cityam--2020-10-21--Healthcare firm unveils £10 rapid Covid-19 test for back to work push

A private healthcare firm has unveiled a new low-cost Covid-19 test that could be instrumental in getting Brits back to work safely .
The finger-prick test returns results in 10 minutes and is priced from just £10 .
As well as checking for a Covid-19 infection , it can detect the presence of antibodies , which indicate a previous infection .
Read more : United Airlines tests digital Covid pass on UK-US flight in effort to reopen borders The testing service , launched by digital health firm PocDoc , also provides an app allowing employers to track the health of @ @ @ @ @ @ @ individual with a unique QR code that enables HR departments to collate the status of employees and determine whether it is safe for staff members to return to the office .
The cut-price tests , which are manufactured in the UK and have a 98 per cent accuracy rate , could provide an alternative to pricey private services and government-issued tests , which can take several days to return results and have suffered from long waiting times in some parts of the country .
PocDoc said it has written to the government to @ @ @ @ @ @ @ tests and has offered to share its results data with Public Health England .
The service has already been trialled at restaurants , gyms and some offices , and the company is now in discussions with airports , airlines and live events .
“ Everyone is aware of the extent of the testing problem and we believe we have found a solution — just register on the website and we will arrange to come round and test your teams , ” said Steve Roest , PocDoc founder and chief executive .
“ We @ @ @ @ @ @ @ up our offer to use our service and we hope that public health bodies will take up our offer to share our data to help the national effort.
” Read more : Start of airport testing ‘ shot in the arm ’ for travel industry It comes after the UK ’ s first pre-departure testing service was this week launched at Heathrow Airport .
The tests , which will initially be offered to passengers flying to Hong Kong , cost £80 and guarantee results within one hour .
Testing has proved a key @ @ @ @ @ @ @ response to the coronavirus crisis , with the government ’ s test and trace programme coming under fierce scrutiny .
The prospect of a new rapid turnaround Covid-19 test would be a major boost for businesses , with Prime Minister Boris Johnson reportedly viewing an improved testing system as an alternative to a second national lockdown .

Healthcare firm unveils £10 rapid Covid-19 test for back to work push
A private healthcare firm has unveiled a new low-cost Covid-19 test that it says could help get Brits back to work safely, though scientists have warned more development is needed.
The finger-prick test returns results in 10 minutes and is priced from just £10. As well as checking for a Covid-19 infection, it can detect the presence of antibodies, which indicate a previous infection.
The testing service, launched by digital health firm PocDoc, also provides an app allowing employers to track the health of their workforce.
Each test provides the individual with a unique QR code that enables HR departments to collate the status of employees and determine whether it is safe for staff members to return to the office.
The cut-price tests, which are manufactured in the UK and have a 98 per cent accuracy rate, could provide an alternative to pricey private services and government-issued tests, which can take several days to return results and have suffered from long waiting times in some parts of the country.
However, scientists raised doubts about how helpful the tests are for employers due to their focus on antibodies.
Covid-19 antibodies are not produced until between five and 15 days after an infection, while people are infective before they develop symptoms and have no antibodies at that stage.
Mike Lewis, professor of life science and innovation at the University of Birmingham, told City A.M. that a focus on antigen tests — which show the presence of the virus itself — was crucial.
“The only way to get people back to work is an antigen test that is inexpensive, quick and can detect asymptomatic people.”
Lewis said that LAMP tests — such as those currently being trialled at Heathrow — were most likely to help the back to work push.
PocDoc said it has written to the government to ministers about a nationwide rollout of its tests and has offered to share its results data with Public Health England.
The service has already been trialled at restaurants, gyms and some offices, and the company is now in discussions with airports, airlines and live events.
“Everyone is aware of the extent of the testing problem and we believe we have found a solution — just register on the website and we will arrange to come round and test your teams,” said Steve Roest, PocDoc founder and chief executive.
“We are also encouraging the government to take up our offer to use our service and we hope that public health bodies will take up our offer to share our data to help the national effort.”
Heathrow Airport’s new tests, which will initially be offered to passengers flying to Hong Kong, cost £80 and guarantee results within one hour.
Testing has proved a key sticking point in the UK’s response to the coronavirus crisis, with the government’s test and trace programme coming under fierce scrutiny.
The prospect of a new rapid turnaround Covid-19 test would be a major boost for businesses, with Prime Minister Boris Johnson reportedly viewing an improved testing system as an alternative to a second national lockdown.


cityam--2020-10-21--Ed Miliband calls on government to extend 'wrongful trading' suspension until end of year

Shadow business secretary Ed Miliband has urged the government to extend the suspension of “ wrongful trading ” rules to the end of the year or risk a flurry of firms going bankrupt .
Back in March , ministers introduced a temporary protection for business directors to protect them from liability if they kept trading despite facing bankruptcy due to the coronavirus pandemic .
Read more : HSBC ‘ to cut 300 jobs ’ in overhaul of UK commercial banking Under normal trading conditions , directors can be prosecuted if they continue to trade in the knowledge that there business @ @ @ @ @ @ @ , the government said the step was taken to “ remove the pressure on directors to close otherwise viable businesses to avoid potential liability ” .
While protections against insolvency for businesses have been renewed until 31 December , the rule protecting business owners has now lapsed .
As a result , company directors could now face financial or legal action if their business is struggling to stay afloat but they do not cease trading .
Before the Open newsletter : Start your day with the City View podcast and key market data @ @ @ @ @ @ @ explain why they have pulled the plug on this protection .
“ If it was right to help businesses stave off insolvency in June it is right now .
The government seem to have moved from ‘ we ’ re all in this together ’ to ‘ sink or swim ’ .
“ Ministers claim to want to protect struggling businesses , but the decision to remove this key protection for business owners flies in the face of that claim .
They must urgently change course or the risk is that we see @ @ @ @ @ @ @ , there were 926 company insolvencies , a rise of around 150 on the month before , according to figures from the Insolvency Service .
Read more : MPs demand update on audit reform progress from business secretary Labour added that failing to protect business owners from liability could backfire on the government , as it could see firms default on emergency loans at the taxpayer ’ s expense .
City A.M. has contacted the Department of Business , Energy and Industrial Strategy for comment .

Ed Miliband calls on government to extend ‘wrongful trading’ suspension until end of year
Labour’s Ed Miliband has called for government to stand ready to protect jobs at Liberty Steel.
Shadow business secretary Ed Miliband has urged the government to extend the suspension of “wrongful trading” rules to the end of the year or risk a flurry of firms going bankrupt.
Back in March, ministers introduced a temporary protection for business directors to protect them from liability if they kept trading despite facing bankruptcy due to the coronavirus pandemic.
Under normal trading conditions, directors can be prosecuted if they continue to trade in the knowledge that there business will go insolvent.
At the time, the government said the step was taken to “remove the pressure on directors to close otherwise viable businesses to avoid potential liability”.
While protections against insolvency for businesses have been renewed until 31 December, the rule protecting business owners has now lapsed.
As a result, company directors could now face financial or legal action if their business is struggling to stay afloat but they do not cease trading.
Before the Open newsletter: Start your day with the City View podcast and key market data
Miliband said: “Ministers cannot explain why they have pulled the plug on this protection.
“If it was right to help businesses stave off insolvency in June it is right now. The government seem to have moved from ‘we’re all in this together’ to ‘sink or swim’.
“Ministers claim to want to protect struggling businesses, but the decision to remove this key protection for business owners flies in the face of that claim. They must urgently change course or the risk is that we see insolvencies snowball before Christmas.”
In September, there were 926 company insolvencies, a rise of around 150 on the month before, according to figures from the Insolvency Service.
Labour added that failing to protect business owners from liability could backfire on the government, as it could see firms default on emergency loans at the taxpayer’s expense.
City A.M. has contacted the Department of Business, Energy and Industrial Strategy for comment.


cityam--2020-10-21--Tesla cracks revenue record and beats estimates, shares take off

Tesla on Wednesday reported its fifth consecutive quarterly profit on record revenue of $ 8.8bn ( £6.7bn ) , boosted by an uptick in vehicle deliveries and sales of environmental regulatory credits to other automakers .
The electric car maker also affirmed its target to deliver half a million vehicles by the end of this year , a goal that will require it to significantly ramp up vehicle sales in the fourth quarter .
Read more : Musk says $ 25,000 Tesla ‘ three years away ’ as investors wipe off $ 50bn Shares were up 4.3 per cent at @ @ @ @ @ @ @ carmaker beat analysts ’ estimates for third-quarter revenue .
Tesla said it had the capacity installed to produce and deliver 500,000 vehicles this year , but added that achieving its goal has become more difficult .
“ Achieving this target depends primarily on quarter over quarter increases in Model Y and Shanghai production , ” the company said .
Earlier this month , Tesla said it delivered 139,300 vehicles in the third quarter , a quarterly record for the electric carmaker , yet some analysts questioned whether the company could hit its ambitious @ @ @ @ @ @ @ downward trend of the wider auto industry in 2020 and bucked a pandemic and economic upheaval with steady sales and profitable quarters , sending shares up around 400 % per cent this year .
The company has enjoyed a meteoric rise under chief executive Elon Musk , who tends to be outspoken and at times unconventional .
At $ 394.5bn , Tesla ’ s market capitalisation is the largest among all automakers in the world , despite Tesla trailing rivals in terms of sales , revenue and profit .
Before the Open newsletter @ @ @ @ @ @ @ View podcast and key market data Tesla ’ s ascent highlights investor confidence about the future of electric vehicles and Tesla ’ s shift from niche carmaker to global leader in clean cars .
Revenue rose to a record $ 8.77bn from $ 6.30bn a year earlier .
Analysts had expected revenue of $ 8.36 billion , according to IBES data from Refinitiv .
Excluding items , Tesla posted a profit of 76 cents per share .
It reported net income of $ 331m , or $ 874m excluding stock-based compensation awards given @ @ @ @ @ @ @ July to September , revenue from the sale of regulatory credits made up $ 397m , or five per cent of Tesla ’ s overall automotive revenue .
So far this year , regulatory credits account for $ 1.18bn , or seven per cent of total automotive revenue .
Without the revenue from credits , Tesla would not have achieved a profitable quarter .
Pollution credits became a more meaningful source of revenue for Tesla about a year ago when California and about a dozen other U.S. states began increasing the mandatory share @ @ @ @ @ @ @ their states .
But that revenue is expected to dry up as Tesla ’ s competitors begin selling more electric vehicle models of their own .

Tesla cracks revenue record and beats estimates, shares take off
Tesla on Wednesday reported its fifth consecutive quarterly profit on record revenue of $8.8bn (£6.7bn), boosted by an uptick in vehicle deliveries and sales of environmental regulatory credits to other automakers.
The electric car maker also affirmed its target to deliver half a million vehicles by the end of this year, a goal that will require it to significantly ramp up vehicle sales in the fourth quarter.
Shares were up 4.3 per cent at $440.81 in extended trade as the carmaker beat analysts’ estimates for third-quarter revenue.
Tesla said it had the capacity installed to produce and deliver 500,000 vehicles this year, but added that achieving its goal has become more difficult.
“Achieving this target depends primarily on quarter over quarter increases in Model Y and Shanghai production,” the company said.
Earlier this month, Tesla said it delivered 139,300 vehicles in the third quarter, a quarterly record for the electric carmaker, yet some analysts questioned whether the company could hit its ambitious year-end target.
Tesla has defied the downward trend of the wider auto industry in 2020 and bucked a pandemic and economic upheaval with steady sales and profitable quarters, sending shares up around 400% per cent this year.
The company has enjoyed a meteoric rise under chief executive Elon Musk, who tends to be outspoken and at times unconventional. At $394.5bn, Tesla’s market capitalisation is the largest among all automakers in the world, despite Tesla trailing rivals in terms of sales, revenue and profit.
Before the Open newsletter: Start your day with the City View podcast and key market data
Tesla’s ascent highlights investor confidence about the future of electric vehicles and Tesla’s shift from niche carmaker to global leader in clean cars.
Revenue rose to a record $8.77bn from $6.30bn a year earlier. Analysts had expected revenue of $8.36 billion, according to IBES data from Refinitiv.
Excluding items, Tesla posted a profit of 76 cents per share. It reported net income of $331m, or $874m excluding stock-based compensation awards given to Musk.
In the months from July to September, revenue from the sale of regulatory credits made up $397m, or five per cent of Tesla’s overall automotive revenue.
So far this year, regulatory credits account for $1.18bn, or seven per cent of total automotive revenue.
Without the revenue from credits, Tesla would not have achieved a profitable quarter.
Pollution credits became a more meaningful source of revenue for Tesla about a year ago when California and about a dozen other U.S. states began increasing the mandatory share of zero-emission vehicles per manufacturer sold in their states.
But that revenue is expected to dry up as Tesla’s competitors begin selling more electric vehicle models of their own.


cityam--2020-10-21--Think tank: London may need £440m a month if put into Tier 3 restrictions

London would need more than £400m a month from the government if it is plunged into Tier 3 and if the city makes the same funding requests as Manchester , according to a top think tank .
The Centre for Cities has calculated the capital would need £112.4m for every week it is in the top band of restrictions if mayor of London Sadiq Khan made the same funding requests as Greater Manchester mayor Andy Burnham .
Read more : Andy Burnham turns down £60m in Tier 3 funding for Manchester Burnham had a very public row over the past @ @ @ @ @ @ @ fought for increased emergency funding in exchange for him consenting to new Covid restrictions .
Burnham – who had originally requested £100m for his city – turned down the government ’ s offer of £60m extra funding for Greater Manchester , however Boris Johnson still imposed stringent restrictions on the area yesterday .
The Prime Minister confirmed today that the city would still get the £60m in funding , despite saying yesterday it would get just a third of that .
The spat has fuelled speculation that Khan could have a similar conflict @ @ @ @ @ @ @ as needing new Tier 3 restrictions .
Before the Open newsletter : Start your day with the City View podcast and key market data The Centre for Cities said that if Khan asked for the same as Burnham – enough money so that furloughed workers get 80 per cent of their pay – it would cost almost almost the central government almost half a billion pounds .
This would add to the already raging conflict City Hall is fighting against Johnson around a second TfL bailout .
Workers can go back onto the @ @ @ @ @ @ @ into Tier 3 , but they only get two-thirds of their wages paid .
The Centre for Cities ’ senior analyst Elena Magrini said : “ On support for workers in tier 3 cities specifically , we endorse proposals for an 80 per cent furlough scheme .
“ It would make a large difference for many lower income workers who could be left in financial difficulties as a result of these new restrictions and may help lessen the long-term damage done to London ’ s economy.
” London ’ s Covid rate is @ @ @ @ @ @ @ Liverpool and Sheffield – all in the “ very high ” Tier 3 alert level .
Just 45 people died of coronavirus in London last week , according to City Hall numbers .
A source close to Khan said City Hall was not expecting London to go into Tier 3 “ for some time , if at all ” , but that “ if it happened , there would be a need for greater recompense ” .
Read more : London pandemic update : How many Covid-19 infections are there in your local @ @ @ @ @ @ @ at the left-leaning Institute for Public Policy Research think tank , said the government needed to take a countrywide approach to Tier 3 funding .
“ This regional patchwork is far more complicated than have a single solution that applies to all the regions , ” he said .

Think tank: London may need £440m a month if put into Tier 3 restrictions
London would need more than £400m a month from the government if it is plunged into Tier 3 and if the city makes the same funding requests as Manchester, according to a top think tank.
The Centre for Cities has calculated the capital would need £112.4m for every week it is in the top band of restrictions if mayor of London Sadiq Khan made the same funding requests as Greater Manchester mayor Andy Burnham.
Burnham had a very public row over the past week with Downing Street as the mayor fought for increased emergency funding in exchange for him consenting to new Covid restrictions.
Burnham – who had originally requested £100m for his city – turned down the government’s offer of £60m extra funding for Greater Manchester, however Boris Johnson still imposed stringent restrictions on the area yesterday.
The Prime Minister confirmed today that the city would still get the £60m in funding, despite saying yesterday it would get just a third of that.
The spat has fuelled speculation that Khan could have a similar conflict with central government if London is deemed as needing new Tier 3 restrictions.
Before the Open newsletter: Start your day with the City View podcast and key market data
The Centre for Cities said that if Khan asked for the same as Burnham – enough money so that furloughed workers get 80 per cent of their pay – it would cost almost almost the central government almost half a billion pounds.
This would add to the already raging conflict City Hall is fighting against Johnson around a second TfL bailout.
Workers can go back onto the furlough scheme if their areas are placed into Tier 3, but they only get two-thirds of their wages paid.
The Centre for Cities’ senior analyst Elena Magrini said: “On support for workers in tier 3 cities specifically, we endorse proposals for an 80 per cent furlough scheme.
“It would make a large difference for many lower income workers who could be left in financial difficulties as a result of these new restrictions and may help lessen the long-term damage done to London’s economy.”
London’s Covid rate is currently well below that of Manchester, Liverpool and Sheffield – all in the “very high” Tier 3 alert level.
Just 45 people died of coronavirus in London last week, according to City Hall numbers.
A source close to Khan said City Hall was not expecting London to go into Tier 3 “for some time, if at all”, but that “if it happened, there would be a need for greater recompense”.
Carsten Jung, senior economist at the left-leaning Institute for Public Policy Research think tank, said the government needed to take a countrywide approach to Tier 3 funding.
“This regional patchwork is far more complicated than have a single solution that applies to all the regions,” he said.


cityam--2020-10-21--Ant Group gets final approval for world’s biggest stock market float

China ’ s Ant Group today won the final nod from regulators for its $ 35bn ( £26.6bn ) initial public offering , clearing the way for what could be the largest-ever stock market debut .
The fintech giant , which is backed by Chinese ecommerce group Alibaba , today won approval from the country ’ s top securities watchdog for its registration in Shanghai .
Read more : Alibaba ’ s Ant Group files for dual listing in Hong Kong and Shanghai Ant is planning to list simultaneously in Hong Kong and Shanghai , with the deal expected to @ @ @ @ @ @ @ The listing is likely to be the largest ever , topping the record set by Saudi Aramco ’ s $ 29.4bn float last December .
Ant is set to conduct price consultations for the Shanghai listing on 23 October and will set the price on 27 October , according to its prospectus .
The company is likely to try to push ahead with the float ahead of the US presidential election on 3 November due to potential market volatility following the results .
The payments firm aims to split the share offering equally @ @ @ @ @ @ @ up to 1.67bn shares on each bourse .
The prospectus showed that strategic investors will account for 80 per cent of the domestic float .
This includes Tmall , a subsidiary of Alibaba , which has committed to purchasing 730m shares .
It comes two days after Ant won approval from the Hong Kong Stock Exchange for the offshore part of its float .
Ant , which is China ’ s largest mobile payments firm , reported an operating income of 118.2bn yuan ( £13.5bn ) in the nine months to September , @ @ @ @ @ @ @ .
Nine-month gross profit rose 74.3 per cent to 69.5bn yuan .
After initial feedback from investors , Ant upped its offering size from $ 30bn to $ 35bn , targeting a valuation of $ 250bn , Reuters reported .
Read more : Airbnb aims to raise roughly $ 3bn in IPO If completed , the IPO would mark a major boost for Hong Kong and help to cement its status as one of the world ’ s leading capital markets hubs .
The listing is also expected to provide a bumper payday @ @ @ @ @ @ @ richest man Jack Ma , who has a net worth of roughly $ 60bn .

Ant Group gets final approval for world’s biggest stock market float
Alibaba billionaire Jack Ma is set for a bumper payday from Ant’s IPO
China’s Ant Group today won the final nod from regulators for its $35bn (£26.6bn) initial public offering, clearing the way for what could be the largest-ever stock market debut.
The fintech giant, which is backed by Chinese ecommerce group Alibaba, today won approval from the country’s top securities watchdog for its registration in Shanghai.
Ant is planning to list simultaneously in Hong Kong and Shanghai, with the deal expected to take place in the coming weeks.
The listing is likely to be the largest ever, topping the record set by Saudi Aramco’s $29.4bn float last December.
Ant is set to conduct price consultations for the Shanghai listing on 23 October and will set the price on 27 October, according to its prospectus.
The company is likely to try to push ahead with the float ahead of the US presidential election on 3 November due to potential market volatility following the results.
The payments firm aims to split the share offering equally between Hong Kong and Shanghai, selling up to 1.67bn shares on each bourse.
The prospectus showed that strategic investors will account for 80 per cent of the domestic float. This includes Tmall, a subsidiary of Alibaba, which has committed to purchasing 730m shares.
It comes two days after Ant won approval from the Hong Kong Stock Exchange for the offshore part of its float.
Ant, which is China’s largest mobile payments firm, reported an operating income of 118.2bn yuan (£13.5bn) in the nine months to September, up 42.6 per cent from year earlier. Nine-month gross profit rose 74.3 per cent to 69.5bn yuan.
After initial feedback from investors, Ant upped its offering size from $30bn to $35bn, targeting a valuation of $250bn, Reuters reported.
If completed, the IPO would mark a major boost for Hong Kong and help to cement its status as one of the world’s leading capital markets hubs.
The listing is also expected to provide a bumper payday for Alibaba co-founder and China’s richest man Jack Ma, who has a net worth of roughly $60bn.


cityam--2020-10-21--Oxford coronavirus vaccine trial to continue despite participant death

Trials of Oxford University and Astrazeneca ’ s [ LON : AZN ] coronavirus vaccine will continue despite the death of a participant in Brazil .
A spokesperson for the university said that a review of the death had not revealed any safety concerns .
Read more : Pfizer : no emergency approval for Covid-19 vaccine until after US election “ Following careful assessment of this case in Brazil , there have been no concerns about safety of the clinical trial and the independent review in addition to the Brazilian regulator have recommended that the trial should continue , ” @ @ @ @ @ @ @ authority Anvisa revealed the death earlier today , but did not provide any further details .
The death may not be related to the trial .
Shares in Astrazeneca , which has been licensed to produce the new treatment , flipped into the negative today , falling 1.8 per cent .
Before the Open newsletter : Start your day with the City View podcast and key market data In September trials of the vaccine were paused after a participant contracted worrying side effects .
A few days later it was agreed that it @ @ @ @ @ @ @ a review of the case .
The patient who suffered the adverse effects during the study had reportedly been suffering neurological symptoms associated with a rare spinal inflammatory disorder called transverse myelitis .
The Astrazeneca vaccine candidate is seen as leading the race among other possible Covid-19 vaccines and could be the first approved in Europe .
Read more : Covid-19 vaccine could be rolled out across the UK in less than three months Earlier this month it was reported that scientists were hoping for a rollout of the treatment inside three months @

Oxford coronavirus vaccine trial to continue despite participant death
Oxford University’s coronavirus vaccine trials will continue, the university said, despite the death of a participant in Brazil.
Trials of Oxford University and Astrazeneca’s [LON:AZN] coronavirus vaccine will continue despite the death of a participant in Brazil.
A spokesperson for the university said that a review of the death had not revealed any safety concerns.
“Following careful assessment of this case in Brazil, there have been no concerns about safety of the clinical trial and the independent review in addition to the Brazilian regulator have recommended that the trial should continue,” they said.
Brazil’s health authority Anvisa revealed the death earlier today, but did not provide any further details. The death may not be related to the trial.
Shares in Astrazeneca, which has been licensed to produce the new treatment, flipped into the negative today, falling 1.8 per cent.
Before the Open newsletter: Start your day with the City View podcast and key market data
In September trials of the vaccine were paused after a participant contracted worrying side effects.
A few days later it was agreed that it was safe to restart the trials after a review of the case.
The patient who suffered the adverse effects during the study had reportedly been suffering neurological symptoms associated with a rare spinal inflammatory disorder called transverse myelitis.
The Astrazeneca vaccine candidate is seen as leading the race among other possible Covid-19 vaccines and could be the first approved in Europe.
Earlier this month it was reported that scientists were hoping for a rollout of the treatment inside three months.


cityam--2020-10-21--RSA, Hiscox and others drop appeal against Covid-19 business interruption insurance payout rulings

Six insurers have decided not to appeal against a London High Court ruling that they were wrong to reject claims from holders of three business interruption insurance policies who have been pushed to the brink of collapse by the Covid-19 pandemic .
RSA , QBE , Hiscox , MS Amlin , Argenta and Arch were expected to challenge the judgment to pay affected customers holding five types of policy in a fast-tracked Supreme Court case to be heard by end-2020 .
Read more : End the war on pubs — hospitality isn ’ t to blame for the Covid crisis @ @ @ @ @ @ @ , Eaton Gate Retail , and Eaton Gate Pubs & Restaurants policies have now been dropped , legal documents show , raising hopes that hundreds of vulnerable businesses could see their claims processed without further delay .
A spokesman for RSA , one of the largest of the six insurers , said it would work with broker Marsh to make interim payments where appropriate .
Businesses across the world have been locked in disputes with insurance companies over pandemic-related payouts .
Insurers say they are paying valid claims but that many policies exclude @ @ @ @ @ @ @ or do not apply to widespread lockdowns , and paying out all claims could be catastrophic for the industry .
Read more : Insurance brokers slammed for conflicts of interests amid coronavirus business interruption claim disputes “ It is of course a huge win for large portions of the UK ’ s business community , which for so many months has been told by insurers that insurance policies do not cover losses relating to the Covid-19 pandemic ; that is plainly wrong , ” said Mishcon de Reya partner Sonia Campbell , on @ @ @ @ @ @ @ .
The Financial Conduct Authority brought a case against a total of eight insurers in June to clarify whether 21 policy wordings , affecting potentially 700 types of policies , 60 insurers , 370,000 policyholders and billions in insurance claims , covered disruption and government-ordered closures to curb the virus .
The High Court in London last month ruled that many business interruption policies did in fact provide such cover .
Two of the eight insurers , Zurich and Ecclesiastical , said they had no need to appeal since the judgment already found @ @ @ @ @ @ @ documents , the insurers will continue to appeal the court ’ s findings in respect to the Cottagesure and the Eaton Gate Commercial Combined policies .

RSA, Hiscox and others drop appeal against Covid-19 business interruption insurance payout rulings
The City of London shopkeepers are at risk due to the downturn in customers. (Photo by Peter Summers/Getty Images)
Six insurers have decided not to appeal against a London High Court ruling that they were wrong to reject claims from holders of three business interruption insurance policies who have been pushed to the brink of collapse by the Covid-19 pandemic.
RSA, QBE, Hiscox, MS Amlin , Argenta and Arch were expected to challenge the judgment to pay affected customers holding five types of policy in a fast-tracked Supreme Court case to be heard by end-2020.
But the appeals linked to the Resilience, Eaton Gate Retail, and Eaton Gate Pubs & Restaurants policies have now been dropped, legal documents show, raising hopes that hundreds of vulnerable businesses could see their claims processed without further delay.
A spokesman for RSA, one of the largest of the six insurers, said it would work with broker Marsh to make interim payments where appropriate.
Disputes around the world
Businesses across the world have been locked in disputes with insurance companies over pandemic-related payouts.
Insurers say they are paying valid claims but that many policies exclude pandemics, require physical damage to premises or do not apply to widespread lockdowns, and paying out all claims could be catastrophic for the industry.
“It is of course a huge win for large portions of the UK’s business community, which for so many months has been told by insurers that insurance policies do not cover losses relating to the Covid-19 pandemic; that is plainly wrong,” said Mishcon de Reya partner Sonia Campbell, on behalf of the Hospitality Insurance Group Action.
The Financial Conduct Authority brought a case against a total of eight insurers in June to clarify whether 21 policy wordings, affecting potentially 700 types of policies, 60 insurers, 370,000 policyholders and billions in insurance claims, covered disruption and government-ordered closures to curb the virus.
The High Court in London last month ruled that many business interruption policies did in fact provide such cover.
Two of the eight insurers, Zurich and Ecclesiastical, said they had no need to appeal since the judgment already found in their favor.
According to the documents, the insurers will continue to appeal the court’s findings in respect to the Cottagesure and the Eaton Gate Commercial Combined policies.


cityam--2020-10-22--Sportswear giant Adidas 'mulls Reebok sale'

German sportswear company Adidas is planning to sell its Reebok division , Germany ’ s manager magazine reported today .
@ @ @ @ @ an end to the ill-fated investment in the US-focused brand .
Adidas plans to complete @ @ @ @ @ , the magazine said , without citing where it obtained the information .
The report @ @ @ @ @ off Reebok by nearly half to €842m ( £760m ) since 2018 .
It did @ @ @ @ @ price .
The magazine said VF Corp and China ’ s Anta Sports are considered @ @ @ @ @ parties .
Shares in Adidas jumped on the news and traded 3.3 % higher this @ @ @ @ @ investors to dispose of Reebok , impatient with the lack of progress to turn around @ @ @ @ @ s sales fell 44 % in the second quarter to €228m mainly due to its @ @ @ @ @ market , causing its parent to take impairment charges in the period .

Sportswear giant Adidas ‘mulls Reebok sale’
Adidas has written off nearly half of its investment into Reebok (Photo by Cindy Ord/Getty Images for Chromat)
German sportswear company Adidas is planning to sell its Reebok division, Germany’s manager magazine reported today.
Adidas is seeking to put an end to the ill-fated investment in the US-focused brand.
Adidas plans to complete the sale by March 2021, the magazine said, without citing where it obtained the information.
The report said that Adidas had written off Reebok by nearly half to €842m (£760m) since 2018.
It did not specify a possible sale price.
The magazine said VF Corp and China’s Anta Sports are considered to be among the interested parties.
Adidas declined to comment.
Shares in Adidas jumped on the news and traded 3.3% higher this morning reflecting repeated calls by investors to dispose of Reebok, impatient with the lack of progress to turn around the business.
Adidas purchased Reebok in 2005 for $3.8bn.
Reebok’s sales fell 44% in the second quarter to €228m mainly due to its large exposure to the US market, causing its parent to take impairment charges in the period.


cityam--2020-10-22--Countrywide shareholder to oppose £90m lifeline from private equity investor

Estate agent chain Countrywide ( LON : CWD ) has secured a £90m lifeline from private equity firm Alchemy in an “ urgent ” bid to reduce debt , however a significant shareholder is planning to oppose the deal .
The firm , which owns Bairstow Eves and Hamptons International , said it is at a “ critical inflection point ” and is in “ urgent need of recapitalisation to reduce its net debt and lessen its exposure to its lenders ” .
Read more : Estate agent Countrywide warns on impact of housing market slowdown Shares dived more than @ @ @ @ @ @ @ it is burdened by excessive debt , and requires a resilient balance sheet due to the weak macroeconomic outlook .
The firm will also receive a £70m loan from its lenders following the capital raising , it said .
However , investor Catalist Partners , which owns a 10.5 per cent stake in the firm , said it is planning to vote against the proposals , claiming the deal would be “ destructive for shareholders ” .
In a statement this afternoon the investment firm said : “ Catalist Partners notes Countrywide ’ @ @ @ @ @ @ @ one of the company ’ s largest shareholders , Catalist strongly opposes this unnecessary , ill-judged and dilutive transaction which , while clearly a very attractive deal for Alchemy , is destructive for shareholders and only serves to fund the continuation of a flawed “ back to basics ” business plan.
” The latest proposals come after rival group LSL abandoned a potential £500m merger with Countrywide in March , terminating a deal that would have created the UK ’ s biggest estate agent , amid market uncertainty due to the coronavirus pandemic @ @ @ @ @ @ @ as chairman , while a new chief executive is expected to be announced before the end of the year .
The proceeds of the raise will be used to reduce group debt by £50m and will fund the completion of Countrywide ’ s turnaround plan , which was announced in 2018 .
Executive chairman Peter Long said : “ Today ’ s news marks an exciting new chapter in the evolution of Countrywide .
“ When I stepped in as executive chairman , the objectives were very clear : to restore profitability and @ @ @ @ @ @ @ business returned to profitable growth in 2019 and with this proposed £90m fund raise , Countrywide now has a sustainable capital structure that will allow it to thrive .
“ I am delighted that Alchemy has committed to this significant investment in the company and I wish them and everyone at Countrywide the greatest of continuing success .
”

Countrywide shareholder to oppose £90m lifeline from private equity investor
The deal follows a bidding battle between Connells and private equity firm Alchemy.
Estate agent chain Countrywide (LON: CWD) has secured a £90m lifeline from private equity firm Alchemy in an “urgent” bid to reduce debt, however a significant shareholder is planning to oppose the deal.
The firm, which owns Bairstow Eves and Hamptons International, said it is at a “critical inflection point” and is in “urgent need of recapitalisation to reduce its net debt and lessen its exposure to its lenders”.
Shares dived more than 11 per cent as Countrywide also said it is burdened by excessive debt, and requires a resilient balance sheet due to the weak macroeconomic outlook.
The firm will also receive a £70m loan from its lenders following the capital raising, it said.
However, investor Catalist Partners, which owns a 10.5 per cent stake in the firm, said it is planning to vote against the proposals, claiming the deal would be “destructive for shareholders”.
In a statement this afternoon the investment firm said: “Catalist Partners notes Countrywide’s announcement this morning.
“As one of the company’s largest shareholders, Catalist strongly opposes this unnecessary, ill-judged and dilutive transaction which, while clearly a very attractive deal for Alchemy, is destructive for shareholders and only serves to fund the continuation of a flawed “back to basics” business plan.”
The latest proposals come after rival group LSL abandoned a potential £500m merger with Countrywide in March, terminating a deal that would have created the UK’s biggest estate agent, amid market uncertainty due to the coronavirus pandemic.
Carl Lever will replace Peter Long as chairman, while a new chief executive is expected to be announced before the end of the year.
The proceeds of the raise will be used to reduce group debt by £50m and will fund the completion of Countrywide’s turnaround plan, which was announced in 2018.
Executive chairman Peter Long said: “Today’s news marks an exciting new chapter in the evolution of Countrywide.
“When I stepped in as executive chairman, the objectives were very clear: to restore profitability and fix the balance sheet.
“The business returned to profitable growth in 2019 and with this proposed £90m fund raise, Countrywide now has a sustainable capital structure that will allow it to thrive.
“I am delighted that Alchemy has committed to this significant investment in the company and I wish them and everyone at Countrywide the greatest of continuing success.”


cityam--2020-10-22--Exclusive: Portland financial PR chief Steffan Williams steps down

The head of Portland Communications ’ financial practice is stepping down to start his own venture after two years at the public relations giant .
Steffan Williams was hired in 2018 to establish Portland ’ s new financial comms division , which now boasts a number of high-profile clients , including Astrazeneca , Netflix , Youtube and Google .
Read more : Daily Mail owner raises profit outlook following spike in advertising revenue But City A.M. has learnt that Williams will step down from the role at the end of the year to start his own consultancy firm .
A @ @ @ @ @ @ @ it was “ job done ” for the PR guru , adding that he was now ready to “ move on to do his own thing again ” .
Williams , who has over two decades ’ experience in communications , is a high-profile figure in the PR industry .
In 2001 he founded agency Capital MSL — now CNC — which he then sold to French media giant Publicis Groupe in 2013 .
Following this he was a partner at City PR firm Finsbury and served as chief executive of Porta Communications @ @ @ @ @ @ @ industry body the PRCA , having served three years as chair .
The departure comes at a turbulent time for the PR industry as it adapts to the fallout from the coronavirus pandemic .
While UK marketing budgets have been slashed , many PR firms have enjoyed a surge in demand for crisis and financial communications .
Williams is expected to launch his new venture early next year .

Exclusive: Portland financial PR chief Steffan Williams steps down
Steffan Williams was hired to establish Portland’s financial comms practice
The head of Portland Communications’ financial practice is stepping down to start his own venture after two years at the public relations giant.
Steffan Williams was hired in 2018 to establish Portland’s new financial comms division, which now boasts a number of high-profile clients, including Astra, Robert Walters and Ince Group.
But City A.M. has learnt that Williams will step down from the role at the end of the year to start his own consultancy firm.
A source with knowledge of the plans said it was “job done” for the PR guru, adding that he was now ready to “move on to do his own thing again”.
Williams, who has over two decades’ experience in communications, is a high-profile figure in the PR industry.
In 2001 he founded agency Capital MSL — now CNC — which he then sold to French media giant Publicis Groupe in 2013.
Following this he was a partner at City PR firm Finsbury and served as chief executive of Porta Communications.
He is also vice chairman of industry body the PRCA, having served three years as chair.
The departure comes at a turbulent time for the PR industry as it adapts to the fallout from the coronavirus pandemic.
While UK marketing budgets have been slashed, many PR firms have enjoyed a surge in demand for crisis and financial communications.
Williams is expected to launch his new venture early next year.


cityam--2020-10-22--Rishi Sunak extends support to businesses facing Tier 2 restrictions

The government has expanded its job support scheme for businesses facing Tier 2 restrictions , with Rishi Sunak announcing that the government will pay significantly more of companies ’ wage bills under the new post-furlough scheme .
Businesses will only need to pay 5 per cent of workers ’ unworked hours under the new part-time Jobs Support Scheme instead of 33 per cent as before .
Read more : Ready to order ?
Business lunches may be exempt from new Tier 2 restrictions Workers will also only have to work 20 per cent of their normal hours to be eligible @ @ @ @ @ @ @ cent as before .
This means that if someone is being paid £587 for their unworked hours , then the government would be contributing £543 and their employer only £44 .
Businesses in the hospitality , accommodation and leisure sector will also get £2,100 for each month they are under Tier 2 or Tier 3 Covid restrictions even if they are not closed .
Local authorities will distribute the grants , which will add up to more than £3bn , and they will be retrospective back to August .
It marks a large @ @ @ @ @ @ @ he makes “ no apology to responding to changing circumstances ” .
Before the Open newsletter : Start your day with the City View podcast and key market data Sunak said he met with business groups and unions this morning to discuss the plans .
“ The impact of the health restrictions on their businesses is worst than they hoped – they recognise the importance of controlling the spread of the virus , but a significant fall in consumer demand is causing profound economic harm to their industry , ” he said .
@ @ @ @ @ @ @ but struggling businesses , require further support.
” The chancellor also announced that profits covered by the government ’ s self-employed grants will double from 20 to 40 per cent , making the maximum grant increase from £1,875 to £3,750 .
“ I ’ ve always said that we must be ready to adapt our financial support as the situation evolves , and that is what we are doing today , ” Sunak said .
“ These changes mean that our support will reach many more people and protect many more jobs.
” @ @ @ @ @ @ @ as Liverpool , Manchester and Sheffield – that are forced to close will be able to use the furlough scheme to pay their workers ’ 67 per cent of wages .
Read more : Skating on thin ice : Covid-19 reveals the financial fragility of the self-employed However , Tier 2 businesses up until now did not have any further support , despite restrictions meaning many businesses could only operate at a fraction of their full capacity .
A group of London Tory MPs urged Sunak last week to reconsider this and provide @ @ @ @ @ @ @ businesses when they were plunged into Tier 2 on Thursday .
Kate Nicholls , chief of lobby group UKHospitality , said the chancellor ’ s announcement “ saved hundreds of thousands of jobs in hospitality and supply chain ” .
“ [ The statement means ] crucially securing help for our teams but also giving business a lifeline to remain viable through continued trading where possible and a quicker and easier return to growth as restrictions ease , ” she said .

Rishi Sunak extends support to businesses facing Tier 2 restrictions
Chancellor of the Exchequer Rishi Sunak announced more business support today (Photo by JUSTIN TALLIS / AFP) (Photo by JUSTIN TALLIS/AFP via Getty Images)
The government has expanded its job support scheme for businesses facing Tier 2 restrictions, with Rishi Sunak announcing that the government will pay significantly more of companies’ wage bills under the new post-furlough scheme.
Businesses will only need to pay five per cent of workers’ unworked hours under the new part-time Jobs Support Scheme instead of 33 per cent as before.
Workers will also only have to work 20 per cent of their normal hours to be eligible for the scheme and not 33 per cent as before.
This means that if someone is being paid £587 for their unworked hours, then the government would be contributing £543 and their employer only £44.
Businesses in the hospitality, accommodation and leisure sector will also get £2,100 for each month they are under Tier 2 or Tier 3 Covid restrictions, even if they are not closed, and they will be retrospective back to August.
The cost of the interventions is expected to cost the Treasury more than £10bn, but the final figure will depend on the take-up of the Job Support Scheme.
Before the Open newsletter: Start your day with the City View podcast and key market data
It marks a large turnaround for Sunak, who told MPs he makes “no apology to responding to changing circumstances”.
Sunak said he met with business groups and unions this morning to discuss the plans.
“The impact of the health restrictions on their businesses is worst than they hoped – they recognise the importance of controlling the spread of the virus, but a significant fall in consumer demand is causing profound economic harm to their industry,” he said.
“It is clear that open, but struggling businesses, require further support.”
The chancellor also announced that profits covered by the government’s self-employed grants will double from 20 to 40 per cent, making the maximum grant increase from £1,875 to £3,750.
Job saver
“I’ve always said that we must be ready to adapt our financial support as the situation evolves, and that is what we are doing today,” Sunak said.
“These changes mean that our support will reach many more people and protect many more jobs.”
Businesses in Tier 3 areas – such as Liverpool, Manchester and Sheffield – that are forced to close will be able to use the furlough scheme to pay their workers’ 67 per cent of wages.
However, Tier 2 businesses up until now did not have any further support, despite restrictions meaning many businesses could only operate at a fraction of their full capacity.
A group of London Tory MPs urged Sunak last week to reconsider this and provide more support to the capital’s businesses when they were plunged into Tier 2 on Thursday.
Kate Nicholls, chief of lobby group UKHospitality, said the chancellor’s announcement today “saved hundreds of thousands of jobs in hospitality and supply chain”.
“[The statement means] crucially securing help for our teams but also giving business a lifeline to remain viable through continued trading where possible and a quicker and easier return to growth as restrictions ease,” she said.
Sticking plaster solution?
Shadow business secretary Ed Miliband said: “The chancellor has been forced to move and patch up his own plan but thousands of jobs have been lost.
Today still not equal to scale of the challenge for shut-down businesses, the self-employed, and supply chain. The country needs an economic strategy and he hasn’t provided one.”
London mayor Sadiq Khan said the changes should have been part of the scheme from the start.
“Instead businesses and workers have been put through weeks of uncertainty.
“The collapse of tourism into London has impacted heavily on footfall and left many hospitality, retail and leisure businesses without any prospect of returning to normal levels of business for many months to come.


cityam--2020-10-22--Watchdog calls for Viagogo-Stubhub breakup over competition concerns

The UK ’ s competition watchdog has called for ticket reseller Viagogo to sell “ all or part of ” Stubhub , after a large-scale review into the merger found the two were close competitors in “ a very concentrated market ” .
The Competition and Markets Authority ( CMA ) said its investigation into the $ 4bn ( £3bn ) deal , completed in February , found it was likely to result in a “ substantial lessening of competition in the online secondary ticketing market ” .
Read more : Competition watchdog cranks up pressure on Viagogo ’ s @ @ @ @ @ @ @ collectively make up more than 90 per cent of the ticket resale market , and are the two biggest players in the industry in the UK .
The CMA said it was concerned that the merger “ could lead to increases in fees for customers… who resell or buy secondary tickets to live events ” , and could result in “ a lower quality of service and reduced innovation in the sector ” .
The watchdog said it examined the crossover between resellers on both sites , and the prices and fees charged @ @ @ @ @ @ @ of the pandemic on the ticket resale industry , with live events cancelled due to social distancing rules .
However , the CMA said it had concluded that the two competitors would remain important competitors for the foreseeable future despite the pandemic .
“ The evidence we ’ ve seen so far consistently points in the same direction — that Viagogo and Stubhub have a market share of more than 90 per cent combined and compete closely with each other , ” said Stuart McIntosh , chair of the CMA inquiry group .
@ @ @ @ @ @ @ and Stubhub to pause merger “ We are therefore concerned that their merger could lead to secondary ticketing customers facing higher fees and lower quality services .
We ’ re now inviting comments on our provisional findings and possible remedies.
” A spokesman for Viagogo said : “ Our intention remains to provide event goers in the UK with the best possible service , and whilst we disagree with the provisional conclusion that the deal would reduce competition , we look forward to working with the CMA to deliver a comprehensive solution which @ @ @ @ @

Watchdog calls for Viagogo-Stubhub breakup over competition concerns
The UK’s competition watchdog has called for ticket reseller Viagogo to sell “all or part of” Stubhub, after a large-scale review into the merger found the two were close competitors in “a very concentrated market”.
The Competition and Markets Authority (CMA) said its investigation into the $4bn (£3bn) deal, completed in February, found it was likely to result in a “substantial lessening of competition in the online secondary ticketing market”.
The pair collectively make up more than 90 per cent of the ticket resale market, and are the two biggest players in the industry in the UK.
The CMA said it was concerned that the merger “could lead to increases in fees for customers… who resell or buy secondary tickets to live events”, and could result in “a lower quality of service and reduced innovation in the sector”.
The watchdog said it examined the crossover between resellers on both sites, and the prices and fees charged. It also looked at the impact of the pandemic on the ticket resale industry, with live events cancelled due to social distancing rules.
However, the CMA said it had concluded that the two competitors would remain important competitors for the foreseeable future despite the pandemic.
“The evidence we’ve seen so far consistently points in the same direction — that Viagogo and Stubhub have a market share of more than 90 per cent combined and compete closely with each other,” said Stuart McIntosh, chair of the CMA inquiry group.
“We are therefore concerned that their merger could lead to secondary ticketing customers facing higher fees and lower quality services. We’re now inviting comments on our provisional findings and possible remedies.”
A spokesman for Viagogo said: “Our intention remains to provide event goers in the UK with the best possible service, and whilst we disagree with the provisional conclusion that the deal would reduce competition, we look forward to working with the CMA to deliver a comprehensive solution which addresses their concerns.”


cityam--2020-10-22--CBI: Decline in UK manufacturing slowed in October but activity still weak

UK manufacturing activity continued to decline in the three months October but fell at their slowest pace since March despite a resurgence in coronavirus cases , a new survey showed .
Output dropped in 10 of the 17 manufacturing sub-sectors monitored by the CBI ’ s industrial trends survey , with the aerospace sector leading the drop as the pandemic continued to hammer the airline industry .
The CBI ’ s quarterly gauge of business optimism was broadly unchanged compared to the previous quarter , while export sentiment fell at a slightly quicker pace .
“ Conditions remain tough in @ @ @ @ @ @ @ orders still down on the quarter , albeit to a lesser degree , ” said CBI chief economist Rain Newton-Smith .
“ The government must stay on the front foot when it comes to providing support for the sector and wider economy.
” Total new orders were largely flat in the three months to October following a sharp drop the previous quarter and five total successive quarters of decline , the survey showed .
Before the Open newsletter : Start your day with the City View podcast and key market data Domestic orders @ @ @ @ @ @ @ exports fell at a considerably slower pace than the previous quarter .
Headcount also declined at a slower pace compared to the previous three months , when headcount fell at the sharpest pace since April 2009 .
The CBI ’ s monthly order book balance — the difference between factories reporting a rise and a fall in orders — increased in October to -34 , compared to -48 the previous month .
This represents the index ’ s best reading since March , and is above the median forecast of -45 by economists @ @ @ @ @ @ @ must stay on the front foot when it comes to providing support for the sector and wider economy , ” said Newton-Smith .
“ It is more crucial than ever for the government to listen to the experiences and concerns of businesses and ensure support matches the tightness of local lockdowns , ” she added .

CBI: Decline in UK manufacturing slowed in October but activity still weak
UK manufacturing activity declined at the slowest pace since March, the CBI’s survey showed
UK manufacturing activity continued to decline in the three months October but fell at their slowest pace since March despite a resurgence in coronavirus cases, a new survey showed.
Output dropped in 10 of the 17 manufacturing sub-sectors monitored by the CBI’s industrial trends survey, with the aerospace sector leading the drop as the pandemic continued to hammer the airline industry.
The CBI’s quarterly gauge of business optimism was broadly unchanged compared to the previous quarter, while export sentiment fell at a slightly quicker pace.
“Conditions remain tough in the manufacturing sector, with output and orders still down on the quarter, albeit to a lesser degree,” said CBI chief economist Rain Newton-Smith.
“The government must stay on the front foot when it comes to providing support for the sector and wider economy.”
Total new orders were largely flat in the three months to October following a sharp drop the previous quarter and five total successive quarters of decline, the survey showed.
Before the Open newsletter: Start your day with the City View podcast and key market data
Domestic orders increased slightly during the period, while exports fell at a considerably slower pace than the previous quarter.
Headcount also declined at a slower pace compared to the previous three months, when headcount fell at the sharpest pace since April 2009.
The CBI’s monthly order book balance — the difference between factories reporting a rise and a fall in orders — increased in October to -34, compared to -48 the previous month.
This represents the index’s best reading since March, and is above the median forecast of -45 by economists polled by Reuters.
“The government must stay on the front foot when it comes to providing support for the sector and wider economy,” said Newton-Smith.
“It is more crucial than ever for the government to listen to the experiences and concerns of businesses and ensure support matches the tightness of local lockdowns,” she added.


cityam--2020-10-22--Nico Rosberg to renew rivalry with Lewis Hamilton in new electric racing series Extreme E

Former Formula One rivals Lewis Hamilton and Nico Rosberg are set to cross swords again in new motorsport series Extreme E. Rosberg has followed old Mercedes F1 adversary Hamilton in launching his own team in the all-electric , off-road competition .
The German , who retired from racing after winning the F1 title in 2016 , has invested in several green technology companies , including Extreme E ’ s sister series , Formula E. Read more : Nico Rosberg on his new life as a tech investor : “ I struggle to invest in some boring s**t. For me it @ @ @ @ @ @ @ cool.
” The first season of Extreme E is due to begin in January .
The series consists of five race weekends in different locations affected by environmental issues .
Rosberg ’ s team , Rosberg Xtreme Racing , is the ninth to be confirmed .
Neither they , nor Hamilton ’ s team X44 , have named their two drivers yet .
“ The series represents an amazing opportunity to drive awareness and inspire action in the fight against climate change , ” said Rosberg .
“ Since retiring from F1 I @ @ @ @ @ @ @ , so to be able to combine these endeavours with my passion for racing is incredibly fulfilling.
” All Extreme E teams will use the same model of electric SUV , which can hit 100 kmph in 4.5 seconds .
Senegal will host the first race weekend on 23-24 January .
Saudi Arabia , Nepal , Greenland and Brazil stage the other dates .
Vehicles and other infrastructure for the series will be transported in a converted passenger cargo ship to reduce carbon footprint .
“ We are ecstatic to finally announce that @ @ @ @ @ @ @ line-up for the first season of Extreme E , ” said Agag .

Nico Rosberg to renew rivalry with Lewis Hamilton in new electric racing series Extreme E
The German’s team, Rosberg Xtreme Racing, is the ninth to sign up for the electric, off-road racing series which starts next year
Former Formula One rivals Lewis Hamilton and Nico Rosberg are set to cross swords again in new motorsport series Extreme E.
Rosberg has followed old Mercedes F1 adversary Hamilton in launching his own team in the all-electric, off-road competition.
The German, who retired from racing after winning the F1 title in 2016, has invested in several green technology companies, including Extreme E’s sister series, Formula E.
The first season of Extreme E is due to begin in January.
The series consists of five race weekends in different locations affected by environmental issues.
Rosberg’s team, Rosberg Xtreme Racing, is the ninth to be confirmed. Neither they, nor Hamilton’s team X44, have named their two drivers yet.
“The series represents an amazing opportunity to drive awareness and inspire action in the fight against climate change,” said Rosberg.
“Since retiring from F1 I have dedicated my career to sustainable technologies, so to be able to combine these endeavours with my passion for racing is incredibly fulfilling.”
Rosberg Xtreme Racing will use the same model of electric SUV as all other Extreme E teams. Credit: Rosberg Xtreme Racing
How Extreme E will work
All Extreme E teams will use the same model of electric SUV, which can hit 100 kmph in 4.5 seconds.
Senegal will host the first race weekend on 23-24 January. Saudi Arabia, Nepal, Greenland and Brazil stage the other dates.
Vehicles and other infrastructure for the series will be transported in a converted passenger cargo ship to reduce carbon footprint.
Formula E founder Alejandro Agag revealed plans for Extreme E last year.
“We are ecstatic to finally announce that Rosberg Xtreme Racing will be joining our line-up for the first season of Extreme E,” said Agag.


cityam--2020-10-22--Breaking: Test and trace system reaches fewer than six in ten 'close contacts'

The UK ’ s embattled ‘ test and trace ’ system reached only 59 per cent of individuals in close @ @ @ @ @ week , the latest figures reveal .
The scheme is designed to alert those in @ @ @ @ @ to encourage them to either self-isolate or get tested for the novel virus .
Some @ @ @ @ @ coming into close contact with someone who had tested positive between October 8 and October @ @ @ @ @ Government paying test and trace consultants equivalent of £1.5m a year Three-quarters of those who @ @ @ @ @ , but overall that figure fell to just 59.6 per cent .
Test and trace @ @ @ @ @ Harding , has been sharply criticised by Labour politicians due to perceived inefficiencies and questions @ @ @ @ @ .
Earlier this month , an administrative error led to the under-counting of positive cases @ @ @

Breaking: Test and trace system reaches fewer than six in ten ‘close contacts’
The test and trace system has become controversial for the lack of close contacts who are told they’ve been close to an infected person (Photo by ADRIAN DENNIS/AFP via Getty Images)
The UK’s embattled ‘test and trace’ system reached only 59 per cent of individuals in close contact with Covid-19 carriers last week, the latest figures reveal.
The scheme is designed to alert those in close contact with Covid-19 carriers to encourage them to either self-isolate or get tested for the novel virus.
Some 251,163 people were identified as coming into close contact with someone who had tested positive between October 8 and October 14.
Read more: Government paying test and trace consultants equivalent of £1.5m a year
Three-quarters of those who provided communication details were contacted, but overall that figure fell to just 59.6 per cent.
Test and trace, led by Dame Dido Harding, has been sharply criticised by Labour politicians due to perceived inefficiencies and questions over the £12 billion cost.
Earlier this month, an administrative error led to the under-counting of positive cases by 15,000.


cityam--2020-10-22--FTSE 100 falls as Covid spreads and stimulus talks struggle

The FTSE 100 fell as investors fretted over the coronavirus cases spreading across Europe and the new restrictions governments are putting in place , while talks over US stimulus continued .
London ’ s main stock index fell as much as one per cent shortly after opening , to a five-month low .
It then recovered slightly and was last down 0.5 per cent at 5,746 points .
The FTSE 250 was roughly flat .
Read more : Unilever reports return to sales growth as e-commerce business expands European stock markets have been shaken by rising coronavirus cases and the @ @ @ @ @ @ @ Dax was 0.7 per cent lower .
France ’ s CAC 40 was 0.8 per cent down and the European Stoxx 600 fell 0.6 per cent .
Markets are yet to see the disruption of early March , however , when indices plunged dramatically .
Nonetheless , investors are warier of risk assets with so much uncertainty around the future of economies .
“ The FTSE 100 is now trading around its lowest levels since the spring amid a second wave of coronavirus , and all the economic hardship it could involve , @ @ @ @ @ @ @ the Atlantic , ” said Russ Mould , AJ Bell investment director .
FTSE falters as US stimulus talks drag on Internationally focused stocks struggled amid worries over coronavirus and the global economy .
Defense firm BAE systems shed 4.5 per cent .
Intercontinental Hotels , oil majors BP and Shell , luxury brand Burberry and miner Glencore all fell around two per cent .
On top of Covid worries , talks over a possible next round of US stimulus continue to show little progress .
President Donald Trump cast doubt on the @ @ @ @ @ @ @ the Senate are resolutely opposed to anything like the roughly $ 2 trillion ( £1.5 trillion ) deal the Democrats are after .
Fiona Cincotta , market analyst at City Index , said : “ The lack of progress towards additional US stimulus frustrates and unnerves investors.
” UK chancellor Rishi Sunak is set to announce more stimulus for Britain ’ s economy this morning , however .
He is expected to make the part-time work scheme to support jobs more generous .
Read more : UK strikes deal with Norway to continue @ @ @ @ @ @ @ pound soared yesterday after the UK and EU restarted Brexit talks , holding back the FTSE 100 .
It was down 0.2 per cent this morning to $ 1.312 , however , with investors taking a step back after its solid rise yesterday .

Wall Street rises as investors cling to hope of stimulus package
US investors are clinging to hopes that a stimulus deal will be reached
US stocks edged higher after the open today as Wall Street held out for a deal on fiscal stimulus, while the FTSE 100 dipped amid concerns over increasing coronavirus cases in Europe.
The benchmark S&P 500 rose as much as 0.26 per cent in the first half an hour of trading, while the Dow gained 0.18 per cent. The Nasdaq surged ahead, climbing 0.38 per cent.
Read more: Unilever reports return to sales growth as e-commerce business expands
Wall Street’s gains come after new data showed a drop in weekly jobless claims, with the number of American citizens claiming unemployment benefits hitting the lowest level since the start of coronavirus lockdowns at 787,000.
Meanwhile the FTSE 100 was flat after shedding as much as one per cent to hit a five-month low in morning trading. The blue-chip index hit 5,775.98 at 3pm. The FTSE 250 rose as much as 0.58 per cent to 17,891.37.
London stocks recovered some of the morning’s losses after Chancellor Rishi Sunak unveiled more support for businesses hit by the pandemic.
In his third major announcement in the space of a month, Sunak told parliament that the government would shoulder more of the burden for paying wages of staff who return part-time to struggling businesses, and would offer more money to hospitality companies and the self-employed.
European equities falter amid fresh coronavirus restrictions
European equities have been shaken by rising coronavirus cases and the resulting new restrictions.
Germany’s Dax was 0.22 per cent lower. France’s CAC 40 was broadly flat and the European Stoxx 600 fell 0.08 per cent.
Markets are yet to see the disruption of early March, however, when indices plunged dramatically. Nonetheless, investors are warier of risk assets with so much uncertainty around the future of economies.
“The FTSE 100 is now trading around its lowest levels since the spring amid a second wave of coronavirus, and all the economic hardship it could involve, and political uncertainty on both sides of the Atlantic,” said Russ Mould, AJ Bell investment director.
Internationally-focused stocks struggled amid worries over coronavirus and the global economy.
Defence firm BAE systems shed 4.82 per cent. Miners Glencore and Antofagasta, oil major Shell and jet engine maker Rolls Royce all fell over one per cent.
Global investor sentiment has also been buffeted by uncertainty over a possible next round of US stimulus, as talks continue to show little progress.
President Donald Trump cast doubt on the deal yesterday. And many Republicans in the Senate are resolutely opposed to anything like the roughly $2 trillion (£1.5 trillion) deal the Democrats are after.
Fiona Cincotta, market analyst at City Index, said: “The lack of progress towards additional US stimulus frustrates and unnerves investors.”
Read more: UK strikes deal with Norway to continue trade in case of no-deal Brexit
The pound soared yesterday after the UK and EU restarted Brexit talks, holding back the FTSE 100.
It was down 0.2 per cent this morning to $1.312, however, with investors taking a step back after its solid rise yesterday.


cityam--2020-10-22--Donald Trump and Barack Obama lash out at each other in rival election rallies

Barack Obama and Donald Trump have mounted vicious attacks on each other last night at opposing rallies as polling day draws closer .
Obama , who was speaking at a Joe Biden drive-in rally in Philadelphia , called Trump a “ crazy uncle ” , a peddler of conspiracy theories and someone who is eroding democracy in the US .
Read more : Record 30m Americans vote early ahead of US election The President , speaking in North Carolina , mocked Obama ’ s 2016 election efforts in campaigning for Hilary Clinton , saying ” the only one more unhappy @ @ @ @ @ @ @ Hussein Obama ” .
‘ There was nobody that campaigned harder for Crooked Hillary Clinton than Obama – he was all over the place , ” he said .
Election day is less than two weeks away now , with Biden holding a strong lead over Trump in all national polls .
Most have the former Vice President ’ s lead into double-figures , with one Opinium poll last week putting his advantage at 17 points .
Polls from the key swing states – such as Florida , Pennsylvania , North Carolina , @ @ @ @ @ @ @ but they still show a clear Biden advantage .
However , Obama warned people at the rally to not be complacent , while emphasising the importance of this year ’ s election .
Before the Open newsletter : Start your day with the City View podcast and key market data “ There were a whole bunch of polls last time , ” he said .
“ Didn ’ t work out .
Because a whole bunch of folks stayed at home and got lazy and complacent .
“ Not this time .
Not @ @ @ @ @ @ @ Our democracy is not going to work if the people who are supposed to be our leaders lie everyday and just make things up .
And we ’ ve become just numb to it .
“ We ’ ve become immune to it .
Every single day.
” Trump , meanwhile , accused Obama of only showing half-hearted support for his former Vice President during this election cycle amidst reports that he wanted to Clinton instead of Biden to run for the Democrats in 2016 .
Read more : JP Morgan strategists : @ @ @ @ @ @ @ election The final Presidential debate will take place between Trump and Biden at 2am London time tomorrow .

Donald Trump and Barack Obama lash out at each other in rival election rallies
Former US President Barack Obama speaks at a drive-in rally for Democratic presidential nominee Joe Biden
Barack Obama and Donald Trump have mounted vicious attacks on each other last night at opposing rallies as polling day draws closer.
Obama, who was speaking at a Joe Biden drive-in rally in Philadelphia, called Trump a “crazy uncle”, a peddler of conspiracy theories and someone who is eroding democracy in the US.
The President, speaking in North Carolina, mocked Obama’s 2016 election efforts in campaigning for Hilary Clinton, saying ” the only one more unhappy than Crooked Hillary that night was Barack Hussein Obama”.
‘There was nobody that campaigned harder for Crooked Hillary Clinton than Obama – he was all over the place,” he said.
Election day is less than two weeks away now, with Biden holding a strong lead over Trump in all national polls.
Most have the former Vice President’s lead into double-figures, with one Opinium poll last week putting his advantage at 17 points.
Polls from the key swing states – such as Florida, Pennsylvania, North Carolina, Wisconsin and Michigan – are closer, but they still show a clear Biden advantage.
However, Obama warned people at the rally to not be complacent, while emphasising the importance of this year’s election.
Before the Open newsletter: Start your day with the City View podcast and key market data
“There were a whole bunch of polls last time,” he said.
“Didn’t work out. Because a whole bunch of folks stayed at home and got lazy and complacent.
“Not this time. Not this election.”
He added: “Our democracy is not going to work if the people who are supposed to be our leaders lie everyday and just make things up. And we’ve become just numb to it.
“We’ve become immune to it. Every single day.”
Trump, meanwhile, accused Obama of only showing half-hearted support for his former Vice President during this election cycle amidst reports that he wanted to Clinton instead of Biden to run for the Democrats in 2016.
“He refused to support Biden,” Trump said.
The final Presidential debate will take place between Trump and Biden at 2am London time tomorrow.


cityam--2020-10-22--KFC to hire 5,400 new workers despite 'extremely difficult year' for hospitality

Fast food chain KFC has announced plans to hire 5,400 new workers in the UK and Ireland by the end of the year , signalling confidence in the hospitality industry despite an “ extremely difficult year ” for the sector .
KFC , which has already employed more than 4,300 new team members since the start of lockdown , said the roles would be spread across its 956 restaurants .
The jobs will be supported by the government ’ s Kickstart scheme , which was launched to create work for 16 to 24 year olds who are at risk or @ @ @ @ @ @ @ impact of the coronavirus crisis .
KFC said it continues to have a positive outlook for the hospitality sector despite the catastrophic impact of the pandemic on many businesses .
UK and Ireland general manager Paula MacKenzie said : “ There ’ s no denying it ’ s been a tough year for the hospitality sector , and we ’ re already seeing the substantial impact of that across our high streets and city centres .
“ With new regional and national lockdowns coming into effect , it ’ s an uncertain time @ @ @ @ @ @ @ the phenomenal support from our teams and fans , as well as the governments of the UK and the Republic of Ireland , we ’ re really excited to be able to welcome over 5,000 new team members ahead of Christmas.
” Read more : McDonald ’ s , KFC and Wetherspoon among chains to slash prices after government VAT cut Paul Scully MP , the minister for small businesses , said this year had been a “ tough time for British workers ” .
“ We welcome this major investment in jobs @ @ @ @ @ @ @ younger workers and those who may not have formal qualifications , ” Scully said .
“ It is great that iconic brands like KFC are continuing to grow and invest in the UK during this challenging time ” .

KFC to hire 5,400 new workers despite ‘extremely difficult year’ for hospitality
A KFC fast food restaurant in Bristol
Fast food chain KFC has announced plans to hire 5,400 new workers in the UK and Ireland by the end of the year, signalling confidence in the hospitality industry despite an “extremely difficult year” for the sector.
KFC, which has already employed more than 4,300 new team members since the start of lockdown, said the roles would be spread across its 956 restaurants.
The jobs will be supported by the government’s Kickstart scheme, which was launched to create work for 16 to 24 year olds who are at risk or long term employment due to the economic impact of the coronavirus crisis.
KFC said it continues to have a positive outlook for the hospitality sector despite the catastrophic impact of the pandemic on many businesses.
UK and Ireland general manager Paula MacKenzie said: “There’s no denying it’s been a tough year for the hospitality sector, and we’re already seeing the substantial impact of that across our high streets and city centres.
“With new regional and national lockdowns coming into effect, it’s an uncertain time for many businesses – but due to the phenomenal support from our teams and fans, as well as the governments of the UK and the Republic of Ireland, we’re really excited to be able to welcome over 5,000 new team members ahead of Christmas.”
Paul Scully MP, the minister for small businesses, said this year had been a “tough time for British workers”.
“We welcome this major investment in jobs, training and skills, especially for younger workers and those who may not have formal qualifications,” Scully said.
“It is great that iconic brands like KFC are continuing to grow and invest in the UK during this challenging time”.


cityam--2020-10-22--A third of Brits worried about paying their rent or mortgage

Nearly a third of Brits are worried about paying their rent or mortgage at the moment , a new survey has found .
Polling conducted by Ipsos Mori showed that 30 per cent of people in the UK have such concerns at the moment , while 31 per cent are worried about making payments in a year ’ s time .
Read more : London retail landlords struggle to collect rent from tenants Levels of concern are highest amongst private renters , with 43 per very or fairly concerned about paying their rent now , compared to 39 per cent @ @ @ @ @ @ @ of mortgage-holders .
A year down the line , however , and the figures are far tighter , with 40 per cent of those with mortgages worried about paying housing costs , compared to 39 per cent of social renters and 41 per cent of private renters .
Londoners expressed the highest levels of concern among those surveyed , with nearly four in 10 of people in the capital worried about paying for their accommodation .
Across the next twelve months , the figure barely changes , falling from 39 per cent this @ @ @ @ @ @ @ .
Before the Open newsletter : Start your day with the City View podcast and key market data Those least concerned about such payments can be found in Wales and the Midlands , at 23 and 25 per cent respectively .
The survey also found half of Britons saying they are spending less money overall ( 51 per cent ) .
This however has dropped 12 per cent since April , with the lifting of lockdown giving people more chances to spend .
Almost six in 10 across Britain are in favour of @ @ @ @ @ @ @ scheme , while in England and Wales 54 per cent want to reintroduce the government ’ s ban on renters being evicted , which ended in September .
The government first introduced a three-month mortgage holiday in March as the coronavirus pandemic swept across the country .
The scheme was subsequently extended but is due to end on 31 October .
Ipsos Mori ’ s research director Ben Marshall said : “ Previous Ipsos Mori research has shown younger age groups and private renters have had an especially tough time during Covid .
@ @ @ @ @ @ @ latest survey with renters more worried about falling behind on housing costs than mortgage-holders in the short-term .
”

A third of Brits worried about paying their rent or mortgage
Nearly a third of Brits are worried about paying their rent or mortgage at the moment, a new survey has found.
Polling conducted by Ipsos Mori showed that 30 per cent of people in the UK have such concerns at the moment, while 31 per cent are worried about making payments in a year’s time.
Levels of concern are highest amongst private renters, with 43 per very or fairly concerned about paying their rent now, compared to 39 per cent of social renters and 35 per cent of mortgage-holders.
A year down the line, however, and the figures are far tighter, with 40 per cent of those with mortgages worried about paying housing costs, compared to 39 per cent of social renters and 41 per cent of private renters.
Londoners expressed the highest levels of concern among those surveyed, with nearly four in 10 of people in the capital worried about paying for their accommodation.
Across the next twelve months, the figure barely changes, falling from 39 per cent this year to 38 per cent next year.
Before the Open newsletter: Start your day with the City View podcast and key market data
Those least concerned about such payments can be found in Wales and the Midlands, at 23 and 25 per cent respectively.
The survey also found half of Britons saying they are spending less money overall (51 per cent). This however has dropped 12 per cent since April, with the lifting of lockdown giving people more chances to spend.
Almost six in 10 across Britain are in favour of extending the Government’s mortgage holiday scheme, while in England and Wales 54 per cent want to reintroduce the government’s ban on renters being evicted, which ended in September.
The government first introduced a three-month mortgage holiday in March as the coronavirus pandemic swept across the country.
The scheme was subsequently extended but is due to end on 31 October.
Ipsos Mori’s research director Ben Marshall said: “Previous Ipsos Mori research has shown younger age groups and private renters have had an especially tough time during Covid.
“This is further underlined in our latest survey with renters more worried about falling behind on housing costs than mortgage-holders in the short-term.”


cityam--2020-10-22--Wall Street closes higher on hopes that stimulus deal is close

Wall Street closed higher tonight after a day of topsy-turvy trading as investors bet on the prospect of a new stimulus deal being agreed between Congress and the White House .
The Dow Jones rose 0.5 per cent to close at 28,364 points , the S & P 500 shut up the same margin at 3,453 points and the Nasdaq climbed 0.2 per cent .
Read more : JP Morgan strategists : Markets desperate for more stimulus at US election Talks between Congress Democrats and the Trump administration have been deadlocked for weeks after the initial CARES economic package expired @ @ @ @ @ @ @ gone back and forth on the size of the deal , with House Speaker Nancy Pelosi insisting that the stimulus should be worth at least $ 2.2 trillion .
However , she said today that the talks had seen progress and that legislation could be agreed “ pretty soon ” .
Before the Open newsletter : Start your day with the City View podcast and key market data With the Presidential election less than two weeks away , time for a new deal to be agreed is swiftly running out .
President Donald @ @ @ @ @ @ @ meet in a final debate tonight as campaigning reaches its closing stages .
Read more : US airlines continue to bleed cash as wait for stimulus package goes on Earlier today data from the US Labor Department showed that new claims for unemployment benefits had fallen on the previous week .
There were 787,000 new claims , below last week ’ s figure of 840,000 .
However , they remain at higher levels than ever before recorded , in a sign that the US ’ s economic recovery had stalled .

Wall Street closes higher on hopes that stimulus deal is close
Wall Street closed higher tonight after a day of topsy-turvy trading as investors bet on the prospect of a new stimulus deal being agreed between Congress and the White House.
The Dow Jones rose 0.5 per cent to close at 28,364 points, the S&P 500 shut up the same margin at 3,453 points and the Nasdaq climbed 0.2 per cent.
Talks between Congress Democrats and the Trump administration have been deadlocked for weeks after the initial CARES economic package expired in September.
The two sides have gone back and forth on the size of the deal, with House Speaker Nancy Pelosi insisting that the stimulus should be worth at least $2.2 trillion.
However, she said today that the talks had seen progress and that legislation could be agreed “pretty soon”.
Before the Open newsletter: Start your day with the City View podcast and key market data
But White House economic adviser Larry Kudlow warned that “significant policy differences” remained.
With the Presidential election less than two weeks away, time for a new deal to be agreed is swiftly running out.
President Donald Trump and Democratic challenger Joe Biden will meet in a final debate tonight as campaigning reaches its closing stages.
Earlier today data from the US Labor Department showed that new claims for unemployment benefits had fallen on the previous week.
There were 787,000 new claims, below last week’s figure of 840,000. However, they remain at higher levels than ever before recorded, in a sign that the US’s economic recovery had stalled.


cityam--2020-10-22--London pandemic update: How many Covid-19 infections are there in your local borough?

The number of confirmed coronavirus cases in London hit 79,485 today , though the number of new daily cases slowed .
It comes after London was last weekend moved from “ medium ” alert to “ high ” alert , with fresh measures rolled out to slow the spread of the virus .
The new restrictions mean a ban on households mixing indoors , while Londoners have been told to avoid public transport where possible .
Figures released by Public Health England showed that Ealing is the worst-affected borough with 3,831 confirmed Covid-19 cases in total , following a daily @ @ @ @ @ @ @ the City of London saw an increase of 58 new cases in the past 24 hours , taking its total number of infections to 2,831 since the start of the pandemic .
Read more : London , Essex and parts of Surrey to enter Tier 2 lockdown restrictions Cases in the capital are up to 79,485 following a daily increase of 1,646 .
However , this is a sharp slowdown in new cases since the previous 24-hour period , when 2,826 new infections were recorded .
East London continues to have a high @ @ @ @ @ @ @ boroughs of Redbridge , Barking and Dagenham , Tower Hamlets and Newham reporting spikes in new infections .
Figures compiled by the PA news agency showed that 21 London boroughs have broken the key level of more than 100 cases per 100,000 people .
But despite a rise in new cases , the data shows that the virus is spreading less quickly and hospitalisation levels are far lower than at the peak of the crisis .
The number of people admitted to hospital in London over the last week was 464 — roughly @ @ @ @ @ @ @ of the month .
But this is well behind the peak of the first wave , when 883 people were admitted to hospital in a single day in March , according to analysis by the Evening Standard .
Death rates also remain much lower , with just 31 reported in the last week .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Data sourced from Public Health England , accurate as of 4pm on Thursday 22 October It comes after @ @ @ @ @ @ @ from midnight on Friday .
This means a ban on household mixing indoors with anyone outside your household or support bubble .
The rule of six will still apply to outdoor social gatherings and meetings in private gardens .
Essex and the borough of Elmbridge in Surrey — which encompasses Cobham , Walton-on-Thames and Esher amongst other stockbroker belt towns — also entered the Tier 2 restrictions .
London Mayor Sadiq Khan last week warned that the capital faces a “ dark winter ” ahead .
Khan said the new measures were necessary @ @ @ @ @ @ @ “ bury their heads in the sand ” about the need for further restrictions .
“ The virus is spreading rapidly in every corner of our city , ” he said .
“ Nobody wants to see more restrictions , but this has been deemed necessary to protect London by myself , London council leaders and ministers.
” Before the Open newsletter : Start your day with the City View podcast and key market data

How many Covid-19 infections are there in your London borough?
London has seen a sharp drop in the number of recorded coronavirus cases over the past few days, after figures released on Friday showed the capital currently has the lowest R rate in the country.
A further 629 cases were recorded in the past 24 hours, taking the total number of positive tests in London since the start of the pandemic to 697,278.
It marks a significant drop since a record 19,871 daily cases were recorded on 29 December, as lockdown measures continue to drive down infections.
Several areas in the capital have seen case numbers drop threefold over the past fortnight, which in turn has pushed down the spread of infection.
Most boroughs in the capital now have a seven-day rate below 100 new cases per 100,000, but that figure is below 50 in some areas in central London.
Twenty-nine London borough areas, including the whole of east London which was hardest hit by the second wave, have a seven-day case rate below 100 new confirmed cases per 100,000.
Meanwhile, Southwark, Westminster, Camden, Kensington and Chelsea all recorded seven-day rates below 50. Lewisham saw the lowest case rate in the capital in the week to 24 February, with an average of 43 people infected per 100,000 population.
Meanwhile, Ealing currently has the highest case rate, with 123 cases per 100,000, followed by Hounslow at 115 and Hillingdon on 97.
Health chiefs have said all London boroughs need to get below a case rate of 100 before restrictions can begin to be lifted, starting with the reopening of schools on 8 March.
It comes after figures released last Friday showed London’s R rate remains at a best estimate of 0.6 to 0.8 — the lowest in the country, alongside the east of England and the South West.
The figure means infections may be falling anywhere between five and eight per cent each day.
However, separate figures released last week showed the percentage of people testing positive for coronavirus in London remains the highest of any English region.
Data published by the Office for National Statistics (ONS) showed around 1 in 63 Londoners were infected with the virus last week.
That compares to an estimated 1 in 80 people who contracted the virus in England as a whole in the week to 6 February, according to ONS figures.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
London coronavirus cases by borough (in alphabetical order)
Data sourced from Public Health England, accurate as of 4pm on Tuesday 2 March
Boroughs Rate of infection per 100,000 people in last 7 days Total confirmed cases since start of pandemic Barking and Dagenham 86 22,925 Barnet 75 29,569 Bexley 58 21,812 Brent 91 27,577 Bromley 48 23,857 Camden 42 13,683 Croydon 73 30,213 Ealing 123 29,807 Enfield 48 29,217 Greenwich 55 21,769 Hackney and City of London 57 21,234 Hammersmith and Fulham 76 12,564 Haringey 58 20,345 Harrow 95 19,917 Havering 65 26,383 Hillingdon 97 25,287 Hounslow 115 23,817 Islington 43 14,574 Kensington and Chelsea 43 8,643 Kingston upon Thames 47 11,764 Lambeth 49 23,625 Lewisham 39 21,226 Merton 79 15,719 Newham 61 34,574 Redbridge 72 31,965 Richmond upon Thames 55 10,430 Southwark 42 21,947 Sutton 80 15,509 Tower Hamlets 53 28,074 Waltham Forest 52 24,325 Wandsworth 63 21,377 Westminster 41 13,577
Before the Open newsletter: Start your day with the City View podcast and key market data


cityam--2020-10-22--US airlines continue to bleed cash as wait for stimulus package goes on

US airlines laid out the continued cost of the coronavirus pandemic today as the wait for a new stimulus package from federal authorities went on .
American Airlines fell to a loss of $ 2.4bn ( £1.8bn ) in the period from July to September , its third consecutive quarterly loss .
Read more : United Airlines tests digital Covid pass on UK-US flight in effort to reopen borders The Texas-headquartered carrier revenue fell 73 per cent compared to last year in the third quarter .
The flier pulled in turnover of just $ 3.2bn in the period .
It @ @ @ @ @ @ @ of cash a day in the three month period , though it expects to reduce this to $ 25m- $ 30m a day in the next .
Meanwhile , Southwest Airlines posted a loss of £1.2bn , ahead of both forecasts and the $ 1.5bn loss it reported in the prior quarter .
It booked a mere $ 1.8bn in revenue in the period , half of what it needs to break even on cash flow .
Despite the huge losses , both carriers said that they had sufficient cash to last out @ @ @ @ @ @ @ no signs of returning .
Before the Open newsletter : Start your day with the City View podcast and key market data Shares in American were flat after it said it would issue up to $ 1bn of equity to further bolster liquidity , while Southwest shares picked up four per cent .
In contrast to other carriers , the airline has been adding to its network recently .
US airlines were on the receiving end of $ 25bn in grants to help them continue to pay staff , but the funding ran @ @ @ @ @ @ @ Read more : Global airlines get nearly £100bn in state aid and bailout funding A new package for airlines is expected as part of a new package of economic relief , but Congress has yet to agree a deal with the White House .
US House Speaker Nancy Pelosi said negotiators were making progress in talks with the Trump administration and that legislation could be hammered out “ pretty soon .
”

US airlines continue to bleed cash as wait for stimulus package goes on
US airlines laid out the continued cost of the coronavirus pandemic today as the wait for a new stimulus package from federal authorities went on.
American Airlines fell to a loss of $2.4bn (£1.8bn) in the period from July to September, its third consecutive quarterly loss.
The Texas-headquartered carrier revenue fell 73 per cent compared to last year in the third quarter. The flier pulled in turnover of just $3.2bn in the period.
It added that it burned through $44m of cash a day in the three month period, though it expects to reduce this to $25m-$30m a day in the next.
Meanwhile, Southwest Airlines posted a loss of £1.2bn, ahead of both forecasts and the $1.5bn loss it reported in the prior quarter.
It booked a mere $1.8bn in revenue in the period, half of what it needs to break even on cash flow.
Despite the huge losses, both carriers said that they had sufficient cash to last out the pandemic, with passenger numbers showing no signs of returning.
Before the Open newsletter: Start your day with the City View podcast and key market data
Shares in American were flat after it said it would issue up to $1bn of equity to further bolster liquidity, while Southwest shares picked up four per cent.
In contrast to other carriers, the airline has been adding to its network recently.
US airlines were on the receiving end of $25bn in grants to help them continue to pay staff, but the funding ran out at the end of September.
A new package for airlines is expected as part of a new package of economic relief, but Congress has yet to agree a deal with the White House.
US House Speaker Nancy Pelosi said negotiators were making progress in talks with the Trump administration and that legislation could be hammered out “pretty soon.”