cityam--2020-09-25--FTSE 100 slips amid rising coronavirus cases

The FTSE 100 slipped into the red after a rocky week of rising coronavirus cases and new government restrictions .
London ’ s blue chip index fell 0.8 per cent to 5,777 points , despite having opened higher .
The FTSE 250 was down 0.3 per cent .
Read more : Rishi Sunak ‘ ready to do more ’ if national Covid lockdown declared Germany ’ s Dax tumbled 1.9 per cent and France ’ s CAC 40 was also down 1.9 per cent .
The Europe-wide Stoxx 600 was 1.2 per cent lower .
The FTSE 100 tumbled around @ @ @ @ @ @ @ on Monday , as investors fretted over rising Covid cases and potential new lockdowns .
It then rose for two consecutive days – analysts said the UK ’ s new restrictions were less bad than expected – before slipping again yesterday .
Travel stocks were hit particularly hard in morning trading after the UK imposed new coronavirus restrictions and as cases continued to rise in Europe .
British Airways-owner IAG was down 5.4 per cent to 90.1p , its lowest level in around 10 years .
Jet engine-maker Rolls Royce was five per @ @ @ @ @ @ @ was down 3.4 per cent .
On the FTSE 250 , airlines Wizz Air and Easyjet both fell around three per cent .
Miners and financial groups were among the other biggest fallers on the FTSE 100 .
Investors think they will do less well if tighter coronavirus rules are brought in .
Read more : Car production plunges as surge in cases slams breaks on sector recovery However , the action was limited compared to some of the swings seen earlier in the week .
Connor Campbell , market analyst at trading @ @ @ @ @ @ @ to see out the end of a painful week with minimal fuss , the European indices started slower than they have done in the last few sessions.
” US stocks were set to open lower , according to futures prices .
That was despite a minor tech rally last night helping Wall Street .
The US ’ s tech-heavy Nasdaq rose 0.4 per cent yesterday while the S & P 500 climbed 0.3 per cent .
“ US Fiscal stimulus hopes boosted the mood in the market in late trade on Thursday , @ @ @ @ @ @ @ at trading platform City Index .
Democrat speaker Nancy Pelosi laid the groundwork for a roughly $ 2.4 trillion ( £1.9 trillion ) bill yesterday .
Time is running out as lawmakers leave Washington , DC next week to campaign for reelection .
US investors are feeling less optimistic about the chance of more stimulus today , however .
Read more : Government borrowing jumps in August as Covid costs grow The dollar was up 0.2 per cent against a basket of other currencies , signalling demand for the currency that is seen @ @ @ @ @ @ @ stress .
Sterling was down 0.4 per cent to $ 1.27 .
Its decline helped limit the losses on the FTSE 100 compared to other European markets , as it made the overseas earnings of FTSE firms worth relatively more .

FTSE 100 slips but US stocks rise amid Covid worries
New restrictions have threatened the return to the office in the City of London
The FTSE 100 slipped but US stocks rose as European stocks headed for their worst week since June, with investors rattled by rising coronavirus cases.
London’s blue chip index was down 0.1 per cent to 5,819 points as it approached the close, despite having opened higher. The FTSE 250 was up 0.8 per cent, however.
Read more: Rishi Sunak ‘ready to do more’ if national Covid lockdown declared
Germany’s Dax slid 1.3 per cent and France’s CAC 40 was down one per cent.
However, in the US the Nasdaq rose 0.8 per cent in early trading. The S&P 500 was up 0.3 per cent.
The FTSE 100 tumbled around three per cent along with European stocks on Monday, as investors fretted over rising Covid cases and potential new lockdowns.
It then rose for two consecutive days – analysts said the UK’s new restrictions were less bad than expected – before slipping again yesterday.
“It’s not taken long for sentiment to turn sour again in Europe, with stock markets once again heading south having been quite flat earlier in the day,” said Craig Erlam, senior market analyst at currency firm Oanda.
FTSE 100 travel stocks take a hit
FTSE 100 travel stocks were hit particularly hard amid rising coronavirus cases, although they staged a late rally.
The action was limited compared to some of the swings seen earlier in the week.
Fawad Razaqzada, market analyst with ThinkMarkets, said: “It has been quite a risk-off week for the financial markets amid concerns over the recovery following an alarming rebound in coronavirus cases in Western Europe.”
US stocks opened higher after a minor tech rally last night helped Wall Street.
The US’s tech-heavy Nasdaq rose 0.4 per cent yesterday while the S&P 500 climbed 0.3 per cent.
Investors hope for stimulus
“US Fiscal stimulus hopes boosted the mood in the market in late trade on Thursday,” said Fiona Cincotta, market analyst at trading platform City Index.
Democrat speaker Nancy Pelosi laid the groundwork for a roughly $2.4 trillion (£1.9 trillion) bill yesterday. Time is running out as lawmakers leave Washington, DC next week to campaign for reelection.
Read more: Government borrowing jumps in August as Covid costs grow
“The election could increasingly become a point of concern for investors,” said Erlam. “It’s already not going to be a normal election, with the votes taking much longer than normal to count [and] the possibility of [President Donald] Trump contesting the result.”


cityam--2020-09-25--Shaftesbury collects less than half of owed rent since pandemic began

The real estate investment trust , Shaftesbury , has collected just 41 per cent of rent in the six months ending 30 September , it said .
Shaftesbury , which owns a 16-acre property portfolio in the heart of London ’ s West End , has also decided not to declare a final dividend for the year ending 30 September 2020 as a result .
Read more : Shaftesbury swings to £287m first half loss as coronavirus hits property value It said it intends to “ resume dividend payments as soon as it considers prudent ” .
The group owns @ @ @ @ @ @ @ Chinatown and Covent Garden .
For the last six months , 59 per cent of rent due has not been collected .
Of that , 10 per cent of payments have been agreed to be deferred , 23 per cent have been waived , while 26 per cent remains outstanding .
Shaftesbury also said it had seen an increase in vacancies across its portfolio , although residential properties were mostly affected Property vacancies jumped from 4.8 per cent at the end of March , to 9.7 per cent at the end of August @ @ @ @ @ @ @ overseas visitors returning home and long-haul travel business disappearing as reasons for the increase .
Adding that , enquiries for commercial space are also running at much lower levels than normal .
Read more : Property giant Capco snaps up 26 per cent stake in rival Shaftesbury in £436m deal Brian Bickell , chief executive , added : “ The course of the pandemic in the short and medium-term will continue to dictate the extent of restrictions imposed by the UK and other governments to contain the spread of the COVID-19 virus , @ @ @ @ @ @ @ the pace of recovery .
“ As an international destination , local trading conditions in the West End will inevitably be affected by these macro uncertainties .
”

Shaftesbury collects less than half of owed rent since pandemic began
The real estate investment trust has collected just 41 per cent of rent in the six months ending 30 September, it said.
The real estate investment trust, Shaftesbury, has collected just 41 per cent of rent in the six months ending 30 September, it said.
Shaftesbury, which owns a 16-acre property portfolio in the heart of London’s West End, has also decided not to declare a final dividend for the year ending 30 September 2020 as a result.
It said it intends to “resume dividend payments as soon as it considers prudent”.
The group owns properties in Carnaby Street, Soho, Chinatown and Covent Garden.
For the last six months, 59 per cent of rent due has not been collected. Of that, 10 per cent of payments have been agreed to be deferred, 23 per cent have been waived, while 26 per cent remains outstanding.
Shaftesbury also said it had seen an increase in vacancies across its portfolio, although residential properties were mostly affected
Property vacancies jumped from 4.8 per cent at the end of March, to 9.7 per cent at the end of August, the group revealed.
It cited overseas visitors returning home and long-haul travel business disappearing as reasons for the increase. Adding that, enquiries for commercial space are also running at much lower levels than normal.
Brian Bickell, chief executive, added: “The course of the pandemic in the short and medium-term will continue to dictate the extent of restrictions imposed by the UK and other governments to contain the spread of the COVID-19 virus, with implications for the global economy and the pace of recovery.
“As an international destination, local trading conditions in the West End will inevitably be affected by these macro uncertainties.”


cityam--2020-09-25--Finance watchdog slams Google for not removing scam adverts

The UK ’ s financial regulator has accused Google of failing to address the use of its search engine by fraudsters placing scam adverts .
The Financial Conduct Authority ( FCA ) yesterday said steps taken by Google to crack down on fake investment adverts “ fall short ” of requirements , and contribute to “ a production line that proliferates scams ” .
Read more : Google reduces entire carbon footprint to zero Speaking at the regulator ’ s annual general meeting , FCA chairman Charles Randell said the issue required “ urgent change ” .
Under current legislation @ @ @ @ @ @ @ engines and social media sites to remove adverts if they have proven to be fraudulent , meaning scammers are able to place adverts aimed at duping investors on Google .
“ The steps being taken are inevitably going to fall short , ” said FCA chief executive Mark Steward .
“ Conducting verification after an advert is live is problematic .
We don ’ t yet know what the verification process entails and unless you ’ re not knocking on someone ’ s door , it ’ s not clear how it ’ @ @ @ @ @ @ @ to put in intervention much earlier.
” Many victims of the unregulated mini bond issuer London Capital and Finance are believed to have first come across the company on Google and other similar search engines , the FCA said .
London Capital and Finance , which fell into administration in 2019 after taking £236m from small savers , spent more than £20m on Google adverts prior to its collapse .
The FCA said attempts to engage with Google to tackle fraudulent adverts on its search engine have failed to solve the issue .
@ @ @ @ @ @ @ ads very easily and very cheaply… but even after names appear on our warning list , Google can ’ t find the ads to take them down , ” said Steward .
Read more : Impersonation frauds soar 85 per cent during pandemic as scammers exploit government loan websites Google said it has updated its policies to improve transparency with customers , including gathering more information about advertisers ’ identities and relationships with third parties .
“ Protecting the community from ad scams and fraud is a key priority for Google , ’ @ @ @ @ @ @ @ .
“ This policy update follows months of engagement with and input from the FCA to ensure we ’ re effectively addressing the bad actors responsible for predatory financial ads.
” Before the Open : Get the jump on the markets with our early morning newsletter

Finance watchdog slams Google for not removing scam adverts
The UK’s financial regulator has accused Google of failing to address the use of its search engine by fraudsters placing scam adverts.
The Financial Conduct Authority (FCA) yesterday said steps taken by Google to crack down on fake investment adverts “fall short” of requirements, and contribute to “a production line that proliferates scams”.
Speaking at the regulator’s annual general meeting, FCA chairman Charles Randell said the issue required “urgent change”.
Under current legislation, the FCA can only command search engines and social media sites to remove adverts if they have proven to be fraudulent, meaning scammers are able to place adverts aimed at duping investors on Google.
“The steps being taken are inevitably going to fall short,” said FCA chief executive Mark Steward.
“Conducting verification after an advert is live is problematic. We don’t yet know what the verification process entails and unless you’re not knocking on someone’s door, it’s not clear how it’s going to work. Google needs to put in intervention much earlier.”
Many victims of the unregulated mini bond issuer London Capital and Finance are believed to have first come across the company on Google and other similar search engines, the FCA said.
London Capital and Finance, which fell into administration in 2019 after taking £236m from small savers , spent more than £20m on Google adverts prior to its collapse.
The FCA said attempts to engage with Google to tackle fraudulent adverts on its search engine have failed to solve the issue.
“Scammers are able to place glossy ads very easily and very cheaply… but even after names appear on our warning list, Google can’t find the ads to take them down,” said Steward.
Google said it has updated its policies to improve transparency with customers, including gathering more information about advertisers’ identities and relationships with third parties.
“Protecting the community from ad scams and fraud is a key priority for Google,’ the tech giant said in a statement. “This policy update follows months of engagement with and input from the FCA to ensure we’re effectively addressing the bad actors responsible for predatory financial ads.”
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-09-25--South West Water owner sees shares rise as investors soak up positive update

Share in South West Water owner Pennon Group rose this morning after it confirmed trading was in line with expectations @ @ @ @ @ lower use by shuttered businesses has been offset by a rise in use by households @ @ @ @ @ of the coronavirus pandemic will wipe only about £10m from Pennon Group ’ s previously @ @ @ @ @ that Ofwat ’ s regulatory model would allow it to claw back lost revenue in @ @ @ @ @ up around 1.1 per cent this morning to 1,051p per share .
Read more : @ @ @ @ @ Ofwat over price determinations Pennon said it remains in a strong financial position with expected @ @ @ @ @ more than £3bn at 30 September 2020 .
Additionally , Pennon said its sale of @ @ @ @ @ Pennon received £3.7bn in cash .
It will use some of this to pay down @ @ @ @ @ pension .
Pennon ’ s results for the half year to 30 September will be @ @ @ @ @

South West Water owner sees shares rise as investors soak up positive update
Pennon Group said water usage has decline in businesses but has been offset by increased meter readings at households
Share in South West Water owner Pennon Group rose this morning after it confirmed trading was in line with expectations.
The water company said lower use by shuttered businesses has been offset by a rise in use by households.
Therefore, the impact of the coronavirus pandemic will wipe only about £10m from Pennon Group’s previously expected revenue.
Pennon said that Ofwat’s regulatory model would allow it to claw back lost revenue in future years.
Shares are up around 1.1 per cent this morning to 1,051p per share.
Pennon said it remains in a strong financial position with expected cash and committed facilities of more than £3bn at 30 September 2020.
Additionally, Pennon said its sale of Viridor completed in July and Pennon received £3.7bn in cash.
It will use some of this to pay down debt and contribute to the pension.
Pennon’s results for the half year to 30 September will be announced on 24 November.


cityam--2020-09-25--Anything to declare? The ‘S’ of ESG makes its move

The central component of the increasingly prominent ‘ ESG ’ – the ‘ S ’ – is typically neglected in discussions about environmental , social and governance ( ESG ) data and non-financial disclosure .
But developments such as the Boohoo garment workers controversy and Black Lives Matter movement , as well as the trends such as gender pay-gap reporting – not to mention the coronavirus pandemic – mean that an increasing number of investors are keen to scrutinise more closely whether big companies have a good or bad story to tell ( or hide ) when it comes to @ @ @ @ @ @ @ companies seeking to engage with the ‘ S ’ agenda is the Workforce Disclosure Initiative ( WDI ) , which aims to boost corporate transparency and accountability on workforce issues ; provide companies and investors with comprehensive and comparable data ; and – ultimately – ‘ help increase the provision of good jobs worldwide ’ .
Managed by campaign group ShareAction and part-funded by the government , the WDI is supported by an investor coalition of 49 institutions with about £5 trillion in assets under management .
Now in its fourth year , @ @ @ @ @ @ @ the global environmental disclosure system founded two decades ago as the Carbon Disclosure Project .
The WDI team and investor supporters have been busy in recent weeks writing to 750 companies to encourage them to participate in initiative ’ s most visible output : an annual survey and scorecard that takes in 13 workforce topics ranging from diversity and training to whistle-blowing and sourcing procedures .
118 companies took part last year ( the smallest , by market capitalisation , being Jupiter Fund Management , Scottish energy firm John Wood Group and bakery @ @ @ @ @ @ @ participant companies in 2018 and 34 in 2017 .
The survey has been revised for 2020 : the number of questions has been cut from 152 to 125 ; and companies that have taken part before can pre-populate their submission with previous responses .
‘ Sustainable investing is here to stay ’ Among the investors on board is BMO Global Asset Management .
Last year the investment company urged 77 companies to complete the survey and 17 did so .
Reasons given for partial or no responses included : a lack of data @ @ @ @ @ @ @ the survey ; and other reports being given greater priority .
Nina Roth , a director in BMO Global Asset Management ’ s responsible investment team , is optimistic that engagement will increase .
“ The ‘ S ’ has been seen as the least important element of ‘ ESG ’ but I think that ’ s a huge mistake , ” she tells City AM .
“ It has become clear through the pandemic that sustainable investing is here to stay , and for proper investment analysis enhanced social disclosure is key.
@ @ @ @ @ @ @ challenge .
The WDI is piling in alongside more established schemes such as the Netherlands-headquartered Global Reporting Initiative and the London-based Ethical Trading Initiative .
The most recent of the GRI ’ s reporting frameworks are its GRI Standards , which launched in 2016 and help companies disclose their impact on the economy , environment and society .
Many of the WDI questions closely align with the GRI Standards , which are used by more than 10,000 companies worldwide for sustainability reporting .
Bastian Buck , GRI ’ s chief of standards , @ @ @ @ @ @ @ the rise .
He tells City AM : “ As the wider effects of the pandemic have become more apparent , demand for companies to disclose their impacts on social factors has grown – from employee health and wellbeing through to community engagement .
This is because the sustainability context in which they operate , and the associated risks , has changed.
” The Ethical Trading Initiative ( ETI ) , meanwhile , works with companies , trade unions and NGOs to drive up standards in supply-chains in accordance with an ethical code @ @ @ @ @ @ @ the ‘ S ’ in ESG as “ the weakest leg of what is a three-legged stool ” and welcomes the WDI , which he sees as complementary to the ETI ’ s aims .
“ Anything that increases corporate transparency is good , ” he tells City AM .
“ We have seen scandal after scandal when it comes to how workers , sometimes far away and sometimes nearby , are treated .
Investors essentially carry this risk in their portfolio and need to know what ’ s going on in supply-chains @ @ @ @ @ @ @ better informed about endemic risk , demanding evidence of due diligence and asking the right questions , is good for investors , good for business and good for workers , ” McAllister adds .
Reckitt Benckiser ( RB ) is among the multinational companies to participate in the WDI .
Head of external communications Peter Edwards leads on the consumer goods company ’ s engagement , co-ordinating the involvement and input from departments ranging from sustainability and compliance to HR .
Practically , Edwards sets aside a certain number of days to collect @ @ @ @ @ @ @ s survey , which RB has completed for the past two years .
At present he is in the early stages of data collection for this year ’ s submission .
“ There are many initiatives like the WDI .
But we do it because we have a fundamental belief in corporate transparency , ” he tells City AM .
“ The scorecard helps investors and potential partners better understand us .
Each year our WDI score spurs support from senior management as to how we can improve involvement next time.
” This @ @ @ @ @ @ @ submit data is 16 November .
“ Throughout the pandemic , there has been lots of talk about how companies are treating workers , ” says WDI programme lead James Coldwell .
“ The Workforce Disclosure Initiative is an opportunity for those companies and their investors to demonstrate how they value their workforce , in a way that goes beyond warm words of support .
”

What is City Talk? City Talk allows marketers to connect directly with our audience by publishing content on cityam.com
Anything to declare? The ‘S’ of ESG makes its move
The Workforce Disclosure Initiative (WDI), which aims to boost corporate transparency and accountability on workforce issues, is supported by an investor coalition of 49 institutions | Photo: Getty Images
The central component of the increasingly prominent ‘ESG’ – the ‘S’ – is typically neglected in discussions about environmental, social and governance (ESG) data and non-financial disclosure.
But developments such as the Boohoo garment workers controversy and Black Lives Matter movement, as well as the trends such as gender pay-gap reporting – not to mention the coronavirus pandemic – mean that an increasing number of investors are keen to scrutinise more closely whether big companies have a good or bad story to tell (or hide) when it comes to ‘S’.
One route for companies seeking to engage with the ‘S’ agenda is the Workforce Disclosure Initiative (WDI), which aims to boost corporate transparency and accountability on workforce issues; provide companies and investors with comprehensive and comparable data; and – ultimately – ‘help increase the provision of good jobs worldwide’.
Investor coalition to drive uptake
Managed by campaign group ShareAction and part-funded by the government, the WDI is supported by an investor coalition of 49 institutions with about £5 trillion in assets under management. Now in its fourth year, it is modelled on the CDP, the global environmental disclosure system founded two decades ago as the Carbon Disclosure Project.
The WDI team and investor supporters have been busy in recent weeks writing to 750 companies to encourage them to participate in initiative’s most visible output: an annual survey and scorecard that takes in 13 workforce topics ranging from diversity and training to whistle-blowing and sourcing procedures.
118 companies took part last year (the smallest, by market capitalisation, being Jupiter Fund Management, Scottish energy firm John Wood Group and bakery chain Greggs) – up from 90 participant companies in 2018 and 34 in 2017.
The survey has been revised for 2020: the number of questions has been cut from 152 to 125; and companies that have taken part before can pre-populate their submission with previous responses.
‘Sustainable investing is here to stay’
Among the investors on board is BMO Global Asset Management. Last year the investment company urged 77 companies to complete the survey and 17 did so. Reasons given for partial or no responses included: a lack of data; a lack of resources to complete the survey; and other reports being given greater priority.
Nina Roth, a director in BMO Global Asset Management’s responsible investment team, is optimistic that engagement will increase. “The ‘S’ has been seen as the least important element of ‘ESG’ but I think that’s a huge mistake,” she tells City AM. “It has become clear through the pandemic that sustainable investing is here to stay, and for proper investment analysis enhanced social disclosure is key.”
‘Sustainability context has changed’
Sustainability reporting fatigue is an acknowledged challenge. The WDI is piling in alongside more established schemes such as the Netherlands-headquartered Global Reporting Initiative and the London-based Ethical Trading Initiative.
The most recent of the GRI’s reporting frameworks are its GRI Standards, which launched in 2016 and help companies disclose their impact on the economy, environment and society. Many of the WDI questions closely align with the GRI Standards, which are used by more than 10,000 companies worldwide for sustainability reporting.
Bastian Buck, GRI’s chief of standards, agrees that ‘S’ is on the rise. He tells City AM: “As the wider effects of the pandemic have become more apparent, demand for companies to disclose their impacts on social factors has grown – from employee health and wellbeing through to community engagement. This is because the sustainability context in which they operate, and the associated risks, has changed.”
The Ethical Trading Initiative (ETI), meanwhile, works with companies, trade unions and NGOs to drive up standards in supply-chains in accordance with an ethical code. ETI executive director Peter McAllister describes the ‘S’ in ESG as “the weakest leg of what is a three-legged stool” and welcomes the WDI, which he sees as complementary to the ETI’s aims. “Anything that increases corporate transparency is good,” he tells City AM.
“We have seen scandal after scandal when it comes to how workers, sometimes far away and sometimes nearby, are treated. Investors essentially carry this risk in their portfolio and need to know what’s going on in supply-chains, or suffer the consequences. Being better informed about endemic risk, demanding evidence of due diligence and asking the right questions, is good for investors, good for business and good for workers,” McAllister adds.
‘Fundamental belief in corporate transparency’
Reckitt Benckiser (RB) is among the multinational companies to participate in the WDI.
Head of external communications Peter Edwards leads on the consumer goods company’s engagement, co-ordinating the involvement and input from departments ranging from sustainability and compliance to HR.
Practically, Edwards sets aside a certain number of days to collect and input data for the WDI’s survey, which RB has completed for the past two years. At present he is in the early stages of data collection for this year’s submission.
“There are many initiatives like the WDI. But we do it because we have a fundamental belief in corporate transparency,” he tells City AM. “The scorecard helps investors and potential partners better understand us. Each year our WDI score spurs support from senior management as to how we can improve involvement next time.”
This year’s deadline for companies to submit data is 16 November.
“Throughout the pandemic, there has been lots of talk about how companies are treating workers,” says WDI programme lead James Coldwell. “The Workforce Disclosure Initiative is an opportunity for those companies and their investors to demonstrate how they value their workforce, in a way that goes beyond warm words of support.”


cityam--2020-09-25--Supermarkets reinstate rationing amid new Covid-19 restrictions

British supermarkets have reinstated rationing on essential products after the UK was plunged back into fresh coronavirus restrictions .
Morrisons yesterday became the first major supermarket to roll out new measures , saying it would limit purchases of products such as toilet roll and disinfectant to three per customer .
Read more : Tesco boss warns against panic buying after new virus restrictions The company said it had sufficient stock levels but wanted to make sure the products were “ available to everyone ” .
Tesco and Aldi have also brought in similar restrictions for some of its products .
@ @ @ @ @ @ @ earlier this year during the first wave of Covid-19 as shoppers rushed to stock up on essentials .
The government this week rolled out fresh coronavirus restrictions , sparking fears of a second lockdown and prompting Brits to bulk buy some products .
However , the British Retail Consortium ( BRC ) said supply chains were “ stronger than ever ” and urged people not to panic buy .
“ Supply chains are stronger than ever before and we do not anticipate any issues in the availability of food or other goods under @ @ @ @ @ @ @ Opie , director of food and sustainability at the BRC .
“ Nonetheless , we urge consumers to be considerate of others and shop as they normally would.
” Yesterday Tesco boss Dave Lewis warned against an “ unnecessary return to panic buying ” , saying it would cause problems in the supply chain .
Read more : Asda to ‘ Covid-proof ’ trolleys and hire 1,000 safety marshals Meanwhile Asda has said it will appoint 1,000 new safety marshals to make sure shoppers are wearing masks and practising social distancing .
The @ @ @ @ @ @ @ to all basket and trolley handles to prevent the spread of coronavirus .

Supermarkets reinstate rationing amid new Covid-19 restrictions
British supermarkets have reinstated rationing on essential products after the UK was plunged back into fresh coronavirus restrictions.
Morrisons yesterday became the first major supermarket to roll out new measures, saying it would limit purchases of products such as toilet roll and disinfectant to three per customer.
The company said it had sufficient stock levels but wanted to make sure the products were “available to everyone”.
Tesco and Aldi have also brought in similar restrictions for some of its products.
The moves echo measures put in place earlier this year during the first wave of Covid-19 as shoppers rushed to stock up on essentials.
The government this week rolled out fresh coronavirus restrictions, sparking fears of a second lockdown and prompting Brits to bulk buy some products.
However, the British Retail Consortium (BRC) said supply chains were “stronger than ever” and urged people not to panic buy.
“Supply chains are stronger than ever before and we do not anticipate any issues in the availability of food or other goods under a future lockdown,” said Andrew Opie, director of food and sustainability at the BRC.
“Nonetheless, we urge consumers to be considerate of others and shop as they normally would.”
Yesterday Tesco boss Dave Lewis warned against an “unnecessary return to panic buying”, saying it would cause problems in the supply chain.
Meanwhile Asda has said it will appoint 1,000 new safety marshals to make sure shoppers are wearing masks and practising social distancing.
The budget chain will also apply protective coating to all basket and trolley handles to prevent the spread of coronavirus.


cityam--2020-09-25--Boohoo's share price jumps as independent review absolves firm of deliberately allowing poor working

Boohoo's share price jumps as independent review absolves firm of deliberately allowing poor working conditions

Boohoo ’ s share price rose by more than 13 per cent in early morning trading after an independent review absolved the fast fashioner retailer of allegations that it deliberately allowed poor working conditions and low pay at its suppliers .
The review was conducted by Alison Levitt QC following the “ sweatshop ” scandal , which highlighted poor working practices at clothing factories in Leicester where staff were paid as little as £3.50 per hour .
Read more : Boohoo inquiry calls for former Leicester factory workers to give evidence Levitt found “ many failings ” and has recommended @ @ @ @ @ @ @ its corporate governance , compliance and monitoring processes .
The retailer said the review found it could have had a positive impact had it been “ willing to take a different approach to how it both views and interacts with the Leicester supply chain ” .
It also said : “ It has already made a significant start on putting things right.
” Following an internal investigation in the summer , Boohoo confirmed that it had found evidence of non-compliance with its code of conduct and terminated its relationship with two suppliers .
@ @ @ @ @ @ @ executive , said : “ [ The review ] has identified significant and clearly unacceptable issues in our supply chain , and the steps we had taken to address them , but it is clear that we need to go further and faster to improve our governance , oversight and compliance .
“ As a result , the group is implementing necessary enhancements to its supplier audit and compliance procedures , and the board ’ s oversight of these matters will increase significantly.
” Read more : Boohoo to open ‘ model garment @ @ @ @ @ @ @ representative for the review , deputy chairman Brian Small , thanked Levitt for her “ diligent and thorough independent review ” .
“ We welcome in particular her clear recommendations , which we accept , and as a board are committed to driving up standards in our supply chain and business practices , ” he said .
The company ’ s share price had risen more than 13 per cent at the start of Friday ’ s trading , opening at 392.50 after closing on Thursday at 324.40 .
It has since parred @ @ @ @ @ @ @ around 362.80 .

Boohoo’s share price jumps as independent review absolves firm of deliberately allowing poor working conditions
Boohoo’s share price rose by more than 13 per cent in early morning trading after an independent review absolved the fast fashioner retailer of allegations that it deliberately allowed poor working conditions and low pay at its suppliers.
The review was conducted by Alison Levitt QC following the “sweatshop” scandal, which highlighted poor working practices at clothing factories in Leicester where staff were paid as little as £3.50 per hour.
Levitt found “many failings” and has recommended Boohoo make a number of improvements to its corporate governance, compliance and monitoring processes.
The retailer said the review found it could have had a positive impact had it been “willing to take a different approach to how it both views and interacts with the Leicester supply chain”.
It also said: “It has already made a significant start on putting things right.”
Following an internal investigation in the summer, Boohoo confirmed that it had found evidence of non-compliance with its code of conduct and terminated its relationship with two suppliers.
John Lyttle, Boohoo’s chief executive, said: “[The review] has identified significant and clearly unacceptable issues in our supply chain, and the steps we had taken to address them, but it is clear that we need to go further and faster to improve our governance, oversight and compliance.
“As a result, the group is implementing necessary enhancements to its supplier audit and compliance procedures, and the board’s oversight of these matters will increase significantly.”
Boohoo’s representative for the review, deputy chairman Brian Small, thanked Levitt for her “diligent and thorough independent review”.
“We welcome in particular her clear recommendations, which we accept, and as a board are committed to driving up standards in our supply chain and business practices,” he said.
The company’s share price had risen more than 13 per cent at the start of Friday’s trading, opening at 392.50 after closing on Thursday at 324.40. It has since parred some of those gains to settle at around 362.80.


cityam--2020-09-25--Wizz Air cuts capacity to 50 per cent as quarantine hits demand

Wizz Air today said it will operate at 50 per cent capacity in October after suffering a slump in demand due to coronavirus quarantine rules .
The budget airline said its services will be running at half the normal level next month and would likely remain at the same level throughout the winter if restrictions remained the same .
Read more : Wizz Air to fly at 60 per cent capacity in second quarter due to new restrictions Wizz Air had previously said it expected to run at 60 per cent capacity in the second quarter after downgrading its forecasts @ @ @ @ @ @ @ statement today the Hungary-based airline said its main priority was minimising costs across the business .
“ The company has strongly improved its strategic position and its ability to respond to opportunities in its markets during the past six months , ” it added .
Shares were down just over 1.4 per cent in early trading .
Airlines have been among the hardest-hit sectors by the coronavirus crisis as lockdown rules and travel restrictions have slashed demand .
Rival carriers such as Ryanair , Easyjet and British Airways owner IAG have all cut @ @ @ @ @ @ @ .
Wizz Air has previously said it might be forced to ground some of its planes over the winter period , which is typically unprofitable .
However , the airline has committed to its planned expansion at Gatwick Airport , despite the impact of the pandemic .

Wizz Air cuts capacity to 50 per cent as quarantine hits demand
Wizz Air today said it will operate at 50 per cent capacity in October after suffering a slump in demand due to coronavirus quarantine rules.
The budget airline said its services will be running at half the normal level next month and would likely remain at the same level throughout the winter if restrictions remained the same.
Wizz Air had previously said it expected to run at 60 per cent capacity in the second quarter after downgrading its forecasts from 80 per cent.
In a statement today the Hungary-based airline said its main priority was minimising costs across the business.
“The company has strongly improved its strategic position and its ability to respond to opportunities in its markets during the past six months,” it added.
Shares were down just over 1.4 per cent in early trading.
Airlines have been among the hardest-hit sectors by the coronavirus crisis as lockdown rules and travel restrictions have slashed demand.
Rival carriers such as Ryanair, Easyjet and British Airways owner IAG have all cut capacity as they respond to the crisis.
Wizz Air has previously said it might be forced to ground some of its planes over the winter period, which is typically unprofitable.
However, the airline has committed to its planned expansion at Gatwick Airport, despite the impact of the pandemic.


cityam--2020-09-25--Next boss warns thousands of retail jobs set to become 'unviable'

The boss of fashion retailer Next has warned that hundreds of thousands of retail jobs could become “ unviable ” due to a more permanent shift to online shopping caused by coronavirus .
Lord Wolfson , who heads up the British high street chain , said there were tough times ahead for the sector , following the Chancellor ’ s announcement of the Jobs Support Scheme on Thursday .
Read more : New wage subsidy scheme does not go far enough , warns hospitality industry “ I wouldn ’ t want to underestimate the difficulty that is going to cause @ @ @ @ @ @ @ retail , I think it ’ s going to be very uncomfortable , ” he told the BBC .
The new scheme , which will succeed the furlough scheme at the start of November , will require employers to pay more of their staff ’ s wages , while the government will pay just 22 per cent .
At the peak of the furlough scheme the government had covered 80 per cent of employees wages , while businesses did not have to contribute until August .
However , Lord Wolfson welcomed the scheme @ @ @ @ @ @ @ Next would need to use it in the lead up to Christmas , with less than 10 per cent of staff currently on furlough .
“ We don ’ t think we need it , ” he said .
“ But we think there are other sectors that desperately will .
“ We think by the time it gets to the end of October , there ’ ll be enough work through the normal build up to Christmas to employ all the people that we ’ ve currently got on furlough , ” @ @ @ @ @ @ @ jobs would be added in call centres and distribution centres .
Read more : Government to subsidise wages of part-time workers in new scheme He also said that it was important companies learn to survive without the government ’ s support .
“ It seems like a very sensible scheme to me , ” he said .
“ I think it ’ s important that employers begin to pay a little bit more for the schemes and that employees get a little bit less – because otherwise I think there ’ s a @ @ @ @ @ @ @ hooked on it .
”

Next boss warns thousands of retail jobs set to become ‘unviable’
The boss of fashion retailer Next has warned that hundreds of thousands of retail jobs could become “unviable” due to a more permanent shift to online shopping caused by coronavirus.
Lord Wolfson, who heads up the British high street chain, said there were tough times ahead for the sector, following the Chancellor’s announcement of the Jobs Support Scheme on Thursday.
“I wouldn’t want to underestimate the difficulty that is going to cause a lot of people who work in retail, I think it’s going to be very uncomfortable,” he told the BBC.
The new scheme, which will succeed the furlough scheme at the start of November, will require employers to pay more of their staff’s wages, while the government will pay just 22 per cent.
At the peak of the furlough scheme the government had covered 80 per cent of employees wages, while businesses did not have to contribute until August.
However, Lord Wolfson welcomed the scheme and added that he did not think Next would need to use it in the lead up to Christmas, with less than 10 per cent of staff currently on furlough.
“We don’t think we need it,” he said. “But we think there are other sectors that desperately will.
“We think by the time it gets to the end of October, there’ll be enough work through the normal build up to Christmas to employ all the people that we’ve currently got on furlough,” he said.
He added that new jobs would be added in call centres and distribution centres.
He also said that it was important companies learn to survive without the government’s support.
“It seems like a very sensible scheme to me,” he said. “I think it’s important that employers begin to pay a little bit more for the schemes and that employees get a little bit less – because otherwise I think there’s a risk that our economy will just become hooked on it.”


cityam--2020-09-25--Boris Johnson to call for greater international cooperation in UN speech

Boris Johnson will use his speech at the UN General Assembly on Saturday to call for greater international cohesion while also laying out a five-point plan to prevent future pandemics .
The Prime Minister is expected to say that the coronavirus pandemic has created larger divides in geopolitics “ at a time where closer collaboration is more important than ever ” , while also committing to an increase in World Health Organisation ( WHO ) funding .
Read more : Boris Johnson : We must work ‘ together ’ to avoid second full lockdown The pandemic has seen tensions between @ @ @ @ @ @ @ UN general secretary António Guterres warning that a “ new cold war ” may be beginning .
US President Donald Trump used his UN General Assembly speech this week to launch attacks on China , calling coronavirus the “ China virus ” and adding that the country “ unleashed this plague ” .
The Prime Minister will also lay out a five-point plan to prevent future pandemics .
It includes designing a “ global early warning system ” to predict an upcoming health crisis , implementing a global response plan to future pandemics @ @ @ @ @ @ @ foundation to create new vaccines for “ emerging threats ” .
Before the Open newsletter : Start your day with the City View podcast and key market data The centrepiece of the plan is to set up “ worldwide network of zoonotic research hubs to spot a new pandemic before it starts ” , according to a Downing Street official .
Zoonotic diseases – which pass from animals to humans like the coronavirus – make up 60 per cent of known infectious diseases .
Johnson will also announce a 30 per cent increase @ @ @ @ @ @ @ the UK ’ s contribution to £340m over the next four years .
Read more : Rishi Sunak ‘ ready to do more ’ if national Covid lockdown declared It comes after Trump announced earlier this year that he would withdraw all US funding from the WHO , leaving a big hole in the organisation ’ s budget .
Trump withdrew the funding , after claiming China had “ total control ” over the WHO .

Boris Johnson to call for greater international cooperation in UN speech
LONDON, ENGLAND – SEPTEMBER 23: Britain’s Prime Minister Boris Johnson leaves number 10 Downing Street as he heads to the House of Commons for the weekly PMQ session, on September 23, 2020 in London, England. (Photo by Leon Neal/Getty Images)
Boris Johnson will use his speech at the UN General Assembly on Saturday to call for greater international cohesion while also laying out a five-point plan to prevent future pandemics.
The Prime Minister is expected to say that the coronavirus pandemic has created larger divides in geopolitics “at a time where closer collaboration is more important than ever”, while also committing to an increase in World Health Organisation (WHO) funding.
The pandemic has seen tensions between the US and China increase, with UN general secretary António Guterres warning that a “new cold war” may be beginning.
US President Donald Trump used his UN General Assembly speech this week to launch attacks on China, calling coronavirus the “China virus” and adding that the country “unleashed this plague”.
The Prime Minister will also lay out a five-point plan to prevent future pandemics.
It includes designing a “global early warning system” to predict an upcoming health crisis, implementing a global response plan to future pandemics, reducing trade barriers and laying the foundation to create new vaccines for “emerging threats”.
Before the Open newsletter: Start your day with the City View podcast and key market data
The centrepiece of the plan is to set up “worldwide network of zoonotic research hubs to spot a new pandemic before it starts”, according to a Downing Street official.
Zoonotic diseases – which pass from animals to humans like the coronavirus – make up 60 per cent of known infectious diseases.
Johnson will also announce a 30 per cent increase in WHO funding, which will bring the UK’s contribution to £340m over the next four years.
It comes after Trump announced earlier this year that he would withdraw all US funding from the WHO, leaving a big hole in the organisation’s budget.
Trump withdrew the funding, after claiming China had “total control” over the WHO.


cityam--2020-09-25--Coronavirus: UK reports 6,874 new cases as Covid-19 R number rises again

There were 6,874 new cases of Covid-19 confirmed in the UK on Friday after the coronavirus R number was also confirmed to be on the rise .
The number of confirmed infections increased by 240 compared with Thursday .
The number of deaths among those who had tested positive for Covid-19 within 28 days was 34 .
Today ’ s number does not include Scotland ’ s latest update , due to a technical fault .
Read more : Coronavirus : London added to ‘ watchlist ’ as cases surge The UK ’ s coronavirus R number has also risen @ @ @ @ @ @ @ and 1.5 , according to the government ’ s advisers .
The government ’ s scientific advisory body SAGE said the latest data showed there is “ widespread growth of the epidemic across the country ” .
The R number indicates the average number of people someone with coronavirus passes it on to .
Anything above one suggests the virus is spreading exponentially .
SAGE also said that the number of new infections every day was rising by between four per cent and eight per cent .
It comes as the number of @ @ @ @ @ @ @ , according to the Office for National Statistics ( ONS ) .
The department estimates that more than 103,000 people in England have contracted coronavirus in the week ending 19 September .
It equates to around 9,600 new cases per day , compared with a 6,000 rise in the previous week , which totalled at 59,800 .
It means that one in every 500 people across England are testing positive , according to the ONS .
These numbers represent infections in the community and exclude hospital and care homes .
The ONS highlighted @ @ @ @ @ @ @ appeared higher in England included , the North West , North East , Yorkshire and the Humber , and London .
The data was released following a joint statement from the UK ’ s four chief medical advisers that said the country was on the cusp of a second wave .
The statement said : “ Cases are rising rapidly and we must take action to stop an exponential increase that could overwhelm our health services and aim to bring R back below 1 while minimising the impact on the economy and society @ @

Coronavirus: UK reports 6,874 new cases as Covid-19 R number rises again
There were 6,874 new cases of Covid-19 confirmed in the UK on Friday after the coronavirus R number was also confirmed to be on the rise.
The number of confirmed infections increased by 240 compared with Thursday.
The number of deaths among those who had tested positive for Covid-19 within 28 days was 34. Today’s number does not include Scotland’s latest update, due to a technical fault.
The UK’s coronavirus R number has also risen from 1.1 to 1.4 to between 1.2 and 1.5, according to the government’s advisers.
The government’s scientific advisory body SAGE said the latest data showed there is “widespread growth of the epidemic across the country”.
The R number indicates the average number of people someone with coronavirus passes it on to.
Anything above one suggests the virus is spreading exponentially.
SAGE also said that the number of new infections every day was rising by between four per cent and eight per cent.
It comes as the number of infections per week in England nearly doubled, according to the Office for National Statistics (ONS).
The department estimates that more than 103,000 people in England have contracted coronavirus in the week ending 19 September.
It equates to around 9,600 new cases per day, compared with a 6,000 rise in the previous week, which totalled at 59,800.
It means that one in every 500 people across England are testing positive, according to the ONS.
These numbers represent infections in the community and exclude hospital and care homes.
The ONS highlighted that the areas where the infection rate appeared higher in England included, the North West, North East, Yorkshire and the Humber, and London.
The data was released following a joint statement from the UK’s four chief medical advisers that said the country was on the cusp of a second wave.
The statement said: “Cases are rising rapidly and we must take action to stop an exponential increase that could overwhelm our health services and aim to bring R back below 1 while minimising the impact on the economy and society.”


cityam--2020-09-25--Deutsche Bank to change work-from-home policies permanently in bid to reduce office costs

Deutsche Bank is set to make flexible working policies permanent to allow staff to work from home on a set number of days per week .
Like other lenders , Deutsche Bank has discovered during the pandemic that reducing office space could be a viable way to lower costs .
Read more : HSBC , Citi , Goldman and Deutsche Bank pause plans to return to office Chief executive officer Christian Sewing said the board were working on a “ hybrid model ” that would allow employees to split their time working between the office and home .
The new @ @ @ @ @ @ @ as to how many days can be spent working from , according to Bloomberg .
Other lenders including Mizuho Financial Group and Fifth Third Bancorp also have plans to lower office costs after the pandemic , with executives surprised by how little productivity has been affected .
However , Wall Street giants , JP Morgan , BlackRock and UBS have been more sceptical , claiming productivity will slip if people work remotely for too long and that there is a risk of losing the corporate culture .
Despite calls for a return to @ @ @ @ @ @ @ cases in the UK in particular has led to some partly halting those plans .
Deutsche Bank ’ s chief financial officer James von Moltke said earlier this week that the lender was being “ more aggressive about how we want to use the space , given what we are learning now about the way the workforce will choose to engage and choose to work every day.
” Read more : Deutsche Bank asks 20 per cent of staff to return to London office He said the bank now sees room to lower @ @ @ @ @ @ @ 1.7bn euros ( £1.55bn ) on rent and furniture alone last year .
It comes after the bank gave up two of five floors at an office in Zurich , moved to a cheaper location in London and moved spaces in New York to reduce office space by a third .

Deutsche Bank to change work-from-home policies permanently in bid to reduce office costs
Deutsche Bank is set to make flexible working policies permanent to allow staff to work from home on a set number of days per week.
Deutsche Bank is set to make flexible working policies permanent to allow staff to work from home on a set number of days per week.
Like other lenders, Deutsche Bank has discovered during the pandemic that reducing office space could be a viable way to lower costs.
Chief executive officer Christian Sewing said the board were working on a “hybrid model” that would allow employees to split their time working between the office and home.
The new policies will provide staff with binding agreements as to how many days can be spent working from, according to Bloomberg.
Other lenders including Mizuho Financial Group and Fifth Third Bancorp also have plans to lower office costs after the pandemic, with executives surprised by how little productivity has been affected.
However, Wall Street giants, JP Morgan, BlackRock and UBS have been more sceptical, claiming productivity will slip if people work remotely for too long and that there is a risk of losing the corporate culture.
Despite calls for a return to the office, a resurgence of coronavirus cases in the UK in particular has led to some partly halting those plans.
Deutsche Bank’s chief financial officer James von Moltke said earlier this week that the lender was being “more aggressive about how we want to use the space, given what we are learning now about the way the workforce will choose to engage and choose to work every day.”
He said the bank now sees room to lower the costs of office space having spent 1.7bn euros (£1.55bn) on rent and furniture alone last year.
It comes after the bank gave up two of five floors at an office in Zurich, moved to a cheaper location in London and moved spaces in New York to reduce office space by a third.


cityam--2020-09-25--FTSE 100 slips but US stocks rise amid Covid worries

The FTSE 100 slipped but US stocks rose as European stocks headed for their worst week since June , with investors rattled by rising coronavirus cases .
London ’ s blue chip index was down 0.1 per cent to 5,819 points as it approached the close , despite having opened higher .
The FTSE 250 was up 0.8 per cent , however .
Read more : Rishi Sunak ‘ ready to do more ’ if national Covid lockdown declared Germany ’ s Dax slid 1.3 per cent and France ’ s CAC 40 was down one per cent .
However @ @ @ @ @ @ @ 0.8 per cent in early trading .
The S & P 500 was up 0.3 per cent .
The FTSE 100 tumbled around three per cent along with European stocks on Monday , as investors fretted over rising Covid cases and potential new lockdowns .
It then rose for two consecutive days – analysts said the UK ’ s new restrictions were less bad than expected – before slipping again yesterday .
“ It ’ s not taken long for sentiment to turn sour again in Europe , with stock markets once again @ @ @ @ @ @ @ in the day , ” said Craig Erlam , senior market analyst at currency firm Oanda .
FTSE 100 travel stocks were hit particularly hard amid rising coronavirus cases , although they staged a late rally .
The action was limited compared to some of the swings seen earlier in the week .
Fawad Razaqzada , market analyst with ThinkMarkets , said : “ It has been quite a risk-off week for the financial markets amid concerns over the recovery following an alarming rebound in coronavirus cases in Western Europe.
” Read more @ @ @ @ @ @ @ more ’ if national Covid lockdown declared US stocks opened higher after a minor tech rally last night helped Wall Street .
The US ’ s tech-heavy Nasdaq rose 0.4 per cent yesterday while the S & P 500 climbed 0.3 per cent .
“ US Fiscal stimulus hopes boosted the mood in the market in late trade on Thursday , ” said Fiona Cincotta , market analyst at trading platform City Index .
Democrat speaker Nancy Pelosi laid the groundwork for a roughly $ 2.4 trillion ( £1.9 trillion ) bill yesterday @ @ @ @ @ @ @ leave Washington , DC next week to campaign for reelection .
Read more : Government borrowing jumps in August as Covid costs grow “ The election could increasingly become a point of concern for investors , ” said Erlam .
“ It ’ s already not going to be a normal election , with the votes taking much longer than normal to count [ and ] the possibility of [ President Donald ] Trump contesting the result .
”


cityam--2020-09-25--London al fresco dining to continue until end of October

Londoners will be able to continue enjoying al fresco dining next month after council bosses extended the capital ’ s hospitality scheme .
In a letter to businesses Westminster Council said outdoor eating and drinking will be allowed in the capital until the end of October .
Council leader Rachael Robathan said the move was designed to support the hospitality industry , which has been left reeling by government coronavirus restrictions .
“ We recognise the importance of our business community as being key to the successful economic life of the city , ” she said in a statement .
@ @ @ @ @ @ @ decided to allow the extension of the schemes that we have in place to support al fresco hospitality for all businesses that wish to continue using them until the end of October.
” The council said it would continue working with businesses and residents to identify local schemes that could benefit the sector at certain times of years .
It said this could include supporting events such as Christmas fairs .
Read more : New wage subsidy scheme does not go far enough , warns hospitality industry Bars and restaurants across the UK @ @ @ @ @ @ @ the government rolled out new measures forcing hospitality venues to shut at 10pm .
Industry bosses warned the move would “ devastate ” businesses and risk further job losses .

London al fresco dining to continue until end of October
Londoners will be able to continue enjoying al fresco dining next month after council bosses extended the capital’s hospitality scheme.
In a letter to businesses Westminster Council said outdoor eating and drinking will be allowed in the capital until the end of October.
Council leader Rachael Robathan said the move was designed to support the hospitality industry, which has been left reeling by government coronavirus restrictions.
“We recognise the importance of our business community as being key to the successful economic life of the city,” she said in a statement.
“That’s why we have decided to allow the extension of the schemes that we have in place to support al fresco hospitality for all businesses that wish to continue using them until the end of October.”
The council said it would continue working with businesses and residents to identify local schemes that could benefit the sector at certain times of years.
It said this could include supporting events such as Christmas fairs.
Bars and restaurants across the UK suffered a fresh blow this week after the government rolled out new measures forcing hospitality venues to shut at 10pm.
Industry bosses warned the move would “devastate” businesses and risk further job losses.


cityam--2020-09-25--Poll says Rishi Sunak the most popular chancellor in 40 years

Big spender Rishi Sunak is the most popular chancellor since Labour ’ s Denis Healey in the 1970s , according to a new poll , which showed even Labour voters are pleased with his performance .
Pollster Ipsos Mori said 64 per cent of the British public was satisfied with the way Sunak was running the economy as chancellor of the exchequer .
Roughly one in five people were dissatisfied .
Read more : Government to subsidise wages of part-time workers in new scheme Ispos Mori said they were the best figures since Healey in April 1978 , with whom @ @ @ @ @ @ @ satisfied .
However , the poll was carried out the week before Sunak ’ s latest announcement on the economy .
The chancellor confirmed he would end the furlough scheme , through which the government paid 80 per cent of the wages of workers that may otherwise have been laid off .
He will replace furlough with a “ job support scheme ” that will see employers chip in much more .
The government will pay a maximum of 22 per cent of people ’ s wages .
Economists said it will lead @ @ @ @ @ @ @ , the Conservative chancellor is strikingly popular , even among Labour voters .
Just under 60 per cent of them said they were satisfied with his performance .
Meanwhile , 83 per cent of Tories were satisfied .
“ Public satisfaction with the Prime Minister and the government overall might be drifting down , ” said Gideon Skinner , Head of Political Research at Ipsos MORI .
“ But for Rishi Sunak his scores are moving in the opposite direction , with a near 20-point boost since March.
” Sunak rose rapidly through @ @ @ @ @ @ @ .
He had only been been a junior minister before being given the second-most important job in government in February .
A large part of his popularity comes from having poured money into the economy in an effort to protect it from the coronavirus pandemic .
Figures out today confirmed the UK is set to register its biggest annual budget deficit since the second world war .
It has already borrowed £174bn this year , up £147bn compared to last year .
Read more : Rishi Sunak ‘ ready to do more ’ @ @ @ @ @ @ @ out ahead in many categories against his boss , Prime Minister Boris Johnson .
Ipsos said 54 per cent of people said Sunak was good in a crisis .
Only 32 per cent said the same of Johnson .
The chancellor rated less well for “ having a lot of personality ” , however , with 33 per cent agreeing .
Ispos said 67 per cent of people thought Johnson had a lot of personality .

Poll says Rishi Sunak the most popular chancellor in 40 years
Chancellor Rishi Sunak has spent big to try to support the economy during coronavirus
Big spender Rishi Sunak is the most popular chancellor since Labour’s Denis Healey in the 1970s, according to a new poll, which showed even Labour voters are pleased with his performance.
Pollster Ipsos Mori said 64 per cent of the British public was satisfied with the way Sunak was running the economy as chancellor of the exchequer. Roughly one in five people were dissatisfied.
Ispos Mori said they were the best figures since Healey in April 1978, with whom 67 per cent of the public was satisfied.
However, the poll was carried out the week before Sunak’s latest announcement on the economy. The chancellor confirmed he would end the furlough scheme, through which the government paid 80 per cent of the wages of workers that may otherwise have been laid off.
He will replace furlough with a “job support scheme” that will see employers chip in much more. The government will pay a maximum of 22 per cent of people’s wages. Economists said it will lead to a rise in unemployment.
Nonetheless, the Conservative chancellor is strikingly popular, even among Labour voters. Just under 60 per cent of them said they were satisfied with his performance. Meanwhile, 83 per cent of Tories were satisfied.
Sunak beats PM on crisis-fighting
“Public satisfaction with the Prime Minister and the government overall might be drifting down,” said Gideon Skinner, Head of Political Research at Ipsos MORI.
“But for Rishi Sunak his scores are moving in the opposite direction, with a near 20-point boost since March.”
Sunak rose rapidly through the Conservative party’s upper echelons. He had only been been a junior minister before being given the second-most important job in government in February.
A large part of his popularity comes from having poured money into the economy in an effort to protect it from the coronavirus pandemic.
Figures out today confirmed the UK is set to register its biggest annual budget deficit since the second world war. It has already borrowed £174bn this year, up £147bn compared to last year.
Sunak came out ahead in many categories against his boss, Prime Minister Boris Johnson. Ipsos said 54 per cent of people said Sunak was good in a crisis. Only 32 per cent said the same of Johnson.
The chancellor rated less well for “having a lot of personality”, however, with 33 per cent agreeing. Ispos said 67 per cent of people thought Johnson had a lot of personality.


cityam--2020-09-25--Steer clear of Defi?

Steer clear of Defi?

I personally am steering clear of the yield farming space completely until it settles down into something more sustainable .
You have been warned .
These are not my words but the words of an influential voice in the crypto world , Vitalik Buterin himself , broadcast to the world in a recent tweet .
Whether you share his view or not may have something to do with your appetite for yield and the risk that ineluctably goes along with it .
The term farming evokes bucolic images that may overshadow the risks that decentralised finance contracts involve .
Innovation @ @ @ @ @ @ @ turbulence : the appetite for Credit Default Swaps ( “ CDS ” ) – a new instrument introduced in 1994 by JP Morgan – grew in the early 2000s to reach its peak in 2007 , when the notional outstanding stood at over $ 64tn – as observed by BIS in a recent paper ( “ The credit default swap market : what a difference a decade makes ” ; Iñaki Aldasoro , Torsten Ehlers ; BIS Quarterly Review , June 2018 ) .
The rate of growth of decentralised finance markets is @ @ @ @ @ @ @ still orders of magnitude smaller than the CDS global market and its size keeps it below the radar of regulators – for now .
It is evident that decentralised finance markets are showing some distortions , just like credit markets did prior to collapsing when for some companies the annual cost of buying credit protection had fallen below the risk premium , effectively generating nearly risk-free returns .
Nearly , as CDS investors realised when at the height of the 2008 financial crisis , CDS turned into claims on a plethora of insolvent @ @ @ @ @ @ @ offered by decentralised finance contracts should price in the risks that these new instruments expose investors to ; operational risk and market conduct risk appear to be the key drivers , though methodologies for their quantification are far from developed .
Within operational risk , I would include issues ranging from simple software bugs like the one that killed the Dao in 2016 or just a few weeks ago Yam , and fraud and hacks that are perpetrated in the digital assets world .
Within conduct risk , I would include the issues @ @ @ @ @ @ @ accumulated substantial holdings of tokens sufficient to manipulate the market .
Compound , for example – a popular market for digital assets credit – is generally referred to as a low-risk investment and yet , even with low volatile assets such as stablecoins , double digits returns have been the norm in the last months .
To paraphrase Buterin ’ s words , decentralised finance is probably not yet through the all painful phases of the hype cycle .
Another key risk that preoccupies some is money laundering .
A smart contract is @ @ @ @ @ @ @ intermediaries , does not insist on ascertaining the source of funds and the identity of investors .
Will decentralised finance become the hotspot for money laundering ?
Does , for example , Uniswap – a protocol for creating markets of ERC20 tokens – provide an efficient vehicle to transmit value anonymously ?
An astute criminal would probably find ways to exploit decentralised markets with no more effort compared to that required to exploit formal financial markets .
Valuable assets have long been exploited by criminals to launder the proceeds of crime , yet @ @ @ @ @ @ @ is exchanged is impractical , if not impossible .
There is also a clear trade-off between protecting privacy and fighting money laundering and tax evasion : physical cash is the pre-eminent evidence of it .
The Financial Action Task Force ( FATF ) – a global organisation aimed at protecting the global financial system against money laundering and terrorist financing – is well aware of the role that gold , among other non-financial assets , plays in criminal activity .
Gold , or better , diamonds – as a wealth-management once confessed to @ @ @ @ @ @ @ of value that can be transported with ease and concealed when needed .
Yet the transfer of its value into the formal financial system is still subject to the controls that governments impose on financial intermediaries .
Cryptoassets , the commodities exchanged in decentralised finance markets , present similar challenges in relation to formal financial systems , and an additional burden : the information carried in perpetuity about their previous owner .
A challenge clearly exists with assets that cut across the formal financial sector and decentralised finance markets .
Stablecoins , in @ @ @ @ @ @ @ 2017 , with their trading volume surpassing that of Bitcoin .
Last June the FATF released a “ Report to G20 on so-called Stablecoins ” .
The title of the report provides a clue of the key issue that exists around stablecoins , a commonly agreed definition and exact classification of the different types available to investors .
The FATF together with several regulators around the globe have understandably expressed concerns on global stablecoins with potential mass adoption , preoccupied in particular by the Libra project .
Yet it is possible to design @ @ @ @ @ @ @ intermediaries that not only address the regulatory concern but provide a transparent means of payments to improve efficiency and reduce money laundering risks .
Regulated stablecoins are a key enabler that decentralised finance markets require to mature .
Francesco Roda , CRO of Koine , an institutional post-trade service provider for digital assets .
For further information please visit https : //www.koine.com Crypto AM : Technically Speaking in association with Zumo Money

Steer clear of Defi?
Getty Images
I personally am steering clear of the yield farming space completely until it settles down into something more sustainable. You have been warned.
These are not my words but the words of an influential voice in the crypto world, Vitalik Buterin himself, broadcast to the world in a recent tweet. Whether you share his view or not may have something to do with your appetite for yield and the risk that ineluctably goes along with it. The term farming evokes bucolic images that may overshadow the risks that decentralised finance contracts involve.
Innovation in financial markets is no stranger to turbulence: the appetite for Credit Default Swaps (“CDS”) – a new instrument introduced in 1994 by JP Morgan – grew in the early 2000s to reach its peak in 2007, when the notional outstanding stood at over $64tn – as observed by BIS in a recent paper (“The credit default swap market: what a difference a decade makes”; Iñaki Aldasoro, Torsten Ehlers; BIS Quarterly Review, June 2018).
The rate of growth of decentralised finance markets is unprecedented; of course, it is still orders of magnitude smaller than the CDS global market and its size keeps it below the radar of regulators – for now.
It is evident that decentralised finance markets are showing some distortions, just like credit markets did prior to collapsing when for some companies the annual cost of buying credit protection had fallen below the risk premium, effectively generating nearly risk-free returns. Nearly, as CDS investors realised when at the height of the 2008 financial crisis, CDS turned into claims on a plethora of insolvent sellers of credit risk protection.
Returns offered by decentralised finance contracts should price in the risks that these new instruments expose investors to; operational risk and market conduct risk appear to be the key drivers, though methodologies for their quantification are far from developed. Within operational risk, I would include issues ranging from simple software bugs like the one that killed the Dao in 2016 or just a few weeks ago Yam, and fraud and hacks that are perpetrated in the digital assets world. Within conduct risk, I would include the issues of so-called whales, investors that have accumulated substantial holdings of tokens sufficient to manipulate the market.
Compound, for example – a popular market for digital assets credit – is generally referred to as a low-risk investment and yet, even with low volatile assets such as stablecoins, double digits returns have been the norm in the last months.
To paraphrase Buterin’s words, decentralised finance is probably not yet through the all painful phases of the hype cycle.
Another key risk that preoccupies some is money laundering. A smart contract is ultimately an algorithm that, unlike traditional intermediaries, does not insist on ascertaining the source of funds and the identity of investors. Will decentralised finance become the hotspot for money laundering?
Does, for example, Uniswap – a protocol for creating markets of ERC20 tokens – provide an efficient vehicle to transmit value anonymously? An astute criminal would probably find ways to exploit decentralised markets with no more effort compared to that required to exploit formal financial markets. Valuable assets have long been exploited by criminals to launder the proceeds of crime, yet controlling every single human activity where value is exchanged is impractical, if not impossible. There is also a clear trade-off between protecting privacy and fighting money laundering and tax evasion: physical cash is the pre-eminent evidence of it.
The Financial Action Task Force (FATF) – a global organisation aimed at protecting the global financial system against money laundering and terrorist financing – is well aware of the role that gold, among other non-financial assets, plays in criminal activity. Gold, or better, diamonds – as a wealth-management once confessed to US authorities – is an efficient store of value that can be transported with ease and concealed when needed. Yet the transfer of its value into the formal financial system is still subject to the controls that governments impose on financial intermediaries.
Cryptoassets, the commodities exchanged in decentralised finance markets, present similar challenges in relation to formal financial systems, and an additional burden: the information carried in perpetuity about their previous owner.
A challenge clearly exists with assets that cut across the formal financial sector and decentralised finance markets. Stablecoins, in particular, have seen steady growth since 2017, with their trading volume surpassing that of Bitcoin. Last June the FATF released a “Report to G20 on so-called Stablecoins”. The title of the report provides a clue of the key issue that exists around stablecoins, a commonly agreed definition and exact classification of the different types available to investors.
The FATF together with several regulators around the globe have understandably expressed concerns on global stablecoins with potential mass adoption, preoccupied in particular by the Libra project. Yet it is possible to design stablecoins that are issued by regulated financial intermediaries that not only address the regulatory concern but provide a transparent means of payments to improve efficiency and reduce money laundering risks. Regulated stablecoins are a key enabler that decentralised finance markets require to mature.
Francesco Roda, CRO of Koine, an institutional post-trade service provider for digital assets. For further information please visit https://www.koine.com
Crypto AM: Technically Speaking in association with Zumo Money


cityam--2020-09-25--Brussels to appeal court ruling over Apple’s €13bn Irish tax bill

The European Commission today said it will appeal a court decision that overturned a ruling for Apple to pay back €13bn ( £11.8bn ) in back taxes to Ireland .
In July the General Court scrapped a 2016 ruling by the Commission that found Ireland ’ s selective tax breaks constituted illegal state aid and ordered Apple to pay back the money .
Read more : Apple accuses Fortnite creator of ‘ publicity stunt ’ in app dispute The Luxembourg-based court said EU competition regulators had not met the required legal standard to show the tech giant had enjoyed an @ @ @ @ @ @ @ , EU antitrust chief Margrethe Vestager said the judgement raised “ important legal issues ” , adding that the commission “ respectfully considers that in its judgment the General Court has made a number of errors of law ” .
“ Making sure that all companies , big and small , pay their fair share of tax remains a top priority for the Commission , ” she added .
The court ’ s decision was a major setback for Vestager , who has become known for her hardline approach to tech giants .
@ @ @ @ @ @ @ nations to revamp their tax rules , stating that legislation must be brought in to close loopholes and ensure transparency .
Read more : Australian regulator to probe competition between Apple and Google Apple said the judgement had proved it complied with Irish tax laws and said the issue was about where it should pay its taxes , rather than the amount .
Irish finance minister Paschal Donohoe said his country had always maintained that the right amount of tax was paid and that no state aid was provided .

Brussels to appeal court ruling over Apple’s €13bn Irish tax bill
The European Commission today said it will appeal a court decision that overturned a ruling for Apple to pay back €13bn (£11.8bn) in back taxes to Ireland.
In July the General Court scrapped a 2016 ruling by the Commission that found Ireland’s selective tax breaks constituted illegal state aid and ordered Apple to pay back the money.
The Luxembourg-based court said EU competition regulators had not met the required legal standard to show the tech giant had enjoyed an unfair tax advantage.
Announcing the appeal, EU antitrust chief Margrethe Vestager said the judgement raised “important legal issues”, adding that the commission “respectfully considers that in its judgment the General Court has made a number of errors of law”.
“Making sure that all companies, big and small, pay their fair share of tax remains a top priority for the Commission,” she added.
The court’s decision was a major setback for Vestager, who has become known for her hardline approach to tech giants.
The Brussels bigwig today called on EU nations to revamp their tax rules, stating that legislation must be brought in to close loopholes and ensure transparency.
Apple said the judgement had proved it complied with Irish tax laws and said the issue was about where it should pay its taxes, rather than the amount.
Irish finance minister Paschal Donohoe said his country had always maintained that the right amount of tax was paid and that no state aid was provided.


cityam--2020-09-25--Cardiff and Swansea heading into lockdown from 6pm tomorrow as Wales battles Covid-19 case resurgenc

The residents of Welsh cities of Cardiff and Swansea face tougher restrictions with a lockdown coming this weekend .
The lockdown in Wales means people will not be able to leave the area or mix with other households in an indoor setting .
Read more : Rishi Sunak ‘ ready to do more ’ if national Covid lockdown declared The Welsh government announced local lockdown restrictions would be brought in for the capital Cardiff and the country ’ s second largest city of Swansea to curb a rise in Covid-19 cases .
“ The local restrictions mean that when in @ @ @ @ @ @ @ , and Swansea will not be able to enter or leave the area without a reasonable excuse , ” Welsh health minister Vaughan Gething said .
“ They will not be able to meet indoors , with anyone they do not live with for the time being.
” Read more : Coronavirus : London added to ‘ watchlist ’ as cases surge He said the restrictions for the cities would come into place on Sunday night , and in Llanelli on Saturday .
However , the health minister urged caution on socialising this @ @ @ @ @ @ @ that people in Swansea and Cardiff should treat this weekend as a big blowout , ” Gething said .
Other areas will also be monitored to see if action needed to be taken , he said .
The number of new Covid-19 cases in Wales yesterday rose by 348 , according to Public Health Wales data .
On Wednesday the number of cases increased by 389 .

Cardiff and Swansea heading into lockdown from 6pm tomorrow as Wales battles Covid-19 case resurgence
Cardiff residents will face tougher restrictions
The residents of Welsh cities of Cardiff and Swansea face tougher restrictions with a lockdown coming this weekend.
The lockdown in Wales means people will not be able to leave the area or mix with other households in an indoor setting.
The Welsh government announced local lockdown restrictions would be brought in for the capital Cardiff and the country’s second largest city of Swansea to curb a rise in Covid-19 cases.
“The local restrictions mean that when in force people living in Llanelli, Cardiff, and Swansea will not be able to enter or leave the area without a reasonable excuse,” Welsh health minister Vaughan Gething said.
“They will not be able to meet indoors, with anyone they do not live with for the time being.”
He said the restrictions for the cities would come into place on Sunday night, and in Llanelli on Saturday.
However, the health minister urged caution on socialising this weekend.
“That does not mean that people in Swansea and Cardiff should treat this weekend as a big blowout,” Gething said.
Other areas will also be monitored to see if action needed to be taken, he said.
The number of new Covid-19 cases in Wales yesterday rose by 348, according to Public Health Wales data.
On Wednesday the number of cases increased by 389.


cityam--2020-09-25--William Hill shares surge as it confirms takeover proposals

Shares in William Hill surged in afternoon trading after the betting giant confirmed it had been approached by two suitors over a potential takeover .
In a statement the bookmaker said it had received separate cash proposals from buyout firm Apollo Global Management and casino operator Caesars Entertainment .
Read more : William Hill to close 119 betting shops as profit plunges William Hill said it received an initial proposal from Apollo on 27 August , before receiving a further offer from the buyout group as well as proposals from Caesars .
The company said discussions were ongoing and there @ @ @ @ @ @ @ be agreed .
The two suitors have until 5pm on 23 October to announce a firm intention to make an offer or walk away , William Hill said .
Shares in William Hill jumped more than 35 per cent .
The statement came after Bloomberg earlier this afternoon reported that Apollo had approached William Hill about a potential takeover .
It comes as the betting giant battles a slump in trading due to reduced footfall caused by the coronavirus outbreak .
Read more : William Hill share price jumps on hope Bundesliga betting @ @ @ @ @ @ @ company said it would permanently close 119 betting shops as a result of the crisis .
The bookie reported a strong first quarter of trading , but swung to a loss after tax of £11.1m in the first half of the year after reporting an £81.9m impairment charge due to the impact of the pandemic on the high street .

William Hill shares surge as it confirms takeover proposals
Shares in William Hill surged in afternoon trading after the betting giant confirmed it had been approached by two suitors over a potential takeover.
In a statement the bookmaker said it had received separate cash proposals from buyout firm Apollo Global Management and casino operator Caesars Entertainment.
William Hill said it received an initial proposal from Apollo on 27 August, before receiving a further offer from the buyout group as well as proposals from Caesars.
The company said discussions were ongoing and there was no certainty that a deal will be agreed.
The two suitors have until 5pm on 23 October to announce a firm intention to make an offer or walk away, William Hill said.
Shares in William Hill jumped more than 35 per cent.
The statement came after Bloomberg earlier this afternoon reported that Apollo had approached William Hill about a potential takeover.
It comes as the betting giant battles a slump in trading due to reduced footfall caused by the coronavirus outbreak.
Last month the company said it would permanently close 119 betting shops as a result of the crisis.
The bookie reported a strong first quarter of trading, but swung to a loss after tax of £11.1m in the first half of the year after reporting an £81.9m impairment charge due to the impact of the pandemic on the high street.


cityam--2020-09-26--Covid-19: Protesters clash with police at anti-restrictions rally in London

The Metropolitan Police and protestors have clashed at a rally against coronavirus restrictions in Trafalgar Square after officers attempted to disperse the crowd for “ not complying ” with social distancing .
Thousands of people attended the “ We Do Not Consent ” protest in the centre of London and did not social distance or wear masks as they protested against the government ’ s measures .
The demonstrators chanted : “ we will win ” and held placards that read “ think before it is illegal ” , “ stay asleep ” and “ vaccines cause brain damage ” @ @ @ @ @ @ @ : NHS Covid-19 app unable to accept a third of test results Demonstrations had been made exempt from the rule of six as long as those attending socially distance , while organisers must also submit a risk assessment .
The Metropolitan Police said the rules were designed to keep people safe and enforcing them and dispersing the crowds would “ remain a last resort but will be undertaken if required ” .
Having asked protestors to leave for failing to comply with the rules , the force said anyone who stayed could be @ @ @ @ @ @ @ , the Met said : “ Crowds in Trafalgar Square have not complied with the conditions of their risk assessment and are putting people in danger of transmitting the virus .
“ This has voided their risk assessment and we have informed the event organisers they are no longer exempt from the regulations .
“ By leaving now , you can keep yourself safe and avoid any enforcement action being taken by officers , ” the statement added .
However , clashes ensued , and at least three protestors and one officer have @ @ @ @ @ @ @ week after a separate event where more than 12 police offers were injured and 32 arrests were made .
The Met tweeted on Saturday morning : “ We ’ ve received a risk assessment for a gathering in Trafalgar Square in the name ‘ We Do Not Consent ’ .
“ It is their responsibility to maintain social distancing and keep each other safe .
Officers may take enforcement action if people breach this assessment and put others at risk.
” Leader of the Met ’ s operation , Commander Ade Adelekan , @ @ @ @ @ @ @ great frustration ” at the regulations , they had been designed to keep everyone safe and that a large protest could put the health of protesters and their contacts at risk .
Read more : Coronavirus : UK reports 6,874 new cases as Covid-19 R number rises again He said : “ Last weekend it was highly disappointing to see that a small minority of demonstrators targeted officers with violence .
Some 15 officers were injured during this protest , with more than 32 arrests being made during the course of the day @ @ @ @ @ @ @ repeat of this behaviour this weekend and officers will respond quickly to any scenes of violence .
”

Covid-19: Protesters clash with police at anti-restrictions rally in London
The Metropolitan Police and protestors have clashed at a rally against coronavirus restrictions in Trafalgar Square after officers attempted to disperse the crowd for “not complying” with social distancing.
Thousands of people attended the “We Do Not Consent” protest in the centre of London and did not social distance or wear masks as they protested against the government’s measures.
The demonstrators chanted: “we will win” and held placards that read “think before it is illegal”, “stay asleep” and “vaccines cause brain damage”, among other messages.
Demonstrations had been made exempt from the rule of six as long as those attending socially distance, while organisers must also submit a risk assessment.
The Metropolitan Police said the rules were designed to keep people safe and enforcing them and dispersing the crowds would “remain a last resort but will be undertaken if required”.
Having asked protestors to leave for failing to comply with the rules, the force said anyone who stayed could be subject to enforcement.
In a statement, the Met said: “Crowds in Trafalgar Square have not complied with the conditions of their risk assessment and are putting people in danger of transmitting the virus.
“This has voided their risk assessment and we have informed the event organisers they are no longer exempt from the regulations.
“By leaving now, you can keep yourself safe and avoid any enforcement action being taken by officers,” the statement added.
However, clashes ensued, and at least three protestors and one officer have required medical attention.
It comes a week after a separate event where more than 12 police offers were injured and 32 arrests were made.
The Met tweeted on Saturday morning: “We’ve received a risk assessment for a gathering in Trafalgar Square in the name ‘We Do Not Consent’.
“It is their responsibility to maintain social distancing and keep each other safe. Officers may take enforcement action if people breach this assessment and put others at risk.”
Leader of the Met’s operation, Commander Ade Adelekan, said while he knew there was “great frustration” at the regulations, they had been designed to keep everyone safe and that a large protest could put the health of protesters and their contacts at risk.
He said: “Last weekend it was highly disappointing to see that a small minority of demonstrators targeted officers with violence. Some 15 officers were injured during this protest, with more than 32 arrests being made during the course of the day.
“I will not tolerate a repeat of this behaviour this weekend and officers will respond quickly to any scenes of violence.”


cityam--2020-09-26--SAGE expert warns of 100 Covid-19 deaths a day within four weeks

The daily death toll in the UK caused by Covid-19 will rise to around 100 per day within four weeks , according to a member of the government ’ s scientific advisory board , SAGE .
Professor Graham Medley said little can be done to prevent the daily deaths rising from the current 34 per day to 100 due to the number of cases being registered every day .
Read more : Covid-19 : Thousands protest against coronavirus restrictions in London However , he said “ we need to make sure transmission comes down now ” to prevent that figure @ @ @ @ @ @ @ for Covid-19 ] have improved , the way the virus is transmitting is going to be different , but nonetheless it is a dangerous virus and inevitably it will lead to some deaths , ” Medley told BBC Radio 4 this morning .
He said even if the death rate of those infected falls from 1.0 per cent to 0.8 per cent , “ it still means that we are going to see deaths increase ” .
His estimate of 100 deaths a day in the UK in three to four weeks time @ @ @ @ @ @ @ positive cases .
Read more : NHS Covid-19 app unable to accept a third of test results There were 6,874 confirmed cases on Friday , with the figure doubling around every 10 days .
“ In order to stop that process increasing again , then we need to make sure that that transmission comes down now , because that doubling time will carry on .
The things that we do now will not stop 100 people dying a day , but they will stop that progressing much higher .
”

SAGE expert warns of 100 Covid-19 deaths a day within four weeks
The daily death toll in the UK caused by Covid-19 will rise to around 100 per day within four weeks, according to a member of the government’s scientific advisory board, SAGE.
Professor Graham Medley said little can be done to prevent the daily deaths rising from the current 34 per day to 100 due to the number of cases being registered every day.
However, he said “we need to make sure transmission comes down now” to prevent that figure increasing further.
“The treatments [for Covid-19] have improved, the way the virus is transmitting is going to be different, but nonetheless it is a dangerous virus and inevitably it will lead to some deaths,” Medley told BBC Radio 4 this morning.
He said even if the death rate of those infected falls from 1.0 per cent to 0.8 per cent, “it still means that we are going to see deaths increase”.
His estimate of 100 deaths a day in the UK in three to four weeks time is based on the growing number of positive cases.
There were 6,874 confirmed cases on Friday, with the figure doubling around every 10 days.
“In order to stop that process increasing again, then we need to make sure that that transmission comes down now, because that doubling time will carry on. The things that we do now will not stop 100 people dying a day, but they will stop that progressing much higher.”


cityam--2020-09-26--Royal London in talks with LV= over £500m tie-up

Royal London is in negotiations with fellow financial services provider LV= regarding a tie-up and could reach an agreement within days .
A deal would see the groups merge their pensions , life insurance and asset managements businesses , according to Sky News .
The transaction would end LV= ’ s 177-year status as an independent business and create a “ mutual champion ” with almost 10m customers .
Read more : Royal London swings to £181m loss on drop in sales and asset values LV= executives have met this week to discuss the progress of a strategic review , @ @ @ @ @ @ @ a deal completed in days .
However , the discussion are not yet exclusive , with private equity firm Bain Capital also said to be pursuing a possible deal with LV= .
The valuation of LV= is believed to be in excess of £500m , although remains somewhat unclear .
The firm manages assets worth £14bn , whereas Royal London manages £139bn worth of assets .
Any transaction would enhance the latter ’ s position as the UK ’ s biggest mutual life , pensions and investment company .
Read more : Leading @ @ @ @ @ @ @ under new rules LV= has been a smaller operation since selling its general insurance operations to Allianz at the end of last year .
The two groups employ 6,000 staff between , although Royal London account for more than two thirds of that .
Royal London , LV= and Bain Capital all declined to comment .

Royal London in talks with LV= over £500m tie-up
Royal London is in negotiations with fellow financial services provider LV= regarding a tie-up and could reach an agreement within days.
A deal would see the groups merge their pensions, life insurance and asset managements businesses, according to Sky News.
The transaction would end LV=’s 177-year status as an independent business and create a “mutual champion” with almost 10m customers.
LV= executives have met this week to discuss the progress of a strategic review, the report claims, which could see a deal completed in days.
However, the discussion are not yet exclusive, with private equity firm Bain Capital also said to be pursuing a possible deal with LV=.
The valuation of LV= is believed to be in excess of £500m, although remains somewhat unclear.
The firm manages assets worth £14bn, whereas Royal London manages £139bn worth of assets. Any transaction would enhance the latter’s position as the UK’s biggest mutual life, pensions and investment company.
LV= has been a smaller operation since selling its general insurance operations to Allianz at the end of last year.
The two groups employ 6,000 staff between, although Royal London account for more than two thirds of that.
Royal London, LV= and Bain Capital all declined to comment.