cityam--2020-06-03--The key to fixing the housing and social care sectors — with one policy

Few would deny we have a housing crisis in this country — and even fewer that the social care system , which has suffered so much in recent weeks , needs urgent reform .
These two facts may seem to have little correlation , but a report out today from Cass Business School and ARCO — entitled Too Little , Too Late ?
Housing for an ageing population — demonstrates that thinking more broadly brings us far closer to a solution .
By 2040 , there will be 20m surplus bedrooms in the UK .
And nearly 60 per cent @ @ @ @ @ @ @ by the over-65s .
Clearly , there is potential there to free up some of these unoccupied family homes .
The demographics of the UK are changing , and there are 160,000 households of over-65s being added each year .
Their needs will not necessarily best suit the homes they currently occupy .
Choice is vital .
Nobody should move unless they want to and feel it is a positive step for their future .
But we know that many older people would indeed like to downsize .
The issue is the lack @ @ @ @ @ @ @ , which has not only stagnated but actually decreased significantly since 1990 .
Over the last 10 years , just 7,000 specialist retirement units have been built every year , and the existing stock accounts for under three per cent of total housing supply .
This has clear implications for the lack of movement in all parts of the housing market .
And there is another , major implication too : the pressure that living in unsuitable housing can place on the NHS and the care system .
Care homes have had a @ @ @ @ @ @ @ but this new crisis has really just been the tip of the iceberg .
The pressure on the system has been building for decades as too many people were admitted too soon into care homes due to the lack of appropriate alternatives .
Something needs to change .
Retirement communities that provide high quality housing with wellbeing and care services have a vital role to play .
The model gives people the option to live ( and , in the current climate , shield ) in their own homes , without isolation and @ @ @ @ @ @ @ Crucially , it enables them to delay or cancel admission into a care home .
There is also evidence that those in retirement communities are half as likely to need emergency NHS care as those in care homes , thereby avoiding the horrors of lying on trolleys in A & E for the lack of a bed .
Increasing provision of the type of housing that is suitable for people as they age would take some of the pressure off hospitals and residential care , as well as freeing up family homes .
@ @ @ @ @ @ @ increase provision : from the market , from investors , and from the government .
And there are some simple changes that would make a real difference .
Today ’ s report rightly calls for “ a joined-up approach between departments dealing with housing and health for older people ” .
This is vital for a truly holistic approach .
And at a local level authorities should be mandated to include an allocation for housing with care within large scale developments .
We have a small window of time to make a real @ @ @ @ @ @ @ older population , while simultaneously easing pressure on the health and social care system and stimulating the housing market .
It ’ s hard to argue against .
Get City A.M. ’ s views on what lockdown means for politics and business delivered straight to your inbox every day .

The key to fixing the housing and social care sectors — with one policy
Few would deny we have a housing crisis in this country — and even fewer that the social care system, which has suffered so much in recent weeks, needs urgent reform.
These two facts may seem to have little correlation, but a report out today from Cass Business School and ARCO — entitled Too Little, Too Late? Housing for an ageing population — demonstrates that thinking more broadly brings us far closer to a solution.
By 2040, there will be 20m surplus bedrooms in the UK. And nearly 60 per cent of those bedrooms are in houses occupied by the over-65s.
Clearly, there is potential there to free up some of these unoccupied family homes. The demographics of the UK are changing, and there are 160,000 households of over-65s being added each year. Their needs will not necessarily best suit the homes they currently occupy.
Choice is vital. Nobody should move unless they want to and feel it is a positive step for their future. But we know that many older people would indeed like to downsize. The issue is the lack of supply of appropriate housing for them, which has not only stagnated but actually decreased significantly since 1990.
Over the last 10 years, just 7,000 specialist retirement units have been built every year, and the existing stock accounts for under three per cent of total housing supply. This has clear implications for the lack of movement in all parts of the housing market.
And there is another, major implication too: the pressure that living in unsuitable housing can place on the NHS and the care system.
Care homes have had a very difficult time during the pandemic, but this new crisis has really just been the tip of the iceberg. The pressure on the system has been building for decades as too many people were admitted too soon into care homes due to the lack of appropriate alternatives. Something needs to change.
Retirement communities that provide high quality housing with wellbeing and care services have a vital role to play. The model gives people the option to live (and, in the current climate, shield) in their own homes, without isolation and with support and facilities on site. Crucially, it enables them to delay or cancel admission into a care home.
There is also evidence that those in retirement communities are half as likely to need emergency NHS care as those in care homes, thereby avoiding the horrors of lying on trolleys in A&E for the lack of a bed.
Increasing provision of the type of housing that is suitable for people as they age would take some of the pressure off hospitals and residential care, as well as freeing up family homes.
There are incentives from all sides to increase provision: from the market, from investors, and from the government. And there are some simple changes that would make a real difference. Today’s report rightly calls for “a joined-up approach between departments dealing with housing and health for older people”. This is vital for a truly holistic approach. And at a local level authorities should be mandated to include an allocation for housing with care within large scale developments.
We have a small window of time to make a real difference and improve the lives of the older population, while simultaneously easing pressure on the health and social care system and stimulating the housing market. It’s hard to argue against.
Get City A.M.’s views on what lockdown means for politics and business delivered straight to your inbox every day.
Main image credit: Getty


cityam--2020-06-03--Marks & Spencer scraps executive bonuses due to coronavirus pandemic

High street retailer Marks & Spencer said it will scrap executive bonuses next year due to the coronavirus crisis .
The firm said today that there will be no bonus scheme in operation for executive directors in 2020/21 .
Read more : Marks & Spencer shares rise on coronavirus revamp , despite blow to profit M & S also said that the pay of chief executive Steve Rowe will be frozen , and there will be no salary increases across the rest of the business , due to last year ’ s performance and the impact of the coronavirus pandemic @ @ @ @ @ @ @ to be measured against a scorecard of individual objectives aligned to the strategic priorities set out earlier in this report , however no financial payment will be made in respect of their achievements , ” the company said in its remuneration report today .
“ The committee debated the appropriateness of this decision in a time when executives are working harder than ever and believes , in the context of wider macroeconomic factors and the experience of the business with a large number of colleagues placed on furlough , this is the right @ @ @ @ @ @ @ more : Marks & Spencer to reopen 49 cafes as UK lockdown eases No bonus was paid out under the Annual Bonus Scheme in 2019/20 due to the performance of the company , it said in its annual report today .
Rowe ’ s total pay was down about 20 per cent compared to the previous year due to lower PSP outcomes and the reduction in share price during the year .
The chief executive was paid £1.21m , including £143,279 paid out under the PSP scheme .
Last month Marks & Spencer @ @ @ @ @ @ @ profit before tax from £84.2m the previous year to £67.2m for the year to 28 March .
That included a £52m hit from coronavirus and another £212.8m for costs and stock writedowns due to the pandemic .

Marks & Spencer scraps executive bonuses due to coronavirus pandemic
High street retailer Marks & Spencer said it will scrap executive bonuses next year due to the coronavirus crisis.
The firm said today that there will be no bonus scheme in operation for executive directors in 2020/21.
M&S also said that the pay of chief executive Steve Rowe will be frozen, and there will be no salary increases across the rest of the business, due to last year’s performance and the impact of the coronavirus pandemic.
“Executive directors will still continue to be measured against a scorecard of individual objectives aligned to the strategic priorities set out earlier in this report, however no financial payment will be made in respect of their achievements,” the company said in its remuneration report today.
“The committee debated the appropriateness of this decision in a time when executives are working harder than ever and believes, in the context of wider macroeconomic factors and the experience of the business with a large number of colleagues placed on furlough, this is the right decision for M&S.”
No bonus was paid out under the Annual Bonus Scheme in 2019/20 due to the performance of the company, it said in its annual report today.
Rowe’s total pay was down about 20 per cent compared to the previous year due to lower PSP outcomes and the reduction in share price during the year. The chief executive was paid £1.21m, including £143,279 paid out under the PSP scheme.
Last month Marks & Spencer posted a 21.2 per cent drop in profit before tax from £84.2m the previous year to £67.2m for the year to 28 March.
That included a £52m hit from coronavirus and another £212.8m for costs and stock writedowns due to the pandemic.


cityam--2020-06-03--Boris Johnson says 'shielded' MPs will be able to vote by proxy in parliament

Boris Johnson has said that vulnerable MPs who have been forced to shield away during the coronavirus lockdown will be able to vote in the House of Commons by proxy in an apparent U-turn .
Johnson said at today ’ s Prime Minister ’ s Questions ( PMQs ) that MPs who “ have particular difficulties , because they are shielded or they are elderly ” will not be forced to wait in kilometre-long queues to vote in the House of Commons Read more : MPs set to vote on parliament return after virtual proceedings Yesterday , MPs complained of @ @ @ @ @ @ @ forced to queue for up to an hour to vote after the government scrapped its virtual voting procedures .
Queues snaked through the Palace of Westminster and outside into the adjacent New Palace Garden and Portcullis House .
Labour leader Sir Keir Starmer said at PMQs today that it was “ unnecessary and unacceptable ” and a “ clear and obvious case of indirect discrimination under the Equalities Act ” .
House leader Jacob Rees-Mogg said socially distanced voting in person was preferable to the continuation of digital voting as “ politics is @ @ @ @ @ @ @ Open newsletter : Start your day with the City View podcast and key market data Rees-Mogg also said yesterday that proxy voting would not be allowed for MPs who were not able to attend parliament in person , however the Prime Minister appeared to climb down on that point today .
“ I do not think it unreasonable that we ask parliamentarians to come back to this place and do their job for the people of this country , ” Johnson said .
“ I know it ’ s difficult , and I @ @ @ @ @ @ @ apologise to all those who have particular difficulties because they are shielded or they are elderly , and the change we ’ re making today is that they should be able to vote by proxy.
” The move to scrap remote voting was criticised by MPs from all sides of the house , with some arguing it would put individuals at higher risk of catching Covid-19 in harm ’ s way .
Read more : ‘ A weekly test of showmanship ’ : Does PMQs shape public opinion ?
Conservative MP Robert Halfon @ @ @ @ @ @ @ MPs should return to parliament , but that exceptions should be made .
“ Those MPs genuinely at risk of Covid-19 or self-isolating in the interests of the public should be able to participate , via the internet as they have been for the past two months or via an MP proxy , in that most fundamental part of being an MP — voting , ” he said .

Boris Johnson says ‘shielded’ MPs will be able to vote by proxy in parliament
Boris Johnson has said that vulnerable MPs who have been forced to shield away during the coronavirus lockdown will be able to vote in the House of Commons by proxy in an apparent U-turn.
Johnson said at today’s Prime Minister’s Questions (PMQs) that MPs who “have particular difficulties, because they are shielded or they are elderly” will not be forced to wait in kilometre-long queues to vote in the House of Commons
Yesterday, MPs complained of “farcical” scenes as they were forced to queue for up to an hour to vote after the government scrapped its virtual voting procedures.
Queues snaked through the Palace of Westminster and outside into the adjacent New Palace Garden and Portcullis House.
Labour leader Sir Keir Starmer said at PMQs today that it was “unnecessary and unacceptable” and a “clear and obvious case of indirect discrimination under the Equalities Act”.
House leader Jacob Rees-Mogg said socially distanced voting in person was preferable to the continuation of digital voting as “politics is better done face-to-face”.
Before the Open newsletter: Start your day with the City View podcast and key market data
Rees-Mogg also said yesterday that proxy voting would not be allowed for MPs who were not able to attend parliament in person, however the Prime Minister appeared to climb down on that point today.
“I do not think it unreasonable that we ask parliamentarians to come back to this place and do their job for the people of this country,” Johnson said.
“I know it’s difficult, and I apologise for the inconvenience, and I apologise to all those who have particular difficulties because they are shielded or they are elderly, and the change we’re making today is that they should be able to vote by proxy.”
The move to scrap remote voting was criticised by MPs from all sides of the house, with some arguing it would put individuals at higher risk of catching Covid-19 in harm’s way.
Conservative MP Robert Halfon wrote in City A.M. yesterday that most MPs should return to parliament, but that exceptions should be made.
“Those MPs genuinely at risk of Covid-19 or self-isolating in the interests of the public should be able to participate, via the internet as they have been for the past two months or via an MP proxy, in that most fundamental part of being an MP — voting,” he said.


cityam--2020-06-03--Sizewell C: Nuclear plant under scrutiny over Chinese role

A quiet corner of the Suffolk coastline is set to become a new frontier in the debate over the UK ’ s changing relationship with Chinese foreign direct investment .
Last week EDF submitted a planning application for Sizewell C , a new 3.2 gigawatt nuclear plant which could provide enough power for 6m homes .
Read more : Hinkley Point C construction continues apace with completion of reactor base The project has been developed in conjunction with China General Nuclear , a state-owned firm which was blacklisted in the US last year after being charged with stealing nuclear secrets @ @ @ @ @ @ @ nuclear plants that the Chinese government agreed to build in the UK in a deal struck in 2015 with then prime minister David Cameron .
The first of these , Hinkley Point C , was subject to a security review in 2016 , but was given the go-ahead by Theresa May ’ s government the following year .
Given the events of recent months , however , opinion has hardened towards China ’ s involvement in the UK ’ s critical national infrastructure .
The Sizewell C plant , which will be a @ @ @ @ @ @ @ Somerset , will use French firm Franatome ’ s designs for its nuclear reactors , but the involvement of CGN , which has the option to take a 20 per cent stake in the plant , has raised hackles , with veteran Tory MP Iain Duncan-Smith labelling it the “ next Huawei ” .
EDF ’ s application to build the plant came as Prime Minister Boris Johnson ordered a national security review into the Chinese telecoms ’ firms role in building the UK ’ s 5G networks , with reports that he @ @ @ @ @ @ @ of the project altogether .
More widely , Johnson has commissioned civil servants to draw up plans for “ Project Defend ” , a strategy for reducing the country ’ s reliance on Chinese imports and technology .
Sophia Gaston , director of think tank the British Foreign Policy Group said that recent developments has precipitated “ a fundamental reassessment ” of Chinese involvement in the UK ’ s critical national infrastructure : “ The Government will need to determine whether they can continue to confidently make the case for Chinese firms taking @ @ @ @ @ @ @ of infrastructure crucial to our national sovereignty and security – with technology and energy especially sensitive areas ” , she added .
Chair of the Foreign Affairs Select Committee Tom Tugenhadt said that the UK was “ learning the cost of dependence on Chinese technology ” .
He said that the government should seek to copy its international partners in setting up a body to review foreign investment into the UK , as is the case in the US and Australia .
Read more : EDF submits planning application for Sizewell C nuclear @ @ @ @ @ @ @ ’ Brien , the co-founder of the China Research Group , the question is “ whether we want as a country to be able to build a nuclear power station , and if so , what price are you prepared to pay to gain that ability ” .
The planning decision , which is expected in 2021 , could have significant consequences for the future of the third of the joint EDF-CGN projects , at Bradwell in Essex .
Unlike at Hinkley Point and Sizewell , CGN is the senior partner for the @ @ @ @ @ @ @ Before the Open : Get the jump on the markets with our early morning newsletter More critically , it is also planning to use its own Hualong One design for the plant ’ s nuclear reactor , a decision now likely to come under even more intense scrutiny .
The Sizewell case has also thrown up broader questions about the role of nuclear power in the UK ’ s energy future .
Currently , there are 15 reactors operating in the UK , supplying a fifth of the country ’ s power , @ @ @ @ @ @ @ will have been retired by the mid-2030s .
Read more : Rolls-Royce says mini nuclear reactors could be rolled out by 2029 Due to the advances in the cost and deployment of renewable energy that have taken place in the last decade , many are now sceptical about whether nuclear power should take so central a role in the UK ’ s future energy mix .
However , the independent Committee on Climate Change has modelled that low-carbon firm power generation – such as nuclear should make up 38 per cent of the @ @ @ @ @ @ @ According to EDF estimates , Sizewell C will emit 9m fewer tonnes of carbon from the atmosphere compared to a gas power station of the same size .
And there is also the possibility that the heat from the generation process will be able to be pumped into homes , thus leading to the greening of one of the biggest areas of emission production in the UK .
In particular , much has been made of the cost of such projects , with EDF ’ s latest estimate putting Hinkley Point C at @ @ @ @ @ @ @ provided an estimate for the cost of Sizewell , but are aiming to save 20 per cent by replicating Hinkley Point .
Executives are also seeking a new funding arrangement known as a regulated asset base ( RAB ) model , on which the government is currently consulting .
Under this model , which was used for the Thames Tideway project , customers would pay up front for the project through their energy bills , lowering the investment cost for companies .
Read more : Ministry of Defence nuclear infrastructure projects set for @ @ @ @ @ @ @ , it also runs the risk of landing consumers with the damage should the project overrun or be delayed .
A decision on the model , which was recommended by the National Audit Office , is hoped for alongside the government ’ s long-awaited energy white paper in the summer .

Sizewell C: Nuclear plant under scrutiny over Chinese role
Sizewell B power station in Suffolk, where the new power plant will be built.
A quiet corner of the Suffolk coastline is set to become a new frontier in the debate over the UK’s changing relationship with Chinese foreign direct investment.
Last week EDF submitted a planning application for Sizewell C, a new 3.2 gigawatt nuclear plant which could provide enough power for 6m homes.
The project has been developed in conjunction with China General Nuclear, a state-owned firm which was blacklisted in the US last year after being charged with stealing nuclear secrets.
Sizewell is the second of three nuclear plants that the Chinese government agreed to build in the UK in a deal struck in 2015 with then prime minister David Cameron.
The first of these, Hinkley Point C, was subject to a security review in 2016, but was given the go-ahead by Theresa May’s government the following year.
Given the events of recent months, however, opinion has hardened towards China’s involvement in the UK’s critical national infrastructure.
The Sizewell C plant, which will be a near replica of Hinkley Point C in Somerset, will use French firm Franatome’s designs for its nuclear reactors, but the involvement of CGN, which has the option to take a 20 per cent stake in the plant, has raised hackles, with veteran Tory MP Iain Duncan-Smith labelling it the “next Huawei”.
The Sizewell C plant will be a near replica of Hinkley Point C in Somerset, which EDF says will lead to a cost reduction of 20 per cent.
EDF’s application to build the plant came as Prime Minister Boris Johnson ordered a national security review into the Chinese telecoms’ firms role in building the UK’s 5G networks, with reports that he is now seeking to push Huawei out of the project altogether.
More widely, Johnson has commissioned civil servants to draw up plans for “Project Defend”, a strategy for reducing the country’s reliance on Chinese imports and technology.
Sophia Gaston, director of think tank the British Foreign Policy Group said that recent developments has precipitated “a fundamental reassessment” of Chinese involvement in the UK’s critical national infrastructure:
“The Government will need to determine whether they can continue to confidently make the case for Chinese firms taking even a minor role in the development of infrastructure crucial to our national sovereignty and security – with technology and energy especially sensitive areas”, she added.
Chair of the Foreign Affairs Select Committee Tom Tugenhadt said that the UK was “learning the cost of dependence on Chinese technology”.
He said that the government should seek to copy its international partners in setting up a body to review foreign investment into the UK, as is the case in the US and Australia.
For Tory MP Neil O’Brien, the co-founder of the China Research Group, the question is “whether we want as a country to be able to build a nuclear power station, and if so, what price are you prepared to pay to gain that ability”.
The planning decision, which is expected in 2021, could have significant consequences for the future of the third of the joint EDF-CGN projects, at Bradwell in Essex.
Unlike at Hinkley Point and Sizewell, CGN is the senior partner for the project, with a two-thirds stake.
Before the Open: Get the jump on the markets with our early morning newsletter
More critically, it is also planning to use its own Hualong One design for the plant’s nuclear reactor, a decision now likely to come under even more intense scrutiny.
A nuclear future?
The Sizewell case has also thrown up broader questions about the role of nuclear power in the UK’s energy future.
Currently, there are 15 reactors operating in the UK, supplying a fifth of the country’s power, but all but one of these facilities will have been retired by the mid-2030s.
Due to the advances in the cost and deployment of renewable energy that have taken place in the last decade, many are now sceptical about whether nuclear power should take so central a role in the UK’s future energy mix.
However, the independent Committee on Climate Change has modelled that low-carbon firm power generation – such as nuclear should make up 38 per cent of the UK’s future energy mix.
According to EDF estimates, Sizewell C will emit 9m fewer tonnes of carbon from the atmosphere compared to a gas power station of the same size.
All but one of the UK’s nuclear power plants, which currently supply 21 per cent of the country’s power, will be decommissioned by the mid-2030s.
And there is also the possibility that the heat from the generation process will be able to be pumped into homes, thus leading to the greening of one of the biggest areas of emission production in the UK.
In particular, much has been made of the cost of such projects, with EDF’s latest estimate putting Hinkley Point C at £21.5bn – £22.5bn.
EDF has not provided an estimate for the cost of Sizewell, but are aiming to save 20 per cent by replicating Hinkley Point.
Executives are also seeking a new funding arrangement known as a regulated asset base (RAB) model, on which the government is currently consulting.
Under this model, which was used for the Thames Tideway project, customers would pay up front for the project through their energy bills, lowering the investment cost for companies.
However, it also runs the risk of landing consumers with the damage should the project overrun or be delayed.
A decision on the model, which was recommended by the National Audit Office, is hoped for alongside the government’s long-awaited energy white paper in the summer.


cityam--2020-06-03--Zoom revenue surges as video conferencing app cashes in on Covid-19

Zoom has reported a huge surge in revenue for the first quarter as the video conferencing app enjoys booming demand during the coronavirus lockdown .
The California-based company posted revenue of $ 328.2m ( £260.8m ) in the first three months of the year , an increase of 169 per cent on the same period in 2019 .
Read more : Facebook Workplace takes on Zoom with video call rival during lockdown Zoom also lifted its full-year revenue forecast to between $ 1.78bn and $ 1.8bn , up from a previous range of $ 905m to $ 915m , as @ @ @ @ @ @ @ app for work and socialising during the pandemic .
Net profit also jumped to $ 27m from just $ 200,000 last year .
But while the virus has proved a major cash cow for Zoom , it has also pushed up costs as the tech firm overhauls its business model to cope with the increased demand .
The company ’ s cost of revenue was up 330 per cent to $ 103.7m , lowering its gross margin from 80.2 per cent to 68.4 per cent as it spent more on cloud computing services @ @ @ @ @ @ @ handle increased traffic .
On a call with investors chief executive Eric Yuan said Amazon currently provided the majority of new capacity it needed to cope with higher demand .
However , he said Zoom would invest in expanding its own data centres in a bid to improve efficiency and boost the firm ’ s profit margins .
Zoom said it had reached peak usage of 300m daily meeting participants in April — a huge increase on the 10m recorded in December before the coronavirus outbreak .
This figure dipped in May , @ @ @ @ @ @ @ user numbers would rise above 300m again .
Zoom said it now boasted roughly 265,400 paying customers with more than 10 employees , marking a year-on-year increase of 354 per cent .
The video platform has faced intense scrutiny over its security and privacy practices in recent months after a number of bugs were exposed .
But the firm has vowed to resolve any security flaws in its software and has seen its share price more than triple since the beginning of the year .
Per Roman , co-founder and managing partner of @ @ @ @ @ @ @ quarter for Zoom ” .
Read more : Standard Chartered bans staff from using Zoom and Google Hangouts “ Adoption of Zoom as the de-facto standard for video communication is well under way .
I am already seeing Zoom being used as a verb similar to Google , which is not to be under-estimated for long-term stickiness , ” he said .
“ However , their success has been well noted for a long time by the stock market and the company is priced to perfection .
There needs to be many quarters @ @ @ @ @ @ @ their $ 58bn market capitalisation .
”

Zoom revenue surges as video conferencing app cashes in on Covid-19
Zoom has reported a huge surge in revenue for the first quarter as the video conferencing app enjoys booming demand during the coronavirus lockdown.
The California-based company posted revenue of $328.2m (£260.8m) in the first three months of the year, an increase of 169 per cent on the same period in 2019.
Zoom also lifted its full-year revenue forecast to between $1.78bn and $1.8bn, up from a previous range of $905m to $915m, as millions of people turned to the video app for work and socialising during the pandemic.
Net profit also jumped to $27m from just $200,000 last year.
But while the virus has proved a major cash cow for Zoom, it has also pushed up costs as the tech firm overhauls its business model to cope with the increased demand.
The company’s cost of revenue was up 330 per cent to $103.7m, lowering its gross margin from 80.2 per cent to 68.4 per cent as it spent more on cloud computing services from Amazon, Microsoft and Oracle to handle increased traffic.
On a call with investors chief executive Eric Yuan said Amazon currently provided the majority of new capacity it needed to cope with higher demand.
However, he said Zoom would invest in expanding its own data centres in a bid to improve efficiency and boost the firm’s profit margins.
Zoom said it had reached peak usage of 300m daily meeting participants in April — a huge increase on the 10m recorded in December before the coronavirus outbreak.
This figure dipped in May, but the firm said it was confident user numbers would rise above 300m again.
Zoom said it now boasted roughly 265,400 paying customers with more than 10 employees, marking a year-on-year increase of 354 per cent.
The video platform has faced intense scrutiny over its security and privacy practices in recent months after a number of bugs were exposed.
But the firm has vowed to resolve any security flaws in its software and has seen its share price more than triple since the beginning of the year.
Per Roman, co-founder and managing partner of GP Bullhound, hailed an “extraordinary quarter for Zoom”.
“Adoption of Zoom as the de-facto standard for video communication is well under way. I am already seeing Zoom being used as a verb similar to Google, which is not to be under-estimated for long-term stickiness,” he said.
“However, their success has been well noted for a long time by the stock market and the company is priced to perfection. There needs to be many quarters of continued extraordinary growth to catch-up with their $58bn market capitalisation.”


cityam--2020-06-03--PwC to reopen UK offices from 8 June following coronavirus lockdown easing

Big Four accountancy firm PwC said today it would reopen offices across the UK from 8 June as the coronavirus lockdown eases .
Read more : PwC UK freezes pay as partners told they will shoulder financial burden of crisis The firm said it would open its London , Birmingham , Manchester , Leeds , Reading , and Bristol offices from next Monday .
Kevin Ellis , PwC UK chair and senior partner , said : “ Just because we can work from home I don ’ t think we should , at least not all the time .
We @ @ @ @ @ @ @ virtual world isn ’ t a substitute for human contact for a business like ours .
“ Physical proximity helps with ideas , helps with teamwork , helps with mentoring and developing our staff and is important for mental health .
There ’ s also a multiplier effect – when we get back into the office the local communities that support offices benefit too.
” Ellis said the firm had a “ team of people working hard on how we return to the office in the safest , most practical way ” .
@ @ @ @ @ @ @ guidance in place , we can safely accommodate up to 15 per cent of our people in our buildings , but the reopening sends a positive signal to our people and paves the way for more people returning when it ’ s safe to do so .
“ The first staff members to return will only be those whose essential work for the firm or clients will significantly benefit from being delivered from an office .
We ’ re also keen to support those who are finding working from home tough .
“ @ @ @ @ @ @ @ approach , in line with government guidance , I believe beginning to return to our offices is a step in the right direction as our country moves through the crisis to economic recovery .
“ But it ’ s not a case of simply going back to how things were .
We will capture the learnings from having some 22,000 people working remotely – it will change habits for the better , such as cutting down on business travel .
”

PwC to reopen UK offices from 8 June following coronavirus lockdown easing
PwC staff will have to work an extra day this Christmas due to pressure from the Covid-19 pandemic.
Big Four accountancy firm PwC said today it would reopen offices across the UK from 8 June as the coronavirus lockdown eases.
The firm said it would open its London, Birmingham, Manchester, Leeds, Reading, and Bristol offices from next Monday.
Kevin Ellis, PwC UK chair and senior partner, said: “Just because we can work from home I don’t think we should, at least not all the time. We’re a people business and the virtual world isn’t a substitute for human contact for a business like ours.
“Physical proximity helps with ideas, helps with teamwork, helps with mentoring and developing our staff and is important for mental health. There’s also a multiplier effect – when we get back into the office the local communities that support offices benefit too.”
Ellis said the firm had a “team of people working hard on how we return to the office in the safest, most practical way”.
He added: “With social distancing guidance in place, we can safely accommodate up to 15 per cent of our people in our buildings, but the reopening sends a positive signal to our people and paves the way for more people returning when it’s safe to do so.
“The first staff members to return will only be those whose essential work for the firm or clients will significantly benefit from being delivered from an office. We’re also keen to support those who are finding working from home tough.
“Although it is a gradual and phased approach, in line with government guidance, I believe beginning to return to our offices is a step in the right direction as our country moves through the crisis to economic recovery.
“But it’s not a case of simply going back to how things were. We will capture the learnings from having some 22,000 people working remotely – it will change habits for the better, such as cutting down on business travel.”


cityam--2020-06-03--UK bank shares rise on optimism about lockdown easing

Shares in major UK banks rose today on increased optimism about lockdown measures easing globally .
HSBC shares rose 2.2 per cent to 393p , Lloyds Banking Group shares rose nearly 4.7 per cent to 33.4p , Barclays shares rose nearly 2.5 per cent to 122p , Royal Bank of Scotland shares rose 2.6 per cent to 123p and Santander shares rose nearly six per cent to 198p .
Michael Hewson , chief market analyst at CMC Markets , said it had been an extraordinary rally in recent weeks .
He said stocks seem “ to be able to shrug @ @ @ @ @ @ @ them ” .
The key driver of the rise , he said , was massive central bank fire power supporting the markets in “ a bonanza of cheap money ” .
European investors are hoping that the European Central Bank will unleash more tomorrow .
On top of this , markets over the last two weeks have been fuelled by countries ’ moves to lift their coronavirus lockdowns .
That has helped companies whose shares were in the doldrums , such as travel firms , energy companies , and banks .
Read more @ @ @ @ @ @ @ UK banks to up preparations for no-deal Brexit Jim Reid of Deutsche Bank said there had been a “ value-growth rotation ” .
Growth stocks such as the tech giants previously led the rally .
But they are now losing out to value stocks such as lenders that are trading at big discounts .
Joshua Mahony , senior market analyst at trading platform IG , said : “ Ultimately this recent rebound for value has been borne out of an overwhelming optimism in anticipation of reopening measures throughout Europe .
”

UK bank shares rise on optimism about lockdown easing
Shares in major UK banks rose today on increased optimism about lockdown measures easing globally.
HSBC shares rose 2.2 per cent to 393p, Lloyds Banking Group shares rose nearly 4.7 per cent to 33.4p, Barclays shares rose nearly 2.5 per cent to 122p, Royal Bank of Scotland shares rose 2.6 per cent to 123p and Santander shares rose nearly six per cent to 198p.
Michael Hewson, chief market analyst at CMC Markets, said it had been an extraordinary rally in recent weeks. He said stocks seem “to be able to shrug off anything that can be thrown at them”.
The key driver of the rise, he said, was massive central bank fire power supporting the markets in “a bonanza of cheap money”. European investors are hoping that the European Central Bank will unleash more tomorrow.
On top of this, markets over the last two weeks have been fuelled by countries’ moves to lift their coronavirus lockdowns. That has helped companies whose shares were in the doldrums, such as travel firms, energy companies, and banks.
Jim Reid of Deutsche Bank said there had been a “value-growth rotation”. Growth stocks such as the tech giants previously led the rally. But they are now losing out to value stocks such as lenders that are trading at big discounts.
Joshua Mahony, senior market analyst at trading platform IG, said: “Ultimately this recent rebound for value has been borne out of an overwhelming optimism in anticipation of reopening measures throughout Europe.”


cityam--2020-06-03--London City Airport to resume flights at end of June

London City Airport has today announced that it will reopen for commercial flights from the end of June after being closed for the past three months .
On 25 March , the airport elected to suspend all of its passenger operations due to the fallout from the coronavirus crisis .
Now , however , it has announced its intention to return to service , with further details to be announced with its partner airlines later in the month .
London City said that domestic flights would be the first to resume , with international flights to begin again in July @ @ @ @ @ @ @ international restart would depend on the UK government ’ s quarantine measures , details of which are due to be announced this afternoon by home secretary Priti Patel .
Under the current plan , all those entering the UK by plane , boat or train will have to quarantine for 14 days in a fixed location .
However , there have been reports that authorities are considering “ air bridges ” to other nations with low infection rates to get round implementing blanket measures .
Before the Open : Get the jump on @ @ @ @ @ @ @ London City ’ s chief executive Robert Sinclair said : “ While there are many challenges ahead for the UK aviation industry , it is our hope that by outlining the steps we are taking to make the airport safe , and by incorporating the views of our regular travellers into our plans , we will give people the confidence to fly from our airport to destinations across the UK and Europe ” .
The airport will take a number of measures to protect passengers , including using temperature checks at both departures @ @ @ @ @ @ @ facemasks and visors .
It will also deploy rigorous and thorough cleaning regiments , including the use of an anti-bacterial surface treatment which will begin to kill all germs upon contact and lasts for up to 12 months .
Passengers will be asked to observe social distancing rules wherever possible in the terminal .
London City is the latest member of the aviation sector to announce its comeback plans , with carriers such as Easyjet preparing to begin flying again on 15 June .
Read more : Easyjet to resume flights on 75 @ @ @ @ @ @ @ , the details of today ’ s quarantine announcement will be a crucial factor in determining the manner in which they restart .
Airline chiefs such as Ryanair ’ s Michael O ’ Leary and IAG ’ s Willie Walsh have lashed out against the plan .

London City Airport to resume flights at end of June
London City Airport has today announced that it will reopen for commercial flights from the end of June after being closed for the past three months.
On 25 March, the airport elected to suspend all of its passenger operations due to the fallout from the coronavirus crisis.
Now, however, it has announced its intention to return to service, with further details to be announced with its partner airlines later in the month.
London City said that domestic flights would be the first to resume, with international flights to begin again in July.
However, it cautioned that its international restart would depend on the UK government’s quarantine measures, details of which are due to be announced this afternoon by home secretary Priti Patel.
Under the current plan, all those entering the UK by plane, boat or train will have to quarantine for 14 days in a fixed location.
However, there have been reports that authorities are considering “air bridges” to other nations with low infection rates to get round implementing blanket measures.
Before the Open: Get the jump on the markets with our early morning newsletter
London City’s chief executive Robert Sinclair said: “While there are many challenges ahead for the UK aviation industry, it is our hope that by outlining the steps we are taking to make the airport safe, and by incorporating the views of our regular travellers into our plans, we will give people the confidence to fly from our airport to destinations across the UK and Europe”.
The airport will take a number of measures to protect passengers, including using temperature checks at both departures and arrivals, and providing staff with facemasks and visors.
It will also deploy rigorous and thorough cleaning regiments, including the use of an anti-bacterial surface treatment which will begin to kill all germs upon contact and lasts for up to 12 months.
Passengers will be asked to observe social distancing rules wherever possible in the terminal.
London City is the latest member of the aviation sector to announce its comeback plans, with carriers such as Easyjet preparing to begin flying again on 15 June.
However, the details of today’s quarantine announcement will be a crucial factor in determining the manner in which they restart.
Airline chiefs such as Ryanair’s Michael O’Leary and IAG’s Willie Walsh have lashed out against the plan.


cityam--2020-06-03--Clean technologies and climate policy: the global financial crisis and Covid-19

A lot has changed for clean technologies since the global crisis in 2008 .
As investors in climate change , this is hugely encouraging .
It is striking just how much has changed for clean technologies and climate policy between the financial crisis in 2008 and the one we face today .
As climate change investors , this gives us cause to believe that this time is different .
This is not to downplay how disruptive the coronavirus crisis is in its own right , rather to understand that the crucial trends for climate change investors are on a much @ @ @ @ @ @ @ .
Here we take a look at renewable energy , electric vehicles and climate policy .
The original Tesla Roadster , launched in 2008 , cost in the region of $ 100,000 .
In that year , there were just three battery electric vehicle ( BEV ) models on the market in the US , two in the EU and none in China .
The best-selling BEV was the TH !
NK City , clocking up sales of about 330 units .
Fast forward to 2020 and there are 53 BEV models on @ @ @ @ @ @ @ in Europe and an astonishing 226 in China .
The price of a lithium-ion battery pack has fallen by 85 % over the last 10 years and , as batteries are the largest input costs for BEVs , this has allowed today ’ s product offerings to have a truly mass-market appeal .
Tesla ’ s Model 3 was the best-selling EV last year , with more than 300,000 units sold in 2019 .
This is not a niche industry anymore .
Back in 2008 , solar industry demand was dominated by a @ @ @ @ @ @ @ dependent on subsidies .
As governments sought to shore up their finances following the global financial crisis , these generous subsidies were slashed , causing a major setback for the industry .
Solar photovoltaic prices have fallen by 80 % since 2008 and solar demand has become genuinely global .
Wind energy was a more mature industry than solar in 2008 , but it has also seen a large drop in costs in the intervening years as the technology has improved and the industry has scaled up .
As at the start of @ @ @ @ @ @ @ cheapest forms of new bulk energy generation in two thirds of the world , up from as little as 1 % of the world five years ago .
For more : – The inescapable truths faced by investors – Covid-19 poses temporary setback to the energy transition – Why global cities can still thrive despite Covid-19 ’ s impact In short , the economic drivers for renewables are far stronger than they were following the last crisis .
Climate change is part of the discussion in a way that it was not 10 @ @ @ @ @ @ @ is a good chance that policymakers and corporations will come through .
The policy backdrop is different now .
A decade on , climate commitments are now much more firmly established in policy planning and corporate strategies .
The Paris Accord , which was signed in 2015 , saw global leaders make a collective agreement with respect to temperature rises , with more national policies then following suit .
Leaders agreed to take collective action to limit long-run temperature increases to around two degrees Celsius over the pre-industrial levels of the late 1800s @ @ @ @ @ @ @ Climate Change Conference , originally scheduled for November this year – might be postponed but its profile reflects the continued importance policymakers attach to achieving climate progress .
European leaders have stressed the importance of aligning recovery plans to climate commitments .
For the most part , the corporate world has recognised the risks and opportunities climate change poses .
Global leaders at the World Economic Forum now see climate change as the biggest and most likely risk to business , whereas the issue did not feature in the top five threats a @ @ @ @ @ @ @ changes already .
People are working from home where they possibly can and meetings and conferences have become virtual ones .
This crisis will make businesses re-evaluate the necessity of what they would previously have considered “ business as usual ” practices .
And this could just be the start .
We think it is quite possible that we could see some more permanent changes in how we work , and that could be good for the climate .
Sustainability remains firmly on corporate agendas ; references to coronavirus and sustainability in conference @ @ @ @ @ @ @ are no longer as dependent on policy support as was the case a decade ago .
However , that support remains important in accelerating progress , particularly in areas such as heavy industry where the economics of decarbonisation technologies are not yet compelling without regulatory intervention .
The 2008 crisis was followed a year later by disappointment at the failure of global leaders to reach agreement on climate action in Copenhagen .
Now that this is well behind us , we are hopeful that the current crisis could prove the springboard for the @ @ @ @ @ @ @ is becoming increasingly urgent .
Schroders has built a Climate Progress Dashboard to provide an objective gauge of how far and how quickly various things will need to change to get us to two degrees .
There are 12 different measures including political efforts , business strategies , technological change , and fossil fuel productions .
So , for example , we look at how many more electric cars will need to be on the road .
How much more renewable energy will need to be generated ?
And how quickly oil , @ @ @ @ @ @ @ drop .
The dashboard is updated quarterly .
The last update suggested we are heading for around a 3.9 degree long-run temperature rise .
We have begun a journey but there are many more steps still to take .
• You can discover more at Schroders insights and follow Schroders on twitter .
Important Information : This communication is marketing material .
The views and opinions contained herein are those of the author ( s ) on this page , and may not necessarily represent views expressed or reflected in other Schroders communications @ @ @ @ @ @ @ is intended to be for information purposes only and is not intended as promotional material in any respect .
The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument .
It is not intended to provide and should not be relied on for accounting , legal or tax advice , or investment recommendations .
Reliance should not be placed on the views and information in this document when taking individual investment and/or strategic decisions .
Past performance is not a reliable indicator of future @ @ @ @ @ @ @ can go down as well as up and is not guaranteed .
All investments involve risks including the risk of possible loss of principal .
Information herein is believed to be reliable but Schroders does not warrant its completeness or accuracy .
Some information quoted was obtained from external sources we consider to be reliable .
No responsibility can be accepted for errors of fact obtained from third parties , and this data may change with market conditions .
This does not exclude any duty or liability that Schroders has to its customers @ @ @ @ @ @ @ shown for illustrative purposes only and should not be viewed as a recommendation to buy/sell .
The opinions in this material include some forecasted views .
We believe we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know .
However , there is no guarantee than any forecasts or opinions will be realised .
These views and opinions may change .
To the extent that you are in North America , this content is issued by Schroder Investment Management North America Inc. , an indirect @ @ @ @ @ @ @ SEC registered adviser providing asset management products and services to clients in the US and Canada .
For all other users , this content is issued by Schroder Investment Management Limited , 1 London Wall Place , London EC2Y 5AU .
Registered No .
1893220 England .
Authorised and regulated by the Financial Conduct Authority .

What is City Talk? City Talk allows marketers to connect directly with our audience by publishing content on cityam.com
Clean technologies and climate policy: the global financial crisis and Covid-19
Getty Images
A lot has changed for clean technologies since the global crisis in 2008. As investors in climate change, this is hugely encouraging.
It is striking just how much has changed for clean technologies and climate policy between the financial crisis in 2008 and the one we face today. As climate change investors, this gives us cause to believe that this time is different. This is not to downplay how disruptive the coronavirus crisis is in its own right, rather to understand that the crucial trends for climate change investors are on a much firmer footing than they were in 2008.
Here we take a look at renewable energy, electric vehicles and climate policy.
Battery electric vehicles: no longer a niche industry
The original Tesla Roadster, launched in 2008, cost in the region of $100,000. In that year, there were just three battery electric vehicle (BEV) models on the market in the US, two in the EU and none in China. The best-selling BEV was the TH!NK City, clocking up sales of about 330 units.
Fast forward to 2020 and there are 53 BEV models on the market in the US, 70 in Europe and an astonishing 226 in China. The price of a lithium-ion battery pack has fallen by 85% over the last 10 years and, as batteries are the largest input costs for BEVs, this has allowed today’s product offerings to have a truly mass-market appeal.
Tesla’s Model 3 was the best-selling EV last year, with more than 300,000 units sold in 2019. This is not a niche industry anymore.
Renewable energy is now cost competitive
Back in 2008, solar industry demand was dominated by a handful of European countries and was heavily dependent on subsidies. As governments sought to shore up their finances following the global financial crisis, these generous subsidies were slashed, causing a major setback for the industry. Solar photovoltaic prices have fallen by 80% since 2008 and solar demand has become genuinely global.
Wind energy was a more mature industry than solar in 2008, but it has also seen a large drop in costs in the intervening years as the technology has improved and the industry has scaled up. As at the start of 2020, wind and solar were the cheapest forms of new bulk energy generation in two thirds of the world, up from as little as 1% of the world five years ago.
For more:
– The inescapable truths faced by investors
– Covid-19 poses temporary setback to the energy transition
– Why global cities can still thrive despite Covid-19’s impact
In short, the economic drivers for renewables are far stronger than they were following the last crisis.
Political and corporate will: a sea change
Climate change is part of the discussion in a way that it was not 10 years ago. This time, there is a good chance that policymakers and corporations will come through.
The policy backdrop is different now. A decade on, climate commitments are now much more firmly established in policy planning and corporate strategies. The Paris Accord, which was signed in 2015, saw global leaders make a collective agreement with respect to temperature rises, with more national policies then following suit. Leaders agreed to take collective action to limit long-run temperature increases to around two degrees Celsius over the pre-industrial levels of the late 1800s.
COP26 – the 2020 United Nations Climate Change Conference, originally scheduled for November this year – might be postponed but its profile reflects the continued importance policymakers attach to achieving climate progress. European leaders have stressed the importance of aligning recovery plans to climate commitments.
For the most part, the corporate world has recognised the risks and opportunities climate change poses. Global leaders at the World Economic Forum now see climate change as the biggest and most likely risk to business, whereas the issue did not feature in the top five threats a decade ago.
The post-Covid 19 business re-evaluation
We have seen dramatic changes already. People are working from home where they possibly can and meetings and conferences have become virtual ones. This crisis will make businesses re-evaluate the necessity of what they would previously have considered “business as usual” practices.
And this could just be the start. We think it is quite possible that we could see some more permanent changes in how we work, and that could be good for the climate.
Sustainability remains firmly on corporate agendas; references to coronavirus and sustainability in conference calls have dramatically increased.
Climate-focused investments are no longer as dependent on policy support as was the case a decade ago. However, that support remains important in accelerating progress, particularly in areas such as heavy industry where the economics of decarbonisation technologies are not yet compelling without regulatory intervention.
The 2008 crisis was followed a year later by disappointment at the failure of global leaders to reach agreement on climate action in Copenhagen. Now that this is well behind us, we are hopeful that the current crisis could prove the springboard for the climate transition that scientific consensus tells us is becoming increasingly urgent.
Looking ahead – monitoring progress
Schroders has built a Climate Progress Dashboard to provide an objective gauge of how far and how quickly various things will need to change to get us to two degrees.
There are 12 different measures including political efforts, business strategies, technological change, and fossil fuel productions. So, for example, we look at how many more electric cars will need to be on the road. How much more renewable energy will need to be generated? And how quickly oil, gas or coal production would need to drop.
The dashboard is updated quarterly. The last update suggested we are heading for around a 3.9 degree long-run temperature rise. We have begun a journey but there are many more steps still to take.
You can discover more at Schroders insights and follow Schroders on twitter.
Important Information: This communication is marketing material. The views and opinions contained herein are those of the author(s) on this page, and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds. This material is intended to be for information purposes only and is not intended as promotional material in any respect. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. It is not intended to provide and should not be relied on for accounting, legal or tax advice, or investment recommendations. Reliance should not be placed on the views and information in this document when taking individual investment and/or strategic decisions. Past performance is not a reliable indicator of future results. The value of an investment can go down as well as up and is not guaranteed. All investments involve risks including the risk of possible loss of principal. Information herein is believed to be reliable but Schroders does not warrant its completeness or accuracy. Some information quoted was obtained from external sources we consider to be reliable. No responsibility can be accepted for errors of fact obtained from third parties, and this data may change with market conditions. This does not exclude any duty or liability that Schroders has to its customers under any regulatory system. Regions/ sectors shown for illustrative purposes only and should not be viewed as a recommendation to buy/sell. The opinions in this material include some forecasted views. We believe we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know. However, there is no guarantee than any forecasts or opinions will be realised. These views and opinions may change. To the extent that you are in North America, this content is issued by Schroder Investment Management North America Inc., an indirect wholly owned subsidiary of Schroders plc and SEC registered adviser providing asset management products and services to clients in the US and Canada. For all other users, this content is issued by Schroder Investment Management Limited, 1 London Wall Place, London EC2Y 5AU. Registered No. 1893220 England. Authorised and regulated by the Financial Conduct Authority.


cityam--2020-06-03--The impact of AI in a transformed world

The impact of AI in a transformed world

Artificial intelligence has entered the mainstream and the fourth industrial revolution is continuing apace , leading sceptics to question what this means for the average employee .
As we look towards the re-opening of the economy , it is clear that AI offers huge potential for a new world of work that is safer , more productive and more innovative than ever before .
A medium- if not long-term effect of COVID-19 is an immediate need to reduce workplace capacity , and an acceleration in automation that will increase the safe space for remaining employees to go about their day @ @ @ @ @ @ @ and the risk of future peaks leading to a potential increase in sick workers , AI will be vital in enabling new ways for businesses to operate .
Some companies are ahead of the curve ; almost two years ago , online grocery service Ocado ’ s revenue saw an increase of almost 12 % thanks to the automation of its warehouses .
With this in place , the company can process more than a quarter of a million orders each week .
For healthcare , AI also has the potential to be @ @ @ @ @ @ @ – from disease detection to treatment and even surgery , as well as in helping with hospital efficiency and workflow , which itself can enhance care delivery and cost of treatment .
Human error is estimated to be around 30 % in high-pressure decision-making scenarios , a risk that can be reduced exponentially by integrating machine learning and AI into the process .
Automation also offers the indirect advantage to the supply chain of more accurate forecasting of demand .
Food supply for example can therefore be redirected from closed/ reduced capacity cafés @ @ @ @ @ @ @ , preventing inessential contact along the supply chain .
This will be reduced further through advances in autonomous vehicles and drone delivery , which will become ever more important .
Not only will this be important for manufacturing , but in the mobility sector .
Social distancing and fears over future peaks of the virus mean many are looking to avoid public transport .
An acceleration in the wide implementation of mobility solutions such as autonomous vehicles could provide an alternative route to work for many , that does not risk exposing them @ @ @ @ @ @ @ benefits of AI have been discussed at the annual CogX festival for the past three years .
As we head full throttle towards our fourth , and first virtual , edition of the festival next week in the midst of this pandemic and rising societal unrest , the necessity of it is becoming ever clearer .
But of course , we have to equally acknowledge the very real risks around this technology and the ethical questions AI continues to present .
Perhaps most pertinently , with the rise in activism around the Black @ @ @ @ @ @ @ George Floyd in the United States , the very first concern to address is how we can make artificial intelligence that eliminates racial bias .
The technology industry remains disappointingly and frustratingly un-diverse , and this has heavily impacted on AI ’ s development – as machines learn from the environments they are built in , resulting in them learning the same biases and prejudices of those creating them .
The examples of how these biases has translated in reality have varied from the baffling to the truly grim – from automated soap @ @ @ @ @ @ @ white hands , to driverless cars that do not recognise black pedestrians , rendering more likely to run them over .
This is an urgent problem for technologists to find a solution for .
Innovation must be to the benefit of everyone , and the protests in the US right now serve as only the latest reminder than we as an industry must do better in representing black people .
It is not only black communities at risk of exclusion .
Israeli historian and author , Yuval Noah Harari argues in his second @ @ @ @ @ @ @ rise of artificial intelligence will lead to a new ‘ useless class ’ of humans : with technology accelerating so quickly that skills will go out of date faster than people are learning them , leaving many unable to work .
It is , even by Harari ’ s own admission , a worst-case scenario .
But it is a legitimate fear : how do we ensure continued technological advancement does not compromise people ’ s ability to contribute to the economy ?
The World Economic Forum predicts that by 2025 , more @ @ @ @ @ @ @ in 2018 will have been replaced by automation and before 2030 , people will need more than 100 days of learning each year to keep up .
This concern has only been accelerated by COVID-19 ; the United Nations ’ labour body estimates that globally , 195 million jobs will be wiped out .
Not only have hundreds of millions lost their jobs in the short-term , but there are concerns in some industries that these roles may never return .
If AI takes their place , then these workers will urgently need @ @ @ @ @ @ @ roles , or risk becoming the first casualties of the useless class .
However , there is hope that emerges from these questions : every industrial revolution leads to a period of re-skilling and adaptation , and each time the jobs that humans then take over are safer than those of previous eras .
A study in The Lancet argues that a personalised prediction machine learning model can be used to create safer work spaces and communities by measuring individuals ’ vulnerability and risk of suffering severe outcomes to diseases such as COVID-19 @ @ @ @ @ @ @ treatment more effectively , and help in preventing future lockdowns and creating safe work spaces by not unnecessarily isolating the least vulnerable in society and shielding the most .
Within work spaces , thermal imagery and temperature checks are likely to become commonplace as businesses look to reduce the risk of employees and customers with mild or even no symptoms entering a public place of work .
To reduce the intrusiveness of these measures , we can expect smart cameras to be increasingly installed at the entrance points to office buildings and stores @ @ @ @ @ @ @ possible symptoms Where the biggest ethical questions around AI remain – and we will be debating this at CogX next week – is over privacy .
Author Shoshana Zuboff theorises in The Age of Surveillance Capitalism that the next stage of market capitalism is the exploitation of the human experience for behavioural data .
Those operating businesses that use these algorithms are effectively betting on consumers ’ future behaviour based on existing data and are using it to become wealthy .
Ethical questions arise around how conscious we all are of the data @ @ @ @ @ @ @ have over our own data and our ‘ right to be forgotten ’ due to the General Data Protection Regulation of 2018 .
Every single time we give away our data we are trusting a company to use it in a way that benefits us , not exploits us .
If the companies who own that data use it in illicit ways , the trust between consumer and business will be eradicated and people ’ s personal freedoms will be compromised .
Next week , CogX will be focused on how we get @ @ @ @ @ @ @ our virtual festival , is bringing together leaders , CEOs , entrepreneurs , policy makers , artists , academics to look at this in the context of so many global issues .
AI will be a crucial part of this – with a role in ensuring the economy gets moving in a way that protects people ’ s health , inclusion for everyone in society , and for the future of work .
There are ethical considerations and natural risks and consequences to an industrial revolution of this scale that go alongside this @ @ @ @ @ @ @ run away from it : to get the next ten years right , we have to get AI right , and to do this we must embrace it and work collaboratively to make it work for everyone .
Charlie Muirhead is the CEO and founder of CogX

The impact of AI in a transformed world
Microsoft president Brad Smith said the UK had to make sure it was ahead on AI regulations
Artificial intelligence has entered the mainstream and the fourth industrial revolution is continuing apace, leading sceptics to question what this means for the average employee.
As we look towards the re-opening of the economy, it is clear that AI offers huge potential for a new world of work that is safer, more productive and more innovative than ever before. A medium- if not long-term effect of COVID-19 is an immediate need to reduce workplace capacity, and an acceleration in automation that will increase the safe space for remaining employees to go about their day.
With social distancing, remote working and the risk of future peaks leading to a potential increase in sick workers, AI will be vital in enabling new ways for businesses to operate.
Some companies are ahead of the curve; almost two years ago, online grocery service Ocado’s revenue saw an increase of almost 12% thanks to the automation of its warehouses. With this in place, the company can process more than a quarter of a million orders each week.
For healthcare, AI also has the potential to be vital, whether in delivery of care – from disease detection to treatment and even surgery, as well as in helping with hospital efficiency and workflow, which itself can enhance care delivery and cost of treatment. Human error is estimated to be around 30% in high-pressure decision-making scenarios, a risk that can be reduced exponentially by integrating machine learning and AI into the process.
Automation also offers the indirect advantage to the supply chain of more accurate forecasting of demand. Food supply for example can therefore be redirected from closed/ reduced capacity cafés and restaurants, and towards over-burdened supermarkets, preventing inessential contact along the supply chain. This will be reduced further through advances in autonomous vehicles and drone delivery, which will become ever more important.
Not only will this be important for manufacturing, but in the mobility sector. Social distancing and fears over future peaks of the virus mean many are looking to avoid public transport. An acceleration in the wide implementation of mobility solutions such as autonomous vehicles could provide an alternative route to work for many, that does not risk exposing them to drivers and other passengers.
The benefits of AI have been discussed at the annual CogX festival for the past three years. As we head full throttle towards our fourth, and first virtual, edition of the festival next week in the midst of this pandemic and rising societal unrest, the necessity of it is becoming ever clearer. But of course, we have to equally acknowledge the very real risks around this technology and the ethical questions AI continues to present.
Perhaps most pertinently, with the rise in activism around the Black Lives Matter movement following the death of George Floyd in the United States, the very first concern to address is how we can make artificial intelligence that eliminates racial bias. The technology industry remains disappointingly and frustratingly un-diverse, and this has heavily impacted on AI’s development – as machines learn from the environments they are built in, resulting in them learning the same biases and prejudices of those creating them.
The examples of how these biases has translated in reality have varied from the baffling to the truly grim – from automated soap dispensers that would only release soap onto white hands, to driverless cars that do not recognise black pedestrians, rendering more likely to run them over.
This is an urgent problem for technologists to find a solution for. Innovation must be to the benefit of everyone, and the protests in the US right now serve as only the latest reminder than we as an industry must do better in representing black people.
It is not only black communities at risk of exclusion. Israeli historian and author, Yuval Noah Harari argues in his second book, Homo Deus, that the rise of artificial intelligence will lead to a new ‘useless class’ of humans: with technology accelerating so quickly that skills will go out of date faster than people are learning them, leaving many unable to work.
It is, even by Harari’s own admission, a worst-case scenario. But it is a legitimate fear: how do we ensure continued technological advancement does not compromise people’s ability to contribute to the economy? The World Economic Forum predicts that by 2025, more than half of all jobs that existed in 2018 will have been replaced by automation and before 2030, people will need more than 100 days of learning each year to keep up.
This concern has only been accelerated by COVID-19; the United Nations’ labour body estimates that globally, 195 million jobs will be wiped out. Not only have hundreds of millions lost their jobs in the short-term, but there are concerns in some industries that these roles may never return. If AI takes their place, then these workers will urgently need to be upskilled to take on replacement roles, or risk becoming the first casualties of the useless class.
However, there is hope that emerges from these questions: every industrial revolution leads to a period of re-skilling and adaptation, and each time the jobs that humans then take over are safer than those of previous eras.
A study in The Lancet argues that a personalised prediction machine learning model can be used to create safer work spaces and communities by measuring individuals’ vulnerability and risk of suffering severe outcomes to diseases such as COVID-19. These models would help to allocate treatment more effectively, and help in preventing future lockdowns and creating safe work spaces by not unnecessarily isolating the least vulnerable in society and shielding the most.
Within work spaces, thermal imagery and temperature checks are likely to become commonplace as businesses look to reduce the risk of employees and customers with mild or even no symptoms entering a public place of work. To reduce the intrusiveness of these measures, we can expect smart cameras to be increasingly installed at the entrance points to office buildings and stores around the world, automatically detecting any possible symptoms
Where the biggest ethical questions around AI remain – and we will be debating this at CogX next week – is over privacy. Author Shoshana Zuboff theorises in The Age of Surveillance Capitalism that the next stage of market capitalism is the exploitation of the human experience for behavioural data. Those operating businesses that use these algorithms are effectively betting on consumers’ future behaviour based on existing data and are using it to become wealthy.
Ethical questions arise around how conscious we all are of the data we give away, the power we have over our own data and our ‘right to be forgotten’ due to the General Data Protection Regulation of 2018. Every single time we give away our data we are trusting a company to use it in a way that benefits us, not exploits us. If the companies who own that data use it in illicit ways, the trust between consumer and business will be eradicated and people’s personal freedoms will be compromised.
Next week, CogX will be focused on how we get the next ten years right and through our virtual festival, is bringing together leaders, CEOs, entrepreneurs, policy makers, artists, academics to look at this in the context of so many global issues. AI will be a crucial part of this – with a role in ensuring the economy gets moving in a way that protects people’s health, inclusion for everyone in society, and for the future of work.
There are ethical considerations and natural risks and consequences to an industrial revolution of this scale that go alongside this, but this should not mean we run away from it: to get the next ten years right, we have to get AI right, and to do this we must embrace it and work collaboratively to make it work for everyone.
Charlie Muirhead is the CEO and founder of CogX


cityam--2020-06-03--Digital bank Monzo to cut up to 120 jobs due to coronavirus

Digital bank Monzo will cut up to 120 jobs as a result of the coronavirus pandemic , it was revealed today .
In an internal note seen by Reuters , the cuts , which amount to about eight per cent of the bank ’ s workforce , were announced .
Read more : Monzo co-founder Tom Blomfield steps down as chief executive The memo said : “ Unfortunately we haven ’ t been able to achieve the goal of preventing the risk of redundancy at this time .
It ’ s genuinely heartbreaking to share the news ” .
The @ @ @ @ @ @ @ , said earlier this year that it was planning on hiring 500 more staff this year as it sought to continue its rapid expansion .
Monzo , which is one of the darling ’ s of the UK fintech sector , has been hit hard by the current crisis .
Before the Open : Get the jump on the markets with our early morning newsletter In May the challenger bank reportedly raised a fresh round of cash from investors at a 40 per cent discount to its previous fundraising .
The Financial Times @ @ @ @ @ @ @ between £70m and £80m in the current round , from both new and existing investors , amid worries about the impact of coronavirus .
The bank is closing its customer support office in Las Vegas , and is furloughing up to 295 staff in the UK .
Additionally , senior management and the board have offered to take a 25 per cent cut in salary .
Chief executive and co-founder Tom Blomfield also stepped down in May to become the firm ’ s president .

Digital bank Monzo to cut up to 120 jobs due to coronavirus
DEBATE: Do big banks still need a high-street presence?
Digital bank Monzo will cut up to 120 jobs as a result of the coronavirus pandemic, it was revealed today.
In an internal note seen by Reuters, the cuts, which amount to about eight per cent of the bank’s workforce, were announced.
The memo said: “Unfortunately we haven’t been able to achieve the goal of preventing the risk of redundancy at this time. It’s genuinely heartbreaking to share the news”.
The bank, which was founded in 2015, said earlier this year that it was planning on hiring 500 more staff this year as it sought to continue its rapid expansion.
Monzo, which is one of the darling’s of the UK fintech sector, has been hit hard by the current crisis.
Before the Open: Get the jump on the markets with our early morning newsletter
In May the challenger bank reportedly raised a fresh round of cash from investors at a 40 per cent discount to its previous fundraising.
The Financial Times reported the fintech was planning to raise between £70m and £80m in the current round, from both new and existing investors, amid worries about the impact of coronavirus.
The bank is closing its customer support office in Las Vegas, and is furloughing up to 295 staff in the UK.
Additionally, senior management and the board have offered to take a 25 per cent cut in salary.
Chief executive and co-founder Tom Blomfield also stepped down in May to become the firm’s president.


cityam--2020-06-03--HSBC Asia chief backs new Chinese security law for Hong Kong

HSBC ’ s chief executive in Asia has signed a petition backing China ’ s imposition of a new national security law on semi-autonomous Hong Kong .
The bank today confirmed that chief Peter Wong had signed the petition , and also said on social media that it “ respects and supports all laws that stabilise Hong Kong ’ s social order ” .
Read more : UK will offer ‘ route to citizenship ’ for Hong Kongers if China introduces security law The declaration marks a significant departure for the bank , which has refused to comment on political @ @ @ @ @ @ @ months .
Despite having moved its headquarters to London in 1993 , Hong Kong remains HSBC ’ s largest market , and it has invested billions of dollars into China through its presence there .
In increasing years it has been harder for the lender to maintain its apolitical stance to developments in the world ’ s second largest economy , a position which has brought it under fire from both pro and anti-China camps .
Will Howlett , an analyst at Quilter Cheviot , said that there was a risk HSBC would @ @ @ @ @ @ @ Wong ’ s declaration of support .
Before the Open : Get the jump on the markets with our early morning newsletter Earlier this year HSBC found itself caught up in the city ’ s long-running pro-democracy riots , with some of its branches vandalised .
Some protesters accused HSBC of being complicit in action by the authorities against activists trying to raise money to support protesters , accusations the bank denied .
Later today Standard Chartered followed suit , saying in an emailed statement that it hopes the new law can help @ @ @ @ @ @ @ Kong ” .
Beijing ’ s attempts to impose the law on the city have led to strong opposition from the UK , along with other countries such as the US , Canada and Australia .
Read more : UK tells China to ‘ step back from the brink ’ on new Hong Kong security legislation Speaking in the House of Commons yesterday , foreign secretary Dominic Raab said the legislation was in breach of its commitment to maintain a “ one country , two systems ” approach agreed in the 1997 handover @ @ @ @ @ @ @ also announced that the UK will extend visa rights to the estimated 3m British Nationals Overseas who live in Hong Kong .

HSBC Asia chief backs new Chinese security law for Hong Kong
HSBC’s chief executive in Asia has signed a petition backing China’s imposition of a new national security law on semi-autonomous Hong Kong.
The bank today confirmed that chief Peter Wong had signed the petition, and also said on social media that it “respects and supports all laws that stabilise Hong Kong’s social order”.
The declaration marks a significant departure for the bank, which has refused to comment on political unrest in the city over the past months.
Despite having moved its headquarters to London in 1993, Hong Kong remains HSBC’s largest market, and it has invested billions of dollars into China through its presence there.
In increasing years it has been harder for the lender to maintain its apolitical stance to developments in the world’s second largest economy, a position which has brought it under fire from both pro and anti-China camps.
Will Howlett, an analyst at Quilter Cheviot, said that there was a risk HSBC would become a “political football” after Wong’s declaration of support.
Before the Open: Get the jump on the markets with our early morning newsletter
Earlier this year HSBC found itself caught up in the city’s long-running pro-democracy riots, with some of its branches vandalised.
Some protesters accused HSBC of being complicit in action by the authorities against activists trying to raise money to support protesters, accusations the bank denied.
Later today Standard Chartered followed suit, saying in an emailed statement that it hopes the new law can help “maintain the long-term stability of Hong Kong”.
Beijing’s attempts to impose the law on the city have led to strong opposition from the UK, along with other countries such as the US, Canada and Australia.
Speaking in the House of Commons yesterday, foreign secretary Dominic Raab said the legislation was in breach of its commitment to maintain a “one country, two systems” approach agreed in the 1997 handover of the former colony.
Raab has also announced that the UK will extend visa rights to the estimated 3m British Nationals Overseas who live in Hong Kong.


cityam--2020-06-03--Boris Johnson tells UK to brace for mass unemployment

Boris Johnson has warned of “ many , many job losses ” after the coronavirus crisis and has pledged to invest in retraining the UK ’ s young people .
The Prime Minister said high levels of unemployment , as a result of the crisis , was “ inevitable ” and that his government would be “ activist and interventionist ” in dealing with job losses .
Read more : Eurozone unemployment creeps up in April amid Covid-19 lockdown The UK ’ s official unemployment rate is expected to rise substantially when new figures are released , after a 70 @ @ @ @ @ @ @ in April .
More job losses will likely follow when the government ’ s furlough scheme is lifted , with many companies using the programme tipped to not re-open .
The Times reported today that chancellor Rishi Sunak had begun to develop a jobs programme to deal with the fallout , which may include plans to retrain people for green jobs .
Johnson said today that he would guarantee apprenticeships for young people as a part of any jobs programme .
“ There will be many , many job losses and that is @ @ @ @ @ @ @ of the coronavirus on the economy and the shutdown that has taken place , ” he said .
“ In dealing with that , we will be as activist and interventionist as we have been throughout the lockdown .
“ We will be just as interventionist in the next phase – investing in the UK economy , investing in infrastructure and taking our country forward so we bounce back as sharply and decisively as we can.
” During the last recession , Gordon Brown set up the Future Jobs Fund in an attempt @ @ @ @ @ @ @ after the 2008 financial crash .
The £1.3bn fund created 200,000 jobs that were partly subsidised by the government , with the programme emphasising skills and training .
Lord Alastair Darling , who was chancellor under Brown , addressed Westminster ’ s Treasury Select Committee today and emphasised the need for a programme similar to the Future Jobs Fund .
“ If we can preserve jobs and can preserve , if you like , the economic fabric of our country then we should do everything we possibly can , ” he said .
@ @ @ @ @ @ @ , let ’ s look at a range of possibilities that critically can get people back into work.
” Current Labour shadow chancellor told City A.M. last week that the government needed to place a greater emphasis on “ upskilling and redeployment ” in its economic response to the pandemic .
Read more : Priti Patel lays out details of 14-day quarantine plan “ I think there ’ s very little discussion in a UK context on the role of upskilling and redeployment as a result of this crisis , ” Dodds said @ @ @ @ @ @ @ contrast between the UK and other countries , so I think that ’ s an area where we are working on , particularly developing skills for the future .
”

Boris Johnson tells UK to brace for mass unemployment
The EU banking regulator has extended loan repayment holidays for companies struggling during the pandemic.
Boris Johnson has warned of “many, many job losses” after the coronavirus crisis and has pledged to invest in retraining the UK’s young people.
The Prime Minister said high levels of unemployment, as a result of the crisis, was “inevitable” and that his government would be “activist and interventionist” in dealing with job losses.
The UK’s official unemployment rate is expected to rise substantially when new figures are released, after a 70 per cent increase in Universal Credit claims in April.
More job losses will likely follow when the government’s furlough scheme is lifted, with many companies using the programme tipped to not re-open.
The Times reported today that chancellor Rishi Sunak had begun to develop a jobs programme to deal with the fallout, which may include plans to retrain people for green jobs.
Johnson said today that he would guarantee apprenticeships for young people as a part of any jobs programme.
“There will be many, many job losses and that is just inevitable, because of the effect of the coronavirus on the economy and the shutdown that has taken place,” he said.
“In dealing with that, we will be as activist and interventionist as we have been throughout the lockdown.
“We will be just as interventionist in the next phase – investing in the UK economy, investing in infrastructure and taking our country forward so we bounce back as sharply and decisively as we can.”
During the last recession, Gordon Brown set up the Future Jobs Fund in an attempt to get young people back to work after the 2008 financial crash.
The £1.3bn fund created 200,000 jobs that were partly subsidised by the government, with the programme emphasising skills and training.
Lord Alastair Darling, who was chancellor under Brown, addressed Westminster’s Treasury Select Committee today and emphasised the need for a programme similar to the Future Jobs Fund.
“If we can preserve jobs and can preserve, if you like, the economic fabric of our country then we should do everything we possibly can,” he said.
“If that’s not possible, let’s look at a range of possibilities that critically can get people back into work.”
Current Labour shadow chancellor told City A.M. last week that the government needed to place a greater emphasis on “upskilling and redeployment” in its economic response to the pandemic.
“I think there’s very little discussion in a UK context on the role of upskilling and redeployment as a result of this crisis,” Dodds said.
“That’s a real contrast between the UK and other countries, so I think that’s an area where we are working on, particularly developing skills for the future.”


cityam--2020-06-03--UK quarantine: Boris Johnson says UK will 'certainly develop' air bridges

The government “ will certainly be developing ” air bridges with other European countries to ensure quarantine-free travel , according to Boris Johnson .
The Prime Minister said at the daily press briefing that work was underway to create exemptions for the 14-day quarantine for inbound travellers , which will begin next Monday .
Read more : Priti Patel lays out details of 14-day quarantine plan Home secretary Priti Patel today unveiled the government ’ s plan to impose the new quarantine , which she described as only temporary .
Arrivals to the UK will be required to fill in @ @ @ @ @ @ @ including details of where they will isolate and how they can be contacted .
The form must be completed in advance of travel and passengers will require a receipt in order to prove they have done so .
Business groups , the aviation sector and a large group of Tory MPs have derided the plans as a threat to the future of Britain ’ s tourism industry .
The first review of the quarantine will be on 28 June , with Johnson signalling there could be country-by-country exemptions at this time .
“ @ @ @ @ @ @ @ safe corridor , safe travel between the UK and other countries with low or similar levels of infectivity and we will certainly be developing that as we go forward , ” he said .
Patel said today that the government was exploring “ international travel corridors ” .
“ Any international approaches will be bilateral and agreed with the other countries concerned , ” she said .
“ We need to ensure that those countries are deemed to be safe .
“ We are not alone in our fight against this disease , @ @ @ @ @ @ @ to stop it.
” The UK ’ s imposition of a quarantine comes as other European countries are beginning to lift their own similar measures .
Italy opened its borders this week , while France , Germany and Spain will soon also follow .
London Chamber of Commerce chief Richard Burge sent a letter to the government today to voice his displeasure at the new quarantine plans .
“ This blanket aviation proposal doesn ’ t appear to be risk-based , ” he said .
“ If it was , it would recognise @ @ @ @ @ @ @ lower transmission levels than the UK and low incidence of the disease would not increase our risk , provided they adopted our social distancing protocols on arrival ” .
British Chambers of Commerce chief executive Adam Marshall echoed Burge ’ s words , saying that “ the safe re-establishment of connections to key markets and trade partners must now be a top priority for the government ” .

UK quarantine: Boris Johnson says UK will ‘certainly develop’ air bridges
The Prime Minister said at the daily press briefing that work was underway to create exemptions for the 14-day quarantine for inbound travellers, which will begin next week.
The government “will certainly be developing” air bridges with other European countries to ensure quarantine-free travel, according to Boris Johnson.
The Prime Minister said at the daily press briefing that work was underway to create exemptions for the 14-day quarantine for inbound travellers, which will begin next Monday.
Home secretary Priti Patel today unveiled the government’s plan to impose the new quarantine, which she described as only temporary.
Arrivals to the UK will be required to fill in a “contact locator” form, including details of where they will isolate and how they can be contacted.
The form must be completed in advance of travel and passengers will require a receipt in order to prove they have done so.
Business groups, the aviation sector and a large group of Tory MPs have derided the plans as a threat to the future of Britain’s tourism industry.
The first review of the quarantine will be on 28 June, with Johnson signalling there could be country-by-country exemptions at this time.
“I mentioned earlier on the idea of safe corridor, safe travel between the UK and other countries with low or similar levels of infectivity and we will certainly be developing that as we go forward,” he said.
Patel said today that the government was exploring “international travel corridors”.
“Any international approaches will be bilateral and agreed with the other countries concerned,” she said.
“We need to ensure that those countries are deemed to be safe.
“We are not alone in our fight against this disease, or in the measures we have taken to stop it.”
The UK’s imposition of a quarantine comes as other European countries are beginning to lift their own similar measures.
Italy opened its borders this week, while France, Germany and Spain will soon also follow.
London Chamber of Commerce chief Richard Burge sent a letter to the government today to voice his displeasure at the new quarantine plans.
“This blanket aviation proposal doesn’t appear to be risk-based,” he said.
“If it was, it would recognise that arrivals from some countries with much lower transmission levels than the UK and low incidence of the disease would not increase our risk, provided they adopted our social distancing protocols on arrival”.
British Chambers of Commerce chief executive Adam Marshall echoed Burge’s words, saying that “the safe re-establishment of connections to key markets and trade partners must now be a top priority for the government”.