cityam--2020-11-09--Ukrainian businessman allegedly asked to invent dirt on Hunter Biden

Ukrainian businessman Hares Youssef has alleged he was promised a US visa in return for information that would damage Joe Biden ’ s presidential campaign .
Speaking on the Stories of our Times podcast , Youssef alleged he was asked to lie about Hunter Biden ’ s business dealings to damage the reputation of Joe Biden .
In return he was promised a US visa and legal immunity .
Read more : Ukraine corruption investigators probe gas firm – but not Hunter Biden Youssef has alleged that he was asked to invent links between Hunter Biden and a business deal @ @ @ @ @ @ @ had gone wrong .
“ The deal was to lie , ” Youssef said on the podcast .
“ I had never even met him .
But the hunting dogs were out for Hunter Biden.
” According to The Times Youssef invested just under $ 3 million in a tech start-up fund called mbloom , which was backed by Devon Archer , Hunter Biden ’ s former business partner .
The details of mbloom ’ s investments were obscure .
Youssef claimed he believed his investment would be used to create a gold-backed @ @ @ @ @ @ @ managers of mbloom , however , used the fund to invest in their own start-ups .
Youssef lost the bulk of his investment when the fund was shut down in 2016 after Archer was accused of fraud in a separate and unrelated case .
Hunter , the youngest son of President-elect Biden , had allegedly previously been on the board of Burisma , a Ukrainian gas company , with Archer and had become involved in his investment firm , Rosemont Seneca Technology Partners , one of the main funders behind mbloom .
Hunter @ @ @ @ @ @ @ before Youssef made his investment in mbloom .
But according to The Times , last year Youssef briefly courted journalists with a story about Hunter ’ s links to the now-defunct mbloom fund and claimed that he had promised businessmen access to his father in 2015 , when Joe Biden was vice-president under Barack Obama .
Youssef had no evidence at the time to support his assertions and now he has admitted that it was all untrue .
Youssef has alleged a member of Kremlin-linked Ukrainian oligarch Dmytro Firtash ’ s team approached @ @ @ @ @ @ @ solve this relationship with America if you can help us.
” Firtash is fighting extradition to the US on racketeering and money-laundering charges that he denies .
He lives next door to Youssef in Vienna .
Yousself has alleged Firtash ’ s team asked him to create a story about Hunter Biden being linked mbloom so Firtash ’ s extradition order could be rescinded – if he could find enough evidence against Hunter Biden .
Youssef said Firtash was not involved in the approach and there is no suggestion that he was aware @ @ @ @ @ @ @ taken by his team .
Firtash has always denied any involvement in the smear campaign directed at the Bidens .
The allegations raise fresh questions about a story that has dogged the Trump administration , leading to a Senate inquiry and the impeachment of Trump in January 2020 .
Accused of an abuse of power and soliciting foreign interference in the American election , Trump was alleged to have halted military aid to Ukraine until President Zelensky would agree to start an official investigation into the Bidens .
The outgoing president was acquitted @ @ @ @ @ @ @ the Senate , where Republicans outnumber their Democratic rivals .
Now , with a Biden administration in sight , and having been made aware of the new evidence gathered by the Times investigation , Lieutenant Colonel Alexander Vindman , one of the main witnesses in the hearings , believes another legal investigation is needed .
The Trump campaign and Trump ’ s lawyer Rudy Giuliani declined to comment .

Ukrainian businessman allegedly asked to invent dirt on Hunter Biden
President-elect Joe Biden hugs son Hunter Biden, who has allegedly been the victim of a smear campaign.
Ukrainian businessman Hares Youssef has alleged he was promised a US visa in return for information that would damage Joe Biden’s presidential campaign.
Speaking on the Stories of our Times podcast, Youssef alleged he was asked to lie about Hunter Biden’s business dealings to damage the reputation of Joe Biden. In return he was promised a US visa and legal immunity.
Youssef has alleged that he was asked to invent links between Hunter Biden and a business deal with one of his former associates that had gone wrong.
“The deal was to lie,” Youssef said on the podcast. “I had never even met him. But the hunting dogs were out for Hunter Biden.”
mbloom
According to The Times Youssef invested just under $3 million in a tech start-up fund called mbloom, which was backed by Devon Archer, Hunter Biden’s former business partner.
The details of mbloom’s investments were obscure. Youssef claimed he believed his investment would be used to create a gold-backed virtual currency named Golden Hearts. The managers of mbloom, however, used the fund to invest in their own start-ups.
Youssef lost the bulk of his investment when the fund was shut down in 2016 after Archer was accused of fraud in a separate and unrelated case.
Hunter, the youngest son of President-elect Biden, had allegedly previously been on the board of Burisma, a Ukrainian gas company, with Archer and had become involved in his investment firm, Rosemont Seneca Technology Partners, one of the main funders behind mbloom.
Hunter had ceased any association with the company before Youssef made his investment in mbloom.
But according to The Times, last year Youssef briefly courted journalists with a story about Hunter’s links to the now-defunct mbloom fund and claimed that he had promised businessmen access to his father in 2015, when Joe Biden was vice-president under Barack Obama. Youssef had no evidence at the time to support his assertions and now he has admitted that it was all untrue.
Youssef has alleged a member of Kremlin-linked Ukrainian oligarch Dmytro Firtash’s team approached him, saying: “We can solve this relationship with America if you can help us.”
Firtash is fighting extradition to the US on racketeering and money-laundering charges that he denies. He lives next door to Youssef in Vienna.
Yousself has alleged Firtash’s team asked him to create a story about Hunter Biden being linked mbloom so Firtash’s extradition order could be rescinded – if he could find enough evidence against Hunter Biden.
Youssef said Firtash was not involved in the approach and there is no suggestion that he was aware of the actions alleged to have been taken by his team.
Firtash has always denied any involvement in the smear campaign directed at the Bidens.
Links with impeachment
The allegations raise fresh questions about a story that has dogged the Trump administration, leading to a Senate inquiry and the impeachment of Trump in January 2020.
Accused of an abuse of power and soliciting foreign interference in the American election, Trump was alleged to have halted military aid to Ukraine until President Zelensky would agree to start an official investigation into the Bidens.
The outgoing president was acquitted in early February during his trial in the Senate, where Republicans outnumber their Democratic rivals. Now, with a Biden administration in sight, and having been made aware of the new evidence gathered by the Times investigation, Lieutenant Colonel Alexander Vindman, one of the main witnesses in the hearings, believes another legal investigation is needed.
The Trump campaign and Trump’s lawyer Rudy Giuliani declined to comment.


cityam--2020-11-09--Trump sacks defence secretary Mark Esper

Donald Trump has sacked US defence secretary Mark Esper and replaced him with National Counterterrorism Centre director Christopher Miller .
The US President took to Twitter to announce : “ Mark Esper has been terminated .
I would like to thank him for his service ” .
Read more : Putin ‘ has noted ’ Trump ’ s legal challenges to US presidential election In a separate tweet Trump added : “ I am pleased to announce that Christopher C. Miller , the highly respected director of the National Counterterrorism Center ( unanimously confirmed by the Senate ) , will @ @ @ @ @ @ @ immediately.
” During the summer the President and defence secretary clashed over whether to use military to quell protests following the death of George Floyd .
Trump urged a crackdown with the US military , but Esper disagreed , and said active duty military troops should not be sent to control the protests .
Later in the summer Trump publicly mocked Esper , calling him “ Yesper ” .
According to NBC News Esper earned the nickname from white house officials and lawmakers who believed Esper was willing to implement Trump ’ s @ @ @ @ @

Trump sacks defence secretary Mark Esper
EX U.S. President Donald Trump is not amused (Photo by Chip Somodevilla/Getty Images)
Donald Trump has sacked US defence secretary Mark Esper and replaced him with National Counterterrorism Centre director Christopher Miller.
The US President took to Twitter to announce: “Mark Esper has been terminated. I would like to thank him for his service”.
In a separate tweet Trump added: “I am pleased to announce that Christopher C. Miller, the highly respected director of the National Counterterrorism Center (unanimously confirmed by the Senate), will be acting secretary of defense, effective immediately.”
During the summer the President and defence secretary clashed over whether to use military to quell protests following the death of George Floyd. Trump urged a crackdown with the US military, but Esper disagreed, and said active duty military troops should not be sent to control the protests.
Later in the summer Trump publicly mocked Esper, calling him “Yesper”. According to NBC News Esper earned the nickname from white house officials and lawmakers who believed Esper was willing to implement Trump’s agenda without pushing back.


cityam--2020-11-09--Rishi Sunak announces post-Brexit outline for City of London

Rishi Sunak has outlined the City of London ’ s future after Brexit , which will aim to provide stability for EU financial services firms operating in the UK while also trying to open up the sector to more international markets .
Sunak said the Treasury today was unliterally publishing “ a set of equivalence decisions for EU and EEA member states ” , before Brussels makes a decision on future Europe access for City of London firms .
Read more : Lords look to defeat Brexit bill that breaks international law As it stands now , the UK ’ @ @ @ @ @ @ @ current access to EU markets on 1 January .
“ I ’ m also publishing today a detailed framework for our approach to equivalence more generally , ” Sunak said .
“ We will use equivalence when it ’ s in the UK ’ s economic interest to do so.
” Sunak also announced the UK ’ s first long term asset fund “ will be up and running within a year ” and that from 2025 all “ large companies and financial institutions across our economy ” will have to disclose their @ @ @ @ @ @ @ next year issue its first ever “ sovereign green bond ” – the first in a series of new issuances .
“ We ’ re implementing a new green taxonomy , robustly classifying what we mean by green to help firms and investors better understand the impact of their investments on the environment , ” he said .
The UK ’ s financial services industry and its future relationship with EU markets is separated from the current negotiations on a post-Brexit trade deal .
Before the Open newsletter : Start your day with @ @ @ @ @ @ @ data Brussels only grants access to its financial markets to non-EU countries if they are deemed to have similar regulations in a process known as equivalence .
The UK government submitted a series of regulatory equivalence assessments to the EU over summer in a bid to maintain access for the City of London .
The EU ’ s then commissioner for financial services Valdis Dombrovskis said earlier this year that EU member states had not come to terms with Brussels ’ regulatory changes for the financial services sector , meaning it could take @ @ @ @ @ @ @ the UK .
“ In some areas we will not be in a position to adopt equivalence decisions .
.
.
not all EU parameters are in place in these areas , ” Dombrovskis said .
“ Implementing rules are not yet in place.
” Dombrovskis said at the time that the UK may have to broker arrangements with individual EU countries on financial services to ensure City of London firms do not completely lose access to mainland Europe on 1 January .
Investment Association boss Chris Cummings said he supported the chancellor @ @ @ @ @ @ @ political one ” on equivalence .
“ Today ’ s announcements will provide UK-based firms a degree of clarity regarding access to critical infrastructure post-Brexit , and all eyes will now be on the Commission to reciprocate in the interest of savers and investors across Europe.
” Barclays boss Jes Staley also welcomed the move : “ An open , globally competitive financial centre is critical for building prosperity across the country and to help communities through uncertain times such as these .
The Chancellor ’ s commitment today means we can keep @ @ @ @ @ @ @ for the UK.
” Labour shadow chancellor Anneliese Dodds concentrated on the green initiatives in the chancellor ’ s statement in the House of Commons , saying they did not go far enough .
She called for the new 2025 green reporting rule for large companies to be brought forward to 2021-2022 and for further measures to be implemented .
“ The UK produces one per cent of global emissions , but companies and financial institutions based her produce 15 per cent of those emissions , ” she said .
“ Will the @ @ @ @ @ @ @ fuel projects through UK export finance ?
” Read more : London financial services jobs rise after Covid-19 crash Institute of Directors director of policy and corporate governance Dr Roger Barker said : “ The problem is there ’ s a hundred and one different ways of measuring climate impact out there right now .
“ It ’ s a confusing landscape for companies and investors alike , so bringing in common standards is absolutely the right thing to do .
”

Rishi Sunak announces post-Brexit outline for City of London
The skyline, including the office buildings of the City of London, is seen in London, England on September 02, 2020. (Photo by DANIEL LEAL-OLIVAS / AFP) (Photo by DANIEL LEAL-OLIVAS/AFP via Getty Images)
Rishi Sunak has outlined the City of London’s future after Brexit, which will aim to provide stability for EU financial services firms operating in the UK while also trying to open up the sector to more international markets.
Sunak said the Treasury today was unliterally publishing “a set of equivalence decisions for EU and EEA member states”, before Brussels makes a decision on future Europe access for City of London firms.
As it stands now, the UK’s financial services industry will lose its current access to EU markets on 1 January.
“I’m also publishing today a detailed framework for our approach to equivalence more generally,” Sunak said.
“We will use equivalence when it’s in the UK’s economic interest to do so.”
Sunak also announced the UK’s first long term asset fund “will be up and running within a year” and that from 2025 all “large companies and financial institutions across our economy” will have to disclose their carbon footprint.
The Treasury will also next year issue its first ever “sovereign green bond” – the first in a series of new issuances.
“We’re implementing a new green taxonomy, robustly classifying what we mean by green to help firms and investors better understand the impact of their investments on the environment,” he said.
The UK’s financial services industry and its future relationship with EU markets is separated from the current negotiations on a post-Brexit trade deal.
Before the Open newsletter: Start your day with the City View podcast and key market data
Brussels only grants access to its financial markets to non-EU countries if they are deemed to have similar regulations in a process known as equivalence.
The UK government submitted a series of regulatory equivalence assessments to the EU over summer in a bid to maintain access for the City of London.
The EU’s then commissioner for financial services Valdis Dombrovskis said earlier this year that EU member states had not come to terms with Brussels’ regulatory changes for the financial services sector, meaning it could take some time to secure market access for the UK.
“In some areas we will not be in a position to adopt equivalence decisions . . . not all EU parameters are in place in these areas,” Dombrovskis said.
“Implementing rules are not yet in place.”
Dombrovskis said at the time that the UK may have to broker arrangements with individual EU countries on financial services to ensure City of London firms do not completely lose access to mainland Europe on 1 January.
Investment Association boss Chris Cummings said he supported the chancellor taking a “technical approach not a political one” on equivalence.
“Today’s announcements will provide UK-based firms a degree of clarity regarding access to critical infrastructure post-Brexit, and all eyes will now be on the Commission to reciprocate in the interest of savers and investors across Europe.”
Barclays boss Jes Staley also welcomed the move: “An open, globally competitive financial centre is critical for building prosperity across the country and to help communities through uncertain times such as these. The Chancellor’s commitment today means we can keep on building what is a unique strength for the UK.”
Labour shadow chancellor Anneliese Dodds concentrated on the green initiatives in the chancellor’s statement in the House of Commons, saying they did not go far enough.
She called for the new 2025 green reporting rule for large companies to be brought forward to 2021-2022 and for further measures to be implemented.
“The UK produces one per cent of global emissions, but companies and financial institutions based her produce 15 per cent of those emissions,” she said.
“Will the chancellor immediately ban the financing of fossil fuel projects through UK export finance?”
Institute of Directors director of policy and corporate governance Dr Roger Barker said: “The problem is there’s a hundred and one different ways of measuring climate impact out there right now.
“It’s a confusing landscape for companies and investors alike, so bringing in common standards is absolutely the right thing to do.”


cityam--2020-11-09--Exclusive: Ex-Labour mayor defects to Tories over Sadiq Khan's record on crime

A former Labour mayor of Islington has defected to the Tories and is campaigning for the party ’ s mayoral candidate after being disappointed with Sadiq Khan ’ s handling of violent crime in London .
Islington councillor Rakhia Ismail , who was mayor of the London council last year , quit Labour in September alleging she had experienced racism within the party .
Read more : Sadiq Khan blasted over ‘ PR stunt ’ as he moves City Hall to Royal Docks Ismail also voiced her concerns about Labour ’ s efforts in tackling violent crime at the local @ @ @ @ @ @ @ risen by 34 per cent since 2016 and violent crime has risen by around 20 per cent .
Today Ismail announced she had joined the Conservatives and will campaign for Shaun Bailey in the May mayoral election .
Before the Open newsletter : Start your day with the City View podcast and key market data “ I believe [ Bailey ] will inspire every family across London , and every family across the country that has suffered from violent crime , ” she said .
The mayor of London ’ s plan to @ @ @ @ @ @ @ encapsulated in the Violent Reduction Unit , which was launched in 2018 .
Read more : Sadiq Khan pushes for extension on business rates holiday for retail , leisure and hospitality businesses The unit aims to coordinate health , police and local government to reduce crime rates , while also remedying “ the underlying causes of violent crime ” .
In regards to Bailey ’ s new endorsement , a London Labour source said : “ We will not take any lessons on tackling crime from the Tory Mayoral candidate who oversaw huge @ @ @ @ @ @ @ services when he was the Downing Street crime adviser – and who is still refusing to ask his Tory mates in Government to refund the Met police for the cost of tackling Covid-19 which will mean yet more Tory austerity inflicted on our police .
”

Exclusive: Ex-Labour mayor defects to Tories over Sadiq Khan’s record on crime
A former Labour mayor of Islington has defected to the Tories and is campaigning for the party’s mayoral candidate after being disappointed with Sadiq Khan’s handling of violent crime in London.
Islington councillor Rakhia Ismail, who was mayor of the London council last year, quit Labour in September alleging she had experienced racism within the party.
Ismail also voiced her concerns about Labour’s efforts in tackling violent crime at the local level.
Knife crime in London has risen by 34 per cent since 2016 and violent crime has risen by around 20 per cent.
Mayoral candidate Shaun Bailey with Rakhia Ismail and London minister Paul Scully
Today Ismail announced she had joined the Conservatives and will campaign for Shaun Bailey in the May mayoral election.
Before the Open newsletter: Start your day with the City View podcast and key market data
“I believe [Bailey] will inspire every family across London, and every family across the country that has suffered from violent crime,” she said.
The mayor of London’s plan to decrease violent crime in the capital is encapsulated in the Violent Reduction Unit, which was launched in 2018.
The unit aims to coordinate health, police and local government to reduce crime rates, while also remedying “the underlying causes of violent crime”.
In regards to Bailey’s new endorsement, a London Labour source said: “We will not take any lessons on tackling crime from the Tory Mayoral candidate who oversaw huge cuts to the Met police and youth services when he was the Downing Street crime adviser – and who is still refusing to ask his Tory mates in Government to refund the Met police for the cost of tackling Covid-19 which will mean yet more Tory austerity inflicted on our police.”


cityam--2020-11-09--Boris Johnson urges caution over Pfizer Covid vaccine breakthrough

Boris Johnson has urged the nation to not start celebrating the news of a potential effective Covid vaccine and that the “ distant bugle of the scientific cavalry ” was still “ some way off ” .
Johnson said at a press conference this afternoon that the UK would wait until Pfizer and BioNTech release the safety data around the vaccine before making any safety and regulatory assessments .
Read more : S & P 500 and Dow Jones hit record highs on renewed hopes of Covid-19 vaccine “ I must stress that these are very early days , ” @ @ @ @ @ @ @ talked for a long time , or I have , about the distant bugle of the scientific cavalry coming over the brow of the hill – I can tell you tonight the toot of that bugle is louder , but it ’ s still some way off .
“ We absolutely can not rely on this news as a solution and the biggest mistake we could make now is slacken our resolve at a critical moment.
” Pfizer and BioNTech announced today that its joint vaccine trial has a 90 per cent success @ @ @ @ @ @ @ to be needed for regulators to approve it .
Before the Open newsletter : Start your day with the City View podcast and key market data The companies said units of the vaccine could be administered before the end of the year pending regulatory approval in individual countries .
The UK has ordered 40m doses of the vaccine , with 10m potentially coming before the end of the year .
Johnson said that the vaccine required two doses , so the 40m would only cover one-third of the population .
England ’ s @ @ @ @ @ @ @ that today was a “ really very important scientific breakthrough ” and that he was “ hopeful ” that the vaccine could be administered before Christmas .
“ The next step is to see the safety data and I imagine that will come in the next few days , ” he said .
“ Safety is every bit , in fact I would say it ’ s more important than , vaccine effectiveness.
” Van Tam said that Britain ’ s oldest residents , along with care home workers , will be prioritised @ @ @ @ @ @ @ regulatory approval .
He added that today ’ s news about a potential vaccine will not affect the country ’ s current coronavirus restrictions .
“ We don ’ t know what this means for getting life back to normal , about lifting some of the restrictions we live under , ” he said .
“ I don ’ t see the vaccine making any difference for the wave we are now in .
“ I ’ m hopeful it may prevent future waves , but this one we have to battle through @ @ @ @ @ @ @

Boris Johnson urges caution over Pfizer Covid vaccine breakthrough
Boris Johnson has urged the nation to not start celebrating the news of a potential effective Covid vaccine and that the “distant bugle of the scientific cavalry” was still “some way off”.
Johnson said at a press conference this afternoon that the UK would wait until Pfizer and BioNTech release the safety data around the vaccine before making any safety and regulatory assessments.
“I must stress that these are very early days,” Johnson said.
“We’ve talked for a long time, or I have, about the distant bugle of the scientific cavalry coming over the brow of the hill – I can tell you tonight the toot of that bugle is louder, but it’s still some way off.
“We absolutely cannot rely on this news as a solution and the biggest mistake we could make now is slacken our resolve at a critical moment.”
Pfizer and BioNTech announced today that its joint vaccine trial has a 90 per cent success rate – well above the threshold thought to be needed for regulators to approve it.
Before the Open newsletter: Start your day with the City View podcast and key market data
The companies said units of the vaccine could be administered before the end of the year pending regulatory approval in individual countries.
The UK has ordered 40m doses of the vaccine, with 10m potentially coming before the end of the year.
Johnson said that the vaccine required two doses, so the 40m would only cover one-third of the population.
England’s deputy chief medical officer Jonathan Van Tam that today was a “really very important scientific breakthrough” and that he was “hopeful” that the vaccine could be administered before Christmas.
“The next step is to see the safety data and I imagine that will come in the next few days,” he said.
“Safety is every bit, in fact I would say it’s more important than, vaccine effectiveness.”
Van Tam said that Britain’s oldest residents, along with care home workers, will be prioritised for vaccine access if the trial gets regulatory approval.
He added that today’s news about a potential vaccine will not affect the country’s current coronavirus restrictions.
“We don’t know what this means for getting life back to normal, about lifting some of the restrictions we live under,” he said.
“I don’t see the vaccine making any difference for the wave we are now in.
“I’m hopeful it may prevent future waves, but this one we have to battle through to the end without vaccine.”


cityam--2020-11-09--Coronavirus breakthrough as Pfizer vaccine ‘more than 90 per cent effective’

Pfizer has announced that its experimental Covid-19 vaccine proved more than 90 per cent effective in trials , sending Wall Street futures soaring in morning trading .
Wall Street soarded with the Dow Jones Industrial Average and S & P 500 indexes soaring to new records – already bolstered by post-election certainty they were then supercharged by hope for a vaccine and return to normality .
Read more : Winners and losers : Stocks soaring AND plummeting as Pfizer reports Covid-19 vaccine breakthrough Shares in Pfizer jumped on the open and are tonight trading around 10 per cent higher .
@ @ @ @ @ @ @ Biontech described the results as a “ great day for science and humanity ” , as the two companies provided the first successful data from a large-scale clinical trial of a coronavirus vaccine .
The duo said they have so far found no serious safety concerns and expect to seek US emergency use authorisation later this month .
If authorised , the vaccine could be rolled out in the next few months , though doses will initially be limited .
“ Today is a great day for science and humanity , ” said @ @ @ @ @ @ @ of Pfizer .
“ We are reaching this critical milestone in our vaccine development program at a time when the world needs it most with infection rates setting new records , hospitals nearing over-capacity and economies struggling to reopen.
” Bill Gruber , one of Pfizer ’ s top vaccine scientists , said : “ I ’ m near ecstatic .
This is a great day for public health and for the potential to get us all out of the circumstances we ’ re now in.
” London stocks also celebrated the breakthrough @ @ @ @ @ @ @ 100 catapulting 5.3 per cent to 6,222.22 , and the FTSE 350 jumping 4.2 per cent to 3,494.41 .
Around a dozen drugs have reached the final stages of testing in the global race for a vaccine , but Pfizer ’ s is the first to show any results .
Read more : Social media firms to crack down on Covid-19 vaccine disinformation The efficacy rate is well above the 50 per cent effectiveness required by the US Food and Drug Administration to roll out a coronavirus vaccine .
Pfizer ’ s vaccine @ @ @ @ @ @ @ part of the virus ’ s genetic dose to train the immune system to counter it .
The drug has so far been trialled in the US , Germany , Brazil , Argentina , South Africa and Turkey .
The US company believes it will supply 50m doses by the end of this year and around 1.3bn by the end of 2021 .
Pfizer and BioNTech have signed a $ 1.95bn ( £1.48bn ) contract with the US government to deliver 100m vaccine doses beginning this year .
They have also inked supply @ @ @ @ @ @ @ Canada and Japan .
US President elect Joe Biden said a coronavirus vaccine approval process must be guided by science so the public can have confidence it is safe and effective , warning that the United States is still facing a dark winter and that a vaccine likely won ’ t be available for months .
“ I implore you , wear a mask… .
A mask is not a political statement , ” Biden said , adding that he would spare no effort to turn the pandemic around once he is sworn @ @ @ @ @ @ @ regulator last month began an accelerated review of coronavirus vaccines being developed by Pfizer and British-Swedish firm Astrazeneca .
Rolling reviews allow regulators contemporaneous access to trial data in order to get drugs approved more quickly .
They are used to speed through approvals where there is a public health requirement .

Coronavirus breakthrough as Pfizer vaccine ‘more than 90 per cent effective’
Pfizer has announced that its experimental Covid-19 vaccine proved more than 90 per cent effective in trials, sending Wall Street futures soaring in morning trading.
Wall Street soared with the Dow Jones Industrial Average and S&P 500 indexes catapulting to new records.
Already bolstered by post-election certainty, the indexes supercharged on hopes for a vaccine and return to normality.
Shares in Pfizer jumped on the open and are tonight trading around 10 per cent higher.
In a major breakthrough, Pfizer and Biontech described the results as a “great day for science and humanity”, as the two companies provided the first successful data from a large-scale clinical trial of a coronavirus vaccine.
The duo said they have so far found no serious safety concerns and expect to seek US emergency use authorisation later this month.
If authorised, the vaccine could be rolled out in the next few months, though doses will initially be limited.
“Today is a great day for science and humanity,” said Albert Bourla, chairman and chief executive of Pfizer.
“We are reaching this critical milestone in our vaccine development program at a time when the world needs it most with infection rates setting new records, hospitals nearing over-capacity and economies struggling to reopen.”
Bill Gruber, one of Pfizer’s top vaccine scientists, said: “I’m near ecstatic. This is a great day for public health and for the potential to get us all out of the circumstances we’re now in.”
London stocks also celebrated the breakthrough across the board, with the FTSE 100 jumping 5.3 per cent to 6,222.22, and the FTSE 350 jumping 4.2 per cent to 3,494.41.
Around a dozen drugs have reached the final stages of testing in the global race for a vaccine, but Pfizer’s is the first to show any results.
The efficacy rate is well above the 50 per cent effectiveness required by the US Food and Drug Administration to roll out a coronavirus vaccine.
Pfizer’s vaccine uses an experimental approach that involves injecting part of the virus’s genetic dose to train the immune system to counter it.
The drug has so far been trialled in the US, Germany, Brazil, Argentina, South Africa and Turkey.
The US company believes it will supply 50m doses by the end of this year and around 1.3bn by the end of 2021.
Pfizer and BioNTech have signed a $1.95bn (£1.48bn) contract with the US government to deliver 100m vaccine doses beginning this year. They have also inked supply agreements with the EU, UK, Canada and Japan.
US President elect Joe Biden said a coronavirus vaccine approval process must be guided by science so the public can have confidence it is safe and effective, warning that the United States is still facing a dark winter and that a vaccine likely won’t be available for months.
“I implore you, wear a mask…. A mask is not a political statement,” Biden said, adding that he would spare no effort to turn the pandemic around once he is sworn in.
The UK’s drugs regulator last month began an accelerated review of coronavirus vaccines being developed by Pfizer and British-Swedish firm Astrazeneca.
Rolling reviews allow regulators contemporaneous access to trial data in order to get drugs approved more quickly. They are used to speed through approvals where there is a public health requirement.


cityam--2020-11-10--90 per cent of UK trade not covered by free trade deals post-Brexit

Only 10 per cent of UK trade will be covered by current free-trade agreements , City AM understands .
Fifty-two countries currently have free trade deals in place with the UK for the end of the Brexit transition period .
These agreements account for only 10 per cent of the UK ’ s total cross-border trade , according to last year ’ s figures from the Office for National Statistics ( ONS ) .
The pressure is mounting on the government to secure a trade deal with the EU before January .
EU negotiator Michel Barnier announced a “ redoubling @ @ @ @ @ @ @ London yesterday morning for new talks .
EU-UK trade accounts for half of overall UK trade and seven of the UK ’ s top ten trading partners are EU members .
Read more : Brexit : EU negotiator Michel Barnier outlines three ways to close trade deal Last month , the UK struck its first trade deal since Britain left the EU , namely with Japan .
It has also signed a temporary agreement with Norway to ensure trade of goods can continue between the two nations in the case of a no-deal @ @ @ @ @ @ @ UK fail to secure any other free trade agreements before January , it does mean Britain may have to trade nearly entirely on WTO terms .
These terms hardly cover trade in services , and could also mean high tariffs on UK exports .
When confronted by the findings , a spokesperson for the Department for International Trade told City A.M. : “ For the first time in 50 years we are able to set our own trade policy .
We have already made excellent progress in rolling over EU trade deals.
” @ @ @ @ @ @ @ UK government has already signed or agreed in principle trade agreements with 52 countries .
Total UK trade with these countries was worth £146bn in 2019 , and we are now stepping up a gear.
” The US , the UK ’ s biggest trading partner , is still yet to agree on a free-trade deal with the UK .
An advisor to the president-elect Joe Biden ’ s campaign made it clear the new Biden administration “ will not prioritise ” a UK-US trade deal early in his presidency .
Moreover , @ @ @ @ @ @ @ his US trade representative to lead the talks as the Senate , which must vote through appointments , could be controlled by Republicans .
This casts uncertainty over whether the UK and US could secure an agreement by July next year , when the president loses the power to negotiate trade deals , under current US laws .
With less than two months until the Brexit deadline , some City insiders warn that London is in denial about what is to come .
Alison Horner , a tax partner at MHA MacIntyre Hudson @ @ @ @ @ @ @ , deal or no deal , will be more challenging than many businesses are currently realise or even willing to admit .
“ Due to Covid-19 the majority of British companies involved in exporting to Europe have not been able to give Brexit the attention they should and unfortunately some are in denial about the scale of the challenge , ” Horner told City A.M .

90 per cent of UK trade not covered by free trade deals post-Brexit
Only 10 per cent of all UK cross-border trade will be covered by current free-trade agreements after 31 December, City AM understands.
Fifty-two countries currently have free trade deals in place with the UK for the end of the Brexit transition period. These agreements account for only 10 per cent of the UK’s total cross-border trade, according to last year’s figures from the Office for National Statistics (ONS).
The pressure is mounting on the government to secure a trade deal with the EU before January. EU negotiator Michel Barnier announced a “redoubling of efforts” when he arrived in London yesterday morning for new talks.
EU-UK trade accounts for half of overall UK trade and seven of the UK’s top ten trading partners are EU members.
Last month, the UK struck its first trade deal since Britain left the EU, namely with Japan. It has also signed a temporary agreement with Norway to ensure trade of goods can continue between the two nations in the case of a no-deal Brexit after 31 December.
WTO terms
Should the UK fail to secure any other free trade agreements before January, it does mean Britain may have to trade nearly entirely on WTO terms. These terms hardly cover trade in services, and could also mean high tariffs on UK exports.
When confronted by the findings, a spokesperson for the Department for International Trade told City A.M.: “For the first time in 50 years we are able to set our own trade policy. We have already made excellent progress in rolling over EU trade deals.”
“In under two years, the UK government has already signed or agreed in principle trade agreements with 52 countries. Total UK trade with these countries was worth £146bn in 2019, and we are now stepping up a gear.”
Biden administration
The US, the UK’s biggest trading partner, is still yet to agree on a free-trade deal with the UK. An advisor to the president-elect Joe Biden’s campaign made it clear the new Biden administration “will not prioritise” a UK-US trade deal early in his presidency.
Moreover, the Democrat would also face hurdles appointing his US trade representative to lead the talks as the Senate, which must vote through appointments, could be controlled by Republicans.
This casts uncertainty over whether the UK and US could secure an agreement by July next year, when the president loses the power to negotiate trade deals, under current US laws.
Chief Brussels negotiator Michel Barnier has said a post-Brexit UK-EU trade deal can be done if there is bilateral respect for each other’s sovereignty and autonomy as he arrived in London for new talks yesterday
In denial
With less than two months until the Brexit deadline, some City insiders warn that London is in denial about what is to come.
Alison Horner, a tax partner at MHA MacIntyre Hudson, believes trading with Europe after Brexit, deal or no deal, will be more challenging than many businesses are currently realise or even willing to admit.
“Due to Covid-19 the majority of British companies involved in exporting to Europe have not been able to give Brexit the attention they should and unfortunately some are in denial about the scale of the challenge,” Horner told City A.M.


cityam--2020-11-10--EU accuses Amazon of ‘distorting’ competition in ecommerce market

The EU has accused Amazon of distorting competition in online retail markets by misusing data from third-party sellers on its platform .
In a statement today , competition tsar Margrethe Vestager said Amazon “ systematically ” relied on non-public business data of traders on its site .
Read more : Amazon quarterly sales near $ 100bn amid online shopping boom She accused the tech firm of using this data to benefit its own retail business , which directly competes against third-party merchants .
“ We must ensure that dual role platforms with market power , such as Amazon , do @ @ @ @ @ @ @ .
“ Data on the activity of third party sellers should not be used to the benefit of Amazon when it acts as a competitor to these sellers.
” The accusations , which were made in a statement of objections by the European Commission , are centred on Amazon ’ s dual role as a marketplace and retailer .
Regulators said the company ’ s access to data meant it could benefit its own business , such as by focusing its offers in best-selling products and adjusting offers based on its knowledge of @ @ @ @ @ @ @ Commission ’ s accusations relate to France and Germany — the largest markets for Amazon in the EU .
If confirmed , the claims will represent a breach of EU regulations that prohibit the abuse of a dominant market position .
The competition regulators also opened a second formal antitrust investigation into the possible preferential treatment of Amazon ’ s own retail offers , as well as those that use Amazon ’ s logistics and delivery services .
The probe will focus on the site ’ s so-called Buy Box , which allows @ @ @ @ @ @ @ retailer directly into their shopping carts , and its use of the Prime label for third-party sellers .
“ We disagree with the preliminary assertions of the European Commission and will continue to make every effort to ensure it has an accurate understanding of the facts , ” an Amazon spokesperson said .
“ Amazon represents less than one per cent of the global retail market , and there are larger retailers in every country in which we operate .
No company cares more about small businesses or has done more to support @ @ @ @ @ @ @ Amazon.
” The latest probe comes amid a wider crackdown on tech giants led by Vestager , who has earned a reputation as a fearless enforcer against Silicon Valley behemoths .
The competition chief last month said tech firms will be banned from unfairly promoting their own services under new EU rules set to be outlined before the end of the year .
Amazon is already under scrutiny from regulators in Germany over its relationship with third-party sellers on its site .
Read more : Amazon to escape UK tech tax as global @ @ @ @ @ @ @ the country ’ s Federal Cartel Office said it was investigating whether and how the company influenced how traders set prices on the platform .
Equally , Amazon is facing a string of probes in the US over its potential monopoly power over third-party merchants .

EU accuses Amazon of ‘distorting’ competition in ecommerce market
Amazon is facing accusations it abuses its dominance over third-party sellers
The EU has accused Amazon of distorting competition in online retail markets by misusing data from third-party sellers on its platform.
In a statement today, competition tsar Margrethe Vestager said Amazon “systematically” relied on non-public business data of traders on its site.
She accused the tech firm of using this data to benefit its own retail business, which directly competes against third-party merchants.
“We must ensure that dual role platforms with market power, such as Amazon, do not distort competition,” Vestager said.
“Data on the activity of third party sellers should not be used to the benefit of Amazon when it acts as a competitor to these sellers.”
The accusations, which were made in a statement of objections by the European Commission, are centred on Amazon’s dual role as a marketplace and retailer.
Regulators said the company’s access to data meant it could benefit its own business, such as by focusing its offers in best-selling products and adjusting offers based on its knowledge of how rival sellers were performing.
The Commission’s accusations relate to France and Germany — the largest markets for Amazon in the EU.
If confirmed, the claims will represent a breach of EU regulations that prohibit the abuse of a dominant market position.
The competition regulators also opened a second formal antitrust investigation into the possible preferential treatment of Amazon’s own retail offers, as well as those that use Amazon’s logistics and delivery services.
The probe will focus on the site’s so-called Buy Box, which allows customers to add items from a specific retailer directly into their shopping carts, and its use of the Prime label for third-party sellers.
“We disagree with the preliminary assertions of the European Commission and will continue to make every effort to ensure it has an accurate understanding of the facts,” an Amazon spokesperson said.
“Amazon represents less than one per cent of the global retail market, and there are larger retailers in every country in which we operate. No company cares more about small businesses or has done more to support them over the past two decades than Amazon.”
The latest probe comes amid a wider crackdown on tech giants led by Vestager, who has earned a reputation as a fearless enforcer against Silicon Valley behemoths.
The competition chief last month said tech firms will be banned from unfairly promoting their own services under new EU rules set to be outlined before the end of the year.
Amazon is already under scrutiny from regulators in Germany over its relationship with third-party sellers on its site.
In August the head of the country’s Federal Cartel Office said it was investigating whether and how the company influenced how traders set prices on the platform.
Equally, Amazon is facing a string of probes in the US over its potential monopoly power over third-party merchants.


cityam--2020-11-10--Crypto AM shines its Spotlight on CyberFi

Automation is the main catalyst for exponential growth in economies for the past two hundred years .
DeFi is one of the latest advancements of financial innovation .
It has grown to a market of over $ 12 billion in a concise amount of time .
However , due to the rapid growth , it lacks critical automation elements that would streamline the processes and simplify the user experience .
The complexities and barriers of entry have to be eliminated , to keep the steady curve of evolution and growth of the DeFi space !
CyberFi is set to solve @ @ @ @ @ @ @ it comes to trade execution , risk mitigation , and interoperability on decentralized exchanges .
CyberFi is a non-custodial , intelligent automation platform for DeFi apps that combines a decentralized trading platform , an intelligent automation system for complex DeFi strategies , and a cross-chain layer for multi-chain DeFi automation .
We are providing simple UI and UX for complex DeFi events , so that the retail users , as well as institutional traders , can have a smooth experience .
Trading , at its core , is a small piece of the @ @ @ @ @ @ @ is much more .
There is a vastly wide world of opportunities for automation .
For example , combine lending strategies with Liquidity Pool ( LP ) Tokens and earn fees , or combine staking and yield farming add a risk-mitigation Nevertheless , we want to maintain our focus on three key areas : • Automation of Complex Events – Automated LP token processes : schedule removal/supply of LP , buy/sell LP tokens , all based on parameters set by the user .
Similar to crypto space in the first stages of development @ @ @ @ @ @ @ DeFi and yield farming are primarily from retail users .
Even though there is over $ 12 billion of locked liquidity in DeFi protocols , it is not such a significant amount in the grand scheme of things .
Due to high risk and lack of tools that would mitigate these risks , institutional players are hesitant to engage in such endeavours .
We believe that if there would be such tools developed , it could open the floodgate of institutional funds coming into space .
Therefore , the CyberFi team has decided @ @ @ @ @ @ @ to improve this specific area .
We have developed a self-funded Alpha version of the CyberFi platform , which is ready to use .
User can perform the following functions : 3 .
Sell one of the tokens to the other ( e.g .
Token X sell for ETH ) This automation scenario is launched through a Price Trigger , e.g .
“ when Token X price falls below 10 $ , then execute a predefined automation scenario.
” To execute such events in current infrastructure , traders have to perform every single @ @ @ @ @ @ @ have to monitor the charts on Uniswap 24/7 to ensure they don ’ t miss the point if the price of a highly volatile asset will plummet , or else they will lose all the profits and LP tokens will have zero value left .
CyberFi eliminates the complexity of all the actions that are performed in this process .
Yield farming has been one of the main catalysts for the exponential growth of the space .
It can capture unprecedented returns , but on the other hand , it carries significant risks @ @ @ @ @ @ @ high APYs to stake into LPs with their native tokens , which creates an inflation spiral and an inevitable price reduction .
The trader is bound in a chain of events related to manual entry or exit , approving or signing the transaction .
Every single transaction involves a GAS fee and that can become a frustrating and costly process .
CyberFI will utilize developed Price Triggers to support users with complex data calculations to set up the correct Automatic Orders to mitigate risks of Divergence / Impermanent Loss .
Pre-defined parameters and @ @ @ @ @ @ @ participating in High-risk Farming .
This tool is a game-changer not only in the yield farming game .
It is fundamentally changing the DeFi user experience , as we know it today .
Due to the deficit of such solutions , the interest and support of the community have been tremendous so far .
The first private token allocation round was closed within just two hours , and we have applications coming in every day for the second private token allocation event that we are conducting on 11th November .
Seeing this level @ @ @ @ @ @ @ that we are on the right track , and that motivates us to build automation tools that will help this space to evolve .
We want to maintain the peace of mind of those who contributed to the early development of the platform .
Therefore we have implemented team token smart lock , provided by TrustSwap , a full-service DeFi platform offering a team lock in their tokens that are vested over a period of time , allowing for simplicity and immutable transactions .
In the next few years , we aim to @ @ @ @ @ @ @ automation tools developed by CyberFi .
Our goal is to become the “ to-go ” platform in DeFi for institutional as well as retail users , creating tools that will allow us to integrate the latest innovations to the traditional system .

Partner Ad Feature is produced by an advertiser with the specific intent to promote a product and is not produced by the City A.M. team.
Crypto AM shines its Spotlight on CyberFi
Darius Greicius, Co-founder and CMO of CyberFi
Automation is the main catalyst for exponential growth in economies for the past two hundred years. DeFi is one of the latest advancements of financial innovation. It has grown to a market of over $12 billion in a concise amount of time. However, due to the rapid growth, it lacks critical automation elements that would streamline the processes and simplify the user experience.
The complexities and barriers of entry have to be eliminated, to keep the steady curve of evolution and growth of the DeFi space! CyberFi is set to solve the most inhibiting and challenging problems when it comes to trade execution, risk mitigation, and interoperability on decentralized exchanges.
CyberFi is a non-custodial, intelligent automation platform for DeFi apps that combines a decentralized trading platform, an intelligent automation system for complex DeFi strategies, and a cross-chain layer for multi-chain DeFi automation. We are providing simple UI and UX for complex DeFi events, so that the retail users, as well as institutional traders, can have a smooth experience.
Trading, at its core, is a small piece of the pie. The true heart of DeFi is much more. There is a vastly wide world of opportunities for automation. For example, combine lending strategies with Liquidity Pool (LP) Tokens and earn fees, or combine staking and yield farming add a risk-mitigation
Nevertheless, we want to maintain our focus on three key areas:
Trading – Automated limit orders, trading actions based on price triggers, Etc.
– Automated limit orders, trading actions based on price triggers, Etc. Automation of Complex Events – Automated LP token processes: schedule removal/supply of LP, buy/sell LP tokens, all based on parameters set by the user.
– Automated LP token processes: schedule removal/supply of LP, buy/sell LP tokens, all based on parameters set by the user. Cross-chain Events – automated cross-chain events such as multi-chain bridge interactions.
Similar to crypto space in the first stages of development, the majority of funds locked in DeFi and yield farming are primarily from retail users. Even though there is over $12 billion of locked liquidity in DeFi protocols, it is not such a significant amount in the grand scheme of things. Due to high risk and lack of tools that would mitigate these risks, institutional players are hesitant to engage in such endeavours. We believe that if there would be such tools developed, it could open the floodgate of institutional funds coming into space. Therefore, the CyberFi team has decided to prioritize the development of automation tools to improve this specific area.
We have developed a self-funded Alpha version of the CyberFi platform, which is ready to use. User can perform the following functions:
1. LP Token Unstake from Liquidity Pool or Yield Farm
2. Remove Liquidity
3. Sell one of the tokens to the other (e.g. Token X sell for ETH)
This automation scenario is launched through a Price Trigger, e.g. “when Token X price falls below 10$, then execute a predefined automation scenario.” To execute such events in current infrastructure, traders have to perform every single step manually. Alongside that, they have to monitor the charts on Uniswap 24/7 to ensure they don’t miss the point if the price of a highly volatile asset will plummet, or else they will lose all the profits and LP tokens will have zero value left. CyberFi eliminates the complexity of all the actions that are performed in this process.
Yield farming has been one of the main catalysts for the exponential growth of the space. It can capture unprecedented returns, but on the other hand, it carries significant risks. Yield farming projects incentivize users with high APYs to stake into LPs with their native tokens, which creates an inflation spiral and an inevitable price reduction. The trader is bound in a chain of events related to manual entry or exit, approving or signing the transaction.
Every single transaction involves a GAS fee and that can become a frustrating and costly process. CyberFI will utilize developed Price Triggers to support users with complex data calculations to set up the correct Automatic Orders to mitigate risks of Divergence / Impermanent Loss. Pre-defined parameters and automation of execution will be vital for participating in High-risk Farming. This tool is a game-changer not only in the yield farming game. It is fundamentally changing the DeFi user experience, as we know it today.
Due to the deficit of such solutions, the interest and support of the community have been tremendous so far. The first private token allocation round was closed within just two hours, and we have applications coming in every day for the second private token allocation event that we are conducting on 11th November. Seeing this level of interest gives us a clear indication that we are on the right track, and that motivates us to build automation tools that will help this space to evolve.
We want to maintain the peace of mind of those who contributed to the early development of the platform. Therefore we have implemented team token smart lock, provided by TrustSwap, a full-service DeFi platform offering a team lock in their tokens that are vested over a period of time, allowing for simplicity and immutable transactions.
In the next few years, we aim to fully realize the potential we see in automation tools developed by CyberFi. Our goal is to become the “to-go” platform in DeFi for institutional as well as retail users, creating tools that will allow us to integrate the latest innovations to the traditional system.


cityam--2020-11-10--FTSE 100 extends gains on vaccine optimism despite rising unemployment

The FTSE 100 rose on Tuesday after scaling a near three-month high in the previous session as the prospect of a vaccine for Covid-19 continued to boost sentiment , despite new data showing rising unemployment in the UK .
London ’ s blue-chip index rose 1.74 per cent to 6,293.96 by noon .
The midcap FTSE 250 rose 0.68 per cent to 18,979.41 , boosted by travel and leisure stocks .
Read more : UK unemployment hits four year high as redundancies reach record levels Global markets surged to record highs yesterday after Pfizer Inc said its Covid-19 vaccine , @ @ @ @ @ @ @ more than 90 per cent effective in preventing infection , marking the first successful results from a large-scale clinical trial .
European markets hovered around eight-month highs this morning following the breakthrough , with concerns about the depth of the economic damage from the pandemic capping gains .
In London , blue-chip Rolls-Royce surged 25.5 per cent following a 44 per cent yesterday following Pfizer ’ s announcement .
Shares of energy , insurance and auto companies were also among the biggest gainers in morning trading .
Mid-cap Premier Foods – maker of @ @ @ @ @ @ @ cent even after it raised its full-year trading profit outlook and said it expects higher demand for its brands due to the recent government restrictions on eating out .
“ The results of the Pfizer study are certainly welcome news , ” said Michael Hewson , chief analyst at CMC Markets .
“ A 90 per cent success rate is certainly well above expectations , and as such is a very much needed beacon of light in what has been a dark year for the global economy ” .
“ However one swallow @ @ @ @ @ @ @ there still remains some way to go before life as we knew it a year ago can return to any semblance of normal , in the short or medium term.
” Before the Open newsletter : Start your day with the City View podcast and key market data New data from the Office for National Statistics showed that redundancies in the UK hit a record high in the quarter to September , while the unemployment rate hit a four-year high of 4.8 per cent .
The Bank of England is predicting UK unemployment @ @ @ @ @ @ @ cent during the second quarter of next year .
European shares made modest gains following yesterday ’ s surge , with the pan-continental Stoxx 600 index rising 0.4 per cent .
France ’ s CAC 40 rose 1.42 per cent , while in Germany the Dax was broadly flat .
Overnight , Asian markets largely rallied as traders welcomed successful data from Pfizer ’ s vaccine trial , but expected delays to any mass roll-out took the gloss off early gains .
Major Asian markets soared on the vaccine news before weakening later @ @ @ @ @ @ @ Nikkei 225 ended up nearly 0.3 per cent after being 1.1 per cent higher in early trading , touching a 29-year high .
In Hong Kong , the Hang Seng climbed 0.87 per cent .
Read more : UK government to NHS : be ready for ( optional ) vaccine from next month Chinese shares largely closed lower after new economic data signaled a roadblock to the country ’ s broader economic recovery .
The Shanghai Composite dropped 0.4 per cent , while the Shenzhen Component dropped 1.05 per cent .
China ’ @ @ @ @ @ @ @ pace in October , indicating tepid upstream demand for industrial goods despite a broader economic recovery .
Consumer inflation was also soft , easing to an 11-year low .

Wall St indexes dip as Pfizer vaccine optimism fades, but FTSE 100 powers ahead
Markets in the US hit record highs yesterday on news of a Covid-19 vaccine breakthrough
The S&P 500 and Nasdaq indexes in New York dipped at the open, halting a rally set off by the Pfizer vaccine results yesterday.
Traders banked gains from yesterday and the S&P 500 slipped 0.2 per cent while the sell-off on the Nasdaq amounted to a 0.8 per cent fall.
The Dow Jones index resisted the dip, rising 0.33 per cent at the open.
Read more: UK unemployment hits four year high as redundancies reach record levels
On this side of the Atlantic, the FTSE 100 rose on Tuesday after scaling a near three-month high in the previous session as the prospect of a vaccine for Covid-19 continued to boost sentiment, despite new data showing rising unemployment in the UK.
In mid-afternoon trading, London’s blue-chip index rose 1.5 per cent to 6,283. The midcap FTSE 250 rose 1.1 per cent to 19,059, boosted by travel and leisure stocks.
Global markets surged to record highs yesterday after Pfizer said its Covid-19 vaccine, developed with German partner Biontech, was more than 90 per cent effective in preventing infection, marking the first successful results from a large-scale clinical trial.
European markets hovered around eight-month highs this morning following the breakthrough, with concerns about the depth of the economic damage from the pandemic capping gains.
Transport and leisure stocks rebound
In London, blue-chip Rolls-Royce surged 25.5 per cent following a 44 per cent yesterday following Pfizer’s announcement.
Shares of energy, insurance and auto companies were also among the biggest gainers in morning trading.
Mid-cap Premier Foods – maker of Mr Kipling cakes – fell 5.2 per cent even after it raised its full-year trading profit outlook and said it expects higher demand for its brands due to the recent government restrictions on eating out.
“The results of the Pfizer study are certainly welcome news,” said Michael Hewson, chief analyst at CMC Markets.
“A 90 per cent success rate is certainly well above expectations, and as such is a very much needed beacon of light in what has been a dark year for the global economy”.
“However one swallow does not make a summer, and there still remains some way to go before life as we knew it a year ago can return to any semblance of normal, in the short or medium term.”
Before the Open newsletter: Start your day with the City View podcast and key market data
New data from the Office for National Statistics showed that redundancies in the UK hit a record high in the quarter to September, while the unemployment rate hit a four-year high of 4.8 per cent.
The Bank of England is predicting UK unemployment will hit a peak of eight per cent during the second quarter of next year.
European shares made modest gains following yesterday’s surge, with the pan-continental Stoxx 600 index rising 0.4 per cent.
France’s CAC 40 rose 1.6 per cent, while in Germany the Dax was up 0.7 per cent.
Asian markets
Overnight, Asian markets largely rallied as traders welcomed successful data from Pfizer’s vaccine trial, but expected delays to any mass roll-out took the gloss off early gains.
Major Asian markets soared on the vaccine news before weakening later in the session. Japan’s Nikkei 225 ended up nearly 0.3 per cent after being 1.1 per cent higher in early trading, touching a 29-year high. In Hong Kong, the Hang Seng climbed 0.87 per cent.
Read more: UK government to NHS: be ready for (optional) vaccine from next month
Chinese shares largely closed lower after new economic data signaled a roadblock to the country’s broader economic recovery. The Shanghai Composite dropped 0.4 per cent, while the Shenzhen Component dropped 1.05 per cent.
China’s factory-gate prices fell at a sharper-than-expected pace in October, indicating tepid upstream demand for industrial goods despite a broader economic recovery. Consumer inflation was also soft, easing to an 11-year low.


cityam--2020-11-10--Netflix poaches ITN boss Anna Mallett to lead UK production

Netflix has swooped on the chief executive of TV production giant ITN as the streaming giant bolsters its credentials in the UK .
Anna Mallett will oversee Netflix ’ s production in Britain as well as local language productions across much of the rest of the world outside the US .
Mallet currently leads ITN , which produces news programming for ITV , Channel 4 and Channel 5 .
Prior to this she was chief operating officer and managing director of production at the BBC ’ s commercial arm .
“ Anna brings a wealth of global production experience and @ @ @ @ @ @ @ we continue to expand our investment in original programming throughout the world , ” said Ty Warren , Netflix ’ s vice president of physical production .
“ I ’ m excited to work with her as we continue to stand up our productions and position the Netflix studio for its next stage of growth and success.
” Mallet , who will be based in London , will oversee the US streaming giant ’ s production management team on live-action series , nonfiction and film .
The appointment marks Netflix ’ s continued @ @ @ @ @ @ @ to fend off increasing pressure from rivals such as Amazon Prime and Disney Plus with exclusive new films and TV shows .
The Silicon Valley giant has also reaffirmed its commitment to the UK following a string of successful British hits such as The Crown and Sex Education .
Netflix last month announced plans to triple its office space in London after signing a lease at the Copyright Building in the West End .
Read more : Netflix to triple London office space as it cashes in on British success stories Kyla Mullins @ @ @ @ @ @ @ : “ We want to thank Anna for her strong and inspirational leadership at ITN .
“ She has transformed many aspects of the operations and culture , built a strong senior team , and led the company through an unprecedented and challenging time.
” ITN said Mallett will remain in her role until the end of the year while it carries out the search for her successor .

Netflix poaches ITN boss Anna Mallett to lead UK production
Anna Mallett has served as ITN chief executive since April 2019 (Image: Netflix)
Netflix has swooped on the chief executive of TV production giant ITN as the streaming giant bolsters its credentials in the UK.
Anna Mallett will oversee Netflix’s production in Britain as well as local language productions across much of the rest of the world outside the US.
Mallet currently leads ITN, which produces news programming for ITV, Channel 4 and Channel 5. Prior to this she was chief operating officer and managing director of production at the BBC’s commercial arm.
“Anna brings a wealth of global production experience and strategic expertise to our production team as we continue to expand our investment in original programming throughout the world,” said Ty Warren, Netflix’s vice president of physical production.
“I’m excited to work with her as we continue to stand up our productions and position the Netflix studio for its next stage of growth and success.”
Mallet, who will be based in London, will oversee the US streaming giant’s production management team on live-action series, nonfiction and film.
The appointment marks Netflix’s continued focus on original programming as it looks to fend off increasing pressure from rivals such as Amazon Prime and Disney Plus with exclusive new films and TV shows.
The Silicon Valley giant has also reaffirmed its commitment to the UK following a string of successful British hits such as The Crown and Sex Education.
Netflix last month announced plans to triple its office space in London after signing a lease at the Copyright Building in the West End.
Kyla Mullins, chair of the ITN board said: “We want to thank Anna for her strong and inspirational leadership at ITN.
“She has transformed many aspects of the operations and culture, built a strong senior team, and led the company through an unprecedented and challenging time.”
ITN said Mallett will remain in her role until the end of the year while it carries out the search for her successor.


cityam--2020-11-10--Crypto Asset Scams: Peril in the Age of Covid-19 and Related Legal Reform

As central banks around the world strive to counter the effects of Covid-19 in their respective economies , prospects of rapid inflation have led investors to believe that crypto assets , could be a good hedge going forward .
For example , the price of Bitcoin has surged to more than $ 15000 , boosted by news such as PayPal ’ s new services and more financial institutions engaging with cryptocurrencies with some referring to them as an “ alternative asset akin to gold ” .
With such success , investors have not been the only ones trying to take @ @ @ @ @ @ @ as with any new opportunity , scammers and criminals have also been exploiting opportunities as a result of this crypto asset boom .
This has naturally led to law reform and more regulation of the crypto asset space to protect consumers and investors .
What are some of the scams ?
There have been various scams and schemes targeting consumers , via online platforms through a variety of strategies .
Some have involved forged requests for payment , the establishment of fake cryptocurrency exchanges in order to gain access to existing crypto wallets @ @ @ @ @ @ @ investment returns in order to artificially drive up the value of crypto assets .
Many may wonder what the difference is to other scams involving bank accounts and other investments products involving fiat currency ?
There is indeed a lot of similarity , however , unlike traditional online bank frauds , the anonymous nature of blockchain makes it extremely challenging to track down and retrieve stolen crypto assets as scammers can more easily exploit technicalities which enable them to hide the destination of victims ’ funds .
For example , in May 2019 @ @ @ @ @ @ @ two-factor authentication codes and API tokens were stolen from Binance .
Also in 2019 , a small team of scammers based in the Netherlands and UK created a fake website which helped them gain access to $ 27 million worth of user Bitcoin wallets across 12 countries .
There are many new technologies and concepts being developed by exchanges and services providers to minimise such risks .
There have also been consumers that have unfortunately suffered losses due to products being sold to them that they do not fully understand or comprehend .
@ @ @ @ @ @ @ investment products , where consumers can benefit from further legal protection and regulation .
This is a natural evolution for the digital asset business .
An example : FCA ’ s recent “ retail ” ban on crypto asset derivatives A recent example of a world class regulator taking action to protect consumers was announced on the 6th of October 2020 .
In an attempt to mitigate against the risk of retail consumers falling victim to such schemes , the Financial Conduct Authority ( FCA ) announced a ban on the sale of @ @ @ @ @ @ @ ) that reference certain types of crypto assets to “ retail ” consumers .
For clarification , the FCA has not banned crypto assets themselves , but a set of complex and poorly understood derivatives that track unregulated crypto assets targeting vulnerable “ retail clients ” under the Markets in Financial Instruments Directive ( MiFID ) who , do not possess the experience , knowledge and expertise to make their own investment decisions .
Specifically , the ban will affect “ the sale , marketing and distribution ” to retail investors of any @ @ @ @ @ @ @ “ unregulated transferable crypto assets ” issued by entities in or outside the U.K. Unregulated transferable cryptoassets are tokens that are not ‘ specified investments ’ or e-money , and can be traded , which includes well-known tokens such as Bitcoin , Ether or Ripple .
Specified investments are types of investments which are specified in legislation .
Firms that carry out particular types of regulated activity in relation to those investments must be authorised by the FCA .
The U.K. ban will come into effect on 6 January 2021 and it will @ @ @ @ @ @ @ , including credit institutions as appropriate , marketing , distributing or selling crypto derivatives in , or from , the UK to retail clients ; • UK branches of third-country investment firms who are marketing , distributing or selling crypto-derivatives in , or from , the UK to retail clients ; • EEA MiFID investment firms which currently passport into the UK and which continue operating in the UK after 6 January 2021 under the temporary permissions regime or the financial services contracts regimes .
The ban will not be applicable to the @ @ @ @ @ @ @ and ETNs to “ professional clients ” under MiFID .
This seems like a natural evolution of regulation around crypto assets designed to protect vulnerable consumers and investors .
The FCA ’ s retail ban is an important step in regulators acknowledging the increased prevalence of and demand for crypto assets .
This will benefit the crypto asset and digital asset industry in the medium to long term .
In the grand scheme of things , retail crypto asset derivatives was a small part of the crypto asset market and the industry does @ @ @ @ @ @ @ suffering losses .
The evolution of technology and regulation Numerous regulators and agencies have issued statements warning consumers to be especially vigilant in respect of Covid-19 crypto asset scams .
The FBI has also warned about medical provision scams , in which criminals pose as online vendors of PPE and treatments .
There have also been a number of blackmail attempts in which scammers write emails threatening to release victims ’ personal information and infect them with Covid unless they send payment to a Bitcoin wallet .
As a purely digital asset , @ @ @ @ @ @ @ systemic safeguards that are naturally built into fiat currencies .
Unlike with traditional bank accounts , scammers don ’ t need personal data to receive crypto assets , thus enabling them to set up multiple wallets to disguise the location of the victims ’ funds .
It is crucial that crypto asset service providers have a strong compliance framework in place to mitigate against the risk of fraud and instil greater user trust in both the service provider as well as the cryptocurrency ecosystem as a whole .
Such a framework may include @ @ @ @ @ @ @ , risk management , cybersecurity measures and enhanced customer due diligence .
Exchanges should ensure that user assets are well protected and secure , preferably in cold wallets , with multifactor authentication in place to accurately verify user identities .
A dedicated cyber team should be trained to monitor security updates and conduct regular penetration testing , while compliance officers should ensure they continuously monitor regulatory developments in their respective trading jurisdictions to ensure they are not illegally offering products to certain customers .
Following such practices will help enable exchanges to build @ @ @ @ @ @ @ regulatory scrutiny .
There is no doubt that with more robust processes and “ anti-scam ” technologies being put in place by service providers and the regulatory landscape evolving to protect consumers , the crypto and digital asset industry will continue to thrive and evolve .
By Abradat Kamalpour , Partner Ashurst LLP and Architect of FinTech Legal Labs ( www.fintechlegallabs.com ) , Ida Mokhtassi , Associate Ashurst LLP and Emily Jones , Trainee Ashurst LLP .
Crypto AM : Talking Legal in association with INX

Crypto asset scams: Peril in the age of Covid-19 and related legal reform
Getty images
As central banks around the world strive to counter the effects of Covid-19 in their respective economies, prospects of rapid inflation have led investors to believe that crypto assets, could be a good hedge going forward. For example, the price of Bitcoin has surged to more than $15000, boosted by news such as PayPal’s new services and more financial institutions engaging with cryptocurrencies with some referring to them as an “alternative asset akin to gold”.
With such success, investors have not been the only ones trying to take advantage of these developments. Unfortunately, as with any new opportunity, scammers and criminals have also been exploiting opportunities as a result of this crypto asset boom. This has naturally led to law reform and more regulation of the crypto asset space to protect consumers and investors.
What are some of the scams ?
There have been various scams and schemes targeting consumers, via online platforms through a variety of strategies. Some have involved forged requests for payment, the establishment of fake cryptocurrency exchanges in order to gain access to existing crypto wallets and manipulating software to distort prices and investment returns in order to artificially drive up the value of crypto assets.
Many may wonder what the difference is to other scams involving bank accounts and other investments products involving fiat currency? There is indeed a lot of similarity, however, unlike traditional online bank frauds, the anonymous nature of blockchain makes it extremely challenging to track down and retrieve stolen crypto assets as scammers can more easily exploit technicalities which enable them to hide the destination of victims’ funds.
For example, in May 2019, $40 million of Bitcoin, two-factor authentication codes and API tokens were stolen from Binance. Also in 2019, a small team of scammers based in the Netherlands and UK created a fake website which helped them gain access to $27 million worth of user Bitcoin wallets across 12 countries. There are many new technologies and concepts being developed by exchanges and services providers to minimise such risks. There have also been consumers that have unfortunately suffered losses due to products being sold to them that they do not fully understand or comprehend. This is an area, like traditional investment products, where consumers can benefit from further legal protection and regulation. This is a natural evolution for the digital asset business.
An example: FCA’s recent “retail” ban on crypto asset derivatives
A recent example of a world class regulator taking action to protect consumers was announced on the 6th of October 2020. In an attempt to mitigate against the risk of retail consumers falling victim to such schemes, the Financial Conduct Authority (FCA) announced a ban on the sale of derivatives and Exchange Traded Notes (ETNs) that reference certain types of crypto assets to “retail” consumers. For clarification, the FCA has not banned crypto assets themselves, but a set of complex and poorly understood derivatives that track unregulated crypto assets targeting vulnerable “retail clients” under the Markets in Financial Instruments Directive (MiFID) who, do not possess the experience, knowledge and expertise to make their own investment decisions.
Specifically, the ban will affect “the sale, marketing and distribution” to retail investors of any derivatives contract or ETNs that linked to “unregulated transferable crypto assets” issued by entities in or outside the U.K. Unregulated transferable cryptoassets are tokens that are not ‘specified investments’ or e-money, and can be traded, which includes well-known tokens such as Bitcoin, Ether or Ripple. Specified investments are types of investments which are specified in legislation. Firms that carry out particular types of regulated activity in relation to those investments must be authorised by the FCA.
The U.K. ban will come into effect on 6 January 2021 and it will apply to:
MiFID investment firms, including credit institutions as appropriate, marketing, distributing or selling crypto derivatives in, or from, the UK to retail clients;
UK branches of third-country investment firms who are marketing, distributing or selling crypto-derivatives in, or from, the UK to retail clients;
EEA MiFID investment firms which currently passport into the UK and which continue operating in the UK after 6 January 2021 under the temporary permissions regime or the financial services contracts regimes.
The ban will not be applicable to the sale and distribution of crypto asset derivatives and ETNs to “professional clients” under MiFID. This seems like a natural evolution of regulation around crypto assets designed to protect vulnerable consumers and investors. The FCA’s retail ban is an important step in regulators acknowledging the increased prevalence of and demand for crypto assets. This will benefit the crypto asset and digital asset industry in the medium to long term. In the grand scheme of things, retail crypto asset derivatives was a small part of the crypto asset market and the industry does not benefit from scandals or retail consumers suffering losses.
The evolution of technology and regulation
Numerous regulators and agencies have issued statements warning consumers to be especially vigilant in respect of Covid-19 crypto asset scams.
The FBI has also warned about medical provision scams, in which criminals pose as online vendors of PPE and treatments. There have also been a number of blackmail attempts in which scammers write emails threatening to release victims’ personal information and infect them with Covid unless they send payment to a Bitcoin wallet.
As a purely digital asset, cryptocurrencies do not possess many of the systemic safeguards that are naturally built into fiat currencies. Unlike with traditional bank accounts, scammers don’t need personal data to receive crypto assets, thus enabling them to set up multiple wallets to disguise the location of the victims’ funds. It is crucial that crypto asset service providers have a strong compliance framework in place to mitigate against the risk of fraud and instil greater user trust in both the service provider as well as the cryptocurrency ecosystem as a whole.
Such a framework may include controls to detect and prevent price manipulation, risk management, cybersecurity measures and enhanced customer due diligence. Exchanges should ensure that user assets are well protected and secure, preferably in cold wallets, with multifactor authentication in place to accurately verify user identities. A dedicated cyber team should be trained to monitor security updates and conduct regular penetration testing, while compliance officers should ensure they continuously monitor regulatory developments in their respective trading jurisdictions to ensure they are not illegally offering products to certain customers. Following such practices will help enable exchanges to build greater trust with users while avoiding unwanted regulatory scrutiny.
There is no doubt that with more robust processes and “anti-scam” technologies being put in place by service providers and the regulatory landscape evolving to protect consumers, the crypto and digital asset industry will continue to thrive and evolve.
By Abradat Kamalpour, Partner Ashurst LLP and Architect of FinTech Legal Labs (www.fintechlegallabs.com), Ida Mokhtassi, Associate Ashurst LLP and Emily Jones, Trainee Ashurst LLP.
Crypto AM: Talking Legal in association with INX


cityam--2020-11-10--Bitcoin’s Price Surpasses $15,000 to 3-Year High as Corporate Support Grows

This week CryptoCompare data shows the price of Bitcoin ( BTC ) moved up from around $ 13,500 to break its resistance at $ 14,000 and keep moving up .
The flagship cryptocurrency ’ s price hit $ 15,5000 before enduring a correction to $ 14,700 and moving back up to $ 15,450 at press time .
Ether ( ETH ) , the second-largest cryptocurrency by market capitalization , moved from $ 380 at the beginning of the week to break its $ 400 resistance at the time BTC was surging .
Breaking through its resistance helped ether hit a @ @ @ @ @ @ @ to $ 450 at press time .
Headlines this week were dominated by bitcoin ’ s price rise above $ 15,000 .
The cryptocurrency ’ s price is rising at a time in which Europe is entering its second lockdown and the U.S. dollar continues to weaken .
High-profile central banks throughout the world , including the Reserve Bank of Australia and Bank of England have announced drastic quantitative easing ( QE ) plans to combat the economic threat of COVID-19 .
While hold has been the defacto hedge against rising inflation , @ @ @ @ @ @ @ has seen some investors strongly favor BTC .
According to analysts from JPMorgan , the Grayscale Bitcoin Trust ( GBTC ) is outperforming gold exchange-traded funds as “ some investors that previously invested in gold ETFs such as family offices may be looking at bitcoin as an alternative to gold.
” Corporate support for BTC is also on the rise , with firms like MicroStrategy and Square taking up large bitcoin positions .
PayPal has announced this week it is raising its cryptocurrency buying limit to $ 15,000 per week , even though @ @ @ @ @ @ @ the U.S. currently have access to its new crypto service .
The new crypto service , it ’ s worth noting , was announced last month .
PayPal has started letting its users buy , sell , and hold bitcoin , bitcoin cash , litecoin , and ether .
Despite the price rise and increasing corporate support , bitcoin ’ s mining difficulty recorded its largest percentage decrease since the launch of specialized hardware mining .
Available data shows BTC mining difficulty dropped by over 16 % to 16.787 trillion , its lowest @ @ @ @ @ @ @ the second-largest percentage decrease of all time .
Mining difficulty on the BTC network is used to measure the resources used in mining the cryptocurrency .
Difficulty goes up and down at 2,016 block intervals – which occur every two weeks – and is adjusted to ensure bocks are found at 10-minute intervals .
Headlines in the crypto space this week also included the largest bitcoin seizure to date , as the U.S. Department of Justice ( DoJ ) seized over 69,000 BTC ( over $ 1 billion ) linked to the notorious @ @ @ @ @ @ @ Revenue Service ’ s Criminal Investigation unit reportedly used a third-party service to track lost funds after the Silk Road was shut down in 2013 .
The service led them to “ Individual X , ” which allegedly hacked the funds from the marketplace .
Authorities took control of the funds on November 3 .
The Ethereum community has been getting ready for the launch of ETH 2.0 , a long-planned upgrade to the ETH network set to improve its scalability and security , by accumulating enough ether to start staking the cryptocurrency @ @ @ @ @ @ @ ether users to deposit 32 ETH required for staking on the network , and soon after the number of addresses with at least 32 ETH surged to a new all-time high of 126,852 .
A total of 524,299 ether has already been sent to the deposit contract .
The number of ETH addresses holding at least 0.1 , 10 , or 100 ether has also risen to record highs , while the amount of ether held on cryptocurrency trading platforms dropped to a one-year low .
Ethereum ’ s hashrate , the computing @ @ @ @ @ @ @ , hit an all-time high of 270 trillion hashes per second .
Transaction fees paid to move ether have been dropping since October , as decentralized finance volumes started dropping as well .
Crypto AM : Market View in association with Ziglu

Bitcoin’s Price Surpasses $15,000 to 3-Year High as Corporate Support Grows
Image via Unsplash.
This week CryptoCompare data shows the price of Bitcoin (BTC) moved up from around $13,500 to break its resistance at $14,000 and keep moving up. The flagship cryptocurrency’s price hit $15,5000 before enduring a correction to $14,700 and moving back up to $15,450 at press time.
Ether (ETH), the second-largest cryptocurrency by market capitalization, moved from $380 at the beginning of the week to break its $400 resistance at the time BTC was surging. Breaking through its resistance helped ether hit a $465 high, before dropping back to $450 at press time.
Headlines this week were dominated by bitcoin’s price rise above $15,000. The cryptocurrency’s price is rising at a time in which Europe is entering its second lockdown and the U.S. dollar continues to weaken. High-profile central banks throughout the world, including the Reserve Bank of Australia and Bank of England have announced drastic quantitative easing (QE) plans to combat the economic threat of COVID-19.
While hold has been the defacto hedge against rising inflation, bitcoin’s position as its competitor has seen some investors strongly favor BTC. According to analysts from JPMorgan, the Grayscale Bitcoin Trust (GBTC) is outperforming gold exchange-traded funds as “some investors that previously invested in gold ETFs such as family offices may be looking at bitcoin as an alternative to gold.”
Corporate support for BTC is also on the rise, with firms like MicroStrategy and Square taking up large bitcoin positions. PayPal has announced this week it is raising its cryptocurrency buying limit to $15,000 per week, even though only 10% of its customers in the U.S. currently have access to its new crypto service.
The new crypto service, it’s worth noting, was announced last month. PayPal has started letting its users buy, sell, and hold bitcoin, bitcoin cash, litecoin, and ether.
Today, we are announcing the launch of a new service that will enable customers to buy, hold and sell #Cryptocurrency directly from their PayPal account. https://t.co/QS6JRmG9hs pic.twitter.com/uHBatfZkbF — PayPal (@PayPal) October 21, 2020
Despite the price rise and increasing corporate support, bitcoin’s mining difficulty recorded its largest percentage decrease since the launch of specialized hardware mining. Available data shows BTC mining difficulty dropped by over 16% to 16.787 trillion, its lowest level since June.
The adjustment marked the second-largest percentage decrease of all time. Mining difficulty on the BTC network is used to measure the resources used in mining the cryptocurrency. Difficulty goes up and down at 2,016 block intervals – which occur every two weeks – and is adjusted to ensure bocks are found at 10-minute intervals.
Headlines in the crypto space this week also included the largest bitcoin seizure to date, as the U.S. Department of Justice (DoJ)seized over 69,000 BTC (over $1 billion) linked to the notorious darknet marketplace Silk Road.
The Internal Revenue Service’s Criminal Investigation unit reportedly used a third-party service to track lost funds after the Silk Road was shut down in 2013. The service led them to “Individual X,” which allegedly hacked the funds from the marketplace. Authorities took control of the funds on November 3.
Ethereum Community Prepares for ETH 2.0 Launch
The Ethereum community has been getting ready for the launch of ETH 2.0, a long-planned upgrade to the ETH network set to improve its scalability and security, by accumulating enough ether to start staking the cryptocurrency.
A deposit contract was launched for ether users to deposit 32 ETH required for staking on the network, and soon after the number of addresses with at least 32 ETH surged to a new all-time high of 126,852. A total of 524,299 ether has already been sent to the deposit contract.
The number of ETH addresses holding at least 0.1, 10, or 100 ether has also risen to record highs, while the amount of ether held on cryptocurrency trading platforms dropped to a one-year low.
An essential piece of #Ethereum’s Serenity upgrade, the Beacon Chain’s deposit contract, is live. This begins a transition to #Eth2.@EthDotOrg Guide: https://t.co/PkKwLnXKS4
Launchpad: https://t.co/CFgFwAs46f
Deposit Contract Address: 0x00000000219ab540356cBB839Cbe05303d7705Fa — Ethereum (@ethereum) November 4, 2020
Ethereum’s hashrate, the computing power being used to secure the network, hit an all-time high of 270 trillion hashes per second. Transaction fees paid to move ether have been dropping since October, as decentralized finance volumes started dropping as well.
Crypto AM: Market View in association with Ziglu


cityam--2020-11-10--Softbank ‘considers moving Vision Fund’ from London to Abu Dhabi

Japanese tech investment giant Softbank is reportedly considering moving the unit that manages its $ 100bn ( £75.6bn ) Vision Fund from London to Abu Dhabi .
The move has been under discussion for several weeks , the Financial Times reported , citing people with knowledge of the talks .
The relocation of Softbank Investment Advisors , which manages the Vision Fund , is said to be being considered for a number of reasons , including a desire to lower the unit ’ s taxes .
It would also move the unit closer to one of its main backers , @ @ @ @ @ @ @ vehicle , which has poured $ 15bn into the Vision Fund .
Citing a source close to Vision Fund head Rajeev Misra , the FT reported that the discussions of a move were being driven by a desire to substantially lower the taxes paid by the unit .
The UK ’ s corporate tax rate stands at 19 per cent , while the rate in Abu Dhabi is zero – with some exceptions .
Before the Open newsletter : Start your day with the City View podcast and key market data Softbank yesterday @ @ @ @ @ @ @ quarterly profit for the Vision Fund , with a broad upswing in tech valuations bringing the unit back into the black .
The Japanese conglomerate , which has stopped reporting operating profit figures , reported a net quarterly income for the entire group of ¥627.5bn .
This took net income for the first half to ¥1.88 trillion – a more than four-fold increase from the same period a year earlier .
However Softbank reported a ¥131.7bn loss from speculation on tech stocks after an attempt to diversify using its massive cash pile turned @ @ @ @ @ @ @ the group ’ s stock and options trading programme came under fire from investors following the quarterly results because of Softbank founder and chief executive Masayoshi Son ’ s stake in the vehicle .
Son was hit by a barrage of questions about the programme from investors and analysts at a post-results earnings call , Bloomberg reported , with several people on the call saying the structure of the division posed corporate governance concerns .
Softbank has ploughed around $ 20bn into tech stocks and derivatives in an attempt to diversify using its @ @ @ @ @ @ @ in which Son personally holds a one-third stake .
On the call , Son denied the stake represented a conflict of interest , Bloomberg reported , and described it as remuneration for his investment expertise .
Softbank declined to comment on both reports .

Softbank ‘considers moving Vision Fund’ from London to Abu Dhabi
Rajeev Misra currently leads Softbank’s Vision Fund from London
Japanese tech investment giant Softbank is reportedly considering moving the unit that manages its $100bn (£75.6bn) Vision Fund from London to Abu Dhabi.
The move has been under discussion for several weeks, the Financial Times reported, citing people with knowledge of the talks.
The relocation of Softbank Investment Advisors, which manages the Vision Fund, is said to be being considered for a number of reasons, including a desire to lower the unit’s taxes.
It would also move the unit closer to one of its main backers, Abu Dhabi’s Mubadala sovereign investment vehicle, which has poured $15bn into the Vision Fund.
Citing a source close to Vision Fund head Rajeev Misra, the FT reported that the discussions of a move were being driven by a desire to substantially lower the taxes paid by the unit.
The UK’s corporate tax rate stands at 19 per cent, while the rate in Abu Dhabi is zero – with some exceptions.
Before the Open newsletter: Start your day with the City View podcast and key market data
Softbank yesterday reported a record ¥784.4bn (£5.7bn) quarterly profit for the Vision Fund, with a broad upswing in tech valuations bringing the unit back into the black.
The Japanese conglomerate, which has stopped reporting operating profit figures, reported a net quarterly income for the entire group of ¥627.5bn. This took net income for the first half to ¥1.88 trillion – a more than four-fold increase from the same period a year earlier.
However Softbank reported a ¥131.7bn loss from speculation on tech stocks after an attempt to diversify using its massive cash pile turned sour.
It was reported today that the group’s stock and options trading programme came under fire from investors following the quarterly results because of Softbank founder and chief executive Masayoshi Son’s stake in the vehicle.
Son was hit by a barrage of questions about the programme from investors and analysts at a post-results earnings call, Bloomberg reported, with several people on the call saying the structure of the division posed corporate governance concerns.
Softbank has ploughed around $20bn into tech stocks and derivatives in an attempt to diversify using its massive cash pile, via a unit in which Son personally holds a one-third stake.
On the call, Son denied the stake represented a conflict of interest, Bloomberg reported, and described it as remuneration for his investment expertise.
Softbank declined to comment on both reports.