cityam--2020-09-01--The Crypto Circus is Back in Town! This Year’s Star Attraction? DeFi (Part 1)

Roll up !
Roll up !
Step right up Ma ’ am !
You too Sir , and yes , bring your kids !
.
The show is about to start .
The most spectacular ( crypspacular ? )
Razzle-Dazzle on the planet is just behind this curtain .
Can ’ t you hear the crowds roar on social media ?
It ’ s our star attraction for this year .
It promises access to financial products and services with none of those oh-so pesky regulations .
Giving you fine people the chance to make double – or even triple-digit @ @ @ @ @ @ @ is it ?
It ’ s DeFi !
And you better get in quick , or you might miss out !
Oh .
And please don ’ t ask too many questions .
Whatever you do , don ’ t look at the state of the code or the people running the circus .
Just stare at the flashing lights and get swept up in the hype .
It seems like in the past two weeks , DeFi has been dominating the media cycle in the cryptocurrency and blockchain spheres .
This is @ @ @ @ @ @ @ take a collective breath , and REAL about DeFi.. DeFi is shorthand for decentralised finance .
Decentralised finance promises to recreate the ( already broken ) financial system by offering many of the same ( tired old ) financial products , but in a way that doesn ’ t involve any of those ( government-mandated ) intermediaries ( like banks ) .
They are starting with something simple , like loans .
Decentralised loans allow people to borrow and lend cryptocurrency amongst themselves .
Borrowers put up collateral in the form of a @ @ @ @ @ @ @ so that anyone can lend or borrow .
That means that there are no checks for borrowers , naturally meaning a much greater chance of default .
Collateral for these loans is also cryptocurrency .
With the high price volatility of crypto , these loans can very quickly become under collateralised and then automatically liquidated – to the understandable horror of the borrower .
Nevermind the fact that if the network is running slow ( and when has crypto EVER been not slow ) , the process can take time , and the @ @ @ @ @ @ @ lend can also wind up taking a massive shortfall hit .
The entire system is leveraged on the basis that all cryptocurrencies will only ever go up and that all stable coins will execute correctly and remain stable .
Yeah…RIGHT .
Some of the loans claim that “ interest ” is paid on the loans .
Interest is a simple and easy to understand word that reflects compounding and some other characteristics of the loans , but it means something completely different in Defi .
To make things even more confusing , every @ @ @ @ @ @ @ calculating “ interest ” ( So much for ‘ freeing ’ people from so called ‘ archaic ’ financial systems where interest is clearly understood and regulated ) Another ( in ) famous DeFi product is “ staking ” .
By staking your cryptocurrency and thus taking it out of circulation , you can earn rewards .
Allegedly , if enough people ‘ stake ’ they can reduce supply and drive up the price .
No one thinks about what happens ( i.e .
the fallout ) when everyone wants to ‘ un-stake @ @ @ @ @ @ @ a part of consensus algorithms that are an alternative to bitcoin ’ s proof of work .
Bitcoin miners compete to solve a cryptographic puzzle and every computer requires a lot of electricity ( and generate a LOT of heat ) to run the competition .
This form of achieving consensus and deciding who can write to the blockchain is called Proof of Work .
With Proof of Stake , network participants ( called forgers as in forging steel – not forging documents ) would put a fixed amount of cryptocurrency “ at @ @ @ @ @ @ @ pull a random winner from the pool to win the block reward .
The more cryptocurrency that you put at stake , the larger your chances of winning .
And , if you won the block reward and misbehaved by confirming false transactions or entering incorrect data into the chain , you would forfeit your stake .
Staking , in this context , had a balance of risk and reward , with a clear utility in delivering value to the network while reducing the massive environmental fallout of Proof of Work mining .
@ @ @ @ @ @ @ offers no utility .
It delivers no value .
It has significant ( both misunderstood and misrepresented ) risk .
And the rewards are often in the form of some other cryptocurrency with no inherent value ( subject to the extreme volatility outlined earlier ) New companies come to the market with DeFi products almost daily .
Some are offering derivatives and other complex financial products ( typically reserved for professional investors and traders and for good reason ! )
Others are offering lines of credit so that crypto traders can leverage up @ @ @ @ @ @ @ across multiple centralised exchanges .
DeFi is the buying , selling , loaning and borrowing of ‘ worthless supermarket loyalty points ’ which are created out of thin air .
But that doesn ’ t seem to be slowing anyone down .
Despite all this , maybe you are one of those that loves the hype and energy and excitement of the casino and carnival lifestyle .
In which case , have fun .
When using DeFi – and putting money in crypto in general – you should always follow the Three Day @ @ @ @ @ @ @ you would on a three day trip to Vegas including your flights and hotels and at the roulette wheel .
The experience will be the same .
You ’ ll meet a lot of really crazy amazing people .
You ’ ll have a whole lot of fun .
You might win big , but you ’ ll most likely lose it all .
( Unless you are the one running the casino , the ‘ house ’ usually always wins ) Next week I ’ ll be outlining how the latest trend @ @ @ @ @ @ @ lot of traction for crypto projects .
We ’ ll be taking a look at how these systems can collapse under the weight of their popularity and ‘ bugs ’ in the smart contracts .
And in week three , I ’ ll discuss the anti-regulatory nature of DeFi .
Remember , ICOs were loved and revered because they were unregulated – until a bunch of retail consumers lost their life savings , and the regulators had to step in and burst the whole bubble .
Get in touch with us info @ @ @ @ @ @

The Crypto Circus is Back in Town! This Year’s Star Attraction? DeFi (Part 1)
Roll up! Roll up! Step right up Ma’am! You too Sir, and yes, bring your kids!. The show is about to start. The most spectacular (crypspacular?) Razzle-Dazzle on the planet is just behind this curtain. Can’t you hear the crowds roar on social media?
It’s our star attraction for this year. It promises access to financial products and services with none of those oh-so pesky regulations. Giving you fine people the chance to make double – or even triple-digit returns on your investments!!
What is it?
It’s DeFi! And you better get in quick, or you might miss out!
Oh. And please don’t ask too many questions. Whatever you do, don’t look at the state of the code or the people running the circus. Just stare at the flashing lights and get swept up in the hype.
It seems like in the past two weeks, DeFi has been dominating the media cycle in the cryptocurrency and blockchain spheres.
This is a perfect time to step back, take a collective breath, and REAL about DeFi..
DeFi is shorthand for decentralised finance. Decentralised finance promises to recreate the (already broken) financial system by offering many of the same (tired old) financial products, but in a way that doesn’t involve any of those (government-mandated) intermediaries (like banks).
DeFi is shorthand for decentralised finance. Decentralised finance promises to recreate the (already broken) financial system by offering many of the same (tired old) financial products…
They are starting with something simple, like loans. Decentralised loans allow people to borrow and lend cryptocurrency amongst themselves. Borrowers put up collateral in the form of a different cryptocurrency.
These systems are designed so that anyone can lend or borrow. That means that there are no checks for borrowers, naturally meaning a much greater chance of default. Collateral for these loans is also cryptocurrency. With the high price volatility of crypto, these loans can very quickly become under collateralised and then automatically liquidated – to the understandable horror of the borrower. Nevermind the fact that if the network is running slow (and when has crypto EVER been not slow), the process can take time, and the individuals who put up their cryptocurrency to lend can also wind up taking a massive shortfall hit.
The entire system is leveraged on the basis that all cryptocurrencies will only ever go up and that all stable coins will execute correctly and remain stable. Yeah…RIGHT.
Some of the loans claim that “interest” is paid on the loans. Interest is a simple and easy to understand word that reflects compounding and some other characteristics of the loans, but it means something completely different in Defi. To make things even more confusing, every DeFi product provides a different method of calculating “interest” (So much for ‘freeing’ people from so called ‘archaic’ financial systems where interest is clearly understood and regulated)
Another (in)famous DeFi product is “staking”. By staking your cryptocurrency and thus taking it out of circulation, you can earn rewards. Allegedly, if enough people ‘stake’ they can reduce supply and drive up the price. No one thinks about what happens (i.e. the fallout) when everyone wants to ‘un-stake’.
Staking was initially conceived as a part of consensus algorithms that are an alternative to bitcoin’s proof of work.
Bitcoin miners compete to solve a cryptographic puzzle and every computer requires a lot of electricity (and generate a LOT of heat) to run the competition. This form of achieving consensus and deciding who can write to the blockchain is called Proof of Work.
With Proof of Stake, network participants (called forgers as in forging steel – not forging documents) would put a fixed amount of cryptocurrency “at stake”, and the network would pull a random winner from the pool to win the block reward. The more cryptocurrency that you put at stake, the larger your chances of winning. And, if you won the block reward and misbehaved by confirming false transactions or entering incorrect data into the chain, you would forfeit your stake.
Staking, in this context, had a balance of risk and reward, with a clear utility in delivering value to the network while reducing the massive environmental fallout of Proof of Work mining.
DeFi staking is entirely different. It offers no utility. It delivers no value. It has significant (both misunderstood and misrepresented) risk. And the rewards are often in the form of some other cryptocurrency with no inherent value (subject to the extreme volatility outlined earlier)
DeFi staking is entirely different. It offers no utility. It delivers no value. It has significant (and both misunderstood and misrepresented) risk.
New companies come to the market with DeFi products almost daily. Some are offering derivatives and other complex financial products (typically reserved for professional investors and traders and for good reason!) Others are offering lines of credit so that crypto traders can leverage up their positions and play the arbitrage game across multiple centralised exchanges.
DeFi is the buying, selling, loaning and borrowing of ‘worthless supermarket loyalty points’ which are created out of thin air. But that doesn’t seem to be slowing anyone down.
Despite all this, maybe you are one of those that loves the hype and energy and excitement of the casino and carnival lifestyle. In which case, have fun. When using DeFi – and putting money in crypto in general – you should always follow the Three Day Vegas Rule.
Never spend more than you would on a three day trip to Vegas including your flights and hotels and at the roulette wheel. The experience will be the same. You’ll meet a lot of really crazy amazing people. You’ll have a whole lot of fun. You might win big, but you’ll most likely lose it all. (Unless you are the one running the casino, the ‘house’ usually always wins)
Next week I’ll be outlining how the latest trend in decentralised crypto exchanges is gaining a lot of traction for crypto projects. We’ll be taking a look at how these systems can collapse under the weight of their popularity and ‘bugs’ in the smart contracts.
And in week three, I’ll discuss the anti-regulatory nature of DeFi. Remember, ICOs were loved and revered because they were unregulated – until a bunch of retail consumers lost their life savings, and the regulators had to step in and burst the whole bubble.
Get in touch with us info@blockchainrookies.com / Twitter @igetblockchain
Troy Norcross, Co-Founder Blockchain Rookies
Twitter: @troy_norcross


cityam--2020-09-01--Which London restaurants are extending Eat Out to Help Out?

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

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


cityam--2020-09-01--FTSE 100 slides as pound surges but US stocks continue to rise

The FTSE 100 slumped as the pound soared , but the relentless rise of the big US tech companies continued on a choppy day ’ s trading .
London ’ s blue-chip stock index slid 1.8 per cent to stand at 5,859 points in afternoon trading .
The FTSE 250 index of mid-cap firms shed one per cent .
The FTSE was badly damaged by sterling which jumped 0.6 per cent to $ 1.345 , an eight-month high , as the dollar dropped .
A higher pound makes the overseas earnings of FTSE firms worth less .
US stocks rose @ @ @ @ @ @ @ per cent and the S & P 500 rising 0.3 per cent .
The seemingly unstoppable rise of big tech stocks meant that Apple became worth more than the entire FTSE 100 index .
Germany ’ s Dax rose 0.1 per cent after the government predicted the economic decline this year will be better than expected .
The continent-wide Stoxx 600 was 0.3 per cent lower .
It gave up some of its earlier gains after a survey showed the Spanish manufacturing sector ’ s recovery stalled in August .
The dollar ’ @ @ @ @ @ @ @ basket of other currencies took the currency to its lowest level since the spring of 2018 .
The greenback has been hit hard by the coronavirus pandemic .
Investors have sold the currency in favour of stocks and have been put off by the US ’ s chaotic handling of coronavirus .
But in recent days , the US Federal Reserve ’ s announcement of a more relaxed approach to inflation and employment has weighed on the dollar .
Analysts took Fed chair Jay Powell ’ s speech last week to mean the @ @ @ @ @ @ @ for longer .
That limits the attractiveness of dollar-denominated investments .
The sharp fall in the dollar has helped other major currencies .
But the stronger pound weighed on the FTSE 100 , however , as the market reopened after a public holiday yesterday .
The biggest faller on London ’ s main index was jet engine-maker Rolls Royce .
Rolls tumbled 12.2 per cent after Credit Suisse cut their price target for the stock to 200p from 210p .
It last stood at 212p .
Neil Wilson , chief market analyst at @ @ @ @ @ @ @ Brexit risks ahead [ for the pound ] – talks recommence next week – but for the moment the major driver of this is the dollar ’ s weakness.
” FTSE 100 banking stocks were particularly weak , with Lloyds , Barclays , Natwest , and HSBC all falling more than four per cent .
Lenders have been pummeled during the coronavirus pandemic .
They have set aside tens of billions of pounds for bad loans and have been squeezed by interest rate cuts .
Elsewhere , British Airways-owner IAG was also struggling @ @ @ @ @ @ @ was hit by reports that favourite holiday destination Portugal is likely to be placed back on the UK government ’ s quarantine list after only recently being removed .
Read more : Coronavirus : Government begins to wind down furlough scheme The fall in the FTSE came after the index posted its best August since 2014 .
Yet Fawad Razaqzada , market analyst at trading platform Think Markets , said : “ That ’ s not to say the FTSE had a great month.
” “ The UK benchmark was one of the @ @ @ @ @ @ @ today ’ s session in a similar fashion .
”

FTSE 100 slides as pound surges but US stocks continue to rise
Who is moving jobs in the City this week?
The FTSE 100 slumped as the pound soared, but the relentless rise of the big US tech companies continued on a choppy day’s trading.
London’s blue-chip stock index slid 1.8 per cent to stand at 5,859 points in afternoon trading. The FTSE 250 index of mid-cap firms shed one per cent.
Read more: Asian markets rise after strong Chinese manufacturing data
The FTSE was badly damaged by sterling which jumped 0.6 per cent to $1.345, an eight-month high, as the dollar dropped. A higher pound makes the overseas earnings of FTSE firms worth less.
US stocks rose, with the tech-heavy Nasdaq climbing 0.9 per cent and the S&P 500 rising 0.3 per cent. The seemingly unstoppable rise of big tech stocks meant that Apple became worth more than the entire FTSE 100 index.
Germany’s Dax rose 0.1 per cent after the government predicted the economic decline this year will be better than expected.
The continent-wide Stoxx 600 was 0.3 per cent lower. It gave up some of its earlier gains after a survey showed the Spanish manufacturing sector’s recovery stalled in August.
The dollar’s 0.1 per cent decline against a basket of other currencies took the currency to its lowest level since the spring of 2018.
The greenback has been hit hard by the coronavirus pandemic. Investors have sold the currency in favour of stocks and have been put off by the US’s chaotic handling of coronavirus.
Sterling’s stellar rise hits FTSE 100
But in recent days, the US Federal Reserve’s announcement of a more relaxed approach to inflation and employment has weighed on the dollar.
Analysts took Fed chair Jay Powell’s speech last week to mean the central bank will keep interest rates lower for longer. That limits the attractiveness of dollar-denominated investments.
The sharp fall in the dollar has helped other major currencies. But the stronger pound weighed on the FTSE 100, however, as the market reopened after a public holiday yesterday.
Read more: Zoom revenue surges on continued pandemic video-conferencing demand
The biggest faller on London’s main index was jet engine-maker Rolls Royce. Rolls tumbled 12.2 per cent after Credit Suisse cut their price target for the stock to 200p from 210p. It last stood at 212p.
Neil Wilson, chief market analyst at Markets.com, said: “There are Brexit risks ahead [for the pound] – talks recommence next week – but for the moment the major driver of this is the dollar’s weakness.”
London lenders suffer
FTSE 100 banking stocks were particularly weak, with Lloyds, Barclays, Natwest, and HSBC all falling more than four per cent.
Lenders have been pummeled during the coronavirus pandemic. They have set aside tens of billions of pounds for bad loans and have been squeezed by interest rate cuts.
Elsewhere, British Airways-owner IAG was also struggling, slipping 7.2 per cent.
It was hit by reports that favourite holiday destination Portugal is likely to be placed back on the UK government’s quarantine list after only recently being removed.
The fall in the FTSE came after the index posted its best August since 2014. Yet Fawad Razaqzada, market analyst at trading platform Think Markets, said: “That’s not to say the FTSE had a great month.”
“The UK benchmark was one of the weakest links last month and it started today’s session in a similar fashion.”


cityam--2020-09-01--Tony Abbott confirms he is in talks for top UK trade role

Former Australian Prime Minister Tony Abbott has said he is in talks with the UK government about taking up a role as one of Britain ’ s top trade advisers , confirming one of Westminster ’ s worst kept secrets .
Abbott told Westminster ’ s Foreign Affairs Committee today he had “ had some discussions with members of the British government ” and was “ more than happy to help ” as the country ’ s new joint President of the Board of Trade .
Read more : Ex-Australian PM Tony Abbott to be given top UK trade role @ @ @ @ @ @ @ Abbott was set to be the face of the government ’ s post-Brexit push to promote the UK as a global trade destination .
The government is simultaneously negotiating trade deals with the EU , US , Japan , Australia and New Zealand as the UK prepares to leave the EU ’ s customs union and single market on 31 December .
Abbott , who was Australia ’ s prime minister between 2013 and 2015 , is a supporter of Brexit and is one of Australia ’ s most prominent right-wingers .
Before @ @ @ @ @ @ @ with the City View podcast and key market data “ I ’ ve had some discussions with members of the British government and I ’ m more than happy to help , but there ’ s nothing official as yet , ” Abbott said .
“ All I can really say at this time is that it would be in both Britain ’ s interests and Australia ’ s interests to conclude a very full and comprehensive free trade deal between our two countries as quickly as possible.
” Abbott also spoke at @ @ @ @ @ @ @ said a trade deal between the UK and Australia should be done before 31 December this year .
He also expected that “ free movement of people [ between the UK and Australia ] …for work , not welfare ” could be included .
Speaking at the Foreign Affairs Committee , Abbott said Britons “ should not fear ” a no-deal exit from the EU on 31 December .
Read more : Tony Abbott : UK-Australia freedom of movement could begin on 1 January “ Australia has for , many years now , @ @ @ @ @ @ @ annually with countries of the EU on a no-deal basis , ” he said .
“ Britain currently does a shade over 50 per cent of its trade with countries outside the EU on a no-deal basis.
” Abbott would be a controversial addition to the UK ’ s Board of Trade , after gaining a reputation as a climate change denier and an alleged misogynist .
A video of him , when he was opposition leader , being accused of misogny by ex-Australian Prime Minister Julia Gillard in Australian parliament went viral @ @ @ @ @ @ @ said Abbott was a “ misogynist ” and that it would be “ awful ” if he was appointed to the role .
Speaking to the BBC , she said : “ I just don ’ t think this is a man who should be anywhere near our Board of Trade .
”

Tony Abbott confirms he is in talks for top UK trade role
SYDNEY, AUSTRALIA – JUNE 11: Former Prime Minister of Australia Tony Abbott attends the launch of ‘Life, Love
Former Australian Prime Minister Tony Abbott has said he is in talks with the UK government about taking up a role as one of Britain’s top trade advisers, confirming one of Westminster’s worst kept secrets.
Abbott told Westminster’s Foreign Affairs Committee today he had “had some discussions with members of the British government” and was “more than happy to help” as the country’s new joint President of the Board of Trade.
The Sun first reported last week that Abbott was set to be the face of the government’s post-Brexit push to promote the UK as a global trade destination.
The government is simultaneously negotiating trade deals with the EU, US, Japan, Australia and New Zealand as the UK prepares to leave the EU’s customs union and single market on 31 December.
Abbott, who was Australia’s prime minister between 2013 and 2015, is a supporter of Brexit and is one of Australia’s most prominent right-wingers.
Before the Open newsletter: Start your day with the City View podcast and key market data
“I’ve had some discussions with members of the British government and I’m more than happy to help, but there’s nothing official as yet,” Abbott said.
“All I can really say at this time is that it would be in both Britain’s interests and Australia’s interests to conclude a very full and comprehensive free trade deal between our two countries as quickly as possible.”
Abbott also spoke at a Policy Exchange event today where he said a trade deal between the UK and Australia should be done before 31 December this year.
He also expected that “free movement of people [between the UK and Australia]…for work, not welfare” could be included.
Speaking at the Foreign Affairs Committee, Abbott said Britons “should not fear” a no-deal exit from the EU on 31 December.
“Australia has for, many years now, been doing what is £100bn of trade annually with countries of the EU on a no-deal basis,” he said.
“Britain currently does a shade over 50 per cent of its trade with countries outside the EU on a no-deal basis.”
Abbott would be a controversial addition to the UK’s Board of Trade, after gaining a reputation as a climate change denier and an alleged misogynist.
A video of him, when he was opposition leader, being accused of misogny by ex-Australian Prime Minister Julia Gillard in Australian parliament went viral in 2012.
Tory MP Caroline Nokes said Abbott was a “misogynist” and that it would be “awful” if he was appointed to the role.
Speaking to the BBC, she said: “I just don’t think this is a man who should be anywhere near our Board of Trade.”


cityam--2020-09-01--Extinction Rebellion: Arrests made as protesters target Parliament

At least five people have been arrested today after environmental campaigners from protest group Extinction Rebellion blocked streets near parliament today to campaign for new legislation on climate change .
Extinction Rebellion protesters were arrested today after they sat down in roads near to Parliament Square to stop traffic .
The protesters are calling on MPs to back The Climate and Ecological Emergency Bill ( CEE ) , a private members bill set to be tabled by Green MP Caroline Lucas on Wednesday .
The Bill – which aims to set an emergency path for the UK to follow on @ @ @ @ @ @ @ of a so-called citizens ’ assembly to “ help both the UK government and parliament create and review the strategy to achieve the bill ’ s objectives ” .
Extinction Rebellion said the assembly “ will allow the government and parliament the public mandate to implement the necessary fundamental societal changes ” .
Read more : Extinction Rebellion to block London streets in climate change protest The protest is part of Extinction Rebellion ’ s first major round of action in 2020 after the group closed down parts of central London and disrupted @ @ @ @ @ @ @ .
Today the group marched on Parliament Square and blockaded multiple roads in Westminster .
Conservative MP Damian Green criticised the protesters for blocking bus traffic in the area .
The group cancelled protests scheduled to target London on 23 May due to the coronavirus lockdown .
Today , Extinction Rebellion asked protesters in Parliament Square to observe social distancing and use hand sanitiser to try and prevent the spread of Covid-19

Extinction Rebellion: Arrests made as protesters target Parliament
Police officers detain and carry away an Extinction Rebellion activist in Parliament Square in central London on September 1, 2020 as the climate ground started their new season of “mass rebellions”. – Climate protest group Extinction Rebellion will target Britain’s parliament as part of “mass rebellions” starting from September 1. Other actions will take place around the country. (Photo by JUSTIN TALLIS / AFP) (Photo by JUSTIN TALLIS/AFP via Getty Images)
At least five people have been arrested today after environmental campaigners from protest group Extinction Rebellion blocked streets near parliament today to campaign for new legislation on climate change.
Extinction Rebellion protesters were arrested today after they sat down in roads near to Parliament Square to stop traffic.
The protesters are calling on MPs to back The Climate and Ecological Emergency Bill (CEE), a private members bill set to be tabled by Green MP Caroline Lucas on Wednesday.
The Bill – which aims to set an emergency path for the UK to follow on climate change – would involve the creation of a so-called citizens’ assembly to “help both the UK government and parliament create and review the strategy to achieve the bill’s objectives”.
Extinction Rebellion said the assembly “will allow the government and parliament the public mandate to implement the necessary fundamental societal changes”.
The protest is part of Extinction Rebellion’s first major round of action in 2020 after the group closed down parts of central London and disrupted the City last year with road blockades.
Today the group marched on Parliament Square and blockaded multiple roads in Westminster.
Conservative MP Damian Green criticised the protesters for blocking bus traffic in the area.
Extinction Rebellion blocking many buses in Westminster. Driving people off public transport. Helpful? Sensible? pic.twitter.com/evJmIsxY6y — Damian Green MP (@DamianGreen) September 1, 2020
The group cancelled protests scheduled to target London on 23 May due to the coronavirus lockdown.
Today, Extinction Rebellion asked protesters in Parliament Square to observe social distancing and use hand sanitiser to try and prevent the spread of Covid-19


cityam--2020-09-01--Apple overtakes value of entire FTSE 100

US tech titan Apple today overtook the entire market capitalisation of the UK ’ s FTSE 100 companies .
The iPhone maker ’ s market capitalisation topped $ 2.2 trillion ( £1.6 trillion ) today , overhauling the combined value of the UK ’ s blue chip index .
Read more : Apple becomes first US company to reach $ 2 trillion valuation Apple ’ s share price has leaped 75 per cent this year and last month the company became the first to hit a valuation of $ 2 trillion .
The FTSE 100 – which fell 1.5 per @ @ @ @ @ @ @ at £1.5 trillion .
Yesterday , Apple split its stock stock 4-for-1 which it said was to make its shares more affordable to individual investors .
Apple stock surged over four per cent last night following the split .
Electric car company Tesla also split its stock yesterday at 5-1 with shares jumping 12.6 per cent .
Tesla ’ s stock has surged over 70 per cent since its split was announced on 11 August .
Apple has jumped over 30 per cent since it announced its split on 30 July , along @ @ @ @ @ @ @ more : Apple boots Fortnite off App Store after challenge to payment rules Susannah Streeter , senior investment and markets analyst at Hargreaves Lansdown , said : “ Apple ’ s four-for-one stock slice reduced the company ’ s share price from roughly $ 500 per share to around $ 125 but at the close , Apple had climbed by 3.4 per cent .
Meanwhile , Tesla ’ s 5-for-1 stock split saw the share price cut from $ 2,213 to $ 444 , and immediately soar to end up 12.6 per cent.
@ @ @ @ @ @ @ be attractive to investors worried about the impact of Covid-19 and political instability .
“ There are also plenty of uncertainties ahead which could have an impact on both stocks in the months to come , not least the economic repercussions of possible Coronavirus second waves and the outcome of the US presidential election in November , ” she said .
“ For the moment however , the flight to the perceived safe returns of big tech , fuelled by the Federal Reserve ’ s ultra-low interest rates and unprecedented quantitative easing looks @ @ @ @ @ @

Apple overtakes value of entire FTSE 100
Apple’s stock has surged this year
US tech titan Apple today overtook the entire market capitalisation of the UK’s FTSE 100 companies.
The iPhone maker’s market capitalisation topped $2.2 trillion (£1.6 trillion) today, overhauling the combined value of the UK’s blue chip index.
Apple’s share price has leaped 75 per cent this year and last month the company became the first to hit a valuation of $2 trillion.
The FTSE 100 – which fell 1.5 per cent to 5,872 points – is valued at £1.5 trillion.
Yesterday, Apple split its stock stock 4-for-1 which it said was to make its shares more affordable to individual investors.
Apple stock surged over four per cent last night following the split.
Today Apple’s shares rose 2.3 per cent to $132.09.
Electric car company Tesla also split its stock yesterday at 5-1 with shares jumping 12.6 per cent.
Tesla’s stock has surged over 70 per cent since its split was announced on 11 August. Apple has jumped over 30 per cent since it announced its split on 30 July, along with a blowout quarterly report.
Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said: “Apple’s four-for-one stock slice reduced the company’s share price from roughly $500 per share to around $125 but at the close, Apple had climbed by 3.4 per cent. Meanwhile, Tesla’s 5-for-1 stock split saw the share price cut from $2,213 to $444, and immediately soar to end up 12.6 per cent.”
Streeter said big tech continues to be attractive to investors worried about the impact of Covid-19 and political instability.
“There are also plenty of uncertainties ahead which could have an impact on both stocks in the months to come, not least the economic repercussions of possible Coronavirus second waves and the outcome of the US presidential election in November,” she said.
“For the moment however, the flight to the perceived safe returns of big tech, fuelled by the Federal Reserve’s ultra-low interest rates and unprecedented quantitative easing looks set to continue.’’


cityam--2020-09-02--Coach industry warns 27,000 jobs on the line without government support

Up to 27,000 jobs could be lost in the UK coach industry by April 2021 unless ministers provide extra support , an sector body has warned .
In a letter to tourism minister Nigel Huddleston , the Confederation of Passenger Transport has warned that with bookings not expected to pick up until next summer , the UK ’ s coach firms are in a “ fight for [ their ] future ” .
Read more : Bus operators welcome new £220m government package According to the CPT , the tourism industry risks losing £14bn unless extra support is given to @ @ @ @ @ @ @ which could be out of business by next April .
In order to prevent this , the CPT has called for ministers to ban lenders from repossessing coaches for a 12 month period to ensure firms survive over the less busy winter period .
It also said that the coach industry should be treated like other leisure businesses such as hotels and restaurants so that firms can access other means of support .
Over 23m people visit UK attractions by coach every year , the CPT said , generating nearly 10 per cent @ @ @ @ @ @ @ contribution to the economy .
“ The collapse of the coach travel sector will mean many of these visits simply do not take place , threatening jobs across the UK that rely on tourism ” , it warned in the letter , which was first reported by the Telegraph .
Before the Open newsletter : Start your day with the City View podcast and key market data Back in May SLG , the owner of coach firm Shearings went bust , with nearly 2,500 job losses as a result .
Without the support @ @ @ @ @ @ @ that many more coach firms could follow suit .
CPT head of policy Alison Edwards said that allowing the sector to collapse would be a “ dereliction of duty ” by the government .
“ The sector is vital to continued growth of UK tourism by ensuring that millions of people can visit attractions across the UK each year ” , she added .
“ Without support for coach travel we are risking not just the future of the sector but jobs across the tourism industry as people struggle to travel to days @ @ @ @ @ @ @ Alliance , Kurt Janson , said such firms were a “ large and vital component of the UK ’ s world-class tourism industry ” .
City A.M. has contacted the Department for Culture , Media and Sport for comment .

Coach industry warns 27,000 jobs on the line without government support
Up to 27,000 jobs could be lost in the UK coach industry by April 2021 unless ministers provide extra support, an sector body has warned.
In a letter to tourism minister Nigel Huddleston, the Confederation of Passenger Transport has warned that with bookings not expected to pick up until next summer, the UK’s coach firms are in a “fight for [their] future”.
According to the CPT, the tourism industry risks losing £14bn unless extra support is given to such firms, 40 per cent of which could be out of business by next April.
In order to prevent this, the CPT has called for ministers to ban lenders from repossessing coaches for a 12 month period to ensure firms survive over the less busy winter period.
It also said that the coach industry should be treated like other leisure businesses such as hotels and restaurants so that firms can access other means of support.
Over 23m people visit UK attractions by coach every year, the CPT said, generating nearly 10 per cent of the tourism sector’s total contribution to the economy.
“The collapse of the coach travel sector will mean many of these visits simply do not take place, threatening jobs across the UK that rely on tourism”, it warned in the letter, which was first reported by the Telegraph.
Before the Open newsletter: Start your day with the City View podcast and key market data
Back in May SLG, the owner of coach firm Shearings went bust, with nearly 2,500 job losses as a result.
Without the support proposed above, industry figures are concerned that many more coach firms could follow suit.
CPT head of policy Alison Edwards said that allowing the sector to collapse would be a “dereliction of duty” by the government.
“The sector is vital to continued growth of UK tourism by ensuring that millions of people can visit attractions across the UK each year”, she added.
“Without support for coach travel we are risking not just the future of the sector but jobs across the tourism industry as people struggle to travel to days out.”
The director of the Tourism Alliance, Kurt Janson, said such firms were a “large and vital component of the UK’s world-class tourism industry”.
City A.M. has contacted the Department for Culture, Media and Sport for comment.


cityam--2020-09-02--Dating app Bumble prepares for IPO above $6bn

Dating app Bumble is the latest technology company to be reportedly preparing for an IPO that could come early next year .
The app , which lets women make the first move , could seek a valuation of $ 6bn to $ 8bn , according to Bloomberg , citing people familiar with the matter .
Read more : Bumper summer for IPOs with fastest start to second half since 2007 The report added that while Bumble is talking to banks it has not yet settled on a lineup and the timeline for an IPO could still change .
It would @ @ @ @ @ @ @ consider a debut as markets recover from the pandemic that forced several companies to postpone their IPO plans .
Listings fell off a cliff as the pandemic hit , with March , April and May totals at their lowest for their respective months in over a decade .
But activity is starting to pick up as technology firms hope to ride the wave of the recovery .
The technology-focused Nasdaq in the US has been the most active exchange this year , with debut listings raising $ 26.8bn , among them Warner Music @ @ @ @ @ @ @ ( £0.9bn ) .
There are high value listings still to come as Airbnb resumes plans to float after coronavirus stalled plans earlier this year .
Alongside Bumble , the US-based food delivery startup Doordash is moving on with plans to float in the fourth quarter after confirming a $ 400m raise in June .
Doordash had considered going public with a direct listing but has opted for a more traditional IPO , according to Bloomberg .
Blackstone took a majority stake in Bumble last year , when it was known as Magiclab @ @ @ @ @ @ @ company at $ 3bn .
As part of the deal , Magiclab ’ s founder Andrey Andreev sold his stake and stepped down from the business .
He was replaced as chief executive by the founder and chief executive of Bumble , Whitney Wolfe Herd .

Dating app Bumble prepares for IPO above $6bn
Bumble is reportedly seeking a valuation of up to $8bn
Dating app Bumble is the latest technology company to be reportedly preparing for an IPO that could come early next year.
The app, which lets women make the first move, could seek a valuation of $6bn to $8bn, according to Bloomberg, citing people familiar with the matter.
The report added that while Bumble is talking to banks it has not yet settled on a lineup and the timeline for an IPO could still change.
It would be the latest US tech firm to consider a debut as markets recover from the pandemic that forced several companies to postpone their IPO plans.
Listings fell off a cliff as the pandemic hit, with March, April and May totals at their lowest for their respective months in over a decade.
But activity is starting to pick up as technology firms hope to ride the wave of the recovery. The technology-focused Nasdaq in the US has been the most active exchange this year, with debut listings raising $26.8bn, among them Warner Music Group ($1.9bn) and Zoom (£0.9bn).
There are high value listings still to come as Airbnb resumes plans to float after coronavirus stalled plans earlier this year.
Alongside Bumble, the US-based food delivery startup Doordash is moving on with plans to float in the fourth quarter after confirming a $400m raise in June.
Doordash had considered going public with a direct listing but has opted for a more traditional IPO, according to Bloomberg.
Blackstone took a majority stake in Bumble last year, when it was known as Magiclab, in a deal that valued the company at $3bn. As part of the deal, Magiclab’s founder Andrey Andreev sold his stake and stepped down from the business.
He was replaced as chief executive by the founder and chief executive of Bumble, Whitney Wolfe Herd.
Bumble did not respond to requests for comment. Blackstone declined to comment.


cityam--2020-09-02--Camden Market teams up with Curzon to launch new pop-up cinema

Camden Market will host a pop-up cinema in its North Yard to help entice visitors back to the historic market .
Labtech , owner of Camden Market , has signed a deal with for a pop-up cinema that will premiere on 16 September .
The pop-up cinema has room for 150 viewers and will operate seven days a week until October .
Read more : Camden Market to operate one-way system as it prepares for June reopening Maggie Milosavljevic , Labtech ’ s retail commercial director , said teaming up with a boutique firm like Curzon would offer Londoners and @ @ @ @ @ @ @ them out and about post-lockdown .
“ Camden Market continues to lead the way in putting London back on the map for locals and visitors to enjoy different food , drinks , retail and leisure experiences post-lockdown ” .
The pop-up cinema has been designed by Curzon , with deckchairs , and black carpet .
Read more : Focus On Camden : Camden Market turns 45 tomorrow , but how much have house prices changed in this cultural hotspot ?
The collaboration also means Camden Market will also host the first UK screening @ @ @ @ @ @ @ ’ 85 .
The two-week schedule also includes screenings of films by the Oscar-winning director of Parasite , Bong Joon-ho .
Philip Knatchbull , chief executive of Curzon said : “ We are confident our years in providing great entertainment will help deliver the ideal evening out for Londoners all over , and will help entice people out to enjoy the ever-evolving offer at Camden Market .
”

Camden Market teams up with Curzon to launch new pop-up cinema
The Curzon pop-up cinema will show films by Parasite director Bong Joon-ho
Camden Market will host a pop-up cinema in its North Yard to help entice visitors back to the historic market.
Labtech, owner of Camden Market, has signed a deal with for a pop-up cinema that will premiere on 16 September.
The pop-up cinema has room for 150 viewers and will operate seven days a week until October.
Maggie Milosavljevic, Labtech’s retail commercial director, said teaming up with a boutique firm like Curzon would offer Londoners and tourists alike a unique experience to get them out and about post-lockdown.
“Camden Market continues to lead the way in putting London back on the map for locals and visitors to enjoy different food, drinks, retail and leisure experiences post-lockdown”.
The pop-up cinema has been designed by Curzon, with deckchairs, and black carpet.
The collaboration also means Camden Market will also host the first UK screening of Francois Ozon’s Summer of ’85.
The two-week schedule also includes screenings of films by the Oscar-winning director of Parasite, Bong Joon-ho.
Philip Knatchbull, chief executive of Curzon said: “We are confident our years in providing great entertainment will help deliver the ideal evening out for Londoners all over, and will help entice people out to enjoy the ever-evolving offer at Camden Market.”


cityam--2020-09-02--Downing Street looks at issuing UK digital ID cards

Britons may soon be issued personalised ID cards that can be used to book GP appointments , verify ages and store data on immigration status .
The push for the new cards is reportedly a brainchild of Boris Johnson ’ s top aide Dominic Cummings as he looks to change the way the government uses data .
Read more : Government urges firms to hire under-25s through free ‘ kickstart ’ scheme The Times reports that the idea to assign unique ID cards came after the government was found to have no information for more than 1m self-employed workers claiming @ @ @ @ @ @ @ Julia Lopez told The Times : “ There is a need and an expectation for the government to make it easier for people to use digital identities quickly , safely and securely , and we are committed to enabling this.
” Before the Open newsletter : Start your day with the City View podcast and key market data It is likely the plans will be criticised by some groups as an infringement on data privacy , with the Open Rights Group telling The Times that they did not support the creation of UK @ @ @ @ @ @ @ s Matthew Rice said : “ If the public don ’ t trust that their data is going to be secure , they are not going to engage with the system no matter how seamless or frictionless .
“ If the government thinks that this is a cool thing to do from their new control centre that Dominic Cummings has created , they will just create another system that doesn ’ t actually look to the needs of citizens.
” It comes as Cummings yesterday moved Number 10 staff into the adjacent Cabinet @ @ @ @ @ @ @ Read more : FTSE 100 jumps as homebuilders cheer surge in UK house prices The new lay out has been likened to Star Trek ’ s Starship Enterprise , with Cummings sat at the front and Downing Street aides sitting in front of him in different groups in an open plan office space .
They will be surrounded by screens showing real time data on the spread of the coronavirus .

Downing Street looks at issuing UK digital ID cards
LONDON, ENGLAND – SEPTEMBER 01: Senior aide to Prime Minister Boris Johnson, Dominic Cummings arrives in Downing Street ahead of a cabinet meeting on September 1, 2020 in London, England. MPs returned to Westminster today following the summer recess. (Photo by Dan Kitwood/Getty Images)
Britons may soon be issued personalised ID cards that can be used to book GP appointments, verify ages and store data on immigration status.
The push for the new cards is reportedly a brainchild of Boris Johnson’s top aide Dominic Cummings as he looks to change the way the government uses data.
The Times reports that the idea to assign unique ID cards came after the government was found to have no information for more than 1m self-employed workers claiming emergency coronavirus support.
Cabinet Office minister Julia Lopez told The Times: “There is a need and an expectation for the government to make it easier for people to use digital identities quickly, safely and securely, and we are committed to enabling this.”
Before the Open newsletter: Start your day with the City View podcast and key market data
It is likely the plans will be criticised by some groups as an infringement on data privacy, with the Open Rights Group telling The Times that they did not support the creation of UK ID cards.
Open Rights Group’s Matthew Rice said: “If the public don’t trust that their data is going to be secure, they are not going to engage with the system no matter how seamless or frictionless.
“If the government thinks that this is a cool thing to do from their new control centre that Dominic Cummings has created, they will just create another system that doesn’t actually look to the needs of citizens.”
It comes as Cummings yesterday moved Number 10 staff into the adjacent Cabinet Office into a new command centre.
The new lay out has been likened to Star Trek’s Starship Enterprise, with Cummings sat at the front and Downing Street aides sitting in front of him in different groups in an open plan office space.
They will be surrounded by screens showing real time data on the spread of the coronavirus.


cityam--2020-09-02--Business has a moral duty to tackle the scourge of human trafficking — starting with supply chains

The impacts of this pandemic have been countless and varied — from health to the economy , education to technological development .
But one tragic side effect of Covid-19 has sadly too often gone unspoken : an increase in instances of human trafficking and forced labour abuses taking place amid the disruptions to global supply chains .
According to the International Labour Organization ( ILO ) , human trafficking is a $ 150bn industry , with most of this money generated through sex trafficking .
The second largest portion of human trafficking is related to forced labour , also known @ @ @ @ @ @ @ : The Boohoo scandal shouldn ’ t shock anyone — modern slavery is a pandemic The investigation into working conditions at Leicester factories is perhaps the most prominent example of shocking working conditions and slavery practices this year .
But it is far from the only one .
The appalling practice continues , and through our Supply Chain Risk Exposure Evaluation Network ( SCREEN ) intelligence we have recorded multiple instances of human trafficking in supply chains over the first half of the year , and a significant increase in the number of @ @ @ @ @ @ @ .
This trend is inherently tied to the pandemic and its economic impact .
Weakened economies force more migrant workers to travel , increasing risk to vulnerable people .
Meanwhile , large numbers of migrant workers in Asia in particular are now unemployed , and may be stranded away from home .
Migrants worldwide remain highly susceptible to labour exploitation , with the lack of legal protections and economic opportunity in host countries creating impossible situations .
The absence of official citizenship , particularly in cases of labour trafficking , also exacerbates the @ @ @ @ @ @ @ at many times unable to register official complaints .
This year , 48 per cent of the labour rights violations we recorded involved migrants , up from 42 per cent last year .
Of these incidents , over half involved forced labour conditions — again an increase on last year ’ s figures .
For UK businesses , tackling the issue of human trafficking in supply chains is an imperitive .
And it starts by identifying at-risk suppliers and then proactively taking steps to reduce the risk .
The most at-risk categories in @ @ @ @ @ @ @ industries such as agriculture or textiles .
Labour is exploited within a limited period , allowing for easier concealment by employers .
A key practical step to mitigate against abuses of this kind is addressing how suppliers work with recruiters .
In questioning the recruitment process , companies should examine how workers arrived at this location , what the process was , and what role a recruiter played .
This includes properly qualifying recruiters , tracking how they communicate terms of employment to workers , how workers are on-boarded , and whether suppliers @ @ @ @ @ @ @ It also involves understanding how workers are engaged in their countries of origin during the recruitment process , and if they can raise concerns once employed .
This level of due diligence by suppliers is uncommon , but closer attention to the recruitment process is a practical , proven approach to tackling the evil of human trafficking .
Companies at the front of the fight against modern slavery are taking this a step further , and investing in their key suppliers in high-risk areas to eliminate recruitment fees completely .
Such steps will @ @ @ @ @ @ @ of human trafficking and bring about the much needed change to eliminate the practice .
As the Leicester scandals showed , this is a crime that hides in plain sight and can tarnish even the most well-meaning of brand with the stain of modern slavery .
Businesses may think they have their hands full with adapting to the post-Covid landscape , but this is a challenge they can not afford to ignore .
Read more : Businesses must find their purpose , or risk becoming the next corporate scandal

Business has a moral duty to tackle the scourge of human trafficking — starting with supply chains
The investigation into working conditions at Leicester factories is a prominent example of shocking working conditions and slavery practices
The impacts of this pandemic have been countless and varied — from health to the economy, education to technological development.
But one tragic side effect of Covid-19 has sadly too often gone unspoken: an increase in instances of human trafficking and forced labour abuses taking place amid the disruptions to global supply chains.
According to the International Labour Organization (ILO), human trafficking is a $150bn industry, with most of this money generated through sex trafficking. The second largest portion of human trafficking is related to forced labour, also known as modern day slavery.
The investigation into working conditions at Leicester factories is perhaps the most prominent example of shocking working conditions and slavery practices this year. But it is far from the only one. The appalling practice continues, and through our Supply Chain Risk Exposure Evaluation Network (SCREEN) intelligence we have recorded multiple instances of human trafficking in supply chains over the first half of the year, and a significant increase in the number of migrants entering Europe in June and July.
This trend is inherently tied to the pandemic and its economic impact. Weakened economies force more migrant workers to travel, increasing risk to vulnerable people. Meanwhile, large numbers of migrant workers in Asia in particular are now unemployed, and may be stranded away from home.
Migrants worldwide remain highly susceptible to labour exploitation, with the lack of legal protections and economic opportunity in host countries creating impossible situations. The absence of official citizenship, particularly in cases of labour trafficking, also exacerbates the risk of exploitation, as migrants are at many times unable to register official complaints.
This year, 48 per cent of the labour rights violations we recorded involved migrants, up from 42 per cent last year. Of these incidents, over half involved forced labour conditions — again an increase on last year’s figures.
For UK businesses, tackling the issue of human trafficking in supply chains is an imperitive. And it starts by identifying at-risk suppliers and then proactively taking steps to reduce the risk.
The most at-risk categories in Europe and Asia remain informal, seasonal industries such as agriculture or textiles. Labour is exploited within a limited period, allowing for easier concealment by employers.
A key practical step to mitigate against abuses of this kind is addressing how suppliers work with recruiters. In questioning the recruitment process, companies should examine how workers arrived at this location, what the process was, and what role a recruiter played.
This includes properly qualifying recruiters, tracking how they communicate terms of employment to workers, how workers are on-boarded, and whether suppliers understand if workers are charged fees.
It also involves understanding how workers are engaged in their countries of origin during the recruitment process, and if they can raise concerns once employed. This level of due diligence by suppliers is uncommon, but closer attention to the recruitment process is a practical, proven approach to tackling the evil of human trafficking.
Companies at the front of the fight against modern slavery are taking this a step further, and investing in their key suppliers in high-risk areas to eliminate recruitment fees completely.
Such steps will help create greater awareness of the issue of human trafficking and bring about the much needed change to eliminate the practice.
As the Leicester scandals showed, this is a crime that hides in plain sight and can tarnish even the most well-meaning of brand with the stain of modern slavery. Businesses may think they have their hands full with adapting to the post-Covid landscape, but this is a challenge they cannot afford to ignore.
Main image credit: Getty


cityam--2020-09-02--Swiss regulator starts action against Credit Suisse over spying claims

Switzerland ’ s financial supervisor has opened enforcement proceedings against Credit Suisse over a spying scandal that led to the ousting of former chief executive Tidjane Thiam and tarnished its reputation .
The move by the Swiss Financial Market Supervisory Authority ( FINMA ) intensifies the regulatory pressure on Credit Suisse and follows the completion of a review of the bank ’ s corporate governance by an independent auditor and its use of electronic communications in connection with the surveillance of former employees .
Read more : Tailed in Zurich : How the Credit Suisse spy drama unfolded FINMA said @ @ @ @ @ @ @ of supervisory law and in particular the question of how these activities were documented and controlled .
Credit Suisse said it would cooperate “ to ensure a complete and expeditious conclusion of the review of this episode and incorporate lessons learned.
” The bank had tried to remove the auditor , Thomas Werlen , appointed by FINMA as part of its probe into the bank , because his law firm Quinn Emanuel Urquhart & Sullivan had been involved in legal cases against it .
Credit Suisse ’ s appeal of a lower court @ @ @ @ @ @ @ is pending in the Swiss Federal Supreme Court .
FINMA declined to comment on how Credit Suisse ’ s ongoing appeal and the pending court decision could impact its enforcement proceedings .
Read more : Regulator asks for mobile data in Credit Suisse spying probe Credit Suisse reiterated today that spying on employees was not part of its culture .
Revelations of corporate espionage erupted last year when it emerged Credit Suisse had been snooping on former wealth management boss Iqbal Khan , who was leaving for rival UBS , and former human @ @ @ @ @ @ @ spying operation , which was sparked by fears that Khan might poach fellow employers to join him in his new role at UBS , came to light after Khan noticed he was being trailed while out on a shopping trip with his wife .
After being chased through Zurich ’ s quiet business district Khan reportedly stepped out of his car and started to take photos of the license plate of the private investigator ’ s vehicle .
The investigator then allegedly told Khan to stop taking photos and hand over his phone @ @ @ @ @ @ @ police and the private eye left .
Read more : Credit Suisse cuts ex-boss Thiam ’ s bonus in wake of spying scandal An internal Credit Suisse probe concluded that Thiam didn ’ t know about the spying , and that operations head Pierre-Olivier Bouee was responsible .
Bouee , a longtime confidant of Thiam , was fired late last year and has not commented publicly on the scandal .
Thiam resigned in February and Credit Suisse hired Thomas Gottstein , a bank veteran , to replace him .

Swiss regulator starts action against Credit Suisse over spying claims
Bank stocks around Europe also fell as investors took a dim view of the Swiss banking merger.
Switzerland’s financial supervisor has opened enforcement proceedings against Credit Suisse over a spying scandal that led to the ousting of former chief executive Tidjane Thiam and tarnished its reputation.
The move by the Swiss Financial Market Supervisory Authority (FINMA) intensifies the regulatory pressure on Credit Suisse and follows the completion of a review of the bank’s corporate governance by an independent auditor and its use of electronic communications in connection with the surveillance of former employees.
FINMA said today it will pursue indications of violations of supervisory law and in particular the question of how these activities were documented and controlled.
Credit Suisse said it would cooperate “to ensure a complete and expeditious conclusion of the review of this episode and incorporate lessons learned.”
The bank had tried to remove the auditor, Thomas Werlen, appointed by FINMA as part of its probe into the bank, because his law firm Quinn Emanuel Urquhart & Sullivan had been involved in legal cases against it.
Credit Suisse’s appeal of a lower court decision that backed Werlen’s appointment is pending in the Swiss Federal Supreme Court.
FINMA declined to comment on how Credit Suisse’s ongoing appeal and the pending court decision could impact its enforcement proceedings.
Credit Suisse reiterated today that spying on employees was not part of its culture.
Revelations of corporate espionage erupted last year when it emerged Credit Suisse had been snooping on former wealth management boss Iqbal Khan, who was leaving for rival UBS, and former human resources head Peter Goerke.
The seven-day spying operation, which was sparked by fears that Khan might poach fellow employers to join him in his new role at UBS, came to light after Khan noticed he was being trailed while out on a shopping trip with his wife.
After being chased through Zurich’s quiet business district Khan reportedly stepped out of his car and started to take photos of the license plate of the private investigator’s vehicle.
The investigator then allegedly told Khan to stop taking photos and hand over his phone, before Khan started to shout for police and the private eye left.
An internal Credit Suisse probe concluded that Thiam didn’t know about the spying, and that operations head Pierre-Olivier Bouee was responsible. Bouee, a longtime confidant of Thiam, was fired late last year and has not commented publicly on the scandal.
Thiam resigned in February and Credit Suisse hired Thomas Gottstein, a bank veteran, to replace him.


cityam--2020-09-02--UK broadband speeds among the slowest in Europe

The UK has tumbled further down the global broadband speed rankings to rate as one of the slowest countries in Europe .
In an annual study of the average broadband speeds of 221 countries and territories , the UK dropped 13 places to rank 47th fastest in the world .
Last year Britain placed 34th for average broadband speed .
The top of the table is dominated by Europe – of the top 50 countries , 32 of them are on the continent .
The UK is lagging behind its European peers , with just over 10 per cent of @ @ @ @ @ @ @ speed fibre broadband , according to Ofcom .
This compares to more than 80 per cent in many other developed countries .
This means UK consumers have to wait almost twice as long to download a film .
With the average broadband speed in the UK less than half that of the western European average , UK consumers will have to wait , on average , 18 minutes to download a 5GB film .
In Lichtenstein , which boasts the fastest broadband speed in the world , customers have to wait just under @ @ @ @ @ @ @ Among the countries that have overtaken the UK are smaller , including Malta , Puerto Rico and Romania , which can roll out comprehensive coverage much quicker .
The speed of broadband has broadly risen year-on-year but there is a stark difference between the best and worst performing countries .
The top 100 countries have gained 28.61 Mbps while the bottom 100 have gained an average of 1.54Mbps .
Read more : UK broadband customers to save £270m following Ofcom review One of Boris Johnson ’ s first priorities when elected prime minister @ @ @ @ @ @ @ of his “ levelling up ” agenda , was addressing the UK ’ s broadband network .
He wants a complete “ gigabit speed ” network , whioch combines full fibre and other technology used in Virgin Media ’ s cable and broadband network , by 2025 .
He also pledged £5bn to ensure services reached the most remote parts of the UK .

UK broadband speeds among the slowest in Europe
The UK has tumbled further down the global broadband speed rankings to rate as one of the slowest countries in Europe.
In an annual study of the average broadband speeds of 221 countries and territories, the UK dropped 13 places to rank 47th fastest in the world. Last year Britain placed 34th for average broadband speed.
The top of the table is dominated by Europe – of the top 50 countries, 32 of them are on the continent.
The UK is lagging behind its European peers, with just over 10 per cent of UK households having access to the high speed fibre broadband, according to Ofcom. This compares to more than 80 per cent in many other developed countries.
This means UK consumers have to wait almost twice as long to download a film. With the average broadband speed in the UK less than half that of the western European average, UK consumers will have to wait, on average, 18 minutes to download a 5GB film.
In Lichtenstein, which boasts the fastest broadband speed in the world, customers have to wait just under three minutes to download a film.
Among the countries that have overtaken the UK are smaller, including Malta, Puerto Rico and Romania, which can roll out comprehensive coverage much quicker.
The speed of broadband has broadly risen year-on-year but there is a stark difference between the best and worst performing countries. The top 100 countries have gained 28.61 Mbps while the bottom 100 have gained an average of 1.54Mbps.
One of Boris Johnson’s first priorities when elected prime minister last December, and a key part of his “levelling up” agenda, was addressing the UK’s broadband network.
He wants a complete “gigabit speed” network, whioch combines full fibre and other technology used in Virgin Media’s cable and broadband network, by 2025. He also pledged £5bn to ensure services reached the most remote parts of the UK.


cityam--2020-09-02--FTSE 100 jumps as homebuilders cheer surge in UK house prices

The FTSE 100 jumped as investors welcomed signs of an economic recovery , with homebuilders riding high after UK house prices hit a record level despite the coronavirus pandemic .
The UK ’ s main stock index climbed 1.3 per cent to 5,940 points , having shed almost two per cent yesterday .
The FTSE 250 index of smaller firms rose 0.6 per cent .
Read more : UK house prices recover from lockdown to hit all-time high in August The FTSE lagged behind Germany ’ s Dax , however , which rose 1.5 per cent .
France ’ s @ @ @ @ @ @ @ and the continent-wide Stoxx 600 was up two per cent .
The dollar rose 0.2 per cent against a basket of other currencies , bucking a recent trend .
The pound was down 0.3 per cent to $ 1.334 .
Housebuilder Barratt Developments was the biggest riser on the FTSE 100 , jumping seven per cent .
Fellow property groups Taylor Wimpey , Persimmon and Berkeley also rose sharply .
Barratt received a double boost today after it told City analysts that demand had rebounded after the lockdown in the spring .
It @ @ @ @ @ @ @ UK house prices hitting a new all-time high .
The Nationwide building society said prices rose at the fastest rate in 16 years in August thanks to pent-up demand and the government ’ s stamp duty holiday .
“ All of Barratt ’ s operational sites reopened by 30 June , and since then customers have been flocking back to showrooms , ” said Susannah Streeter , senior investment analyst at Hargreaves Lansdown .
“ The pent up interest has inevitably also been fuelled by the stamp duty holiday.
” Read more : @ @ @ @ @ @ @ despite Covid-19 hit Analysts said the fall in the pound also helped the FTSE 100 .
It means the overseas earnings of the index ’ s companies are worth more .
David Madden , market analyst at CMC markets , said : “ The pullback in the pound today has helped some internationally exposed stocks like Glaxosmithkline , Astrazeneca , Diageo , Unilever and British American Tobacco.
” “ The mood in Europe is bullish even though the landscape hasn ’ t changed too much in the past 24 hours , ” he @ @ @ @ @ @ @ a vaccine for Covid-19 and optimism that US lawmakers will reach a compromise with regards to the coronavirus relief package are doing the rounds.
” Some strong US survey data yesterday showed that the factory sector grew at a clip in August .
And in the UK , manufacturing output hit a six-year high last month , according to a survey .
Read more : Patreon valuation hits $ 1.2bn as it raises $ 90m in new funding round Yet lurking in the background are worrying pockets of rising coronavirus cases .
Greek @ @ @ @ @ @ @ amid a jump in cases .
The UK government is reportedly considering adding Portugal to the quarantine list .
That would mean UK travellers have to isolate for 14 days upon their return , which could hit the travel industry hard .

FTSE 100 jumps as homebuilders cheer surge in UK house prices
Workers are slowly returning to offices in the City of London
The FTSE 100 jumped as investors welcomed signs of an economic recovery, with homebuilders riding high after UK house prices hit a record level despite the coronavirus pandemic.
The UK’s main stock index climbed 1.1 per cent to 5,929 points, having shed almost two per cent yesterday. The FTSE 250 index of smaller firms rose 0.5 per cent.
Read more: UK house prices recover from lockdown to hit all-time high in August
The FTSE lagged behind Germany’s Dax, however, which rose two per cent. France’s CAC 40 was up 1.8 per cent and the continent-wide Stoxx 600 was up nearly 1.7 per cent.
The dollar rose 0.5 per cent against a basket of other currencies, bucking a recent trend. The pound was down 0.4 per cent to $1.333.
The US S&P 500 opened up nearly 0.4 per cent, the Dow rose nearly 0.7 per cent and the Nasdaq Composite slipped 0.3 per cent.
Technology stocks helped push the S&P 500 to record highs at the open, while the Dow inched closer to its pre-pandemic peak as data showed a moderate rise in US private payrolls last month.
US private payrolls increased less than expected in August, suggesting that the labor market recovery was slowing as the Covid-19 pandemic drags on and fiscal stimulus fades.
The ADP National Employment Report today showed private payrolls rose by 428,000 jobs last month.
Data for July was revised up to show hiring gaining 212,000 jobs instead of the initially reported 167,000. Economists polled by Reuters had forecast private payrolls would increase by 950,000 in August.
UK property market helps FTSE 100
Housebuilder Barratt Developments was the biggest riser on the FTSE 100, jumping 6.5 per cent. Fellow property groups Taylor Wimpey, Persimmon and Berkeley also rose sharply.
Barratt received a double boost today after it told City analysts that demand had rebounded after the lockdown in the spring.
It was also supported by data that showed UK house prices hitting a new all-time high. The Nationwide building society said prices rose at the fastest rate in 16 years in August thanks to pent-up demand and the government’s stamp duty holiday.
Adam Vettese, analyst at multi-asset investment platform eToro, said: “House sales have rebounded incredibly strongly in the past two months, a sign of how much demand there is present in the current market.”
Yet he added: “The future of Barratt and other housebuilders will be very much linked to the health of the wider economy and the UK jobs market.”
Read more: Barratt shares rise on strong forward sales despite Covid-19 hit
Analysts said the fall in the pound also helped the FTSE 100. It means the overseas earnings of the index’s companies are worth more.
David Madden, market analyst at CMC markets, said: “The pullback in the pound today has helped some internationally exposed stocks like Glaxosmithkline, Astrazeneca, Diageo, Unilever and British American Tobacco.”
Apple is now worth more than the entire FTSE 100 index at around $2.2 trillion (£1.7 trillion)
Unstoppable US stocks boost Europe
Fawad Razaqzada, market analyst with Think Markets, said: “Global stocks have been rising on the back of the steadily improving sentiment on Wall Street.”
The S&P 500 and Nasdaq indices have consistently hit new highs in recent weeks. In a sign of the times, Apple is now worth more than the entire FTSE 100 index, at around $2.2 trillion (£1.7 trillion).
Razaqzada said lower “Covid-19 death rates, falling new cases in the US and hopes that an effective vaccine will soon be approved” had boosted sentiment.
“Meanwhile improving manufacturing activity in China, the US and Eurozone has fuelled hopes that the recovery is well under way across the world’s key economic regions.”
Yet worries remain on the horizon
Despite stocks rising sharply, there are some worrying areas investors are keeping there eyes on.
In the US, payroll operator ADP reported that private payrolls rose by 428,000 last month. That was well below the 950,000 analysts expected.
The ADP data has often differed sharply from the official non-farm payroll data, which is due on Friday. But it will nonetheless worry policymakers, as it suggests the US’s jobs recovery is slowing down.
“Markets continue to seek the positive and ignore the negatives,” said Chris Beauchamp, chief market analyst at IG.
“But it is odd to see such relentless positivity in US markets when the pandemic has yet to subside, the economic impact is only just being felt and we have a US presidential election just a few weeks’ away.”


cityam--2020-09-02--UK house prices recover from lockdown to hit all-time high in August

UK house prices recovered from a lockdown-inspired dip to hit an all-time high last month .
Annual UK house price growth picked up 3.7 per cent in August , according to Nationwide ’ s house price index .
Read more : UK house prices : Will the surge last or is it a bubble ?
Prices rose two per cent month-on-month , after taking account of seasonal factors .
The average UK house price rose to £224,123 , up from £220,935 in July .
Robert Gardner , Nationwide ’ s chief economist , said : “ UK house prices rose @ @ @ @ @ @ @ after taking account of seasonal effects , following a 1.8 per cent rise in July .
Read more : UK house prices to ‘ hold firm ’ in 2020 despite Covid-19 crisis “ This is the highest monthly rise since February 2004 ( 2.7 per cent ) .
As a result , annual house price growth accelerated to 3.7 per cent , from 1.5 per cent last month .
“ House prices have now reversed the losses recorded in May and June and are at a new all-time high .
“ The bounce @ @ @ @ @ @ @ recovery in housing market activity since the easing of lockdown restrictions .
“ This rebound reflects a number of factors .
Pent up demand is coming through , where decisions taken to move before lockdown are progressing .
“ Behavioural shifts may also be boosting activity , as people reassess their housing needs and preferences as a result of life in lockdown .
Read more : UK house prices move out of negative territory for first time since March “ Our own research , conducted in May , indicated that around 15 per @ @ @ @ @ @ @ as a result of lockdown .
“ Moreover , social distancing does not appear to be having as much of a chilling effect as we might have feared , at least at this point .
“ These trends look set to continue in the near term , further boosted by the recently announced stamp duty holiday , which will serve to bring some activity forward .
“ However , most forecasters expect labour market conditions to weaken significantly in the quarters ahead as a result of the aftereffects of the pandemic and as @ @ @ @ @ @ @ this comes to pass , it would likely dampen housing activity once again in the quarters ahead.
” Tobi Mancuso , director of property investment company Track Capital , said : “ The chancellor ’ s stamp duty holiday has launched the sale of the century , and properties are flying off the shelves as fast as they are getting listed .
“ Estate agents are rightly making hay while the sun shines , and house prices have accelerated to a new all-time high .
Strap yourself in , because we ’ re @ @ @ @ @ @ @ broken in the next few months .
Read more : Bank of Mum and Dad will drive housing market recovery “ The March 2021 date for the end of the stamp duty holiday feels a long way away , and it looks like the market is going to enjoy a long uplift .
“ The danger is that this frenzy could create a bubble in house prices that will be quickly deflated when stamp duty returns , so buyers should be wary of prices that feel over-inflated .
“ Investors need to act @ @ @ @ @ @ @ increase to a point where yields are diminished.
” Yesterday , the Bank of England said UK mortgage lending accelerated in July , in another sign of a post-lockdown bounce-back in the housing market .
Mortgage approvals jumped to 66,300 from just under 40,000 in June and seven times higher than their coronavirus pandemic low of barely more than 9,000 in May , the data showed .
David Westgate , chief executive at Andrews Property , said : “ Right now , activity in the UK property market is off the Richter scale @ @ @ @ @ @ @ after lockdown but the level of transactions and people seeking to move is phenomenal.
” However , he warned that securing mortgage finance for buyers with smaller deposits was proving more difficult as banks tightened their lending criteria .
“ The one issue is that people seeking to buy at higher loan to values are finding it considerably more difficult to secure mortgage finance .
”

UK house prices recover from lockdown to hit all-time high in August
UK house prices recovered from a lockdown-inspired dip to hit an all-time high last month.
Annual UK house price growth picked up 3.7 per cent in August, according to Nationwide’s house price index.
Prices rose two per cent month-on-month, after taking account of seasonal factors.
The average UK house price rose to £224,123, up from £220,935 in July.
Robert Gardner, Nationwide’s chief economist, said: “UK house prices rose by two per cent in August, after taking account of seasonal effects, following a 1.8 per cent rise in July.
“This is the highest monthly rise since February 2004 (2.7 per cent). As a result, annual house price growth accelerated to 3.7 per cent, from 1.5 per cent last month.
“House prices have now reversed the losses recorded in May and June and are at a new all-time high.
“The bounce back in prices reflects the unexpectedly rapid recovery in housing market activity since the easing of lockdown restrictions.
“This rebound reflects a number of factors. Pent up demand is coming through, where decisions taken to move before lockdown are progressing.
“Behavioural shifts may also be boosting activity, as people reassess their housing needs and preferences as a result of life in lockdown.
“Our own research, conducted in May, indicated that around 15 per cent of people surveyed were considering moving as a result of lockdown.
“Moreover, social distancing does not appear to be having as much of a chilling effect as we might have feared, at least at this point.
“These trends look set to continue in the near term, further boosted by the recently announced stamp duty holiday, which will serve to bring some activity forward.
“However, most forecasters expect labour market conditions to weaken significantly in the quarters ahead as a result of the aftereffects of the pandemic and as government support schemes wind down. If this comes to pass, it would likely dampen housing activity once again in the quarters ahead.”
Tobi Mancuso, director of property investment company Track Capital, said: “The chancellor’s stamp duty holiday has launched the sale of the century, and properties are flying off the shelves as fast as they are getting listed.
“Estate agents are rightly making hay while the sun shines, and house prices have accelerated to a new all-time high. Strap yourself in, because we’re going to see a lot of records broken in the next few months.
“The March 2021 date for the end of the stamp duty holiday feels a long way away, and it looks like the market is going to enjoy a long uplift.
“The danger is that this frenzy could create a bubble in house prices that will be quickly deflated when stamp duty returns, so buyers should be wary of prices that feel over-inflated.
“Investors need to act fast to ride the wave before prices increase to a point where yields are diminished.”
Yesterday, the Bank of England said UK mortgage lending accelerated in July, in another sign of a post-lockdown bounce-back in the housing market.
Mortgage approvals jumped to 66,300 from just under 40,000 in June and seven times higher than their coronavirus pandemic low of barely more than 9,000 in May, the data showed.
David Westgate, chief executive at Andrews Property, said: “Right now, activity in the UK property market is off the Richter scale.
“A rebound was always likely after lockdown but the level of transactions and people seeking to move is phenomenal.”
However, he warned that securing mortgage finance for buyers with smaller deposits was proving more difficult as banks tightened their lending criteria.
“The one issue is that people seeking to buy at higher loan to values are finding it considerably more difficult to secure mortgage finance.”


cityam--2020-09-02--UK house prices: Will the surge last or is it a bubble?

UK house prices surged to an all-time high last month as pent-up lockdown demand and chancellor Rishi Sunak ’ s stamp duty cut stimulated the market .
The average UK house price rose to a record £224,123 in August , up from £220,935 in July .
Bombastic estate agents greeted the figures with glee , variously describing UK house prices as “ barnstorming ” , “ off the richter scale ” and “ presenting two fingers to Covid ” .
Read more : UK house prices recover from lockdown to hit all-time high in August However , more sober commentators @ @ @ @ @ @ @ scheme next month and uncertain times ahead for the UK economy could restrain prices in the months ahead .
Sunak ’ s move to raise the stamp duty threshold from mid-July until 31 March 2021 has been one of the key factors in the housing markets ’ swift rebound from the Covid-19 lockdown .
Lucy Pendleton , an estate agent at James Pendleton , said : “ Buyers emboldened by the stamp duty holiday have been engaged in a pitch battle for property , delivering a barnstorming recovery for the market.
” Jonathan @ @ @ @ @ @ @ Finders , said : “ The stamp duty holiday has turned into a long summer staycation for the property market .
“ While the tax cut doesn ’ t apply to every home , it can save the buyers of higher-value properties tens of thousands of pounds – and this incentive has helped turn the market ’ s reboot into a rebound.
” Read more : UK mortgage lending rises in July as housing market picks up post-lockdown Howard Archer , chief economist at EY Item Club , expected further short-term impact from @ @ @ @ @ @ @ market activity may see a further pick-up in the near term providing some support to prices , as a result of the raising of the Stamp Duty threshold , along with the release of some pent-up activity following the easing of lockdown restrictions , ” he said .
Nationwide said another factor stimulating demand was people looking to move after the experience of lockdown .
“ Behavioural shifts may also be boosting activity , as people reassess their housing needs and preferences as a result of life in lockdown , ” Nationwide said @ @ @ @ @ @ @ coastal and country properties as buyers planning for a new work-life balance built around less commuting seek more green space , fresh air and better value , ” Hopper said .
Read more : Bank of Mum and Dad will drive housing market recovery Andrew Montlake , managing director at the UK-wide mortgage broker , Coreco , said : “ There are many people whose lives and jobs are largely untouched by the pandemic who will continue to move home even as the broader economic picture deteriorates .
“ What we ’ re @ @ @ @ @ @ @ people looking for a second property or holiday home.
” David Westgate , chief executive at Andrews Property , said : “ For certain properties in the most sought-after areas prices are going through the roof .
“ Pent-up demand , the stamp duty holiday and a desire to get into more appropriate homes in the event of future lockdowns are key drivers.
” Despite today ’ s strong figures some voices cautioned that the wider economic picture meant the housing market could be in for a bumpy landing .
Montlake said : @ @ @ @ @ @ @ As strong as the property market is right now , it will not last .
“ Demand is understandably strong after lockdown and the added bonus of the stamp duty holiday , but unemployment is rising by the day and the economic outlook is highly uncertain as the furlough scheme ends .
“ In the final months of the year we will start to see a reversal in the current rate of house price growth , as the true impact of Covid-19 on the economy shows through .
Archer forecast house prices to @ @ @ @ @ @ @ when the current rally runs out of steam .
Read more : UK house prices to ‘ hold firm ’ in 2020 despite Covid-19 crisis “ The housing market is likely to come under pressure over the final months of 2020 when there is likely to be a significant rise in unemployment as the furlough scheme draws to a close in October .
This will not only adversely affect the fundamentals for house buyers , but also likely fuel caution on committing to buying a house .
There is also likely to be @ @ @ @ @ @ @ on activity.
” Others were more hopeful that the UK house price bump would be sustainable.. Hopper said : “ Intense competition for the best homes is powering up prices and the Nationwide ’ s data now shows a truly impressive v-shaped recovery .
The key question now is whether economic headwinds blow it off course .
So far , so strong.
” Pendleton said : “ The end of the furlough scheme is still two months away but that remains the biggest threat to the UK ’ s economic recovery and the @ @ @ @ @ @ @ softer landing than hoped for the labour market in November and December could mean this bullish streak still has a long way to run .
”

UK house prices: Will the surge last or is it a bubble?
UK house prices surged to an all-time high last month as pent-up lockdown demand and chancellor Rishi Sunak’s stamp duty cut stimulated the market.
The average UK house price rose to a record £224,123 in August, up from £220,935 in July.
Bombastic estate agents greeted the figures with glee, variously describing UK house prices as “barnstorming”, “off the richter scale” and “presenting two fingers to Covid”.
However, more sober commentators warned that the end of the furlough scheme next month and uncertain times ahead for the UK economy could restrain prices in the months ahead.
Stamp duty holiday
Sunak’s move to raise the stamp duty threshold from mid-July until 31 March 2021 has been one of the key factors in the housing markets’ swift rebound from the Covid-19 lockdown.
Lucy Pendleton, an estate agent at James Pendleton, said: “Buyers emboldened by the stamp duty holiday have been engaged in a pitch battle for property, delivering a barnstorming recovery for the market.”
Jonathan Hopper, chief executive of Garrington Property Finders, said: “The stamp duty holiday has turned into a long summer staycation for the property market.
“While the tax cut doesn’t apply to every home, it can save the buyers of higher-value properties tens of thousands of pounds – and this incentive has helped turn the market’s reboot into a rebound.”
Howard Archer, chief economist at EY Item Club, expected further short-term impact from the stamp duty holiday.
“Housing market activity may see a further pick-up in the near term providing some support to prices, as a result of the raising of the Stamp Duty threshold, along with the release of some pent-up activity following the easing of lockdown restrictions,” he said.
Lockdown living
Nationwide said another factor stimulating demand was people looking to move after the experience of lockdown.
“Behavioural shifts may also be boosting activity, as people reassess their housing needs and preferences as a result of life in lockdown,” Nationwide said.
“Prices are rising fastest among coastal and country properties as buyers planning for a new work-life balance built around less commuting seek more green space, fresh air and better value,” Hopper said.
Andrew Montlake, managing director at the UK-wide mortgage broker, Coreco, said: “There are many people whose lives and jobs are largely untouched by the pandemic who will continue to move home even as the broader economic picture deteriorates.
“What we’re also seeing is a huge amount of people looking for a second property or holiday home.”
David Westgate, chief executive at Andrews Property, said: “For certain properties in the most sought-after areas prices are going through the roof.
“Pent-up demand, the stamp duty holiday and a desire to get into more appropriate homes in the event of future lockdowns are key drivers.”
Could UK house prices fall?
Despite today’s strong figures some voices cautioned that the wider economic picture meant the housing market could be in for a bumpy landing.
Montlake said:“Two words: reality check. As strong as the property market is right now, it will not last.
“Demand is understandably strong after lockdown and the added bonus of the stamp duty holiday, but unemployment is rising by the day and the economic outlook is highly uncertain as the furlough scheme ends.
“In the final months of the year we will start to see a reversal in the current rate of house price growth, as the true impact of Covid-19 on the economy shows through.
Archer forecast house prices to fall three per cent by early 2021 when the current rally runs out of steam.
“The housing market is likely to come under pressure over the final months of 2020 when there is likely to be a significant rise in unemployment as the furlough scheme draws to a close in October.
This will not only adversely affect the fundamentals for house buyers, but also likely fuel caution on committing to buying a house.
There is also likely to be a fading of the pent-up demand effect on activity.”
Others were more hopeful that the UK house price bump would be sustainable..
Hopper said: “Intense competition for the best homes is powering up prices and the Nationwide’s data now shows a truly impressive v-shaped recovery. The key question now is whether economic headwinds blow it off course. So far, so strong.”
Pendleton said: “The end of the furlough scheme is still two months away but that remains the biggest threat to the UK’s economic recovery and the strength of the property market. A softer landing than hoped for the labour market in November and December could mean this bullish streak still has a long way to run.”