cityam--2020-10-29--Exclusive: Transport for London aware of Croydon tram fatigue problem two years before deadly crash

Transport for London ( TfL ) officials were told of concerns about driver fatigue on the Croydon tram network two years before a fatal crash which killed seven people – believed to have been caused by a driver falling asleep .
An independent audit of the Croydon Tramlink carried out in March 2014 and seen by City A.M. identified “ fatigue management ” as one of “ seven weaknesses ” with the transport system ’ s safety management system .
Read more : Exclusive : Tram risk audit at time of Croydon crash was never revealed to TfL safety panel @ @ @ @ @ @ @ in place do “ not match current Office of Rail and Road ( ORR ) expectations in respect to the management of fatigue ” , it added .
The independent auditors also recommended the development of a fatigue management system .
Yet though Transport for London ( TfL ) made note of these “ seven weaknesses ” in its own report that same month , it nonetheless gave the network its highest rating .
“ On the basis of the work completed we have concluded that competence and fitness of… tram operators is @ @ @ @ @ @ @ TfL said that the “ Well Controlled ” finding referred to its own audit team being satisfied that the independent report “ fulfilled the requirement for effective audit arrangements ” .
Although the findings of the audit , which was carried out by AbsTracked Solutions , are mentioned in TfL ’ s report , it did not list them , and made no mention of fatigue management being a problem .
The Croydon tramlink is operated by Tram Operations Ltd ( TOL ) , a subsidiary of FTSE-250-listed First Group .
TOL provides @ @ @ @ @ @ @ Also in March 2014 , CIRAS – the body for confidentially reporting safety issues on the railways – received a complaint detailing concerns about fatigue arising from TOL ’ s driver roster management .
On 9 November 2016 a tram derailed and overturned at a junction near the Sandilands stop in the worst rail accident in the UK in a decade .
62 people were also injured , 19 seriously .
An investigation later found that the driver had most likely had a “ microsleep ” episode when approaching the bend .
But @ @ @ @ @ @ @ out by the Rail Accident Investigation Board ( RAIB ) made no mention of the 2014 AbsTracked Solutions audit or its concerns .
In AbsTracked Solutions ’ report , it says that with regards to fatigue management , TOL “ focuses on the management of hours worked rather than the management of fatigue ” .
Before the Open newsletter : Start your day with the City View podcast and key market data Addressing fatigue issues is listed as the fourth of seven recommendations made by the auditors .
The report calls for the @ @ @ @ @ @ @ system ” and for TOL to “ identify the most effective measures that can be taken within the priorities of other safety demands ” .
The existence of the independent audit – and the seven weaknesses – was first revealed in 2019 after repeated questioning from London Assembly Member Caroline Pidgeon .
“ The audit is carried out by an external body AbsTracked Solutions and includes competence , fitness , drugs and alcohol and fatigue management ” , TfL ’ s 2014 audit reads .
“ The audit report for March 2014 was @ @ @ @ @ @ @ Seven weaknesses in TOL ’ s SMS were identified which were evidenced on TOL ’ s audit findings tracker ” .
In response to questions in December last year , Mayor Sadiq Khan said : “ During the fieldwork TfL ’ s auditor would have seen what the seven weaknesses referred to in the audit were and the resulting actions required ” .
A TfL spokesperson said : “ The TfL reference to ‘ well controlled ’ is based on our Internal Audit team being satisfied the independent TOL audit report fulfilled the @ @ @ @ @ @ @ not a comment on the detailed findings or actions of TOL ’ s audit .
“ The conclusion of the TfL audit was that TOL were managing the actions and areas of weaknesses highlighted in the independent report directly , as is appropriate for one of our operators.
” Last week it was revealed that TfL had been carrying out its own safety audit of TOL at the time of the 2016 Croydon tram crash , which emails seen by City A.M. confirmed was later “ cancelled ” .
The existence of this @ @ @ @ @ @ @ are “ adequately controlled ” , was never reported to TfL safety board members .

Exclusive: Transport for London aware of Croydon tram fatigue problem two years before deadly crash
The 2016 Sandilands crash killed seven people, the worst rail accident in the UK in years.
Transport for London (TfL) officials were told of concerns about driver fatigue on the Croydon tram network two years before a fatal crash which killed seven people – believed to have been caused by a driver falling asleep.
An independent audit of the Croydon Tramlink carried out in March 2014 and seen by City A.M. identified “fatigue management” as one of “seven weaknesses” with the transport system’s safety management system.
The report said that fatigue management measures in place do “not match current Office of Rail and Road (ORR) expectations in respect to the management of fatigue”.
The independent auditors also recommended the development of a fatigue management system.
Yet though TfL made note of these “seven weaknesses” in its own report that same month, it nonetheless gave the network its highest rating.
“On the basis of the work completed we have concluded that competence and fitness of… tram operators is Well Controlled”, it said.
TfL said that the “Well Controlled” finding referred to its own audit team being satisfied that the independent report “fulfilled the requirement for effective audit arrangements”.
Although the findings of the audit, which was carried out by AbsTracked Solutions, are mentioned in TfL’s report, it did not list them, and made no mention of fatigue management being a problem.
The Croydon tramlink is operated by Tram Operations Ltd (TOL), a subsidiary of FTSE-250-listed First Group. TOL provides drivers and managers for the network.
Also in March 2014, CIRAS – the body for confidentially reporting safety issues on the railways – received a complaint detailing concerns about fatigue arising from TOL’s driver roster management.
On 9 November 2016 a tram derailed and overturned at a junction near the Sandilands stop in the worst rail accident in the UK in a decade. 62 people were also injured, 19 seriously.
An investigation later found that the driver had most likely had a “microsleep” episode when approaching the bend.
But a 2017 report into the accident carried out by the Rail Accident Investigation Board (RAIB) made no mention of the 2014 AbsTracked Solutions audit or its concerns.
In AbsTracked Solutions’ report, it says that with regards to fatigue management, TOL “focuses on the management of hours worked rather than the management of fatigue”.
Before the Open newsletter: Start your day with the City View podcast and key market data
Addressing fatigue issues is listed as the fourth of seven recommendations made by the auditors.
The report calls for the “development of a fatigue risk management system” and for TOL to “identify the most effective measures that can be taken within the priorities of other safety demands”.
The existence of the independent audit – and the seven weaknesses – was first revealed in 2019 after repeated questioning from London Assembly Member Caroline Pidgeon.
“The audit is carried out by an external body AbsTracked Solutions and includes competence, fitness, drugs and alcohol and fatigue management”, TfL’s 2014 audit reads.
“The audit report for March 2014 was evidenced and found to be adequate. Seven weaknesses in TOL’s SMS were identified which were evidenced on TOL’s audit findings tracker”.
In response to questions in December last year, Mayor Sadiq Khan said: “During the fieldwork TfL’s auditor would have seen what the seven weaknesses referred to in the audit were and the resulting actions required”.
A TfL spokesperson said: “The TfL reference to ‘well controlled’ is based on our Internal Audit team being satisfied the independent TOL audit report fulfilled the requirement for effective audit arrangements and is not a comment on the detailed findings or actions of TOL’s audit.
“The conclusion of the TfL audit was that TOL were managing the actions and areas of weaknesses highlighted in the independent report directly, as is appropriate for one of our operators.”
Last week it was revealed that TfL had been carrying out its own safety audit of TOL at the time of the 2016 Croydon tram crash, which emails seen by City A.M. confirmed was later “cancelled”.
The existence of this audit, which concluded that safety issues are “adequately controlled”, was never reported to TfL safety board members.


cityam--2020-10-29--Credit Suisse profit drops as wealth management fees tumble

Credit Suisse Group said it would renew dividends and begin a share buyback programme despite posting a 38 per cent drop in net profit for the third quarter as a surge in investment banking failed to offset a slowdown in wealth management .
The Swiss banking giant reported a profit of 546 million Swiss francs ( £461m ) for the three months to September , below the 572 million franc median of bank-compiled analyst estimates .
Read more : Credit Suisse to launch Revolut and N26 digital banking rival The fall in profit came as Credit Suisse faced its strongest @ @ @ @ @ @ @ thanks to a strong Swiss franc , alongside higher credit loss provisioning and a one-off boost which had flattered last year ’ s numbers .
Despite this , the bank said it planned to restart its share buyback plan next year , spending up to 1.5 billion Swiss francs to repurchase stock .
The lender also forecast a 2020 dividend five per cent higher than the previous year ’ s .
Shares in the bank fell as much as 5.88 per cent following the publication of the results .
Barclays analysts said the @ @ @ @ @ @ @ as some had anticipated .
“ We think investors may have been looking for a bigger beat , given peer reporting , and expect the shares to be weaker , ” they said .
Credit Suisse shares have lost more than a quarter of their value so far this year – falling twice as much as those of arch-rival UBS , but staying ahead of the European banking index .
Chief executive Thomas Gottstein said that if exceptional items were excluded , underlying performance across the bank ’ s main divisions had been @ @ @ @ @ @ @ a 327 million franc revenue boost Credit Suisse recorded in the same period last year from the sale of its InvestLab fund platform .
The results also included provisions of 152 million Swiss francs for major litigation expenses , and restructuring expenses of 107 million francs .
Gottstein announced a broad range of cost-cutting measures in July , including merging the global markets trading division and advisory-focused investment banking and capital markets unit , in his first major strategic move since taking over as chief executive in February .
“ We have once @ @ @ @ @ @ @ business and we are confident that the refinements that we announced over the summer will provide further momentum as we complete the restructuring measures , ” Gottstein said .
Before the Open newsletter : Start your day with the City View podcast and key market data The newly-merged investment banking unit saw pre-tax profit rise to 370 million Swiss francs , with increased trading helping equity and fixed income sales and trading surge five and 10 per cent respectively , while capital markets and advisory revenue increased by a third .
Pre-tax income @ @ @ @ @ @ @ management unit fell 58 per cent to 215 million Swiss francs , with revenue slipping 20 per cent to 1.14 billion francs – a higher drop than analysts ’ had predicted .
The division , which serves wealthy clients outside Switzerland and Asia , was also hit by lower recurring commission and fees as well as falling net interest income , with private banking revenue down eight per cent year-on-year .
Read more : Swiss regulator starts action against Credit Suisse over spying claims On conference calls following the results , executives conceded @ @ @ @ @ @ @ dollar meant the unit would be more reliant on transaction revenues and higher lending to drive growth in the coming quarters .
Credit Suisse said it expected revenues to be resilient in the coming months as clients engage in “ elevated levels of transactional and trading activity , across both our wealth management and investment banking businesses ” in response to macroeconomic uncertainties .

Credit Suisse profit drops as wealth management fees tumble
The restructuring announcement came alongside a dire set of third quarter results that laid bare the scale of the challenge to lift the bank out of the mire
Credit Suisse Group said it would renew dividends and begin a share buyback programme despite posting a 38 per cent drop in net profit for the third quarter as a surge in investment banking failed to offset a slowdown in wealth management.
The Swiss banking giant reported a profit of 546 million Swiss francs (£461m) for the three months to September, below the 572 million franc median of bank-compiled analyst estimates.
Read more: Credit Suisse to launch Revolut and N26 digital banking rival
Credit Suisse to issue despite profit drop
The fall in profit came as Credit Suisse faced its strongest foreign currency headwinds in nearly a decade thanks to a strong Swiss franc, alongside higher credit loss provisioning and a one-off boost which had flattered last year’s numbers.
Despite this, the bank said it planned to restart its share buyback plan next year, spending up to 1.5 billion Swiss francs to repurchase stock. The lender also forecast a 2020 dividend five per cent higher than the previous year’s.
Shares in the bank fell as much as 5.88 per cent following the publication of the results. Barclays analysts said the figures were “not as strong” as some had anticipated.
“We think investors may have been looking for a bigger beat, given peer reporting, and expect the shares to be weaker,” they said.
Credit Suisse shares have lost more than a quarter of their value so far this year – falling twice as much as those of arch-rival UBS, but staying ahead of the European banking index.
Restructuring costs and litigation expenses hit profits
Chief executive Thomas Gottstein said that if exceptional items were excluded, underlying performance across the bank’s main divisions had been healthy.
The drop in profits reflected a 327 million franc revenue boost Credit Suisse recorded in the same period last year from the sale of its InvestLab fund platform.
The results also included provisions of 152 million Swiss francs for major litigation expenses, and restructuring expenses of 107 million francs.
Gottstein announced a broad range of cost-cutting measures in July, including merging the global markets trading division and advisory-focused investment banking and capital markets unit, in his first major strategic move since taking over as chief executive in February.
“We have once again proven the strength of our diversified business and we are confident that the refinements that we announced over the summer will provide further momentum as we complete the restructuring measures,” Gottstein said.
Before the Open newsletter: Start your day with the City View podcast and key market data
Investment banking profit climbs but wealth management earnings tumble
The newly-merged investment banking unit saw pre-tax profit rise to 370 million Swiss francs, with increased trading helping equity and fixed income sales and trading surge five and 10 per cent respectively, while capital markets and advisory revenue increased by a third.
Pre-tax income at Credit Suisse’s international wealth management unit fell 58 per cent to 215 million Swiss francs, with revenue slipping 20 per cent to 1.14 billion francs – a higher drop than analysts’ had predicted.
The division, which serves wealthy clients outside Switzerland and Asia, was also hit by lower recurring commission and fees as well as falling net interest income, with private banking revenue down eight per cent year-on-year.
Read more: Swiss regulator starts action against Credit Suisse over spying claims
On conference calls following the results, executives conceded that lower interest rates and a depressed dollar meant the unit would be more reliant on transaction revenues and higher lending to drive growth in the coming quarters.
Credit Suisse said it expected revenues to be resilient in the coming months as clients engage in “elevated levels of transactional and trading activity, across both our wealth management and investment banking businesses” in response to macroeconomic uncertainties.


cityam--2020-10-29--Spotify dancing on air as premium subscribers revenue beats expectations

All those weekend nights in as coronavirus restrictions increased seem to have helped Spotify added more premium subscribers in the third quarter than expected .
The music streaming service forecast strong growth in the current quarter as more users signed on for an ad-free experience .
With more than double the number of subscribers than its nearest rival Apple Music , Spotify has been expanding rapidly in markets across Europe after launching in India and the Middle East last year .
Premium subscribers , which account for most of its revenue , were up 27 % to 144 million from @ @ @ @ @ @ @ ahead of the 142.5m paid subscribers analysts had pencilled in .
Spotify credited the rise in subscribers to its recent launch in new markets such as Russia , which it deemed the “ most successful new market launch ” to date .
The company expects total premium subscribers in the range of 150m to 154m for the fourth quarter .
Analysts were expecting it to hit 151.5 million .
Spotify , which also plays ads to users listening for free , saw its advertising business return back to growth after the global pandemic @ @ @ @ @ @ @ .
Revenue rose 14 % to €1.98bn ( £1.79bn ) in the quarter , this time missing expectations of €2bn .
Excluding the impact of foreign exchange , Spotify said its quarterly revenue was “ slightly better than expected .
”

Spotify dancing on air as premium subscribers revenue beats expectations
Skepta performs during an Spotify-hosted album listening party for fans to hear his new album (Photo by Dave Hogan/Getty Images for Spotify)
All those weekend nights in as coronavirus restrictions increased seem to have helped Spotify added more premium subscribers in the third quarter than expected.
The music streaming service forecast strong growth in the current quarter as more users signed on for an ad-free experience.
With more than double the number of subscribers than its nearest rival Apple Music, Spotify has been expanding rapidly in markets across Europe after launching in India and the Middle East last year.
Premium subscribers, which account for most of its revenue, were up 27% to 144 million from a year earlier.
That’s ahead of the 142.5m paid subscribers analysts had pencilled in.
Expanding East
Spotify credited the rise in subscribers to its recent launch in new markets such as Russia, which it deemed the “most successful new market launch” to date.
The company expects total premium subscribers in the range of 150m to 154m for the fourth quarter. Analysts were expecting it to hit 151.5 million.
Spotify, which also plays ads to users listening for free, saw its advertising business return back to growth after the global pandemic hit ad growth earlier in the year.
Revenue rose 14% to €1.98bn (£1.79bn) in the quarter, this time missing expectations of €2bn.
Excluding the impact of foreign exchange, Spotify said its quarterly revenue was “slightly better than expected.”


cityam--2020-10-29--Betfair: What the markets look like days out from the US election

Normally , around one week out from polling day , we would expect to see relatively close convergence between Betfair estimates and polling models .
However there is nothing normal about either the Trump era or 2020 .
The two estimates have never converged during this cycle and the differential is more stark than ever .
At odds of 1/2 on the Betfair Exchange , Biden is trading at more generous odds than any of the last three US election favourites were at this stage , despite a vastly superior polling position .
Read more : The Trump Show rolls @ @ @ @ @ @ @ around 9-10 per cent would normally equate to odds around 1/7 , at best .
There is similar divergence across all the key states , as illustrated by these comparisons with the Fivethirtyeight prediction model .
Note their ratings are actually less pro-Biden than , for example , polling by The Economist and Yougov .
In some cases the mismatch is arguably more extreme in states than nationwide – Michigan , Wisconsin , Pennsylvania Florida .
I ’ d now say Biden for Michigan is an even better value bet than to win @ @ @ @ @ @ @ That trend in the state markets is partly due to traders employing the sort of trade strategies explained in my column last week .
Whilst still available , especially if using the six electoral college handicap lines , these glaring opportunities are closing .
As the list demonstrates , the betting favours Trump for every target .
He remains a much more popular selection .
Over the weekend , 6700 trades were placed on Betfair ’ s exchange for the incumbent , as opposed to 5250 for the challenger .
They totalled £3.7m @ @ @ @ @ @ @ Sajid Javid says Biden is best for Britain The odds simply reflect that supply and demand .
The industry expects the former trend to persist – many more bets will be placed on Trump .
However we can only speculate how that dynamic will affect the late odds .
Academic research testing the accuracy of betting markets shows they become much more reliable indicators as election day approaches .
We may therefore see closer correlation in the days ahead as more money enters the market .
Regarding those weekend statistics , it is @ @ @ @ @ @ @ quiet on the exchange .
Across the previous three days , over £20million was traded .
The effect of that spike in volume was to drive Biden ’ s odds down markedly .
The big-hitters were getting involved .
The biggest single bet of the campaign – £500,000 at odds of 8/15 – was placed on Friday .
Indeed all the top-ten biggest bets of this cycle were for Biden .
There seems to be a trend where the market only moves significantly in his favour during the moments of peak liquidity – @ @ @ @ @ @ @ .
We know from elections across the world that volume always peaks late .
In 2016 , £75m of the £199m total traded for Next President occurred after polls closed .
That total figure will be surpassed in the next few days , making this the biggest market in Betfair ’ s history .
Based on those trends , I expect Biden ’ s odds to collapse sharply before November 3rd .
Unless something dramatic changes in the polls or news , my forecast is he ’ ll be a 1/4 ( 80 @ @ @ @ @ @ @ .
That is not a confident prediction , however , based on what has felt like an irrational market so far .
Trump ’ s appeal to bettors is a unique phenomenon .
His fame skews those supply and demand numbers .
One explanation – partisan betting – took a hit from a new poll .
Betfair commissioned YouGov to poll UK voters on a range of issues regarding the US Election , the fascinating results of which were released today .
The poll found of those who expressed a preference , Biden @ @ @ @ @ @ @ , with Trump just 20 per cent .
Trump ’ s figure rises to 25 per cent among men , who make up the majority of bettors .
Given that most customers are in the UK , and the exchange doesn ’ t operate in the USA , it can ’ t therefore legitimately be claimed that ‘ MAGA money ’ dominates the market .
I suspect it has an effect at specific moments – the Republican convention , his return to rallies after suffering from Covid – but , cumulatively , will @ @ @ @ @ @ @ money .
Perhaps a better signal is that only 37 per cent regard Biden as ‘ fit to to be next leader of the free world ’ .
Regardless of what is happening on the ground stateside , the Democrat hasn ’ t cut through with the British public yet .
No wonder perhaps , if they shy away from backing him at short odds-on .
Odds were correct at the time of writing , check Betfair Exchange for the latest US election odds .
18+ please gamble responsibly

Betfair: What the markets look like days out from the US election
An art school in Mumbai reflects global interest in next week’s vote (Photo by INDRANIL MUKHERJEE/AFP via Getty Images)
Normally, around one week out from polling day, we would expect to see relatively close convergence between Betfair estimates and polling models.
However there is nothing normal about either the Trump era or 2020. The two estimates have never converged during this cycle and the differential is more stark than ever.
At odds of 1/2 on the Betfair Exchange, Biden is trading at more generous odds than any of the last three US election favourites were at this stage, despite a vastly superior polling position.
Read more: The Trump Show rolls into Pennsylvania
A consistent national lead of around 9-10 per cent would normally equate to odds around 1/7, at best.
There is similar divergence across all the key states, as illustrated by these comparisons with the Fivethirtyeight prediction model. Note their ratings are actually less pro-Biden than, for example, polling by The Economist and Yougov.
Where? Betfair implied odds of winning Fivethirtyeight implied odds of winning National Biden: 67 per cent Biden: 87 per cent Minnesota Biden: 75 per cent Biden: 92 per cent Michigan Biden: 73 per cent Biden: 94 per cent Wisconsin Biden: 71 per cent Biden: 88 per cent Pennsylvania Biden: 67 per cent Biden: 86 per cent Arizona Biden: 60 per cent Biden: 66 per cent Florida Trump: 52 per cent Biden: 56 per cent North Carolina Biden: 55 per cent Biden: 65 per cent Georgia Trump: 57 per cent Trump: 54 per cent Ohio Trump: 71 per cent Trump: 58 per cent Iowa Trump: 60 per cent Trump: 51 per cent Texas Trump: 70 per cent Trump: 64 per cent
In some cases the mismatch is arguably more extreme in states than nationwide – Michigan, Wisconsin, Pennsylvania Florida. I’d now say Biden for Michigan is an even better value bet than to win the presidency. A slam dunk.
That trend in the state markets is partly due to traders employing the sort of trade strategies explained in my column last week. Whilst still available, especially if using the six electoral college handicap lines, these glaring opportunities are closing.
As the list demonstrates, the betting favours Trump for every target. He remains a much more popular selection. Over the weekend, 6700 trades were placed on Betfair’s exchange for the incumbent, as opposed to 5250 for the challenger. They totalled £3.7m and £3.6m respectively.
Read more: Sajid Javid says Biden is best for Britain
The odds simply reflect that supply and demand. The industry expects the former trend to persist – many more bets will be placed on Trump. However we can only speculate how that dynamic will affect the late odds.
Academic research testing the accuracy of betting markets shows they become much more reliable indicators as election day approaches. We may therefore see closer correlation in the days ahead as more money enters the market.
Regarding those weekend statistics, it is worth noting those two days were relatively quiet on the exchange. Across the previous three days, over £20million was traded. The effect of that spike in volume was to drive Biden’s odds down markedly.
The big-hitters were getting involved. The biggest single bet of the campaign – £500,000 at odds of 8/15 – was placed on Friday.
Indeed all the top-ten biggest bets of this cycle were for Biden. There seems to be a trend where the market only moves significantly in his favour during the moments of peak liquidity – around the two debates, for example.
We know from elections across the world that volume always peaks late. In 2016, £75m of the £199m total traded for Next President occurred after polls closed. That total figure will be surpassed in the next few days, making this the biggest market in Betfair’s history.
Nigel Farage joined Trump on the campaign trail (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images)
Based on those trends, I expect Biden’s odds to collapse sharply before November 3rd. Unless something dramatic changes in the polls or news, my forecast is he’ll be a 1/4 (80 per cent) chance when polls close.
That is not a confident prediction, however, based on what has felt like an irrational market so far. Trump’s appeal to bettors is a unique phenomenon. His fame skews those supply and demand numbers.
One explanation – partisan betting – took a hit from a new poll. Betfair commissioned YouGov to poll UK voters on a range of issues regarding the US Election, the fascinating results of which were released today.
The poll found of those who expressed a preference, Biden had 80 per cent of the vote, with Trump just 20 per cent. Trump’s figure rises to 25 per cent among men, who make up the majority of bettors.
Given that most customers are in the UK, and the exchange doesn’t operate in the USA, it can’t therefore legitimately be claimed that ‘MAGA money’ dominates the market.
I suspect it has an effect at specific moments – the Republican convention, his return to rallies after suffering from Covid – but, cumulatively, will be overwhelmed by the overall weight of money.
Perhaps a better signal is that only 37 per cent regard Biden as ‘fit to to be next leader of the free world’. Regardless of what is happening on the ground stateside, the Democrat hasn’t cut through with the British public yet. No wonder perhaps, if they shy away from backing him at short odds-on.
Odds were correct at the time of writing, check Betfair Exchange for the latest US election odds. 18+ please gamble responsibly


cityam--2020-10-30--FSB: banks must ‘step up’ support for new Bounce Back Loan applications

The Federation of Small Businesses ( FSB ) has called for the government to introduce further support measures and for banks to “ step up ” to ensure small businesses can access the financing they need .
The organisation said it was “ particularly concerned ” by the number of small businesses that were struggling to access government-backed Bounce Back Loans ( BBLs ) because they were unable to open accounts with accredited lenders .
Read more : Exclusive : MPs call for clarity on Bounce Back Loan replacement as lenders shut door on SMEs “ Access to finance for @ @ @ @ @ @ @ now business critical , ” said FSB London policy chair Rowena Howie , adding that lenders needed to “ urgently ” take action as “ livelihoods depend on it ” .
City A.M. has previously revealed that many small businesses had been left unable to access BBLs after banks closed to new applicants early .
Many of the major lenders require firms to have business accounts with them in order to access the loans .
Of the 28 lenders accredited under the scheme , just one is still open to applications from new @ @ @ @ @ @ @ for the scheme to 30 November .
“ These institutions who are not supporting viable , honest and credit worthy businesses… need to urgently hear the cries of these firms and provide vital support , ” said Howie .
The FSB also urged the government to introduce further coronavirus support measures for businesses that have not yet received any income support during the coronavirus crisis , and to reduce the cost of hiring and “ further alleviate the business rates burden ” .
Before the Open newsletter : Start your day with the @ @ @ @ @ @ @ The FSB ’ s call comes as new figures showed that business confidence remains low among small firms in London , with companies in the capital most likely to report a decline in revenue in the last 3 months compared to other regions in the UK .
Some 63 per cent of London-based small firms reported a drop in revenue for the quarter .
The organisation ’ s small business confidence reading for the capital remained unchanged at -26 for the third quarter .
However London firms reported a higher level of confidence @ @ @ @ @ @ @ regions .
A record 30 per cent of small businesses in London said they had reduced headcount since the previous quarter , but the proportion of firms expecting to make redundancies in the coming quarter fell to 16 per cent .
“ It is confidence and certainty that businesses need at this time , particularly for businesses most in need of support in the hospitality , retail and tourism related sectors , ” said Howie .
“ A lot of small businesses have shelled out thousands to make their premises safe at a @ @ @ @ @ @ @ revenue coming in only to be told to close , ” she continued .
Read more : Exclusive : MPs slam ‘ inconsistency and incompetence ’ as SMEs struggle to get bounce back loans Alongside continued uncertainty related to the Covid-19 pandemic and access to emergency financing , the FSB said that uncertainty over the TfL bailout and whether the UK would reach a post-Brexit trade agreement with the EU was also having a detrimental effect on London ’ s small business .
“ Securing a swift and positive TfL bailout and EU @ @ @ @ @ @ @ small businesses at what has been an extremely difficult time , ” Howie said .

FSB: banks must ‘step up’ support for new Bounce Back Loan applications
The FSB said it was concerned about the number of small businesses unable to access BBLs
The Federation of Small Businesses (FSB) has called for the government to introduce further support measures and for banks to “step up” to ensure small businesses can access the financing they need.
The organisation said it was “particularly concerned” by the number of small businesses that were struggling to access government-backed Bounce Back Loans (BBLs) because they were unable to open accounts with accredited lenders.
“Access to finance for many small businesses in the capital is now business critical,” said FSB London policy chair Rowena Howie, adding that lenders needed to “urgently” take action as “livelihoods depend on it”.
City A.M. has previously revealed that many small businesses had been left unable to access BBLs after banks closed to new applicants early. Many of the major lenders require firms to have business accounts with them in order to access the loans.
Of the 28 lenders accredited under the scheme, just one is still open to applications from new customers, despite the chancellor extending applications for the scheme to 30 November.
“These institutions who are not supporting viable, honest and credit worthy businesses… need to urgently hear the cries of these firms and provide vital support,” said Howie.
The FSB also urged the government to introduce further coronavirus support measures for businesses that have not yet received any income support during the coronavirus crisis, and to reduce the cost of hiring and “further alleviate the business rates burden”.
Before the Open newsletter: Start your day with the City View podcast and key market data
The FSB’s call comes as new figures showed that business confidence remains low among small firms in London, with companies in the capital most likely to report a decline in revenue in the last 3 months compared to other regions in the UK.
Some 63 per cent of London-based small firms reported a drop in revenue for the quarter.
The organisation’s small business confidence reading for the capital remained unchanged at -26 for the third quarter. However London firms reported a higher level of confidence for the coming quarter than other English regions.
A record 30 per cent of small businesses in London said they had reduced headcount since the previous quarter, but the proportion of firms expecting to make redundancies in the coming quarter fell to 16 per cent.
“It is confidence and certainty that businesses need at this time, particularly for businesses most in need of support in the hospitality, retail and tourism related sectors,” said Howie.
“A lot of small businesses have shelled out thousands to make their premises safe at a time when they had little or no revenue coming in only to be told to close,” she continued.
Alongside continued uncertainty related to the Covid-19 pandemic and access to emergency financing, the FSB said that uncertainty over the TfL bailout and whether the UK would reach a post-Brexit trade agreement with the EU was also having a detrimental effect on London’s small business.
“Securing a swift and positive TfL bailout and EU deal will provide a fillip for many small businesses at what has been an extremely difficult time,” Howie said.


cityam--2020-10-30--Premier League testing firm snaps up Oxford University Covid-19 test business

The company behind the Premier League and Heathrow testing programmes has acquired a rapid Covid-19 testing business spun out of Oxford University .
Biotech firm Prenetics today said it has acquired exclusive global rights to Oxsed , which has developed a low-cost coronavirus test that delivers results in 15 to 30 minutes .
The companies are now targeting testing capacity of 5m globally by the end of the year .
The Oxford test , which is already used for pre-departure passenger tests at Heathrow , is at least 92 per cent accurate and has received regulatory approval in the UK @ @ @ @ @ @ @ , known as LAMP , provides rapid turnaround results and forms a key part of the government ’ s “ moonshot ” plan to ramp up testing provisions across the UK .
Hong Kong-based Prenetics said significant capacity would be reserved at lower costs , meaning it will be accessible for lower and middle income countries .
The firm will be pricing the machines at under $ 500 per unit .
“ We will be playing our part in unlocking the UK ’ s economy and ways of living , by making a @ @ @ @ @ @ @ targets , the so-called ‘ moonshot ’ , ” said Avi Lasarow , chief executive of Prenetics UK and EMEA .
“ We are delighted to be partnering with some of the world-class intellectual property coming out of Oxford University , and will be investing in the further excellence of its capabilities.
” It comes a month after Prenetics secured $ 15m in fresh funding to help accelerate its development of rapid coronavirus testing .
In addition to the Premier League and Heathrow , the company also runs testing for British Boxing Board @ @ @ @ @ @ @ Cricket Board , as well as on film productions at Pinewood Studios .

Premier League testing firm snaps up Oxford University Covid-19 test business
Scientists have reassured the public that there is not yet any evidence that vaccines will not be effective against the variant.
The company behind the Premier League and Heathrow testing programmes has acquired a rapid Covid-19 testing business spun out of Oxford University.
Biotech firm Prenetics today said it has acquired exclusive global rights to Oxsed, which has developed a low-cost coronavirus test that delivers results in 15 to 30 minutes.
The companies are now targeting testing capacity of 5m globally by the end of the year.
The Oxford test, which is already used for pre-departure passenger tests at Heathrow, is at least 92 per cent accurate and has received regulatory approval in the UK and EU.
The saliva-based antigen test, known as LAMP, provides rapid turnaround results and forms a key part of the government’s “moonshot” plan to ramp up testing provisions across the UK.
Hong Kong-based Prenetics said significant capacity would be reserved at lower costs, meaning it will be accessible for lower and middle income countries. The firm will be pricing the machines at under $500 per unit.
“We will be playing our part in unlocking the UK’s economy and ways of living, by making a significant contribution to the government’s targets, the so-called ‘moonshot’,” said Avi Lasarow, chief executive of Prenetics UK and EMEA.
“We are delighted to be partnering with some of the world-class intellectual property coming out of Oxford University, and will be investing in the further excellence of its capabilities.”
It comes a month after Prenetics secured $15m in fresh funding to help accelerate its development of rapid coronavirus testing.
In addition to the Premier League and Heathrow, the company also runs testing for British Boxing Board of Control and the England and Wales Cricket Board, as well as on film productions at Pinewood Studios.


cityam--2020-10-30--The City A.M. Punter Podcast EP:18 The Cambridgeshire Weekend

Owner John Dance tells us exactly why he is taking a break away from horse racing and the sporting frustrations he and his family are currently dealing with .
He also tells us why he names his horses after song title and lyrics in this revealing interview .
James Tate discuss the chances of Top Rank in the Group 2 Joel Stakes at Newmarket on Friday afternoon .
City A.M. racing editor Bill Esdaile previews all the best racing action this weekend at Newmarket where The Cambridgeshire with as many as 29 runners is the feature race .
Wally Pyrah @ @ @ @ @ @ @ Hong Kong race meeting at Sha Tin .
Hosted by Chris Barnett About The City A.M. Punter Podcast ‘ The Punter ’ has been City AM ’ s dedicated sports betting section for over a decade with a primary focus on horseracing .
Throughout the season ‘ The Punter ’ will preview the weekend ’ s action every Friday along with in-depth coverage of all the major racing festivals .
In a partnership with the Hong Kong Jockey Club , ‘ The Punter ’ also previews every midweek Wednesday Hong Kong meeting as @ @ @ @ @ @ @ Every Friday , and for all major racing Festivals , the City AM racing podcast will give you in-depth analysis of the action .
Featuring interviews with leading trainers , jockeys and owners , the podcast is hosted by well-known racing broadcaster Chris Barnett who is joined by Bill Esdaile and Hong Kong racing expert Wally Pyrah City AM ’ s racing editor Bill Esdaile has written for the paper since 2008 .
He had previously written for publications including the Sporting Life , Racing Post and The Sportsman .
Each week he @ @ @ @ @ @ @ weekend ’ s big racing action .
Chris Barnett has been a broadcasting specialist for over two decades , specialising in radio , video and podcast presentation and production .
Since working at SIS , Betfair Radio , Timeform Radio , Royal Ascot , Glorious Goodwood , Cheltenham Festival Radio and more recently , Arena Racing , Chris has always been at the forefront of the top sporting events , grabbing interviews with those that matter .
Having spent most of the last decade out in Hong Kong working as a racing expert @ @ @ @ @ @ @ Wally has teamed up with City AM to share his expert opinions on the weekly racing action .
He picks out his best bets for the weekend ’ s Hong Kong racing action .

The City A.M. Punter Podcast EP:18 The Cambridgeshire Weekend
Owner John Dance tells us exactly why he is taking a break away from horse racing and the sporting frustrations he and his family are currently dealing with. He also tells us why he names his horses after song title and lyrics in this revealing interview.
James Tate discuss the chances of Top Rank in the Group 2 Joel Stakes at Newmarket on Friday afternoon. City A.M. racing editor Bill Esdaile previews all the best racing action this weekend at Newmarket where The Cambridgeshire with as many as 29 runners is the feature race. Wally Pyrah joins us to preview Sunday’s Hong Kong race meeting at Sha Tin. Hosted by Chris Barnett
About The City A.M. Punter Podcast
‘The Punter’ has been City AM’s dedicated sports betting section for over a decade with a primary focus on horseracing. Throughout the season ‘The Punter’ will preview the weekend’s action every Friday along with in-depth coverage of all the major racing festivals. In a partnership with the Hong Kong Jockey Club, ‘The Punter’ also previews every midweek Wednesday Hong Kong meeting as well as all the major meetings.
Every Friday, and for all major racing Festivals, the City AM racing podcast will give you in-depth analysis of the action. Featuring interviews with leading trainers, jockeys and owners, the podcast is hosted by well-known racing broadcaster Chris Barnett who is joined by Bill Esdaile and Hong Kong racing expert Wally Pyrah
Bill Esdaile
City AM’s racing editor Bill Esdaile has written for the paper since 2008. He had previously written for publications including the Sporting Life, Racing Post and The Sportsman. Each week he picks out his best bets for the weekend’s big racing action.
Chris Barnett
Chris Barnett has been a broadcasting specialist for over two decades, specialising in radio, video and podcast presentation and production. Since working at SIS, Betfair Radio, Timeform Radio, Royal Ascot, Glorious Goodwood, Cheltenham Festival Radio and more recently, Arena Racing, Chris has always been at the forefront of the top sporting events, grabbing interviews with those that matter.
Wally Pyrah
Having spent most of the last decade out in Hong Kong working as a racing expert for the Hong Kong Jockey Club, Wally has teamed up with City AM to share his expert opinions on the weekly racing action. He picks out his best bets for the weekend’s Hong Kong racing action.


cityam--2020-10-29--The City A.M. Punter Podcast EP:17 Ayr Gold Cup, Newbury & Hong Kong

We all send our deepest condolences to the family and friends of Pat Smullen who sadly passed away this week .
Today , owner John Dance talks at length about the chances of his exciting 2 year old Rhythm Master , who runs at Newbury in the Group 2 Mill Reef Stakes on Saturday .
Wally Pyrah joins us from Hong Kong to preview Sunday ’ s racing at Sha Tin .
City A.M. racing editor Bill Esdaile previews all the best racing action this weekend at Newbury and Ayr where the Ayr Gold Cup is the feature race .
@ @ @ @ @ @ @ A.M. Punter Podcast ‘ The Punter ’ has been City AM ’ s dedicated sports betting section for over a decade with a primary focus on horseracing .
Throughout the season ‘ The Punter ’ will preview the weekend ’ s action every Friday along with in-depth coverage of all the major racing festivals .
In a partnership with the Hong Kong Jockey Club , ‘ The Punter ’ also previews every midweek Wednesday Hong Kong meeting as well as all the major meetings .
Every Friday , and for all major racing @ @ @ @ @ @ @ will give you in-depth analysis of the action .
Featuring interviews with leading trainers , jockeys and owners , the podcast is hosted by well-known racing broadcaster Chris Barnett who is joined by Bill Esdaile and Hong Kong racing expert Wally Pyrah City AM ’ s racing editor Bill Esdaile has written for the paper since 2008 .
He had previously written for publications including the Sporting Life , Racing Post and The Sportsman .
Each week he picks out his best bets for the weekend ’ s big racing action .
Chris @ @ @ @ @ @ @ over two decades , specialising in radio , video and podcast presentation and production .
Since working at SIS , Betfair Radio , Timeform Radio , Royal Ascot , Glorious Goodwood , Cheltenham Festival Radio and more recently , Arena Racing , Chris has always been at the forefront of the top sporting events , grabbing interviews with those that matter .
Having spent most of the last decade out in Hong Kong working as a racing expert for the Hong Kong Jockey Club , Wally has teamed up with City AM to @ @ @ @ @ @ @ racing action .
He picks out his best bets for the weekend ’ s Hong Kong racing action .

The City A.M. Punter Podcast EP:17 Ayr Gold Cup, Newbury & Hong Kong
We all send our deepest condolences to the family and friends of Pat Smullen who sadly passed away this week.
Today, owner John Dance talks at length about the chances of his exciting 2 year old Rhythm Master, who runs at Newbury in the Group 2 Mill Reef Stakes on Saturday.
Wally Pyrah joins us from Hong Kong to preview Sunday’s racing at Sha Tin.
City A.M. racing editor Bill Esdaile previews all the best racing action this weekend at Newbury and Ayr where the Ayr Gold Cup is the feature race. Hosted by Chris Barnett
About The City A.M. Punter Podcast
‘The Punter’ has been City AM’s dedicated sports betting section for over a decade with a primary focus on horseracing. Throughout the season ‘The Punter’ will preview the weekend’s action every Friday along with in-depth coverage of all the major racing festivals. In a partnership with the Hong Kong Jockey Club, ‘The Punter’ also previews every midweek Wednesday Hong Kong meeting as well as all the major meetings.
Every Friday, and for all major racing Festivals, the City AM racing podcast will give you in-depth analysis of the action. Featuring interviews with leading trainers, jockeys and owners, the podcast is hosted by well-known racing broadcaster Chris Barnett who is joined by Bill Esdaile and Hong Kong racing expert Wally Pyrah
Bill Esdaile
City AM’s racing editor Bill Esdaile has written for the paper since 2008. He had previously written for publications including the Sporting Life, Racing Post and The Sportsman. Each week he picks out his best bets for the weekend’s big racing action.
Chris Barnett
Chris Barnett has been a broadcasting specialist for over two decades, specialising in radio, video and podcast presentation and production. Since working at SIS, Betfair Radio, Timeform Radio, Royal Ascot, Glorious Goodwood, Cheltenham Festival Radio and more recently, Arena Racing, Chris has always been at the forefront of the top sporting events, grabbing interviews with those that matter.
Wally Pyrah
Having spent most of the last decade out in Hong Kong working as a racing expert for the Hong Kong Jockey Club, Wally has teamed up with City AM to share his expert opinions on the weekly racing action. He picks out his best bets for the weekend’s Hong Kong racing action.


cityam--2020-10-29--The City A.M. Punter Podcast: EP:16 St Leger Weekend

Today William Muir talks in depth about his St. Leger runner , Pyledriver and young Irish trainer Joseph O ’ Brien joins us from his county Kilkenny stables to tell us all about Galileo Chrome ’ s meteoric rise from maiden company to St. Leger hopeful in just a few short weeks ahead of the group 1 race at Doncaster on Saturday .
Henry Candy is on hand to talk about his 8 year old Limato ahead of the Group 2 Park Stakes over 7 furlongs on the same day .
City A.M. racing editor Bill Esdaile previews all the @ @ @ @ @ @ @ as well as the Irish Champions Weekend at Leopardstown .
Hosted by Chris Barnett .
About The City A.M. Punter Podcast ‘ The Punter ’ has been City AM ’ s dedicated sports betting section for over a decade with a primary focus on horseracing .
Throughout the season ‘ The Punter ’ will preview the weekend ’ s action every Friday along with in-depth coverage of all the major racing festivals .
In a partnership with the Hong Kong Jockey Club , ‘ The Punter ’ also previews every midweek Wednesday Hong @ @ @ @ @ @ @ major meetings .
Every Friday , and for all major racing Festivals , the City AM racing podcast will give you in-depth analysis of the action .
Featuring interviews with leading trainers , jockeys and owners , the podcast is hosted by well-known racing broadcaster Chris Barnett who is joined by Bill Esdaile and Hong Kong racing expert Wally Pyrah City AM ’ s racing editor Bill Esdaile has written for the paper since 2008 .
He had previously written for publications including the Sporting Life , Racing Post and The Sportsman .
@ @ @ @ @ @ @ bets for the weekend ’ s big racing action .
Chris Barnett has been a broadcasting specialist for over two decades , specialising in radio , video and podcast presentation and production .
Since working at SIS , Betfair Radio , Timeform Radio , Royal Ascot , Glorious Goodwood , Cheltenham Festival Radio and more recently , Arena Racing , Chris has always been at the forefront of the top sporting events , grabbing interviews with those that matter .
Having spent most of the last decade out in Hong Kong working as @ @ @ @ @ @ @ Jockey Club , Wally has teamed up with City AM to share his expert opinions on the weekly racing action .
He picks out his best bets for the weekend ’ s Hong Kong racing action .

The City A.M. Punter Podcast: EP:16 St Leger Weekend
Today William Muir talks in depth about his St. Leger runner, Pyledriver and young Irish trainer Joseph O’Brien joins us from his county Kilkenny stables to tell us all about Galileo Chrome’s meteoric rise from maiden company to St. Leger hopeful in just a few short weeks ahead of the group 1 race at Doncaster on Saturday.
Henry Candy is on hand to talk about his 8 year old Limato ahead of the Group 2 Park Stakes over 7 furlongs on the same day.
City A.M. racing editor Bill Esdaile previews all the best racing action this weekend at Doncaster as well as the Irish Champions Weekend at Leopardstown. Hosted by Chris Barnett.
About The City A.M. Punter Podcast
‘The Punter’ has been City AM’s dedicated sports betting section for over a decade with a primary focus on horseracing. Throughout the season ‘The Punter’ will preview the weekend’s action every Friday along with in-depth coverage of all the major racing festivals. In a partnership with the Hong Kong Jockey Club, ‘The Punter’ also previews every midweek Wednesday Hong Kong meeting as well as all the major meetings.
Every Friday, and for all major racing Festivals, the City AM racing podcast will give you in-depth analysis of the action. Featuring interviews with leading trainers, jockeys and owners, the podcast is hosted by well-known racing broadcaster Chris Barnett who is joined by Bill Esdaile and Hong Kong racing expert Wally Pyrah
Bill Esdaile
City AM’s racing editor Bill Esdaile has written for the paper since 2008. He had previously written for publications including the Sporting Life, Racing Post and The Sportsman. Each week he picks out his best bets for the weekend’s big racing action.
Chris Barnett
Chris Barnett has been a broadcasting specialist for over two decades, specialising in radio, video and podcast presentation and production. Since working at SIS, Betfair Radio, Timeform Radio, Royal Ascot, Glorious Goodwood, Cheltenham Festival Radio and more recently, Arena Racing, Chris has always been at the forefront of the top sporting events, grabbing interviews with those that matter.
Wally Pyrah
Having spent most of the last decade out in Hong Kong working as a racing expert for the Hong Kong Jockey Club, Wally has teamed up with City AM to share his expert opinions on the weekly racing action. He picks out his best bets for the weekend’s Hong Kong racing action.


cityam--2020-10-29--Twitter shares drop after user growth misses expectations

Twitter today added fewer users than Wall Street had expected and said expenses would accelerate in the current quarter , sending its shares tumbling 13 per cent .
Shares of Twitter fell to $ 45.23 in after-market trading .
Read more : US Senate committee votes to subpoena Twitter and Facebook bosses The San Francisco-based social media company said it had 187m monetizable daily active users ( mDAU ) during the third quarter , missing consensus analyst expectations of 195.2m users , according to IBES data from Refinitiv .
The figure stood at 186m in the previous quarter .
Costs @ @ @ @ @ @ @ the same period last year to $ 880m , as the company said it spent more on infrastructure-related expenses .
Twitter said it expected its costs and expenses to grow closer to 20 per cent year over year in the current quarter , an acceleration on the rate in the third .
The company said it expected revenue trends could continue or even improve in the current quarter , but cautioned that it was hard to predict how advertisers would react as the US presidential election nears on 3 November , and that @ @ @ @ @ @ @ spending .
Twitter ’ s slow user growth , its expected higher costs and uncertainty about ad revenue in the fourth quarter are all causing concern among investors , said Michael Nathanson , an analyst with research firm Moffett Nathanson .
Twitter said total revenue grew 14 per cent year-over-year to $ 936m during the quarter ended 30 September , beating analyst estimates of $ 777.15m .
The growth was helped by updated advertising formats , improved ad measurement and the return of events that had been paused due to the pandemic , @ @ @ @ @ @ @ in the earnings release .
Advertisers are often drawn to Twitter because the platform allows them to appear next to major cultural moments or conversation topics such as sports events .
Read more : Facebook , Youtube and Twitter strike deal with advertisers over harmful content Last year , Twitter suffered from technical glitches that hurt its ability to target ads , though the company has since rolled out fixes .
Ad revenue in the third quarter grew 15 per cent to $ 808m from the same period a year ago , surpassing @ @ @ @ @ @ @ that many companies paused ad spending during the second quarter due to widespread protests after the death of George Floyd in May and said there could be a similar dynamic with the US election .

Twitter shares drop after user growth misses expectations
Twitter has benefited from an overhaul of its advertising offering
Twitter today added fewer users than Wall Street had expected and said expenses would accelerate in the current quarter, sending its shares tumbling 13 per cent.
Shares of Twitter fell to $45.23 in after-market trading.
The San Francisco-based social media company said it had 187m monetizable daily active users (mDAU) during the third quarter, missing consensus analyst expectations of 195.2m users, according to IBES data from Refinitiv. The figure stood at 186m in the previous quarter.
Costs and expenses grew 13 per cent from the same period last year to $880m, as the company said it spent more on infrastructure-related expenses.
Twitter said it expected its costs and expenses to grow closer to 20 per cent year over year in the current quarter, an acceleration on the rate in the third.
The company said it expected revenue trends could continue or even improve in the current quarter, but cautioned that it was hard to predict how advertisers would react as the US presidential election nears on 3 November, and that there could be a pause in ad spending.
Twitter’s slow user growth, its expected higher costs and uncertainty about ad revenue in the fourth quarter are all causing concern among investors, said Michael Nathanson, an analyst with research firm Moffett Nathanson.
Twitter said total revenue grew 14 per cent year-over-year to $936m during the quarter ended 30 September, beating analyst estimates of $777.15m.
The growth was helped by updated advertising formats, improved ad measurement and the return of events that had been paused due to the pandemic, said Twitter chief financial officer Ned Segal in the earnings release.
Advertisers are often drawn to Twitter because the platform allows them to appear next to major cultural moments or conversation topics such as sports events.
Last year, Twitter suffered from technical glitches that hurt its ability to target ads, though the company has since rolled out fixes.
Ad revenue in the third quarter grew 15 per cent to $808m from the same period a year ago, surpassing estimates of $645.95m.
Twitter noted that many companies paused ad spending during the second quarter due to widespread protests after the death of George Floyd in May and said there could be a similar dynamic with the US election.


cityam--2020-10-29--Weak iPhone sales pull down Apple shares despite revenue boost

Apple ’ s announcement today that iPhone sales were weaker than expected sent shares down four per cent even as the tech company ’ s revenue and profit did better than Wall Street expected thanks to booming Mac and AirPods sales .
Investors expected lower revenue from the Cupertino company ’ s bestselling product after delays left loyal fans clasping wallets shut while waiting weeks longer than usual to upgrade .
But the hold-back was even worse than analyst had expected , with iPhone sales dropping 20.7 per cent to $ 26.4bn .
Despite those delays , Apple has mostly @ @ @ @ @ @ @ a slew of new products and services that its customers have embraced while largely homebound during the pandemic .
That carried over into the company ’ s top and bottom lines .
Apple said revenue and profits for the fiscal fourth quarter ended on 26 September was $ 64.7bn and 73 cents per share , compared with analyst estimates of $ 63.7bn and 70 cents per share , according to IBES data from Refinitiv .
But the flagship iPhone 12 ’ s announcement was delayed until 13 October , several weeks later than @ @ @ @ @ @ @ are included in the fourth-quarter results .
Analysts anticipated consumers would hold off on iPhone purchases ahead of new iPhone 12 models .
Those devices feature 5G networking connectivity and are expected to be strong sellers as mobile carriers jump back into subsidizing device purchases to lure consumers into new 5G data plans .
In an interview with Reuters , Apple chief executive Tim Cook said that he was “ optimistic ” about the iPhone 12 cycle based on the first five days of shipping data .
“ 5G is a once-in-a-decade kind @ @ @ @ @ @ @ be more excited to hit the market exactly when we did , ” Cook said .
“ At least in the US , the carriers are being very aggressive.
” The iPhone 12 release timing drove down sales in Greater China to $ 7.95bn from $ 11.13bn the year before .
Cook said all of Apple ’ s non-iPhone products grew in China and Apple expects sales to pick up there again .
“ What we ’ re seeing in the early going in the first five days gives us a lot of @ @ @ @ @ @ @ in our fiscal Q1 , ” Cook told Reuters .
Apple has offset volatile iPhone sales in recent years with steady growth in its services segment , which includes streaming music and television .
Services revenue rose 16.3 per cent to $ 14.5bn , compared with analyst estimates of $ 14bn .
Cook told Reuters that Apple One , a bundle of Apple ’ s paid services , will launch on Friday .
Cook told Reuters that Apple has 585m paying subscribers across its platforms , up from 550m the previous quarter and @ @ @ @ @ @ @ that the company set out for the end of calendar 2020 .
Apple did , however , announce a range of new Apple Watches and iPads that went on sale during the quarter .
The pandemic-driven shift toward working , learning and consuming entertainment from home helped Apple post double-digit revenue increases in every non-iPhone product category as well as its services business , which includes its streaming television offering and forthcoming paid fitness service .
It was the second straight quarter of growth across the non-iPhone hardware categories , some of which @ @ @ @ @ @ @ boom .
Apple faces an uncertain fiscal first quarter with new lockdown orders issued in major European markets such as France and Germany on Wednesday .
While the company has so far managed to keep sales booming with its retail stores in a state of flux , analysts have raised concerns that the lockdowns or their economic fallout could mute holiday iPhone sales .
Apple ’ s Cook said the company gets a “ tailwind ” boost from having four new phone models at different price points – the most it has ever @ @ @ @ @ @ @ appeal to a variety of customers , and a “ headwind ” from having fewer weeks in the quarter to sell them .
Read more : iPhone 12 : What ’ s new with Apple ’ s first 5G phone ?
“ Covid I would classify as kind of an unknown , ” Cook said .
Apple said revenue from its accessories segment was up 20.8 per cent to $ 7.9bn , compared with analyst estimates of a 13.5 per cent rise to $ 7.4bn , according to Refinitiv data .
Mac and @ @ @ @ @ @ @ $ 6.8bn , compared with estimates of $ 7.92bn and $ 6.12bn , according to Refinitiv data .
“ Mac had its best quarter ever in the history of the company , ” Cook said .
The company also said it had returned nearly $ 22bn to shareholders in the quarter as it kept its target of reaching a new cash neutral position .

Weak iPhone sales pull down Apple shares despite revenue boost
Apple’s shares fell after iPhone sales fell short of expectations
Apple’s announcement today that iPhone sales were weaker than expected sent shares down four per cent even as the tech company’s revenue and profit did better than Wall Street expected thanks to booming Mac and AirPods sales.
Investors expected lower revenue from the Cupertino company’s bestselling product after delays left loyal fans clasping wallets shut while waiting weeks longer than usual to upgrade. But the hold-back was even worse than analyst had expected, with iPhone sales dropping 20.7 per cent to $26.4bn.
Despite those delays, Apple has mostly beaten sales expectations this year and released a slew of new products and services that its customers have embraced while largely homebound during the pandemic.
That carried over into the company’s top and bottom lines. Apple said revenue and profits for the fiscal fourth quarter ended on 26 September was $64.7bn and 73 cents per share, compared with analyst estimates of $63.7bn and 70 cents per share, according to IBES data from Refinitiv.
But the flagship iPhone 12’s announcement was delayed until 13 October, several weeks later than usual, meaning no opening-weekend iPhone sales are included in the fourth-quarter results.
Analysts anticipated consumers would hold off on iPhone purchases ahead of new iPhone 12 models. Those devices feature 5G networking connectivity and are expected to be strong sellers as mobile carriers jump back into subsidizing device purchases to lure consumers into new 5G data plans.
In an interview with Reuters, Apple chief executive Tim Cook said that he was “optimistic” about the iPhone 12 cycle based on the first five days of shipping data.
“5G is a once-in-a-decade kind of opportunity. And we could not be more excited to hit the market exactly when we did,” Cook said. “At least in the US, the carriers are being very aggressive.”
The iPhone 12 release timing drove down sales in Greater China to $7.95bn from $11.13bn the year before. Cook said all of Apple’s non-iPhone products grew in China and Apple expects sales to pick up there again.
“What we’re seeing in the early going in the first five days gives us a lot of confidence that China will return to growth in our fiscal Q1,” Cook told Reuters.
Apple has offset volatile iPhone sales in recent years with steady growth in its services segment, which includes streaming music and television. Services revenue rose 16.3 per cent to $14.5bn, compared with analyst estimates of $14bn. Cook told Reuters that Apple One, a bundle of Apple’s paid services, will launch on Friday.
Cook told Reuters that Apple has 585m paying subscribers across its platforms, up from 550m the previous quarter and closer to the goal of 600m subscribers that the company set out for the end of calendar 2020.
Apple did, however, announce a range of new Apple Watches and iPads that went on sale during the quarter. The pandemic-driven shift toward working, learning and consuming entertainment from home helped Apple post double-digit revenue increases in every non-iPhone product category as well as its services business, which includes its streaming television offering and forthcoming paid fitness service.
It was the second straight quarter of growth across the non-iPhone hardware categories, some of which had experienced declines until a pandemic sales boom.
Apple faces an uncertain fiscal first quarter with new lockdown orders issued in major European markets such as France and Germany on Wednesday. While the company has so far managed to keep sales booming with its retail stores in a state of flux, analysts have raised concerns that the lockdowns or their economic fallout could mute holiday iPhone sales.
Apple’s Cook said the company gets a “tailwind” boost from having four new phone models at different price points – the most it has ever released in one fall season — that appeal to a variety of customers, and a “headwind” from having fewer weeks in the quarter to sell them.
“Covid I would classify as kind of an unknown,” Cook said.
Apple said revenue from its accessories segment was up 20.8 per cent to $7.9bn, compared with analyst estimates of a 13.5 per cent rise to $7.4bn, according to Refinitiv data. Mac and iPad sales rose to $9.0bn and $6.8bn, compared with estimates of $7.92bn and $6.12bn, according to Refinitiv data.
“Mac had its best quarter ever in the history of the company,” Cook said.
The company also said it had returned nearly $22bn to shareholders in the quarter as it kept its target of reaching a new cash neutral position.


cityam--2020-10-29--Amazon quarterly sales near $100bn amid online shopping boom

Amazon has continued its bumper year of trading , posting quarterly sales of nearly $ 100bn ( £77.4bn ) as the pandemic sparked a surge in demand for online shopping .
The ecommerce giant said net sales had increased 37 per cent year on year to hit $ 96.1bn in the three months to the end of September .
Read more : Amazon to escape UK tech tax as global crackdown falters Net profit hit $ 6.3bn in the same period , compared to $ 2.1bn in the third quarter 2019 .
The figures showed Amazon ’ s run of @ @ @ @ @ @ @ slowing down , as millions continue to turn to the platform for delivery of groceries and other products amid shop closures .
The booming demand has sparked a huge hiring spree by the company , which has beefed up its workforce in warehouses , as well as its tech hubs and corporate offices .
Amazon said it has created 400,000 jobs since the start of the year , including 10,000 new permanent jobs in the UK .
The company said sales on Prime Day — its annual promotional event that took place earlier @ @ @ @ @ @ @ This marked a year-on-year increase of almost 60 per cent .
Amazon Web Services , the company ’ s cloud division , boosted revenue 29 per cent to $ 11.6bn over the period thanks to increased demand from remote working and gaming .
“ There is no denying that Amazon has continued its bullish hold of the markets across its ecosystem , ” said Rebecca Crook , chief growth officer at global digital product agency Somo .
“ Its domination of e-commerce and cloud and its growing advertising offering will only continue as @ @ @ @ @ @ @ investment pools into its subsidiaries , especially Amazon Web Services .
“ Whilst this part of the business may have decelerated over the last quarter , businesses are likely to turn to cloud services as a result of the pandemic , giving Amazon a chance to further dominate the market.
” Read more : Amazon Prime Day piles pressure on retailers ahead of Christmas trading period Amazon forecast fourth-quarter revenue of between $ 112bn and $ 121bn , which would mark the first time the company has passed the $ 100bn mark in @ @ @ @ @ @ @ would likely take a hit in the last three months of the year , largely due to $ 4bn of costs related to Covid-19 .

Amazon quarterly sales near $100bn amid online shopping boom
Amazon has had a bumper year of trading thanks to the coronavirus pandemic
Amazon has continued its bumper year of trading, posting quarterly sales of nearly $100bn (£77.4bn) as the pandemic sparked a surge in demand for online shopping.
The ecommerce giant said net sales had increased 37 per cent year on year to hit $96.1bn in the three months to the end of September.
Net profit hit $6.3bn in the same period, compared to $2.1bn in the third quarter 2019.
The figures showed Amazon’s run of good form has shown no signs of slowing down, as millions continue to turn to the platform for delivery of groceries and other products amid shop closures.
The booming demand has sparked a huge hiring spree by the company, which has beefed up its workforce in warehouses, as well as its tech hubs and corporate offices.
Amazon said it has created 400,000 jobs since the start of the year, including 10,000 new permanent jobs in the UK.
The company said sales on Prime Day — its annual promotional event that took place earlier this month — surpassed $3.5bn. This marked a year-on-year increase of almost 60 per cent.
Amazon Web Services, the company’s cloud division, boosted revenue 29 per cent to $11.6bn over the period thanks to increased demand from remote working and gaming.
“There is no denying that Amazon has continued its bullish hold of the markets across its ecosystem,” said Rebecca Crook, chief growth officer at global digital product agency Somo.
“Its domination of e-commerce and cloud and its growing advertising offering will only continue as consumers keep their attention online and business investment pools into its subsidiaries, especially Amazon Web Services.
“Whilst this part of the business may have decelerated over the last quarter, businesses are likely to turn to cloud services as a result of the pandemic, giving Amazon a chance to further dominate the market.”
Amazon forecast fourth-quarter revenue of between $112bn and $121bn, which would mark the first time the company has passed the $100bn mark in one quarter.
But it warned profit would likely take a hit in the last three months of the year, largely due to $4bn of costs related to Covid-19.


cityam--2020-10-29--Facebook revenue jumps as pandemic drives up traffic

Facebook today posted better-than-expected revenue for the third quarter as higher user numbers during the coronavirus pandemic helped drive up revenue .
The social media platform posted revenue of $ 21.5bn ( £16.6bn ) in the three-month period , up from $ 17.7bn last year .
Net income rose from $ 6.1bn to $ 7.8bn .
The bulk of the revenue was generated by advertising as more businesses tapped into the app ’ s digital ad tools .
The growth came in spite of continued coronavirus-related uncertainty and an unprecedented advertising boycott in July .
The boycott , which garnered @ @ @ @ @ @ @ s largest brands , including Starbucks , Coca-Cola and Unilever , came in response to the spread of hate speech on the platform .
Despite this , Facebook has enjoyed higher user numbers as people flock to the site during the pandemic .
The site recorded 1.82bn daily active users on average in September .
This was slightly lower than the peaks at the height of the pandemic in the second quarter , but still up 12 per cent year on year .
“ We had a strong quarter as people and businesses @ @ @ @ @ @ @ stay connected and create economic opportunity during these tough times , ” said founder and chief executive Mark Zuckerberg .
“ We continue to make significant investments in our products and hiring in order to deliver new and meaningful experiences for our community around the world.
” Read more : Facebook takes on Google and Amazon with cloud gaming launch Facebook said it expected ad revenue to be higher in the fourth quarter thanks to increased spend during the festive period .
However , the firm said it expected “ significant targeting and @ @ @ @ @ @ @ through platform changes such as iOS 14 and the looming threat of regulation .

Facebook revenue jumps as pandemic drives up traffic
Facebook has benefited from higher user numbers during the pandemic
Facebook today posted better-than-expected revenue for the third quarter as higher user numbers during the coronavirus pandemic helped drive up revenue.
The social media platform posted revenue of $21.5bn (£16.6bn) in the three-month period, up from $17.7bn last year. Net income rose from $6.1bn to $7.8bn.
The bulk of the revenue was generated by advertising as more businesses tapped into the app’s digital ad tools.
The growth came in spite of continued coronavirus-related uncertainty and an unprecedented advertising boycott in July.
The boycott, which garnered support from some of the world’s largest brands, including Starbucks, Coca-Cola and Unilever, came in response to the spread of hate speech on the platform.
Despite this, Facebook has enjoyed higher user numbers as people flock to the site during the pandemic.
The site recorded 1.82bn daily active users on average in September. This was slightly lower than the peaks at the height of the pandemic in the second quarter, but still up 12 per cent year on year.
“We had a strong quarter as people and businesses continue to rely on our services to stay connected and create economic opportunity during these tough times,” said founder and chief executive Mark Zuckerberg.
“We continue to make significant investments in our products and hiring in order to deliver new and meaningful experiences for our community around the world.”
Facebook said it expected ad revenue to be higher in the fourth quarter thanks to increased spend during the festive period.
However, the firm said it expected “significant targeting and measurement headwinds” in 2021, including through platform changes such as iOS 14 and the looming threat of regulation.


cityam--2020-10-29--Google parent Alphabet returns to growth as advertisers flock back

Google parent company Alphabet reported a return to growth in the third quarter as advertisers flocked back in their droves after a coronavirus-induced slump .
The tech giant , which also owns Amazon , reported revenue of $ 46.2bn ( £35.7bn ) in the three months to the end of September , up 14 per cent on the same period last year .
Operating profit for the period hit $ 11.2bn , up from $ 9.2bn in 2019 .
The growth came in ahead of analysts ’ expectations , pushing Alphabet ’ s shares up almost nine per cent in @ @ @ @ @ @ @ two per cent decline in revenue in the second quarter as the outbreak of coronavirus took its toll on ad spend .
But advertising rebounded strongly in the third quarter as some business confidence was restored .
The growth was driven by Google advertising , which accounted for 80 per cent of the company ’ s total revenue in the third quarter .
Youtube ad revenue also increased from $ 3.8bn to $ 5bn over the period as vloggers and fitness favourites such as Joe Wicks continued to attract viewers .
Google Cloud @ @ @ @ @ @ @ ’ s business — also posted growth in the third quarter .
“ We had a strong quarter , consistent with the broader online environment , ” said Sundar Pichai , chief executive of Alphabet and Google .
“ It ’ s also a testament to the deep investments we ’ ve made in AI and other technologies , to deliver services that people turn to for help , in moments big and small.
” Read more : Google has until 19 December to respond to antitrust lawsuit The figures highlight the significance @ @ @ @ @ @ @ business , which has grown strongly over the period .
But the company ’ s dominance in this market has also attracted scrutiny from regulators , with the US Department of Justice filing a lawsuit against Google for alleged unfair practices in shutting out its rivals .
Haris Anwar , analyst at Investing.com , said Google had “ crushed expectations ” .
“ The biggest surprise comes from Youtube , where ad sales have been much stronger than expected , ” he said .
“ These earnings suggest that the worst might be @ @ @ @ @ @ @ ”

Google parent Alphabet returns to growth as advertisers flock back
The EU competition watchdog has dished out around €8.25bn in fines to Google over the last 10 years.
Google parent company Alphabet reported a return to growth in the third quarter as advertisers flocked back in their droves after a coronavirus-induced slump.
The tech giant, which also owns Amazon, reported revenue of $46.2bn (£35.7bn) in the three months to the end of September, up 14 per cent on the same period last year.
Operating profit for the period hit $11.2bn, up from $9.2bn in 2019.
The growth came in ahead of analysts’ expectations, pushing Alphabet’s shares up almost nine per cent in after-hours trading.
Alphabet had posted a two per cent decline in revenue in the second quarter as the outbreak of coronavirus took its toll on ad spend.
But advertising rebounded strongly in the third quarter as some business confidence was restored.
The growth was driven by Google advertising, which accounted for 80 per cent of the company’s total revenue in the third quarter.
Youtube ad revenue also increased from $3.8bn to $5bn over the period as vloggers and fitness favourites such as Joe Wicks continued to attract viewers.
Google Cloud — an increasingly important part of Alphabet’s business — also posted growth in the third quarter.
“We had a strong quarter, consistent with the broader online environment,” said Sundar Pichai, chief executive of Alphabet and Google.
“It’s also a testament to the deep investments we’ve made in AI and other technologies, to deliver services that people turn to for help, in moments big and small.”
The figures highlight the significance of Google’s lucrative search advertising business, which has grown strongly over the period.
But the company’s dominance in this market has also attracted scrutiny from regulators, with the US Department of Justice filing a lawsuit against Google for alleged unfair practices in shutting out its rivals.
Haris Anwar, analyst at Investing.com, said Google had “crushed expectations”.
“The biggest surprise comes from Youtube, where ad sales have been much stronger than expected,” he said. “These earnings suggest that the worst might be over for the social media giant.”


cityam--2020-10-30--Brexit talks: Germany ‘concerned’ over lack of progress given reliance on City

A senior German government official said he was “ deeply concerned ” by the lack of progress in post-Brexit trade talks between the UK and EU , given the reliance of Germany companies on funding from the City .
“ German corporates , for all that I can tell , rely massively on wholesale financing offered from the City of London , so in that sense we will have to maintain pragmatism , no matter what happens , ” said deputy finance minister Joerg Kukies .
Read more : Liz Truss : NHS ‘ off the table ’ in Brexit @ @ @ @ @ @ @ moment we are deeply concerned by the lack of progress in the negotiations , ” he told an online event held by Afore Consulting .
London is currently the bloc ’ s biggest financial centre , but faces being largely cut off from the EU when the UK ’ s post-Brexit transition arrangements end on 31 December .
Before the Open newsletter : Start your day with the City View podcast and key market data The UK and EU have entered an intensive phase in talks over a free trade deal , but @ @ @ @ @ @ @ being addressed separately by Brussels .
The bloc is accelerating work on a capital markets union in a bid to cut reliance on London and help fund member states ’ recovery from the coronavirus pandemic .
No matter what is decided , he said , “ there is so much depth and intensity of relationships between European countries and the UK that this will not degenerate into animosity , I am absolutely convinced about that ” .
Read more : UK car production hits lowest level since 1995 as industry calls for ‘ @ @ @ @ @ @ @ the EU presidency , and Kukies told the event that EU leaders would agree on a “ very clear path ” to implement proposed measures for a capital markets union .
Incentivising long-term investments by amending the EU ’ s capital rules for insurers is likely to be a priority , he said .

Brexit talks: Germany ‘concerned’ over lack of progress given reliance on City
FCA is seeking feedback from firms on proposed rules that will see listed companies publish a “comply or explain” statement breaking down whether they have reached proposed diversity target
A senior German government official said he was “deeply concerned” by the lack of progress in post-Brexit trade talks between the UK and EU, given the reliance of Germany companies on funding from the City.
“German corporates, for all that I can tell, rely massively on wholesale financing offered from the City of London, so in that sense we will have to maintain pragmatism, no matter what happens,” said deputy finance minister Joerg Kukies.
“But at the moment we are deeply concerned by the lack of progress in the negotiations,” he told an online event held by Afore Consulting.
London is currently the bloc’s biggest financial centre, but faces being largely cut off from the EU when the UK’s post-Brexit transition arrangements end on 31 December.
Before the Open newsletter: Start your day with the City View podcast and key market data
The UK and EU have entered an intensive phase in talks over a free trade deal, but EU access for British financial firms is being addressed separately by Brussels.
The bloc is accelerating work on a capital markets union in a bid to cut reliance on London and help fund member states’ recovery from the coronavirus pandemic.
No matter what is decided, he said, “there is so much depth and intensity of relationships between European countries and the UK that this will not degenerate into animosity, I am absolutely convinced about that”.
Germany currently holds the EU presidency, and Kukies told the event that EU leaders would agree on a “very clear path” to implement proposed measures for a capital markets union.
Incentivising long-term investments by amending the EU’s capital rules for insurers is likely to be a priority, he said.