – but says that these can play only a part .
“ It ’ s vital that schools educate people about money and investing , but it ’ s @ @ @ @ @ @ @ knowledge needs to be topped up throughout their lives .
In particular , it is important to catch them at moments in life when they want to engage ” .
Should schools and governments be responsible ?
There is a clear divide between generations when it comes to opinions about who should be providing financial knowhow .
Older investors ( aged 51 and over ) are happy that they source their own knowledge .
Millennials and Generation X investors – these two categories cover everyone under 50 – are more likely to think @ @ @ @ @ @ @ , governments and employers .
“ This divergence could be down to a number of factors , ” Sheila says .
“ It may be that older investors have gained confidence through their longer history of investing , or it could be that they have more access to advisers .
But the fact that younger investors are looking for help from other sources – schools , governments , providers , employers – suggests to me a real hunger for more knowledge .
“ It also suggests an understanding that , compared to previous @ @ @ @ @ @ @ the state and defined benefit pensions , they are likely to need to take more responsibility for their own future financial wellbeing .
Having that increased financial understanding and confidence is a huge step toward better outcomes for these people.
” • You can discover more at Schroders insights and follow Schroders on twitter .
Important Information : This communication is marketing material .
The views and opinions contained herein are those of the author ( s ) on this page , and may not necessarily represent views expressed or reflected in other @ @ @ @ @ @ @ This material is intended to be for information purposes only and is not intended as promotional material in any respect .
The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument .
It is not intended to provide and should not be relied on for accounting , legal or tax advice , or investment recommendations .
Reliance should not be placed on the views and information in this document when taking individual investment and/or strategic decisions .
Past performance is not a reliable indicator @ @ @ @ @ @ @ an investment can go down as well as up and is not guaranteed .
All investments involve risks including the risk of possible loss of principal .
Information herein is believed to be reliable but Schroders does not warrant its completeness or accuracy .
Some information quoted was obtained from external sources we consider to be reliable .
No responsibility can be accepted for errors of fact obtained from third parties , and this data may change with market conditions .
This does not exclude any duty or liability that Schroders has to @ @ @ @ @ @ @ Regions/ sectors shown for illustrative purposes only and should not be viewed as a recommendation to buy/sell .
The opinions in this material include some forecasted views .
We believe we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know .
However , there is no guarantee than any forecasts or opinions will be realised .
These views and opinions may change .
To the extent that you are in North America , this content is issued by Schroder Investment Management North America Inc. , @ @ @ @ @ @ @ plc and SEC registered adviser providing asset management products and services to clients in the US and Canada .
For all other users , this content is issued by Schroder Investment Management Limited , 1 London Wall Place , London EC2Y 5AU .
Registered No .
1893220 England .
Authorised and regulated by the Financial Conduct Authority .

What is City Talk? City Talk allows marketers to connect directly with our audience by publishing content on cityam.com
Investors crave knowledge – but where do they find it?
Getty Images
A majority of investors want enough knowledge to make their own decisions – or to challenge the decisions made by their financial adviser. But they differ on where they look for this information.
An overwhelming 97% of investors want some level of personal finance knowledge, according to the latest issue of Schroders’ Global Investor Study, a landmark annual survey of more than 23,000 investors from around the world.
One third want significant knowledge – enough knowledge to be able to invest without necessarily seeking professional help. A further half want at least enough knowledge to verify or “probe” the advice they’re given. Just 3% say they are happy with no knowledge whatever, and are prepared to trust fully to others’ guidance.
These latest findings come at a time of extreme market turbulence brought on by Covid-19 and its aftermath. The survey was conducted across 32 worldwide locations between 30 April and 15 June 2020, a period following steep falls in global markets. The crisis appeared to focus investors’ minds on their personal finances, with almost half (49%) saying they thought about their investments at least weekly (up from 35% before the crisis).
Discover more:
– Learn: Market shock: how did investors react to the impact of Covid-19?
– Read: Investors expect even higher returns from the stock market in years ahead – despite coronavirus shock
– Visit: Schroders’ Global Investor Study home page to find out more
Desired level of financial knowledge?
Sheila Nicoll, Head of Public Policy at Schroders, says: “What we’re seeing is a snapshot of the high value that investors place on knowledge about money. They want the information not necessarily to be able to manage their investments themselves, but to make them feel more comfortable when they talk to advisers and providers. That’s very revealing.”
Sheila, whose background includes many years’ work in the field of financial consumer protection, says confidence is the key. “Financial headlines are often alarming, that’s the nature of news,” she says. “But what many people find is that they don’t have enough knowledge to feel confident asking questions. This survey tells us investors want to be asking the right questions.”
Who should provide financial education?
Overall, the biggest source of information for investors is their own work and research, with 72% of respondents citing this. Financial providers, independent advisers and family members are the next biggest sources of knowledge in that order.
The government (through a regulator, for example), employers and the schooling system come bottom in terms of educating investors.
Interestingly, there is a disconnect with these last three sources: although they are the least likely to provide knowledge, investors think they should be playing a greater role in doing so. Hence 51% say schools should be responsible for developing financial knowledge, compared to just 40% saying that they do.
Where are investors gleaning their knowhow?
Sheila Nicoll says investors are right to point to schools and governments and demand more – but says that these can play only a part. “It’s vital that schools educate people about money and investing, but it’s not the sole answer. Investors’ knowledge needs to be topped up throughout their lives. In particular, it is important to catch them at moments in life when they want to engage”.
Should schools and governments be responsible?
There is a clear divide between generations when it comes to opinions about who should be providing financial knowhow. Older investors (aged 51 and over) are happy that they source their own knowledge.
Millennials and Generation X investors – these two categories cover everyone under 50 – are more likely to think the job should be done by schools, governments and employers.
“This divergence could be down to a number of factors,” Sheila says. “It may be that older investors have gained confidence through their longer history of investing, or it could be that they have more access to advisers. But the fact that younger investors are looking for help from other sources – schools, governments, providers, employers – suggests to me a real hunger for more knowledge.
“It also suggests an understanding that, compared to previous generations who were able to rely on the state and defined benefit pensions, they are likely to need to take more responsibility for their own future financial wellbeing. Having that increased financial understanding and confidence is a huge step toward better outcomes for these people.”
Millennials need more information
You can discover more at Schroders insights and follow Schroders on twitter.
Important Information: This communication is marketing material. The views and opinions contained herein are those of the author(s) on this page, and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds. This material is intended to be for information purposes only and is not intended as promotional material in any respect. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. It is not intended to provide and should not be relied on for accounting, legal or tax advice, or investment recommendations. Reliance should not be placed on the views and information in this document when taking individual investment and/or strategic decisions. Past performance is not a reliable indicator of future results. The value of an investment can go down as well as up and is not guaranteed. All investments involve risks including the risk of possible loss of principal. Information herein is believed to be reliable but Schroders does not warrant its completeness or accuracy. Some information quoted was obtained from external sources we consider to be reliable. No responsibility can be accepted for errors of fact obtained from third parties, and this data may change with market conditions. This does not exclude any duty or liability that Schroders has to its customers under any regulatory system. Regions/ sectors shown for illustrative purposes only and should not be viewed as a recommendation to buy/sell. The opinions in this material include some forecasted views. We believe we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know. However, there is no guarantee than any forecasts or opinions will be realised. These views and opinions may change. To the extent that you are in North America, this content is issued by Schroder Investment Management North America Inc., an indirect wholly owned subsidiary of Schroders plc and SEC registered adviser providing asset management products and services to clients in the US and Canada. For all other users, this content is issued by Schroder Investment Management Limited, 1 London Wall Place, London EC2Y 5AU. Registered No. 1893220 England. Authorised and regulated by the Financial Conduct Authority.


cityam--2020-09-04--HS2 construction begins with promise to create 22,000 jobs

Construction work on the controversial HS2 rail link began this morning with around 22,000 jobs expected to be created over the next few years as a result .
Prime Minister Boris Johnson said that the project would “ fire up economic growth and help to rebalance opportunity across this country for years to come.
” Read more : HS2 ’ s new west London mega-hub gets planning go-ahead The high speed rail link was only given the go-ahead by Johnson in February , with official notice to proceed given back in April during the lockdown period .
Approval was given @ @ @ @ @ @ @ project could cost over £100bn and was set to be delivered five years behind schedule .
However , despite its many critics , the PM has backed the mammoth construction project , saying this morning that it was central to the UK ’ s “ build back better ” plans .
“ HS2 is at the heart of our plans to build back better – and with construction now formally underway , it ’ s set to create around 22,000 new jobs ” , he said in a statement .
Before the Open @ @ @ @ @ @ @ City View podcast and key market data “ As the spine of our country ’ s transport network , the project will be vital in boosting connectivity between our towns and cities.
” HS2 ’ s main works contractor for the West Midlands , the Balfour Beatty Vinci joint venture has said it will hire up to 7,000 skilled jobs required to complete its section of the HS2 route .
The joint venture of Eiffage , Kier , BAM Nuttall and Ferrovial , which is building the section from the Long Itchington Wood @ @ @ @ @ @ @ tunnel portals , has said it will recruit over 4,000 roles in the next two years , with many to be based in Milton Keynes .
And finally , the companies spearheading the London construction efforts , including Balfour Beatty , Vinci , Skanska , Costain and Mace will hire over 10,000 jobs .
Read more : HS2 construction work set to begin despite coronavirus lockdown “ After 10 years of development and preparatory work , today we can formally announce the start of full construction , unlocking thousands of jobs and supply @ @ @ @ @ @ @ We are already seeing the benefits that building HS2 is bringing to the UK economy in the short term , but it ’ s important to emphasise how transformative the railway will be for our country when operational .
”

HS2 construction begins with promise to create 22,000 jobs
Construction work on the controversial HS2 rail link began this morning with around 22,000 jobs expected to be created over the next few years as a result.
Prime Minister Boris Johnson said that the project would “fire up economic growth and help to rebalance opportunity across this country for years to come.”
The high speed rail link was only given the go-ahead by Johnson in February, with official notice to proceed given back in April during the lockdown period.
Approval was given despite an official report warning that the project could cost over £100bn and was set to be delivered five years behind schedule.
However, despite its many critics, the PM has backed the mammoth construction project, saying this morning that it was central to the UK’s “build back better” plans.
“HS2 is at the heart of our plans to build back better – and with construction now formally underway, it’s set to create around 22,000 new jobs”, he said in a statement.
Before the Open newsletter: Start your day with the City View podcast and key market data
“As the spine of our country’s transport network, the project will be vital in boosting connectivity between our towns and cities.”
HS2’s main works contractor for the West Midlands, the Balfour Beatty Vinci joint venture has said it will hire up to 7,000 skilled jobs required to complete its section of the HS2 route.
The joint venture of Eiffage, Kier, BAM Nuttall and Ferrovial, which is building the section from the Long Itchington Wood site in Warwickshire south to the Chiltern tunnel portals, has said it will recruit over 4,000 roles in the next two years, with many to be based in Milton Keynes.
And finally, the companies spearheading the London construction efforts, including Balfour Beatty, Vinci, Skanska, Costain and Mace will hire over 10,000 jobs.
HS2 chief executive Mark Thurston said called the announcement a “hugely exciting moment”:
“After 10 years of development and preparatory work, today we can formally announce the start of full construction, unlocking thousands of jobs and supply chain opportunities across the project.
“We are already seeing the benefits that building HS2 is bringing to the UK economy in the short term, but it’s important to emphasise how transformative the railway will be for our country when operational.”


cityam--2020-09-04--UK 2021 Immigration System: details revealed

The Brexit immigration issue was already a complex one , implementing the biggest changes in the UK in almost five decades with new immigration rules to navigate , and impacting business travellers .
In addition , now that 90 % of the world ’ s population is living in countries with travel restrictions in place , the ability to travel is no longer a question of just immigration permission .
Are transport routes safe ?
Will individuals be allowed to enter a country even with the correct visa and will they be able to exit it ?
What kind of @ @ @ @ @ @ @ level of data must be given up to secure entry and will there be a requirement to quarantine ?
Global macro trends too are playing out around regionalised relationships .
The localisation of supply chains , and high levels of domestic unemployment have led to measures being taken by some governments ( for example the US ) to restrict work and study immigration .
We are also seeing opportunities for innovation .
The nomad visa ( announced in Estonia and Barbados among other countries ) , provides immigration permission to cross-border remote workers @ @ @ @ @ @ @ view of the global workforce , not least to increase operational resiliency around talent supply shock caused by an inability to move talent across borders .
This all has the potential to particularly impact sectors where reliance on specialised migrant talent is typically high .
Notably , these are sectors that will be critical to recovery in : life sciences , manufacturing , retail , digitised payments and technology .
If you look too at human impact and behavioural change , we are at a point of significant inflection around how and where @ @ @ @ @ @ @ taken on an acutely personal meaning for all of us .
These trends are conflating , and it is impossible to isolate these from the Brexit immigration issues .
But let ’ s unpack all of that and look at what the UK Government ’ s detailed statement ( of 13 July 2020 ) on the UK ’ s future points-based immigration system actually means .
We are four months away from the biggest reforms in UK immigration in almost 50 years .
This started in June 2016 with the Brexit referendum .
@ @ @ @ @ @ @ Migration Advisory Committee reported on 27 January 2020 with its recommendations as to the future system and the Home Secretary , Priti Patel , announced her overall aims and plans in February 2020 .
The Immigration Bill , paving the way for the end of free movement , has been making its way through Parliament .
Trade negotiations are ongoing and could pave the way for additional routes .
The EU Settlement Scheme will remain open to applicants until 30 June 2021 .
Otherwise , the focus is on 1 January 2021 when @ @ @ @ @ @ @ EU nationals arriving to the UK and UK nationals travelling to the EU for business , or moving for work .
What does that 2021 UK system look like ?
The answer is that it really depends on your perspective .
If you are used to using the existing system to sponsor Tier 2 workers , a lot of the January 2021 changes via the new Skilled Worker visa are great news , including : • Removal of the cap on the number of people who can come into the UK as sponsored @ @ @ @ @ @ @ to Regulated Qualifications Framework ( RQF ) Level 3 to cover more roles • Lowering of the salary threshold and some flexibility around how to pickup points • Ability for intra-company transferees to switch into the Skilled Worker route If you are not used to using the existing system , or if you have relied on EU talent rather than non-EU talent , or you are a Small or Medium Enterprise ( SME ) , or you have never needed a sponsor licence before ; then one ’ s perspective can be quite @ @ @ @ @ @ @ Brexit was we look to the future To reiterate , EU nationals resident in the UK before the end of the transition period will continue to have a right to work and settle in the UK .
However , the 2021 system is one unified system for both new EU and non-EU national arrivals alike .
Under that unified system , if your business has a need for non-UK talent you have three challenges you are likely not used to facing : • You will need to have a sponsor licence in place @ @ @ @ @ @ @ the whole visa process which impact speed to deployment .
Although not without faults , the UK ’ s system fares well comparatively speaking .
There are improvements to be made and these are on the Government ’ s agenda – see below .
• You will be hit by significant costs .
The cost of hiring an EU national now in the UK in purely immigration terms , is zero .
From 1 January 2021 , the cost rises to over £9,000 for a 5 year visa under the Skilled Worker route @ @ @ @ @ @ @ the immigration skills charge and immigration health surcharge .
So , the financial impact of that is high .
Looking at the sectors critical to socio-economic COVID-19 recovery , in FinTech 28 % of the 42 % migrant workforce is from the EU .
• There are now barriers to entry for EU nationals that no-one is used to navigating , and even with the reduced skills level in the current system research has found that 38 % of EU workers currently employed in UK Financial Services ( FS ) firms would not @ @ @ @ @ @ @ s new immigration system .
This rises to 55 % in the energy sector , 58 % in business services and 90 % in transport – think about the role of transport logistics in the UK ’ s COVID-19 crisis response .
The same research also found that the rules would disproportionately impact the immigration of EU women at a time when we are looking at how to improve from a Diversity and Inclusiveness ( D & I ) perspective on every view .
This all impacts future workforce and talent planning It @ @ @ @ @ @ @ UK will reintroduce the post study worker visa – allowing qualifying students in the UK to apply for 2 years leave at the end of their studies to work / look for work • That the global talent visa has been enhanced • That the Government will look to introduce a separate unsponsored route in its phase 2 of immigration reforms • We may also see more favourable rules for trade partner nationals through mobility frameworks within free trade agreements Let me return to the point on administration and bureaucracy – this is @ @ @ @ @ @ @ trigger fundamentally positive changes .
Read more : The cost of the UK ’ s 2021 Immigration System to Financial Services We have seen unthinkable innovation delivered overnight – government flexibilities around immigration policy and enforcement have shown what is possible without compromising the integrity of the system : • Not only in the UK , over 50 countries have ripped up the red tape and granted automatic extensions for migrant workers and business travellers , to protect them from becoming overstayers • 20 countries moved to online processing at least in the @ @ @ @ @ @ @ for essential workers , ripped up the rules on switching and facilitated indefinite leave for the families of bereaved essential workers – there is an opportunity now to pivot a lot of that innovation to the 2021 system Freedom of movement of course continues until 1 January 2021 .
UK nationals already residing in an EU country will maintain their residence and work rights in the EU country where they reside , subject to a registration process specific to UK nationals .
EU countries are taking varying approaches to that , e.g .
@ @ @ @ @ @ @ to take some additional steps and sending letters with invitations to register .
It is critical to be familiar with those processes and the country by country deadlines .
Read more : We must do more to tackle racial inequality in the workplace After transition ends on 31 December 2021 , in the absence of any preferential agreement , the assumption is that UK nationals will default to 3rd country national status .
Each country will have its own set of rules and immigration rules in the EU are vastly different in terms @ @ @ @ @ @ @ The UK and EU have announced a joint visa waiver allowing visitors to spend 90 days in any 180-day period .
However , permitted business activities as a visitor differ .
Assignees and new hires will need work permits .
On 9 July 2020 , the European Commission reiterated that : Cross border remote workers who have increased in number as a result of COVID-19 and found more flexible ways of working , and frontier workers , will be particularly impacted .
Current provisions on this are limited .
• Know your exposure @ @ @ @ @ @ @ UK business and EU operations – make sure your CFOs have this built into future cost planning .
• Plan strategies against the assumption of 3rd country national status to optimise the routes available to you now , and in the future system , for planned recruitment cycles .
In the transformation climate , make the most of your global workforce , reduce your corporate carbon footprint and support D & I – but in doing that be mindful that the right to work for remote workers will be different now from 1 @ @ @ @ @ @ @ enabled and protected remote workers taking into account individual and corporate tax and regulatory risks .
• Communicate risks and have appropriate risk strategies in place .
From a Brexit lens you start with the challenge of re-educating your workforce around restrictions that they will not be used to and you must do that mindful of the additional risks COVID-19 throws into the mix .

What is City Talk? City Talk allows marketers to connect directly with our audience by publishing content on cityam.com
UK 2021 Immigration System: details revealed
The Brexit immigration issue was already a complex one, implementing the biggest changes in the UK in almost five decades with new immigration rules to navigate, and impacting business travellers.
In addition, now that 90% of the world’s population is living in countries with travel restrictions in place, the ability to travel is no longer a question of just immigration permission. Are transport routes safe? Will individuals be allowed to enter a country even with the correct visa and will they be able to exit it? What kind of health certification will be required? What level of data must be given up to secure entry and will there be a requirement to quarantine?
Global trends and innovation
Global macro trends too are playing out around regionalised relationships. The localisation of supply chains, and high levels of domestic unemployment have led to measures being taken by some governments (for example the US) to restrict work and study immigration.
We are also seeing opportunities for innovation. The nomad visa (announced in Estonia and Barbados among other countries), provides immigration permission to cross-border remote workers and demonstrates a more strategic and integrated view of the global workforce, not least to increase operational resiliency around talent supply shock caused by an inability to move talent across borders.
Read more: COVID-19, the perfect storm for women: Work, trade and immigration
This all has the potential to particularly impact sectors where reliance on specialised migrant talent is typically high. Notably, these are sectors that will be critical to recovery in: life sciences, manufacturing, retail, digitised payments and technology. If you look too at human impact and behavioural change, we are at a point of significant inflection around how and where we work – freedom of movement has taken on an acutely personal meaning for all of us.
Read more: Brexit readiness guide for businesses with 50 days to go
These trends are conflating, and it is impossible to isolate these from the Brexit immigration issues. But let’s unpack all of that and look at what the UK Government’s detailed statement (of 13 July 2020) on the UK’s future points-based immigration system actually means.
The UK’s pre-COVID-19 immigration timeline
We are four months away from the biggest reforms in UK immigration in almost 50 years. This started in June 2016 with the Brexit referendum. More recently, the Government’s Migration Advisory Committee reported on 27 January 2020 with its recommendations as to the future system and the Home Secretary, Priti Patel, announced her overall aims and plans in February 2020. The Immigration Bill, paving the way for the end of free movement, has been making its way through Parliament. Trade negotiations are ongoing and could pave the way for additional routes. The EU Settlement Scheme will remain open to applicants until 30 June 2021. Otherwise, the focus is on 1 January 2021 when the new system kicks in both for EU nationals arriving to the UK and UK nationals travelling to the EU for business, or moving for work.
What does that 2021 UK system look like?
The answer is that it really depends on your perspective. If you are used to using the existing system to sponsor Tier 2 workers, a lot of the January 2021 changes via the new Skilled Worker visa are great news, including:
Removal of resident labour market testing
Removal of the cap on the number of people who can come into the UK as sponsored workers
Lowering of the skills threshold to Regulated Qualifications Framework (RQF) Level 3 to cover more roles
Lowering of the salary threshold and some flexibility around how to pickup points
Flexibilities around the ‘cooling off’ period
Ability for intra-company transferees to switch into the Skilled Worker route
If you are not used to using the existing system, or if you have relied on EU talent rather than non-EU talent, or you are a Small or Medium Enterprise (SME), or you have never needed a sponsor licence before; then one’s perspective can be quite different.
Read more: COVID-19 has changed investors’ priorities but UK attractiveness remains resilient
To reiterate, EU nationals resident in the UK before the end of the transition period will continue to have a right to work and settle in the UK. However, the 2021 system is one unified system for both new EU and non-EU national arrivals alike. Under that unified system, if your business has a need for non-UK talent you have three challenges you are likely not used to facing:
You will need to have a sponsor licence in place. There are administrative procedures involved in the whole visa process which impact speed to deployment. Although not without faults, the UK’s system fares well comparatively speaking. There are improvements to be made and these are on the Government’s agenda – see below. You will be hit by significant costs. The cost of hiring an EU national now in the UK in purely immigration terms, is zero. From 1 January 2021, the cost rises to over £9,000 for a 5 year visa under the Skilled Worker route, taking into account application fees, the immigration skills charge and immigration health surcharge. So, the financial impact of that is high. Looking at the sectors critical to socio-economic COVID-19 recovery, in FinTech 28% of the 42% migrant workforce is from the EU. There are now barriers to entry for EU nationals that no-one is used to navigating, and even with the reduced skills level in the current system research has found that 38% of EU workers currently employed in UK Financial Services (FS) firms would not be considered eligible under the UK’s new immigration system. This rises to 55% in the energy sector, 58% in business services and 90% in transport – think about the role of transport logistics in the UK’s COVID-19 crisis response. The same research also found that the rules would disproportionately impact the immigration of EU women at a time when we are looking at how to improve from a Diversity and Inclusiveness (D&I) perspective on every view.
This all impacts future workforce and talent planning
It is great news that:
The UK will reintroduce the post study worker visa – allowing qualifying students in the UK to apply for 2 years leave at the end of their studies to work / look for work
That the global talent visa has been enhanced
That the Government will look to introduce a separate unsponsored route in its phase 2 of immigration reforms
We may also see more favourable rules for trade partner nationals through mobility frameworks within free trade agreements
Let me return to the point on administration and bureaucracy – this is an area where the COVID-19 experience can trigger fundamentally positive changes.
Read more: The cost of the UK’s 2021 Immigration System to Financial Services
We have seen unthinkable innovation delivered overnight – government flexibilities around immigration policy and enforcement have shown what is possible without compromising the integrity of the system:
Not only in the UK, over 50 countries have ripped up the red tape and granted automatic extensions for migrant workers and business travellers, to protect them from becoming overstayers
20 countries moved to online processing at least in the interim
The UK granted automatic extensions for essential workers, ripped up the rules on switching and facilitated indefinite leave for the families of bereaved essential workers – there is an opportunity now to pivot a lot of that innovation to the 2021 system
Moving to the outbound issue
Freedom of movement of course continues until 1 January 2021. UK nationals already residing in an EU country will maintain their residence and work rights in the EU country where they reside, subject to a registration process specific to UK nationals.
EU countries are taking varying approaches to that, e.g. recognising existing registrations, asking UK nationals to take some additional steps and sending letters with invitations to register. It is critical to be familiar with those processes and the country by country deadlines.
Read more: We must do more to tackle racial inequality in the workplace
After transition ends on 31 December 2021, in the absence of any preferential agreement, the assumption is that UK nationals will default to 3rd country national status. Each country will have its own set of rules and immigration rules in the EU are vastly different in terms of eligibility, process and timelines. The UK and EU have announced a joint visa waiver allowing visitors to spend 90 days in any 180-day period. However, permitted business activities as a visitor differ. Assignees and new hires will need work permits. On 9 July 2020, the European Commission reiterated that:
UK nationals travelling to the European Union and the Schengen area will be treated as third-country nationals, and therefore subject to thorough checks at the Schengen area border.
Cross border remote workers who have increased in number as a result of COVID-19 and found more flexible ways of working, and frontier workers, will be particularly impacted. Current provisions on this are limited.
Key takeaways


cityam--2020-09-04--Which London restaurants are extending Eat Out to Help Out?

Independent and chain restaurants across London are preparing to launch their own discounts following the success of the government ’ s Eat Out to Help Out initiative .
The government scheme , which offered a 50 per cent discount up to the value of £10 per person , has been popular , with 64m half price meals enjoyed in the first three weeks since its launch .
Read more : Deliveroo launches Eat In to Help Out discount for September The hospitality industry has urged the government to extend the initiative as it has been successful in boosting consumer confidence @ @ @ @ @ @ @ However the Treasury has insisted that its popularity is down to the fact that it is a time-limited scheme .
But Londoners hunting a cheap bite to eat could be in luck , as many restaurants have announced plans to extend the discount at their own cost .
Which London restaurants are extending Eat Out to Help Out in September ?
Chain restaurant Bill ’ s will offer customers a 50 per cent discount from Monday to Wednesday throughout September Boxpark has launched a 20 per cent discount on its entire drinks menu @ @ @ @ @ @ @ of its traders on Mondays to Wednesdays .
The pub chain is extending the scheme following its popularity throughout August .
Gaucho , the steakhouse chain , will offer 50 per cent off next month .
Hotstone , a Japanese restaurant in Angel , will continue to offer customers a 50 per cent discount across lunch and dinner services on Tuesdays and Wednesdays in September .
The Heliot Steakhouse at Leicester Square ’ s Hippodrome casino is also extending the scheme .
London landlord Grosvenor has offered to foot the bill for its @ @ @ @ @ @ @ Comptoir , Popina and Roka , to continue with the Eat Out to Help Out discount scheme throughout September .
Participating restaurants will see the money knocked off their rent bills .
Both chains will offer 50 per cent off main meals until 9 September .
The London-based Japanese restaurant will continue to offer the Eat Out to Help Out discount in September The Spanish restaurant group is to extend the scheme throughout next month .
The Indian restaurant will offer a 50 per cent discount on its small plates on Mondays until @ @ @ @ @ @ @ chain , which has 12 sites in London and one in Oxford , is reportedly planning to extend the discount .
Franco Manca has launched a new Rishi II menu for September , with the cheapest half-price pizza on sale at £2.60 The Minories , The Alice and The Bridge Tap These Stonegate pub venues have continued with the offer this month , and have removed the £10 per person cap .
Hackney ’ s Ombra will extend the discount scheme throughout September .
This restaurant inside luxury hotel The Langham in Regents @ @ @ @ @ @ @ cent off the bill , capped at £10 per person , on Tuesdays and Wednesdays in September Oren , an Eastern Mediterranean restaurant in Dalston , has extended the discount scheme in September , opening for the first time on Mondays to make the most of the offer .
The riverside resturant has announced it will extend the Eat Out to Help Out offer throughout this month .
This Marylebone gastropub has extended the scheme into September , with guests asked to pre-book in order to use the deal .
This Asian restaurant @ @ @ @ @ @ @ to Help Out offer to 1 , 2 , 8 and 9 September between 5pm and 11pm .
Polpo has extended the discount scheme and its opening hours on Monday to Wednesday in September following a “ fantastic response ” to the deal in August .
Revolution Bars Group has extended Eat Out to Help Out across its 74 venues in the UK .
London tapas restaurant Camino , which has sites in Monument , Shoreditch , Bankside and King ’ s Cross are offering £10 off the a la carte menu and @ @ @ @ @ @ @ This taco truck at Nine Lives bar in London Bridge will give customers a half price discount for the rest of this month .
Caso do Frango , a chicken restaurant with sites in London Bridge and Shoreditch , will extend the offer throughout this month .

Which London restaurants are extending Eat Out to Help Out?
Independent and chain restaurants across London are preparing to launch their own discounts following the success of the government’s Eat Out to Help Out initiative.
The government scheme, which offered a 50 per cent discount up to the value of £10 per person, has been popular, with 64m half price meals enjoyed in the first three weeks since its launch.
The hospitality industry has urged the government to extend the initiative as it has been successful in boosting consumer confidence to return to restaurants and cafes.
However the Treasury has insisted that its popularity is down to the fact that it is a time-limited scheme.
But Londoners hunting a cheap bite to eat could be in luck, as many restaurants have announced plans to extend the discount at their own cost.
Which London restaurants are extending Eat Out to Help Out in September?
Bill’s
Chain restaurant Bill’s will offer customers a 50 per cent discount from Monday to Wednesday throughout September
Boxpark
Boxpark has launched a 20 per cent discount on its entire drinks menu, as well as food at 30 of its traders on Mondays to Wednesdays.
City Pub Co
The pub chain is extending the scheme following its popularity throughout August.
Gaucho
Gaucho, the steakhouse chain, will offer 50 per cent off next month.
Hotstone
Hotstone, a Japanese restaurant in Angel, will continue to offer customers a 50 per cent discount across lunch and dinner services on Tuesdays and Wednesdays in September.
Heliot Steakhouse
The Heliot Steakhouse at Leicester Square’s Hippodrome casino is also extending the scheme.
Grosvenor restaurant tenants
London landlord Grosvenor has offered to foot the bill for its Mayfair and Belgravia tenants, which include Comptoir, Popina and Roka, to continue with the Eat Out to Help Out discount scheme throughout September.
Participating restaurants will see the money knocked off their rent bills.
Toby Carvery and Harvester
Both chains will offer 50 per cent off main meals until 9 September.
Shack-fuyu
The London-based Japanese restaurant will continue to offer the Eat Out to Help Out discount in September
Brindisa restaurants
The Spanish restaurant group is to extend the scheme throughout next month.
Kricket
The Indian restaurant will offer a 50 per cent discount on its small plates on Mondays until the end of 2020.
Pizza Pilgrims
The pizza chain, which has 12 sites in London and one in Oxford, is reportedly planning to extend the discount.
Franco Manca
Franco Manca has launched a new Rishi II menu for September, with the cheapest half-price pizza on sale at £2.60
The Minories, The Alice and The Bridge Tap
These Stonegate pub venues have continued with the offer this month, and have removed the £10 per person cap.
Ombra
Hackney’s Ombra will extend the discount scheme throughout September.
The Wigmore
This restaurant inside luxury hotel The Langham in Regents Street will continue to offer 50 per cent off the bill, capped at £10 per person, on Tuesdays and Wednesdays in September
Oren
Oren, an Eastern Mediterranean restaurant in Dalston, has extended the discount scheme in September, opening for the first time on Mondays to make the most of the offer.
Sea Containers London
The riverside resturant has announced it will extend the Eat Out to Help Out offer throughout this month.
The Coach Makers Arms
This Marylebone gastropub has extended the scheme into September, with guests asked to pre-book in order to use the deal.
The Duck and Rice
This Asian restaurant in Soho will extend the Eat Out to Help Out offer to 1, 2, 8 and 9 September between 5pm and 11pm.
Polpo
Polpo has extended the discount scheme and its opening hours on Monday to Wednesday in September following a “fantastic response” to the deal in August.
Revolution and Revolucion de Cuba
Revolution Bars Group has extended Eat Out to Help Out across its 74 venues in the UK.
Camino
London tapas restaurant Camino, which has sites in Monument, Shoreditch, Bankside and King’s Cross are offering £10 off the a la carte menu and extending the offer to Thursdays too.
Tigre Tacos at Nine Lives
This taco truck at Nine Lives bar in London Bridge will give customers a half price discount for the rest of this month.
Caso do Frango
Caso do Frango, a chicken restaurant with sites in London Bridge and Shoreditch, will extend the offer throughout this month.


cityam--2020-09-04--Malaysia drops charges against Goldman Sachs over 1MDB scandal

Malaysian prosecutors today dropped criminal charges against three Goldman Sachs units accused of misleading investors over $ 6.5bn ( £4.9bn ) in bond sales they helped organise for scandal-hit state fund 1MDB .
The move comes after Goldman Sachs agreed to pay $ 3.9bn to Malaysia to settle a probe into its alleged role in the scandal involving the fund , which counts former Malaysian prime minister Najib Razak as one of its co-founders .
Read more : Goldman Sachs reaches $ 3.9bn settlement with Malaysia over 1MDB scandal The US Department of Justice estimates $ 4.5bn was misappropriated from @ @ @ @ @ @ @ some of the funds that Goldman Sachs helped raise .
The units – based in London , Hong Kong and Singapore – had pleaded not guilty in February and the bank has consistently denied wrongdoing .
“ Goldman Sachs International Ltd , Goldman Sachs ( Asia ) LLC and Goldman Sachs ( Singapore ) are therefore discharged amounting to an acquittal from all four charges made against them , ” state news agency Bernama quoted High Court judge Mohamed Zaini Mazlan as saying as he granted prosecutors the request .
As part of @ @ @ @ @ @ @ paid $ 2.5bn in cash and guaranteed the return of $ 1.4bn in 1MDB assets seized around the world .
Read more : Goldman Sachs partner caught up in 1MDB scandal barred from banking industry At least six countries including Switzerland and Singapore have opened money laundering and corruption probes into 1MDB in a scandal that implicated Najib and high-level officials of the fund .
In July , Najib was found guilty of corruption and sentenced to 12 years in prison in the first of several trials he faces over 1MDB .
Najib @ @ @ @ @ @ @

Malaysia drops charges against Goldman Sachs over 1MDB scandal
Malaysian prosecutors today dropped criminal charges against three Goldman Sachs units accused of misleading investors over $6.5bn (£4.9bn) in bond sales they helped organise for scandal-hit state fund 1MDB.
The move comes after Goldman Sachs agreed to pay $3.9bn to Malaysia to settle a probe into its alleged role in the scandal involving the fund, which counts former Malaysian prime minister Najib Razak as one of its co-founders.
The US Department of Justice estimates $4.5bn was misappropriated from 1MDB between 2009 and 2014, including some of the funds that Goldman Sachs helped raise.
The units – based in London, Hong Kong and Singapore – had pleaded not guilty in February and the bank has consistently denied wrongdoing.
“Goldman Sachs International Ltd, Goldman Sachs (Asia) LLC and Goldman Sachs (Singapore) are therefore discharged amounting to an acquittal from all four charges made against them,” state news agency Bernama quoted High Court judge Mohamed Zaini Mazlan as saying as he granted prosecutors the request.
As part of its deal with Malaysia, Goldman has paid $2.5bn in cash and guaranteed the return of $1.4bn in 1MDB assets seized around the world.
At least six countries including Switzerland and Singapore have opened money laundering and corruption probes into 1MDB in a scandal that implicated Najib and high-level officials of the fund.
In July, Najib was found guilty of corruption and sentenced to 12 years in prison in the first of several trials he faces over 1MDB. Najib has maintained that he is innocent.
Goldman Sachs was contacted for comment.


cityam--2020-09-04--FTSE 100 rises but Wall Street falls again on job data

The FTSE 100 reversed yesterday ’ s losses , closing in on the 5,900 point level this morning despite last night ’ s ferocious sell-off of US tech stocks dragging markets down overnight .
By the early afternoon London ’ s premier index was 0.7 per cent up at 5,888.96 .
The FTSE 250 index of mid caps also rose 0.2 per cent .
Read more : FTSE 100 rally cools as Wall Street slips from overnight highs However , Wall Street fell again this afternoon on data that showed the rate of people getting back into employment in the @ @ @ @ @ @ @ s reverse was led by mining and financial stocks , while the UK ’ s housebuilders slipped as the Competition and Markets Authority ( CMA ) launched a probe over suspicions they may have broken consumer protection law in relation to leasehold homes .
It confirmed new enforcement actions focusing on the practices of Barratt Developments , Countryside Properties , Persimmon Homes and Taylor Wimpey , sending stocks down between one and 3.5 per cent across the firms .
Nigel Green , the chief executive of financial services advisory firm De Vere Group @ @ @ @ @ @ @ of the sell-off to top-up their portfolios .
“ Savvy investors will be drawn to the massive growth and opportunities that tech offers ” , he said .
“ With some of the heat being taken out , they will – perhaps more judiciously than before – seek to capitalise on this dip.
” The rebound was apparent across the continent , with Germany ’ s DAX up 0.1 per cent and the French CAC rising 0.6 per cent .
CMC Markets analyst David Madden said : “ Equity markets have clawed back @ @ @ @ @ @ @ yesterday .
Before the Open newsletter : Start your day with the City View podcast and key market data “ The mood is relatively upbeat when you take into consideration the horrendous sell off suffered in the US last night.
” On Wall Street yesterday tech stocks bore the brunt of the sell-off , with the likes of Apple down eight per cent , Tesla nine per cent , Microsoft six per cent and Amazon five per cent .
The declines continued this afternoon after new data showed that 1.4m more people had @ @ @ @ @ @ @ August , down from 1.7m the month before .
Although the unemployment rate fell from 10.2 per cent to 8.4 per cent , the slowdown in jobs growth added to fears that the recovery was running out of steam .
The S & P 500 was down 0.3 per cent as trading began , while the tech-heavy Nasdaq dropped 1.5 per cent .
Richard Hunter of Interactive Investor said that the falls were a result of “ a bout of healthy profit taking ” .
However , he also added that a combination @ @ @ @ @ @ @ worried that the US ’ economic recovery from the coronavirus pandemic was stalling .
“ Some disappointment following the ADP payrolls report earlier in the week was compounded by an uncomfortably high jobless claims number , while the service sector rebound also slowed in August ” , he said .
Read more : US jobless claims fall to lowest level since pandemic began The FTSE 100 remains down 23 per cent for the year , despite the positive performance of markets elsewhere around the world .

FTSE 100 rises but Wall Street falls again on job data
The FTSE 100 reversed yesterday’s losses, closing in on the 5,900 point level this morning despite last night’s ferocious sell-off of US tech stocks dragging markets down overnight.
By the early afternoon London’s premier index was 0.7 per cent up at 5,888.96. The FTSE 250 index of mid caps also rose 0.2 per cent.
However, Wall Street fell again this afternoon on data that showed the rate of people getting back into employment in the US had slowed.
The FTSE’s reverse was led by mining and financial stocks, while the UK’s housebuilders slipped as the Competition and Markets Authority (CMA) launched a probe over suspicions they may have broken consumer protection law in relation to leasehold homes.
It confirmed new enforcement actions focusing on the practices of Barratt Developments, Countryside Properties, Persimmon Homes and Taylor Wimpey, sending stocks down between one and 3.5 per cent across the firms.
Nigel Green, the chief executive of financial services advisory firm De Vere Group, said that investors were taking advantage of the sell-off to top-up their portfolios.
“Savvy investors will be drawn to the massive growth and opportunities that tech offers”, he said.
“With some of the heat being taken out, they will – perhaps more judiciously than before – seek to capitalise on this dip.”
The rebound was apparent across the continent, with Germany’s DAX up 0.1 per cent and the French CAC rising 0.6 per cent.
CMC Markets analyst David Madden said: “Equity markets have clawed back some of the ground that was lost yesterday.
Before the Open newsletter: Start your day with the City View podcast and key market data
“The mood is relatively upbeat when you take into consideration the horrendous sell off suffered in the US last night.”
Wall Street falls again on jobs data
On Wall Street yesterday tech stocks bore the brunt of the sell-off, with the likes of Apple down eight per cent, Tesla nine per cent, Microsoft six per cent and Amazon five per cent.
The declines continued this afternoon after new data showed that 1.4m more people had returned to employment in the US in August, down from 1.7m the month before.
Although the unemployment rate fell from 10.2 per cent to 8.4 per cent, the slowdown in jobs growth added to fears that the recovery was running out of steam.
The S&P 500 was down 0.3 per cent as trading began, while the tech-heavy Nasdaq dropped 1.5 per cent.
Richard Hunter of Interactive Investor said that the falls were a result of “a bout of healthy profit taking”.
However, he also added that a combination of new figures would have some investors worried that the US’ economic recovery from the coronavirus pandemic was stalling.
“Some disappointment following the ADP payrolls report earlier in the week was compounded by an uncomfortably high jobless claims number, while the service sector rebound also slowed in August”, he said.
The FTSE 100 remains down 23 per cent for the year, despite the positive performance of markets elsewhere around the world.


cityam--2020-09-04--Red card to business cards? Not just yet

For many entrepreneurs and start-ups , it is one of the most exciting elements of launching a company : ordering business cards .
The very act of commissioning and receiving shipments of 88x55mm cards showcasing your new enterprise is a visible and tangible sign that you ’ re ready for business .
Could the increasing number of new companies springing up as the pandemic continues – often people starting anew and alone in understandably unforeseen circumstances – trigger a wave of orders ?
Or has social distancing guidance – and the consequential reduction in face-to-face meetings – rendered business cards @ @ @ @ @ @ @ meetings are taking place via phone- or video-call , handing over a card as you shake hands with a new connection is impossible .
This topic gained unexpected prominence this week after a report that the Conservative Party ’ s annual conference , which is taking place ‘ virtually ’ , would feature a ‘ virtual business card fishbowl ’ : a digital equivalent of the glass bowls that many trade show exhibitors use as a lead-generation tactic .
‘ Rebound ’ in demand – and new forms of usage As general manager @ @ @ @ @ @ @ Shirley has an ideal perspective on the business card market – the company produced more than five billion business cards globally last year .
Overall , it has seen global business card revenue rocket from less than $ 3m in 2000 to more than $ 430m ( about £319m ) in 2019 .
“ Similar to many businesses , we saw a decline in global demand for business cards as the stay-at-home orders settled in around late-March .
However , we didn ’ t see an outsized decline in business card demand relative @ @ @ @ @ @ @ City AM .
“ In the same vein , we saw a rebound in demand commensurate with the rebound of Vistaprint overall and the small-business community in May , June and July.
” The company has also observed new or reinvigorated types of use for business cards in the wake of the pandemic , such as loyalty cards , name tags , safety procedures and contact-tracing information .
But as many meetings have – for now – become digital , can business cards do the same ?
My Business Client is a Hampshire-based @ @ @ @ @ @ @ My Business Card , four months ago , partly as a reaction to COVID-19 ’ s restrictions on physical cards .
Its product is stored by people on their mobile-phone and can be sent to clients or contacts via text message .
Its background can be changed for promotional or seasonal reasons and – importantly – updates if the holder changes role ( rather like LinkedIn ) .
Advantages to the ‘ card ’ -carrier include environmental aspects – no printing – and furthermore if the person ’ s business updates its logo @ @ @ @ @ @ @ updates .
The company ’ s co-founder , Andrew Nice , believes that electronic cards are likely to grow in popularity for reasons including the shift towards flexible and home-working , as well as other digital trends .
But he sees a future for paper business cards , too .
“ It will take many years , as the habits of a lifetime are hard to break , ” he says .
Gavin Megaw , managing director of London-headquartered PR agency Hanover ’ s corporate and brand communications team , also believes the @ @ @ @ @ @ @ left in the tank .
“ Maybe there ’ s an opportunity for someone to create something we didn ’ t know we needed – akin to the iPad , iPhone or Kindle .
But , at heart , virtual business cards will always be little more than contact details to store on a CRM [ customer relationship management ] system .
They lack what has made physical business cards important – human connection , ” he says .
“ Coronavirus has demonstrably shown that we all need to see and meet people @ @ @ @ @ @ @ cards symbolise a human connection has been formed when they have been handed over .
More than a piece of paper , they are a physical memory that engagement has happened .
People wrote books off many years ago .
Some of us may have bought ‘ the future ’ in Kindles , but physical books are selling more than ever .
Business cards , like books , will still be with us for the long haul.
” Vistaprint ’ s Shirley , naturally , believes that business cards have such a variety @ @ @ @ @ @ @ will continue .
“ While many business owners are migrating to digital for marketing purposes , we find that the simple 85x55mm business card remains a staple for small businesses , ” she says .
“ When a business owner shares their business card , they ’ re not only sharing their logo and contact information , they ’ re projecting their business and brand for potential customers to see .
Whether it ’ s for contact information , building leads , rewarding loyal customers or announcing promotions , the fact remains that @ @ @ @ @ @ @ ways to do so is with a business card .
We don ’ t see this changing any time soon , as people still appreciate the sentiment of face-to-face exchanges , ” she reflects .
It ’ s difficult to imagine the whirlwind of business-card swapping that accompanies exhibitions , events and professional gatherings returning any time soon .
But beyond the typically office ( or home ) -based City or professional services workforce , demand endures and evolves .
“ For small businesses – the corner bakery , local shops , landscapers @ @ @ @ @ @ @ remains a powerful promotional product as they are operating up close and personal – socially distanced , of course , ” says Shirley .

What is City Talk? City Talk allows marketers to connect directly with our audience by publishing content on cityam.com
Red card to business cards? Not just yet
85x55mm business cards “remain a staple for small businesses” says Vistaprint’s Emily Shirley
For many entrepreneurs and start-ups, it is one of the most exciting elements of launching a company: ordering business cards. The very act of commissioning and receiving shipments of 88x55mm cards showcasing your new enterprise is a visible and tangible sign that you’re ready for business.
Could the increasing number of new companies springing up as the pandemic continues – often people starting anew and alone in understandably unforeseen circumstances – trigger a wave of orders? Or has social distancing guidance – and the consequential reduction in face-to-face meetings – rendered business cards nearly redundant? After all, if meetings are taking place via phone- or video-call, handing over a card as you shake hands with a new connection is impossible.
This topic gained unexpected prominence this week after a report that the Conservative Party’s annual conference, which is taking place ‘virtually’, would feature a ‘virtual business card fishbowl’: a digital equivalent of the glass bowls that many trade show exhibitors use as a lead-generation tactic.
‘Rebound’ in demand – and new forms of usage
As general manager for Vistaprint UK & Ireland, Emily Shirley has an ideal perspective on the business card market – the company produced more than five billion business cards globally last year. Overall, it has seen global business card revenue rocket from less than $3m in 2000 to more than $430m (about £319m) in 2019.
“Similar to many businesses, we saw a decline in global demand for business cards as the stay-at-home orders settled in around late-March. However, we didn’t see an outsized decline in business card demand relative to other categories,” she tells City AM. “In the same vein, we saw a rebound in demand commensurate with the rebound of Vistaprint overall and the small-business community in May, June and July.”
The company has also observed new or reinvigorated types of use for business cards in the wake of the pandemic, such as loyalty cards, name tags, safety procedures and contact-tracing information.
‘Habits of a lifetime hard to break’
But as many meetings have – for now – become digital, can business cards do the same? My Business Client is a Hampshire-based SME that launched an electronic product, My Business Card, four months ago, partly as a reaction to COVID-19’s restrictions on physical cards.
Its product is stored by people on their mobile-phone and can be sent to clients or contacts via text message. Its background can be changed for promotional or seasonal reasons and – importantly – updates if the holder changes role (rather like LinkedIn). Advantages to the ‘card’-carrier include environmental aspects – no printing – and furthermore if the person’s business updates its logo, for example, the card automatically updates.
The company’s co-founder, Andrew Nice, believes that electronic cards are likely to grow in popularity for reasons including the shift towards flexible and home-working, as well as other digital trends. But he sees a future for paper business cards, too. “It will take many years, as the habits of a lifetime are hard to break,” he says.
Symbolic of human connections
Gavin Megaw, managing director of London-headquartered PR agency Hanover’s corporate and brand communications team, also believes the physical business card has plenty of gas left in the tank.
“Maybe there’s an opportunity for someone to create something we didn’t know we needed – akin to the iPad, iPhone or Kindle. But, at heart, virtual business cards will always be little more than contact details to store on a CRM [customer relationship management] system. They lack what has made physical business cards important – human connection,” he says.
“Coronavirus has demonstrably shown that we all need to see and meet people,” Megaw continues. “Business cards symbolise a human connection has been formed when they have been handed over. More than a piece of paper, they are a physical memory that engagement has happened. People wrote books off many years ago. Some of us may have bought ‘the future’ in Kindles, but physical books are selling more than ever. Business cards, like books, will still be with us for the long haul.”
Cards ‘remain a staple’ for small businesses
Vistaprint’s Shirley, naturally, believes that business cards have such a variety of users and uses that their prevalence will continue. “While many business owners are migrating to digital for marketing purposes, we find that the simple 85x55mm business card remains a staple for small businesses,” she says.
“When a business owner shares their business card, they’re not only sharing their logo and contact information, they’re projecting their business and brand for potential customers to see. Whether it’s for contact information, building leads, rewarding loyal customers or announcing promotions, the fact remains that one of the most cost-effective, memorable ways to do so is with a business card. We don’t see this changing any time soon, as people still appreciate the sentiment of face-to-face exchanges,” she reflects.
It’s difficult to imagine the whirlwind of business-card swapping that accompanies exhibitions, events and professional gatherings returning any time soon. But beyond the typically office (or home)-based City or professional services workforce, demand endures and evolves.
“For small businesses – the corner bakery, local shops, landscapers and jewellery makers – the business card remains a powerful promotional product as they are operating up close and personal – socially distanced, of course,” says Shirley.


cityam--2020-09-04--DeFi: Borrowing and Lending Crypto Deserves Scrutiny and Caution

Crypto lending and borrowing in booming but the important questions are still the same : who are the lenders , and who are the borrowers ?
Why do they engage in these transactions ?
What forces shape the market , and how do the players involved react to those forces ?
The bigger story when it comes to crypto-backed crypto lending can be found in the world of decentralized finance ( DeFi ) .
DeFi is a catchall term for the activities in a booming sector of the industry , one which leverages the power of smart contracts to automatically @ @ @ @ @ @ @ side note , this subject can become rather complicated as it deals heavily with nitty-gritty distributed computing , and even geniuses like Vitalik Buterin struggle to communicate what precisely is going on in clear terms .
We ’ ll cover it just enough to discuss what the financial implications of these opportunities are .
Smart contracts were quickly brought to bear in crypto ’ s favorite application , trading .
Decentralized exchanges were built using smart contracts to allow the trading of cryptocurrencies without the need to interact with “ off-chain ” platforms @ @ @ @ @ @ @ nothing crypto traders love more than leverage , so organizations like MakerDAO popped up to facilitate decentralized lending .
MakerDAO pioneered a model which is ubiquitous today , in that they allowed anyone to borrow crypto from a smart contract with the provision of collateral equal to 150 % of borrow .
In particular , MakerDAO allowed traders to deposit ETH and receive a stablecoin , DAI , whose value is algorithmically pegged one-to-one to the US dollar .
The smart contract would create this DAI and store the collateral , while also @ @ @ @ @ @ @ would even liquidate the collateral if the borrower didn ’ t recapitalize the loan .
Since its founding , traders have pledged more than $ 500mm of collateral to borrow DAI off the smart contract .
The next evolution in DeFi was a project called Compound , which put a spin on MakerDAO ’ s business .
It allowed a two-way market of borrowers and lenders to meet on the smart contract .
In order to align incentives , the smart contract behind Compound varies rates of interest ( independently for depositors and @ @ @ @ @ @ @ .
It ’ s important to note that the spread between depositor and borrower interest rates ( APY in the image above ) does not get paid as profit to the owners of Compound .
In fact , there aren ’ t really owners of Compound , in the sense that we ’ d think of it like any other business .
The spread is purely intended to stabilize the lending markets .
One feature that distinguishes COMP is the presence of voting rights .
The team decided to implement a kind of @ @ @ @ @ @ @ platform .
This idea , that users of the platform would earn rewards for their use of the platform , kicked off an investment craze known today as “ yield farming ” .
DeFi enthusiasts realized just how lucrative token rewards like the program COMP offered were .
More to the point , they realized those token rewards could be earned at a higher rate through the use of leverage , which they were able to obtain in the web of decentralized lending platforms .
Credit ought to be given to the attempts @ @ @ @ @ @ @ DeFi proponents to inform would-be farmers of the risks inherent in these operations .
More skeptical voices have emerged in response to the buzz surrounding yield farming .
Leshner , the founder of Compound , called the activity a “ self-organizing anarchy , ” while Vitalik Buterin , the founder of Ethereum , shared his own concerns : How should investors begin to assess the risks involved in trading DeFi , or in farming yield ?
In the first place , it ’ s important to remember that the main product on offer @ @ @ @ @ @ @ more like a floating-rate note , and less like a fixed-term loan .
Compound , according to their docs , actually varies the rate of interest earned on any asset per confirmed block ( ! )
.
And while there ’ s some assumption of continuity there , that amount of variance ought to give pause to those seeking to make a comparison between DeFi loans and traditional fixed-income investing .
An investor lending into a lucrative DeFi contract only earns that high rate of interest as long as it persists in the @ @ @ @ @ @ @ way of actually assessing what the gains on any particular trade will be .
If at trade time the lending rate on Compound for ETH is 20 % annualized , and an investor lends 1000 ETH , they will earn one block ’ s worth of a 20 % annual interest rate .
The average time between blocks for ETH has long been about 15 seconds , implying a very little amount of time for that high rate of interest to accrue .
A proper accounting of duration is merely the most innocent @ @ @ @ @ @ @ DeFi .
Most of the strategies involved in farming yield boil down to taking out leveraged loans on the platforms offering the highest token rewards .
DeFi Prime described InstaDApp ’ s “ Maximize $ COMP Mining ” widget bluntly : “ Essentially , it ’ s mining using a leveraged position : people borrow and deposit assets simultaneously in order to get more COMP.
” A financial system that relies on obscure forms of leverage to power an alluring set of returns should raise blaring red flags – just ask Michael Burry @ @ @ @ @ @ @ the loans and the crumbly ziggurat of leverage on which it stood weren ’ t enough to make savvy investors pass and live on to fight another day , there is a core component yet unexamined : the nature of the borrower on the other side of the loan .
When a deposit is made at a bank , that too is a short term loan , which bears a varying rate of interest .
Since the Great Depression , however , the Federal Deposit Insurance Corporation has backed the credit of these @ @ @ @ @ @ @ guarantee , making them essentially risk-free .
When a crypto lender solicits deposits from investors into their platform , the investor can make their own decision whether to lend with respect to both the creditworthiness of the lender and its book of borrowers as well as the rate on offer to them .
When a trader deposits stablecoins or other crypto at a DeFi platform , they are made to make their decision in a vacuum , with only the rate on offer to guide their thinking , and no real information about @ @ @ @ @ @ @ the borrowers on the other side running the system .
In our read , the risks of DeFi lending at any level are rather high , and the returns uncertain .
More to the point , the risks of yield farming are increased by the leverage permitted by smart contract implementations , and the returns are made even more uncertain by their dependence on the volatile price of token rewards .
Investors interested in committing their or their clients ’ capital to these endeavors would be smart to limit dramatically the amount of @ @ @ @ @ @ @ David Siemer , CEO of Wave Financial Group and Ryan Anderson , Head of Trading .
David Siemer , CEO and Founder at Wave Financial Group David Siemer is CEO of Los Angeles and London-based digital asset management firm Wave Financial .
Before founding Wave , David co-founded Venture Capital firm Wavemaker Partners in 2004 , which has invested in over 350 startups around the world and achieved significant investor returns .
Ryan Anderson , Head of Trading at Wave Financial Group .
Before joining Wave Financial Group in 2019 Ryan was a @ @ @ @ @ @ @ at Goldman Sachs .
Ryan received his BA from the University of Pennsylvania .
Wave Financial LLC ( Wave ) is a Los Angeles and London based investment management company that provides institutional digital asset fund products .
Led by a team of highly experienced financial services professionals , Wave provides investable funds via their diverse investment strategies applied to digital assets and tokenized real assets .
Wave also offers managed accounts for HNWIs and family offices seeking tailored digital asset exposure , treasury management services , and early-stage venture capital and strategic @ @ @ @ @ @ @

DeFi: Borrowing and Lending Crypto Deserves Scrutiny and Caution
Crypto lending and borrowing in booming but the important questions are still the same: who are the lenders, and who are the borrowers? Why do they engage in these transactions? What forces shape the market, and how do the players involved react to those forces?
The bigger story when it comes to crypto-backed crypto lending can be found in the world of decentralized finance (DeFi). DeFi is a catchall term for the activities in a booming sector of the industry, one which leverages the power of smart contracts to automatically settle complicated financial transactions. As a side note, this subject can become rather complicated as it deals heavily with nitty-gritty distributed computing, and even geniuses like Vitalik Buterin struggle to communicate what precisely is going on in clear terms. We’ll cover it just enough to discuss what the financial implications of these opportunities are.
Smart contracts were quickly brought to bear in crypto’s favorite application, trading. Decentralized exchanges were built using smart contracts to allow the trading of cryptocurrencies without the need to interact with “off-chain” platforms. Of course, there’s nothing crypto traders love more than leverage, so organizations like MakerDAO popped up to facilitate decentralized lending.
MakerDAO pioneered a model which is ubiquitous today, in that they allowed anyone to borrow crypto from a smart contract with the provision of collateral equal to 150% of borrow. In particular, MakerDAO allowed traders to deposit ETH and receive a stablecoin, DAI, whose value is algorithmically pegged one-to-one to the US dollar. The smart contract would create this DAI and store the collateral, while also handling functions like margin calls. It would even liquidate the collateral if the borrower didn’t recapitalize the loan. Since its founding, traders have pledged more than $500mm of collateral to borrow DAI off the smart contract.
(Source: DeFi Pulse)
The next evolution in DeFi was a project called Compound, which put a spin on MakerDAO’s business. It allowed a two-way market of borrowers and lenders to meet on the smart contract. In order to align incentives, the smart contract behind Compound varies rates of interest (independently for depositors and borrowers) and collateral multipliers across assets. It’s important to note that the spread between depositor and borrower interest rates (APY in the image above) does not get paid as profit to the owners of Compound. In fact, there aren’t really owners of Compound, in the sense that we’d think of it like any other business. The spread is purely intended to stabilize the lending markets.
(An example of what the Compound dashboard offers – rates on deposits and borrows in several currencies, as well as the option to activate any combination of assets as collateral. Source: Compound)
One feature that distinguishes COMP is the presence of voting rights. The team decided to implement a kind of dividend, or reward, into their platform.
(Diagram explaining the COMP distribution program. Source: Compound)
This idea, that users of the platform would earn rewards for their use of the platform, kicked off an investment craze known today as “yield farming”. DeFi enthusiasts realized just how lucrative token rewards like the program COMP offered were. More to the point, they realized those token rewards could be earned at a higher rate through the use of leverage, which they were able to obtain in the web of decentralized lending platforms.
(Selection from InstaDApp’s dashboard, highlighting widgets added to facilitate yield farming. Source: InstaDApp)
Credit ought to be given to the attempts, however limited, made by most DeFi proponents to inform would-be farmers of the risks inherent in these operations. More skeptical voices have emerged in response to the buzz surrounding yield farming. Leshner, the founder of Compound, called the activity a “self-organizing anarchy,” while Vitalik Buterin, the founder of Ethereum, shared his own concerns:
(Source: Twitter)
How should investors begin to assess the risks involved in trading DeFi, or in farming yield? In the first place, it’s important to remember that the main product on offer, through all of this, is more like a floating-rate note, and less like a fixed-term loan. Compound, according to their docs, actually varies the rate of interest earned on any asset per confirmed block (!). And while there’s some assumption of continuity there, that amount of variance ought to give pause to those seeking to make a comparison between DeFi loans and traditional fixed-income investing.
(This source code from Compound calculates the “APY” often cited in discussions of yield farming. The doc adds, “Note that the supplyRatePerBlock value may change at any time.” Source: Compound Docs)
An investor lending into a lucrative DeFi contract only earns that high rate of interest as long as it persists in the market, so there’s no way of actually assessing what the gains on any particular trade will be. If at trade time the lending rate on Compound for ETH is 20% annualized, and an investor lends 1000 ETH, they will earn one block’s worth of a 20% annual interest rate. The average time between blocks for ETH has long been about 15 seconds, implying a very little amount of time for that high rate of interest to accrue.
A proper accounting of duration is merely the most innocent of the risks surrounding an investment in DeFi. Most of the strategies involved in farming yield boil down to taking out leveraged loans on the platforms offering the highest token rewards. DeFi Prime described InstaDApp’s “Maximize $COMP Mining” widget bluntly: “Essentially, it’s mining using a leveraged position: people borrow and deposit assets simultaneously in order to get more COMP.” A financial system that relies on obscure forms of leverage to power an alluring set of returns should raise blaring red flags – just ask Michael Burry.
And even if the duration of the loans and the crumbly ziggurat of leverage on which it stood weren’t enough to make savvy investors pass and live on to fight another day, there is a core component yet unexamined: the nature of the borrower on the other side of the loan. When a deposit is made at a bank, that too is a short term loan, which bears a varying rate of interest. Since the Great Depression, however, the Federal Deposit Insurance Corporation has backed the credit of these banks’ depositary holdings with a government guarantee, making them essentially risk-free. When a crypto lender solicits deposits from investors into their platform, the investor can make their own decision whether to lend with respect to both the creditworthiness of the lender and its book of borrowers as well as the rate on offer to them. When a trader deposits stablecoins or other crypto at a DeFi platform, they are made to make their decision in a vacuum, with only the rate on offer to guide their thinking, and no real information about the trustworthiness of the smart contract or the borrowers on the other side running the system.
In our read, the risks of DeFi lending at any level are rather high, and the returns uncertain. More to the point, the risks of yield farming are increased by the leverage permitted by smart contract implementations, and the returns are made even more uncertain by their dependence on the volatile price of token rewards. Investors interested in committing their or their clients’ capital to these endeavors would be smart to limit dramatically the amount of funds they allocate here.
Co-Authored by David Siemer, CEO of Wave Financial Group and Ryan Anderson, Head of Trading.
David Siemer, CEO and Founder at Wave Financial Group
David Siemer is CEO of Los Angeles and London-based digital asset management firm Wave Financial. Before founding Wave, David co-founded Venture Capital firm Wavemaker Partners in 2004, which has invested in over 350 startups around the world and achieved significant investor returns.
Ryan Anderson, Head of Trading at Wave Financial Group. Before joining Wave Financial Group in 2019 Ryan was a research associate at Bridgewater Securities and trader at Goldman Sachs. Ryan received his BA from the University of Pennsylvania.
Wave Financial LLC (Wave) is a Los Angeles and London based investment management company that provides institutional digital asset fund products. Led by a team of highly experienced financial services professionals, Wave provides investable funds via their diverse investment strategies applied to digital assets and tokenized real assets. Wave also offers managed accounts for HNWIs and family offices seeking tailored digital asset exposure, treasury management services, and early-stage venture capital and strategic consultation to the digital asset ecosystem.
Wave is regulated as a California Registered Investment Advisor (CRD#: 305726).
W: https://www.wavegp.com/
T: https://twitter.com/wave_financial
L: https://www.linkedin.com/company/wave-financial/


cityam--2020-09-04--Non-farm payrolls: 1.4m more Americans back in work in August

A further 1.4m people entered employment in the US in August as the unemployment rate fell from 10.2 per cent to 8.4 per cent .
The increase was marginally above economist predictions of a 1.35m rise .
Read more : US jobless claims fall to lowest level since pandemic began However , the figure was down on July ’ s increase of 1.7m amid fears the US ’ economic recovery from the coronavirus pandemic was stalling .
The gains took the number of people on non-farm payrolls back to the same levels as in August 2014 .
The new figures @ @ @ @ @ @ @ a new coronavirus stimulus package to boost the flagging economy .
Programmes to support businesses , including those helping them to pay wages , are on the verge of expiry , while a $ 600 unemployment hand-out expired in July .
Yesterday it was revealed that a further 881,000 people had filed for unemployment benefits last week , 130,000 fewer than in the prior week .
Before the Open newsletter : Start your day with the City View podcast and key market data However , the number of people in freelance or non-permanent @ @ @ @ @ @ @ again .
There are still some 13m people out of employment in the US , down from 22m at the height of the pandemic .
Sectors such as hospitality , retail and travel have been especially badly hit .
United Airlines yesterday announced that it would cut 16,000 jobs starting from October .
Robert Alster , chief information officer at Close Brothers , said that the outlook for US jobs remained “ in the balance ” .
“ As the US continues to battle the pandemic , public health policy is the real @ @ @ @ @ @ @ an impasse on a fresh round of in and out-of-work support .
Read more : Bank of England : UK economy ‘ likely ’ to need further stimulus “ There are 27m people currently receiving assistance , and the recovery in the labour market looks like it is beginning to stall .
With an election around the corner , neither party can risk an electoral backlash .
“ The Fed is keen to avoid smothering such a fragile recovery , but the outlook for US employment remains finely in the balance .
”

Non-farm payrolls: 1.4m more Americans back in work in August
A further 1.4m people entered employment in the US in August as the unemployment rate fell from 10.2 per cent to 8.4 per cent.
The increase was marginally above economist predictions of a 1.35m rise.
However, the figure was down on July’s increase of 1.7m amid fears the US’ economic recovery from the coronavirus pandemic was stalling.
The gains took the number of people on non-farm payrolls back to the same levels as in August 2014.
The new figures come with lawmakers still at loggerheads over a new coronavirus stimulus package to boost the flagging economy.
Programmes to support businesses, including those helping them to pay wages, are on the verge of expiry, while a $600 unemployment hand-out expired in July.
Yesterday it was revealed that a further 881,000 people had filed for unemployment benefits last week, 130,000 fewer than in the prior week.
Before the Open newsletter: Start your day with the City View podcast and key market data
However, the number of people in freelance or non-permanent work who applied for state credit increased again.
There are still some 13m people out of employment in the US, down from 22m at the height of the pandemic.
Sectors such as hospitality, retail and travel have been especially badly hit. United Airlines yesterday announced that it would cut 16,000 jobs starting from October.
Robert Alster, chief information officer at Close Brothers, said that the outlook for US jobs remained “in the balance”.
“As the US continues to battle the pandemic, public health policy is the real test for Washington. Congress remains at an impasse on a fresh round of in and out-of-work support.
“There are 27m people currently receiving assistance, and the recovery in the labour market looks like it is beginning to stall. With an election around the corner, neither party can risk an electoral backlash.
“The Fed is keen to avoid smothering such a fragile recovery, but the outlook for US employment remains finely in the balance.”


cityam--2020-09-04--Virgin Atlantic to cut another 1,150 jobs after £1.2bn rescue deal

Virgin Atlantic is cutting a further 1,150 jobs as part of a radical restructuring plan following its £1.2bn rescue deal .
The airline , founded by Sir Richard Branson in 1984 , said the cuts were a result of the “ devastating ” impact of the coronavirus crisis .
It comes less than four months after Virgin said it was axing 3,150 roles and closing its base at Gatwick Airport .
The latest round of cuts means the company ’ s workforce has almost halved from its pre-pandemic level of 10,000 .
“ After the sacrifices so many of our @ @ @ @ @ @ @ number of people we employ is heart-breaking but essential for survival , ” said chief executive Shai Weiss .
Virgin ’ s £1.2bn rescue package , which was approved by the High Court yesterday , has all but secured the company ’ s continued survival .
The deal includes £600m of support from shareholders Virgin Group and Delta , including £200m of new cash from Branson ’ s company .
Davidson Kempner Capital Management , a global institutional investment management firm , is providing £170m of secured financing and the airline ’ s @ @ @ @ @ @ @ additional £450m .
Virgin hailed a “ significant milestone ” , saying the package put it in a position to rebuild its balance sheet .
But the new cuts show the extent of the damage to the aviation sector caused by the pandemic , with demand for international air travel recovering at an even slower rate .
Last night Ryanair raised €400m ( £360m ) from shareholders in a bid to bolster its balance sheet in the wake of the coronavirus lockdown .
Read more : Government accused of ‘ overseeing demise ’ @ @ @ @ @ @ @ s passenger numbers were down by more than half in August as the UK ’ s quarantine rules wreaked havoc for travellers .
But Ryanair has been less badly affected than many of its rivals due to its relatively low level of debt and lack of exposure to the long-haul and business class markets .

Virgin Atlantic to cut another 1,150 jobs after £1.2bn rescue deal
Virgin Atlantic is cutting a further 1,150 jobs as part of a radical restructuring plan following its £1.2bn rescue deal.
The airline, founded by Sir Richard Branson in 1984, said the cuts were a result of the “devastating” impact of the coronavirus crisis.
It comes less than four months after Virgin said it was axing 3,150 roles and closing its base at Gatwick Airport.
The latest round of cuts means the company’s workforce has almost halved from its pre-pandemic level of 10,000.
“After the sacrifices so many of our people have made, further reducing the number of people we employ is heart-breaking but essential for survival,” said chief executive Shai Weiss.
Virgin’s £1.2bn rescue package, which was approved by the High Court yesterday, has all but secured the company’s continued survival.
The deal includes £600m of support from shareholders Virgin Group and Delta, including £200m of new cash from Branson’s company.
Davidson Kempner Capital Management, a global institutional investment management firm, is providing £170m of secured financing and the airline’s largest creditors and suppliers are contributing an additional £450m.
Virgin hailed a “significant milestone”, saying the package put it in a position to rebuild its balance sheet.
But the new cuts show the extent of the damage to the aviation sector caused by the pandemic, with demand for international air travel recovering at an even slower rate.
Last night Ryanair raised €400m (£360m) from shareholders in a bid to bolster its balance sheet in the wake of the coronavirus lockdown.
The budget airline’s passenger numbers were down by more than half in August as the UK’s quarantine rules wreaked havoc for travellers.
But Ryanair has been less badly affected than many of its rivals due to its relatively low level of debt and lack of exposure to the long-haul and business class markets.