cityam--2020-07-06--‘Utterly inadequate’: Experts slam watchdog’s Big Four audit split

The audit watchdog ’ s move to force the Big Four accountancy firms to ring-fence their audit units has been condemned as a “ cosmetic exercise ” by industry experts .
The Financial Reporting Council ( FRC ) today announced that the Big Four — PwC , Deloitte , KPMG and EY — must separate their audit and non-audit businesses by 2024 to ensure audits “ do not rely on persistent cross subsidy from the rest of the firm ” .
Read more : Watchdog orders Big Four to separate auditing units by 2024 Auditors have come under sustained criticism @ @ @ @ @ @ @ prevent company collapses , including Carillion and BHS , and for mixing audits and more lucrative non-audit work for the same clients .
Three government-backed reviews have called for shake-ups to the sector , but no legislation mandating change has yet been introduced .
The FRC said today it was asking the Big Four to agree to operational separation based on a set of principles it has discussed extensively with them .
PwC , Deloitte , KPMG and EY all released statements welcoming the regulator ’ s announcement .
Maggie McGhee , executive @ @ @ @ @ @ @ Accountants , said the FRC had “ acted decisively in support of audit quality and the public interest ” .
Of the Big Four , EY and KPMG called for changes to corporate governance such as improved director accountability .
But Prem Sikka , an accounting expert and emeritus professor at Exeter Business School , told City A.M. the FRC ’ s plans were “ utterly inadequate ” .
Sikka , who authored a report on the audit industry for the Labour Party in 2018 calling for a state-backed audit body , said @ @ @ @ @ @ @ the sector ’ s problems .
“ What we need is a complete structural — not an organisational — split , where audit is the only thing that the accountancy firms must do and consultancy has to be in a legally separate organisation , ” he said .
Before the Open newsletter : Start your day with the City View podcast and key market data “ It ’ s not the case that you can have both under one roof but separated by some imaginary Chinese walls , ” Sikka continued .
“ @ @ @ @ @ @ @ which would improve the accountability of auditing firms.
” Sikka also criticised the FRC , which has previously been branded as “ toothless ” by MPs over its handling of the BHS scandal and is due to be replaced with “ a more forceful regulator ” , the Audit , Reporting and Governance Authority ( Arga ) .
“ I think this is just a cosmetic exercise [ the FRC ] are going through to appease public opinion .
It is not really the reform which is needed and therefore it will fail @ @ @ @ @ @ @ MP , chair of the business , energy and industrial strategy committee , said : “ My committee has been clear in previous inquiries that reform of the audit sector is overdue ” .
“ It is welcome the FRC have taken some further steps on the path to reform by coming forward with these plans .
But when reform is so sorely needed , why are the Big Four firms allowed four years to enact these changes ?
” “ There are also questions about how far an operational split along these @ @ @ @ @ @ @ of interest and whether it will go far enough to provide the tough , professional challenge and scepticism needed to deliver genuinely high-quality audits in the public interest , ” Jones said .
Atul Shah , an audit specialist and visiting lecturer at City University , criticised the FRC ’ s plans as “ toothless ” .
Read more : Audit shows Wirecard ’ s core business ‘ has been lossmaking for years ’ Shah said that a break up of the Big Four was the only way to tackle what he described @ @ @ @ @ @ @ the audit industry , with a “ total split off between auditing and non-audit activities ” .
“ The reality is that these firms are very big , very powerful and highly conflicted .
So we not only need to break them up , but we need to downsize them as well to reduce their power and to actually enforce them much more rigorously and strongly in terms of audit quality , ” he said .

‘Utterly inadequate’: Experts slam watchdog’s Big Four audit split
The audit watchdog’s move to force the Big Four accountancy firms to ring-fence their audit units has been condemned as a “cosmetic exercise” by industry experts.
The Financial Reporting Council (FRC) today announced that the Big Four — PwC, Deloitte, KPMG and EY — must separate their audit and non-audit businesses by 2024 to ensure audits “do not rely on persistent cross subsidy from the rest of the firm”.
Auditors have come under sustained criticism in recent years for repeated failures to prevent company collapses, including Carillion and BHS, and for mixing audits and more lucrative non-audit work for the same clients.
Three government-backed reviews have called for shake-ups to the sector, but no legislation mandating change has yet been introduced.
The FRC said today it was asking the Big Four to agree to operational separation based on a set of principles it has discussed extensively with them.
PwC, Deloitte, KPMG and EY all released statements welcoming the regulator’s announcement. Maggie McGhee, executive director at the Association of Chartered Certified Accountants, said the FRC had “acted decisively in support of audit quality and the public interest”.
Of the Big Four, EY and KPMG called for changes to corporate governance such as improved director accountability.
But Prem Sikka, an accounting expert and emeritus professor at Exeter Business School, told City A.M. the FRC’s plans were “utterly inadequate”.
Sikka, who authored a report on the audit industry for the Labour Party in 2018 calling for a state-backed audit body, said more needed to be done to address the sector’s problems.
“What we need is a complete structural — not an organisational — split, where audit is the only thing that the accountancy firms must do and consultancy has to be in a legally separate organisation,” he said.
Before the Open newsletter: Start your day with the City View podcast and key market data
“It’s not the case that you can have both under one roof but separated by some imaginary Chinese walls,” Sikka continued. “There is absolutely nothing in this statement which would improve the accountability of auditing firms.”
Sikka also criticised the FRC, which has previously been branded as “toothless” by MPs over its handling of the BHS scandal and is due to be replaced with “a more forceful regulator”, the Audit, Reporting and Governance Authority (Arga).
“I think this is just a cosmetic exercise [the FRC] are going through to appease public opinion. It is not really the reform which is needed and therefore it will fail,” he added.
Darren Jones MP, chair of the business, energy and industrial strategy committee, said: “My committee has been clear in previous inquiries that reform of the audit sector is overdue”.
“It is welcome the FRC have taken some further steps on the path to reform by coming forward with these plans. But when reform is so sorely needed, why are the Big Four firms allowed four years to enact these changes?”
“There are also questions about how far an operational split along these lines will be able to tackle conflicts of interest and whether it will go far enough to provide the tough, professional challenge and scepticism needed to deliver genuinely high-quality audits in the public interest,” Jones said.
Atul Shah, an audit specialist and visiting lecturer at City University, criticised the FRC’s plans as “toothless”.
Shah said that a break up of the Big Four was the only way to tackle what he described as “systemic professional failure” within the audit industry, with a “total split off between auditing and non-audit activities”.
“The reality is that these firms are very big, very powerful and highly conflicted. So we not only need to break them up, but we need to downsize them as well to reduce their power and to actually enforce them much more rigorously and strongly in terms of audit quality,” he said.


cityam--2020-07-06--Watchdog orders Big Four to separate auditing units by 2024

The Big Four accounting firms — PwC , Deloitte , KPMG and EY — must separate their audit units from the rest of their businesses by 2024 , the audit watchdog said this morning .
The Financial Reporting Council ( FRC ) is asking the companies to agree to operational separation by June 2024 to ensure their audits “ do not rely on persistent cross subsidy from the rest of the firm ” .
Read more : Head of audit review calls for urgent reform after Wirecard scandal Auditors have come under increased regulatory scrutiny in recent years , with @ @ @ @ @ @ @ to three government-backed reviews that recommended a shake-up of audit .
However the government has not yet introduced legislation mandating change in the sector — partly due to Brexit and more recently , the coronavirus pandemic .
EY ’ s role in the collapse of Wirecard has also come under the microscope recently .
The firm has been accused of failing to carry out standard audit procedure for three years at the disgraced German payments firm .
The FRC had already begun seeking voluntary changes to help speed up reform , and said @ @ @ @ @ @ @ Four firms to agree to operational separation based on a set of principles it has already discussed with them .
Before the Open newsletter : Start your day with the City View podcast and key market data Sir Jon Thompson , chief executive of the FRC , said that operational separation of audit was a “ major step in the reform of the audit sector ” .
“ The FRC remains fully committed to the broad suite of reform measures on corporate reporting and audit reform and will introduce further aspects of the @ @ @ @ @ @ @ added .
Firms must submit an implementation plan to the FRC by 23 October this year , for implementation by June 30 , 2024 at the latest , the regulator said .
All Big Four firms issued statements welcoming the watchdog ’ s announcement .
A PwC spokesperson said the firm “ shares the FRC ’ s objectives of improved quality and confidence in audit ” and “ will continue to engage constructively ” with the regulator .
Stephen Griggs , Deputy chief executive at Deloitte UK , said : “ We welcome @ @ @ @ @ @ @ principles of operational separation and will continue working with them to develop our plans over the coming months.
” EY and KPMG both said they supported the FRC ’ s plans , but also called for changes to corporate governance in the UK in addition to audit reform .
“ As part of the audit profession ’ s evolution , a holistic package of reforms , including improved director accountability and changes to the scope of audit , is required to deliver effective and sustainable change , ” said Hywel Ball , chairman @ @ @ @ @ @ @ head of audit at KPMG UK , called for “ an ambitious package of wider reforms across the corporate landscape , ” including “ clarifying and enhancing the responsibilities of boards , directors and management ” .

Watchdog orders Big Four to separate auditing units by 2024
The Big Four accounting firms — PwC, Deloitte, KPMG and EY — must separate their audit units from the rest of their businesses by 2024, the audit watchdog said this morning.
The Financial Reporting Council (FRC) is asking the companies to agree to operational separation by June 2024 to ensure their audits “do not rely on persistent cross subsidy from the rest of the firm”.
Read more: Head of audit review calls for urgent reform after Wirecard scandal
Sector tainted by series of scandals
Auditors have come under increased regulatory scrutiny in recent years, with corporate failures at Carillion retailer BHS led to three government-backed reviews that recommended a shake-up of audit.
However the government has not yet introduced legislation mandating change in the sector — partly due to Brexit and more recently, the coronavirus pandemic.
EY’s role in the collapse of Wirecard has also come under the microscope recently. The firm has been accused of failing to carry out standard audit procedure for three years at the disgraced German payments firm.
The FRC had already begun seeking voluntary changes to help speed up reform, and said on Monday it was asking the Big Four firms to agree to operational separation based on a set of principles it has already discussed with them.
Before the Open newsletter: Start your day with the City View podcast and key market data
Sir Jon Thompson, chief executive of the FRC, said that operational separation of audit was a “major step in the reform of the audit sector”.
“The FRC remains fully committed to the broad suite of reform measures on corporate reporting and audit reform and will introduce further aspects of the reform package over time,” he added.
Firms must submit an implementation plan to the FRC by 23 October this year, for implementation by June 30, 2024 at the latest, the regulator said.
Big Four back watchdog’s plans
All Big Four firms issued statements welcoming the watchdog’s announcement.
A PwC spokesperson said the firm “shares the FRC’s objectives of improved quality and confidence in audit” and “will continue to engage constructively” with the regulator.
Stephen Griggs, Deputy chief executive at Deloitte UK, said: “We welcome this clarity from the FRC on the principles of operational separation and will continue working with them to develop our plans over the coming months.”
EY and KPMG both said they supported the FRC’s plans, but also called for changes to corporate governance in the UK in addition to audit reform.
Read more: Accounting watchdog investigates London Capital & Finance audits
“As part of the audit profession’s evolution, a holistic package of reforms, including improved director accountability and changes to the scope of audit, is required to deliver effective and sustainable change,” said Hywel Ball, chairman of EY UK.
Jon Holt, head of audit at KPMG UK, called for “an ambitious package of wider reforms across the corporate landscape,” including “clarifying and enhancing the responsibilities of boards, directors and management”.


cityam--2020-07-06--Sir Bradley Wiggins and Raymond Blanc link up for cycling and gastronomy weekend

If cycling leaves you in need of a good meal , then your dream holiday may well have just arrived .
Sir Bradley Wiggins and Raymond Blanc OBE are the stars of the show for LeBlanq:01 – the first weekend of its kind , which organisers promise will be “ an epic weekend of eating , drinking and riding ” on the Isle of Wight .
The weekend , to be held in late September , is the brainchild of cycling icon Sean Yates – a Tour de France-winning sporting director – and Ashley Palmer-Watts , formerly the executive chef @ @ @ @ @ @ @ firm says its “ legandary joyriding ” weekends will start with a blank canvas of a weekend , picking a cycling and culinary destination and then pairing a legendary rider with a world class chef .
The Isle of Wight weekend is for just a hundred riders and diners , with a host of supported rides – including a time trial – as well as a ‘ Tour de Feast ’ cooked by Blanc on the Saturday night .
A fireside chat with Sir Bradley is planned alongside a whisky tasting .
So @ @ @ @ @ @ @ to start planning a holiday – and giving yourself a treat after months of lockdown – it might be time to dust off the lycra .
More details available via leblanq.com .
Prices start from £2,000 .

Sir Bradley Wiggins and Raymond Blanc link up for cycling and gastronomy weekend
If cycling leaves you in need of a good meal, then your dream holiday may well have just arrived.
Sir Bradley Wiggins and Raymond Blanc OBE are the stars of the show for LeBlanq:01 – the first weekend of its kind, which organisers promise will be “an epic weekend of eating, drinking and riding” on the Isle of Wight.
The weekend, to be held in late September, is the brainchild of cycling icon Sean Yates – a Tour de France-winning sporting director – and Ashley Palmer-Watts, formerly the executive chef at the Fat Duck Group.
Sir Bradley Wiggins will be joined by chef Raymond Blanc OBE on the exclusive weekend
The firm says its “legandary joyriding” weekends will start with a blank canvas of a weekend, picking a cycling and culinary destination and then pairing a legendary rider with a world class chef.
The Isle of Wight weekend is for just a hundred riders and diners, with a host of supported rides – including a time trial – as well as a ‘Tour de Feast’ cooked by Blanc on the Saturday night. A fireside chat with Sir Bradley is planned alongside a whisky tasting.
So if you’re in the mood to start planning a holiday – and giving yourself a treat after months of lockdown – it might be time to dust off the lycra.
More details available via leblanq.com. Prices start from £2,000.


cityam--2020-07-07--All Saints creditors approve restructuring plan

High street retailer All Saints will switch to turnover-based rents after the company ’ s creditors gave the green light to its restructuring plan .
All Saints launched a company voluntary arrangement ( CVA ) in June after the coronavirus pandemic forced it to close stores around the world causing sales to dive .
Read more : All Saints back in black after non-retail boost The agreement will allow All Saints to move to turnover rents at most of its 41 stores in the UK and its 42 US shops .
However in June the company said that some stores @ @ @ @ @ @ @ are expected to close .
Turnover rents align landlords with the group ’ s recovery and are designed to prevent further physical store closures .
All Saints secured 93 per cent approval for its UK business CVA and 90 per cent for its US arm .
All Saints chief executive Peter Wood : “ I would like to express my sincere gratitude to our teams , suppliers and other partners around the world for their overwhelming support during this process .
“ We are also delighted that the majority of our landlords across @ @ @ @ @ @ @ Canada voted in favour of our proposals , and would like to thank them for their patience and understanding .
“ The decision to launch the CVAs was not taken lightly , and this successful outcome will be instrumental in helping us to ensure the long-term viability of All Saints .
”

All Saints creditors approve restructuring plan
High street retailer All Saints will switch to turnover-based rents after the company’s creditors gave the green light to its restructuring plan.
All Saints launched a company voluntary arrangement (CVA) in June after the coronavirus pandemic forced it to close stores around the world causing sales to dive.
The agreement will allow All Saints to move to turnover rents at most of its 41 stores in the UK and its 42 US shops. However in June the company said that some stores “where business is not viable” are expected to close.
Turnover rents align landlords with the group’s recovery and are designed to prevent further physical store closures.
All Saints secured 93 per cent approval for its UK business CVA and 90 per cent for its US arm.
All Saints chief executive Peter Wood: “I would like to express my sincere gratitude to our teams, suppliers and other partners around the world for their overwhelming support during this process.
“We are also delighted that the majority of our landlords across the UK, EU, US and Canada voted in favour of our proposals, and would like to thank them for their patience and understanding.
“The decision to launch the CVAs was not taken lightly, and this successful outcome will be instrumental in helping us to ensure the long-term viability of All Saints.”


cityam--2020-07-07--Workers forced to pay extra tax for coronavirus tests

Workers will be forced to pay income tax on coronavirus tests if their employers order them , it has been revealed .
Newly released documents from the Treasury show that employees will face a “ taxable benefit in kind ” when their employers order the tests , meaning they are treated as extra workplace benefits .
Read more : JD Sports calls for ‘ rental realism ’ as coronavirus impacts footfall As workplaces will have to continually order available tests , particularly frontline services , this means that extra income tax could accrue at a fast pace for employees .
@ @ @ @ @ @ @ for Covid-19 tests to be considered workplace benefits as they become mandatory for workplaces to reopen as the lockdown eases .
Mel Stride , chair of Westminster ’ s Treasury Select Committee , asked chancellor Rishi Sunak to review the issue in parliament today .
Before the Open newsletter : Start your day with the City View podcast and key market data Sunak told MPs that he would look into the matter straight away and report back .
In a statement , Stride said : “ Many employees , especially healthcare and hospitality @ @ @ @ @ @ @ coronavirus testing .
This new guidance is unclear and will worry a large number of workers .
“ If these tests are to be treated as a taxable benefit in kind , the tax bill for workers could soon mount up .
Read more : Coronavirus : NHS test and trace system fails to reach a quarter of cases “ Many of our key workers could be faced with the perverse incentive of avoiding employer-sponsored tests in order to reduce their tax bill.
” The official guidance from the Treasury on Covid-19 testing @ @ @ @ @ @ @ testing kits or tests carried out by a third party which have been purchased by you to provide to your employees , are treated as a taxable benefit in kind on the employee .
”

Workers forced to pay extra tax for coronavirus tests
A member of Britain’s armed forces helps a member of the public at a mobile COVID-19 testing centre, at Victoria Park in Leicester, central England, on June 29, 2020.
Workers will be forced to pay income tax on coronavirus tests if their employers order them, it has been revealed.
Newly released documents from the Treasury show that employees will face a “taxable benefit in kind” when their employers order the tests, meaning they are treated as extra workplace benefits.
As workplaces will have to continually order available tests, particularly frontline services, this means that extra income tax could accrue at a fast pace for employees.
Many will argue that it is unfair for Covid-19 tests to be considered workplace benefits as they become mandatory for workplaces to reopen as the lockdown eases.
Mel Stride, chair of Westminster’s Treasury Select Committee, asked chancellor Rishi Sunak to review the issue in parliament today.
Before the Open newsletter: Start your day with the City View podcast and key market data
Sunak told MPs that he would look into the matter straight away and report back.
In a statement, Stride said: “Many employees, especially healthcare and hospitality workers, are required to undergo regular coronavirus testing. This new guidance is unclear and will worry a large number of workers.
“If these tests are to be treated as a taxable benefit in kind, the tax bill for workers could soon mount up.
“Many of our key workers could be faced with the perverse incentive of avoiding employer-sponsored tests in order to reduce their tax bill.”
The official guidance from the Treasury on Covid-19 testing says: “Coronavirus (COVID-19) testing kits or tests carried out by a third party which have been purchased by you to provide to your employees, are treated as a taxable benefit in kind on the employee.”


cityam--2020-07-07--Ai: The Competitive Advantage

Ai: The Competitive Advantage

In recent years , it seems most discussions centered around technology and business innovation inevitably end up debating the future potential of Artificial Intelligence .
While the longer term upside is seemingly limitless , and there is much debate about what the future of what AI might look like , what ’ s less understood is how AI works today – and how businesses can utilise its potential .
There is no doubt the use cases for AI are increasing year by year .
This adoption is correlated with the growth in big data and the fall in the cost @ @ @ @ @ @ @ proprietary data sets are leading the charge .
With access to the data and the resources needed to put AI front and centre within their business models – they have a natural advantage .
Let ’ s consider for a moment how the tech giants are using AI in voice ; Apple with Siri and Amazon with Alexa .
With all the data these two companies are harvesting , their progress in these fields is exponential and gives them a long term competitive advantage over new entrants and challengers .
Another example is @ @ @ @ @ @ @ car company taking on the giants with electric battery technology , another way to consider Tesla is as the market leader in automated driving .
Elon Musk has talked about seeing Tesla cars as a platform that gathers driver data to train their AI .
Tesla is not in the business of selling cars but AI .
They are simply seeding cars to collate the data which trains their AI over time .
Everytime a Tesla driver touches the wheel to make an adjustment , there is a feedback loop that is ultimately @ @ @ @ @ @ @ s about data first thinking that translates to long term competitive advantage .
As a result , Tesla will one day be the proprietors of the world ’ s finest automated driving AI – and when they do they will be sure to charge drivers a premium to access it .
Today , the trend for many businesses is to leverage AI in smart apps and via third parties .
AI technologies are widespread and easily accessible in the fields of retail , e-commerce , advertising , personalisation , logistics and customer service @ @ @ @ @ @ @ of this technology however , businesses must make it a core component of their model .
The good news is that you can now develop and train your own AI using a variety of open source tech and data libraries such as Google ’ s Tensor Flow , Kera , Spark MLlib and Microsoft ’ s Cognitive Toolkit .
These platforms were released around 2015 , which just goes to show how early we are in the journey of democratising AI .
The companies that will have longevity are those that can harness @ @ @ @ @ @ @ value .
The first question a company needs to ask is what are the tasks most suited to AI ?
It ’ s more than just repetitive tasks such as monthly account reconciliation for accountants or scanning at supermarket tills .
That ’ s the niche that Robotic Process Automation ( RPA ) has found a footing in – but isn ’ t in itself a form of AI .
The second question is how can you harvest and leverage big data ?
Is there room to improve the quality of that data @ @ @ @ @ @ @ business goals ?
Sorting this out will help close the gap .
To get the most value from AI , companies must also consider existing processes and roles .
How does it influence existing company activities , how do you manage that change ?
Do you have the talent needed within the team that can get the most out of AI without detracting from your current business goals ?
Making your business future fit with AI is about considering the talent in your team and making that adjustment over time .
The gap @ @ @ @ @ @ @ are not tech first .
In 2018 , we saw North American companies starting to raid universities for talent ( alarm was raised about a brain-drain in Britain as Amazon and Uber whisked away Cambridge machine learning professors ) .
This was a sign of a bigger talent problem .
I recently came across a tech company that acquired a smaller US competitor solely to bring in their team of Data Scientists ( a key skill set for any AI company ) .
One way start-ups that are building their own AI can @ @ @ @ @ @ @ tapping into decentralised talent .
That ’ s central to the culture of our fintech startup Pynk , not only in our global Crowd of price predictors but in our team as well .
This approach gives us access to the very best talent , wherever they may be , and opens up another conversation about the future of work in these developing fields .
Right now , companies that adopt AI into their processes and business models see a chance to gain a first-mover advantage .
At its core though , this @ @ @ @ @ @ @ reduced operational costs and the ability to get insights where others can ’ t .
For example , hedge funds seeking ‘ alpha ’ through AI and alternative datasets .
YipitData released stats last year showing that hedge funds planned to spend $ 1billion on alternative data in 2019 and double that in 2020 .
How do you think they ’ re extracting insights from that data ?
For the financial sector , which has seen significant AI adoption , value comes in decreased costs of operation , all the way to opening @ @ @ @ @ @ @ use of AI and alternative data to build credit scores for lending or make accurate assessments on fraudulent behaviours .
While the benefits and potential of AI is much hyped at the moment , the companies that are preparing themselves for the future of this technology are surely the ones that will have a sustained competitive advantage , no matter their industry .
While the transition will not be easy for many , bear in mind that it may well be worth the effort in the long run .
Pynk has developed proprietary @ @ @ @ @ @ @ Ai to identify how assets move to create the world ’ s first people-powered investment portfolio .

Ai: The Competitive Advantage
In recent years, it seems most discussions centered around technology and business innovation inevitably end up debating the future potential of Artificial Intelligence. While the longer term upside is seemingly limitless, and there is much debate about what the future of what AI might look like, what’s less understood is how AI works today – and how businesses can utilise its potential.
There is no doubt the use cases for AI are increasing year by year. This adoption is correlated with the growth in big data and the fall in the cost of deployment. Larger technology companies with proprietary data sets are leading the charge. With access to the data and the resources needed to put AI front and centre within their business models – they have a natural advantage.
Let’s consider for a moment how the tech giants are using AI in voice; Apple with Siri and Amazon with Alexa. With all the data these two companies are harvesting, their progress in these fields is exponential and gives them a long term competitive advantage over new entrants and challengers. Another example is Tesla. Once seen as a challenger car company taking on the giants with electric battery technology, another way to consider Tesla is as the market leader in automated driving. Elon Musk has talked about seeing Tesla cars as a platform that gathers driver data to train their AI. Tesla is not in the business of selling cars but AI. They are simply seeding cars to collate the data which trains their AI over time. Everytime a Tesla driver touches the wheel to make an adjustment, there is a feedback loop that is ultimately training their driverless systems. It’s about data first thinking that translates to long term competitive advantage. As a result,Tesla will one day be the proprietors of the world’s finest automated driving AI – and when they do they will be sure to charge drivers a premium to access it.
Using AI for competitive advantage
Today, the trend for many businesses is to leverage AI in smart apps and via third parties. AI technologies are widespread and easily accessible in the fields of retail, e-commerce, advertising, personalisation, logistics and customer service.
To really capture the added value of this technology however, businesses must make it a core component of their model. The good news is that you can now develop and train your own AI using a variety of open source tech and data libraries such as Google’s Tensor Flow, Kera, Spark MLlib and Microsoft’s Cognitive Toolkit. These platforms were released around 2015, which just goes to show how early we are in the journey of democratising AI. The companies that will have longevity are those that can harness their own data to optimise business added value.
The first question a company needs to ask is what are the tasks most suited to AI? It’s more than just repetitive tasks such as monthly account reconciliation for accountants or scanning at supermarket tills. That’s the niche that Robotic Process Automation (RPA) has found a footing in – but isn’t in itself a form of AI.
The second question is how can you harvest and leverage big data? Is there room to improve the quality of that data and how does that tie into your business goals? Sorting this out will help close the gap.
To get the most value from AI, companies must also consider existing processes and roles. How does it influence existing company activities, how do you manage that change? Do you have the talent needed within the team that can get the most out of AI without detracting from your current business goals? Making your business future fit with AI is about considering the talent in your team and making that adjustment over time. The gap can be especially big for businesses that are not tech first.
In 2018, we saw North American companies starting to raid universities for talent (alarm was raised about a brain-drain in Britain as Amazon and Uber whisked away Cambridge machine learning professors). This was a sign of a bigger talent problem. I recently came across a tech company that acquired a smaller US competitor solely to bring in their team of Data Scientists (a key skill set for any AI company).
One way start-ups that are building their own AI can solve this is by being open to tapping into decentralised talent. That’s central to the culture of our fintech startup Pynk, not only in our global Crowd of price predictors but in our team as well. This approach gives us access to the very best talent, wherever they may be, and opens up another conversation about the future of work in these developing fields.
Right now, companies that adopt AI into their processes and business models see a chance to gain a first-mover advantage. At its core though, this represents a desire for increased efficiency, reduced operational costs and the ability to get insights where others can’t. For example, hedge funds seeking ‘alpha’ through AI and alternative datasets. YipitData released stats last year showing that hedge funds planned to spend $1billion on alternative data in 2019 and double that in 2020. How do you think they’re extracting insights from that data? For the financial sector, which has seen significant AI adoption, value comes in decreased costs of operation, all the way to opening up new business models e.g. the use of AI and alternative data to build credit scores for lending or make accurate assessments on fraudulent behaviours.
While the benefits and potential of AI is much hyped at the moment, the companies that are preparing themselves for the future of this technology are surely the ones that will have a sustained competitive advantage, no matter their industry. While the transition will not be easy for many, bear in mind that it may well be worth the effort in the long run.
Author: Seth Ward, CEO of Pynk.io
Pynk has developed proprietary technology to combine human data sets and Ai to identify how assets move to create the world’s first people-powered investment portfolio.


cityam--2020-07-07--Zoom and Linkedin join tech giants in pausing requests from Hong Kong

Microsoft ’ s Linkedin and Zoom are the latest tech companies to reveal they will be pausing all requests to review user data from authorities in Hong Kong , in light of new laws in the region .
Zoom said it has paused processing of all data requests from and related to Hong Kong , while Linkedin said it has paused reviewing requests from law enforcement as it reviews the legislation .
China ’ s parliament last week passed the national security law in Hong Kong , pushing the city state towards a more authoritarian approach to monitoring its citizens @ @ @ @ @ @ @ Whatsapp and Telegram suspend user data review requests from Hong Kong authorities Previously Hong Kong enjoyed relatively liberal internet freedoms , retaining access to platforms such as Google , Twitter and Facebook while those sites are blocked in mainland China .
The move comes as short-form video app Tiktok said it would be exiting the Hong Kong market in light of the new law , despite being owned by Chinese tech firm Bytedance .
“ We have no higher priority than promoting a safe and secure app experience for our users .
We @ @ @ @ @ @ @ Chinese government , nor would we do so if asked , ” TikTok said in a statement today .
Read more : Tiktok exits Hong Kong as US ponders banning the app Hong Kong late yesterday published details about how the new law will strengthen police powers over internet freedoms , including the ability to ask publishers to remove information deemed a threat to national security .
Refusal to comply could result in a fine or jail , it said .
Asked about the moves by the US tech firms and prospects for @ @ @ @ @ @ @ Lam told a news conference today : “ Ultimately , time and facts will tell that this law will not undermine human rights and freedoms .
”

Zoom and Linkedin join tech giants in pausing requests from Hong Kong
Microsoft’s Linkedin and Zoom are the latest tech companies to reveal they will be pausing all requests to review user data from authorities in Hong Kong, in light of new laws in the region.
Zoom said it has paused processing of all data requests from and related to Hong Kong, while Linkedin said it has paused reviewing requests from law enforcement as it reviews the legislation.
China’s parliament last week passed the national security law in Hong Kong, pushing the city state towards a more authoritarian approach to monitoring its citizens and internet censorship.
Previously Hong Kong enjoyed relatively liberal internet freedoms, retaining access to platforms such as Google, Twitter and Facebook while those sites are blocked in mainland China.
The move comes as short-form video app Tiktok said it would be exiting the Hong Kong market in light of the new law, despite being owned by Chinese tech firm Bytedance.
“We have no higher priority than promoting a safe and secure app experience for our users. We have never provided user data to the Chinese government, nor would we do so if asked,” TikTok said in a statement today.
Hong Kong late yesterday published details about how the new law will strengthen police powers over internet freedoms, including the ability to ask publishers to remove information deemed a threat to national security.
Refusal to comply could result in a fine or jail, it said.
Asked about the moves by the US tech firms and prospects for media freedom, Hong Kong leader Carrie Lam told a news conference today: “Ultimately, time and facts will tell that this law will not undermine human rights and freedoms.”


cityam--2020-07-07--DEBATE: Do we need a government rescue plan to save UK universities?

In light of the new IFS report , do we need a government rescue plan to save UK universities ?
Jo Grady , general secretary of the University and College Union , says YES .
It has been months since our own research identified a funding black hole for universities of around £2.5bn in income lost from tuition fees and teaching grants .
Such is the importance of higher education institutions to their local economies that our report warned of a total economic cost of more than £6bn from the reduced economic activity generated by universities .
The news in @ @ @ @ @ @ @ Fiscal Studies is no more encouraging .
Now , the government must step in and protect our universities .
Put simply , if we don ’ t support our universities , jobs , courses and opportunity will go .
We will be actively weakening the very institutions that we will need to help lead the recovery from the Covid-19 crisis .
The government ’ s failure to act so far has already seen universities look into sacking staff , with casual staff and those from BAME backgrounds suffering the most .
We need @ @ @ @ @ @ @ , preserves our academic capacity , and guarantees all universities ’ survival .
More on the University and College Union ’ s Fund The Future campaign can be found here .
Read more : Give Covid graduates the chance to succeed Dr Stephen Davies , head of education at the Institute of Economic Affairs , says NO .
Calls for the government to bail out higher education should be resisted .
This is not a case of financially sound institutions being temporarily exposed by an unexpected shock — many were already in a @ @ @ @ @ @ @ The pandemic has uncovered a pre-existing problem and accelerated it .
Some argue that a bailout would be a form of investment because of the contribution that higher education makes to economic growth .
But it is not the case that more students spending more time in higher education equals higher GDP ( Switzerland shows otherwise ) — it is simply that only rich countries can afford to have so many students .
The real function of higher education is not to make people more productive but to send a signal to employers @ @ @ @ @ @ @ Higher education is a classic example of a sector that has over expanded and invested in a product with declining value .
The time is ripe for reconstruction and retrenchment , not bailout .
Read more : Rolling up our sleeves for education : Addressing the most important challenge of the 21st century

DEBATE: Do we need a government rescue plan to save UK universities?
Universities have been hit hard by the impact of Covid-19
In light of the new IFS report, do we need a government rescue plan to save UK universities?
Jo Grady, general secretary of the University and College Union, says YES.
It has been months since our own research identified a funding black hole for universities of around £2.5bn in income lost from tuition fees and teaching grants. Such is the importance of higher education institutions to their local economies that our report warned of a total economic cost of more than £6bn from the reduced economic activity generated by universities.
The news in this latest report from the Institute of Fiscal Studies is no more encouraging. Now, the government must step in and protect our universities.
Put simply, if we don’t support our universities, jobs, courses and opportunity will go. We will be actively weakening the very institutions that we will need to help lead the recovery from the Covid-19 crisis.
The government’s failure to act so far has already seen universities look into sacking staff, with casual staff and those from BAME backgrounds suffering the most. We need a comprehensive support package that protects jobs, preserves our academic capacity, and guarantees all universities’ survival.
More on the University and College Union’s Fund The Future campaign can be found here.
Dr Stephen Davies, head of education at the Institute of Economic Affairs, says NO.
Calls for the government to bail out higher education should be resisted.
This is not a case of financially sound institutions being temporarily exposed by an unexpected shock — many were already in a precarious position before the crisis began. The pandemic has uncovered a pre-existing problem and accelerated it.
Some argue that a bailout would be a form of investment because of the contribution that higher education makes to economic growth. But it is not the case that more students spending more time in higher education equals higher GDP (Switzerland shows otherwise) — it is simply that only rich countries can afford to have so many students. The real function of higher education is not to make people more productive but to send a signal to employers and so regulate the labour market.
Higher education is a classic example of a sector that has over expanded and invested in a product with declining value. The time is ripe for reconstruction and retrenchment, not bailout.
Main image credit: Getty


cityam--2020-07-07--Brexit: David Frost and Michel Barnier to have Downing Street dinner

The UK ’ s chief Brexit negotiator David Frost will have dinner with his EU counterpart Michel Barnier at 10 Downing Street tonight in the lead-up to the next round of trade talks .
A Downing Street spokesperson said the two men would meet tonight in an informal setting to discuss some of the negotiations ’ most difficult sticking points .
Read more : Johnson says he ’ s more optimistic than Barnier on post-Brexit trade deal These include EU access to UK fishing waters and business competition regulations known as the level playing field .
In what could be @ @ @ @ @ @ @ ’ s negotiating position on fishing , the two will be served halibut for main course , with lemon , anchovy , rosemary & capers , potatoes and seasonal vegetables .
This will be preceded by an entree of chargrilled asparagus , courgettes and cherry tomato salad , and for dessert a terrine of Summer Fruits with vanilla ice cream .
UK negotiators have said in the past that the video conference format of the early rounds of talks meant that informal discussions between the teams could not be held .
They said @ @ @ @ @ @ @ the negotiating process that was missing from talks .
Before the Open newsletter : Start your day with the City View podcast and key market data The dinner between Frost and Barnier will be seen as an opportunity for both sides to clear blockages between the two sides in an informal setting .
Boris Johnson has said he wanted the parameters of a deal wrapped up by the end of this month ahead of the end of the post-Brexit transition period on 31 December .
The government has said it wants to give @ @ @ @ @ @ @ next year and that negotiators will walk away and prepare for a no-deal scenario before autumn if no breakthroughs happen .
Johnson told EU chiefs last month that both sides needed to “ put a tiger in the tank ” and add a “ bit of oomph ” to negotiations .
“ It ’ s very clear what we need to achieve , I don ’ t think we ’ re actually that far apart , but what we need to see now is a bit of oomph in the negotiations , ” @ @ @ @ @ @ @ really said is the faster we can do this the better – there is no reason why you shouldn ’ t get this done in July.
” Fishing policy is one of the major flashpoints in talks , with EU member states pushing to retain the same access to UK fishing waters as they had when Britain was in the EU .
Chief UK negotiator Frost has described this as a “ non runner ” and is asking for a “ zonal attachment ” agreement , which can be periodically reviewed .
Frost @ @ @ @ @ @ @ independent coastal nation ” on 1 January next year in any case .
The EU is also asking for the UK to match regulations on things like labour laws , environmental protection and state aid provisions .
In return for this level-playing field for businesses on both sides , the EU has said it will allow zero-tariff trading with the UK .
Read more : Brexit : UK vows to complete City of London assessments in two weeks UK negotiators have said they will not allow the EU to set British regulations on @ @ @ @ @ @ @ UK of trying to “ cherry pick ” parts of EU membership without the added responsibilities .

Brexit: David Frost and Michel Barnier to have Downing Street dinner
European Union chief Brexit negotiator Michel Barnier (R) and the British Prime Minister’s Europe adviser David Frost speak at start of the first round of post-Brexit trade deal talks between the EU and the United Kingdom, in Brussels on March 2, 2020. (Photo by Olivier HOSLET / POOL / AFP) (Photo by OLIVIER HOSLET/POOL/AFP via Getty Images)
The UK’s chief Brexit negotiator David Frost will have dinner with his EU counterpart Michel Barnier at 10 Downing Street tonight in the lead-up to the next round of trade talks.
A Downing Street spokesperson said the two men would meet tonight in an informal setting to discuss some of the negotiations’ most difficult sticking points.
These include EU access to UK fishing waters and business competition regulations known as the level playing field.
In what could be seen as a jibe at the EU’s negotiating position on fishing, the two will be served halibut for main course, with lemon, anchovy, rosemary & capers, potatoes and seasonal vegetables.
This will be preceded by an entree of chargrilled asparagus, courgettes and cherry tomato salad, and for dessert a terrine of Summer Fruits with vanilla ice cream.
UK negotiators have said in the past that the video conference format of the early rounds of talks meant that informal discussions between the teams could not be held.
They said that this was an important part of the negotiating process that was missing from talks.
Before the Open newsletter: Start your day with the City View podcast and key market data
The dinner between Frost and Barnier will be seen as an opportunity for both sides to clear blockages between the two sides in an informal setting.
Boris Johnson has said he wanted the parameters of a deal wrapped up by the end of this month ahead of the end of the post-Brexit transition period on 31 December.
The government has said it wants to give businesses enough time to adjust to changes next year and that negotiators will walk away and prepare for a no-deal scenario before autumn if no breakthroughs happen.
Johnson told EU chiefs last month that both sides needed to “put a tiger in the tank” and add a “bit of oomph” to negotiations.
“It’s very clear what we need to achieve, I don’t think we’re actually that far apart, but what we need to see now is a bit of oomph in the negotiations,” he said.
“What we all really said is the faster we can do this the better – there is no reason why you shouldn’t get this done in July.”
Fishing policy is one of the major flashpoints in talks, with EU member states pushing to retain the same access to UK fishing waters as they had when Britain was in the EU.
Chief UK negotiator Frost has described this as a “non runner” and is asking for a “zonal attachment” agreement, which can be periodically reviewed.
Frost said the UK would be “an independent coastal nation” on 1 January next year in any case.
The EU is also asking for the UK to match regulations on things like labour laws, environmental protection and state aid provisions.
In return for this level-playing field for businesses on both sides, the EU has said it will allow zero-tariff trading with the UK.
UK negotiators have said they will not allow the EU to set British regulations on these issues.
Barnier has accused the UK of trying to “cherry pick” parts of EU membership without the added responsibilities.


cityam--2020-07-07--An F-Shaped recovery - How Freelancers are powering Britain’s brilliant bounce-back

This wasn ’ t just any ordinary crisis – the financial hit the UK has taken from COVID-19 has been shorter , sharper , and deeper than any we ’ ve seen before .
According to the Resolution Foundation , the mere seven working days of lockdown in the first three months of 2020 gave the UK it ’ s biggest quarterly economic contraction since the financial crisis .
But the country is now starting to show signs of recovery .
In fact , recent stats from both the PMI and ONS retail sales data show the UK economy may @ @ @ @ @ @ @ could possibly have expected .
There are lots of reasons for this .
Government intervention in furloughing millions of workers is clearly a major factor .
But it ’ s also true that many of the UK ’ s businesses deployed digital freelancers in interesting ways to help them through this crisis .
And the impact of this dynamic new way of thinking may have had a big impact on productivity .
Fiverr partnered with Censuswide to survey 1,000 SME leaders at the height of lockdown and find out how this crucial segment @ @ @ @ @ @ @ data found correlations across different UK cities showing those who pivoted quickly to use more freelance talent were able to reap a variety of unexpected benefits .
Businesses in cities like Birmingham , Bristol , and Manchester were among those most likely to have turned to on-demand talent .
These also tend to be the cities that have seen the biggest increases in productivity .
The data also found further correlations between how prepared businesses felt for the crisis , and how optimistic they feel about the future .
At one end of @ @ @ @ @ @ @ Newcastle , where businesses were unprepared , were unable or unwilling to unlock freelance talent , and now feel less optimistic about the future .
And at the other end of the scale the opposite is true – here businesses in places like Manchester and Bristol felt more prepared , turned on freelance help at high rates , and now feel much more optimistic about what lies ahead .
Their productivity tends to be higher , too .
So , could it be that freelancers are the simple solution to all our lockdown @ @ @ @ @ @ @ any entrepreneur will tell you , there is no one-size-fits-all solution to fix every business .
Tough times require creative problem solving and complex solutions .
In fact , many employers in our study found they felt closer to their regular staff during lockdown .
And some cities bucked the trend – like Exeter , for example , who were very optimistic about the future , despite low productivity .
The key factor that does seem to run through all of this , though , is adaptability .
Most entrepreneurs will tell you @ @ @ @ @ @ @ circumstances is key to success .
In fact , data suggests a high proportion of SMEs see flexibility and agility as their greatest asset .
And what many businesses appear to have done well is to move their offline businesses online – in new and interesting ways .
This switch has taken many forms .
Take the pub in Staffordshire that became an on-demand cocktail delivery service .
Or the co-working space in Brixton that devised a smart click-and-collect food service .
It ’ s these areas that freelance staff are making the @ @ @ @ @ @ @ new field , many businesses may find themselves without the talent to implement new ideas – a problem compounded by the fact that they don ’ t want to make any new hires in such challenging times .
The option to bring in a reasonably-priced web developer – who you don ’ t have to meet in-person – could be a real game-changer in such circumstances .
And – for many of the businesses we speak to every day – it was .
On-demand graphic design , or SEO , or social media @ @ @ @ @ @ @ skill – allows SMEs to pivot quickly , without having to bet the house on a new , unexplored revenue stream .
The fact that UK SMEs seem to be bouncing back so quickly shows that Britain ’ s famously swashbuckling entrepreneurs are solving problems and learning to win in this new normal .
And there are millions of online freelancers helping them to succeed .

Sponsored Ad Feature is produced by an advertiser with the specific intent to promote a product and is not produced by the City A.M. team.
An F-Shaped recovery – How Freelancers are powering Britain’s brilliant bounce-back
This wasn’t just any ordinary crisis – the financial hit the UK has taken from COVID-19 has been shorter, sharper, and deeper than any we’ve seen before. According to the Resolution Foundation, the mere seven working days of lockdown in the first three months of 2020 gave the UK it’s biggest quarterly economic contraction since the financial crisis.
But the country is now starting to show signs of recovery. In fact, recent stats from both the PMI and ONS retail sales data show the UK economy may be bouncing back much faster than anyone could possibly have expected.
There are lots of reasons for this. Government intervention in furloughing millions of workers is clearly a major factor.
But it’s also true that many of the UK’s businesses deployed digital freelancers in interesting ways to help them through this crisis. And the impact of this dynamic new way of thinking may have had a big impact on productivity.
Fiverr partnered with Censuswide to survey 1,000 SME leaders at the height of lockdown and find out how this crucial segment of the economy was coping. The data found correlations across different UK cities showing those who pivoted quickly to use more freelance talent were able to reap a variety of unexpected benefits.
Businesses in cities like Birmingham, Bristol, and Manchester were among those most likely to have turned to on-demand talent. These also tend to be the cities that have seen the biggest increases in productivity.
The data also found further correlations between how prepared businesses felt for the crisis, and how optimistic they feel about the future.
At one end of the scale are places like Cardiff and Newcastle, where businesses were unprepared, were unable or unwilling to unlock freelance talent, and now feel less optimistic about the future.
And at the other end of the scale the opposite is true – here businesses in places like Manchester and Bristol felt more prepared, turned on freelance help at high rates, and now feel much more optimistic about what lies ahead. Their productivity tends to be higher, too.
So, could it be that freelancers are the simple solution to all our lockdown woes?
Of course not. As any entrepreneur will tell you, there is no one-size-fits-all solution to fix every business. Tough times require creative problem solving and complex solutions.
In fact, many employers in our study found they felt closer to their regular staff during lockdown.
And some cities bucked the trend – like Exeter, for example, who were very optimistic about the future, despite low productivity.
The key factor that does seem to run through all of this, though, is adaptability.
Most entrepreneurs will tell you that the ability to adapt to changing circumstances is key to success. In fact, data suggests a high proportion of SMEs see flexibility and agility as their greatest asset.
And what many businesses appear to have done well is to move their offline businesses online – in new and interesting ways.
This switch has taken many forms. Take the pub in Staffordshire that became an on-demand cocktail delivery service. Or the co-working space in Brixton that devised a smart click-and-collect food service.
It’s these areas that freelance staff are making the biggest impact.
Moving into a completely new field, many businesses may find themselves without the talent to implement new ideas – a problem compounded by the fact that they don’t want to make any new hires in such challenging times.
The option to bring in a reasonably-priced web developer – who you don’t have to meet in-person – could be a real game-changer in such circumstances.
And – for many of the businesses we speak to every day – it was. On-demand graphic design, or SEO, or social media management – or any other niche digital skill – allows SMEs to pivot quickly, without having to bet the house on a new, unexplored revenue stream.
The fact that UK SMEs seem to be bouncing back so quickly shows that Britain’s famously swashbuckling entrepreneurs are solving problems and learning to win in this new normal.
And there are millions of online freelancers helping them to succeed.
Liron Smadja, Director Local Marketing, Fiverr


cityam--2020-07-07--Peter Thiel's Palantir confidentially files to go public

Data analytics firm Palantir said it has confidentially filed paperwork with the US Securities and Exchange Commission ( SEC ) to go public .
Palantir is planning public listing of the Class A common stock , but has not disclosed the size of the listing .
It is not known whether Palantir will pursue a traditional initial public offering or a direct listing .
Co-founded by billionaire Peter Thiel in 2004 , becoming a publicly listed company would shine an increased spotlight on Palantir ’ s financials and activities .
Read more : Competition watchdog pressures government to take on @ @ @ @ @ @ @ working on sensitive US government projects , such as tracking illegal immigrants and terrorist networks .
It previously helped the CIA find Osama bin Laden , and is currently contracted by parts of the UK military and the NHS to help in the computing of coronavirus data .
Thiel himself is also a controversial figure , having become a prominent donor to US President Donald Trump ’ s campaign in recent years .
Palantir ’ s UK office , a major headquarters for the company , is based in Soho with around 600 @ @ @ @ @ @ @ Louis Mosley , grandson of British politician Sir Oswald Mosley .
Read more : Peter Thiel ’ s Palantir set to file to go public ‘ within weeks ’ People familiar with the matter told Reuters last month that Palantir had been encouraged by recent successful IPOs on Wall Street , and wants to cash in on the current market .
The listing could go ahead as soon as September this year , with Morgan Stanley reported to be in line for a leading role .
Palantir has not publicly raised money since @ @ @ @ @ @ @ valued the firm at $ 20bn — meaning its debut would be the largest listing for a tech firm since Uber last year .
Reports last September suggested Palantir was seeking to raise another round at a valuation of $ 26bn .
However in the private market , its shares have been trading in recent weeks at a valuation of between $ 10bn and $ 12bn , market sources told Reuters .

Peter Thiel’s Palantir confidentially files to go public
Data analytics firm Palantir said it has confidentially filed paperwork with the US Securities and Exchange Commission (SEC) to go public.
Palantir is planning public listing of the Class A common stock, but has not disclosed the size of the listing. It is not known whether Palantir will pursue a traditional initial public offering or a direct listing.
Co-founded by billionaire Peter Thiel in 2004, becoming a publicly listed company would shine an increased spotlight on Palantir’s financials and activities.
The company is known for working on sensitive US government projects, such as tracking illegal immigrants and terrorist networks.
It previously helped the CIA find Osama bin Laden, and is currently contracted by parts of the UK military and the NHS to help in the computing of coronavirus data.
Thiel himself is also a controversial figure, having become a prominent donor to US President Donald Trump’s campaign in recent years.
Palantir’s UK office, a major headquarters for the company, is based in Soho with around 600 staff. The arm is spearheaded by Louis Mosley, grandson of British politician Sir Oswald Mosley.
People familiar with the matter told Reuters last month that Palantir had been encouraged by recent successful IPOs on Wall Street, and wants to cash in on the current market.
The listing could go ahead as soon as September this year, with Morgan Stanley reported to be in line for a leading role.
Palantir has not publicly raised money since a funding round in 2015, which valued the firm at $20bn — meaning its debut would be the largest listing for a tech firm since Uber last year.
Reports last September suggested Palantir was seeking to raise another round at a valuation of $26bn.
However in the private market, its shares have been trading in recent weeks at a valuation of between $10bn and $12bn, market sources told Reuters.


cityam--2020-07-07--Pandemic sees Plus500 revenue surge in lockdown

Contracts for difference firm Plus500 had a record number of active customers in the first half of 2020 , leading to an almost fourfold increase in revenue .
The trading update also revealed that Plus500 has hired David Zruia will be the company ’ s permanent chief executive after holding the role on an interim basis since April .
Read more : Plus500 chief executive Asaf Elimelech resigns with immediate effect The Israel-based firm recorded $ 564m total revenue in H1 , compared to $ 148m for the same period last year , after 198,176 new customers were onboarded during @ @ @ @ @ @ @ record level of first half customer income , with $ 556.9m , up from $ 175m in the same period last year .
The strong set of results were due to “ heightened ” market volatility in the second quarter , which “ drove a consistently high level of customer trading activity ” , according to the statement .
The results sent shares in Plus500 up this morning by 3.63 per cent to 1,383.44p as at 11am .
Zruia said Plus500 was in an “ extremely strong ” position as he permanently steps @ @ @ @ @ @ @ Open newsletter : Start your day with the City View podcast and key market data “ The significant number of new customers on-boarded is a strong signal of the sophistication and accessibility of our proprietary technology platform , ” he said .
“ This performance is also a testament to our people , who have been fully committed to ensuring that we have offered our customers a consistent , seamless , high quality service in extremely challenging , and unprecedented , circumstances.
” Read more : Plus500 ’ s revenue surges 500 per @ @ @ @ @ @ @ Zruia ’ s appointment , Plus500 chair Penny Judd said : “ David has proven his ability over several years with Plus500 as chief operating officer , during which time he has developed a thorough knowledge of the business and has consistently exhibited strong leadership skills .
“ He quickly rose to the challenge of becoming interim chief executive and , consequently , he proved to be the outstanding candidate to take on the role permanently , following an extensive internal and external search process carried out by the board .
”

Pandemic sees Plus500 revenue surge in lockdown
Contracts for difference firm Plus500 had a record number of active customers in the first half of 2020, leading to an almost fourfold increase in revenue.
The trading update also revealed that Plus500 has hired David Zruia will be the company’s permanent chief executive after holding the role on an interim basis since April.
The Israel-based firm recorded $564m total revenue in H1, compared to $148m for the same period last year, after 198,176 new customers were onboarded during the half.
Plus500 also recorded a record level of first half customer income, with $556.9m, up from $175m in the same period last year.
The strong set of results were due to “heightened” market volatility in the second quarter, which “drove a consistently high level of customer trading activity”, according to the statement.
The results sent shares in Plus500 up this morning by 3.63 per cent to 1,383.44p as at 11am.
Zruia said Plus500 was in an “extremely strong” position as he permanently steps into the top job.
Before the Open newsletter: Start your day with the City View podcast and key market data
“The significant number of new customers on-boarded is a strong signal of the sophistication and accessibility of our proprietary technology platform,” he said.
“This performance is also a testament to our people, who have been fully committed to ensuring that we have offered our customers a consistent, seamless, high quality service in extremely challenging, and unprecedented, circumstances.”
Commenting on Zruia’s appointment, Plus500 chair Penny Judd said: “David has proven his ability over several years with Plus500 as chief operating officer, during which time he has developed a thorough knowledge of the business and has consistently exhibited strong leadership skills.
“He quickly rose to the challenge of becoming interim chief executive and, consequently, he proved to be the outstanding candidate to take on the role permanently, following an extensive internal and external search process carried out by the board.”


cityam--2020-07-07--Return of hospitality fails to drive retail footfall on opening weekend

The reopening of pubs and restaurants at the weekend failed to spark a surge in retail footfall , according to the latest data .
As pubs and restaurants reopened in England on so-called Super Saturday , footfall at shops increased 9.2 per cent compared to the previous week .
Read more : British Land boosted by reopening of retail stores However , this was the smallest week-on-week rise for any day during the period , according to the latest data from the British Retail Consortium ( BRC ) .
Total retail footfall increased 15.3 per cent week-on-week , driven by @ @ @ @ @ @ @ shopping centres .
Retail footfall was down 49.6 per cent last week , which marked the third week since non-essential retail was given the green light to reopen , compared to the same period last year , the BRC said .
Footfall was down 53.4 per cent year on year during the previous week , the data showed .
British Retail Consortium chief executive Helen Dickinson said : “ It remains a long way back to normality for the retail industry ; two weeks after most shops reopened in England , footfall is @ @ @ @ @ @ @ year ago .
“ The reopening of pubs , cafés and other hospitality businesses this Saturday does not appear to have benefited shops much , with the Saturday showing more modest growth than the days prior to these locations reopening .
“ By European standards , the UK ’ s recovery remains slow , and while safety measures introduced by retailers have been well received by customers , many shoppers are still reluctant to visit physical shopping locations.
” Read more : Shirt and tie retailer TM Lewin ‘ falls into administration ’ @ @ @ @ @ @ @ reported a 19 per cent surge in spending across the hospitality , leisure and entertainment sector on 4 and 5 July compared to the weekend before , and a seven per cent increase in the total value spend .
However , year-on-year the total value of transactions across the industry was down 45 per cent .

Return of hospitality fails to drive retail footfall on opening weekend
Shoppers walk past a John Lewis store in Oxford Street, central London on July 2, 2020. (Photo by Ben STANSALL / AFP) (Photo by BEN STANSALL/AFP via Getty Images)
The reopening of pubs and restaurants at the weekend failed to spark a surge in retail footfall, according to the latest data.
As pubs and restaurants reopened in England on so-called Super Saturday, footfall at shops increased 9.2 per cent compared to the previous week.
However, this was the smallest week-on-week rise for any day during the period, according to the latest data from the British Retail Consortium (BRC).
Total retail footfall increased 15.3 per cent week-on-week, driven by higher visitor numbers at high streets and shopping centres.
Retail footfall was down 49.6 per cent last week, which marked the third week since non-essential retail was given the green light to reopen, compared to the same period last year, the BRC said.
Footfall was down 53.4 per cent year on year during the previous week, the data showed.
British Retail Consortium chief executive Helen Dickinson said: “It remains a long way back to normality for the retail industry; two weeks after most shops reopened in England, footfall is still only half what it was a year ago.
“The reopening of pubs, cafés and other hospitality businesses this Saturday does not appear to have benefited shops much, with the Saturday showing more modest growth than the days prior to these locations reopening.
“By European standards, the UK’s recovery remains slow, and while safety measures introduced by retailers have been well received by customers, many shoppers are still reluctant to visit physical shopping locations.”
Meanwhile, Barclaycard reported a 19 per cent surge in spending across the hospitality, leisure and entertainment sector on 4 and 5 July compared to the weekend before, and a seven per cent increase in the total value spend.
However, year-on-year the total value of transactions across the industry was down 45 per cent.


cityam--2020-07-07--Farewill raises £20m from Matches Fashion backer Highland Europe

Will-writing tech startup Farewill has today closed a £20m investment led by Highland Europe , tripling its funding to date .
New backers Keen Ventures , Headspace chief executive Rich Pierson , Broadhaven Ventures , and Venture Founders also participated .
Read more : Transferwise to hit $ 5bn valuation in secondary share sale Farewill , which is responsible for one in every 10 wills written in the UK , offers will-writing services alongside probate and cremation .
The startup told City A.M. it plans to use the funding for expansion , which will include tripling its headcount in its @ @ @ @ @ @ @ .
By working with charity partners , Farewill has also helped raise over £260m in pledged income for the likes of Macmillan , Cancer Research UK , Crisis , and Save the Children .
“ The latest investment from Highland Europe shows their conviction in our vision for fairer , more transparent services in this space , ” said Farewill chief executive and co-founder Dan Garrett .
“ It means we can build on what we ’ ve started , growing our world-class team and designing easy-to-use tools that help people during incredibly @ @ @ @ @ @ @ carry on raising millions in pledged legacy income for the third sector , and we ’ re aiming to get to £1bn by 2023.
” The latest funding round is expected to have valued Farewill at approximately £70m , a person close to the deal told Sky News last week .

Farewill raises £20m from Matches Fashion backer Highland Europe
Will-writing tech startup Farewill has today closed a £20m investment led by Highland Europe, tripling its funding to date.
New backers Keen Venture Partners, Headspace chief executive Rich Pierson, Broadhaven Ventures, and Venture Founders also participated.
They joined previous investors, including London-listed fund Augmentum Fintech, Transferwise co-founder Taavet Hinrikus and Kindred Capital.
Farewill, which is responsible for one in every 10 wills written in the UK, offers will-writing services alongside probate and cremation.
The startup told City A.M. it plans to use the funding for expansion, which will include tripling its headcount in its Haggerston office in the next 12 months.
By working with charity partners, Farewill has also helped raise over £260m in pledged income for the likes of Macmillan, Cancer Research UK, Crisis, and Save the Children.
“The latest investment from Highland Europe shows their conviction in our vision for fairer, more transparent services in this space,” said Farewill chief executive and co-founder Dan Garrett.
“It means we can build on what we’ve started, growing our world-class team and designing easy-to-use tools that help people during incredibly tough times. We’ll also carry on raising millions in pledged legacy income for the third sector, and we’re aiming to get to £1bn by 2023.”
The latest funding round is expected to have valued Farewill at approximately £70m, a person close to the deal told Sky News last week.


cityam--2020-07-07--Shakespeare: Enforced working from home takes away key customers for commuter reliant brands

In my previous column I discussed how Pret A Manger ’ s COVID-19 response earned them admiration from the British public by carefully planning store openings , abiding with social distancing measures and offering free NHS worker perks .
Unfortunately it appears that this hasn ’ t been enough to ensure the brand survives coronavirus completely intact .
This week Pret A Manger confirmed plans to close stores after seeing a 74 % decrease in sales year-on-year .
The sandwich chain ’ s chief executive announced the closure of 30 stores and 1,000 job losses after struggling to pay rent @ @ @ @ @ @ @ the Government to work from home whenever possible , many businesses that rely on commuters and office workers such as commuter newspapers and coffee shops have seen their customer base decimated over the past few months , leading to business closures nationwide .
Since the start of lockdown many fast food and coffee brands have seen significant decreases in customer numbers , demonstrated by New YouGov BrandIndex data for four major convenience food brands between March and June .
Pret A Manger ’ s Current Customer scores dropped by 3.9 points from March @ @ @ @ @ @ @ to June ( 1.0 ) .
Similarly Starbucks saw a drop of 4.9 points , 12.2 points for Costa Coffee , and 4.6 points for Café Nero in the same time period .
While Pret a Manger ’ s UK Consideration scores ( whether someone would consider purchasing from the brand in future ) have declined from 17.1 at the start of lockdown to 13.1 in July , Consideration scores among those who live in the city of London tell a much more positive story .
Scores remained fairly steady from March ( @ @ @ @ @ @ @ before dropping to 18.2 .
However , since then scores have recovered to pre-lockdown levels ( 30.8 ) implying Londoners are happy to pick up pre-coronavirus shopping habits once things return to ‘ normal ’ .
The majority of Pret a Manger ’ s stores are in London with those outside the capital usually in shopping or town centres .
The fact that the majority of the stores earmarked to close are in these locations implies Pret doesn ’ t expect shopper demand to increase enough in time to make these stores viable @

Shakespeare: Enforced working from home takes away key customers for commuter reliant brands
In my previous column I discussed how Pret A Manger’s COVID-19 response earned them admiration from the British public by carefully planning store openings, abiding with social distancing measures and offering free NHS worker perks. Unfortunately it appears that this hasn’t been enough to ensure the brand survives coronavirus completely intact.
This week Pret A Manger confirmed plans to close stores after seeing a 74% decrease in sales year-on-year. The sandwich chain’s chief executive announced the closure of 30 stores and 1,000 job losses after struggling to pay rent.
While Britons have been told by the Government to work from home whenever possible, many businesses that rely on commuters and office workers such as commuter newspapers and coffee shops have seen their customer base decimated over the past few months, leading to business closures nationwide.
Since the start of lockdown many fast food and coffee brands have seen significant decreases in customer numbers, demonstrated by New YouGov BrandIndex data for four major convenience food brands between March and June.
Pret A Manger’s Current Customer scores dropped by 3.9 points from March (whole month score of 4.9) to June (1.0). Similarly Starbucks saw a drop of 4.9 points, 12.2 points for Costa Coffee, and 4.6 points for Café Nero in the same time period.
While Pret a Manger’s UK Consideration scores (whether someone would consider purchasing from the brand in future) have declined from 17.1 at the start of lockdown to 13.1 in July, Consideration scores among those who live in the city of London tell a much more positive story. Scores remained fairly steady from March (30.8) until May (30.5) before dropping to 18.2. However, since then scores have recovered to pre-lockdown levels (30.8) implying Londoners are happy to pick up pre-coronavirus shopping habits once things return to ‘normal’.
The majority of Pret a Manger’s stores are in London with those outside the capital usually in shopping or town centres. The fact that the majority of the stores earmarked to close are in these locations implies Pret doesn’t expect shopper demand to increase enough in time to make these stores viable.


cityam--2020-07-07--Rishi Sunak reveals £2bn unemployment scheme to create hundreds of thousands of jobs

The government will subsidise hundreds of thousands of new jobs for unemployed young Britons as a part of a new £2bn coronavirus support package .
Chancellor Rishi Sunak will announce the launch of the Kickstart Scheme in his summer economic statement tomorrow , which will see the government subsidise jobs for 16 to 24-year-olds receiving Universal Credit benefits .
Read more : Rishi Sunak ’ s summer statement : What can we expect ?
For each job on the scheme , the Treasury will pay 100 per cent of the National Minimum Wage for 25 hours a week with employers @ @ @ @ @ @ @ For 21 to 24-year-olds that would mean £205 each week , while 18 to 20-year-olds would receive £161.25 and 16 and 17-year-olds would receive £113.75 .
As a comparison , under-25s currently receive £85.68 a week on Universal Credit .
The announcement will come as a key pillar of the government ’ s bid to have its own Franklin Roosevelt-style New Deal to aid the post-Covid-19 economic recovery .
Before the Open newsletter : Start your day with the City View podcast and key market data Boris Johnson used a major speech last @ @ @ @ @ @ @ bridging “ yawning gaps ” in society by providing “ not just a New Deal , but a fair deal for the British people ” .
The New Deal was a set of public spending programmes aimed at lifting the US out of the Great Depression in the 1930s .
Sunak said today that young people were most likely to be the worst affected by the coronavirus economic downturn and that they should be the government ’ s first priority .
“ Young people bear the brunt of most economic crises , but @ @ @ @ @ @ @ because they work in the sectors disproportionately hit by the pandemic , ” he said .
“ We also know that youth unemployment has a long-term impact on jobs and wages and we don ’ t want to see that happen to this generation .
“ So we ’ ve got a bold plan to protect , support and create jobs – a plan for jobs.
” Office for National Statistics figures showed the UK ’ s unemployment rate between February and April remained steady at 3.9 per cent thanks to the government @ @ @ @ @ @ @ : Stamp duty holiday : What does it mean for the UK housing market ?
However , during this period workers on company payrolls fell by 612,000 people meaning the unemployment rate is set to shoot up as the Sunak rolls back the support scheme from September .
Young people will be particularly hard hit , with three-in-ten 18 to 24-year-olds furloughed , and one-in-ten already made unemployed by the coronavirus crisis .
Kathleen Henehan , economist at left leaning think tank the Resolution Foundation , estimated that Sunak ’ s new jobs @ @ @ @ @ @ @ placements for young Britons .
“ This is exactly the kind of approach needed , learning the lessons of what worked in the financial crisis , ” she said .
“ History also shows that it is crucial that these jobs are created quickly , with local authorities crucial in making that happen at anything like the scale the government intends.
” Federation of Small Businesses chair Mike Cherry added : “ It has been worrying to see the rising number of young people out of work , and with 700,000 16-24 year @ @ @ @ @ @ @ this summer this needs a major intervention to prevent a generation lost to long-term unemployment .
“ Small businesses are disproportionately likely to employ young people , as well as people who were previously out of work , and therefore the government must implement its £2bn Kickstart Scheme in such a way as to allow smaller employers to play their part fully.
” The Kickstarter Scheme is similar to – but significantly larger than – Gordon Brown ’ s Future Jobs Fund , which was launched after the 2008 financial crisis .
The @ @ @ @ @ @ @ partly subsidised by the government , with the programme emphasising skills and training .
Read more : FTSE 100 and US stocks drop on economy warnings Responding to the government ’ s announcement , Labour shadow chancellor Anneliese Dodds said : “ To the extent that the Kickstart programme is based on the Future Jobs Fund model , it should help many young people to access work .
“ However , the government is yet to rise to the scale of the unemployment crisis .
The urgent priority right now is to prevent @ @ @ @ @ @ @ by abandoning the government ’ s one-size-fits-all approach to the removal of the Job Retention and Self-Employed schemes .
”

Rishi Sunak reveals £2bn unemployment scheme to create hundreds of thousands of jobs
Chancellor Rishi Sunak preparing for his summer economic statement
The government will subsidise hundreds of thousands of new jobs for unemployed young Britons as a part of a new £2bn coronavirus support package.
Chancellor Rishi Sunak will announce the launch of the Kickstart Scheme in his summer economic statement tomorrow, which will see the government subsidise jobs for 16 to 24-year-olds receiving Universal Credit benefits.
For each job on the scheme, the Treasury will pay 100 per cent of the National Minimum Wage for 25 hours a week with employers able to top up that amount.
For 21 to 24-year-olds that would mean £205 each week, while 18 to 20-year-olds would receive £161.25 and 16 and 17-year-olds would receive £113.75.
As a comparison, under-25s currently receive £85.68 a week on Universal Credit.
The announcement will come as a key pillar of the government’s bid to have its own Franklin Roosevelt-style New Deal to aid the post-Covid-19 economic recovery.
Before the Open newsletter: Start your day with the City View podcast and key market data
Boris Johnson used a major speech last week to speak about his goal of bridging “yawning gaps” in society by providing “not just a New Deal, but a fair deal for the British people”.
The New Deal was a set of public spending programmes aimed at lifting the US out of the Great Depression in the 1930s.
Sunak said today that young people were most likely to be the worst affected by the coronavirus economic downturn and that they should be the government’s first priority.
“Young people bear the brunt of most economic crises, but they are at particular risk this time because they work in the sectors disproportionately hit by the pandemic,” he said.
“We also know that youth unemployment has a long-term impact on jobs and wages and we don’t want to see that happen to this generation.
“So we’ve got a bold plan to protect, support and create jobs – a plan for jobs.”
Office for National Statistics figures showed the UK’s unemployment rate between February and April remained steady at 3.9 per cent thanks to the government’s furlough scheme.
However, during this period workers on company payrolls fell by 612,000 people meaning the unemployment rate is set to shoot up as the Sunak rolls back the support scheme from September.
Young people will be particularly hard hit, with three-in-ten 18 to 24-year-olds furloughed, and one-in-ten already made unemployed by the coronavirus crisis.
Kathleen Henehan, economist at left leaning think tank the Resolution Foundation, estimated that Sunak’s new jobs scheme would be able to provide 350,000 placements for young Britons.
“This is exactly the kind of approach needed, learning the lessons of what worked in the financial crisis,” she said.
“History also shows that it is crucial that these jobs are created quickly, with local authorities crucial in making that happen at anything like the scale the government intends.”
Federation of Small Businesses chair Mike Cherry added: “It has been worrying to see the rising number of young people out of work, and with 700,000 16-24 year olds due to join the labour market this summer this needs a major intervention to prevent a generation lost to long-term unemployment.
“Small businesses are disproportionately likely to employ young people, as well as people who were previously out of work, and therefore the government must implement its £2bn Kickstart Scheme in such a way as to allow smaller employers to play their part fully.”
The Kickstarter Scheme is similar to – but significantly larger than – Gordon Brown’s Future Jobs Fund, which was launched after the 2008 financial crisis.
The £680m fund created 105,000 jobs that were partly subsidised by the government, with the programme emphasising skills and training.
Responding to the government’s announcement, Labour shadow chancellor Anneliese Dodds said: “To the extent that the Kickstart programme is based on the Future Jobs Fund model, it should help many young people to access work.
“However, the government is yet to rise to the scale of the unemployment crisis. The urgent priority right now is to prevent additional unnecessary unemployment in the first place by abandoning the government’s one-size-fits-all approach to the removal of the Job Retention and Self-Employed schemes.”


cityam--2020-07-07--Hancock praises pubs for closing after punters tested positive for Covid-19

Matt Hancock has praised three pubs for closing after the NHS track and trace system identified coronavirus outbreaks among their visitors , just days after pubs , bars and restaurants were allowed to reopen after months of lockdown .
The health secretary told the Commons that the closure of the Fox and Hounds in Yorkshire , the Lighthouse in Somerset and the Village Home in Hampshire showed that the UK ’ s trace and trace system was working .
Read more : Matt Hancock says government made no mistakes on coronavirus lockdown timing Hancock told MPs the pubs were “ @ @ @ @ @ @ @ and by their communities ” .
“ This is NHS test and trace working precisely as intended , ” he added .
“ Three pubs shut so that others can be open.
” A spokesperson for Downing Street said the closure of the pubs showed “ just how seriously pubs and the public are taking their responsibilities to keep others safe ” .
The new infections came after pubs , restaurants , galleries , cinemas and hairdressers were allowed to reopen on so-called Super Saturday over the weekend for the first time since @ @ @ @ @ @ @ London ’ s Soho district sparked concerns that ignorance of social distancing rules could spark new clusters of infection .
However , Hancock on Sunday stood by pubgoers , insisting that the “ vast majority ” had behaved responsibly .
He added that he was “ pleased to see people out and about and largely social distancing ” .
The UK has now recorded more than 286,000 cases of the virus and 44,391 fatalities since the first outbreak in York in January .
A report released by Reuters today suggested the actual death @ @ @ @ @ @ @ estimates , claiming that coronavirus-related fatalities in the UK had now surpassed 55,000 .
It comes as former health secretary Jeremy Hunt today said the government initially considered attempts to control the virus as “ a futile exercise ” .
Hunt said the government had assumed that a level of “ herd immunity ” would be reach organically , as it thought the virus would be as easy to tackle as an influenza pandemic .
Read more : London coronavirus cases : How many infections are in your London borough ?
Hunt told @ @ @ @ @ @ @ of scientists : “ I don ’ t think we are aiming for herd immunity but because our mindset was around tackling flu pandemics.
” “ There was a sense that basically it would be impossible to hold the prevalence rate of this disease below 50 per cent of the population and ultimately 60 per cent catching it was an inevitability .
”

Hancock praises pubs for closing after punters tested positive for Covid-19
Matt Hancock has praised three pubs for closing after the NHS track and trace system identified coronavirus outbreaks among their visitors, just days after pubs, bars and restaurants were allowed to reopen after months of lockdown.
The health secretary told the Commons that the closure of the Fox and Hounds in Yorkshire, the Lighthouse in Somerset and the Village Home in Hampshire showed that the UK’s trace and trace system was working.
Hancock told MPs the pubs were “doing the right thing by their customers and by their communities”.
“This is NHS test and trace working precisely as intended,” he added. “Three pubs shut so that others can be open.”
A spokesperson for Downing Street said the closure of the pubs showed “just how seriously pubs and the public are taking their responsibilities to keep others safe”.
The new infections came after pubs, restaurants, galleries, cinemas and hairdressers were allowed to reopen on so-called Super Saturday over the weekend for the first time since March.
Scenes of crowded streets in London’s Soho district sparked concerns that ignorance of social distancing rules could spark new clusters of infection.
However, Hancock on Sunday stood by pubgoers, insisting that the “vast majority” had behaved responsibly. He added that he was “pleased to see people out and about and largely social distancing”.
The UK has now recorded more than 286,000 cases of the virus and 44,391 fatalities since the first outbreak in York in January.
A report released by Reuters today suggested the actual death toll could be much higher than government estimates, claiming that coronavirus-related fatalities in the UK had now surpassed 55,000.
It comes as former health secretary Jeremy Hunt today said the government initially considered attempts to control the virus as “a futile exercise”. Hunt said the government had assumed that a level of “herd immunity” would be reach organically, as it thought the virus would be as easy to tackle as an influenza pandemic.
Hunt told a meeting of the Independent Sage group of scientists: “I don’t think we are aiming for herd immunity but because our mindset was around tackling flu pandemics.”
“There was a sense that basically it would be impossible to hold the prevalence rate of this disease below 50 per cent of the population and ultimately 60 per cent catching it was an inevitability.”


cityam--2020-07-07--President Trump officially pulls US out of the World Health Organisation

President Donald Trump has formally withdrawn the United States from the World Health Organisation ( WHO ) in the middle of the coronavirus pandemic .
The US will leave the WHO on 6 July 2021 , the United Nations said after receiving formal notification from the President .
Read more : Trump criticised for crowded Mount Rushmore rally as coronavirus cases spike Senator Robert Menendez , a top Democrat on the Senate Foreign Affairs Committee tweeted that the Trump administration had informed Congress of the withdrawal .
“ To call Trump ’ s response to Covid chaotic and incoherent doesn @ @ @ @ @ @ @ won ’ t protect American lives or interests – it leaves Americans sick and America alone , ” he tweeted .
The formal withdrawal comes after months of threats from the US president .
At the end of May the US president said he was “ terminating ” ties with the WHO .
He has previously said he does not trust the body and has suggested the organisation , which is affiliated with the United Nations , is biased toward China .
Trump has also said the WHO failed to stop early warning @ @ @ @ @ @ @ US is the worst-affected country with cases nearing three million and 130,751 deaths , according to data from John Hopkins university .
Read more : ‘ The worst is yet to come ’ : WHO casts doubt on global coronavirus recovery Eric Swalwell , US Representative for California ’ s 15th congressional district , called the decision “ irresponsible , reckless and utterly incomprehensible ” .
“ Withdrawing from the @ WHO in the midst of the greatest public health crisis of our lifetime is a self-destructive move .
More Americans will be @ @ @ @ @ @ @ he tweeted .
Get the news as it happens by following City A.M. on Twitter .

President Trump officially pulls US out of the World Health Organisation
President Donald Trump has formally withdrawn the United States from the World Health Organisation (WHO) in the middle of the coronavirus pandemic.
The US will leave the WHO on 6 July 2021, the United Nations said after receiving formal notification from the President.
Senator Robert Menendez, a top Democrat on the Senate Foreign Affairs Committee tweeted that the Trump administration had informed Congress of the withdrawal.
“To call Trump’s response to Covid chaotic and incoherent doesn’t do it justice. This won’t protect American lives or interests – it leaves Americans sick and America alone,” he tweeted.
Congress received notification that POTUS officially withdrew the U.S. from the @WHO in the midst of a pandemic.
To call Trump’s response to COVID chaotic & incoherent doesn't do it justice. This won't protect American lives or interests—it leaves Americans sick & America alone. — Senator Bob Menendez (@SenatorMenendez) July 7, 2020
The formal withdrawal comes after months of threats from the US president. At the end of May the US president said he was “terminating” ties with the WHO.
He has previously said he does not trust the body and has suggested the organisation, which is affiliated with the United Nations, is biased toward China. Trump has also said the WHO failed to stop early warning signs of the coronavirus pandemic.
The US is the worst-affected country with cases nearing three million and 130,751 deaths, according to data from John Hopkins university.
Eric Swalwell, US Representative for California’s 15th congressional district, called the decision “irresponsible, reckless and utterly incomprehensible”.
“Withdrawing from the @WHO in the midst of the greatest public health crisis of our lifetime is a self-destructive move. More Americans will be hurt by this careless choice,” he tweeted.
Get the news as it happens by following City A.M. on Twitter.
More to follow