cityam--2020-09-29--London Cocktail Week: "Every cocktail counts" in battle to save bars

London Cocktail Week is back for 2020 – and this year , organisers have extended the jamboree to the entire month of October .
Starting Thursday , 200 hand-picked cocktail venues across the capital will be serving specially created £6 cocktails to festival-goers .
Bars including The Artesian at The Langham , Scarfes Bar at the Rosewood , the award-winning Lyaness at Sea Containers as well as The Sun Tavern in Bethnal Green are all taking part .
Read more : London Cocktail Week back bigger than ever , say founders In addition to a host of events , LCW @ @ @ @ @ @ @ bring a pick of the signature serves to homes nationwide – with same-day delivery from bartender on bikes in the capital .
The festival , now in its tenth year , is the biggest of its kind in the world – and founders Hannah Sharman-Cox and Siobhan Payne say that this year is more important than ever .
“ We feel hugely grateful for the incredible backing of this mission from our sponsors and believe that London can act as a blueprint to show other major cities around the world what can be @ @ @ @ @ @ @ front in the face of adversity , ” they said .
Read more : Our pick of the best London Cocktail Week experiences The introduction of a 10pm curfew last week has hit cocktail bars hard and Sharman-Cox and Payne say it means that this year , “ every cocktail counts.
” The festival usually revolves around a ‘ cocktail village ’ but with social distancing the priority this year , sponsors and organisers are instead pushing punters towards the individuals bars that desperately need support .
London Cocktail Week this years run @ @ @ @ @ @ @ wristband , £15 , entitling wearers to £6 cocktails at each of the 200 hand-picked bars is available from londoncocktailweek.com

London Cocktail Week: “Every cocktail counts” in battle to save bars
London Cocktail Week is back for 2020 – and this year, organisers have extended the jamboree to the entire month of October.
Starting Thursday, 250 hand-picked cocktail venues across the capital will be serving specially created £6 cocktails to festival-goers.
Bars including The Artesian at The Langham, 69 Colebrook Row, the award-winning Lyaness at Sea Containers as well as The Sun Tavern in Bethnal Green are all taking part.
Read more: London Cocktail Week back bigger than ever, say founders
In addition to a host of events, LCW has partnered with The Drinks Drop to bring a pick of the signature serves to homes nationwide – with same-day delivery from bartender on bikes in the capital.
The festival, now in its tenth year, is the biggest of its kind in the world – and founders Hannah Sharman-Cox and Siobhan Payne say that this year is more important than ever.
“We feel hugely grateful for the incredible backing of this mission from our sponsors and believe that London can act as a blueprint to show other major cities around the world what can be achieved when an industry shows a united front in the face of adversity,” they said.
Read more: Our pick of the best London Cocktail Week experiences
The introduction of a 10pm curfew last week has hit cocktail bars hard and Sharman-Cox and Payne say it means that this year, “every cocktail counts.”
The festival usually revolves around a ‘cocktail village’ but with social distancing the priority this year, sponsors and organisers are instead pushing punters towards the individuals bars that desperately need support.
Headline sponsors include Brown-Forman, Diageo, Edrington-Bean Suntory, Moet Hennessy and Bacardi.
London Cocktail Week this years run the entire month of October. A wristband, £15, entitling wearers to £6 cocktails at each of the 200 hand-picked bars is available from londoncocktailweek.com


cityam--2020-09-29--London Cocktail Week: The can't miss events this October

London Cocktail Week , which in this mad year is extended to the whole month of October , will see more than 200 of the capital ’ s best bars open up their doors to discerning drinkers .
But it ’ s not just the £6 cocktails worth heading out for – a host of other experiences are on offer .
City A.M. picks out the best on offer .
Get your whisky and rye on at Goods Way Whisky House at Goods Way in King ’ s Cross will be a hub for London Cocktail Week , showcasing the @ @ @ @ @ @ @ across the world .
Tastings of exclusive drams , innovative masterclasses and interactive evening experiences will partner with the myriad street food vendors to provide a very jolly evening indeed .
Bars Sweetwater and ( usually invitation-only ) Nola ’ s will host whisky pop-ups and even better , all wristband-holders will receive a Johnnie Walker Highball on arrival .
The Malts Locker at Nola ’ s & Whiskey Rock ‘ n Roller at Sweetwater ( all month , from £6 ) Read more : London Cocktail Week back bigger than ever in @ @ @ @ @ @ @ is a Shoreditch cocktail institution but to kick off LCW , Filipino rum outfit Don Papa are giving it a makeover .
“ An evening in Sugarlandia ” features the Mayor ’ s signature Don Papa cocktail – the Scaredy Papa – for £6 alongside an exclusive food and cocktail pairing menu .
Sugarlandia at The Mayor of Scaredy Cat Town ( 1 October , free entry for wristband wearers ) Tired of concrete ?
The Laphroig Library at Oriole will serve as a retreat to the country , with drinkers transported via @ @ @ @ @ @ @ island of Islay , home of the famously peaty whisky .
Best of all , you ’ ll have a dram in hand – before heading to the beautiful main Oriole bar where a whole host of theatrical cocktail creations will be available .
The Laphroig Library at Oriole ( Weds-Sat 4:30-7:30pm , all month .
£10 per person including the experience , a Laphroig dram on arrival and post-experience cocktail ) We may not be able to cross the Atlantic at the minute , so Tequila Patron are bringing Mexico to London @ @ @ @ @ @ @ s Satan ’ s Whiskers , enjoy a £6 margarita whilst renowned street market toxic specialists Dos Mas will serve up complimentary tacos every Tuesday throughout October .
Taco Tuesdays ( Tuesdays throughout October from 5pm , from £6 ) East London favourite Coupette will get a Cote d ’ Azur makeover in October as Noilly Prat , the original French vermouth , turn the bar into an unofficial French Embassy .
The Pavillion Bleu will offer vermouth cocktails all month for £6 but on Tuesdays will host a happy hour not to @ @ @ @ @ @ @ L ’ Aperitifs accompanied by four freshly shucked oysters .
Best of all , this French trip doesn ’ t require a quarantine .
Pavillion Bleu ( all month from 5pm , cocktails from £6 ; oyster happy hour for 2 people : £20 ) Warm up at The Sun Lockdown cocktail hotspot The Sun – which became an institution during the dark days of earlier this year as it dished out cocktails from ‘ the hatch ’ – will return with takeaway hot and cold honey-infused Aberfeldy cocktails , including a single @ @ @ @ @ @ @ nights draw in .
Aberfeldy at The Sun ( ‘ Return of the hatch ’ on October 23rd , from £6 ; all month , cocktails from £6 ) A full list of events and bar takeovers can be found on the London Cocktail Week Website .
All bars are abiding strictly to social distancing guidelines and other government regulations .

London Cocktail Week: The can’t miss events this October
London Cocktail Week, which in this mad year is extended to the whole month of October, will see more than 200 of the capital’s best bars open up their doors to discerning drinkers.
But it’s not just the £6 cocktails worth heading out for – a host of other experiences are on offer. City A.M. picks out the best on offer.
Get your whisky and rye on at Goods Way
Whisky House at Goods Way in King’s Cross will be a hub for London Cocktail Week, showcasing the best whiskies – and whiskeys – from across the world.
Tastings of exclusive drams, innovative masterclasses and interactive evening experiences will partner with the myriad street food vendors to provide a very jolly evening indeed.
Bars Sweetwater and (usually invitation-only) Nola’s will host whisky pop-ups and even better, all wristband-holders will receive a Johnnie Walker Highball on arrival.
The Malts Locker at Nola’s & Whiskey Rock ‘n Roller at Sweetwater (all month, from £6)
Read more: London Cocktail Week back bigger than ever in 2020
Sugarlandia Sessions
The Mayor of Scaredy Cat Town is a Shoreditch cocktail institution but to kick off LCW, Filipino rum outfit Don Papa are giving it a makeover. “An evening in Sugarlandia” features the Mayor’s signature Don Papa cocktail – the Scaredy Papa – for £6 alongside an exclusive food and cocktail pairing menu.
Sugarlandia at The Mayor of Scaredy Cat Town (1 October, free entry for wristband wearers)
Islay-in-the-City
Tired of concrete? The Laphroig Library at Oriole will serve as a retreat to the country, with drinkers transported via virtual reality to the beautiful Inner Hebridean island of Islay, home of the famously peaty whisky. Best of all, you’ll have a dram in hand – before heading to the beautiful main Oriole bar where a whole host of theatrical cocktail creations will be available.
The Laphroig Library at Oriole (Weds-Sat 4:30-7:30pm, all month. £10 per person including the experience, a Laphroig dram on arrival and post-experience cocktail)
Taco Tuesdays
We may not be able to cross the Atlantic at the minute, so Tequila Patron are bringing Mexico to London. Every Tuesday at Bethnal Green’s Satan’s Whiskers, enjoy a £6 margarita whilst renowned street market toxic specialists Dos Mas will serve up complimentary tacos every Tuesday throughout October.
Taco Tuesdays (Tuesdays throughout October from 5pm, from £6)
Vermouth x Oysters x Coupette? Mais oui!
East London favourite Coupette will get a Cote d’Azur makeover in October as Noilly Prat, the original French vermouth, turn the bar into an unofficial riviera oasis. The Pavillion Bleu will offer vermouth cocktails all month for £6 but on Tuesdays will host a happy hour not to be missed, with two Noilly Prat L’Aperitifs accompanied by four freshly shucked oysters. Best of all, this French trip doesn’t require a quarantine.
Pavillion Bleu (all month from 5pm, cocktails from £6; oyster happy hour for 2 people: £20)
Warm up at The Sun
Lockdown cocktail hotspot The Sun – which became an institution during the dark days of earlier this year as it dished out cocktails from ‘the hatch’ – will return with takeaway hot and cold honey-infused Aberfeldy cocktails, including a single malt hot toddy. Perfect as the nights draw in.
Aberfeldy at The Sun (‘Return of the hatch’ on October 23rd, from £6; all month, cocktails from £6)
A full list of events and bar takeovers can be found on the London Cocktail Week Website. All bars are abiding strictly to social distancing guidelines and other government regulations.


cityam--2020-09-29--FTSE 100 dividend payouts fall to lowest level in nearly a decade

Dividend payouts by FTSE 100 firms have dropped to their lowest point in nearly a decade as the pandemic forces companies to slash payments .
Dividend payments for FTSE 100 firms are forecast to plunge 24 per cent this year , according to AJ Bell .
Read more : Natwest and Lloyds signal willingness to bring back dividends It follows an 11 per cent drop in 2019 , leaving the total at its lowest level since 2012 .
Thirty five firms have cut payouts for the year , equating to an £18bn reduction , with Shell , HSBC and BP @ @ @ @ @ @ @ the year have slipped a further 10 per cent in the third quarter to £56.5bn , in large part due to BP ’ s decision to cut its second quarter dividend in half .
After cuts and cancellations from some of the index ’ s biggest players , British American Tobacco is now forecast to be the biggest dividend payer this year .
Investment director Russ Mould said : “ Not all investors will welcome this , especially those who feel that tobacco does not pass their socially responsible investing ( SRI ) @ @ @ @ @ @ @ will welcome how BAT ’ s chief executive Jack Bowles continues to stick to his target of a 65 per cent dividend pay-out ratio.
” The Lucky Strike brand owner beat half-year profit expectations as revenue inched up 0.8 per cent to £12.27bn .
Despite the dividend cuts London ’ s main index is expected to yield 3.5 per cent for this year , increasing 4.2 per cent in 2021 .
And indeed , BP and Vodafone still offer yields of more than eight per cent , even after their cuts in 2020 @ @ @ @ @ @ @ have to look carefully at the list of the highest-yielding firms , as some of them have a track record of having to cut their dividend payments when times get tough ” , Mould said .
Investment manager M & G is currently the highest-yielding individual stock followed by Imperial Brands and Aviva .
M & G is also the only one in the top ten to have earnings cover of two times or above .
Cover is inevitably lower during an economic downturn as earnings come under pressure .
The aggregate earnings @ @ @ @ @ @ @ barely changed from a quarter ago .
It equates to a 70 per cent pay-out ratio which the investment platform thinks indicates that both analysts and shareholders are pinning their hopes on a pick-up in economic activity .
Analysts predict that firms will not look to splash the cash too quickly should the recovery pick up .
This would allow cover to move back towards the 2.00-times threshold “ that provides a safety buffer in the event of the unexpected – such as a double-dip recession .
”

FTSE 100 dividend payouts fall to lowest level in nearly a decade
Dividend payouts by FTSE 100 firms have dropped to their lowest point in nearly a decade as the pandemic forces companies to slash payments.
Dividend payments for FTSE 100 firms are forecast to plunge 24 per cent this year, according to AJ Bell.
It follows an 11 per cent drop in 2019, leaving the total at its lowest level since 2012.
Thirty five firms have cut payouts for the year, equating to an £18bn reduction, with Shell, HSBC and BP topping the list.
And forecasts for the year have slipped a further 10 per cent in the third quarter to £56.5bn, in large part due to BP’s decision to cut its second quarter dividend in half.
After cuts and cancellations from some of the index’s biggest players, British American Tobacco is now forecast to be the biggest dividend payer this year.
Investment director Russ Mould said: “Not all investors will welcome this, especially those who feel that tobacco does not pass their socially responsible investing (SRI) screen tests.”
“However, others will welcome how BAT’s chief executive Jack Bowles continues to stick to his target of a 65 per cent dividend pay-out ratio.”
The Lucky Strike brand owner beat half-year profit expectations as revenue inched up 0.8 per cent to £12.27bn.
Despite the dividend cuts London’s main index is expected to yield 3.5 per cent for this year, increasing 4.2 per cent in 2021. And indeed, BP and Vodafone still offer yields of more than eight per cent, even after their cuts in 2020 and 2018 respectively.
“Investors will have to look carefully at the list of the highest-yielding firms, as some of them have a track record of having to cut their dividend payments when times get tough”, Mould said.
Investment manager M&G is currently the highest-yielding individual stock followed by Imperial Brands and Aviva. M&G is also the only one in the top ten to have earnings cover of two times or above.
Cover is inevitably lower during an economic downturn as earnings come under pressure. The aggregate earnings cover ratio is just 1.42 times, barely changed from a quarter ago.
It equates to a 70 per cent pay-out ratio which the investment platform thinks indicates that both analysts and shareholders are pinning their hopes on a pick-up in economic activity.
Analysts predict that firms will not look to splash the cash too quickly should the recovery pick up.
This would allow cover to move back towards the 2.00-times threshold “that provides a safety buffer in the event of the unexpected – such as a double-dip recession.”


cityam--2020-09-29--City of London Police jail crime gang selling fake money, drugs and guns

Several members of a major London crime gang have been jailed by City of London Police after pleading guilty to conspiring to sell fake bank notes , guns and Class A drugs .
Five members of the organised crime network were handed jail sentences at Inner London Crown Court on Friday , following a three-year police investigation into the gang ’ s circulation of counterfeit bank notes .
Read more : Exclusive : MPs slam ‘ inconsistency and incompetence ’ as SMEs struggle to get bounce back loans Gang leader Darren Watkinson , of London Road , Essex , was @ @ @ @ @ @ @ in jail after pleading guilty to charges relating to the sale of fake money , firearms , tear gas and Class A drugs — thought to be cocaine and methamphetamine .
City of London Police , which oversees policing in the Square Mile , worked in collaboration with the Bank of England and the National Crime Agency ’ s Counterfeit Currency Unit ( UKNCO ) to close in on the gang ’ s circulation of counterfeit money .
Under Watkinson ’ s command , the group were found selling counterfeit £20 notes for @ @ @ @ @ @ @ note , and £50 notes for £12.50 .
Other gang members William Fullerton , Adam Abela , Mario Abela and Barry Latif were also jailed for their involvement in the criminal network .
Latif , of Chapman Street in Tower Hamlets , was handed a seven-year jail sentence after being found in possession of a revolver in a public place while arrested by armed officers .
Detective constable Sally Prinsloo , who led the investigation into the gang ’ s activities , said : “ The City of London Police is committed to @ @ @ @ @ @ @ worked tirelessly to dismantle this crime group , who were selling counterfeit money , drugs and firearms , with input from our partners at the Bank of England and the UKNCO .
“ Thanks to this proactive police action , a number of dangerous criminals have been jailed , and a large amount of counterfeit notes and a firearm have been taken out of circulation , making our streets and local communities safer.
” More than 427,000 counterfeit banknotes with a face value of £9.8m were taken out of circulation in the UK @ @ @ @ @ @ @ has steadily decreased over recent years after the Bank of England introduced polymer notes in 2016 in a bid to curb the spread of fake cash .
Read more : Evidence on negative rates ‘ encouraging ’ , says Bank of England policymaker Fraudsters tend to focus on the production of fake £20 and £50 notes to up their gains , with bogus £20 notes making up 90 per cent of all counterfeit money seized in 2019 .
A new polymer £20 note featuring British artist JMW Turner was introduced in February , @ @ @ @ @ @ @ Alan Turing set to follow in 2021 .
Before the Open : Get the jump on the markets with our early morning newsletter

City of London Police jail crime gang selling fake money, drugs and guns
De La Rue scraps dividend as it swins to £9m loss
Several members of a major London crime gang have been jailed by City of London Police after pleading guilty to conspiring to sell fake bank notes, guns and Class A drugs.
Five members of the organised crime network were handed jail sentences at Inner London Crown Court on Friday, following a three-year police investigation into the gang’s circulation of counterfeit bank notes.
Gang leader Darren Watkinson, of London Road, Essex, was sentenced to 10 years and four months in jail after pleading guilty to charges relating to the sale of fake money, firearms, tear gas and Class A drugs — thought to be cocaine and methamphetamine.
City of London Police, which oversees policing in the Square Mile, worked in collaboration with the Bank of England and the National Crime Agency’s Counterfeit Currency Unit (UKNCO) to close in on the gang’s circulation of counterfeit money.
Under Watkinson’s command, the group were found selling counterfeit £20 notes for prices ranging from £3.50 and £5.80 a note, and £50 notes for £12.50.
Other gang members William Fullerton, Adam Abela, Mario Abela and Barry Latif were also jailed for their involvement in the criminal network.
Latif, of Chapman Street in Tower Hamlets, was handed a seven-year jail sentence after being found in possession of a revolver in a public place while arrested by armed officers.
Detective constable Sally Prinsloo, who led the investigation into the gang’s activities, said: “The City of London Police is committed to disrupting serious and organised crime. We worked tirelessly to dismantle this crime group, who were selling counterfeit money, drugs and firearms, with input from our partners at the Bank of England and the UKNCO.
“Thanks to this proactive police action, a number of dangerous criminals have been jailed, and a large amount of counterfeit notes and a firearm have been taken out of circulation, making our streets and local communities safer.”
More than 427,000 counterfeit banknotes with a face value of £9.8m were taken out of circulation in the UK in 2019.
Counterfeit bank note circulation has steadily decreased over recent years after the Bank of England introduced polymer notes in 2016 in a bid to curb the spread of fake cash.
Fraudsters tend to focus on the production of fake £20 and £50 notes to up their gains, with bogus £20 notes making up 90 per cent of all counterfeit money seized in 2019.
A new polymer £20 note featuring British artist JMW Turner was introduced in February, with a paper-free £50 note featuring mathematician Alan Turing set to follow in 2021.
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-09-29--Menzies Aviation dives to loss as coronavirus hammers air traffic

Baggage handlers Menzies Aviation swung to a £39m loss in the first half of the year as the coronavirus pandemic hammered the aviation industry .
Chairman Philipp Joeinig warned that the firm was not yet “ out of the woods ” , with the disease continuing to squeeze global travel demand .
Read more : FTSE 100 treads water ahead of Brexit talks and US presidential debate Having posted a £17.9m profit in the same period last year , Menzies fell into the red with a £39m loss for the period ending 30 June .
Revenue fell 33 per cent @ @ @ @ @ @ @ passenger flight volumes plunged 43 per cent over the six months .
The Edinburgh-based firm said that it had also taken £27.6m exceptional charges related to resizing its cost base and dealing with redundant assets .
It added that it had available cash resources of over £175m at 31 August .
Menzies said that it expected revenue to come in at a similar level in the second half , but said profitability would benefit from “ a more significant contribution from various government support programmes and continuing tight cost management ” .
Before @ @ @ @ @ @ @ with the City View podcast and key market data It added that it expected to record “ modest ” revenue growth in the next financial year .
Shares in the London-listed firm , which are trading at roughly a quarter of pre-pandemic levels , slipped another 0.5 per cent this morning .
“ The first six months of the year have seen us operate in unprecedented times due to the Covid-19 pandemic .
“ The impact on our global operations has been material , but I am very pleased with how we have @ @ @ @ @ @ @ costs and moved to right-size our operations .
Read more : Cairn Energy plunges to $ 324m loss after hefty one-off charge “ As a result , our liquidity position is good , and we are well placed to navigate through the winter season and beyond .
“ Like others in aviation , we know we are not out of the woods yet .
We continue to keep a strong grip on our costs , whilst encouraging governments across the world to react to the exceptional impact Covid-19 continues to have on the @ @ @ @ @ @ @ as recovery will be gradual .
”

Menzies Aviation dives to loss as coronavirus hammers air traffic
Baggage handlers Menzies Aviation swung to a £39m loss in the first half of the year as the coronavirus pandemic hammered the aviation industry.
Chairman Philipp Joeinig warned that the firm was not yet “out of the woods”, with the disease continuing to squeeze global travel demand.
The figures
Having posted a £17.9m profit in the same period last year, Menzies fell into the red with a £39m loss for the period ending 30 June.
Revenue fell 33 per cent, from £649.9m to £431.5m, as passenger flight volumes plunged 43 per cent over the six months.
The Edinburgh-based firm said that it had also taken £27.6m exceptional charges related to resizing its cost base and dealing with redundant assets.
It added that it had available cash resources of over £175m at 31 August.
Menzies said that it expected revenue to come in at a similar level in the second half, but said profitability would benefit from “a more significant contribution from various government support programmes and continuing tight cost management”.
Before the Open newsletter: Start your day with the City View podcast and key market data
It added that it expected to record “modest” revenue growth in the next financial year.
Shares in the London-listed firm, which are trading at roughly a quarter of pre-pandemic levels, slipped another 0.5 per cent this morning.
What Menzies said
“The first six months of the year have seen us operate in unprecedented times due to the Covid-19 pandemic.
“The impact on our global operations has been material, but I am very pleased with how we have reacted. We acted decisively to reduce costs and moved to right-size our operations.
“As a result, our liquidity position is good, and we are well placed to navigate through the winter season and beyond.
“Like others in aviation, we know we are not out of the woods yet. We continue to keep a strong grip on our costs, whilst encouraging governments across the world to react to the exceptional impact Covid-19 continues to have on the industry and extend their support schemes, as recovery will be gradual.”


cityam--2020-09-29--UK mortgage approvals hit 13-year high in August as post-lockdown surge continues

UK mortgage approvals hit a 13-year high in August as pent-up demand post-lockdown continued to boost the housing market , but consumers became more cautious about day-to-day borrowing .
Mortgage approvals for the month were 84,700 , according to new data from the Bank of England — the highest rate of approvals since October 2007 , just before the global financial crisis .
However the surge in approvals only partially offset weaknesses in mortgage lending between March and June .
So far this year a total of 418,000 mortgages have been approved , below the 524,000 approved in the same @ @ @ @ @ @ @ repayments also remained below pre-Covid levels , indicating that consumers are becoming more cautious about making big purchases with credit .
Consumer borrowing , a key driver of economic growth , increased by around £300m in August from July — substantially lower than the £1.45bn increase predicted by economists polled by Reuters .
Compared with August last year , consumer borrowing sank by 3.9 per cent , the sharpest fall since the BoE began measuring the data in 1994 .
“ Despite the resurgence in the housing market , consumer credit barely rose @ @ @ @ @ @ @ ’ Thomas Pugh .
“ And the darkening clouds on the economic horizon may tempt some households to start to rein in spending in the months ahead , ” he added .
Economists polled by Bloomberg had predicted that 71,300 mortgages would be approved during August , while a Reuters estimate had put the figure at 71,000 approvals .
“ August ’ s further rise in mortgage approvals provides ongoing hard evidence of the marked short-term pick-up in housing market activity since the easing of restrictions that started in mid-May , which released @ @ @ @ @ @ @ , chief economic advisor to the EY ITEM Club .
“ This buoyancy has been reinforced by the Chancellor raising the Stamp Duty threshold to £500,000 from mid-July through to 31 March 2021 , ” Archer added .
The new figures suggest that the economic recovery from the downturn caused by Covid-19 was “ already starting to slow ” in August , Pugh said , even before the government introduced new restrictions to limit the spread of the virus .
Read more : Economists raise fears over Rishi Sunak ’ s new job @ @ @ @ @ @ @ unemployment will put a further dampener on consumers ’ ability to spend , ” he continued .
“ And the prospect of a no deal Brexit is having a chilling effect on business investment .
Overall , we doubt that the economy will grow by much , if anything , over the next few months .
”

UK mortgage approvals hit 13-year high in August as post-lockdown surge continues
Could mortgages get cheaper this year? Even with interest rates rising many lenders are pricing in a fall,
UK mortgage approvals hit a 13-year high in August as pent-up demand post-lockdown continued to boost the housing market, but consumers became more cautious about day-to-day borrowing.
Mortgage approvals for the month were 84,700, according to new data from the Bank of England — the highest rate of approvals since October 2007, just before the global financial crisis.
Read more: UK economy’s rebound cools amid coronavirus worries
However the surge in approvals only partially offset weaknesses in mortgage lending between March and June. So far this year a total of 418,000 mortgages have been approved, below the 524,000 approved in the same period in 2019.
Consumer borrowing and repayments also remained below pre-Covid levels, indicating that consumers are becoming more cautious about making big purchases with credit.
Consumer borrowing, a key driver of economic growth, increased by around £300m in August from July — substantially lower than the £1.45bn increase predicted by economists polled by Reuters.
Compared with August last year, consumer borrowing sank by 3.9 per cent, the sharpest fall since the BoE began measuring the data in 1994.
“Despite the resurgence in the housing market, consumer credit barely rose in August,” said Capital Economics’ Thomas Pugh.
“And the darkening clouds on the economic horizon may tempt some households to start to rein in spending in the months ahead,” he added.
Economists polled by Bloomberg had predicted that 71,300 mortgages would be approved during August, while a Reuters estimate had put the figure at 71,000 approvals.
“August’s further rise in mortgage approvals provides ongoing hard evidence of the marked short-term pick-up in housing market activity since the easing of restrictions that started in mid-May, which released pent-up demand,” said Howard Archer, chief economic advisor to the EY ITEM Club.
“This buoyancy has been reinforced by the Chancellor raising the Stamp Duty threshold to £500,000 from mid-July through to 31 March 2021,” Archer added.
The new figures suggest that the economic recovery from the downturn caused by Covid-19 was “already starting to slow” in August, Pugh said, even before the government introduced new restrictions to limit the spread of the virus.
Read more: Economists raise fears over Rishi Sunak’s new job support plan
“Those restrictions and rising unemployment will put a further dampener on consumers’ ability to spend,” he continued.
“And the prospect of a no deal Brexit is having a chilling effect on business investment. Overall, we doubt that the economy will grow by much, if anything, over the next few months.”


cityam--2020-09-29--US proposal on ESG causes sparks to fly… but it’s the right move

A spotlight has been cast on the curious logic underpinning the case for environmental , social , and governance ( ESG ) investing by the US Department of Labor ’ s recent actions .
In June , the DOL proposed a new rule that would limit the ability of most employee retirement plans to select investments based on ESG factors .
More than 8,700 pieces of feedback largely condemned the DOL ’ s proposal .
But the DOL ’ s move is well-founded , and it ’ s not surprising that many of the scathing critiques – which accused the @ @ @ @ @ @ @ submitting to political interference – came from active fund managers .
ESG : an excuse for fund managers to underperform ?
The truth is , ESG is such a broad and haphazard concept that without strong fiduciary standards , it risks becoming a convenient excuse for those same fund managers to underperform their benchmarks while also charging higher fees .
ESG proponents often spin a win-win narrative , wherein corporate behaviour aligned with certain values and practices also leads to better financial outcomes and investment performance .
Yet like all complex issues , @ @ @ @ @ @ @ difficult decisions frequently arise when balancing the objectives of financial gain and social responsibility .
Psychologist and author Philip Tetlock terms uncomfortable situations like these ‘ taboo trade-offs ’ .
Whether we admit it or not , socially responsible investment choices will sometimes come at the cost of financial returns .
At the crux of the DOL ’ s intervention is whether it is appropriate for plan sponsors to attempt to make those trade-offs on their beneficiaries ’ behalf .
The upshot : in the coming months , ESG integration practices could become @ @ @ @ @ @ @ of Employee Retirement Income Security Act ( ERISA ) breach lawsuits against fiduciaries that we have seen in the US .
The argument that ESG factors lead to better long-term performance outcomes is much harder to prove than we might imagine .
Academics have found a surprisingly low correlation between ESG ratings across providers .
In other words , experts can ’ t even agree on which firms have solid ESG credentials in the first place .
Part of the problem is that the ESG umbrella encompasses so many different issues , whose @ @ @ @ @ @ @ stocks such as tobacco and defence – which , incidentally , have beaten the broader market over the long term – were the original ESG castaways .
Then for most of the past decade , ESG became nearly synonymous with combating climate change and measuring carbon footprints .
Today , firms and investors are racing to compile metrics and scorecards on diversity and inclusion , which have rapidly moved to the top of the ESG agenda .
Let ’ s assume for a moment that these measurement issues and taboo trade-offs didn ’ @ @ @ @ @ @ @ be accurately identified and exerted a positive impact on corporate financial performance .
A second and even more difficult question then arises : to what extent is this information already incorporated into asset prices ?
If ESG credentials are already priced into stocks , then the best investment strategy may actually be to buy the worst performers on ESG measures .
To see why , consider that private equity firms don ’ t seek out the best-run companies to acquire .
Rather , they often target firms with serious operational problems because those @ @ @ @ @ @ @ if improved .
Likewise , today ’ s ESG ‘ laggards ’ are likely to face increasing pressure to reorient and improve themselves over time .
If improving ESG credentials indeed augur better financial results , then these laggards could prove the best investments at today ’ s prices .
This is another reason that structuring investments around strong ESG performance could have adverse financial consequences .
Department should stick to its guns Fast forward to the long run – which economists are quick to point out never arrives – and assume that @ @ @ @ @ @ @ and firms have all reached their steady-state ESG statuses .
Even then , we would still expect firms with poor ESG credentials to outperform on average .
Financial theory states that in order to bear the financial risks ( and social stigmas ) of holding these firms , investors would require higher returns .
That ’ s the flipside of the argument that embracing ESG can lower a firm ’ s discount rate : the lower the capital costs to the firm , the lower the rewards to its capital providers .
In @ @ @ @ @ @ @ not bow to criticism from vested interests for simply doing its job and attempting to ensure that workers attain the financial security they need to retire comfortably .
If ESG proponents are so confident in the win-win impact of ESG on performance , they should have no qualms with a regulatory requirement that this relationship actually be true .
CFA Institute is currently exploring the development of a voluntary global ESG standard for investment products to provide greater product transparency and comparability for investors by enabling asset managers to clearly communicate the ESG-related @ @ @ @ @ @ @ below to see our Consultation Paper , with comments welcome until 19 October 2020 .
CFA Institute plans to issue the standard in May 2021 .
If you liked this post , don ’ t forget to subscribe to the Enterprising Investor .
By Jordan N. Boslego , CFA , an environmental , social , and governance ( ESG ) researcher and co-founder of Empirically All posts are the opinion of the author .
As such , they should not be construed as investment advice , nor do the opinions expressed necessarily reflect @ @ @ @ @ @ @ author ’ s employer .

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US proposal on ESG causes sparks to fly… but it’s the right move
A spotlight has been cast on the curious logic underpinning the case for environmental, social, and governance (ESG) investing by the US Department of Labor’s recent actions.
In June, the DOL proposed a new rule that would limit the ability of most employee retirement plans to select investments based on ESG factors. More than 8,700 pieces of feedback largely condemned the DOL’s proposal.
But the DOL’s move is well-founded, and it’s not surprising that many of the scathing critiques – which accused the DOL of everything from perpetuating racism to submitting to political interference – came from active fund managers.
ESG: an excuse for fund managers to underperform?
The truth is, ESG is such a broad and haphazard concept that without strong fiduciary standards, it risks becoming a convenient excuse for those same fund managers to underperform their benchmarks while also charging higher fees.
ESG proponents often spin a win-win narrative, wherein corporate behaviour aligned with certain values and practices also leads to better financial outcomes and investment performance. Yet like all complex issues, the reality is not so clear: difficult decisions frequently arise when balancing the objectives of financial gain and social responsibility.
Psychologist and author Philip Tetlock terms uncomfortable situations like these ‘taboo trade-offs’. Whether we admit it or not, socially responsible investment choices will sometimes come at the cost of financial returns. At the crux of the DOL’s intervention is whether it is appropriate for plan sponsors to attempt to make those trade-offs on their beneficiaries’ behalf.
Better long-term performance tough to prove
The upshot: in the coming months, ESG integration practices could become the newest battleground in the growing tsunami of Employee Retirement Income Security Act (ERISA) breach lawsuits against fiduciaries that we have seen in the US.
The argument that ESG factors lead to better long-term performance outcomes is much harder to prove than we might imagine. Academics have found a surprisingly low correlation between ESG ratings across providers. In other words, experts can’t even agree on which firms have solid ESG credentials in the first place. Part of the problem is that the ESG umbrella encompasses so many different issues, whose salience is continually shifting.
So-called sin stocks such as tobacco and defence – which, incidentally, have beaten the broader market over the long term – were the original ESG castaways. Then for most of the past decade, ESG became nearly synonymous with combating climate change and measuring carbon footprints. Today, firms and investors are racing to compile metrics and scorecards on diversity and inclusion, which have rapidly moved to the top of the ESG agenda.
Let’s assume for a moment that these measurement issues and taboo trade-offs didn’t exist, that ESG exposures could be accurately identified and exerted a positive impact on corporate financial performance. A second and even more difficult question then arises: to what extent is this information already incorporated into asset prices?
If ESG credentials are already priced into stocks, then the best investment strategy may actually be to buy the worst performers on ESG measures. To see why, consider that private equity firms don’t seek out the best-run companies to acquire. Rather, they often target firms with serious operational problems because those companies have the largest potential value uplift if improved.
Likewise, today’s ESG ‘laggards’ are likely to face increasing pressure to reorient and improve themselves over time. If improving ESG credentials indeed augur better financial results, then these laggards could prove the best investments at today’s prices. This is another reason that structuring investments around strong ESG performance could have adverse financial consequences.
Department should stick to its guns
Fast forward to the long run – which economists are quick to point out never arrives – and assume that there’s no more adaptation, and firms have all reached their steady-state ESG statuses. Even then, we would still expect firms with poor ESG credentials to outperform on average.
Financial theory states that in order to bear the financial risks (and social stigmas) of holding these firms, investors would require higher returns. That’s the flipside of the argument that embracing ESG can lower a firm’s discount rate: the lower the capital costs to the firm, the lower the rewards to its capital providers.
In sum, the Department of Labor should not bow to criticism from vested interests for simply doing its job and attempting to ensure that workers attain the financial security they need to retire comfortably.
If ESG proponents are so confident in the win-win impact of ESG on performance, they should have no qualms with a regulatory requirement that this relationship actually be true.
CFA Institute is currently exploring the development of a voluntary global ESG standard for investment products to provide greater product transparency and comparability for investors by enabling asset managers to clearly communicate the ESG-related features of their investment products.
Click below to see our Consultation Paper, with comments welcome until 19 October 2020. CFA Institute plans to issue the standard in May 2021.
If you liked this post, don’t forget to subscribe to the Enterprising Investor.
By Jordan N. Boslego, CFA, an environmental, social, and governance (ESG) researcher and co-founder of Empirically
All posts are the opinion of the author. As such, they should not be construed as investment advice, nor do the opinions expressed necessarily reflect the views of CFA Institute or the author’s employer.


cityam--2020-09-29--Home comforts: Road trippin' the west of England

Think “ road trip ” and you might think crisscrossing the US on Route 66 , or driving through south America .
Well , in this topsy-turvy year , both of those are off the cards – but that doesn ’ t mean you can ’ t get your kicks closer to home .
If anything , the new staycation trend has encouraged some of us to look again at what the UK has to offer – and for Londoners , there is plenty on the doorstep .
Setting off from Victoria in our Avis-hired Renault Clio , City A.M. @ @ @ @ @ @ @ the west of London ; starting with an hour ’ s drive to Windsor and the Castle Hotel , one of the jewels in the crown of the MGallery group of properties .
Read more : A whisky road trip provides the perfect Scottish getaway Situated bang in the centre of the historic town , within a not-recommended stone ’ s throw of the famous castle , the hotel delivers just the right mix of 21st century functionality with the sort of charm you want in a town like Windsor .
And there @ @ @ @ @ @ @ to visit : with many tourists staying away , the occasionally chocka-block streets are enjoyably easy to explore .
A gentle stroll along the Long Walk and within five minutes you ’ ll forget you ’ re only an hour from London – and combine that with a pint at the wonderful Two Brewers and you ’ ve got yourself a country retreat .
The hotel ’ s Marco Pierre White steakhouse ensures you won ’ t go hungry .
City A.M. took off from Windsor towards the beautiful Mendip Hills , a @ @ @ @ @ @ @ that in the sun bears something of a resemblance to the Umbrian hills .
After a hearty lunch in the Jack Russell pub in beautiful Faccombe , it was onwards to Bath – where another of MGallery ’ s portfolio provides true luxury .
The Francis Hotel sits on the historic Queen ’ s Square in this picturesque city , a short walk from both the Royal Crescent and the pubs along the River Avon .
The property has recently refurbished some of its rooms , and you can see it : every @ @ @ @ @ @ @ the palatial bathroom to the locally relevant artworks dotting the suites .
Superb service is matched by its wonderful location , a brief walk from one of the UK ’ s most remarkable restaurants , Circus .
City A.M. recommends a drink in the hotel ’ s cocktail bar before strolling up to the small , perfectly formed eatery – and don ’ t miss the seared duck with pomegranate seeds .
And lest you overindulge on the wine , the hotel ’ s breakfast combined with a coffee from the adjacent , @ @ @ @ @ @ @ see you right for the day ahead .
Suitably reinvigorated , it ’ s a short drive to the Queens Hotel in Cheltenham , perfectly situated as a gateway to the Cotswolds .
There are precious few drives in the UK which offer quite the combination of stunning scenery and twisting country lines , and even City A.M. ’ s Clio had plenty of fun .
The Queens ’ in-house restaurant The Napier , with a menu of hearty , locally-sourced British dishes provides a welcome meal after an exhilarating day .
All @ @ @ @ @ @ @ their responsibilities seriously with regards to government regulations on social distancing , and the overriding experience is of one that is different from what we knew before – but still wonderfully enjoyable .
Masks need to be worn in communal areas but not ( obviously ) in rooms or in the restaurants , and the rooms themselves are extensively cleaned after each guest departs .
So even in these strange times , some of Britain ’ s prettiest scenery and most charming cities await : these three hotels provide a wonderful way to @ @ @ @ @ @ @ Accor brand with luxury hotels across the UK and the rest of the world .
See their properties and book here .

Home comforts: Road trippin’ the west of England
The Francis Hotel in Bath provides a drop of luxury to an easy road trip from the capital
Think “road trip” and you might think crisscrossing the US on Route 66, or driving through south America. Well, in this topsy-turvy year, both of those are off the cards – but that doesn’t mean you can’t get your kicks closer to home.
If anything, the new staycation trend has encouraged some of us to look again at what the UK has to offer – and for Londoners, there is plenty on the doorstep.
Setting off from Victoria in our Avis-hired Renault Clio, City A.M. headed out for a three-day spin to the west of London; starting with an hour’s drive to Windsor and the Castle Hotel, one of the jewels in the crown of the MGallery group of properties.
Read more: A whisky road trip provides the perfect Scottish getaway
Situated bang in the centre of the historic town, within a not-recommended stone’s throw of the famous castle, the hotel delivers just the right mix of 21st century functionality with the sort of charm you want in a town like Windsor.
Windsor’s Castle Hotel is in the heart of the regal pomp and ceremony
And there’s never been a better time to visit: with many tourists staying away, the occasionally chocka-block streets are enjoyably easy to explore.
A gentle stroll along the Long Walk and within five minutes you’ll forget you’re only an hour from London – and combine that with a pint at the wonderful Two Brewers and you’ve got yourself a country retreat. The hotel’s Marco Pierre White steakhouse ensures you won’t go hungry.
City A.M. took off from Windsor towards the beautiful Mendip Hills, a wildly underrated patch of unspoilt natural beauty that in the sun bears something of a resemblance to the Umbrian hills.
After a hearty lunch in the Jack Russell pub in beautiful Faccombe, it was onwards to Bath – where another of MGallery’s portfolio provides true luxury.
Beautiful Bath
The Francis Hotel sits on the historic Queen’s Square in this picturesque city, a short walk from both the Royal Crescent and the pubs along the River Avon.
The property has recently refurbished some of its rooms, and you can see it: every touch is close on perfect, from the palatial bathroom to the locally relevant artworks dotting the suites.
Superb service is matched by its wonderful location, a brief walk from one of the UK’s most remarkable restaurants, Circus. City A.M. recommends a drink in the hotel’s cocktail bar before strolling up to the small, perfectly formed eatery – and don’t miss the seared duck with pomegranate seeds.
And lest you overindulge on the wine, the hotel’s breakfast combined with a coffee from the adjacent, award-winning Colonna & Small’s will see you right for the day ahead.
Suitably reinvigorated, it’s a short drive to the Queens Hotel in Cheltenham, perfectly situated as a gateway to the Cotswolds. There are precious few drives in the UK which offer quite the combination of stunning scenery and twisting country lines, and even City A.M.’s Clio had plenty of fun.
The Queens’ in-house restaurant, with a menu of hearty, locally-sourced British dishes provides a welcome meal after an exhilarating day.
The lobby at Cheltenham’s Queens Hotel
All of MGallery’s properties are taking their responsibilities seriously with regards to government regulations on social distancing, and the overriding experience is of one that is different from what we knew before – but still wonderfully enjoyable.
Masks need to be worn in communal areas but not (obviously) in rooms or in the restaurants, and the rooms themselves are extensively cleaned after each guest departs.
So even in these strange times, some of Britain’s prettiest scenery and most charming cities await: these three hotels provide a wonderful way to see it.
MGallery Hotels are an Accor brand with luxury hotels across the UK and the rest of the world. See their properties and book here.
Castle Hotel Windsor, rooms from £149
Francis Hotel Bath, rooms from £129
Queens Hotel Cheltenham, rooms from £128


cityam--2020-09-29--London businesses show signs of recovery post-lockdown

There are encouraging signs that businesses in the capital are on the road to recovery after emerging from lockdown .
Despite a bleak year for firms across a broad range of sectors , a new poll of London businesses show a slight improvement in business conditions in the third quarter .
The majority of the firms surveyed by the London Chamber of Commerce ( LCC ) and Savanta Comres reported downturns in most of the indicators .
But a fifth of businesses anticipate their economic prospects to improve over the next year .
It comes as a new report published @ @ @ @ @ @ @ the most confident in the UK , according to Lloyd ’ s Business Barometer .
September was the first time that London firms felt optimistic about the economy for the first time in six months .
The LCC survey shows that the number of companies reporting an increase in domestic sales and export orders rose in the third quarter .
Businesses reporting an increase in orders rose to nine per cent from five per cent in the second quarter .
And one in ten businesses reported a rise in export orders , an @ @ @ @ @ @ @ the second quarter .
And more companies reported improvements in their cashflow with 10 per cent reporting an increase across the quarter .
This is likely in large part due to the reopening of large swathes of the economy , notably the hospitality and retail sectors .
But London ’ s economy faces a number of barriers in the coming months , particularly as the government starts to impose further restrictions in the face of a second wave .
Nearly two thirds of firms polled still reported a drop in cashflow in the @ @ @ @ @ @ @ anticipate their economic prospects to worsen .
Read more : Sadiq Khan calls for emergency business support as London restrictions loom The hospitality was dealt a devastating blow last week as Boris Johnson unveiled plans for a 10pm curfew .
Richard Burge , chief executive of LCC said : “ As we head into the final quarter of what has been a largely unprecedented year for business for all the wrong reasons , companies need any further Covid-19 measures introduced by the Government to be evidence-based in terms of where transmission occurs .
@ @ @ @ @ @ @ quickly reverse .
”

London businesses show signs of recovery post-lockdown
There are encouraging signs that businesses in the capital are on the road to recovery after emerging from lockdown.
Despite a bleak year for firms across a broad range of sectors, a new poll of London businesses show a slight improvement in business conditions in the third quarter.
The majority of the firms surveyed by the London Chamber of Commerce (LCC) and Savanta Comres reported downturns in most of the indicators. But a fifth of businesses anticipate their economic prospects to improve over the next year.
It comes as a new report published today shows that London businesses are among the most confident in the UK, according to Lloyd’s Business Barometer.
September was the first time that London firms felt optimistic about the economy for the first time in six months.
The LCC survey shows that the number of companies reporting an increase in domestic sales and export orders rose in the third quarter. Businesses reporting an increase in orders rose to nine per cent from five per cent in the second quarter.
And one in ten businesses reported a rise in export orders, an increase on the four per cent in the second quarter.
And more companies reported improvements in their cashflow with 10 per cent reporting an increase across the quarter.
This is likely in large part due to the reopening of large swathes of the economy, notably the hospitality and retail sectors.
But London’s economy faces a number of barriers in the coming months, particularly as the government starts to impose further restrictions in the face of a second wave.
Nearly two thirds of firms polled still reported a drop in cashflow in the last quarter, while 45 per cent anticipate their economic prospects to worsen.
The hospitality was dealt a devastating blow last week as Boris Johnson unveiled plans for a 10pm curfew.
Richard Burge, chief executive of LCC said: “As we head into the final quarter of what has been a largely unprecedented year for business for all the wrong reasons, companies need any further Covid-19 measures introduced by the Government to be evidence-based in terms of where transmission occurs. Otherwise, any signs of recovery will quickly reverse.”


cityam--2020-09-29--London businesses among most confident in the UK, survey shows

London businesses were among the most confident of any UK region in September , a new survey showed , with sentiment across the country reaching its highest level since lockdown began in March .
Business confidence in the capital rose nine points during September to minus four per cent , according to Lloyds Business Barometer .
Read more : Exclusive : MPs slam ‘ inconsistency and incompetence ’ as SMEs struggle to get bounce back loans While overall UK confidence improved for a fourth consecutive month to minus 11 per cent , the survey showed the smallest rise in confidence @ @ @ @ @ @ @ introduced in some regions to help control the spread of Covid-19 .
“ It is encouraging to see a fourth consecutive lift in confidence , reflecting improvements in trading prospects and economic optimism , ” said Hann-Ju Ho , senior economist at Lloyds .
“ However , with new lockdown restrictions being announced , the UK ’ s path to economic recovery is uncertain and it remains to be seen how the new measures will impact on business confidence , ” he added .
September marked the first time that businesses in London @ @ @ @ @ @ @ , with economic optimism increasing 15 points to two per cent .
London firms ’ confidence in their own business prospects increased month-on-month , although the reading remained in negative territory at minus eight per cent .
“ While overall confidence remains in negative territory , it ’ s encouraging to see an improvement in firms ’ outlook towards the economy , ” said Paul Evans , regional director for London at Lloyds .
“ However , a difficult few months lies ahead , ” he continued , “ particularly as the end @ @ @ @ @ @ @ the country , the impact of the pandemic on businesses ’ operations remained significant , with almost two thirds of businesses reporting that Covid-19 has had a negative impact on demand .
Businesses ’ hiring intentions saw a modest improvement in September , but remained firmly in negative territory at minus 16 per cent .
Some 37 per cent of firms expect a reduction in employment over the coming year .

London businesses among most confident in the UK, survey shows
London businesses were among the most confident in the UK in September
London businesses were among the most confident of any UK region in September, a new survey showed, with sentiment across the country reaching its highest level since lockdown began in March.
Business confidence in the capital rose nine points during September to minus four per cent, according to Lloyds Business Barometer.
While overall UK confidence improved for a fourth consecutive month to minus 11 per cent, the survey showed the smallest rise in confidence since June as local lockdown measures were introduced in some regions to help control the spread of Covid-19.
“It is encouraging to see a fourth consecutive lift in confidence, reflecting improvements in trading prospects and economic optimism,” said Hann-Ju Ho, senior economist at Lloyds.
“However, with new lockdown restrictions being announced, the UK’s path to economic recovery is uncertain and it remains to be seen how the new measures will impact on business confidence,” he added.
September marked the first time that businesses in London felt optimistic about the economy since March, with economic optimism increasing 15 points to two per cent.
London firms’ confidence in their own business prospects increased month-on-month, although the reading remained in negative territory at minus eight per cent.
“While overall confidence remains in negative territory, it’s encouraging to see an improvement in firms’ outlook towards the economy,” said Paul Evans, regional director for London at Lloyds.
“However, a difficult few months lies ahead,” he continued, “particularly as the end of the furlough scheme looms”
Across the country, the impact of the pandemic on businesses’ operations remained significant, with almost two thirds of businesses reporting that Covid-19 has had a negative impact on demand.
Businesses’ hiring intentions saw a modest improvement in September, but remained firmly in negative territory at minus 16 per cent. Some 37 per cent of firms expect a reduction in employment over the coming year.


cityam--2020-09-29--London Marathon to use cutting-edge technology to enforce social distancing

The London Marathon is set to take place this Sunday and the participating athletes and event organisers will be able to socially distance thanks to new , wearable technology .
All 100 elite athletes across the men ’ s , women ’ s and wheelchair races , as well as 500 of the event ’ s organisers , will wear Bump devices to alert them when they become too close to others .
The marathon ’ s 40th edition is the first of any marathon to take place in the world since the Covid-19 pandemic began .
Read more : @ @ @ @ @ @ @ are in your London borough ?
It will take place in a biosecure bubble at St James ’ Park where there will be elite races only .
The development of the Bump device by UK advanced robotics company Tharsus improves Covid-security for all involved , informing effective social-distancing behaviour and thus reducing the risk of coronavirus transmission .
The device uses sophisticated radio frequency technology to create a personal motion system that immediately alerts wearers when they are getting too close to another person .
It will also compile wearer data , allowing @ @ @ @ @ @ @ for how long elite athletes and event staff spend within a pre-defined distance of each other .
It means if a wearer tests positive for Covid-19 in the two weeks following the event , organisers will be able to trace interactions back to specific wearers and inform them accordingly .
Those participating will wear the devices up until the start line but not during the race .
The sporting event is one of the biggest put on in the UK since the coronavirus outbreak back in March and comes amid fears of a @ @ @ @ @ @ @ reinstated work-from-home advice as well as a host of other measures including compulsory face coverings , pub curfews and the rule of six .
Tharsus chief executive Brian Palmer said : “ With fresh Government restrictions being regularly re-introduced , it ’ s crucial that we adopt measures where possible that help us convene safely and allow society to retain a sense of normality .
Read more : London ’ s best new restaurant openings , from London Fields to Notting Hill “ Despite being behind closed doors , many sports fixtures and @ @ @ @ @ @ @ that the industry is leading the way in using technology to continue operating safely.
” While this year ’ s London Marathon will not be open to the general public , there will be a virtual version of the race .
Around 45,000 runners from across the world will have 24 hours throughout Sunday to complete the 26.2 miles race .

London Marathon to use cutting-edge technology to enforce social distancing
Athletes arrive at biosecure location ahead of London Marathon
The London Marathon is set to take place this Sunday and the participating athletes and event organisers will be able to socially distance thanks to new, wearable technology.
All 100 elite athletes across the men’s, women’s and wheelchair races, as well as 500 of the event’s organisers, will wear Bump devices to alert them when they become too close to others.
The marathon’s 40th edition is the first of any marathon to take place in the world since the Covid-19 pandemic began.
It will take place in a biosecure bubble at St James’ Park where there will be elite races only.
The development of the Bump device by UK advanced robotics company Tharsus improves Covid-security for all involved, informing effective social-distancing behaviour and thus reducing the risk of coronavirus transmission.
The device uses sophisticated radio frequency technology to create a personal motion system that immediately alerts wearers when they are getting too close to another person.
Athletes are given a Bump device to wear around their necks on arrival (London Marathon Events)
Track and trace
It will also compile wearer data, allowing organisers to accurately monitor how often and for how long elite athletes and event staff spend within a pre-defined distance of each other.
It means if a wearer tests positive for Covid-19 in the two weeks following the event, organisers will be able to trace interactions back to specific wearers and inform them accordingly.
Those participating will wear the devices up until the start line but not during the race.
The sporting event is one of the biggest put on in the UK since the coronavirus outbreak back in March and comes amid fears of a second wave.
The government has recently reinstated work-from-home advice as well as a host of other measures including compulsory face coverings, pub curfews and the rule of six.
Tharsus chief executive Brian Palmer said: “With fresh Government restrictions being regularly re-introduced, it’s crucial that we adopt measures where possible that help us convene safely and allow society to retain a sense of normality.
“Despite being behind closed doors, many sports fixtures and events continue to take place, highlighting that the industry is leading the way in using technology to continue operating safely.”
While this year’s London Marathon will not be open to the general public, there will be a virtual version of the race.
Around 45,000 runners from across the world will have 24 hours throughout Sunday to complete the 26.2 miles race.


cityam--2020-09-29--JP Morgan agrees to pay $920m over US probe into market manipulation

JP Morgan Chase & Co has agreed to pay more than $ 920m and admitted wrongdoing over a US investigation into market manipulation over its trading of metals futures and Treasury securities .
The investment bank will pay $ 436.4m in fines , $ 311.7m in restitution and more than $ 172m in disgorgement , according to the Commodity Futures Trading Commission .
Read more : JP Morgan ‘ to move €200bn assets from the UK to Germany ’ due to Brexit It is the biggest ever settlement imposed by the regulator .
In between the years of 2008 and @ @ @ @ @ @ @ pattern of manipulation in the precious metals futures and US Treasury futures market , the CFTC said .
Traders would place orders on one side of the market which they never intended to execute , to create a false impression of buy or sell interest that would raise or depress prices , according to the settlement .
This manipulative practice , which is designed to create the illusion of demand , or lack thereof , is known as “ spoofing.
” Some of the trades were made on JPMorgan ’ s own account @ @ @ @ @ @ @ market to facilitate trades by hedge fund clients , the CFTC said .
The bank failed to identify , investigate , and stop the behavior , even after a new surveillance system flagged issues in 2014 , the agency said .
“ The conduct of the individuals referenced in today ’ s resolutions is unacceptable and they are no longer with the firm , ” said Daniel Pinto , co-president of JPMorgan and CEO of the Corporate & Investment Bank .
He added that the bank had invested “ considerable resources ” in @ @ @ @ @ @ @ systems and training programs .
In parallel settlements , the bank entered into a Deferred Prosecution Agreement with the Department of Justice and the United States Attorney ’ s Office for the District of Connecticut , staving off criminal prosecution on charges of wire fraud .
It also agreed to pay $ 35 million to settle related charges with the Securities and Exchange Commission , although the bank ’ s payment to the CFTC would offset that fine , it said .
In an unusual concession , JPMorgan also admitted wrongdoing in agreeing @ @ @ @ @ @ @ settlements .
“ This record-setting enforcement action demonstrates the CFTC ’ s commitment to being tough on those who intentionally break our rules , no matter who they are .
Attempts to manipulate our markets won ’ t be tolerated , ” said CFTC chairman Heath Tarbert .
The CFTC and Justice Department have taken aim at spoofing in recent years , using sophisticated data analysis tools to spot potential wrongdoing that it could not previously detect .

JP Morgan agrees to pay $920m over US probe into market manipulation
JP Morgan said it has already hired 400 people for the new digital bank
JP Morgan Chase & Co has agreed to pay more than $920m and admitted wrongdoing over a US investigation into market manipulation over its trading of metals futures and Treasury securities.
The investment bank will pay $436.4m in fines, $311.7m in restitution and more than $172m in disgorgement, according to the Commodity Futures Trading Commission.
It is the biggest ever settlement imposed by the regulator.
In between the years of 2008 and 2016, JP Morgan engaged in a pattern of manipulation in the precious metals futures and US Treasury futures market, the CFTC said.
Traders would place orders on one side of the market which they never intended to execute, to create a false impression of buy or sell interest that would raise or depress prices, according to the settlement.
This manipulative practice, which is designed to create the illusion of demand, or lack thereof, is known as “spoofing.”
Some of the trades were made on JPMorgan’s own account, while on occasions traders manipulated the market to facilitate trades by hedge fund clients, the CFTC said. The bank failed to identify, investigate, and stop the behavior, even after a new surveillance system flagged issues in 2014, the agency said.
“The conduct of the individuals referenced in today’s resolutions is unacceptable and they are no longer with the firm,” said Daniel Pinto, co-president of JPMorgan and CEO of the Corporate & Investment Bank.
He added that the bank had invested “considerable resources” in boosting its internal compliance policies, surveillance systems and training programs.
In parallel settlements, the bank entered into a Deferred Prosecution Agreement with the Department of Justice and the United States Attorney’s Office for the District of Connecticut, staving off criminal prosecution on charges of wire fraud.
It also agreed to pay $35 million to settle related charges with the Securities and Exchange Commission, although the bank’s payment to the CFTC would offset that fine, it said.
In an unusual concession, JPMorgan also admitted wrongdoing in agreeing to the SEC and Justice Dept. settlements.
“This record-setting enforcement action demonstrates the CFTC’s commitment to being tough on those who intentionally break our rules, no matter who they are. Attempts to manipulate our markets won’t be tolerated,” said CFTC chairman Heath Tarbert.
The CFTC and Justice Department have taken aim at spoofing in recent years, using sophisticated data analysis tools to spot potential wrongdoing that it could not previously detect.


cityam--2020-09-29--More than 100 pubs and restaurants warn PM of 'bleakest of winters' without urgent support

More than 100 hospitality firms , including JD Wetherspoon , Young ’ s and Cafe Nero , have written to the Prime Minister warning that many businesses will not survive “ this bleakest of winters ” , resulting in mass job losses , unless more is done to help the sector .
In a letter to Boris Johnson , businesses such as Fuller ’ s , Greene King and Pizza Express , led by trade associations the British Beer & Pub Association , UK Hospitality and the British Institute of Innkeeping , said the new 10pm curfew has “ made @ @ @ @ @ @ @ .
Read more : JD Wetherspoon to cut 450 jobs at airport pubs Before the latest Covid-19 restrictions , which were introduced last week , half of all hospitality businesses said they did not believe they would survive beyond the middle of next year , the letter said .
The industry has urged the government to review the restrictions at least every three weeks and remove them if they are found to be impacting the spread of Covid-19 .
The letter also states that the latest support measures announced by the chancellor do @ @ @ @ @ @ @ our imperilled sector.
” “ Without an immediate review of the support on offer to pubs , restaurants and wider hospitality businesses , many will be lost for years to come , ” the letter said .
Read more : Cote Restaurants bought out of administration by Partners Group Hospitality firms have called on Johnson to “ intervene as a matter of urgency ” and remove employer contributions for the hospitality sector to the Job Support Scheme and provide a package of grant funding for those businesses that face restrictions being brought forward @ @ @ @ @ @ @ cut and business rates holiday must also be extended through 2021 and beer duty cut .
”

More than 100 pubs and restaurants warn PM of ‘bleakest of winters’ without urgent support
More than 100 hospitality firms, including JD Wetherspoon, Young’s and Cafe Nero, have written to the Prime Minister warning that many businesses will not survive “this bleakest of winters”, resulting in mass job losses, unless more is done to help the sector.
In a letter to Boris Johnson, businesses such as Fuller’s, Greene King and Pizza Express, led by trade associations the British Beer & Pub Association, UK Hospitality and the British Institute of Innkeeping, said the new 10pm curfew has “made this fight to survive even harder”.
Before the latest Covid-19 restrictions, which were introduced last week, half of all hospitality businesses said they did not believe they would survive beyond the middle of next year, the letter said.
The industry has urged the government to review the restrictions at least every three weeks and remove them if they are found to be impacting the spread of Covid-19.
The letter also states that the latest support measures announced by the chancellor do not “go nearly far enough for our imperilled sector.”
“Without an immediate review of the support on offer to pubs, restaurants and wider hospitality businesses, many will be lost for years to come,” the letter said.
Hospitality firms have called on Johnson to “intervene as a matter of urgency” and remove employer contributions for the hospitality sector to the Job Support Scheme and provide a package of grant funding for those businesses that face restrictions being brought forward.
It added that “the VAT cut and business rates holiday must also be extended through 2021 and beer duty cut.”


cityam--2020-09-29--EY employee warned of Wirecard fraud four years before German firm's collapse

EY was reportedly warned four years ago by one of its own employees that senior Wirecard employees had potentially committed fraud and one had attempted to bribe an auditor .
The auditor will face additional pressure following the revelation that a member of staff reported suspicious activity at the German payment firm four years before it collapsed , the Financial Times reported .
EY is under investigation by Germany ’ s auditing watchdog Apas and is facing legal action from Wirecard investors who lost billions of euros when the firm imploded earlier this year .
The Big Four firm had @ @ @ @ @ @ @ a decade and has faced increased scrutiny over its involvement in the now collapsed firm .
A report by the FT in July claimed that between 2016 and 2018 EY did not check with Singapore ’ s OCC Bank to confirm it held large amounts of cash on Wirecard ’ s behalf .
Instead , EY relied on documents and screenshots provided by Wirecard and a third-party trustee .
Apas reportedly started looking at EY ’ s audits in October 2019 and has the power to check earlier submitted accounts and audits .
@ @ @ @ @ @ @ underway into the Ernst & Young Audit Company , ” the document said , adding that the review would examine “ adherence to legal and professional standards.
” In June , EY said it was unable to verify €1.9bn in Wirecard ’ s accounts before it collapsed into insolvency .
The German payments processing firm said there was a “ prevailing likelihood ” that the money did not exist .
City A.M has contacted EY for comment .

EY employee warned of Wirecard fraud four years before German firm’s collapse
EY was reportedly warned four years ago by one of its own employees that senior Wirecard employees had potentially committed fraud and one had attempted to bribe an auditor.
The auditor will face additional pressure following the revelation that a member of staff reported suspicious activity at the German payment firm four years before it collapsed, the Financial Times reported.
EY is under investigation by Germany’s auditing watchdog Apas and is facing legal action from Wirecard investors who lost billions of euros when the firm imploded earlier this year.
The Big Four firm had been Wirecard’s auditor for over a decade and has faced increased scrutiny over its involvement in the now collapsed firm.
A report by the FT in July claimed that between 2016 and 2018 EY did not check with Singapore’s OCC Bank to confirm it held large amounts of cash on Wirecard’s behalf. Instead, EY relied on documents and screenshots provided by Wirecard and a third-party trustee.
Apas reportedly started looking at EY’s audits in October 2019 and has the power to check earlier submitted accounts and audits.
“A formal professional oversight examination is underway into the Ernst & Young Audit Company,” the document said, adding that the review would examine “adherence to legal and professional standards.”
In June, EY said it was unable to verify €1.9bn in Wirecard’s accounts before it collapsed into insolvency. The German payments processing firm said there was a “prevailing likelihood” that the money did not exist.
City A.M has contacted EY for comment.


cityam--2020-09-29--CryptoAM.io goes DeDays and together create “The Mallorca Roundtable”

Over the course of the past nine months , we have seen many things grow : fear , uncertainty , doubt and the number of bankruptcies , especially in hospitality .
I myself was impacted by this loss in business and am still working on saving the remains of a great idea that was the Craft Coin Company which still holds validity especially in COVID secure locations .
One of the few things that got significantly smaller was the number of people that were allowed to get together and mingle .
Not only in the UK , but also in @ @ @ @ @ @ @ .
For the “ De : Central Days – The Digital Economy Convention ” team , those constant changes meant re-planning and re-organising multiple times .
In December everything was set-up for 2,000 visitors , in February it got reduced to 400 , then in May to 100 and ultimately in late July to 12 including two organisers !
As it felt to everyone involved that we were on a quest to fight invisible adversaries and to overcome huge obstacles , it was the one and only James Bowater , who seemingly paid @ @ @ @ @ @ @ who then noticed the similar number of knights at King Arthur ’ s Roundtable , so we relabelled it ‘ CryptoAM.io The Mallorca Roundtable ’ with De : Central Days .
Henceforth , twelve determined souls went on the quest to venture to Mallorca , or specifically to the Marina within the Reial Club Nàutic de Palma to board the sailing boat Tartaruga and self isolate-ish in a responsible socially distanced fashion , killing any remaining viruses with copious amounts of seawater , potent liquid disinfectant and smoke sticks .
But all tragicomical @ @ @ @ @ @ @ attending this event around digital , new economic models and disruptive tech , whole-heartedly agreed after those 4 days that the format worked .
The focus was on networking , facilitating introductions and planning for life after Covid19 .
Events of the past were mainly consisting of bored folks that are glued to their phones or their laptops but only occasionally pay attention to the stuff that ’ s happening on stage .
Current events mainly consist of people with shirts on top and pyjama bottoms outside the visible area , muting themselves @ @ @ @ @ @ @ still bother to show up to either of those events beats me .
It must be the fear of being left out , or potentially missing the next big thing , but I tell you what , we have discovered what the next big thing is : Meaningful , personal and focussed interactions with intelligent people , who are driven by ethical values and moral integrity and who are genuinely interested in each other and what they can do to help .
Help themselves , others and subsequently the entire planet .
With @ @ @ @ @ @ @ visitors , we experienced alignment of ideals and the creation of ideas , as I rarely witnessed before .
Our combined networks turned out to be well beyond capable to solve any single one of the issues that we discovered and discussed .
Natascha Sacher , Gaby Slezak and Dr Maxine Room CBE very capably ensured that our discussions were also inclusive and supported us in our efforts to develop solutions with as little bias , as possible .
As organisers and educators with an in-depth understanding of new economic models and first-hand @ @ @ @ @ @ @ and education they facilitated numerous conversations about the benefits of alternative delivery methods , as well as styles .
3D virtual worlds are all the rage , whether they use a centralised platform or even a decentralised one , where you can earn tokens , the tools that have been developed and could be showcased in the middle of the Med were impressive .
All of us are convinced that ongoing travel restrictions and an underlying fear with many folks , will prevent us from attending bigger meetings in the foreseeable future and @ @ @ @ @ @ @ many of us may not want to .
We are currently in the process of preparing a series of virtual meet-ups that will use those technologies and are looking forward to welcoming many of you in those -free- meet-ups .
Another trend that we could identify was the increasing number of people that have been fleeing the big cities and moving somewhere sunny and nice with better air and fewer crowds .
On Yavin ( London ) , Philipp Suhner ( Zurich ) , Martin Tietz ( Berlin ) , or Lior Davidovitch @ @ @ @ @ @ @ few that like myself recently joined Reinhold , Natascha , Maxine , Gaby , Grant , or Till Kraemer in Spain and even Caty Batten came to us from Southern France via a video call .
If you are analysing coins and educating virtually like On , or creating trading platforms like Philipp , or Martin , you do not need to sit in a big corner office in a major city anymore .
I would argue that the 2 hours less daily commute time probably pays for the entire move within a @ @ @ @ @ @ @ As a matter of fact , not a single person on that boat was a local , there was an expatriate Swiss cook , a recent immigrant from Colombia and the Roundtable members , all of which were somewhat digital nomads .
With an estimated 5 Million , a number which is growing by about 20 percent year over year , new economic models are being established , new value systems being created and the status quo is being challenged on all levels .
Approximately 80 % of digital nomads are not relying @ @ @ @ @ @ @ but are investing in crypto currencies and other alternative assets .
This will change insurance , as well as monetary systems in their entirety .
Just think about how you are planning to KYC someone , who lives in a different country every 3 months .
Decentralised systems , coins used for bartering and crypto that establishes trust , or stores value are all foundational components to those trends , supported by virtual worlds and alternative methods of engagement .
They also all have one thing in common : they are sustainable .
@ @ @ @ @ @ @ improvements , economical advances and social betterment , which is how everything ties together .
Both Caty ’ s brilliant initiative ‘ intaconnected ’ , or Rory O ’ Grady ’ s almond.org project are accounting for this and are therefore representative of the third trend that we spent quite some time discussing : Better businesses .
Young people that come into the workforce want to work in a company that cares .
About them , about the planet , about values .
Investors have understood that companies that are managed by directors @ @ @ @ @ @ @ profitable and a lot less risky to invest in and regulators and states are much more likely to support those ventures .
Now add grants and relieve programs and you get my drift .
Even the legal profession has seen the light and big and small players around the World are teaming up to streamline dispute resolutions by standardising and using decentralised methods for authentication , validation and value transfer .
But it doesn ’ t matter what -tech it is , Fin , Reg , Med , or Legal everything seems to @ @ @ @ @ @ @ So , despite the constant replanning and huge uncertainty the boat and its participants were filled with optimism , as the conversations were producing results and not a single challenge remained unsolved .
To develop more solutions and to help with the creation of more jobs was why we set out on this adventure and we have already started planning for a Hackathon and a virtual event later this year in addition to the virtual roundtables .
So stay tuned and see you somewhere sunny soon , virtually , or for real .
@ @ @ @ @ @ @ of the DeDays , Natascha and Reinhold , to James and CryptoAM.io for its support and connecting of people and to Philipp and his team at broker24.com for their ongoing support .

CryptoAM.io goes DeDays and together create “The Mallorca Roundtable”
Over the course of the past nine months, we have seen many things grow: fear, uncertainty, doubt and the number of bankruptcies, especially in hospitality. I myself was impacted by this loss in business and am still working on saving the remains of a great idea that was the Craft Coin Company which still holds validity especially in COVID secure locations.
One of the few things that got significantly smaller was the number of people that were allowed to get together and mingle. Not only in the UK, but also in other countries, such as in Spain. For the “De:Central Days – The Digital Economy Convention” team, those constant changes meant re-planning and re-organising multiple times. In December everything was set-up for 2,000 visitors, in February it got reduced to 400, then in May to 100 and ultimately in late July to 12 including two organisers!
As it felt to everyone involved that we were on a quest to fight invisible adversaries and to overcome huge obstacles, it was the one and only James Bowater, who seemingly paid attention when his History teachers spoke and who then noticed the similar number of knights at King Arthur’s Roundtable, so we relabelled it ‘CryptoAM.io The Mallorca Roundtable’ with De:Central Days.
Henceforth, twelve determined souls went on the quest to venture to Mallorca, or specifically to the Marina within the Reial Club Nàutic de Palma to board the sailing boat Tartaruga and self isolate-ish in a responsible socially distanced fashion, killing any remaining viruses with copious amounts of seawater, potent liquid disinfectant and smoke sticks.
But all tragicomical joking aside, everyone who had been attending this event around digital, new economic models and disruptive tech, whole-heartedly agreed after those 4 days that the format worked. The focus was on networking, facilitating introductions and planning for life after Covid19.
Events of the past were mainly consisting of bored folks that are glued to their phones or their laptops but only occasionally pay attention to the stuff that’s happening on stage. Current events mainly consist of people with shirts on top and pyjama bottoms outside the visible area, muting themselves to occasionally faint interest. Why people still bother to show up to either of those events beats me. It must be the fear of being left out, or potentially missing the next big thing, but I tell you what, we have discovered what the next big thing is: Meaningful, personal and focussed interactions with intelligent people, who are driven by ethical values and moral integrity and who are genuinely interested in each other and what they can do to help. Help themselves, others and subsequently the entire planet.
With the dozen attendees and three more virtual visitors, we experienced alignment of ideals and the creation of ideas, as I rarely witnessed before. Our combined networks turned out to be well beyond capable to solve any single one of the issues that we discovered and discussed.
Natascha Sacher, Gaby Slezak and Dr Maxine Room CBE very capably ensured that our discussions were also inclusive and supported us in our efforts to develop solutions with as little bias, as possible. As organisers and educators with an in-depth understanding of new economic models and first-hand witnesses to the current changes in events and education they facilitated numerous conversations about the benefits of alternative delivery methods, as well as styles. 3D virtual worlds are all the rage, whether they use a centralised platform or even a decentralised one, where you can earn tokens, the tools that have been developed and could be showcased in the middle of the Med were impressive. All of us are convinced that ongoing travel restrictions and an underlying fear with many folks, will prevent us from attending bigger meetings in the foreseeable future and even if we can go again, many of us may not want to. We are currently in the process of preparing a series of virtual meet-ups that will use those technologies and are looking forward to welcoming many of you in those -free- meet-ups.
Another trend that we could identify was the increasing number of people that have been fleeing the big cities and moving somewhere sunny and nice with better air and fewer crowds. On Yavin (London), Philipp Suhner (Zurich), Martin Tietz (Berlin), or Lior Davidovitch (Tel Aviv) were just a few that like myself recently joined Reinhold, Natascha, Maxine, Gaby, Grant, or Till Kraemer in Spain and even Caty Batten came to us from Southern France via a video call. If you are analysing coins and educating virtually like On, or creating trading platforms like Philipp, or Martin, you do not need to sit in a big corner office in a major city anymore. I would argue that the 2 hours less daily commute time probably pays for the entire move within a month, or two by themselves. As a matter of fact, not a single person on that boat was a local, there was an expatriate Swiss cook, a recent immigrant from Colombia and the Roundtable members, all of which were somewhat digital nomads.
With an estimated 5 Million, a number which is growing by about 20 percent year over year, new economic models are being established, new value systems being created and the status quo is being challenged on all levels. Approximately 80% of digital nomads are not relying on states to care for them, but are investing in crypto currencies and other alternative assets. This will change insurance, as well as monetary systems in their entirety. Just think about how you are planning to KYC someone, who lives in a different country every 3 months.
Decentralised systems, coins used for bartering and crypto that establishes trust, or stores value are all foundational components to those trends, supported by virtual worlds and alternative methods of engagement. They also all have one thing in common: they are sustainable. In their essence, they support ecological improvements, economical advances and social betterment, which is how everything ties together. Both Caty’s brilliant initiative ‘intaconnected’, or Rory O’Grady’s almond.org project are accounting for this and are therefore representative of the third trend that we spent quite some time discussing: Better businesses. Young people that come into the workforce want to work in a company that cares. About them, about the planet, about values. Investors have understood that companies that are managed by directors, who care, are much more profitable and a lot less risky to invest in and regulators and states are much more likely to support those ventures. Now add grants and relieve programs and you get my drift.
Even the legal profession has seen the light and big and small players around the World are teaming up to streamline dispute resolutions by standardising and using decentralised methods for authentication, validation and value transfer. But it doesn’t matter what -tech it is, Fin, Reg, Med, or Legal everything seems to start to make much more sense.
So, despite the constant replanning and huge uncertainty the boat and its participants were filled with optimism, as the conversations were producing results and not a single challenge remained unsolved.
To develop more solutions and to help with the creation of more jobs was why we set out on this adventure and we have already started planning for a Hackathon and a virtual event later this year in addition to the virtual roundtables. So stay tuned and see you somewhere sunny soon, virtually, or for real.
Thanks very much to the original creators of the DeDays, Natascha and Reinhold, to James and CryptoAM.io for its support and connecting of people and to Philipp and his team at broker24.com for their ongoing support.
Author:
Florian Krüger, Partner www.de-days.com, EMEA Chair ISCDO, Business Angel
LinkedIn http://linkedin.com/in/florian


cityam--2020-09-29--Rebel water companies get partial support in fight over price cuts

Four water companies have today won some critical support in their fight against proposals that would force them to slash household bills .
As a result of the provisional ruling from the UK ’ s competition watchdog , Anglian , Bristol , Northumbrian and Yorkshire will be able to spend an additional £214m in investment into the UK ’ s creaking water infrastructure .
Read more : South West Water owner sees shares rise as investors soak up positive update Earlier this year the four companies appealed to the Competition and Markets Authority ( CMA ) after Ofwat published new @ @ @ @ @ @ @ the amount the firms could spend .
The regulator said that the cap on spending was designed to see companies pass savings onto their customers , but the four hit back , saying that the new level would not allow them to invest enough to address issues of pollution and leaks .
Today , the CMA came down in favour of the four over the issue of investment .
Kip Meek , chair of the CMA inquiry group , said : “ While we came to similar decisions as Ofwat on many issues @ @ @ @ @ @ @ to be provided with more revenue to secure continued investment in the sector .
“ We have sought to ensure that our provisional findings strike the right balance between bill reductions and the interests of current and future customers in resilient infrastructure , particularly in the face of climate change.
” Before the Open newsletter : Start your day with the City View podcast and key market data The CMA has now opened a four-week consultation on its initial findings , after which it will publish its final decision .
“ Over the @ @ @ @ @ @ @ to the CMA to ensure customers get a good outcome , and that it is not too easy for investors to make returns in this sector ” , Ofwat chief Rachel Fletcher said .
“ In the meantime , our focus will remain on pushing companies to deliver more for customers and the environment and we will continue to hold them to account for doing so.
” Under Ofwat ’ s proposals , water companies would have had to cut bills by £50 per household , as well increasing investment into infrastructure from @ @ @ @ @ @ @ term .
13 of the country ’ s 17 water companies have backed the proposals .
The CMA came to similar conclusions to Ofwat on many issues .
It found that the four companies should be subject to a challenging set of performance targets while keeping bills low for customers .
Consumer Council for Water chief exec Emma Clancy said that any bill increase as a result of the revolt would be “ a body blow ” for households already hit by coronavirus .
Read more : Water industry hits back at Ofwat @ @ @ @ @ @ @ be clear about what customers are getting for this money , while increasing the support available to those who might struggle to afford the proposed increase ” , she said .
“ The industry also needs to work together to end the postcode lottery impacting the range of help available to customers in different regions .
”

Rebel water companies get partial support in fight over price cuts
Four water companies have today won some critical support in their fight against proposals that would force them to slash household bills.
As a result of the provisional ruling from the UK’s competition watchdog, Anglian, Bristol, Northumbrian and Yorkshire will be able to spend an additional £214m in investment into the UK’s creaking water infrastructure.
Earlier this year the four companies appealed to the Competition and Markets Authority (CMA) after Ofwat published new price proposals which would have drastically cut the amount the firms could spend.
The regulator said that the cap on spending was designed to see companies pass savings onto their customers, but the four hit back, saying that the new level would not allow them to invest enough to address issues of pollution and leaks.
Today, the CMA came down in favour of the four over the issue of investment. Kip Meek, chair of the CMA inquiry group, said:
“While we came to similar decisions as Ofwat on many issues, we think the water companies need to be provided with more revenue to secure continued investment in the sector.
“We have sought to ensure that our provisional findings strike the right balance between bill reductions and the interests of current and future customers in resilient infrastructure, particularly in the face of climate change.”
Before the Open newsletter: Start your day with the City View podcast and key market data
The CMA has now opened a four-week consultation on its initial findings, after which it will publish its final decision.
“Over the coming weeks we will make the case to the CMA to ensure customers get a good outcome, and that it is not too easy for investors to make returns in this sector”, Ofwat chief Rachel Fletcher said.
“In the meantime, our focus will remain on pushing companies to deliver more for customers and the environment and we will continue to hold them to account for doing so.”
Under Ofwat’s proposals, water companies would have had to cut bills by £50 per household, as well increasing investment into infrastructure from £50bn to £51bn over a five year term.
13 of the country’s 17 water companies have backed the proposals.
The CMA came to similar conclusions to Ofwat on many issues. It found that the four companies should be subject to a challenging set of performance targets while keeping bills low for customers.
Consumer Council for Water chief exec Emma Clancy said that any bill increase as a result of the revolt would be “a body blow” for households already hit by coronavirus.
“Companies need to be clear about what customers are getting for this money, while increasing the support available to those who might struggle to afford the proposed increase”, she said.
“The industry also needs to work together to end the postcode lottery impacting the range of help available to customers in different regions.”