cityam--2020-07-07--Economic recovery will be determined by public policy, says BoE’s Haldane

The UK ’ s path to economic recovery will be determined by the course of public policy , the Bank of England ’ s chief economist Andy Haldane said today .
“ Our economic destiny lies not in the stars but to a significant extent in ourselves , in what policy course we choose , ” Haldane said in an online webinar .
Read more : UK economic outlook less grim but ‘ considerable ’ risks remain , says BoE ’ s Haldane “ What is done to tackle the issues of employment , to bring forward investment in the @ @ @ @ @ @ @ build.
” It comes ahead of the Chancellor ’ s statement on Wednesday in which he is expected to announce further schemes to support the economy as it recovers from its coronavirus-induced collapse .
Among Rishi Sunak ’ s announcements is a £3bn green infrastructure package to create jobs and upgrade buildings .
He could also reportedly announce a temporary cut to stamp duty to help young people to get on to the lower end of the housing ladder .
Haldane said that the Covid-19 crisis could “ tackle some of the deep @ @ @ @ @ @ @ ” .
He cited regional inequality , poor levels of productivity and the “ deteriorating ” environment as some of the key issues .
While there still remains a huge amount of uncertainty he said that public policy would help guide the path to recovery , but it would also depend on the path of the virus and “ how big the second , third and fourth wave peaks ” will be .
He described the recovery process will also rely on the “ animal spirits ” of households and business and how @ @ @ @ @ @ @ medical and economic health .
Read more : Rishi Sunak ’ s summer statement : What can we expect ?
Last week the bank ’ s chief economist said he is on track for a V-shaped recovery since the bounceback had been “ sooner and faster ” than expected .
Today he clarified it was not a “ crystal ball forecast ” but on data the bank has already seen .
He described a “ hefty bounce back ” in consumer spending , and while activity is materially below pre-crisis levels , the @ @ @ @ @ @ @ far .
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Economic recovery will be determined by public policy, says BoE’s Haldane
The Covid-19 crisis will likely “stretch” the income gaps between the rich and poor, according to Bank of England chief economist Andy Haldane.
The UK’s path to economic recovery will be determined by the course of public policy, the Bank of England’s chief economist Andy Haldane said today.
“Our economic destiny lies not in the stars but to a significant extent in ourselves, in what policy course we choose,” Haldane said in an online webinar.
“What is done to tackle the issues of employment, to bring forward investment in the economy… to stimulate the economy… generate infrastructure build.”
It comes ahead of the Chancellor’s statement on Wednesday in which he is expected to announce further schemes to support the economy as it recovers from its coronavirus-induced collapse.
Among Rishi Sunak’s announcements is a £3bn green infrastructure package to create jobs and upgrade buildings. He could also reportedly announce a temporary cut to stamp duty to help young people to get on to the lower end of the housing ladder.
Haldane said that the Covid-19 crisis could “tackle some of the deep seated problems that have inflicted our economy”. He cited regional inequality, poor levels of productivity and the “deteriorating” environment as some of the key issues.
While there still remains a huge amount of uncertainty he said that public policy would help guide the path to recovery, but it would also depend on the path of the virus and “how big the second, third and fourth wave peaks” will be.
He described the recovery process will also rely on the “animal spirits” of households and business and how much confidence they have in both their medical and economic health.
Last week the bank’s chief economist said he is on track for a V-shaped recovery since the bounceback had been “sooner and faster” than expected. Today he clarified it was not a “crystal ball forecast” but on data the bank has already seen.
He described a “hefty bounce back” in consumer spending, and while activity is materially below pre-crisis levels, the direction of travel has been upwards so far.
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cityam--2020-07-07--Melbourne re-enters lockdown after coronavirus cases jump

The Australian state of Victoria has recorded its highest one day increase in coronavirus cases , sending the city of Melbourne back into a six-week lockdown .
Victoria recorded its highest daily increase in coronavirus infections , with 191 new confirmed cases .
The Victorian premier , David Andrews , announced that all those living in the Melbourne metropolitan area and Mitchell Shire municipality would be affected by reimposed restrictions until 11:59pm on Wednesday 19 August .
Residents can now only leave their homes for work , education , exercise , for necessary goods or services or for compassionate reasons @ @ @ @ @ @ @ cases in Melbourne and said it was unsustainable to keep the current restrictions in place .
“ These are unsustainably high numbers of new cases ” he said .
“ It is simply impossible with case rates at this level to have enough contact tracing staff , to have enough physical resources , no matter where they come from , no matter what uniform they wear , in order to continue to suppress and contain this virus without taking significant steps.
” “ If we were to fail to take those steps , @ @ @ @ @ @ @ couple of hundred cases per day , it will be many more than that and will spiral well and truly out of control , ” he added .
Out of the total cases since coronavirus first emerged in the state , 2,469 cases have come from metropolitan Melbourne and 261 are from regional Victoria .
Victoria ’ s chief health officer , Brett Sutton , noted that there were about 5,000 close contacts currently being monitored by health officials .
Of the new cases , 37 are currently linked to known outbreaks , @ @ @ @ @ @ @ cases have been found to have come from returned travellers in hotel quarantine .
There are now 772 active cases in Victoria , and 438 cases that could indicate community transmission has occurred .
There are 35 people in hospital presently , including nine in intensive care .
Of all the coronavirus cases announced on Tuesday , 13 are linked to outbreaks in the North Melbourne and Flemington public housing towers .
The total number of cases from those buildings has now hit 69 .
Twelve of the new cases were linked to @ @ @ @ @ @ @ total now sitting at 90 .
Additionally , there have been a total of four new cases linked to the Northern hospital in Epping , with the total now nine from that cluster – made up of eight health staff and one household contact of a staff member .
A new case has also been confirmed in a staff member at the Assisi aged care facility in Rosanna .
Australian Prime Minister Scott Morrison agreed to provide an extra 260 Australian defence force personnel to Victoria to help police set up road checks @ @ @ @ @ @ @ The New South Wales police commissioner , Mick Fuller , said 650 police were on their way to the border crossings of Victoria as the border is closed from midnight to prevent virus from spreading into the neighbouring state .

Melbourne re-enters lockdown after coronavirus cases jump
Melbourne roadblocks are back in force in the suburbs after coronavirus cases rapidly increased this week
The Australian state of Victoria has recorded its highest one day increase in coronavirus cases, sending the city of Melbourne back into a six-week lockdown.
Victoria recorded its highest daily increase in coronavirus infections, with 191 new confirmed cases.
The Victorian premier, David Andrews, announced that all those living in the Melbourne metropolitan area and Mitchell Shire municipality would be affected by reimposed restrictions until 11:59pm on Wednesday 19 August.
Residents can now only leave their homes for work, education, exercise, for necessary goods or services or for compassionate reasons.
Andrews referred to the spike in cases in Melbourne and said it was unsustainable to keep the current restrictions in place.
“These are unsustainably high numbers of new cases” he said. “It is simply impossible with case rates at this level to have enough contact tracing staff, to have enough physical resources, no matter where they come from, no matter what uniform they wear, in order to continue to suppress and contain this virus without taking significant steps.”
“If we were to fail to take those steps, then it won’t be a couple of hundred cases per day, it will be many more than that and will spiral well and truly out of control,” he added.
Out of the total cases since coronavirus first emerged in the state, 2,469 cases have come from metropolitan Melbourne and 261 are from regional Victoria.
Victoria’s chief health officer, Brett Sutton, noted that there were about 5,000 close contacts currently being monitored by health officials.
Of the new cases, 37 are currently linked to known outbreaks, and 154 are under investigation. No cases have been found to have come from returned travellers in hotel quarantine.
There are now 772 active cases in Victoria, and 438 cases that could indicate community transmission has occurred. There are 35 people in hospital presently, including nine in intensive care.
Of all the coronavirus cases announced on Tuesday, 13 are linked to outbreaks in the North Melbourne and Flemington public housing towers. The total number of cases from those buildings has now hit 69.
Twelve of the new cases were linked to the Al-Taqwa college outbreak, with that total now sitting at 90.
Additionally, there have been a total of four new cases linked to the Northern hospital in Epping, with the total now nine from that cluster – made up of eight health staff and one household contact of a staff member.
A new case has also been confirmed in a staff member at the Assisi aged care facility in Rosanna.
Australian Prime Minister Scott Morrison agreed to provide an extra 260 Australian defence force personnel to Victoria to help police set up road checks around the metropolitan edges of Melbourne.
The New South Wales police commissioner, Mick Fuller, said 650 police were on their way to the border crossings of Victoria as the border is closed from midnight to prevent virus from spreading into the neighbouring state.


cityam--2020-07-07--McDonald's breakfast menu returns to all but 28 of its restaurants tomorrow

McDonald ’ s will bring back its breakfast menu tomorrow to all but 28 of its open restaurants across the UK and Ireland .
Last week the fast food chain announced the gradual roll out of its breakfast menu and walk-in takeaway service to more restaurants .
Read more : Unhappy Meal : McDonald ’ s sales fried across the globe by coronavirus lockdowns The breakfast menu will continue to be a limited menu for now , with no bagels , wraps or porridge on offer , but the company said it was working on bringing this items later in @ @ @ @ @ @ @ breakfast menu , McDonald ’ s will also bring back popular main menu items such as milkshakes , mayo chicken , and the bacon double cheeseburger .
McDonald ’ s will reopen 55 of its restaurants tomorrow , with 32 opening for breakfast , leaving just 92 of its 1421 UK and Ireland restaurants to reopen later this year .
Read more : McDonald ’ s to open 22 restaurants for delivery this morning A spokesperson for McDonald ’ s said : “ “ We have seen such a brilliant reaction to breakfast @ @ @ @ @ @ @ return of the McMuffin is proving incredibly popular .
We are therefore delighted to confirm that over 1,250 restaurants will add breakfast to the menu from tomorrow morning.
” “ Our menu will still be limited , we will unfortunately not be serving bagels , wraps or porridge for now .
Our opening hours continue to vary , the quickest way to check your local restaurant will be via the My McDonald ’ s App , where new users can also get a free coffee upon registration.
” Get the news as it @ @ @ @ @ @ @ .

McDonald’s breakfast menu returns to all but 28 of its restaurants tomorrow
McDonald’s will bring back its breakfast menu tomorrow to all but 28 of its open restaurants across the UK and Ireland.
Last week the fast food chain announced the gradual roll out of its breakfast menu and walk-in takeaway service to more restaurants.
The breakfast menu will continue to be a limited menu for now, with no bagels, wraps or porridge on offer, but the company said it was working on bringing this items later in the year.
As well as the breakfast menu, McDonald’s will also bring back popular main menu items such as milkshakes, mayo chicken, and the bacon double cheeseburger.
McDonald’s will reopen 55 of its restaurants tomorrow, with 32 opening for breakfast, leaving just 92 of its 1421 UK and Ireland restaurants to reopen later this year.
A spokesperson for McDonald’s said: ““We have seen such a brilliant reaction to breakfast in the first 42 restaurants, the return of the McMuffin is proving incredibly popular. We are therefore delighted to confirm that over 1,250 restaurants will add breakfast to the menu from tomorrow morning.”
“Our menu will still be limited, we will unfortunately not be serving bagels, wraps or porridge for now. Our opening hours continue to vary, the quickest way to check your local restaurant will be via the My McDonald’s App, where new users can also get a free coffee upon registration.”
Open McDonald’s branches not serving breakfast tomorrow
Branch UK Asda Edinburgh Burnley – St James Street Warrington Bolton Redditch Northwich Welwyn Garden City Thurrock Lakeside Aberdeen City Centre Lakeside II Trafford Centre – The Orient Asda Widnes Asda – Watford Dome Roundabout Hatfield – Asda Mansfield Tunbridge Wells II Southampton – West Quay Praed Street Harrow Leisure Centre Metro Centre Ireland Mahon Point Dun Laoghaire O’Connell Street 2 Limerick 2 Liffey Valley Shopping Centre Crumlin – Ashleaf Centre Rathmines Bray Town Hall
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cityam--2020-07-07--Met Police refers itself to police watchdog over racial profiling

The Metropolitan Police has referred itself to the police watchdog after a stop and search involving black British athlete Bianca Williams .
The Team GB sprinter claimed officers racially profiled her and her partner Ricardo dos Santos , a Portuguese 400m runner , were stopped in Maida Vale over the weekend .
Williams accused the Met of racially profiling her partner for driving a black Mercedes , after footage of the stop and search was shared widely on social media .
The sprinter said she was “ hurt and scared ” by the incident .
“ They see a black @ @ @ @ @ @ @ all-black car , and they assume that he was involved in some sort of gang , drug , violence problem , ” she added .
A Met statement released this evening confirmed the police force had voluntarily referred itself to the Independent Office for Police Conduct ( IOPC ) .
It said : “ We have now recorded this incident as a public complaint .
The decision to refer to the IOPC has been taken due to the complaint being recorded and the significant public interest in this matter and we welcome independent @ @ @ @ @ @ @ reviews of the circumstances by the Met ’ s Directorate of Professional Standards have not identified misconduct for any officer involved , ” the force added .
It marks a sharp U-turn for the force , after a Met Police spokesperson yesterday said no further action would be taken over the incident .
The Met yesterday argued that officers were patrolling the area in Maida Vale in which Williams and her partner stopped because of an increase in youth violence .
Speaking in the Commons ’ Human Rights Committee yesterday , Baroness Lawrence @ @ @ @ @ @ @ black people were deemed suspicious when they drove expensive cars .
“ Stop and search will continue to be an element young people go through on a day-to-day basis , ” said the campaigner , whose murdered son was failed by an “ institutionally racist ” Met Police .
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Met Police refers itself to police watchdog over racial profiling
The Metropolitan Police has referred itself to the police watchdog after a stop and search involving black British athlete Bianca Williams.
The Team GB sprinter claimed officers racially profiled her and her partner Ricardo dos Santos, a Portuguese 400m runner, were stopped in Maida Vale over the weekend.
Williams accused the Met of racially profiling her partner for driving a black Mercedes, after footage of the stop and search was shared widely on social media. The sprinter said she was “hurt and scared” by the incident.
“They see a black male driving a nice car, an all-black car, and they assume that he was involved in some sort of gang, drug, violence problem,” she added.
A Met statement released this evening confirmed the police force had voluntarily referred itself to the Independent Office for Police Conduct (IOPC).
It said: “We have now recorded this incident as a public complaint. The decision to refer to the IOPC has been taken due to the complaint being recorded and the significant public interest in this matter and we welcome independent scrutiny of the facts.”
“Two reviews of the circumstances by the Met’s Directorate of Professional Standards have not identified misconduct for any officer involved,” the force added.
It marks a sharp U-turn for the force, after a Met Police spokesperson yesterday said no further action would be taken over the incident.
The Met yesterday argued that officers were patrolling the area in Maida Vale in which Williams and her partner stopped because of an increase in youth violence.
Speaking in the Commons’ Human Rights Committee yesterday, Baroness Lawrence said it was “ludicrous” that black people were deemed suspicious when they drove expensive cars.
“Stop and search will continue to be an element young people go through on a day-to-day basis,” said the campaigner, whose murdered son was failed by an “institutionally racist” Met Police.
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cityam--2020-07-07--Magnistky Act: Who’s on the Foreign Office’s sanctions list?

Foreign secretary Dominic Raab yesterday unveiled the first 49 foreign citizens facing sanctions for alleged human rights abuses under the UK ’ s new Magnitsky Act .
The new sanctions include visa bans and asset freezes on individuals from Russia , North Korea , Saudi Arabia and Myanmar who are suspected of “ serious ” human rights abuses , including murder , torture , massacre and systematic rape .
The legislation will target 20 Saudi citizens suspected of being involved in the death of journalist Jamal Khashoggi in 2018 and two high-ranking Myanmar generals over violence against the Rohingya people @ @ @ @ @ @ @ two North Korean organisations involved in the “ forced labour , torture and murder ” in the nation ’ s gulags , and 25 Russians who are suspected to have played a part in the 2008 death of Sergei Magnitsky , whom the legislation is named after .
Here are the most high-ranking figures included on the list : The head of Russia ’ s Investigative Committee , Alexander Bastrykin is accused of failing to investigate the maltreatment of Magnitsky after he was beaten to death in 2009 under police in custody in @ @ @ @ @ @ @ friend of Russian President Vladimir Putin , and his inclusion on the Foreign Office ’ s sanctions list is likely to infuriate the kremlin .
He was appointed chairman of Russia ’ s newly-formed Russia ’ s Investigative Committee in 2007 by Putin , and has remained at the helm for the past 13 years .
Dmitry Muratov , former editor-in-chief of the Russian newspaper Novaya Gazeta , has accused Bastrykin of threatening the life of newspaper editor Sergei Sokolov .
Bastrykin was blacklisted under the US Magnistky Act in 2017 , which @ @ @ @ @ @ @ institutions and banned his entry to the US .
Dmitry Kratov was the chief medical officer at Butyrka Prison in Moscow , where Magnitsky was held before being transferred to Matrosskaya Tishina Prison .
Kratov was the only person charged over Magnitsky ’ s death , but was cleared of all wrongdoing by a Russian court in 2012 .
A Moscow judge found Kratov not guilty of negligence , despite the fact that fewer than one per cent of all Russians on trial each year are acquitted .
Officer Silchenko is a lead @ @ @ @ @ @ @ , and was directly in charge of the false arrest , detention and torture of Magnitsky .
He also oversaw Magnitsky ’ s transfer between detention centres , and is said to have prevented his family from speaking to him .
According to US documents , Silchenko issued the order to extend Magnitsky ’ s imprisonment and deny him medical care two weeks before his death .
He is also said to have played a role in the alleged cover-up , heading up the investigation that led to the exoneration of Russian officials @ @ @ @ @ @ @ among the 49 on Raab ’ s list of foreign citizens subject to sanctions over the killing and dismemberment of dissident journalist Jamal Khashoggi .
Six members of Crown Prince Mohammed bin Salman ’ s inner sanctum are on the list , including Saud al-Qahtani , bin Salman ’ s most trusted adviser at the time of Khashoggi ’ s death .
Qahtani was listed as the mastermind of Khashoggi ’ s death , which involved the journalist being lured to the Saudi consulate in Turkey and executed by a hit squad .
@ @ @ @ @ @ @ defendants in the case to death in December , but Qatani was cleared of all charges .
He is also the subject of sanctions under the US Magnitsky Act , where Salah al-Tubaigy is among the hit squad responsible for the death of Khashoggi .
The forensic scientist is accused of dismembering Khashoggi in an upstairs room of the Saudi consulate and ordering a clean-up operation to cover his tracks .
Ahmed al-Assiri was the Saudi deputy intelligence chief at the time of Khashoggi ’ s death .
In October 2018 , Saudi @ @ @ @ @ @ @ saying that the Crown Prince had assigned Asiri with the mission to execute Khashoggi .
In a high-profile trial over Khashoggi ’ s death , Assiri was acquitted of all charges by a court in Riyadh over a “ lack of evidence ” .
Eighteen alleged perpetrators were arrested and five high-ranking state employees dismissed , including Assiri .
North Korea ’ s secret police and its law enforcement agency have also been placed under sanctions over widespread human rights violations , including the “ forced labour , torture and murder that takes @ @ @ @ @ @ @ ” , according to the Foreign Office .
Camp guards and North Korean officials at both the ministry of state security and people ’ s security are said to have been involved in the “ murder , torture and enslavement ” of prisonsers .
Kim Jong-ho is the only named official on the Foreign Office ’ s list of North Korean individuals facing sanctions .
The ministry said his role in human rights abuses has not yet been confirmed , but that he was in charge of the correctional camps .
The Foreign @ @ @ @ @ @ @ individuals relating to the Pyongyang organisations , however , it said the minister of state security , understood to be Jong Kyong Thank since 2017 , is responsible for one of the prison bureaus where the atrocities occurred .
The Foreign Office added that Kim Jong Ho , thought to be the minister of people ’ s security in North Korea , is understood to be responsible for the wide-scale murders , however North Korean officials have not confirmed if he still holds the position .
Min Aung Hlaing is a senior general @ @ @ @ @ @ @ , and is said to have been responsible for the genoicde in 2017 against the country ’ s Rohingya Muslim popualation in the in Rakhine state .
The Foreign Office has accused him of “ serious human rights violations ” including the “ systematic and brutal violence against the Rohingya people and other ethnic minorities ” , the burning of Rohingya houses and buildings , massacre , rape and other forms of sexual violence .
Soe Win is the vice senior general of Myanma ’ s Tatmadaw military and Aung Hlaing ’ s @ @ @ @ @ @ @ accused of “ serious rights violations ” against the Rohingya people , including unlawful killings , torture , forced labour , systematic rape and other forms of targeted sexual violence .
As deputy commander-in-chief of the Tatmadaw and commander-in-chief of the Myanmar army , Win also has responsibility for the serious human rights violations by the Tatmadaw in connection with its business interests in the extractive industries in Myanmar .
He is accused of financing of the Tatmadaw military operations in Rakhine State during which these violations took place , knowing that this @ @ @ @ @ @ @ these violations .
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Magnistky Act: Who’s on the Foreign Office’s sanctions list?
Foreign secretary Dominic Raab yesterday unveiled the first 49 foreign citizens facing sanctions for alleged human rights abuses under the UK’s new Magnitsky Act.
The new sanctions include visa bans and asset freezes on individuals from Russia, North Korea, Saudi Arabia and Myanmar who are suspected of “serious” human rights abuses, including murder, torture, massacre and systematic rape.
The legislation will target 20 Saudi citizens suspected of being involved in the death of journalist Jamal Khashoggi in 2018 and two high-ranking Myanmar generals over violence against the Rohingya people.
It will also place sanctions on two North Korean organisations involved in the “forced labour, torture and murder” in the nation’s gulags, and 25 Russians who are suspected to have played a part in the 2009 death of Sergei Magnitsky, whom the legislation is named after.
Here are the most high-ranking figures included on the list:
Russia
Alexander Bastrykin
The head of Russia’s Investigative Committee, Alexander Bastrykin, is accused of failing to investigate the maltreatment of Magnitsky after he was beaten to death in 2009 under police in custody in Moscow.
Bastrykin is an old university friend of Russian President Vladimir Putin, and his inclusion on the Foreign Office’s sanctions list is likely to infuriate the kremlin.
Russia’s Investigative Committee chief Alexander Bastrykin
He was appointed chairman of Russia’s newly-formed Investigative Committee in 2007 by Putin, and has remained at the helm for the past 13 years.
Dmitry Muratov, former editor-in-chief of the Russian newspaper Novaya Gazeta, has accused Bastrykin of threatening the life of newspaper editor Sergei Sokolov.
Bastrykin was blacklisted under the US Magnistky Act in 2017, which froze his assets held by American financial institutions and banned his entry to the US.
Dmitry Kratov
Dmitry Kratov was the chief medical officer at Butyrka Prison in Moscow, where Magnitsky was held before being transferred to Matrosskaya Tishina Prison, where he later died.
Kratov was the only person charged over Magnitsky’s death, but was cleared of all wrongdoing by a Russian court in 2012.
Dmitry Kratov, the prison official accused of causing the death of lawyer Sergei Magnitsky in prison
A Moscow judge found Kratov not guilty of negligence, despite the fact that fewer than one per cent of all Russians on trial each year are acquitted.
Oleg Silchenko
Officer Silchenko is a lead investigator within Russia’s Interior Ministry, and was directly in charge of the false arrest, detention and torture of Magnitsky. He also oversaw Magnitsky’s transfer between detention centres, and is said to have prevented his family from speaking to him.
According to US documents, Silchenko issued the order to extend Magnitsky’s imprisonment and deny him medical care two weeks before his death.
He is also said to have played a role in the alleged cover-up, heading up the investigation that led to the exoneration of Russian officials over the fraud.
Saudi Arabia
Saud al-Qahtani
Saudi officials are among the 49 on Raab’s list of foreign citizens subject to sanctions over the killing and dismemberment of dissident journalist Jamal Khashoggi.
Six members of Crown Prince Mohammed bin Salman’s inner sanctum are on the list, including Saud al-Qahtani, bin Salman’s most trusted adviser at the time of Khashoggi’s death.
Saudi Arabia’s Crown Prince Mohammed bin Salman is said to have assigned Asiri with the mission to execute Khashoggi
Qahtani was listed as the mastermind of Khashoggi’s death, which involved the journalist being lured to the Saudi consulate in Turkey and executed by a hit squad.
A Saudi court charged five of the defendants in the case to death in December, but Qatani was cleared of all charges. He is also the subject of sanctions under the US Magnitsky Act.
Salah al-Tubaigy
Salah al-Tubaigy is among the hit squad responsible for the death of Khashoggi. The forensic scientist is accused of dismembering Khashoggi in an upstairs room of the Saudi consulate and ordering a clean-up operation to cover his tracks.
Ahmed al-Assiri
Ahmed al-Assiri was the Saudi deputy intelligence chief at the time of Khashoggi’s death.
In October 2018, Saudi daily newspaper al-Waqt quoted close sources as saying that the Crown Prince had assigned Assiri with the mission to execute Khashoggi.
In a high-profile trial over Khashoggi’s death, Assiri was acquitted of all charges by a court in Riyadh over a “lack of evidence”. Eighteen alleged perpetrators were arrested and five high-ranking state employees dismissed, including Assiri.
North Korea
North Korea’s secret police and its law enforcement agency have also been placed under sanctions over widespread human rights violations, including the “forced labour, torture and murder that takes place in North Korea’s gulags”, according to the Foreign Office.
Camp guards and North Korean officials at both the ministry of state security and people’s security are said to have been involved in the “murder, torture and enslavement” of prisonsers.
Kim Jong-ho
Kim Jong-ho is the only named official on the Foreign Office’s list of North Korean individuals facing sanctions. The ministry said his role in human rights abuses has not yet been confirmed, but that he was in charge of the correctional camps.
The Foreign Office has not yet named any other individuals relating to the Pyongyang organisations, however, it said the minister of state security, understood to be Jong Kyong Thank since 2017, is responsible for one of the prison bureaus where the atrocities occurred.
North Korean leader Kim Jong Un has kept in contact with US President Donald Trump following the US’ introduction of sanctions against North Korean officials
The Foreign Office added that Kim Jong Ho, thought to be the minister of people’s security in North Korea, is understood to be responsible for the wide-scale murders, however North Korean officials have not confirmed if he still holds the position.
Myanmar
Min Aung Hlaing
Min Aung Hlaing is a senior general and head of Myanmar’s military, and is said to have been responsible for the genoicde in 2017 against the country’s Rohingya Muslim popualation in the Rakhine state.
The Foreign Office has accused him of “serious human rights violations” including the “systematic and brutal violence against the Rohingya people and other ethnic minorities”, the burning of Rohingya houses and buildings, massacre, rape and other forms of sexual violence.
Myanmar Armed Forces commander-in-Chief Min Aung Hlaing
Soe Win
Soe Win is the vice senior general of Myanma’s Tatmadaw military and Aung Hlaing’s second in command.
He is also accused of “serious rights violations” against the Rohingya people, including unlawful killings, torture, forced labour, systematic rape and other forms of targeted sexual violence.
Myanmar’s vice senior general Soe Win
As deputy commander-in-chief of the Tatmadaw and commander-in-chief of the Myanmar army, Win also has responsibility for the serious human rights violations by the Tatmadaw in connection with its business interests in the extractive industries in Myanmar.
He is accused of financing of the Tatmadaw military operations in Rakhine State during which the violations took place, knowing that this financing would contribute to the commission of the human rights violations.
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cityam--2020-07-08--JK Rowling among 152 celebrities to criticise ‘cancel culture’ in open letter

JK Rowling , Margaret Atwood and Salman Rushdie are among 152 public figures across the political spectrum who have signed an open letter warning that the spread of “ censoriousness ” and “ cancel culture ” has led to an intolerance of conflicting views .
The letter , published in Harper ’ s Magazine , hit out at how a “ panicked damage control ” is leading to the delivery of “ hasty and disproportionate punishments instead of considered reforms ” .
Read more : The Body Shop accused of ‘ bullying ’ JK Rowling after wading into trans rights @ @ @ @ @ @ @ , including major figures Noam Chomsky , Malcolm Gladwell , Gloria Steinem , Martin Amis and Steven Pinker , said they “ applaud ” recent protests for equality , but added that a cultural “ reckoning ” has diluted tolerance of different opinions in favour of “ ideological conformity ” .
Rowling , whose outspoken opinion on transgender rights has lost her large swathes of Harry Potter fans in recent weeks , said she was “ proud to sign this letter in defence of a foundational principle of a liberal society : open @ @ @ @ @ @ @ ” .
She compared the current “ cancel culture ” to McCarthyism in the late 1940s and 1950s — a period of intense anti-Communist suspicion which saw accusations of subversion without substantial evidence .
“ We uphold the value of robust and even caustic counter-speech from all quarters .
But it is now all too common to hear calls for swift and severe retribution in response to perceived transgressions of speech and thought , ” the letter read .
“ The free exchange of information and ideas , the lifeblood of a liberal @ @ @ @ @ @ @ .
“ While we have come to expect this on the radical right , censoriousness is also spreading more widely in our culture : an intolerance of opposing views , a vogue for public shaming and ostracism , and the tendency to dissolve complex policy issues in a blinding moral certainty.
” The letter also denounced the forced resignation of several editors and academics , who have been fired in recent months for “ running controversial pieces ” and “ quoting works of literature in class ” .
“ This stifling atmosphere will @ @ @ @ @ @ @ our time , ” the letter added .
Several signatories of the letter have faced strong opposition for expressing their views on social media in the past .
Rowling was met with huge backlash from the transgender community last month after she described hormones and surgery for transgender people as “ a new kind of conversion therapy ” .
Margaret Atwood , Canadian author of The Handmaid ’ s Tale , faced a deluge of criticism in 2018 when she expressed concerns about the # MeToo movement and called for the diligent review @ @ @ @ @ @ @ sexual misconduct .
The open letter pointed fingers at US President Donald Trump , who signatories said “ represents a real threat to democracy ” .
American journalist and historian Anne Applebaum , who also signed the letter , told BBC Radio Four today : “ We ’ re worried about pressures that come at the moment from both the right and the left .
“ In the United States we have a President who denounces by names the owners of newspapers and seeks to restrain them and seeks to actually use tools @ @ @ @ @ @ @ added : “ At the same time we have the phenomenon of social media panics and Twitter mobs that seek to silence people who veer from one orthodoxy or another .
These are both very important restraints on freedoms of speech and also on people ’ s sense of risk aversion.
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JK Rowling among 152 celebrities to criticise ‘cancel culture’ in open letter
JK Rowling, Margaret Atwood and Salman Rushdie are among 152 public figures across the political spectrum who have signed an open letter warning that the spread of “censoriousness” and “cancel culture” has led to an intolerance of conflicting views.
The letter, published in Harper’s Magazine, hit out at how a “panicked damage control” is leading to the delivery of “hasty and disproportionate punishments instead of considered reforms”.
The 152 signatories of the letter, including major figures Noam Chomsky, Malcolm Gladwell, Gloria Steinem, Martin Amis and Steven Pinker, said they “applaud” recent protests for equality, but added that a cultural “reckoning” has diluted tolerance of different opinions in favour of “ideological conformity”.
Rowling, whose outspoken opinion on transgender rights has lost her large swathes of Harry Potter fans in recent weeks, said she was “proud to sign this letter in defence of a foundational principle of a liberal society: open debate and freedom of thought and speech”.
She compared the current “cancel culture” to McCarthyism in the late 1940s and 1950s — a period of intense anti-Communist suspicion which saw accusations of subversion without substantial evidence.
“We uphold the value of robust and even caustic counter-speech from all quarters. But it is now all too common to hear calls for swift and severe retribution in response to perceived transgressions of speech and thought,” the letter read.
“The free exchange of information and ideas, the lifeblood of a liberal society, is daily becoming more constricted.
“While we have come to expect this on the radical right, censoriousness is also spreading more widely in our culture: an intolerance of opposing views, a vogue for public shaming and ostracism, and the tendency to dissolve complex policy issues in a blinding moral certainty.”
The letter also denounced the forced resignation of several editors and academics, who have been fired in recent months for “running controversial pieces” and “quoting works of literature in class”.
“This stifling atmosphere will ultimately harm the most vital causes of our time,” the letter added.
Several signatories of the letter have faced strong opposition for expressing their views on social media in the past.
Rowling was met with huge backlash from the transgender community last month after she described hormones and surgery for transgender people as “a new kind of conversion therapy”.
Margaret Atwood, Canadian author of The Handmaid’s Tale, faced a deluge of criticism in 2018 when she expressed concerns about the #MeToo movement and called for the diligent review of a former university professor accused of sexual misconduct.
The open letter pointed fingers at US President Donald Trump, who signatories said “represents a real threat to democracy”.
American journalist and historian Anne Applebaum, who also signed the letter, told BBC Radio Four today: “We’re worried about pressures that come at the moment from both the right and the left.
“In the United States we have a President who denounces by names the owners of newspapers and seeks to restrain them and seeks to actually use tools of government to stop them.”
She added: “At the same time we have the phenomenon of social media panics and Twitter mobs that seek to silence people who veer from one orthodoxy or another. These are both very important restraints on freedoms of speech and also on people’s sense of risk aversion.”
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cityam--2020-07-08--Met Police chief apologises to British sprinter Bianca Williams

The head of the Metropolitan Police has apologised to British athlete Bianca Williams for the “ distress ” caused by a stop and search that the sprinter slammed as racial profiling .
A video of the incident , in which Williams and her partner Ricardo dos Santos were hauled out of their car in a London street , went viral after Williams accused the Met of racially profiling her partner .
Read more : Met Police to begin using facial recognition cameras in London “ They see a black male driving a nice car , an all-black car , and @ @ @ @ @ @ @ some sort of gang , drug , violence problem , ” said Williams .
Met Police chief commissioner Dame Cressida Dick today told the Home Affairs Select Committee : “ We apologised yesterday to Ms Williams and I apologise again for the distress this stop clearly caused her.
” The Met last night confirmed it had voluntarily referred itself to the Independent Office for Police Conduct ( IOPC ) .
In a statement , the police force said : “ We have now recorded this incident as a public complaint .
The decision @ @ @ @ @ @ @ taken due to the complaint being recorded and the significant public interest in this matter and we welcome independent scrutiny of the facts.
” Police said the stop and search on the two athletes was in response to increased violence involving weapons in Maida Vale , the area of London where the incident occurred , adding that dos Santos ’ vehicle was seen driving suspiciously .
Williams rejected the claims , and yesterday said she is considering legal action against the Met .
“ I feel very hurt by their actions , and @ @ @ @ @ @ @ and for me to be taken away from my son , my heart hurts , ” she said .
Speaking today , Dame Cressida said : “ Yesterday two of my officers spoke on our behalf to Williams , and I think all of us watching could empathise with somebody who is stopped in a vehicle , who has a young child in the back , who does not probably know what exactly is going on , and is subsequently found , together with her partner , not to be carrying anything illicit.
@ @ @ @ @ @ @ : How many infections are in your London borough ?
The chief commissioner added that she has set up an “ oversight group ” to investigate the Met ’ s use of force , and will review the police force ’ s handcuffing practices .
She told MPs : “ Every time we see a video that is of concern we review them , we see if there are any lessons learned.
” “ My senior officer has said… I ’ m sorry to Williams for the distress , it has clearly caused @ @ @ @ @ @ @ too.
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Met Police chief apologises to British sprinter Bianca Williams
The head of the Metropolitan Police has apologised to British athlete Bianca Williams for the “distress” caused by a stop and search that the sprinter slammed as racial profiling.
A video of the incident, in which Williams and her partner Ricardo dos Santos were hauled out of their car in a London street, went viral after Williams accused the Met of racially profiling her partner.
“They see a black male driving a nice car, an all-black car, and they assume that he was involved in some sort of gang, drug, violence problem,” said Williams.
Met Police chief commissioner Dame Cressida Dick today told the Home Affairs Select Committee: “We apologised yesterday to Ms Williams and I apologise again for the distress this stop clearly caused her.”
The Met last night confirmed it had voluntarily referred itself to the Independent Office for Police Conduct (IOPC).
In a statement, the police force said: “We have now recorded this incident as a public complaint. The decision to refer to the IOPC has been taken due to the complaint being recorded and the significant public interest in this matter and we welcome independent scrutiny of the facts.”
Police said the stop and search on the two athletes was in response to increased violence involving weapons in Maida Vale, the area of London where the incident occurred, adding that dos Santos’ vehicle was seen driving suspiciously.
Williams rejected the claims, and yesterday said she is considering legal action against the Met.
“I feel very hurt by their actions, and to witness my partner being taken away and for me to be taken away from my son, my heart hurts,” she said.
Speaking today, Dame Cressida said: “Yesterday two of my officers spoke on our behalf to Williams, and I think all of us watching could empathise with somebody who is stopped in a vehicle, who has a young child in the back, who does not probably know what exactly is going on, and is subsequently found, together with her partner, not to be carrying anything illicit.”
The chief commissioner added that she has set up an “oversight group” to investigate the Met’s use of force, and will review the police force’s handcuffing practices.
She told MPs: “Every time we see a video that is of concern we review them, we see if there are any lessons learned.”
“My senior officer has said… I’m sorry to Williams for the distress, it has clearly caused her, and I say that, too.”
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cityam--2020-07-08--Five steps to put digital at the heart of Britain's recovery

If , at the start of this year , you ’ d have told me that I was going to celebrate my brother-in-law ’ s thirtieth birthday via Zoom , I would probably have asked you what Zoom was .
I certainly wouldn ’ t have guessed that I would have ministerial meetings , museum tours and even makeup lessons on the platform .
But the world has been turned on its head in the last six months , and the use of technology in our day-to-day lives has skyrocketed .
Read more : Boris built a digital London — @ @ @ @ @ @ @ and innovation have proved lifelines for businesses throughout this crisis .
A recent Be The Business survey found that more than half a million firms have changed or are altering their operating model , and many are even introducing new services in response to the pandemic .
From whisky manufacturers switching to making hand sanitiser to pubs switching to retail , almost every business around the country has tried something new .
Covid-19 has demonstrated the ingenuity of British businesses , but we can ’ t take that progress for granted .
The @ @ @ @ @ @ @ and though the crisis may have spurred investment in the short term , it will be much harder to continue that in the future as businesses face reduced cash reserves , squeezed margins and a highly uncertain economic climate .
That ’ s why we need a new plan to put technology and innovation at the heart of the economic recovery .
The CBI ’ s latest report sets out five big ideas on how to do just that .
First , let ’ s go for gigabit , accelerating the roll-out of @ @ @ @ @ @ @ you are , you ’ ll be able to get online .
Your postcode shouldn ’ t determine your ability to start a business from your kitchen table or have remote GP appointments .
Prioritising rural investment and modernising the rules to get shovels in the ground quicker must be at the top of government ’ s list this year .
Second , let ’ s upskill on digital .
We need a world-class skills system that prepares people for jobs in technology and innovation and helps companies hire people with the skills @ @ @ @ @ @ @ country faces the twin challenge of an expected rise in unemployment and a growing generational skills gap .
Around 11 million people in the UK lack basic digital skills , so a step change is urgently needed .
Let ’ s transform Job Centres into Jobs and Skills Hubs to help young people into digital careers , whether it ’ s data analytics or AI skills .
Third , increase innovation investment .
The pandemic has provided an opportunity to see R & D in real-time action , from vaccine development to the @ @ @ @ @ @ @ also depleted the coffers for business innovation and firms have had to press pause on much of their R & D .
The government can step in to give businesses and universities the confidence and capability to restart their innovation projects , for example by offering more incentives for business R & D .
Fourth , let ’ s reset how we think about regulation of technology in the wake of Covid-19 .
The government must invest in the institutions that will chart our digital future , ensuring that regulation tackles harm online @ @ @ @ @ @ @ of everyone .
This means giving regulators proper funding and clearer remits .
Finally , accelerate adoption .
There ’ s now a real opportunity to build on rapid technology adoption to create jobs and level up across the UK .
The move to more digital solutions when the outbreak began was a global phenomenon .
Microsoft Teams alone saw an increase of 31 million active users in just one month .
Now the UK needs to close the gap with the world-leading nations on innovations .
We shouldn ’ t spend another @ @ @ @ @ @ @ must take a leading role to join up , scale up and simplify support to drive uptake in new technologies .
I don ’ t know how we ’ ll celebrate my brother-in-law ’ s thirty-first birthday next year .
But what I do know is that the pandemic has taught us that , even if we can ’ t predict what the future will bring , technology and innovation can help us get through it .
Read more : I helped write the manifesto — and now our skills agenda is more @ @ @

Five steps to put digital at the heart of Britain’s recovery
Who would have thought that we’d be celebrating birthdays and achieving fitness goals via Zoom?
If, at the start of this year, you’d have told me that I was going to celebrate my brother-in-law’s thirtieth birthday via Zoom, I would probably have asked you what Zoom was.
I certainly wouldn’t have guessed that I would have ministerial meetings, museum tours and even makeup lessons on the platform.
But the world has been turned on its head in the last six months, and the use of technology in our day-to-day lives has skyrocketed.
Technology and innovation have proved lifelines for businesses throughout this crisis. A recent Be The Business survey found that more than half a million firms have changed or are altering their operating model, and many are even introducing new services in response to the pandemic. From whisky manufacturers switching to making hand sanitiser to pubs switching to retail, almost every business around the country has tried something new.
Covid-19 has demonstrated the ingenuity of British businesses, but we can’t take that progress for granted. The UK has long underinvested in innovation, and though the crisis may have spurred investment in the short term, it will be much harder to continue that in the future as businesses face reduced cash reserves, squeezed margins and a highly uncertain economic climate.
That’s why we need a new plan to put technology and innovation at the heart of the economic recovery. The CBI’s latest report sets out five big ideas on how to do just that.
First, let’s go for gigabit, accelerating the roll-out of future-proof broadband so that no matter where you are, you’ll be able to get online. Your postcode shouldn’t determine your ability to start a business from your kitchen table or have remote GP appointments. Prioritising rural investment and modernising the rules to get shovels in the ground quicker must be at the top of government’s list this year.
Second, let’s upskill on digital. We need a world-class skills system that prepares people for jobs in technology and innovation and helps companies hire people with the skills needed to build back better. Our country faces the twin challenge of an expected rise in unemployment and a growing generational skills gap. Around 11 million people in the UK lack basic digital skills, so a step change is urgently needed. Let’s transform Job Centres into Jobs and Skills Hubs to help young people into digital careers, whether it’s data analytics or AI skills.
Third, increase innovation investment. The pandemic has provided an opportunity to see R&D in real-time action, from vaccine development to the ventilator challenge. But the crisis has also depleted the coffers for business innovation and firms have had to press pause on much of their R&D. The government can step in to give businesses and universities the confidence and capability to restart their innovation projects, for example by offering more incentives for business R&D.
Fourth, let’s reset how we think about regulation of technology in the wake of Covid-19. The government must invest in the institutions that will chart our digital future, ensuring that regulation tackles harm online and AI is developed to the benefit of everyone. This means giving regulators proper funding and clearer remits.
Finally, accelerate adoption. There’s now a real opportunity to build on rapid technology adoption to create jobs and level up across the UK. The move to more digital solutions when the outbreak began was a global phenomenon. Microsoft Teams alone saw an increase of 31 million active users in just one month.
Now the UK needs to close the gap with the world-leading nations on innovations. We shouldn’t spend another decade behind the Danes. The government must take a leading role to join up, scale up and simplify support to drive uptake in new technologies.
I don’t know how we’ll celebrate my brother-in-law’s thirty-first birthday next year. But what I do know is that the pandemic has taught us that, even if we can’t predict what the future will bring, technology and innovation can help us get through it.
Main image credit: Getty


cityam--2020-07-08--FTSE 100 slips ahead of chancellor’s statement

The FTSE 100 fell on a volatile morning as investors weighed fresh coronavirus outbreaks around the world against the reopening of economies .
London ’ s blue-chip index was trading 0.4 per cent lower at 6,167 points .
The FTSE 250 index of slightly smaller companies had dropped one per cent .
It came ahead of UK chancellor Rishi Sunak ’ s big speech on the economy today .
He will lay out a number of stimulus packages , including £2bn to support young people in work .
Germany ’ s Dax index was down 0.6 per cent .
The @ @ @ @ @ @ @ cent and France ’ s CAC 40 had fallen one per cent .
Asian markets were mixed overnight .
China continued its rally with the CSI 300 up 1.6 per cent .
But Japan ’ s Nikkei index fell 0.8 per cent .
California in the US notched up more than 10,000 coronavirus cases yesterday .
That was a record rise for a single day .
Coronavirus cases also rose sharply in the Australian state of Victoria .
Melbourne , the country ’ s second-biggest city , saw restrictions reimposed .
The jump @ @ @ @ @ @ @ was also seen in Texas , spooked Wall Street yesterday .
The S & P 500 dropped 1.1 per cent and the Dow Jones finished down 1.5 per cent .
It brought a five-day rally to an end .
“ The continuing spike in cases across the US Sun Belt states , along with a leadership vacuum from Washington DC , frazzled investor nerves , ” said Jeffrey Halley , senior market analyst at currency firm Oanda .
Yet he added : “ The price action itself was actually quite limited in scale @ @ @ @ @ @ @ or near , record highs.
” European markets like have lagged behind Wall Street , however .
Since its March low the FTSE 100 has risen around 23 per cent .
But the US ’ s S & P 500 has shot up more than 40 per cent .
David Madden , market analyst at trading platform CMC Markets , said : “ By the close of play yesterday , the FTSE 100 , Dax 30 and the CAC 40 had handed back nearly all the gains that were made on Monday.
” @ @ @ @ @ @ @ s move was more about a correction rather than a sharp change in outlook.
” Read more : Travelex debtholders take control with £84m funding On the currency markets , the pound rose around 0.4 per cent against the dollar yesterday .
That was after the European Union said it was willing to give ground on fishing policy , a sticking point in Brexit points .
The pound was 0.2 per cent lower against the dollar at $ 1.252 this morning .
The euro was roughly flat per cent at $ 1.127 .

FTSE 100 slips despite Chancellor’s raft of new stimulus measures
The FTSE 100 closed lower on Wednesday, even after the Chancellor unveiled a £30bn stimulus package to get consumers spending again.
London’s blue-chip index closed down 0.55 per cent at 6,156 points after a muted day of trading. The FTSE 250 index of slightly smaller companies finished the day 0.95 per cent lower.
It came after UK chancellor Rishi Sunak’s summer statement in which he introduced a £30bn package to help the economy bounce back.
“The mini-budget – which took a Groupon-approach to stimulus in places… wasn’t robust enough to distract European investors from the continued acceleration of global covid-19 cases,” said Spreadex analyst Connor Campbell.
The market’s muted reaction to the fresh stimulus measures may also be because the Treasury had trailed a number of the announcements earlier this week.
The stamp duty holiday received little attention from FTSE 100 investors since it had been widely anticipated. Housebuilder Taylor Wimpey surged on the back of the speech before closing down 1.77 per cent.
FTSE 250-listed Savills was up 2.5 per cent after Sunak’s speech.
The surprise announcement of the “Eat Out to Help Out” scheme, which will provide a 50 per cent discount for sit down meals in cafes, restaurants and pubs, helped the markets somewhat paired with a drastic cut in VAT.
The Restaurant Group jumped on the news before plunging 4.03 per cent by the end of the day.
While a headline-grabbing offering, it may not be so attractive in the longrun. “The VAT cut may entice some visitors but the Monday-Wednesday time frame and £10 limit for the month of August on dining out may not move the dial much,” said Russ Mould, investment director at AJ Bell.
Investors’ caution may be because “for an economy so reliant on consumer spending, these are just trifles, of little use if consumers remain worried about the longer-term outlook for jobs ad spending,” said Chris Beauchamp, chief market analyst at IG.
US stocks inch up on rebound hopes
Wall Street opened more positively than the FTSE despite recording another increase in infections.
“The UK just reminded Wall Street that the global stock market rally is not likely going away anytime soon as governments globally will now be delivering massive fiscal stimulus responses,” said Edward Moya, senior market analyst at Oanda.
The benchmark S&P 500 is up 0.17 per cent while the Dow Jones is just 0.06 per cent higher. The tech-heavy Nasdaq is leading US stocks, gaining 0.73 per cent.
The jump in cases in the US, which was also seen in Texas, spooked Wall Street yesterday. The S&P 500 dropped 1.1 per cent and the Dow Jones finished down 1.5 per cent. It brought a five-day rally to an end.
“The focus for the US continues to be the economic recovery, which has outweighed a rise in cases that has become the latest bit of bad news to be shrugged off by a market focused on good news and on the positive overspill from the Fed’s liquidity operations,” Beauchamp said.
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cityam--2020-07-08--First Group says it may not survive as passenger numbers dive

British bus and train operator First Group warned on Wednesday it might not survive as a going concern after a collapse in passenger numbers led to a £153m loss in the year to March , sending its shares down 15 per cent .
But the company , which owns the US Greyhound network and school bus services in the United States and Canada , said it had adequate resources to continue operations for the next year despite the “ material uncertainty ” facing its business .
First Group said it still planned to sell its North American operations , a @ @ @ @ @ @ @ its main shareholder , but did not say when they expected the sales to be completed .
Read more : First Group begins sale of North American businesses after investor pressure Chief executive Matthew Gregory told reporters on a call the Greyhound sale , which it previously said was in advanced stages , had slowed due to the coronavirus crisis .
“ We need a little bit more clarity but absolutely we ’ re ready to press on and resume that process as soon as we see how and when the schools get @ @ @ @ @ @ @ company reported charges worth a total £408m .
They were a £187m impairment for Greyhound , a charge of £141.3m related to a self-insurance provision for its North America operations and a £21.5m charge due to the coronavirus crisis .
Read more : Coronavirus : First Group receives £300m from Bank of England It said passenger numbers fell as much as 90 per cent during lockdowns in its markets .
“ There are material uncertainties as to how rapidly demand will increase , the rate at which fiscal support tapers and the duration @ @ @ @ @ @ @ as the timing of North American schools reopening , ” the company said .
First Group has received state aid in Britain and the United States .

First Group says it may not survive as passenger numbers dive
The announcement comes just one day after the firm’s biggest shareholder demanded Gregory’s resignation.
British bus and train operator First Group warned on Wednesday it might not survive as a going concern after a collapse in passenger numbers led to a £153m loss in the year to March, sending its shares down 15 per cent.
But the company, which owns the US Greyhound network and school bus services in the United States and Canada, said it had adequate resources to continue operations for the next year despite the “material uncertainty” facing its business.
First Group said it still planned to sell its North American operations, a move announced in March under pressure from its main shareholder, but did not say when they expected the sales to be completed.
Chief executive Matthew Gregory told reporters on a call the Greyhound sale, which it previously said was in advanced stages, had slowed due to the coronavirus crisis.
“We need a little bit more clarity but absolutely we’re ready to press on and resume that process as soon as we see how and when the schools get back,” he said.
The company reported charges worth a total £408m. They were a £187m impairment for Greyhound, a charge of £141.3m related to a self-insurance provision for its North America operations and a £21.5m charge due to the coronavirus crisis.
It said passenger numbers fell as much as 90 per cent during lockdowns in its markets.
“There are material uncertainties as to how rapidly demand will increase, the rate at which fiscal support tapers and the duration of social distancing rules, as well as the timing of North American schools reopening,” the company said.
First Group has received state aid in Britain and the United States.


cityam--2020-07-08--Brexit: Michel Barnier says Brussels 'ready to grant' City of London access to EU markets

EU chief negotiator Michel Barnier has said Brussels is prepared to grant the City of London access to European markets post-Brexit .
New documents released by the House of Lords EU committee show that Barnier recently told the group that Brussels was “ ready to grant equivalence ” .
Read more : Downing Street still upbeat about gaining post-Brexit EU access for City of London The EU has the power to unilaterally grant access to financial services firms based on whether UK regulations are similar to their own – known as equivalence .
Brussels has said on numerous occasions that @ @ @ @ @ @ @ trade talks , however it has been suggested that the EU could withhold access to its markets in order to draw out concessions from the UK in negotiations .
A row also broke out last week between Downing Street and the EU after it was revealed the UK had failed to hand in all the necessary equivalence assessments on time .
However , Barnier ’ s comments will assuage fears that the City could face a cut off from Europe after the post-Brexit transition period ends on 31 December .
Speaking to the @ @ @ @ @ @ @ We are ready to grant equivalence .
“ The time for decisions is in the autumn , in good time , in the global context of our negotiations on many subjects with the UK.
” Barnier also suggested there was room to manoeuvre on the EU ’ s request that the European Court of Justice ( ECJ ) is involved in governing any UK-EU trade deal – a demand that has been ruled out by Boris Johnson .
In regards to the ECJ , Barnier said : “ I do not imagine that @ @ @ @ @ @ @ some creative solution to deal with these issues .
“ We are open to being creative so that we keep various sides happy.
” Barnier met UK chief Brexit negotiator David Frost for dinner at 10 Downing Street last night as formal post-Brexit trade talks commenced again today .
The informal meeting reportedly allowed the pair to discuss some of the negotiations ’ most difficult sticking points .
These include EU access to UK fishing waters and business competition regulations known as the level playing field .
In what could be seen as @ @ @ @ @ @ @ negotiating position on fishing , the two were served halibut for main course – one of the UK ’ s most prominent fish exports .
Johnson has said he wants the parameters of a deal wrapped up by the end of this month ahead of the end of the post-Brexit transition period on 31 December .
The government has said it wants to give businesses enough time to adjust to changes next year and that negotiators will walk away and prepare for a no-deal scenario before autumn if no breakthroughs happen .
Fishing @ @ @ @ @ @ @ in talks , with EU member states pushing to retain the same access to UK fishing waters as they had when Britain was in the EU .
Chief UK negotiator Frost has described this as a “ non runner ” and is asking for a “ zonal attachment ” agreement , which can be periodically reviewed .
Frost said the UK would be “ an independent coastal nation ” on 1 January next year in any case .
The EU is also asking for the UK to match regulations on things like labour @ @ @ @ @ @ @ provisions .
In return for this level-playing field for businesses on both sides , the EU has said it will allow zero-tariff trading with the UK .
Read more : Sterling rises to three-week highs on news of Brexit negotiations dinner UK negotiators have said they will not allow the EU to set British regulations on these issues .
Barnier has accused the UK of trying to “ cherry pick ” parts of EU membership without the added responsibilities .

Brexit: Michel Barnier says Brussels ‘ready to grant’ City of London access to EU markets
EU chief Brexit negotiator Michel Barnier waves as he arrives at 10 Downing Street in on July 8, 2020
EU chief negotiator Michel Barnier has said Brussels is prepared to grant the City of London access to European markets post-Brexit.
New documents released by the House of Lords EU committee show that Barnier recently told the group that Brussels was “ready to grant equivalence”.
The EU has the power to unilaterally grant access to financial services firms based on whether UK regulations are similar to their own – known as equivalence.
Brussels has said on numerous occasions that the process is separate from ongoing post-Brexit trade talks, however it has been suggested that the EU could withhold access to its markets in order to draw out concessions from the UK in negotiations.
A row also broke out last week between Downing Street and the EU after it was revealed the UK had failed to hand in all the necessary equivalence assessments on time.
However, Barnier’s comments will assuage fears that the City could face a cut off from Europe after the post-Brexit transition period ends on 31 December.
Speaking to the Lords committee, Barnier said: “We are ready to grant equivalence.
“The time for decisions is in the autumn, in good time, in the global context of our negotiations on many subjects with the UK.”
Barnier also suggested there was room to manoeuvre on the EU’s request that the European Court of Justice (ECJ) is involved in governing any UK-EU trade deal – a demand that has been ruled out by Boris Johnson.
In regards to the ECJ, Barnier said: “I do not imagine that it would not be possible to find some creative solution to deal with these issues.
“We are open to being creative so that we keep various sides happy.”
Barnier met UK chief Brexit negotiator David Frost for dinner at 10 Downing Street last night as formal post-Brexit trade talks commenced again today.
The informal meeting reportedly allowed the pair to discuss some of the negotiations’ most difficult sticking points.
These include EU access to UK fishing waters and business competition regulations known as the level playing field.
In what could be seen as a jibe at the EU’s negotiating position on fishing, the two were served halibut for main course – one of the UK’s most prominent fish exports.
Johnson has said he wants the parameters of a deal wrapped up by the end of this month ahead of the end of the post-Brexit transition period on 31 December.
The government has said it wants to give businesses enough time to adjust to changes next year and that negotiators will walk away and prepare for a no-deal scenario before autumn if no breakthroughs happen.
Fishing policy is one of the major flashpoints in talks, with EU member states pushing to retain the same access to UK fishing waters as they had when Britain was in the EU.
Chief UK negotiator Frost has described this as a “non runner” and is asking for a “zonal attachment” agreement, which can be periodically reviewed.
Frost said the UK would be “an independent coastal nation” on 1 January next year in any case.
The EU is also asking for the UK to match regulations on things like labour laws, environmental protection and state aid provisions.
In return for this level-playing field for businesses on both sides, the EU has said it will allow zero-tariff trading with the UK.
UK negotiators have said they will not allow the EU to set British regulations on these issues.
Barnier has accused the UK of trying to “cherry pick” parts of EU membership without the added responsibilities.


cityam--2020-07-08--Facebook fails to address ad boycott concerns at 'disappointing' summit

Organisers of an advertising boycott against Facebook called a meeting it held with the firm ’ s executive team “ disappointing ” , as companies seek to pressure the tech giant into addressing hate speech on the platform .
The groups , which includes the Anti-Defamation League ( ADL ) , Free Press , Color of Change and the NAACP , said they saw “ no commitment to action ” after talking with chief executive Mark Zuckerberg , chief operating office Sheryl Sandberg and others yesterday .
More than 900 advertisers have so far signed up to the Stop Hate @ @ @ @ @ @ @ Facebook to take better action in blocking out hate speech and misinformation , in the wake of the death of George Floyd in police custody .
Read more : Zuckerberg : Advertisers will be back on Facebook ‘ soon enough ’ “ They ( Facebook ) showed up to the meeting expecting an A for attendance , ” said Rashad Robinson , president of Color of Change .
Facebook said in a statement after the meeting that “ we know we will be judged by our actions not by our words and are @ @ @ @ @ @ @ for their continued engagement ” .
Meanwhile a two-year review by auditors into civil rights action at Facebook is set to declare that the tech giant ’ s approach to equality remains “ too reactive and piecemeal ” .
A prepublication draft of the report , seen by the New York Times , is reported to have concluded : “ The auditors do not believe that Facebook is sufficiently attuned to the depth of concern on the issue of polarisation and the way that the algorithms used by Facebook inadvertently fuel extreme and @ @ @ @ @ @ @ over its decision to continue to permit political organisations and leaders to distribute content that contains misinformation , on the basis of freedom of speech .
Read more : Facebook to allow users to turn off political adverts Other social platforms such as Twitter have placed warnings on such posts to alert users that the information may be inaccurate .
A Facebook spokesperson said the audit “ has been a deep analysis of how we can strengthen and advance civil rights at every level of our company — but it is the beginning @ @ @ @ @ @ @ .
“ What has become increasingly clear is that we have a long way to go .
As hard as it has been to have our shortcomings exposed by experts , it has undoubtedly been a really important process for our company.
” Color of Change said yesterday that the only recommendation Zuckerberg and Sandberg attempted to address during the hour-long meeting was establishing a civil rights position within the company , but they would not commit to making it a senior executive job or defining the role .
The campaign , which @ @ @ @ @ @ @ ads for the month of July or longer , has gained members including Unilever , Coca-cola and Starbucks .
It has outlined 10 changes it wants , including allowing victims of severe harassment to speak with a Facebook employee and giving refunds to brands whose ads show up next to offensive content that is later removed .
“ We had 10 demands , and literally we went through the 10 and we didn ’ t get commitments , timeframes or clear outcomes , ” said Jonathan Greenblatt , chief executive of the ADL @

Facebook fails to address ad boycott concerns at ‘disappointing’ summit
Organisers of an advertising boycott against Facebook called a meeting it held with the firm’s executive team “disappointing”, as companies seek to pressure the tech giant into addressing hate speech on the platform.
The groups, which includes the Anti-Defamation League (ADL), Free Press, Color of Change and the NAACP, said they saw “no commitment to action” after talking with chief executive Mark Zuckerberg, chief operating office Sheryl Sandberg and others yesterday.
More than 900 advertisers have so far signed up to the Stop Hate for Profit campaign, organised to pressure Facebook to take better action in blocking out hate speech and misinformation, in the wake of the death of George Floyd in police custody.
“They (Facebook) showed up to the meeting expecting an A for attendance,” said Rashad Robinson, president of Color of Change.
Facebook said in a statement after the meeting that “we know we will be judged by our actions not by our words and are grateful to these groups and many others for their continued engagement”.
Meanwhile a two-year review by auditors into civil rights action at Facebook is set to declare that the tech giant’s approach to equality remains “too reactive and piecemeal”.
A prepublication draft of the report, seen by the New York Times, is reported to have concluded: “The auditors do not believe that Facebook is sufficiently attuned to the depth of concern on the issue of polarisation and the way that the algorithms used by Facebook inadvertently fuel extreme and polarising content.”
Facebook has been criticised over its decision to continue to permit political organisations and leaders to distribute content that contains misinformation, on the basis of freedom of speech.
Other social platforms such as Twitter have placed warnings on such posts to alert users that the information may be inaccurate.
A Facebook spokesperson said the audit “has been a deep analysis of how we can strengthen and advance civil rights at every level of our company — but it is the beginning of the journey, not the end.
“What has become increasingly clear is that we have a long way to go. As hard as it has been to have our shortcomings exposed by experts, it has undoubtedly been a really important process for our company.”
Color of Change said yesterday that the only recommendation Zuckerberg and Sandberg attempted to address during the hour-long meeting was establishing a civil rights position within the company, but they would not commit to making it a senior executive job or defining the role.
The campaign, which calls for advertisers to pause their Facebook ads for the month of July or longer, has gained members including Unilever, Coca-cola and Starbucks.
It has outlined 10 changes it wants, including allowing victims of severe harassment to speak with a Facebook employee and giving refunds to brands whose ads show up next to offensive content that is later removed.
“We had 10 demands, and literally we went through the 10 and we didn’t get commitments, timeframes or clear outcomes,” said Jonathan Greenblatt, chief executive of the ADL.


cityam--2020-07-08--Stamp duty holiday: Top London areas for potential property tax savings

Chancellor Rishi Sunak is today expected to announce a stamp duty holiday in a bid to reinvigorate the UK housing market following the coronavirus lockdown .
The announcement is expected to raise the stamp duty threshold from £125,000 to £500,000 , according to reports .
Experts have said that buyers searching for properties in more expensive areas could benefit the most from the stamp duty holiday .
According to analysis by Rightmove , the biggest stamp duty savings in the capital can be found in Orpington , Bromley .
The average asking price in the south-east London area is £497,852 @ @ @ @ @ @ @ stamp duty holiday , the research showed .
Burnt Oak , Barnet , where asking prices are around £497,839 on average , could offer the second largest saving of £14,892 , followed by Chingford in Waltham Forest where buyers could save £14,673 .
Outside of London , the south east dominates the list of areas where the biggest stamp duty holiday savings could be made .
Buyers in Dorking , Lymington and Sunbury-on-Thames could save up to £14,921 , £14,915 and £14,904 respectively .
The analysis showed potential stamp duty holiday savings for @ @ @ @ @ @ @ to buy a home where the current average asking price is between £450,000 and £500,000 .
Rightmove property expert Miles Shipside said : “ Buyers in higher priced areas with bigger deposits would benefit most if the stamp duty threshold was raised to £500,000.
” Read more : Stamp duty holiday : What does it mean for the UK housing market ?
He added : “ There ’ s currently record housing demand but the market also needs the ability for lenders to extend the availability of low deposit mortgages , vital to @ @ @ @ @ @ @ the rest of the market .
“ A stamp duty holiday without better mortgage availability isn ’ t really helpful for hard pressed potential first-time buyers who are already mainly exempt from it anyway .
”

Stamp duty holiday: Top London areas for potential property tax savings
Chancellor Rishi Sunak is today expected to announce a stamp duty holiday in a bid to reinvigorate the UK housing market following the coronavirus lockdown.
The announcement is expected to raise the stamp duty threshold from £125,000 to £500,000, according to reports.
Experts have said that buyers searching for properties in more expensive areas could benefit the most from the stamp duty holiday.
According to analysis by Rightmove, the biggest stamp duty savings in the capital can be found in Orpington, Bromley.
The average asking price in the south-east London area is £497,852 and buyers could save £14,893 through the stamp duty holiday, the research showed.
Burnt Oak, Barnet, where asking prices are around £497,839 on average, could offer the second largest saving of £14,892, followed by Chingford in Waltham Forest where buyers could save £14,673.
Outside of London, the south east dominates the list of areas where the biggest stamp duty holiday savings could be made.
Buyers in Dorking, Lymington and Sunbury-on-Thames could save up to £14,921, £14,915 and £14,904 respectively.
The analysis showed potential stamp duty holiday savings for people who are not first-time buyers looking to buy a home where the current average asking price is between £450,000 and £500,000.
Rightmove property expert Miles Shipside said: “Buyers in higher priced areas with bigger deposits would benefit most if the stamp duty threshold was raised to £500,000.”
He added: “There’s currently record housing demand but the market also needs the ability for lenders to extend the availability of low deposit mortgages, vital to healthy first-time buyer volumes that help drive the rest of the market.
“A stamp duty holiday without better mortgage availability isn’t really helpful for hard pressed potential first-time buyers who are already mainly exempt from it anyway.”
Potential stamp duty holiday savings in London


cityam--2020-07-08--HSBC shares tumble as US mulls Hong Kong crackdown

HSBC shares have tumbled four per cent after advisers to the US government said they could undermine the Hong Kong dollar ’ s peg to the US dollar and crack down on banks in the city .
The UK and Hong Kong-focused bank has been caught up in a geopolitical struggle over the semi-autonomous city which has seen China impose a harsh security law .
Read more : Hong Kong : All the tech firms pausing activity after China ’ s security law Top American and British politicians sharply criticised HSBC and Standard Chartered for backing China over the law @ @ @ @ @ @ @ oppose the Chinese legislation , which outlaws vague acts such as sedition , subversion and treason .
It has already led to arrests in the city , which is a global financial hub .
Today , HSBC and Standard Chartered shares came under pressure following reports the US could crack down on Hong Kong .
HSBC was down four per cent at 379.4p while Stanchart fell 2.2 per cent to 432.6p on the UK market .
Advisers to US President Donald Trump are considering undermining the Hong Kong dollar ’ s peg to @ @ @ @ @ @ @ .
One way they could do this is by limiting the ability of Hong Kong ’ s banks to purchase dollars .
Such a move would damage HSBC ’ s earnings and destabilise the bank .
It earns more than two-thirds of its before-tax income from Hong Kong .
The Trump administration is also considering measures targeted at HSBC , Bloomberg reported .
US secretary of state Mike Pompeo last month hit out at the bank ’ s Asia-Pacific chief Peter Wong for supporting China ’ s security law .
Fiona Cincotta , @ @ @ @ @ @ @ : “ HSBC is caught in a political tug of war between the US and China .
Read more : HSBC to invest further in China amid row over support for Hong Kong law “ Asia is the biggest regional contributor to HSBC income highlighting the importance of the region to the business .
However , sanctions from the US would be extremely damaging .
“ The share price in London is still down 40 per cent year to date , reflecting the troubles at the bank , compared to Barclays , for @ @ @ @ @ @ @ year to date .
”

HSBC shares tumble as US mulls Hong Kong crackdown
HSBC derives more than two-thirds of its pre-tax earnings from Hong Kong
HSBC shares have tumbled four per cent after advisers to the US government said they could undermine the Hong Kong dollar’s peg to the US dollar and crack down on banks in the city.
The UK and Hong Kong-focused bank has been caught up in a geopolitical struggle over the semi-autonomous city which has seen China impose a harsh security law.
Top American and British politicians sharply criticised HSBC and Standard Chartered for backing China over the law last month.
The US and UK oppose the Chinese legislation, which outlaws vague acts such as sedition, subversion and treason. It has already led to arrests in the city, which is a global financial hub.
Today, HSBC and Standard Chartered shares came under pressure following reports the US could crack down on Hong Kong. HSBC was down four per cent at 379.4p while Stanchart fell 2.2 per cent to 432.6p on the UK market.
Advisers to US President Donald Trump are considering undermining the Hong Kong dollar’s peg to the US dollar, according to Bloomberg. One way they could do this is by limiting the ability of Hong Kong’s banks to purchase dollars.
Such a move would damage HSBC’s earnings and destabilise the bank. It earns more than two-thirds of its before-tax income from Hong Kong.
The Trump administration is also considering measures targeted at HSBC, Bloomberg reported. US secretary of state Mike Pompeo last month hit out at the bank’s Asia-Pacific chief Peter Wong for supporting China’s security law.
Fiona Cincotta, market analyst at City Index, said: “HSBC is caught in a political tug of war between the US and China.
“Asia is the biggest regional contributor to HSBC income highlighting the importance of the region to the business. However, sanctions from the US would be extremely damaging.
“The share price in London is still down 40 per cent year to date, reflecting the troubles at the bank, compared to Barclays, for example which trades 26 per cent lower year to date.”


cityam--2020-07-08--British tech firm Arm to offload IoT units to Softbank

Chipmaker Arm is to spin off its internet of things ( IoT ) software and services divisions to parent Softbank , as it focuses on its core business .
Japanese giant Softbank purchased the Cambridge tech firm in 2016 for £24.3bn .
The deal triggered a review of foreign takeover rules in the UK after ministers became concerned the country was selling off the jewels in its tech crown .
Arm is seeking to focus its efforts exclusively on its successful semiconductor IP business , which has made its technology a prominent part of the mobile sector in recent years @ @ @ @ @ @ @ manufacture its own chips for new Mac computers “ Softbank ’ s experience in managing fast-growing , early-stage businesses would enable [ the unit ] to maximise its value in capturing the data opportunity , ” said Arm chief executive Simon Segar .
“ Arm would be in a stronger position to innovate in our core IP roadmap and provide our partners with greater support to capture the expanding opportunities for compute solutions across a range of markets.
” Pending board and regulatory approval , Arm said it expects the transfer to be @ @ @ @ @ @ @ year .
The move follows reports that Arm could soon be floated by Softbank on Wall Street , as the investment firm maps out a future for the chipmaker .
Read more : Softbank boss steps down from Alibaba board Softbank had previously declared its intention to list Arm by 2023 , but had not specified a venue .
The Nasdaq would be a preferable choice for Arm ’ s debut , given the heavy presence of technology firms on the index , the Telegraph reported .

British tech firm Arm to offload IoT units to Softbank
Chipmaker Arm is to spin off its internet of things (IoT) software and services divisions to parent Softbank, as it focuses on its core business.
Japanese giant Softbank purchased the Cambridge tech firm in 2016 for £24.3bn. The deal triggered a review of foreign takeover rules in the UK after ministers became concerned the country was selling off the jewels in its tech crown.
Arm is seeking to focus its efforts exclusively on its successful semiconductor IP business, which has made its technology a prominent part of the mobile sector in recent years.
“Softbank’s experience in managing fast-growing, early-stage businesses would enable [the unit] to maximise its value in capturing the data opportunity,” said Arm chief executive Simon Segar.
“Arm would be in a stronger position to innovate in our core IP roadmap and provide our partners with greater support to capture the expanding opportunities for compute solutions across a range of markets.”
Pending board and regulatory approval, Arm said it expects the transfer to be completed before the end of September this year.
The move follows reports that Arm could soon be floated by Softbank on Wall Street, as the investment firm maps out a future for the chipmaker.
Softbank had previously declared its intention to list Arm by 2023, but had not specified a venue.
The Nasdaq would be a preferable choice for Arm’s debut, given the heavy presence of technology firms on the index, the Telegraph reported.


cityam--2020-07-08--Tax less, spend more: the Chancellor's Summer Statement

The Chancellor delivered an Economic Statement that may not have been heralded as a Budget , but nonetheless delivered some significant changes to the country ’ s taxation and spending regime .
In what was clearly a ‘ Tax Less , Spend More ’ statement , Rishi Sunak delivered not just a VAT cut for the few , but spending grants for the many .
On the few , we saw VAT cuts for those in hospitality and leisure , whilst on the many there was an effort to encourage people to eat out ( but only at the start @ @ @ @ @ @ @ their green footprints ( through making their houses more energy efficient ) .
The six-month targeted VAT cut may bring smiles to the faces of restauranteurs but won ’ t apply to any alcoholic tipple that accompanies the food .
Nevertheless , combined with the £10 ‘ Eat out to help out ’ half price offer per diner per meal , this Chancellor has been putting his money where his mouth is .
Read more : Why implementation of the VAT rate cut will be more complicated than it appears Coupled with a @ @ @ @ @ @ @ the Chancellor has been playing to those longing for the end of lockdown .
Beyond this , the cut in Stamp Duty was clearly intended to stimulate house moves .
Webcast : Practical impacts of the VAT change for businesses But the largest impact was to address those fearing the effect of ‘ furlough cold turkey , ’ or the young facing a troubled job market .
With a grant of £1,000 per furloughed employee retained through to end January next year , this element of the Chancellor ’ s help may be @ @ @ @ @ @ @ effectively just over £300 per month ) , but will be welcome nonetheless .
Whether this is enough to stop redundancies is yet to be seen .
Also , this scheme may leave a sour taste in the mouth for those businesses which have struggled on without furloughing workers and be seen as unfair in relation to those who worked throughout the lockdown .
For those entering the job market , the Chancellor ’ s Kickstart scheme is set to attract up to 400,000 young people , who companies can take on , @ @ @ @ @ @ @ wage for six months .
All in all , this economic statement deployed almost £30bn of Government funds in tax breaks and spending increases – quite something for a non-Budget .
With the Chancellor ’ s focus on food , this may just the appetiser before the Autumn Budget main course .

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Tax less, spend more: the Chancellor’s Summer Statement
(Photo by TOLGA AKMEN/AFP via Getty Images)
The Chancellor delivered an Economic Statement that may not have been heralded as a Budget, but nonetheless delivered some significant changes to the country’s taxation and spending regime.
In what was clearly a ‘Tax Less, Spend More’ statement, Rishi Sunak delivered not just a VAT cut for the few, but spending grants for the many. On the few, we saw VAT cuts for those in hospitality and leisure, whilst on the many there was an effort to encourage people to eat out (but only at the start of the week) or to improve their green footprints (through making their houses more energy efficient).
The six-month targeted VAT cut may bring smiles to the faces of restauranteurs but won’t apply to any alcoholic tipple that accompanies the food. Nevertheless, combined with the £10 ‘Eat out to help out’ half price offer per diner per meal, this Chancellor has been putting his money where his mouth is.
Read more: Why implementation of the VAT rate cut will be more complicated than it appears
Coupled with a similar cut for accommodation and attractions, the Chancellor has been playing to those longing for the end of lockdown. Beyond this, the cut in Stamp Duty was clearly intended to stimulate house moves.
Webcast: Practical impacts of the VAT change for businesses
But the largest impact was to address those fearing the effect of ‘furlough cold turkey,’ or the young facing a troubled job market. With a grant of £1,000 per furloughed employee retained through to end January next year, this element of the Chancellor’s help may be small compared to the salary costs (effectively just over £300 per month), but will be welcome nonetheless.
Podcast: Listen to Chris Sanger discuss the stimulus measures with EY’s Mats Persson (Chief of Staff to former Chancellor Sajid Javid and Special Advisor to former Prime Minister David Cameron 2015-16)
Whether this is enough to stop redundancies is yet to be seen. Also, this scheme may leave a sour taste in the mouth for those businesses which have struggled on without furloughing workers and be seen as unfair in relation to those who worked throughout the lockdown.
For those entering the job market, the Chancellor’s Kickstart scheme is set to attract up to 400,000 young people, who companies can take on, with the Government grant paying the minimum wage for six months.
All in all, this economic statement deployed almost £30bn of Government funds in tax breaks and spending increases – quite something for a non-Budget. With the Chancellor’s focus on food, this may just the appetiser before the Autumn Budget main course.


cityam--2020-07-08--EU strikes deals with Roche and Merck for potential Covid-19 drugs

The European Commission has reportedly struck deals with drugmakers Roche and Merck to secure supplies of potential Covid-19 drugs .
A Commission source told Reuters that the deal covers two drugs seen as potential coronavirus therapies – Roche ’ s arthritis drug RoActemra and Merck ’ s multiple sclerosis drug Rebif .
Read more : Gilead to trial ‘ inhaled ’ version of coronavirus drug The deal reportedly secures the supply for any of the 27 EU member states wanting to buy them , but no further details were disclosed .
It follows requests from the bloc ’ s member @ @ @ @ @ @ @ as they try to combat the pandemic , even before their effectiveness is proven .
A spokesperson for Roche told City A.M. : “ In ongoing discussions with the European Commission , Roche has committed to meeting the supply needs for eligible patients with COVID-19 associated pneumonia in the EU , and around the globe , in an equitable and sustainable manner.
” Before the Open newsletter : Start your day with the City View podcast and key market data “ Current supply and distribution channels have proven to be very efficient , @ @ @ @ @ @ @ within our control to mitigate future potential supply disruptions of RoActemra.
” Roche is in the late stages of a 330-patient trial of the drug after it was used in China suffering from severe infection .
Roche clarified today that while it is not currently approved for this use by any health authority yet , it would share the data as soon as possible .
Read more : Astrazeneca CEO : Coronavirus vaccine will likely protect for a year The EU is also reportedly in talks with Gilead to obtain doses of remdesvir @ @ @ @ @ @ @ availability after the drugmaker pledged almost all of its supplies to the US .
A spokesperson for the Commission and Merck were not immediately available for comment .
Get the news as it happens by following City A.M. on Twitter .

EU strikes deals with Roche and Merck for potential Covid-19 drugs
IBM has found that job seekers are eyeing up roles in science and tech areas but see the necessary training as unaffordable – a perception which could threaten to slow the UK’s Silicon Valley drive.
The European Commission has reportedly struck deals with drugmakers Roche and Merck to secure supplies of potential Covid-19 drugs.
A Commission source told Reuters that the deal covers two drugs seen as potential coronavirus therapies – Roche’s arthritis drug RoActemra and Merck’s multiple sclerosis drug Rebif.
The deal reportedly secures the supply for any of the 27 EU member states wanting to buy them, but no further details were disclosed.
It follows requests from the bloc’s member states in May to secure the drugs as they try to combat the pandemic, even before their effectiveness is proven.
A spokesperson for Roche told City A.M.: “In ongoing discussions with the European Commission, Roche has committed to meeting the supply needs for eligible patients with COVID-19 associated pneumonia in the EU, and around the globe, in an equitable and sustainable manner.”
Before the Open newsletter: Start your day with the City View podcast and key market data
“Current supply and distribution channels have proven to be very efficient, and we are committed to doing everything within our control to mitigate future potential supply disruptions of RoActemra.”
Roche is in the late stages of a 330-patient trial of the drug after it was used in China suffering from severe infection. Roche clarified today that while it is not currently approved for this use by any health authority yet, it would share the data as soon as possible.
The EU is also reportedly in talks with Gilead to obtain doses of remdesvir. There had been concerns over its availability after the drugmaker pledged almost all of its supplies to the US.
A spokesperson for the Commission and Merck were not immediately available for comment.
Get the news as it happens by following City A.M. on Twitter.