cityam--2020-07-22--Wall Street Journal staff attack ‘misinformation’ and ‘racism’ in newspaper's opinion section

Almost 300 journalists at the Rupert Murdoch-owned Wall Street Journal ( WSJ ) have sent a letter to the newspaper ’ s publisher lambasting “ misinformation ” regarding coronavirus and racism in its opinion section .
The letter , signed by hundreds of reporters , editors and video journalists , accused WSJ ’ s opinion pages of a “ lack of fact-checking and transparency ” and a “ disregard for evidence ” and demanded the paper ’ s parent company Dow Jones make changes .
Read more : Guardian to close weekend supplements as coronavirus batters newspaper The letter , @ @ @ @ @ @ @ Latour yesterday , said : “ Many readers already can not tell the difference between reporting and opinion .
And from those who know of the divide , reporters nonetheless face questions about the Journal ’ s accuracy and fairness because of errors published in opinion.
” Journalists earmarked a widely-read article headlined “ The myth of systemic police racism ” published a week after the death of George Floyd by a US policeman , arguing that the article “ propelled misinformation ” .
The letter added that WSJ ’ s “ employees @ @ @ @ @ @ @ this opinion piece caused them ” after it “ selectively presented facts and drew erroneous conclusions from the underlying data ” .
The Harvard researcher whose data was used in the article complained in an opinion column three weeks later that his work was “ widely misrepresented and misused ” by the paper and “ wrongly cited as evidence that there is no racism in policing ” .
The letter also highlighted a recent article by US vice-president Mike Pence , headlined “ There isn ’ t a coronavirus ‘ second wave ’ @ @ @ @ @ @ @ reporting in WSJ ’ s own news pages .
The article cited figures that would have been undermined by “ no more than a Google search ” , the letter to Latour said .
It added that figures in Pence ’ s essay were published “ without checking government figures ” and noted that the piece was later corrected .
Journalists at the paper also called for a greater distinction between WSJ ’ s editorial page operations and its news output .
The letter proposed more prominently labeling opinion columns on the website @ @ @ @ @ @ @ , to include lines such as “ The Wall Street Journal ’ s opinion pages are independent of its newsroom ” .
It comes as culture wars continue to escalate in US newsrooms ahead of the November presidential election and as the country feels the full effect of the pandemic .
Last week New York Times opinion editor Bari Weiss publicly resigned claiming she had been “ the subject of constant bullying by colleagues who disagree with my views ” .
Weiss had been snapped up from WSJ in 2017 following concerns that @ @ @ @ @ @ @ represent the full US political spectrum after it failed to anticipate the election of Donald Trump as President in 2016 .
Read more : Mirror publisher Reach to axe 550 jobs as advertising dries up She claimed the New York Times thrived on an “ illiberal environment , ” weeks after declaring there was a “ civil war ” inside the paper .
In a widely-circulated public resignation letter , Weiss said : “ A new consensus has emerged in the press , but perhaps especially at this paper : that truth isn @ @ @ @ @ @ @ , but an orthodoxy already known to an enlightened few whose job is to inform everyone else.
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Wall Street Journal staff attack ‘misinformation’ and ‘racism’ in newspaper’s opinion section
Almost 300 journalists at the Rupert Murdoch-owned Wall Street Journal (WSJ) have sent a letter to the newspaper’s publisher lambasting “misinformation” regarding coronavirus and racism in its opinion section.
The letter, signed by hundreds of reporters, editors and video journalists, accused WSJ’s opinion pages of a “lack of fact-checking and transparency” and a “disregard for evidence” and demanded the paper’s parent company Dow Jones make changes.
The letter, sent to Dow Jones chief executive Almar Latour yesterday, said: “Many readers already cannot tell the difference between reporting and opinion. And from those who know of the divide, reporters nonetheless face questions about the Journal’s accuracy and fairness because of errors published in opinion.”
Journalists earmarked a widely-read article headlined “The myth of systemic police racism” published a week after the death of George Floyd by a US policeman, arguing that the article “propelled misinformation”.
The Harvard researcher whose data was used in the article complained in an opinion column in WSJ three weeks later that his work was “widely misrepresented and misused” by the paper and “wrongly cited as evidence that there is no racism in policing”.
The letter added that WSJ’s “employees of colour spoke out about the pain this opinion piece caused them” after it “selectively presented facts and drew erroneous conclusions from the underlying data”.
WSJ staff also highlighted a recent article by US vice-president Mike Pence, headlined “There isn’t a coronavirus ‘second wave’”, which journalists said contradicted evidence-based reporting in WSJ’s own news pages.
The article cited figures that would have been undermined by “no more than a Google search”, the letter to Latour said. It added that figures in Pence’s essay were published “without checking government figures” and noted that the piece was later corrected.
Journalists at the paper also called for a greater distinction between WSJ’s opinion page operations and its news output. The letter proposed more prominently labeling opinion columns on the website and the paper’s mobile apps, to include lines such as “The Wall Street Journal’s opinion pages are independent of its newsroom”.
It comes as the so-called culture war continues to escalate in US newsrooms as the country feels the pressure of both the upcoming presidential election and as the full effect of the coronavirus pandemic.
Last week New York Times opinion editor Bari Weiss publicly resigned, claiming she had been “the subject of constant bullying by colleagues who disagree with my views”.
Weiss had been snapped up from WSJ in 2017 following concerns that the New York Times did not fully represent the full US political spectrum after it failed to anticipate the election of Donald Trump as President in 2016.
She claimed the New York Times thrived on an “illiberal environment,” weeks after declaring there was a “civil war” inside the paper.
In a widely-circulated public resignation letter, Weiss said: “A new consensus has emerged in the press, but perhaps especially at this paper: that truth isn’t a process of collective discovery, but an orthodoxy already known to an enlightened few whose job is to inform everyone else.”
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cityam--2020-07-22--Invesco bond bosses step back amid fund reshuffle

Invesco has reshuffled its fixed interest management team with bosses Paul Read and Paul Causer both stepping back from their management roles on a series of a funds .
Read is stepping down as manager of the Invesco Corporate Bond and Monthly Income Plus funds but will keep his management role on the £49.2m Global Income fund .
He and Causer will also hand over the management of the £182m Merchant High Yield trust to co-manager Rhys Davies , who is among those taking a promotion .
The troubled fund house today said it was promoting a number of fund @ @ @ @ @ @ @ process to develop and nurture talent within our business ” .
Senior analyst Tom Hemmant will become co-manager of Invesco ’ s corporate bond and high yield funds .
While Davies , currently the portfolio manager of Invesco ’ s credit investment trusts will join the Invesco Monthly Income Plus fund as a manager .
The restructure will take effect from 31 August 2020 .
Edward Craven will run the Invesco Distribution fun , Jack Parker and Stuart Edwards will help manage the Tactical Bond fund , while Alexandra Ivanova will become co-manager @ @ @ @ @ @ @ In a statement , Read and Causer said : “ The changes represent a natural progression recognising Rhys ’ s success as the Company ’ s portfolio manager and bringing on Edward Craven to work with him as a deputy portfolio manager .
Rhys and Edward have our continuing support and that of the fixed interest team.
” Read more : Goldman Sachs in talks to buy Invesco holdings It is the latest shake-up since chief investment officer Stephanie Butcher took over in January 2019 .
In May Invesco said it had been @ @ @ @ @ @ @ protege Mark Barnett would leave the firm after over two decades .
It came weeks after the embattled fund manager was sacked by Perpetual Income and Growth Trust after more than two decades .
The trust ’ s board said it was concerned with Invesco ’ s “ poor performance.
” Get the news as it happens by following City A.M. on Twitter .

Invesco bond bosses step back amid fund reshuffle
This morning saw another subdued start on the FTSE 100.
Invesco has reshuffled its fixed interest management team with bosses Paul Read and Paul Causer both stepping back from their management roles on a series of a funds.
Read is stepping down as manager of the Monthly Income Plus fund but will keep his management role on the £49.2m Global Income fund.
He and Causer will also hand over the management of the £182m Merchant High Yield trust to co-manager Rhys Davies, who is among those taking a promotion.
The troubled fund house today said it was promoting a number of fund managers as part of its “ongoing process to develop and nurture talent within our business”.
Senior analyst Tom Hemmant will become co-manager of Invesco’s corporate bond and high yield funds. While Davies, currently the portfolio manager of Invesco’s credit investment trusts will join the Invesco Monthly Income Plus fund as a manager.
The restructure will take effect from 31 August 2020.
Edward Craven will run the Invesco Distribution fun, Jack Parker and Stuart Edwards will help manage the Tactical Bond fund, while Alexandra Ivanova will become co-manager on the Invesco Global Income fund.
In a statement, Read and Causer said: “The changes represent a natural progression recognising Rhys’s success as the Company’s portfolio manager and bringing on Edward Craven to work with him as a deputy portfolio manager. Rhys and Edward have our continuing support and that of the fixed interest team.”
It is the latest shake-up since chief investment officer Stephanie Butcher took over in January 2019. In May Invesco said it had been “mutually agreed” that Neil Woodford protege Mark Barnett would leave the firm after over two decades.
It came weeks after the embattled fund manager was sacked by Perpetual Income and Growth Trust after more than two decades. The trust’s board said it was concerned with Invesco’s “poor performance.”
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-07-22--Crossrail set for further delays and cost increases due to coronavirus

The long-awaited Crossrail transport project will face further delays and additional costs due to the coronavirus pandemic , London mayor Sadiq Khan has said .
Much of the work on the huge rail project had to be suspended in the spring due to safety concerns over working in confined spaces .
Read more : Sadiq Khan suggests London tax autonomy in new TfL bailout deal Speaking to the transport select committee this morning , Khan said that there had “ quite clearly been a knock-on effect on the timeline for when Crossrail will be finished and the cost of completing @ @ @ @ @ @ @ “ There ’ s a separate conversation between the Department for Transport , Transport for London and the Treasury about funding [ the project ] going forward ” , he added .
The cost of the delays will be borne by London , he confirmed .
Khan ’ s comments came after rail minister Chris Heaton-Harris revealed that Network Rail would need an extra £140m to complete surface works for the project .
He confirmed that these additional costs were not related to the coronavirus crisis , saying the assessment had been made @ @ @ @ @ @ @ newsletter : Start your day with the City View podcast and key market data The extra funding takes the full cost of surface works again to £3bn .
Again , he said that “ a revised funding package will now need to be developed for Crossrail that is fair to UK taxpayers , with London as the primary beneficiary bearing the cost ” .
The rail line was due to open in December 2018 but has been beset by a number of delays and increases to its original £14.8bn budget , which was @ @ @ @ @ @ @ the project ’ s bosses said that the line would not open to 2021 at the earliest and would cost £650m over its revised £17.6bn budget .
In addition , Khan confirmed that TfL was reviewing plans for 17 of its 25 current infrastructure projects to see which could be delayed or cancelled due to the pandemic .
Crossrail , the Bank station upgrade , the Northern line upgrade and improvements to the Old Street roundabout will all continue , he said , while the update to the Piccadilly lines signalling system will @ @ @

Crossrail set for further delays and cost increases due to coronavirus
The long-awaited Crossrail transport project will face further delays and additional costs due to the coronavirus pandemic, London mayor Sadiq Khan has said.
Much of the work on the huge rail project had to be suspended in the spring due to safety concerns over working in confined spaces.
Speaking to the transport select committee this morning, Khan said that there had “quite clearly been a knock-on effect on the timeline for when Crossrail will be finished and the cost of completing it” due to the pandemic.
“There’s a separate conversation between the Department for Transport, Transport for London and the Treasury about funding [the project] going forward”, he added.
The cost of the delays will be borne by London, he confirmed.
Khan’s comments came after rail minister Chris Heaton-Harris revealed that Network Rail would need an extra £140m to complete surface works for the project.
He confirmed that these additional costs were not related to the coronavirus crisis, saying the assessment had been made before the pandemic.
Before the Open newsletter: Start your day with the City View podcast and key market data
The extra funding takes the full cost of surface works again to £3bn.
Again, he said that “a revised funding package will now need to be developed for Crossrail that is fair to UK taxpayers, with London as the primary beneficiary bearing the cost”.
The rail line was due to open in December 2018 but has been beset by a number of delays and increases to its original £14.8bn budget, which was agreed in 2010.
In November, the project’s bosses said that the line would not open to 2021 at the earliest and would cost £650m over its revised £17.6bn budget.
In addition, Khan confirmed that TfL was reviewing plans for 17 of its 25 current infrastructure projects to see which could be delayed or cancelled due to the pandemic.
Crossrail, the Bank station upgrade, the Northern line upgrade and improvements to the Old Street roundabout will all continue, he said, while the update to the Piccadilly lines signalling system will be postponed.


cityam--2020-07-22--UK and US close diplomatic immunity loophole used in Harry Dunn case

UK and US officials have struck a deal to amend the “ anomaly ” that allowed Harry Dunn ’ s alleged killer Anne Sacoolas to claim diplomatic immunity following his death in a road collision last year , the foreign secretary has said .
Dominic Raab this morning said changes had been made that would “ see justice done ” if another family were to end up in a similar situation to that of the Dunn family .
Read more : Mike Pompeo calls for global coalition to ‘ push back ’ against China In a written statement , the @ @ @ @ @ @ @ foremost , the US waiver of immunity from criminal jurisdiction is now expressly extended to the family members of US staff at the Croughton Annex , thus ending the anomaly in the previous arrangements and permitting the criminal prosecution of the family members of those staff , should these tragic circumstances ever arise again .
“ We have the deepest sympathy for Harry Dunn ’ s family .
No family should have to experience what they have gone through and I recognise that these changes will not bring Harry back .
“ However @ @ @ @ @ @ @ the Croughton arrangements have been revised and that a family in their position would now see justice done brings some small measure of comfort.
” Prime Minister Boris Johnson yesterday told US secretary of state Mike Pompeo about the “ need for justice to be done ” in regards to 19-year-old Dunn ’ s death and that his killer should be extradited to the UK .
Dunn was killed in a traffic collision in Northamptonshire in August last year when former CIA operative Sacoolas hit him while she was driving on the wrong @ @ @ @ @ @ @ to driving the car on the wrong side of the road and crashing into him on his motorbike , but immediately fled to the US where she sought diplomatic immunity against being extradited to the UK to face charges .
An extradition request submitted by the Home Office for Sacoolas ’ return to the UK was rejected by Pompeo in January in a decision the State Department said was “ final ” .
However , the amendment today raises questions over whether the judgement will now be overruled .
A spokesperson for the @ @ @ @ @ @ @ Minister reiterated the need for justice to be done for Harry Dunn and his family.
” “ He said there was a strong feeling among the people of the UK that justice must be delivered.
” Dunn ’ s mother , Charlotte Charles , yesterday accused Raab of being a “ lost child in an adult ’ s world ” following the foreign secretary ’ s discussions with the US secretary of state .
Charles took to the gates of Downing Street after claiming “ words are not enough anymore ” in her @ @ @ @ @ @ @ killer to justice .
She said she had come she had come “ to show Mr Pompeo and Mr Raab and Mr Johnson that I ’ m not just going to stick on my TV and watch them at home .
Read more : Pompeo arrives in UK to discuss China , 5G and Brexit “ It ’ s really important that we come here and let them know that Harry was important and they need to realise that , ” she told the PA news agency .
“ So I ’ m @ @ @ @ @ @ @ I intend to make sure that they are aware that we ’ ve made the effort to be here to try to communicate with them .
”

UK and US close diplomatic immunity loophole used in Harry Dunn case
Harry Dunn’s mother Charlotte Charles demanded justice for death of her son
UK and US officials have struck a deal to amend the “anomaly” that allowed Harry Dunn’s alleged killer Anne Sacoolas to claim diplomatic immunity following his death in a road collision last year, the foreign secretary has said.
Dominic Raab this morning said changes had been made that would “see justice done” if another family were to end up in a similar situation to that of the Dunn family.
In a written statement, the foreign secretary said: “First and foremost, the US waiver of immunity from criminal jurisdiction is now expressly extended to the family members of US staff at the Croughton Annex, thus ending the anomaly in the previous arrangements and permitting the criminal prosecution of the family members of those staff, should these tragic circumstances ever arise again.
“We have the deepest sympathy for Harry Dunn’s family. No family should have to experience what they have gone through and I recognise that these changes will not bring Harry back.
“However, I hope that the knowledge that the Croughton arrangements have been revised and that a family in their position would now see justice done brings some small measure of comfort.”
Prime Minister Boris Johnson yesterday told US secretary of state Mike Pompeo about the “need for justice to be done” with regards to 19-year-old Dunn’s death and that his killer should be extradited to the UK.
Dunn was killed in a traffic collision in Northamptonshire in August last year when former CIA operative Sacoolas hit him while she was driving on the wrong side of the road.
She admitted to driving the car on the wrong side of the road and crashing into him on his motorbike, but immediately fled to the US where she sought diplomatic immunity against being extradited to the UK to face charges.
An extradition request submitted by the Home Office for Sacoolas’ return to the UK was rejected by Pompeo in January in a decision the State Department said was “final”.
However, the amendment today raises questions over whether the judgement will now be overruled.
A spokesperson for the PM yesterday said: “The Prime Minister reiterated the need for justice to be done for Harry Dunn and his family.”
“He said there was a strong feeling among the people of the UK that justice must be delivered.”
Dunn’s mother, Charlotte Charles, yesterday accused Raab of being a “lost child in an adult’s world” following the foreign secretary’s discussions with the US secretary of state.
Charles took to the gates of Downing Street after claiming “words are not enough anymore” in her campaign to bring her son’s killer to justice.
She said she had come she had come “to show Mr Pompeo and Mr Raab and Mr Johnson that I’m not just going to stick on my TV and watch them at home.
“It’s really important that we come here and let them know that Harry was important and they need to realise that,” she told the PA news agency.
“So I’m not going to stay at home … I intend to make sure that they are aware that we’ve made the effort to be here to try to communicate with them.”


cityam--2020-07-22--KPMG set to slash jobs and pension contributions in cost-cutting drive

KPMG is set to cut more than 100 jobs and slash contributions to employees ’ pensions in a bid to slash costs during the pandemic .
The Big Four firm is expected to cut just under 200 jobs across the UK ahead of the long-awaited reform of the audit reform .
Read more : Third of UK audits fail accounting watchdog ’ s quality tests Sky News first reported that partners and affected employees were informed in a briefing on Wednesday morning , held by UK chairman Bill Michael .
He reportedly told partners that while the firm ’ s @ @ @ @ @ @ @ of expectations it had accelerated the need to streamline the business .
KPMG confirmed to City A.M. that around 100 jobs will be cut from its 3,000 strong consulting practice , with a similar number to be cut from its internal business division .
A spokesperson for the accounting firm said : “ Due to changing demand from our clients as a result of the COVID 19 pandemic , we have announced proposals to make fewer than 100 positions in our Consulting business redundant .
” Sky News also reported that KPG is @ @ @ @ @ @ @ to 4.5 per cent of salaries , which will adversely affect older employees .
A spokesperson told City A.M. : “ We are operating in highly volatile times and are proposing a series of actions to safeguard our business in the medium and long term .
We are consulting with our people on a proposed temporary change to our employer pensions contributions .
At this stage , no final decision has been taken.
” KPMG , Deloitte , EY and PwC are facing a demand from the auditing watchdog to separate their audit @ @ @ @ @ @ @ comes after increased regulatory scrutiny after a string of corporate failures .
Earlier this month the Financial Reporting Council ( FRC ) told the Big Four accounting firms to separate their units to ensure their audits “ do not rely on persistent cross subsidy from the rest of the firm ” .

KPMG set to slash jobs and pension contributions in cost-cutting drive
A hearing spearheaded by the Financial Reporting Council (FRC) kicked off on Monday to determine whether KPMG is guilty of forging documents and misleading regulators in relation to audits of Carillion and Regenersis.
KPMG is set to cut more than 100 jobs and slash contributions to employees’ pensions in a bid to slash costs during the pandemic.
The Big Four firm is expected to cut just under 200 jobs across the UK ahead of the long-awaited reform of the audit reform.
Sky News first reported that partners and affected employees were informed in a briefing on Wednesday morning, held by UK chairman Bill Michael.
He reportedly told partners that while the firm’s performance during the pandemic had been ahead of expectations it had accelerated the need to streamline the business.
KPMG confirmed to City A.M. that around 100 jobs will be cut from its 3,000 strong consulting practice, with a similar number to be cut from its internal business division.
A spokesperson for the accounting firm said: “Due to changing demand from our clients as a result of the COVID 19 pandemic, we have announced proposals to make fewer than 100 positions in our Consulting business redundant. ”
Sky News also reported that KPG is launching a consultation on reducing pension contributions to 4.5 per cent of salaries, which will adversely affect older employees.
A spokesperson told City A.M.: “We are operating in highly volatile times and are proposing a series of actions to safeguard our business in the medium and long term. We are consulting with our people on a proposed temporary change to our employer pensions contributions. At this stage, no final decision has been taken.”
KPMG, Deloitte, EY and PwC are facing a demand from the auditing watchdog to separate their audit and consulting businesses by 2024. It comes after increased regulatory scrutiny after a string of corporate failures.
Earlier this month the Financial Reporting Council (FRC) told the Big Four accounting firms to separate their units to ensure their audits “do not rely on persistent cross subsidy from the rest of the firm”.


cityam--2020-07-22--Labour apologises to BBC Panorama over antisemitism claims

Labour has formally apologised to BBC ’ s Panorama for claiming it had misrepresented allegations of antisemitism within the party , and promised to shell out “ substantial damages ” to whistleblowers who sued the party over the row .
The party issued an unreserved apology at the High Court after agreeing to settle a defamation lawsuit by seven Labour whistleblowers who spoke out against the party in a BBC Panorama programme last year .
Read more : Labour to boycott Facebook for one month over BLM concerns Labour said efforts were made to damage the reputation of the seven @ @ @ @ @ @ @ of an out-of-court libel settlement that cost an estimated £500,000 .
The party said its actions had caused “ distress , embarrassment and hurt ” .
In the July 2019 Panorama programme , entitled Is Labour Anti-Semitic ?
, several former party officials alleged that senior figures close to then-leader Jeremy Corbyn had interfered in the process of dealing with antisemitism complaints .
The whistleblowers also claimed they had faced a huge increase in complaints since Corbyn became leader in 2015 .
Following the initial broadcast , a Labour party spokesman denounced them @ @ @ @ @ @ @ had “ personal and political axes ” to grind , and accused them of trying to undermine Corbyn ’ s leadership .
Labour also accused the programme of showing “ deliberate and malicious representations designed to mislead the public ” .
Former Labour employees Kat Buckingham , Michael Creighton , Samuel Matthews , Dan Hogan , Louise Withers Green , Benjamin Westerman and Martha Robinson , plus Panorama journalist John Ware launched a libel suit against the party .
In its apology today , Labour said : “ We acknowledge the many years @ @ @ @ @ @ @ whistleblowers have given to the Labour party as members and as staff .
We appreciate their valuable contribution at all levels of the party.
” “ We unreservedly withdraw all allegations of bad faith , malice and lying .
We would like to apologise unreservedly for the distress , embarrassment and hurt caused by their publication .
We have agreed to pay them damages.
” It added that “ John Ware is a very experienced broadcast and print journalist , producer and author , and we have agreed to pay damages to him @ @ @ @ @ @ @ after the hearing , Labour ’ s shadow attorney general Lord Falconer said : “ It is a clear line under a dispute between the Labour party and people who had been whistleblowers about antisemitism.
” “ We can focus now not on litigation , which is a disastrous thing for a party to be focusing on .
Instead , it should be focusing on championing the things that matter to the public , so it ’ s a good day , ” Lord Falconer added .
Current Labour leader Sir Keir Starmer @ @ @ @ @ @ @ antisemitism from the party , committing to implement the full recommendations of an inquiry by the equality watchdog into Labour ’ s culture due out in September .
Last month Starmer fired Corbyn ally Rebecca Long-Bailey from the shadow cabinet for re-tweeting an article containing an antisemitic conspiracy theory .
A spokesperson for the leader of the opposition said : “ As leader of the Labour Party , Keir has been clear that restoring trust with the Jewish community is a number one priority .
Antisemitism takes many different forms and it is @ @ @ @ @ @ @ it .
”

Labour apologises to BBC Panorama over antisemitism claims and hands out six-figure settlement
Labour has formally apologised to BBC’s Panorama for claiming it had misrepresented allegations of antisemitism within the party, and promised to shell out “substantial damages” to whistleblowers who sued the party over the row.
The party issued an unreserved apology at the High Court after agreeing to settle a defamation lawsuit by seven Labour whistleblowers who spoke out against the party in a BBC Panorama programme last year.
Labour said efforts were made to damage the reputation of the seven former members of staff, as part of an out-of-court libel settlement that cost an estimated £500,000.
The party said its actions had caused “distress, embarrassment and hurt”.
In the July 2019 Panorama programme, entitled Is Labour Anti-Semitic?, several former party officials alleged that senior figures close to then-leader Jeremy Corbyn had interfered in the process of dealing with antisemitism complaints.
The whistleblowers also claimed they had faced a huge increase in complaints since Corbyn became leader in 2015.
Following the initial broadcast, a Labour party spokesman denounced them as “disaffected former staff” who had “personal and political axes” to grind, and accused them of trying to undermine Corbyn’s leadership.
Labour also accused the programme of showing “deliberate and malicious representations designed to mislead the public”.
Former Labour employees Kat Buckingham, Michael Creighton, Samuel Matthews, Dan Hogan, Louise Withers Green, Benjamin Westerman and Martha Robinson, plus Panorama journalist John Ware launched a libel suit against the party.
In its apology today, Labour said: “We acknowledge the many years of dedicated and committed service that the whistleblowers have given to the Labour party as members and as staff. We appreciate their valuable contribution at all levels of the party.”
“We unreservedly withdraw all allegations of bad faith, malice and lying. We would like to apologise unreservedly for the distress, embarrassment and hurt caused by their publication. We have agreed to pay them damages.”
It added that “John Ware is a very experienced broadcast and print journalist, producer and author, and we have agreed to pay damages to him”.
Speaking outside the High Court after the hearing, Labour’s shadow attorney general Lord Falconer said: “It is a clear line under a dispute between the Labour party and people who had been whistleblowers about antisemitism.”
“We can focus now not on litigation, which is a disastrous thing for a party to be focusing on. Instead, it should be focusing on championing the things that matter to the public, so it’s a good day,” Lord Falconer added.
Former Labour leader Jeremy Corbyn slammed Labour’s apology to Panorama and former staffers as a “political decision”.
In a statement, Corbyn said: “Labour party members have a right to accountability and transparency of decisions taken in their name, and an effective commitment from the party to combat antisemitism and racism in all their forms.
“The party’s decision to apologise today and make substantial payments to former staff who sued the party in relation to last year’s Panorama programme is a political decision, not a legal one.
He also lambasted the six-figure settlement to former staff as “disappointing”, adding that it “risks giving credibility to misleading and inaccurate allegations about action taken to tackle antisemitism in the Labour Party in recent years”.
“To give our members the answers and justice they deserve, the inquiry… must now fully address the evidence the internal report uncovered of racism, sexism, factionalism and obstruction of Labour’s 2017 General Election campaign,” Corbyn added.
Current Labour leader Sir Keir Starmer has emphasised his commitment to weed out antisemitism from the party, committing to implement the full recommendations of an inquiry by the equality watchdog into Labour’s culture due out in September.
Last month Starmer fired Corbyn ally Rebecca Long-Bailey from the shadow cabinet for re-tweeting an article containing an antisemitic conspiracy theory.
A spokesperson for the leader of the opposition said: “As leader of the Labour Party, Keir has been clear that restoring trust with the Jewish community is a number one priority. Antisemitism takes many different forms and it is important that we all are vigilant against it.”


cityam--2020-07-22--Sadiq Khan suggests London tax autonomy in new TfL bailout deal

London mayor Sadiq Khan has suggested that the government should consider giving the capital freedom to spend its own tax takings to fund Transport for London ( TfL ) .
Speaking to the parliamentary transport select committee this morning , Khan said that one of the options for the future funding of the embattled operator should be “ proper fiscal devolution ” for London .
Read more : Sadiq Khan launches finance review of London transport network after coronavirus impact TfL ’ s current £1.6bn bailout , which was agreed in May , will cover the network ’ s finances @ @ @ @ @ @ @ new deal will have to be agreed , Khan said .
“ The government has two options really , looking at how things are done around the world .
“ One is for them to give us a grant for the short or medium term to cover the fact that we can not get the level of fares in at the moment .
The second is proper fiscal devolution ” , he said .
Khan pointed to a report commissioned by prime minister Boris Johnson while he was London ’ s mayor which @ @ @ @ @ @ @ ” for fiscal devolution .
At the moment , Khan said , London is permitted to spend seven per cent of taxes raised int the capital .
By contrast , New York spends 50 per cent .
He added that for the short term TfL would likely be dependent on central government assistance , like other transport networks around the world .
Before the Open newsletter : Start your day with the City View podcast and key market data At the moment , passenger levels on the Tube are 20 per cent down @ @ @ @ @ @ @ per cent .
TfL is dependent on fares for 70 per cent of its revenues , having had its government operating grant removed in 2018 .
As a result of the plunge in passenger numbers , Khan said TfL had lost £600m every month , wiping out its cash reserves and precipitating the need for a bailout .
One of the conditions of the rescue package is a government review into TfL ’ s finances , with will explore “ alternative funding options ” .
Khan reiterated his hopes that this would explore @ @ @ @ @ @ @ that TfL should not be so dependent on fare revenue .
During an occasionally testy session , Khan defended his record at TfL through the crisis , rejecting suggestions that its response had been initially “ chaotic ” .
Read more : Sadiq Khan ’ s TfL fare freeze not ‘ responsible ’ , says Grant Shapps He said that TfL had at the peak of the crisis lost almost a third of its staff but had still continued to run 60 per cent of Tube services and 85 per cent of bus @ @ @ @ @ @ @ an “ exceptional minority ” had been faced with issues while travelling , Khan said , suggesting that a “ lack of clarity ” in government messaging was responsible for some of the chaos .

Sadiq Khan suggests London tax autonomy in new TfL bailout deal
London mayor Sadiq Khan.
London mayor Sadiq Khan has suggested that the government should consider giving the capital freedom to spend its own tax takings to fund Transport for London (TfL).
Speaking to the parliamentary transport select committee this morning, Khan said that one of the options for the future funding of the embattled operator should be “proper fiscal devolution” for London.
TfL’s current £1.6bn bailout, which was agreed in May, will cover the network’s finances until 17 October, after which a new deal will have to be agreed, Khan said.
“The government has two options really, looking at how things are done around the world.
“One is for them to give us a grant for the short or medium term to cover the fact that we cannot get the level of fares in at the moment. The second is proper fiscal devolution”, he said.
Khan pointed to a report commissioned by prime minister Boris Johnson while he was London’s mayor which he said was a “good template” for fiscal devolution.
At the moment, Khan said, London is permitted to spend seven per cent of taxes raised int the capital. By contrast, New York spends 50 per cent.
He added that for the short term TfL would likely be dependent on central government assistance, like other transport networks around the world.
Before the Open newsletter: Start your day with the City View podcast and key market data
At the moment, passenger levels on the Tube are 20 per cent down, and bus numbers are down 35 per cent.
TfL is dependent on fares for 70 per cent of its revenues, having had its government operating grant removed in 2018.
As a result of the plunge in passenger numbers, Khan said TfL had lost £600m every month, wiping out its cash reserves and precipitating the need for a bailout.
One of the conditions of the rescue package is a government review into TfL’s finances, with will explore “alternative funding options”.
Khan reiterated his hopes that this would explore the possibility of fiscal devolution, saying that TfL should not be so dependent on fare revenue.
During an occasionally testy session, Khan defended his record at TfL through the crisis, rejecting suggestions that its response had been initially “chaotic”.
He said that TfL had at the peak of the crisis lost almost a third of its staff but had still continued to run 60 per cent of Tube services and 85 per cent of bus services at rush hour times.
Only an “exceptional minority” had been faced with issues while travelling, Khan said, suggesting that a “lack of clarity” in government messaging was responsible for some of the chaos.


cityam--2020-07-22--Tiktok could be sold to US investors to avoid American ban

Beleaguered video app Tiktok could be split from its Chinese parent company Bytedance and sold off to US investors in a bid to curtail a mooted ban on the app in America , as questions over the company ’ s data protection policies face mounting criticism on both sides of the Atlantic .
Tiktok ’ s $ 110bn ( £86bn ) parent firm Bytedance is in talks with a small group of US investors to sell off a majority stake in the viral video platform , according to Silicon Valley news site The Information .
Read more : Give me @ @ @ @ @ @ @ said to be preliminary , as the Chinese firm explores a range of options to avoid threats of a TIktok ban in the US over national security fears .
It comes after US secretary of state Mike Pompeo has called for the social media platform to be outlawed from American soil over concerns that data collected by Tiktok could be handed over to the Chinese state .
Asked on US news channel Fox News if he recommended downloading the app , Pompeo said : “ Only if you want your private information in @ @ @ @ @ @ @ ” India , the video platform ’ s largest non-domestic market , earlier this month banned Tiktok and 58 other Chinese apps from the country following claims that they posed a “ threat to the sovereignty and security ” of the nation .
Mark Meadows , US President Donald Trump ’ s chief of staff , last week said that White House officials were looking to follow suit “ within weeks , not months ” , claiming that Tiktok has “ the potential for national security exposure [ by a ] foreign adversary @ @ @ @ @ @ @ have reportedly included the company ’ s founder and chief executive Zhang Yiming , and Neil Shen , a board member and a partner at Sequoia Capital ’ s Chinese branch .
The sale plan would require investors such as Sequoia , General Atlantic and New Enterprise Associates to form a consortium , with Bytedance potentially retaining a minority stake in the video platform .
It is thought a formal split from China would allay spreading fears that the video platform ’ s parent company is beholden to Beijing authorities and could be @ @ @ @ @ @ @ surveillance .
Tiktok has strongly denied such claims .
Theo Bertram , Tiktok ’ s head of public policy for Europe , the Middle East and Africa , on Monday told the BBC “ the suggestion that we are in any way under the thumb of the Chinese government is completely and utterly false.
” However , concerns that the app may pose national security concerns have spread across the Atlantic , after Tory MPs this week warned that Tiktok is ” ’ as much a threat to Britain ” as banned telecoms @ @ @ @ @ @ @ Iain Duncan Smith said : “ Chinese social media app Tiktok is as much of a threat to the UK as Huawei .
I think the service should be banned because of its proximity to Chinese intelligence services raising real serious concerns , as big as with Huawei over the role that they play.
” Tiktok , which is one of the world ’ s most popular apps , with upwards of 1.5bn downloads around the globe , on Sunday shelved plans to establish its new international headquarters in London following growing diplomatic @ @ @ @ @ @ @ Hong Kong as US ponders banning the app Tiktok had been in discussions with the UK government over the past few months to locate its headquarters in the capital as part of a strategy to distance itself from its Chinese ownership , however the talks have since broken down .
Chinese owner Bytedance has already made efforts to distance itself from Tiktok , hiring former Walt Disney executive Kevin Mayer as the US app ’ s new chief executive and promising to hire another 10,000 US staff over the next three years .

Tiktok could be sold to US investors to avoid American ban
Beleaguered video app Tiktok could be split from its Chinese parent company Bytedance and sold off to US investors in a bid to curtail a mooted ban on the app in America, as questions over the company’s data protection policies face mounting criticism on both sides of the Atlantic.
Tiktok’s $110bn (£86bn) parent firm Bytedance is in talks with a small group of US investors to sell off a majority stake in the viral video platform, according to Silicon Valley news site The Information.
Discussions are said to be preliminary, as the Chinese firm explores a range of options to avoid threats of a TIktok ban in the US over national security fears.
It comes after US secretary of state Mike Pompeo has called for the social media platform to be outlawed from American soil over concerns that data collected by Tiktok could be handed over to the Chinese state.
Asked on US news channel Fox News if he recommended downloading the app, Pompeo said: “Only if you want your private information in the hands of the Chinese Communist Party.”
India, the video platform’s largest non-domestic market, earlier this month banned Tiktok and 58 other Chinese apps from the country following claims that they posed a “threat to the sovereignty and security” of the nation.
Mark Meadows, US President Donald Trump’s chief of staff, last week said that White House officials were looking to follow suit “within weeks, not months”, claiming that Tiktok has “the potential for national security exposure [by a] foreign adversary”.
ByteDance’s sale discussions have reportedly included the company’s founder and chief executive Zhang Yiming, and Neil Shen, a board member and a partner at Sequoia Capital’s Chinese branch.
The sale plan would require investors such as Sequoia, General Atlantic and New Enterprise Associates to form a consortium, with Bytedance potentially retaining a minority stake in the video platform.
It is thought a formal split from China would allay spreading fears that the video platform’s parent company is beholden to Beijing authorities and could be used as a tool of Chinese state surveillance.
Tiktok has strongly denied such claims. Theo Bertram, Tiktok’s head of public policy for Europe, the Middle East and Africa, on Monday told the BBC “the suggestion that we are in any way under the thumb of the Chinese government is completely and utterly false.”
However, concerns that the app may pose national security concerns have spread across the Atlantic, after Tory MPs this week warned that Tiktok is”’as much a threat to Britain” as banned telecoms firm Huawei.
Former Conservative party leader Iain Duncan Smith said: “Chinese social media app Tiktok is as much of a threat to the UK as Huawei. I think the service should be banned because of its proximity to Chinese intelligence services raising real serious concerns, as big as with Huawei over the role that they play.”
Tiktok, which is one of the world’s most popular apps, with upwards of 1.5bn downloads around the globe, on Sunday shelved plans to establish its new international headquarters in London following growing diplomatic fears.
Tiktok had been in discussions with the UK government over the past few months to locate its headquarters in the capital as part of a strategy to distance itself from its Chinese ownership, however the talks have since broken down.
Chinese owner Bytedance has already made efforts to distance itself from Tiktok, hiring former Walt Disney executive Kevin Mayer as the US app’s new chief executive and promising to hire another 10,000 US staff over the next three years.
Tiktok was approached for comment.


cityam--2020-07-22--Sunak fails to convince MPs with coronavirus support

A high-profile group of MPs has criticised chancellor Rishi Sunak for his response to a report in which it said he had failed to provide adequate support for more than 1m Britons during the coronavirus pandemic .
The Treasury Select Committee ( TSC ) today said Sunak ’ s response had been unsatisfactory in convincing its members that enough had been done to support those who had been impacted by coronavirus .
“ The chancellor has effectively drawn a line under helping the million-plus people who have been excluded from support for four months , ” said Treasury Select Committee @ @ @ @ @ @ @ “ Despite stating that he will not pick winners and losers when it comes to sectors and businesses that need support , the chancellor has done this when it comes to households and individuals.
” Read more : Exclusive : MPs ask banks for clarity on state aid rules and coronavirus loans The report said that support measures such as the Coronavirus Job Retention Scheme ( CJRS ) and Self-Employment Income Support Scheme ( SEISS ) had failed to ensure all Britons were able to escape financial hardship .
“ Rolling out financial @ @ @ @ @ @ @ resulted in some hard edges in policy design and some critical gaps in provision , ” it said .
In particular , it criticised the lack of provision for those in self-employment who paid themselves through dividends , those locked out of a new job due to excessive paperwork , or freelancers and those on short-term contracts .
Sunak said in his response that it was impossible to support everyone during the coronavirus pandemic , as each issue presented new challenges such as the possibility of fraudulent claims .
He added that those @ @ @ @ @ @ @ SEISS schemes should instead take advantage of the government ’ s increase in welfare funding , such as universal credit and working tax credits .
“ The chancellor initially told those at risk of losing their livelihoods that they would not be forgotten , ” said Stride .
“ While the government is clear that it is moving on to the next phase of its recovery plan , it can not just turn its back on those who are suffering .
“ The committee urges the government to re-think its position .
”

Rishi Sunak ‘turns his back on’ 1m in need of coronavirus support
Sunak was a founding partner of Theleme Partners, a major investor in Moderna
MPs today blasted chancellor Rishi Sunak’s coronavirus support measures, saying he has turned his back on 1m Brits during the coronavirus pandemic.
The Treasury Select Committee (TSC) today said Sunak’s response has failed to convince members he had done enough to support Brits impacted by coronavirus.
“The chancellor has effectively drawn a line under helping the million-plus people who have been excluded from support for four months,” said Treasury Select Committee (TSC) chair Mel Stride.
“Despite stating that he will not pick winners and losers when it comes to sectors and businesses that need support, the chancellor has done this when it comes to households and individuals.”
The report said that support measures such as the Coronavirus Job Retention Scheme (CJRS) and Self-Employment Income Support Scheme (SEISS) have failed to ensure all Brits were able to escape financial hardship.
“Rolling out financial support at pace and scale has inevitably resulted in some hard edges in policy design and some critical gaps in provision,” it said.
In particular, it criticised the lack of provision for those in self-employment who paid themselves through dividends, those locked out of a new job due to excessive paperwork, or freelancers and those on short-term contracts.
Sunak said in his response that it was impossible to support everyone during the coronavirus pandemic. He said each issue presented new challenges such as the possibility of fraudulent claims.
He added that those who were ineligible for the CJRS and SEISS schemes should instead take advantage of the government’s increase in welfare funding, such as universal credit and working tax credits.
“The chancellor initially told those at risk of losing their livelihoods that they would not be forgotten,” said Stride.
“While the government is clear that it is moving on to the next phase of its recovery plan, it cannot just turn its back on those who are suffering.
“The committee urges the government to rethink its position.”


cityam--2020-07-22--Brits spend £40bn on items to boost mood in lockdown

Brits have spent £40.6bn on dispensable items during lockdown in a bid to keep themselves entertained while at home .
Consumers spent an average of £771.34 each during lockdown , as retailers launched new products to capitalise on the demand for at-home experiences .
Londoners spent the most during lockdown , amounting to 2812.26 per person followed by parents at home with children , who spent £2070.35 .
Takeaway food and drink was the most popular purchase , making up 24 per cent of the items bought during lockdown , as restaurants that were forced to close pivoted to delivery @ @ @ @ @ @ @ stay home , summer clothes accounted for 19 per cent of purchases as temperatures soared .
Meanwhile , more time spent at home meant 16 per cent of non-essential spend went on outdoor plants and flowers , and 15 per cent on baking products .
The closure of bars and pubs saw Brits spend more on spirits , which accounted for 13 per cent of purchases .
Other purchases made during lockdown were less predictable .
According to Barclaycard research , some of the more bizarre items bought included an inflatable pub , @ @ @ @ @ @ @ Penny Farthing and an antique diving suit .
A third said their purchases made lockdown more enjoyable and almost three in 10 purposefully selected things that would make them , or their family happy during lockdown .
Barclaycard Payments managing director for account development Kirsty Morris said : “ From little luxuries to big investments , the nation sought out the things that would bring them happiness and provide entertainment at home .
“ A trend recognised by an increasing number of retailers seeking to attract customers with fun ‘ insperience ’ services @ @ @ @ @ @ @ .
“ Things that could have been left redundant as lockdown eased , have instead have made their way up the ranks to be deemed household must-haves that people didn ’ t know they needed .
“ Many of the items bought have also encouraged people to take up new hobbies , but perhaps more importantly , were successful in making such an unusual period , that little bit more enjoyable .
”

Brits spend £40bn on items to boost mood in lockdown
Brits have spent £40.6bn on dispensable items during lockdown in a bid to keep themselves entertained while at home.
Consumers spent an average of £771.34 each during lockdown, as retailers launched new products to capitalise on the demand for at-home experiences.
Londoners spent the most during lockdown, amounting to 2812.26 per person followed by parents at home with children, who spent £2070.35.
Takeaway food and drink was the most popular purchase, making up 24 per cent of the items bought during lockdown, as restaurants that were forced to close pivoted to delivery and takeaway.
Despite the order to stay home, summer clothes accounted for 19 per cent of purchases as temperatures soared.
Meanwhile, more time spent at home meant 16 per cent of non-essential spend went on outdoor plants and flowers, and 15 per cent on baking products. The closure of bars and pubs saw Brits spend more on spirits, which accounted for 13 per cent of purchases.
Other purchases made during lockdown were less predictable. According to Barclaycard research, some of the more bizarre items bought included an inflatable pub, a piece of the moon, a Penny Farthing and an antique diving suit.
A third said their purchases made lockdown more enjoyable and almost three in 10 purposefully selected things that would make them, or their family happy during lockdown.
Barclaycard Payments managing director for account development Kirsty Morris said: “From little luxuries to big investments, the nation sought out the things that would bring them happiness and provide entertainment at home.
“A trend recognised by an increasing number of retailers seeking to attract customers with fun ‘insperience’ services and products during the months of lockdown.
“Things that could have been left redundant as lockdown eased, have instead have made their way up the ranks to be deemed household must-haves that people didn’t know they needed.
“Many of the items bought have also encouraged people to take up new hobbies, but perhaps more importantly, were successful in making such an unusual period, that little bit more enjoyable.”


cityam--2020-07-22--The City View: Andrea Rasca on Mercato Metropolitano

Today Andy Silvester is joined by Andrea Rasca , the food lover and entrepreneur behind Mercato Metropolitano .
They talk about the journey so far – from Milan to Mayfair via the Elephant and Castle – for the food and drink market , his approach to sustainability and ensuring that London remains such an appealing hospitality hub .
Andy also looks at news from Natwest Group , burrito chain Chilango entering administration and the latest in the Wirecard scandal – as well as an expensive spat in the Gulf .
ETX Capital is one of the UK ’ s leading @ @ @ @ @ @ @ offering services to retail , institutional , professional and high net worth customers via an award-winning trading platform .
With over 50 years of experience in the financial markets , customers and service are always put first at ETX , and the company prides itself in offering a tailor-made trading experience to every customer .
The multi-device TraderPro platform delivers a fully customisable , award-winning trading technology with customisable charts , instant execution and over 5,000 markets to trade .
Spread bets and CFDs are complex instruments and come with a high risk @ @ @ @ @ @ @ .
76 % of retail investor accounts lose money when spread betting or trading CFDs with ETX .
You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money.Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721.ETX Capital provides an execution-only service and therefore any market analysis , opinion , commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or @ @ @ @ @ @ @ the presenter are not financial or investment advisors and do not recommend any instrument of any kind .
Any instruments that are mentioned throughout are cited only for illustrative and educational purposes .

The City View: Andrea Rasca on Mercato Metropolitano
Subscribe to The City View Podcast: Apple / Google / Spotify / RSS
Today Andy Silvester is joined by Andrea Rasca, the food lover and entrepreneur behind Mercato Metropolitano.
They talk about the journey so far – from Milan to Mayfair via the Elephant and Castle – for the food and drink market, his approach to sustainability and ensuring that London remains such an appealing hospitality hub.
Andy also looks at news from Natwest Group, burrito chain Chilango entering administration and the latest in the Wirecard scandal – as well as an expensive spat in the Gulf.
In association with ETX Capital
ETX Capital is one of the UK’s leading spread betting and CFD trading providers, offering services to retail, institutional, professional and high net worth customers via an award-winning trading platform. With over 50 years of experience in the financial markets, customers and service are always put first at ETX, and the company prides itself in offering a tailor-made trading experience to every customer. The multi-device TraderPro platform delivers a fully customisable, award-winning trading technology with customisable charts, instant execution and over 5,000 markets to trade.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when spread betting or trading CFDs with ETX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money.Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721.ETX Capital provides an execution-only service and therefore any market analysis, opinion, commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice. ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind. Any instruments that are mentioned throughout are cited only for illustrative and educational purposes.


cityam--2020-07-22--Tesla shares bounce on fourth consecutive quarterly profit

Tesla has beat analyst estimates to report its fourth consecutive quarterly profit , inching it closer to entering the S & P 500 index .
It posted earnings per share of 50 cents for the second quarter , compared to a loss of $ 2.31 a year earlier .
Tesla is now able to qualify for entry into the S & P 500 .
At a market value of almost $ 300bn , it would be one of the most valuable entrants in the index ’ s history .
Its shares rose more than seven per cent in after-hours trading @ @ @ @ @ @ @ over 275 per cent in 2020 alone .
The electric carmaker reported quarterly revenue of $ 6.04bn , beating estimates of $ 5.4bn but still falling from $ 6.35bn a year earlier .
Read more : Musk qualifies for $ 2.1bn payday after Tesla rally Tesla was aided by better-than-expected delivery figures for its cars , after it announced it had delivered more than 90,000 vehicles in the quarter — defying a wider industry downturn .
But while vehicle deliveries increased 2.5 per cent on a quarterly basis , production dropped nearly 20 @ @ @ @ @ @ @ it would deliver at least 500,000 vehicles by the end of the year .
Its main Fremont plant was shut for six weeks earlier this year due to lockdown measures during the coronavirus pandemic , putting a dampener on production numbers .
Chief executive Elon Musk yesterday qualified for a major $ 2.1bn payout , after Tesla ’ s six-month average market capitalisation surpassed $ 150bn and triggered the vesting of the second of 12 tranches of his 2018 stock options .
Tesla said in a statement : “ We believe the progress @ @ @ @ @ @ @ this year has positioned us for a successful second half of 2020 .
“ Production output of our existing facilities continues to improve to meet demand , and we are adding more capacity .
”

Tesla shares bounce on fourth consecutive quarterly profit
Tesla has beat analyst estimates to report its fourth consecutive quarterly profit, inching it closer to entering the S&P 500 index.
It posted earnings per share of 50 cents for the second quarter, compared to a loss of $2.31 a year earlier.
Tesla is now able to qualify for entry into the S&P 500. At a market value of almost $300bn, it would be one of the most valuable entrants in the index’s history.
Its shares rose more than seven per cent in after-hours trading on the news, having already jumped over 275 per cent in 2020 alone.
The electric carmaker reported quarterly revenue of $6.04bn, beating estimates of $5.4bn but still falling from $6.35bn a year earlier.
Tesla was aided by better-than-expected delivery figures for its cars, after it announced it had delivered more than 90,000 vehicles in the quarter — defying a wider industry downturn.
But while vehicle deliveries increased 2.5 per cent on a quarterly basis, production dropped nearly 20 per cent. Tesla had previously predicted it would deliver at least 500,000 vehicles by the end of the year.
Its main Fremont plant was shut for six weeks earlier this year due to lockdown measures during the coronavirus pandemic, putting a dampener on production numbers.
Chief executive Elon Musk yesterday qualified for a major $2.1bn payout, after Tesla’s six-month average market capitalisation surpassed $150bn and triggered the vesting of the second of 12 tranches of his 2018 stock options.
Tesla said in a statement: “We believe the progress we made in the first half of this year has positioned us for a successful second half of 2020.
“Production output of our existing facilities continues to improve to meet demand, and we are adding more capacity.”


cityam--2020-07-22--Microsoft surprises investors in sales and profit beat

Microsoft topped analyst estimates for both sales and earnings in its fourth fiscal quarter , but shares still dropped slightly in after-hours trading .
Microsoft reported earnings per share of $ 1.46 in the three months to the end of June , compared to an average estimate of $ 1.34 .
However overall its net income was $ 11.2bn , down 15 per cent year-on-year .
Revenue rose 13 per cent to $ 38.03bn , beating estimates of $ 36.5bn .
Meanwhile its flagship cloud computing business Azure reported sales growth of under 50 per cent for the first time @ @ @ @ @ @ @ major focus in attracting profit for Microsoft .
Revenue in its Intelligent Cloud segment rose 17 per cent to $ 13.4bn , with 47 per cent growth in Azure .
Analysts on average had expected revenue of $ 13.09bn , according to IBES data from Refinitiv .
Its shares ended the session up 1.44 per cent , but slipped almost three per cent in after-hours trading as investors reacted to the figures .
Revenue from its personal computing division — its largest by sales , which encompasses Windows software , Xbox and Surface @ @ @ @ @ @ @ $ 12.9bn , beating analysts ’ estimates of $ 11.46bn .
Read more : Microsoft to permanently close all retail stores The earnings come after Microsoft was hit with a formal complaint to EU antitrust authorities today by rival workplace messaging app Slack .
Slack alleged that Microsoft ’ s bundling of its Teams platform with its Office 365 constituted forced installation of its software , marking an abuse of its market power to eliminate rivals .
Microsoft said it would assist the European Commission with its investigation .
“ The last five @ @ @ @ @ @ @ intensity is the key to business resilience .
Organisations that build their own digital capability will recover faster and emerge from this crisis stronger , ” said Microsoft chief Satya Nadella in a statement attached to the results .

Microsoft surprises investors in sales and profit beat
Microsoft topped analyst estimates for both sales and earnings in its fourth fiscal quarter, but shares still dropped slightly in after-hours trading.
Microsoft reported earnings per share of $1.46 in the three months to the end of June, compared to an average estimate of $1.34. However overall its net income was $11.2bn, down 15 per cent year-on-year.
Revenue rose 13 per cent to $38.03bn, beating estimates of $36.5bn.
Meanwhile its flagship cloud computing business Azure reported sales growth of under 50 per cent for the first time ever, a division that is a major focus in attracting profit for Microsoft.
Revenue in its Intelligent Cloud segment rose 17 per cent to $13.4bn, with 47 per cent growth in Azure. Analysts on average had expected revenue of $13.09bn, according to IBES data from Refinitiv.
Its shares ended the session up 1.44 per cent, but slipped almost three per cent in after-hours trading as investors reacted to the figures.
Revenue from its personal computing division — its largest by sales, which encompasses Windows software, Xbox and Surface computers — rose 14 per cent to $12.9bn, beating analysts’ estimates of $11.46bn.
The earnings come after Microsoft was hit with a formal complaint to EU antitrust authorities today by rival workplace messaging app Slack.
Slack alleged that Microsoft’s bundling of its Teams platform with its Office 365 constituted forced installation of its software, marking an abuse of its market power to eliminate rivals.
Microsoft said it would assist the European Commission with its investigation.
“The last five months have made it clear that tech intensity is the key to business resilience. Organisations that build their own digital capability will recover faster and emerge from this crisis stronger,” said Microsoft chief Satya Nadella in a statement attached to the results.


cityam--2020-07-22--US gives China 72 hours to shutter Houston embassy as spy charges rise

Washington has given China just 72 hours to close its consulate in Houston , after the US accused two Chinese nationals of spying on US businesses and researchers .
The warning marks a significant deterioration in relations between the world ’ s two largest economies , ramping up a war of words on both sides .
The US State Department said it issued the order “ to protect American intellectual property and Americans ’ private information ” .
Meanwhile China ’ s foreign ministry called the move an “ unprecedented escalation ” and threatened unspecified retaliation .
Read more : @ @ @ @ @ @ @ for Covid-19 trade secrets While offering no specifics about the Houston consulate , US secretary of state Mike Pompeo referred to a US indictment yesterday which charged two Chinese nationals over an alleged decade-long hacking campaign .
Officials said the pair stole information on weapons designs , drugs , software source code as well as targeting dissidents and Chinese opposition figures .
“ President Trump has said enough — we are not going to allow this to continue to happen , ” Pompeo told reporters .
“ That ’ s the actions that @ @ @ @ @ @ @ Trump , we ’ ll continue to engage in this.
” Read more : UK companies lobby Mike Pompeo to ease travel restrictions and end tariff dispute Trump is set to hold a news conference later this evening , which could shed more light on the situation .
Sources told Reuters that China is considering shutting the US consulate in Wuhan in retaliation .
Chinese foreign ministry spokeswoman Hua Chunying tweeted : “ The US should revoke its erroneous decision .
China will surely react with firm countermeasures.
” She added that the @ @ @ @ @ @ @ death threats ” because of “ smears & hatred ” fanned by Washington .

US gives China 72 hours to shutter Houston embassy as spy charges rise
The Chinese consulate in Houston
Washington has given China just 72 hours to close its consulate in Houston, after the US accused two Chinese nationals of spying on US businesses and researchers.
The warning marks a significant deterioration in relations between the world’s two largest economies, ramping up a war of words on both sides.
The US State Department said it issued the order “to protect American intellectual property and Americans’ private information”.
Meanwhile China’s foreign ministry called the move an “unprecedented escalation” and threatened unspecified retaliation.
While offering no specifics about the Houston consulate, US secretary of state Mike Pompeo referred to a US indictment yesterday which charged two Chinese nationals over an alleged decade-long hacking campaign.
Officials said the pair stole information on weapons designs, drugs, software source code as well as targeting dissidents and Chinese opposition figures.
“President Trump has said enough — we are not going to allow this to continue to happen,” Pompeo told reporters.
“That’s the actions that you’re seeing taken by President Trump, we’ll continue to engage in this.”
Trump is set to hold a news conference later this evening, which could shed more light on the situation.
Sources told Reuters that China is considering shutting the US consulate in Wuhan in retaliation.
Chinese foreign ministry spokeswoman Hua Chunying tweeted: “The US should revoke its erroneous decision. China will surely react with firm countermeasures.”
She added that the Chinese Embassy had received “bomb and death threats” because of “smears & hatred” fanned by Washington.


cityam--2020-07-22--UK companies lobby Mike Pompeo to ease travel restrictions and end tariff dispute

A group of prominent UK companies used a meting to pressure US secretary of state Mike Pompeo and foreign secretary Dominic Raab to ease aviation restrictions and settle a long-running tariff dispute .
Members of the British-American Business Council ( BABC ) met with Pompeo and Raab in London yesterday to discuss the two countries ’ future trading relationship and ongoing negotiations for a UK-US free trade deal .
Read more : Mike Pompeo calls for global coalition to ‘ push back ’ against China BABC ’ s membership includes some of the US and UK ’ s largest companies @ @ @ @ @ @ @ services , telecommunications and technology .
City A.M. understands that attendees of the meeting expressed concern about current travel arrangements between the countries , telling Raab and Pompeo that they needed to come up with “ creative solutions ” to resume travel .
One attendee told City A.M. that they were “ obviously concerned about people ’ s health and the need to protect that ” , but that the current situation was doing untold damage to businesses on both sides of the pond .
One solution raised was having regional quarantines , @ @ @ @ @ @ @ areas of the two countries .
Before the Open newsletter : Start your day with the City View podcast and key market data Another key issue raised was the ongoing dispute between Airbus and Boeing , which has led to tariffs on some European products imported to the US .
The US has imposed punitive tariffs on $ 7.5bn ( £6.1bn ) of EU goods , such as Scottish whiskey , French wine and Airbus aircraft .
Some attendees told Pompeo and Raab to get on with settling the trade dispute before any @ @ @ @ @ @ @ source at the meeting said the tariffs “ would really put a dampener on any deal ” .
“ The tariffs are so significant that the companies affected by it would get no significant gain from the trade agreement , ” they said .
David Henig , trade expert and UK director of the European Centre For International Political Economy , said he did not believe solving the trade dispute was a high priority for the UK or the US .
He added : “ Companies have worked out that it could take @ @ @ @ @ @ @ deal , but they ’ ll want to make things better for themselves as soon as possible by lifting those tariffs on whisky and other goods .
“ It does not look like lifting those tariffs are a priority fort the US or UK.
” It comes as the Financial Times reported yesterday that senior government figures did not expect a UK-US trade deal to be completed this year .
Last year , some government figures said the aim was to have a deal done this year , however this was always considered @ @ @ @ @ @ @ for guarantees on digital taxation in future UK-US trade deal Some of the key sticking points in negotiations are agriculture exports from the US and digital services .
Speaking yesterday , foreign secretary Dominic Raab said : “ There are , every morning , just under 1.5m Americans who go to work in British companies , around the same number of Americans going to work for British companies and I think that illustrates the kind of win-win trade deal we ’ re committed and determined to achieve between our two countries , good @ @ @ @ @ @ @ well .
”

UK companies lobby Mike Pompeo to ease travel restrictions and end tariff dispute
US Secretary of State Mike Pompeo (L) speaks during a meeting with Britain’s Foreign Secretary Dominic Raab at Lancaster House in London on July 21, 2020. (Photo by Peter Summers / POOL / AFP) (Photo by PETER SUMMERS/POOL/AFP via Getty Images)
A group of prominent UK companies used a meting to pressure US secretary of state Mike Pompeo and foreign secretary Dominic Raab to ease aviation restrictions and settle a long-running tariff dispute.
Members of the BritishAmerican Business (BAB) lobby group met with Pompeo and Raab in London yesterday to discuss the two countries’ future trading relationship and ongoing negotiations for a UK-US free trade deal.
BAB’s membership includes some of the US and UK’s largest companies in sectors such as aviation, financial services, telecommunications and technology.
City A.M. understands that attendees of the meeting expressed concern about current travel arrangements between the countries, telling Raab and Pompeo that they needed to come up with “creative solutions” to resume travel.
One attendee told City A.M. that they were “obviously concerned about people’s health and the need to protect that”, but that the current situation was doing untold damage to businesses on both sides of the pond.
One solution raised was having regional quarantines, whereby travel could resume between certain low-risk areas of the two countries.
Before the Open newsletter: Start your day with the City View podcast and key market data
Another key issue raised was the ongoing dispute between Airbus and Boeing, which has led to tariffs on some European products imported to the US.
The US has imposed punitive tariffs on $7.5bn (£6.1bn) of EU goods, such as Scottish whiskey, French wine and Airbus aircraft.
Some attendees told Pompeo and Raab to get on with settling the trade dispute before any UK-US trade deal is signed.
A source at the meeting said the tariffs “would really put a dampener on any deal”.
“The tariffs are so significant that the companies affected by it would get no significant gain from the trade agreement,” they said.
David Henig, trade expert and UK director of the European Centre For International Political Economy, said he did not believe solving the trade dispute was a high priority for the UK or the US.
He added: “Companies have worked out that it could take a while to do a UK-US trade deal, but they’ll want to make things better for themselves as soon as possible by lifting those tariffs on whisky and other goods.
“It does not look like lifting those tariffs are a priority fort the US or UK.”
It comes as the Financial Times reported yesterday that senior government figures did not expect a UK-US trade deal to be completed this year.
Last year, some government figures said the aim was to have a deal done this year, however this was always considered unlikely.
Some of the key sticking points in negotiations are agriculture exports from the US and digital services.
Speaking yesterday, foreign secretary Dominic Raab said: “There are, every morning, just under 1.5m Americans who go to work in British companies, around the same number of Americans going to work for British companies and I think that illustrates the kind of win-win trade deal we’re committed and determined to achieve between our two countries, good for jobs, good for consumers as well.”


cityam--2020-07-22--Sports Direct owner Mike Ashley warns of closures after business rates review delay

Mike Ashley ’ s Frasers Group , formerly known as Sports Direct , has warned it could be forced to close stores after the government delayed a business rates review .
The government has promised a “ fundamental review ” into the long-term future of business rates .
In March it gave retail , hospitality and leisure businesses a year-long holiday from the tax due to the coronavirus crisis .
Read more : Mike Ashley ’ s Frasers Group misses out on coronavirus loan , settles Belgian tax bill However , yesterday the government said the next rates revaluation will @ @ @ @ @ @ @ property values in April 2021 so they reflect the impact of the pandemic .
Therefore next year ’ s business rates will be paid based on values from 2015 .
Frasers said the delay had “ kicked businesses when they are clearly down ” .
In a statement today the retailer said : “ We expect that the government ’ s inaction will drive further stores and businesses on our high streets into closure , in the process costing many people their jobs and livelihoods.
” It added : “ There are House @ @ @ @ @ @ @ still losing money and that a business rates correction could dramatically change the situation in terms of saving stores .
“ However with yesterday ’ s announcement , Frasers Group will again have to carefully review the viability of a number of stores within its portfolio.
” Shares in Frasers , 64 per cent of which are owned by Ashley , closed down 2 per cent at 282 pence , valuing the business at £1.45bn .
Most of Ashley ’ s outlets are still called Sports Direct , though the corporate name was @ @ @ @ @ @ @ the House of Fraser and Flannels chains .

Sports Direct owner Mike Ashley warns of closures after business rates review delay
Mike Ashley
Mike Ashley’s Frasers Group, formerly known as Sports Direct, has warned it could be forced to close stores after the government delayed a business rates review.
The government has promised a “fundamental review” into the long-term future of business rates. In March it gave retail, hospitality and leisure businesses a year-long holiday from the tax due to the coronavirus crisis.
However, yesterday the government said the next rates revaluation will not take effect until 2023 based on property values in April 2021 so they reflect the impact of the pandemic.
Therefore next year’s business rates will be paid based on values from 2015.
Frasers said the delay had “kicked businesses when they are clearly down”.
In a statement today the retailer said: “We expect that the government’s inaction will drive further stores and businesses on our high streets into closure, in the process costing many people their jobs and livelihoods.”
It added: “There are House of Fraser stores paying no rent but still losing money and that a business rates correction could dramatically change the situation in terms of saving stores.
“However with yesterday’s announcement, Frasers Group will again have to carefully review the viability of a number of stores within its portfolio.”
Shares in Frasers, 64 per cent of which are owned by Ashley, closed down 2 per cent at 282 pence, valuing the business at £1.45bn.
Most of Ashley’s outlets are still called Sports Direct, though the corporate name was changed as the group also now owns the House of Fraser and Flannels chains.


cityam--2020-07-22--High standards will keep London competitive, incoming FCA chief says

Maintaining high regulatory standards rather than having a “ competitiveness ” mandate is the best way to preserve the City of London ’ s status as a dynamic financial centre , the Financial Conduct Authority ’ s incoming chief said today .
Britain will no longer have to comply with European Union rules after December when transition arrangements that followed Brexit in January end .
This raises the prospect that some of Britain ’ s financial services rules could be eased to bolster the City of London .
But future direct access to the EU financial market will depend on @ @ @ @ @ @ @ ” or aligned with those in the bloc .
Read more : Exclusive : MPs ask banks for clarity on state aid rules and coronavirus loans “ I have never been a massive personal fan of it , ” Nikhil Rathi told a confirmation hearing in parliament ’ s Treasury Select Committee , referring to competitiveness as a policy goal .
A formal competitiveness objective for the FCA would complicate decision making , Rathi said .
“ We have a starting point where the rules are pretty much identical , ” he said @ @ @ @ @ @ @ to be strong cooperation between the FCA and its EU counterparts to build up trust and avoid questions about the motivation behind any adjustments in UK rules that could jeopardise EU access .
Read more : These are the City jobs that let you work from home “ It will be important for the UK to have a good degree of freedom to develop rules , not just in terms of content , but the pace at which changes are made , ” he said .
Rathi takes up his £455,000-a-year post in @ @ @ @ @ @ @ London Stock Exchange , and as an official in Britain ’ s finance ministry where he helped to deal with the aftermath of the financial crisis a decade ago .
He said exiting the Covid-19 crisis would be a challenge for the FCA which must ensure that vulnerable consumers are treated properly and that competition is not eroded as some financial firms go bust .
“ I have not applied for this job to be liked , ” he said .

High standards will keep London competitive, incoming FCA chief says
Maintaining high regulatory standards rather than having a “competitiveness” mandate is the best way to preserve the City of London’s status as a dynamic financial centre, the Financial Conduct Authority’s incoming chief said today.
Britain will no longer have to comply with European Union rules after December when transition arrangements that followed Brexit in January end. This raises the prospect that some of Britain’s financial services rules could be eased to bolster the City of London.
But future direct access to the EU financial market will depend on Britain’s rules remaining “equivalent” or aligned with those in the bloc.
“I have never been a massive personal fan of it,” Nikhil Rathi told a confirmation hearing in parliament’s Treasury Select Committee, referring to competitiveness as a policy goal.
A formal competitiveness objective for the FCA would complicate decision making, Rathi said.
“We have a starting point where the rules are pretty much identical,” he said.
But Rathi also said there needed to be strong cooperation between the FCA and its EU counterparts to build up trust and avoid questions about the motivation behind any adjustments in UK rules that could jeopardise EU access.
“It will be important for the UK to have a good degree of freedom to develop rules, not just in terms of content, but the pace at which changes are made,” he said.
Rathi takes up his £455,000-a-year post in October after a senior role at the London Stock Exchange, and as an official in Britain’s finance ministry where he helped to deal with the aftermath of the financial crisis a decade ago.
He said exiting the Covid-19 crisis would be a challenge for the FCA which must ensure that vulnerable consumers are treated properly and that competition is not eroded as some financial firms go bust.
“I have not applied for this job to be liked,” he said.


cityam--2020-07-22--Oliver Dowden: Joe Biden presidency will not change UK Huawei sanctions

The UK ’ s sanctions on Huawei are unlikely to be lifted if Joe Biden wins the November US election , according to digital secretary Oliver Dowden .
The UK banned Huawei from supplying any more equipment to build the UK ’ s new 5G network , beginning from next year , after the US leveled sanctions on the Chinese telecoms giant .
Read more : Britain enters talks with Japan to fill Huawei vacuum as trade deal deadline looms All existing Huawei products in the current 5G infrastructure will be removed by 2027 .
There had been some speculation @ @ @ @ @ @ @ change if Joe Biden won the November US election and took a softer stance on China .
However , Dowden seemed to wave away any such suggestion today at the House of Commons ’ science and technology committee .
“ We could continue to keep it under review , but that is a somewhat unlikely scenario given that there is pretty much bipartisan consensus on that , ” he said .
“ I have no reason to believe that a change in the us presidency would change that position .
“ If anything @ @ @ @ @ @ @ previous months and years is that there has been a tightening , there is no evidence there is going to be any loosening of those sanctions.
” The new US sanctions on Huawei mean that no chips that have been manufactured in the US can be exported to the telecoms company , severely affecting its supply chains .
The UK ’ s cyber security body , the National Cyber Security Centre ( NCSC ) , said this meant that it could not guarantee the safety of the UK ’ s telecoms network if @ @ @ @ @ @ @ that the telecoms company is used by the Chinese state to launch cyber espionage operations , a claim that Huawei and Beijing deny .
Dowden said today that the UK would now be trying to create a task force to “ turbocharge ” other companies ’ 5G capabilities .
Read more : DEBATE : Will the ban on Huawei technology benefit the UK in the long run ?
Currently , only Nokia and Ericsson have the capabilities to build 5G infrastructure .
The digital secretary said the government would use the taskforce to @ @ @ @ @ @ @ NEC , enhance its 5G capabilities .

Oliver Dowden: Joe Biden presidency will not change UK Huawei sanctions
The US claims that the telecoms company is a tool of the Chinese state to launch cyber espionage operations, a claim that Huawei and Beijing deny.
The UK’s sanctions on Huawei are unlikely to be lifted if Joe Biden wins the November US election, according to digital secretary Oliver Dowden.
The UK banned Huawei from supplying any more equipment to build the UK’s new 5G network, beginning from next year, after the US leveled sanctions on the Chinese telecoms giant.
All existing Huawei products in the current 5G infrastructure will be removed by 2027.
There had been some speculation that the UK’s position could change if Joe Biden won the November US election and took a softer stance on China.
However, Dowden seemed to wave away any such suggestion today at the House of Commons’ science and technology committee.
“We could continue to keep it under review, but that is a somewhat unlikely scenario given that there is pretty much bipartisan consensus on that,” he said.
“I have no reason to believe that a change in the us presidency would change that position.
“If anything, what we’ve seen over previous months and years is that there has been a tightening, there is no evidence there is going to be any loosening of those sanctions.”
The new US sanctions on Huawei mean that no chips that have been manufactured in the US can be exported to the telecoms company, severely affecting its supply chains.
The UK’s cyber security body, the National Cyber Security Centre (NCSC), said this meant that it could not guarantee the safety of the UK’s telecoms network if Huawei was involved.
The US claims that the telecoms company is used by the Chinese state to launch cyber espionage operations, a claim that Huawei and Beijing deny.
Dowden said today that the UK would now be trying to create a task force to “turbocharge” other companies’ 5G capabilities.
Currently, only Nokia and Ericsson have the capabilities to build 5G infrastructure.
The digital secretary said the government would use the taskforce to help other companies, like Samsung and NEC, enhance its 5G capabilities.


cityam--2020-07-23--The "margarita moped" could be coming to your door - but you need to be quick

This Friday marks National Tequila Day – and to celebrate , mixer brand Two Keys has teamed up with Patron @ @ @ @ @ your door .
The “ Margarita Moped ” will turn up at ten winners ’ @ @ @ @ @ Cotter , bar manager at Hawksmoor , who will whip up a perfectly poured Two @ @ @ @ @ Keys paloma for you and a pal .
Read more : World ’ s best @ @ @ @ @ You ’ ll also be left with a bundle of premium Two Keys mixers – @ @ @ @ @ – to show off your new-found cocktail skills .
Two Keys source their ingredients from @ @ @ @ @ liven up your bar shelf .
But you need to be quick : to be @ @ @ @ @ a National Tequila Day to remember , you must enter the competition on the @ @ @ @ @ @ the friends you ’ d like to have a drink with .
You need to @ @ @ @ @ tonight – what have you got to lose ?

The “margarita moped” could be coming to your door – but you need to be quick
This Friday marks National Tequila Day – and to celebrate, mixer brand Two Keys has teamed up with Patron to bring the bar to your door.
The “Margarita Moped” will turn up at ten winners’ homes – complete with Liam Cotter, bar manager at Hawksmoor, who will whip up a perfectly poured Two Keys margarita and a Two Keys paloma for you and a pal.
Read more: World’s best bars unite for fundraising auction
You’ll also be left with a bundle of premium Two Keys mixers – from pink grapefruit to lemon – to show off your new-found cocktail skills. Two Keys source their ingredients from all over the world to liven up your bar shelf.
But you need to be quick: to be in with a chance of a National Tequila Day to remember, you must enter the competition on the @twokeysdrinks Instagram page and tag the friends you’d like to have a drink with.
You need to get on it by midnight tonight – what have you got to lose?


cityam--2020-07-23--Petropavlovsk gold sales surge amid boardroom strife

Gold miner Petropavlovsk said that total sales had risen 39 per cent in the first half of the year despite an ongoing battle for control of the Russia-focused firm ’ s board .
Shares shot up over 20 per cent on the back of the results , which the firm said was down to the performance of a new specialised processing plant .
The results came after seven board members were voted off the firm ’ s board by a group of investors in June .
New chief executive Alya Samokhvalova told City A.M. that it was in the interests @ @ @ @ @ @ @ make discussions “ open and transparent ” .
“ If that group is not happy with the strategy , then they have the voice and such significant holdings that they should come to all shareholders and to the board with an open letter to explain why ” , she added .
She urged the parties to find a solution that was workable for all shareholders , amid fears from some analysts that the rebel investors were lining up an underprice takeover of the gold miner .
Petropavlovsk is one of the only miners @ @ @ @ @ @ @ , which allows it to process gold from a very wide range of deposits , making it a highly attractive prospect in a booming market .
Before the Open newsletter : Start your day with the City View podcast and key market data “ It ’ s a money printing machine ” , Samokhvalova said .
“ It gives us a unique position to become the leading gold producer in Russia ” .
At the June AGM , board members including chief executive Pavel Maslovsky and chairman Sir Roderic Lyne were voted off @ @ @ @ @ @ @ shareholder groups , including UGC , Everest Alliance , Slevin and Fortiana Holdings .
Between them , the investors hold 39 per cent of Petropavlovsk ’ s shares , which allowed them to take advantage of a low voter turnout at the coronavirus-impacted meeting .
Subsequently , fellow shareholder Prosperity Capital Management , which controls 20 per cent of shares , has complained to the Takeover Panel , saying that the investors acted in concert to oust the board members .
Everest hit back , calling for legal action against the ousted directors @ @ @ @ @ @ @ all Petropavlovsk ’ s financial dealings for the last three years .
The company is planning on holding another general meeting next month in order to select a new board .
In a note , Canaccord Genuity analysts said : “ We stress that , at this stage , there has been no fundamental change in the strategy or operational outlook for the company .
“ Our expected outcome is for the company to move towards a reconvened general meeting within the next 1-2 months , at which point the majority of the @ @ @ @ @ @ @ re-election .
“ If successful , it may even be a case of ‘ business as usual ’ for Petropavlovsk ” .

Petropavlovsk gold sales surge amid boardroom strife
The capital’s premier FTSE 100 index edged 0.02 per cent lower to 7,627.95 points, while the mid-cap domestically-focused FTSE 250 index, which is more aligned with the health of the UK economy, jumped 0.36 per cent to 21,159.68 points
Gold miner Petropavlovsk said that total sales had risen 39 per cent in the first half of the year despite an ongoing battle for control of the Russia-focused firm’s board.
Shares shot up over 20 per cent on the back of the results, which the firm said was down to the performance of a new specialised processing plant.
The results came after seven board members were voted off the firm’s board by a group of investors in June.
New chief executive Alya Samokhvalova told City A.M. that it was in the interests of all shareholders for all parties to make discussions “open and transparent”.
“If that group is not happy with the strategy, then they have the voice and such significant holdings that they should come to all shareholders and to the board with an open letter to explain why”, she added.
She urged the parties to find a solution that was workable for all shareholders, amid fears from some analysts that the rebel investors were lining up an underprice takeover of the gold miner.
Petropavlovsk is one of the only miners to have a pressure oxidation hub facility, which allows it to process gold from a very wide range of deposits, making it a highly attractive prospect in a booming market.
“It’s a money printing machine”, Samokhvalova said. “It gives us a unique position to become the leading gold producer in Russia”.
Before the Open newsletter: Start your day with the City View podcast and key market data
At the June AGM, board members including chief executive Pavel Maslovsky and chairman Sir Roderic Lyne were voted off the company’s board by several shareholder groups, including UGC, Everest Alliance, Slevin and Fortiana Holdings.
Between them, the investors hold 39 per cent of Petropavlovsk’s shares, which allowed them to carry a majority in a voter turnout of 73 per cent.
Subsequently, fellow shareholder Prosperity Capital Management, which controls 20 per cent of shares, has complained to the Takeover Panel, saying that the investors acted in concert to oust the board members.
Everest hit back, calling for legal action against the ousted directors and a “forensic investigation” into all Petropavlovsk’s financial dealings for the last three years.
A spokesperson for the investor also denied the allegation that Everest was acting in concert with the other shareholder groups.
The company is planning on holding another general meeting next month in order to select a new board.
In a note, Canaccord Genuity analysts said: “We stress that, at this stage, there has been no fundamental change in the strategy or operational outlook for the company.
“Our expected outcome is for the company to move towards a reconvened general meeting within the next 1-2 months, at which point the majority of the previously proposed board nominees will stand for re-election.
“If successful, it may even be a case of ‘business as usual’ for Petropavlovsk”.