cityam--2020-10-23--New: Mayor calls on Westminster to reconsider pavement charging plan

The Mayor of London has called on Westminster City Council to reconsider “ short-sighted ” plans to charge hospitality businesses thousands of pounds in fees to continue trading outside .
The Council is set to charge businesses £7 per square metre of outside space , per day , once the existing ‘ al fresco ’ scheme comes to an end on October 31 .
One small coffee shop and deli , ScandiKitchen , say they will be hit with a bill of £2,000 a month for a space that can only house six people according to the firm ’ s @ @ @ @ @ @ @ don ’ t want handouts , they want to operate The operator of much-loved restaurants Quo Vadis and Barrafina told City A.M. the fees would equate to a bill of between £50- to £100,000 a year .
The Mayor told City A.M. : “ At a time when businesses in the hospitality industry face huge challenges and great uncertainty about their future , excessive charges like these are short-sighted and counter-productive .
“ I urge Westminster Council to reconsider and make outdoor services affordable for hospitality businesses so that we can keep the @ @ @ @ @ @ @ this challenging time.
” The fees – which were revealed in a document seen by City A.M. entitled “ Supporting Westminster ’ s hospitality sector during the winter ” – will be a further blow to hospitality businesses already battered by new Tier 2 restrictions across the capital .
Peter Dore-Smith , owner of coffee shop Kaffeine , described the move as a “ real kick in the guts.
” Hospitality firms have already been battered by curfew schemes and restrictions on different households mixing inside , making outdoor seating all the more @ @ @ @ @ @ @ winter .
“ This is an across the board charge , it does not matter what street your are in , what hours you operate , what you serve , what price point you have , nothing .
It is ridiculous and every person I speak to can not believe it , ” Dore-Smith continued .
Westminster Council , which covers Soho and much of the surrounding area , allowed ‘ al fresco ’ seating over the summer , with some streets closed to allow small restaurants to flow out into the streets @ @ @ @ @ @ @ areas were asked to contribute to security costs .
Read more : London ’ s bars are desperately clinging on to life Those schemes will cease to operate at the end of October , and the Council – who issued the new guidance on October 20 – acknowledge in the document that “ there may be… a period of time between the ending of the temporary al fresco summer dining schemes at the end of October and installation of new ‘ winter appropriate ’ ones , ” leaving businesses in limbo .
James @ @ @ @ @ @ @ is behind Barrafina and Quo Vadis on Dean Street in Soho , told City A.M. that the Council was “ missing the point.
” “ They should be supporting businesses , not trying to profiteer themselves and trying to market their streets as if it ’ s a rateable premise , ” he continued , noting that Westminster hospitality businesses pay amongst the highest rents in the world .
Restaurant , bar , and coffee shop owners will have to re-apply for pavement licences , which will come to an end on October @ @ @ @ @ @ @ take up to 14 days .
The Council claims to have spent £2m over the summer on facilitating the al fresco schemes .
It will also allow outdoor heaters and umbrellas where licences are granted .
On the fees , the guidance states : “ Businesses that benefit will be expected to pay any rental costs for barriers as well as a fee for the use the street space given over to approved temporary winter al fresco dining schemes .
“ This will equate to a flat fee of £35 per day for @ @ @ @ @ @ @ billed monthly .
We recognise that any cost is a burden on businesses and the council is proactively seeking to identify support funds that can be accessed.
” The guidance also indicates that winter schemes will ‘ ordinarily ’ be limited to one side of a street , leading to a potential street-by-street lottery of which businesses are able to operate on pavements and potentially into the street .
A Westminster City Council spokesperson said : “ The council has already spent well over £2m on supporting al fresco dining across the city @ @ @ @ @ @ @ projects which support hospitality in the West End .
“ We are asking businesses to make a contribution to cover part of the costs of running these schemes .
We think this is the right way to help our world-famous hospitality sector while also being fair to our residents who have to pick up the bill for the remaining costs of these schemes through their council tax.
” The Council refuted the charge they were profiting from the scheme .

New: Mayor calls on Westminster to reconsider pavement charging plan
Firms will soon be charged thousands of pounds a month for the use of outdoor spaces (Photo by JUSTIN TALLIS/AFP via Getty Images)
The Mayor of London has called on Westminster City Council to reconsider “short-sighted” plans to charge hospitality businesses thousands of pounds in fees to continue trading outside.
The Council is set to charge businesses £7 per square metre of outside space, per day, once the existing ‘al fresco’ scheme comes to an end on October 31.
One small coffee shop and deli, ScandiKitchen, say they will be hit with a bill of £2,000 a month for a space that can only house six people according to the firm’s twitter account.
Read more: Entrepreneurs don’t want handouts, they want to operate
The operator of much-loved restaurants Quo Vadis and Barrafina told City A.M. the fees would equate to a bill of between £50- to £100,000 a year.
The Mayor told City A.M.: “At a time when businesses in the hospitality industry face huge challenges and great uncertainty about their future, excessive charges like these are short-sighted and counter-productive.
“I urge Westminster Council to reconsider and make outdoor services affordable for hospitality businesses so that we can keep the centre of London vibrant and open throughout this challenging time.”
The fees – which were revealed in a document seen by City A.M. entitled “Supporting Westminster’s hospitality sector during the winter” – will be a further blow to hospitality businesses already battered by new Tier 2 restrictions across the capital.
Peter Dore-Smith, owner of coffee shop Kaffeine, described the move as a “real kick in the guts.”
Hospitality firms have already been battered by curfew schemes and restrictions on different households mixing inside, making outdoor seating all the more vital for those looking to survive the winter.
“This is an across the board charge, it does not matter what street your are in, what hours you operate, what you serve, what price point you have, nothing. It is ridiculous and every person I speak to cannot believe it,” Dore-Smith continued.
Westminster Council, which covers Soho and much of the surrounding area, allowed ‘al fresco’ seating over the summer, with some streets closed to allow small restaurants to flow out into the streets.
Bars and restaurants in the pedestrianised areas were asked to contribute to security costs.
Read more: London’s bars are desperately clinging on to life
Those schemes will cease to operate at the end of October, and the Council – who issued the new guidance on October 20 – acknowledge in the document that “there may be… a period of time between the ending of the temporary al fresco summer dining schemes at the end of October and installation of new ‘winter appropriate’ ones,” leaving businesses in limbo.
James Hart, whose firm The Hart Group is behind Barrafina and Quo Vadis on Dean Street in Soho, told City A.M. that the Council was “missing the point.”
“They should be supporting businesses, not trying to profiteer themselves and trying to market their streets as if it’s a rateable premise,” he continued, noting that Westminster hospitality businesses pay amongst the highest rents in the world.
Restaurant, bar, and coffee shop owners will have to re-apply for pavement licences, which will come to an end on October 31, in a process that could take up to 14 days.
The Council claims to have spent £2m over the summer on facilitating the al fresco schemes. It will also allow outdoor heaters and umbrellas where licences are granted.
On the fees, the guidance states: “Businesses that benefit will be expected to pay any rental costs for barriers as well as a fee for the use the street space given over to approved temporary winter al fresco dining schemes.
“This will equate to a flat fee of £35 per day for each 5m space, which will be billed monthly. We recognise that any cost is a burden on businesses and the council is proactively seeking to identify support funds that can be accessed.”
The guidance also indicates that winter schemes will ‘ordinarily’ be limited to one side of a street, leading to a potential street-by-street lottery of which businesses are able to operate on pavements and potentially into the street.
A Westminster City Council spokesperson said: “The council has already spent well over £2m on supporting al fresco dining across the city and we will continue to invest in projects which support hospitality in the West End.
“We are asking businesses to make a contribution to cover part of the costs of running these schemes. We think this is the right way to help our world-famous hospitality sector while also being fair to our residents who have to pick up the bill for the remaining costs of these schemes through their council tax.”
The Council refuted the charge they were profiting from the scheme.


cityam--2020-10-23--Betfair: Closing stages of White House race offer plenty of uncertainty

We are into the closing stretch .
Record numbers of Americans have already voted .
The final TV debate is done .
It ’ s an opportune moment to recall 2016 – at this point , 11 days out , the Clinton email scandal resurfaced .
The story usurped many scandals surrounding Trump and probably cost her the presidency .
Come the crunch , the larger than usual number of undecided or third party voters broke for him .
Read more : Sajid Javid says Britain is better off with Joe Biden in the Oval Office The story affected the @ @ @ @ @ @ @ to 4/9 over the next six days – a fall from 83 per cent to 69 per cent implied probability .
Note these are much shorter than Biden ’ s .
His odds have decreased to 1/2 from 4/6 since Monday , but still barely reflect the scale of his poll advantage .
Team Biden are all too aware that Trump has come back from the dead before .
They ’ ll note his campaign team are following a similar plan – to throw so much dirt , this time unverified claims coming @ @ @ @ @ @ @ attempting to sow doubt and dampen enthusiasm to vote .
It worked a treat , with Democrat turnout falling ruinously in pivotal areas – Philadelphia , Detroit , Milwaukee .
Then Trump behaved much better in the closing stretch , staying on message .
From being anything but disciplined for months , Trump successfully changed tack in the debate .
No interruptions .
No fights with the moderator .
The result was by far his best ever debate performance .
He ’ s bound to get better headlines .
My instant take was @ @ @ @ @ @ @ coming across as a relatively ‘ normal ’ president , Trump might have calmed fears among GOP-leaning sceptics and punters .
Read more : Trading opportunities abound on the state-by-state markets However the flipside effect of that different atmosphere might actually help Biden .
Without interruptions , important issues and agendas actually got a good airing for once .
Their differences on Covid , healthcare , separating children from parents at the border , climate change were clear to see .
No viewer could legitimately claim there is no choice on offer .
@ @ @ @ @ @ @ came across as knowledgeable and passionate .
Rather than being defined by opponents , this improved format allowed him to frame their differences and the choice on offer at the election .
The election is a referendum on Trump – a message Democrats will continue to reinforce .
The performance illustrated why he is proving a superior candidate to Hilary Clinton .
When Biden talks Covid , healthcare or the economy , he convincingly sounds on the side of the working class .
His career was built in the Rust Belt .
It @ @ @ @ @ @ @ background , empathy and agenda with a billionaire from New York .
On the substantive issues , the Democrat is closer to public opinion than Trump .
The president has terrible approvals on Covid .
Biden takes the virus more seriously and has a plan .
He excoriated Trump for pursuing the abolition of Obamacare , leaving hundreds of thousands with pre-existing conditions uncovered .
This was borne out in snap polls recording Biden the winner .
CNN had a live focus group of 11 undecided voters in North Carolina .
They generally @ @ @ @ @ @ @ none made him the winner .
Nine went for Biden and two were undecided .
Equally though , Republicans will take hope from the exchange over fracking and the oil industry .
Biden ’ s policy to transition to renewables from oil will be seized upon and weaponised in affected states .
Most notably Pennsylvania and Texas .
It may well impact Senate races .
Nevertheless any effect is questionable , when so many have voted , are in the process of doing so , or have already decided .
Expect further eye-popping @ @ @ @ @ @ @ days , which will broadly tell us how many voters each side needs on the day .
While the signals are extremely positive for Biden , you can not discount – not should you be surprised – that punters are throwing money at Trump , knowing exactly what he can achieve when we edge closer to polling day .
***Odds were correct at the time of writing , check Betfair Exchange for the latest US election odds .
18+ please gamble responsibly***

Betfair: Closing stages of White House race offer plenty of uncertainty
(Photo by Drew Angerer/Getty Images)
We are into the closing stretch. Record numbers of Americans have already voted. The final TV debate is done.
It’s an opportune moment to recall 2016 – at this point, 11 days out, the Clinton email scandal resurfaced. The story usurped many scandals surrounding Trump and probably cost her the presidency. Come the crunch, the larger than usual number of undecided or third party voters broke for him.
Read more: Sajid Javid says Britain is better off with Joe Biden in the Oval Office
The story affected the betting. Her odds drifted from 1/5 to 4/9 over the next six days – a fall from 83 per cent to 69 per cent implied probability. Note these are much shorter than Biden’s. His odds have decreased to 1/2 from 4/6 since Monday, but still barely reflect the scale of his poll advantage.
Team Biden are all too aware that Trump has come back from the dead before. They’ll note his campaign team are following a similar plan – to throw so much dirt, this time unverified claims coming out of Ukraine regarding his son, attempting to sow doubt and dampen enthusiasm to vote.
It worked a treat, with Democrat turnout falling ruinously in pivotal areas – Philadelphia, Detroit, Milwaukee. Then Trump behaved much better in the closing stretch, staying on message.
From being anything but disciplined for months, Trump successfully changed tack in the debate. No interruptions. No fights with the moderator. The result was by far his best ever debate performance. He’s bound to get better headlines.
My instant take was that Republicans would be relieved. In coming across as a relatively ‘normal’ president, Trump might have calmed fears among GOP-leaning sceptics and punters.
Read more: Trading opportunities abound on the state-by-state markets
However the flipside effect of that different atmosphere might actually help Biden. Without interruptions, important issues and agendas actually got a good airing for once.
Their differences on Covid, healthcare, separating children from parents at the border, climate change were clear to see. No viewer could legitimately claim there is no choice on offer.
Biden also performed much better. He came across as knowledgeable and passionate. Rather than being defined by opponents, this improved format allowed him to frame their differences and the choice on offer at the election. The election is a referendum on Trump – a message Democrats will continue to reinforce.
The performance illustrated why he is proving a superior candidate to Hilary Clinton. When Biden talks Covid, healthcare or the economy, he convincingly sounds on the side of the working class. His career was built in the Rust Belt. It is natural for him to contrast his background, empathy and agenda with a billionaire from New York.
On the substantive issues, the Democrat is closer to public opinion than Trump. The president has terrible approvals on Covid. Biden takes the virus more seriously and has a plan. He excoriated Trump for pursuing the abolition of Obamacare, leaving hundreds of thousands with pre-existing conditions uncovered.
This was borne out in snap polls recording Biden the winner. CNN had a live focus group of 11 undecided voters in North Carolina. They generally preferred this improved version of Trump but none made him the winner. Nine went for Biden and two were undecided.
Equally though, Republicans will take hope from the exchange over fracking and the oil industry. Biden’s policy to transition to renewables from oil will be seized upon and weaponised in affected states. Most notably Pennsylvania and Texas. It may well impact Senate races.
Nevertheless any effect is questionable, when so many have voted, are in the process of doing so, or have already decided. Expect further eye-popping turnout numbers to emerge in the coming days, which will broadly tell us how many voters each side needs on the day.
While the signals are extremely positive for Biden, you cannot discount – not should you be surprised – that punters are throwing money at Trump, knowing exactly what he can achieve when we edge closer to polling day.
***Odds were correct at the time of writing, check Betfair Exchange for the latest US election odds. 18+ please gamble responsibly***


cityam--2020-10-23--City of London to provide schoolchildren with free food vouchers over half term

The City of London Corporation will provide food vouchers for schoolchildren eligible for free school meals over half term .
It is the latest local authority to announce the step after the government elected not to make free meals available over the next six months .
Read more : Travel corridors : ’ 50 per cent ’ chance of London-New York travel by end of November Other London councils such as Kensington & Chelsea , Lambeth , and Southwark have all announced they will do the same .
The decision to provide students with free meals comes after a sustained @ @ @ @ @ @ @ Marcus Rashford .
Parents , carers and families whose children are eligible for free school meals will be able to collect the vouchers from Guildhall from Monday 26 October .
In exceptional circumstances , parents will be able to discuss arrangements for these to be delivered instead , the City Corporation added .
Before the Open newsletter : Start your day with the City View podcast and key market data Chair of the City of London Corporation ’ s policy and resources Committee , Catherine McGuinness , said : “ The impact of @ @ @ @ @ @ @ people across the country , especially those who come from disadvantaged backgrounds .
“ This extra support will provide a helping hand to those families that need it the most.
” The decision not to extend government funding to cover free meals came after a Labour call to make them available was voted down in parliament last night .
It has met with a huge backlash across the country , with local authorities taking matters into their own hands instead .

City of London to provide schoolchildren with free food vouchers over half term
The City’s decision to provide free school meals comes after a sustained campaign by football star Marcus Rashford.
The City of London Corporation will provide food vouchers for schoolchildren eligible for free school meals over half term.
It is the latest local authority to announce the step after the government elected not to make free meals available over the next six months.
Other London councils such as Kensington & Chelsea, Lambeth, and Southwark have all announced they will do the same.
The decision to provide students with free meals comes after a sustained campaign by Manchester United and England footballer Marcus Rashford.
Parents, carers and families whose children are eligible for free school meals will be able to collect the vouchers from Guildhall from Monday 26 October.
In exceptional circumstances, parents will be able to discuss arrangements for these to be delivered instead, the City Corporation added.
Before the Open newsletter: Start your day with the City View podcast and key market data
Chair of the City of London Corporation’s policy and resources Committee, Catherine McGuinness, said:
“The impact of the Coronavirus has been profound on young people across the country, especially those who come from disadvantaged backgrounds.
“This extra support will provide a helping hand to those families that need it the most.”
The decision not to extend government funding to cover free meals came after a Labour call to make them available was voted down in parliament last night.
It has met with a huge backlash across the country, with local authorities taking matters into their own hands instead.


cityam--2020-10-23--Travel corridors: '50 per cent' chance of London-New York travel by end of November

There is a 50:50 chance that a travel corridor between London and New York could be set up before Thanksgiving , Heathrow Airport ’ s chief executive said today .
John Holland-Kaye said that preparations for a trial testing scheme to enable business travel were advancing rapidly .
Speaking to the Evening Standard , he said that the national holiday , which falls on 26 November , was a “ good target ” to aim for .
“ I know that there is a big appetite on both the US and UK side and I think there is a preference @ @ @ @ @ @ @ the first country to do this with ” , he said .
“ It would be great for the UK to be first out of the block and whatever is agreed could quickly become the international standard .
“ We are talking to all the transatlantic airlines to make sure they are all aligned .
There is certainly work to do to get it up and running in time for Thanksgiving but it is doable .
I would say the chances are 50-50 but those are better odds than most things happening in @ @ @ @ @ @ @ Open newsletter : Start your day with the City View podcast and key market data The transatlantic aviation market is one of the most lucrative in the world and is central to carriers such as British Airways which thrive on business travel .
Since 14 March all but a tiny minority of people have been banned from entering the US due to the coronavirus after an executive decree from President Donald Trump .
Holland-Kaye said that the plan would involve passengers testing 72 hours before flying , and then again prior to boarding @ @ @ @ @ @ @ Maldives added to quarantine free travel list His words come after the first pre-departure testing centre was opened at Heathrow earlier this week , offering results within the hour .
At the moment , the facility , which is run by Swissport and Collinson , offers tests to those travelling to Italy and Hong Kong for £80 .

Travel corridors: ’50 per cent’ chance of London-New York travel by end of November
Heathrow’s boss said there was a 50 per cent chance of a London to New York travel corridor being in place by the end of November.
There is a 50:50 chance that a travel corridor between London and New York could be set up before Thanksgiving, Heathrow Airport’s chief executive said today.
John Holland-Kaye said that preparations for a trial testing scheme to enable business travel were advancing rapidly.
Speaking to the Evening Standard, he said that the national holiday, which falls on 26 November, was a “good target” to aim for.
“I know that there is a big appetite on both the US and UK side and I think there is a preference in America for the UK to be the first country to do this with”, he said.
“It would be great for the UK to be first out of the block and whatever is agreed could quickly become the international standard.
“We are talking to all the transatlantic airlines to make sure they are all aligned. There is certainly work to do to get it up and running in time for Thanksgiving but it is doable. I would say the chances are 50-50 but those are better odds than most things happening in the world right now.”
Before the Open newsletter: Start your day with the City View podcast and key market data
The transatlantic aviation market is one of the most lucrative in the world and is central to carriers such as British Airways which thrive on business travel.
Since 14 March all but a tiny minority of people have been banned from entering the US due to the coronavirus after an executive decree from President Donald Trump.
Holland-Kaye said that the plan would involve passengers testing 72 hours before flying, and then again prior to boarding.
His words come after the first pre-departure testing centre was opened at Heathrow earlier this week, offering results within the hour.
At the moment, the facility, which is run by Swissport and Collinson, offers tests to those travelling to Italy and Hong Kong for £80.


cityam--2020-10-23--Premiership final: Why I'd love to see resurgent Wasps spoil Exeter's double dream

If you had to put your mortgage on a team to win the Premiership final then , based on their entire 2019-20 campaign , it would have to be Exeter .
The Chiefs proved that they are the best team in Europe by lifting the Champions Cup last weekend .
Completing the double with victory over Wasps in Saturday ’ s Premiership final would be the perfect end to the season for Rob Baxter and his players .
Read more : The Week in Sportbiz : Rugby fans in ticket rush for Lions ’ Japanese Test , plus Uefa ’ @ @ @ @ @ @ @ only question about their credentials lies in how fatigued , mentally and emotionally , they have been left by their European success .
Wasps , meanwhile , have seen their preparations badly disrupted by an outbreak of coronavirus .
But I don ’ t think the outcome of this match is a foregone conclusion by any means .
Lee Blackett has got Wasps playing unbelievably good rugby since the post-lockdown resumption of games in August .
Wasps are the Premiership ’ s most in-form team on paper , having won eight of their @ @ @ @ @ @ @ wiped the floor with Bristol in the play-off semi-final .
In the last three months they have performed with style and confidence .
It has been sensational and a breath of fresh air .
They are very , very dangerous and still pose a threat to Exeter ’ s double aspirations .
In Jack Willis , Wasps also have a player who can heavily disrupt Exeter ’ s relentlessness and stick-it-up-yer-jumper gameplan .
His turnover rate since the resumption has been staggering .
The doubts over Wasps are all down to the problems @ @ @ @ @ @ @ past week or so .
How many of the players are fit enough to play ?
How much have they been able to prepare ?
And how big a distraction has it been ?
Whatever the answer , I ’ m so glad Wasps have been cleared to play rather than having to forfeit their place at Twickenham .
It would have been rubbish if Bristol had been drafted in to face Exeter , and they have been honest enough to say they didn ’ t want that either .
Part of me @ @ @ @ @ @ @ tremendous rise , 10 years after their promotion from the Championship .
But another part of me has really enjoyed the turnaround that Wasps have achieved .
That ’ s what excites me more and I always like an underdog , so I ’ d love to see them crowned champions .
Ireland ’ s Six Nations clash with Italy on Saturday has been sapped of some excitement because it is taking place seven months late .
It ’ s really unfortunate for the Six Nations , which has inevitably suffered from some @ @ @ @ @ @ @ would still set up a brilliant finale for next week , in which they , England and France vie for the title .
It would also inject more momentum into the Autumn Nations Cup , which has given greater meaning to the internationals normally held at this time of year .
World Rugby missed an opportunity to unify the calendar this year , but this competition can make the best of that situation .
Former England Sevens captain Ollie Phillips is the founder of Optimist Performance , experts in leadership development & behavioural @ @ @ @ @ @ @ on LinkedIn .

Premiership final: Why I’d love to see resurgent Wasps spoil Exeter’s double dream
Wasps flanker Jack Willis heads into the Premiership final in sensational form
If you had to put your mortgage on a team to win the Premiership final then, based on their entire 2019-20 campaign, it would have to be Exeter.
The Chiefs proved that they are the best team in Europe by lifting the Champions Cup last weekend.
Completing the double with victory over Wasps in Saturday’s Premiership final would be the perfect end to the season for Rob Baxter and his players.
The only question about their credentials lies in how fatigued, mentally and emotionally, they have been left by their European success.
Wasps, meanwhile, have seen their preparations badly disrupted by an outbreak of coronavirus.
But I don’t think the outcome of this match is a foregone conclusion by any means.
Lee Blackett has got Wasps playing unbelievably good rugby since the post-lockdown resumption of games in August.
Wasps are the Premiership’s most in-form team on paper, having won eight of their last nine league games.
They then wiped the floor with Bristol in the play-off semi-final.
A Premiership final to savour
In the last three months they have performed with style and confidence. It has been sensational and a breath of fresh air.
They are very, very dangerous and still pose a threat to Exeter’s double aspirations.
In Jack Willis, Wasps also have a player who can heavily disrupt Exeter’s relentlessness and stick-it-up-yer-jumper gameplan.
His turnover rate since the resumption has been staggering.
The doubts over Wasps are all down to the problems posed by their coronavirus outbreak over the past week or so.
Wasps coach Lee Blackett has had to deal with a coronavirus outbreak in the lead-up to the Premiership final
How many of the players are fit enough to play? How much have they been able to prepare? And how big a distraction has it been?
Whatever the answer, I’m so glad Wasps have been cleared to play rather than having to forfeit their place at Twickenham.
It would have been rubbish if Bristol had been drafted in to face Exeter, and they have been honest enough to say they didn’t want that either.
Part of me wants Exeter to win and complete their tremendous rise, 10 years after their promotion from the Championship.
But another part of me has really enjoyed the turnaround that Wasps have achieved.
That’s what excites me more and I always like an underdog, so I’d love to see them crowned champions.
Ireland can kick-start autumn programme
Ireland’s Six Nations clash with Italy on Saturday has been sapped of some excitement because it is taking place seven months late.
It’s really unfortunate for the Six Nations, which has inevitably suffered from some disengagement.
But a resounding Irish win would still set up a brilliant finale for next week, in which they, England and France vie for the title.
It would also inject more momentum into the Autumn Nations Cup, which has given greater meaning to the internationals normally held at this time of year.
World Rugby missed an opportunity to unify the calendar this year, but this competition can make the best of that situation.
Former England Sevens captain Ollie Phillips is the founder of Optimist Performance, experts in leadership development & behavioural change. Follow Ollie on Twitter and on LinkedIn.


cityam--2020-10-23--City sponsors initiative for more diversity in asset management

A pilot program aiming to boost the number of ethnic minority Londoners in asset management has launched today .
Students will be given education and training to prepare them for a career in asset management , earning a Level 2 CISI Fundamentals of Financial Services qualification .
The pilot has been led by # Talkaboutblack , a movement to increase the visibility of black individuals in the corporate world .
Read more : City looks for increased diversity amid BLM protests The program is in cooperation with the City of London Corporation , the Chartered Institute for Securities and Investment @ @ @ @ @ @ @ .
A cohort of 24 pupils from the Mulberry Academy Shoreditch in Tower Hamlets and the Mossbourne Community Academy in Hackney will be the first to participate .
The pilot will run for 12 months starting on 8 November .
Sessions will take place virtually and program costs will be borne by sponsors including BlackRock and Goldman Sachs Asset Management .
The program could be extended to the rest of the UK if this year ’ s cohort chooses to pursue a career in asset management .
The City of London Corporation , @ @ @ @ @ @ @ the London Stock Exchange to celebrate the program ’ s launch in a ceremony opening London ’ s markets for trading .
Gavin Williams , MD of BlackRock and co-founder of # Talkaboutblack said : “ I grew up in inner city London and never knew the City existed .
“ I was fortunate enough to find a way in but there is huge potential which remains untapped , ” he added .
“ It is imperative that we build a pipeline of talent to enter the asset management industry .
”

City sponsors initiative for more diversity in asset management
A pilot program aiming to boost the number of ethnic minority Londoners in asset management has launched today.
Students will be given education and training to prepare them for a career in asset management, earning a Level 2 CISI Fundamentals of Financial Services qualification.
The pilot has been led by #Talkaboutblack, a movement to increase the visibility of black individuals in the corporate world.
Read more: City looks for increased diversity amid BLM protests
The program is in cooperation with the City of London Corporation, the Chartered Institute for Securities and Investment (CISI) and the Diversity Project.
A cohort of 24 pupils from the Mulberry Academy Shoreditch in Tower Hamlets and the Mossbourne Community Academy in Hackney will be the first to participate.
The pilot will run for 12 months starting on 8 November. Sessions will take place virtually and program costs will be borne by sponsors including BlackRock and Goldman Sachs Asset Management.
The program could be extended to the rest of the UK if this year’s cohort chooses to pursue a career in asset management.
The City of London Corporation, #Talkaboutblack and the Diversity Project joined the London Stock Exchange to celebrate the program’s launch in a ceremony opening London’s markets for trading.
Gavin Lewis, MD of BlackRock and co-founder of #Talkaboutblack said: “I grew up in inner city London and never knew the City existed.
“I was fortunate enough to find a way in but there is huge potential which remains untapped,” he added.
“It is imperative that we build a pipeline of talent to enter the asset management industry.”


cityam--2020-10-24--Banks hike mortgage interest rates amid boom in applicants

Banks are reportedly hiking mortgage interest rates in order to deter prospective buyers as they struggle to meet a spike in demand for home loans amid a buoyant housing market .
Lenders are turning away mortgage business as the ability to process applications has been slowed by home-working during the coronavirus pandemic .
Read more : Mergers can improve banks ’ profitability , says ECB vice president The housing market has boomed since restrictions were lifted in May , aided by the government ’ s decision to introduce a stamp duty holiday .
An executive at one of the UK @ @ @ @ @ @ @ Financial Times that recently it had been receiving more than double the number of applications it would normally be able to process .
“ This is as busy as I ’ ve seen the market since 2008 , just before the credit crunch , ” the executive told the paper .
“ Post-lockdown , in late May to June , we were busy , heading back towards [ normal ] numbers , but the stamp duty change , when that dropped , put a massive urgency into buying a home.
” Metro Bank @ @ @ @ @ @ @ looking to send clients to the lender to give it time to process existing applications amid “ exceptional demand ” .
Halifax , TSB , Nationwide , Natwest , Barclays , and Yorkshire and Chelsea building societies have hiked interest rates over the past three weeks in a bid to deter applicants , despite the Bank of England base rate remaining at a record low of 0.1 per cent .

Banks hike mortgage interest rates amid boom in applicants
Banks are reportedly hiking mortgage interest rates in order to deter prospective buyers as they struggle to meet a spike in demand for home loans amid a buoyant housing market.
Lenders are turning away mortgage business as the ability to process applications has been slowed by home-working during the coronavirus pandemic.
The housing market has boomed since restrictions were lifted in May, aided by the government’s decision to introduce a stamp duty holiday.
An executive at one of the UK’s largest mortgage lenders told the Financial Times that recently it had been receiving more than double the number of applications it would normally be able to process.
“This is as busy as I’ve seen the market since 2008, just before the credit crunch,” the executive told the paper.
“Post-lockdown, in late May to June, we were busy, heading back towards [normal] numbers, but the stamp duty change, when that dropped, put a massive urgency into buying a home.”
Metro Bank has temporarily halted registrations from new brokers looking to send clients to the lender to give it time to process existing applications amid “exceptional demand”.
Halifax, TSB, Nationwide, Natwest, Barclays, and Yorkshire and Chelsea building societies have hiked interest rates over the past three weeks in a bid to deter applicants, despite the Bank of England base rate remaining at a record low of 0.1 per cent.


cityam--2020-10-24--US Covid-19 cases hit record daily high

US Covid-19 cases hit record daily high

Confirmed cases of coronavirus in the US have reached a record daily high , according to reports .
More than 84,000 people were diagnosed with Covid-19 across the US on Friday , according to a Reuters tally .
Read more : BoE policymaker : New Covid slowdown could require more stimulus The surge was a record one-day increase in infections during the pandemic as the spread of the virus picks up pace again nationwide .
The spike to 84,218 cases broke the record of 77,299 set on 16 July .
It comes as University of Washington researchers forecast that the @ @ @ @ @ @ @ a total of 500,000 by February .
Sixteen US states also hit one-day records for new infections on Friday , including five considered key in the 3 November presidential election : Ohio , Michigan , North Carolina , Pennsylvania and Wisconsin .
Health experts have not pinpointed the reason for the rise but have suggested that colder temperatures driving people inside , fatigue with Covid-19 precautions and students returning to schools and colleges could be behind the spike .
Read more : United Airlines tests digital Covid pass on UK-US flight in effort @ @ @ @ @ @ @ into a very substantial fall/winter surge , ” said IHME director Chris Murray , who co-led the research .
The number of possible deaths could drop by 130,000 if 95 % of Americans would cover their faces , the IHME said , echoing a recommendation by Anthony Fauci , director of the National Institute of Allergy and Infectious Diseases .

US Covid-19 cases hit record daily high
EX U.S. President Donald Trump is not amused (Photo by Chip Somodevilla/Getty Images)
Confirmed cases of coronavirus in the US have reached a record daily high, according to reports.
More than 84,000 people were diagnosed with Covid-19 across the US on Friday, according to a Reuters tally.
The surge was a record one-day increase in infections during the pandemic as the spread of the virus picks up pace again nationwide.
The spike to 84,218 cases broke the record of 77,299 set on 16 July.
It comes as University of Washington researchers forecast that the death toll from the virus could reach a total of 500,000 by February.
Sixteen US states also hit one-day records for new infections on Friday, including five considered key in the 3 November presidential election: Ohio, Michigan, North Carolina, Pennsylvania and Wisconsin.
Health experts have not pinpointed the reason for the rise but have suggested that colder temperatures driving people inside, fatigue with Covid-19 precautions and students returning to schools and colleges could be behind the spike.
“We are heading into a very substantial fall/winter surge,” said IHME director Chris Murray, who co-led the research.
The number of possible deaths could drop by 130,000 if 95% of Americans would cover their faces, the IHME said, echoing a recommendation by Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases.


cityam--2020-10-24--Exclusive: Just 16 per cent of firms trust government on Brexit, according to poll

Only 16 per cent of UK businesses trust the government to manage Brexit effectively , according to polling shared exclusively with City A.M. Just over 40 per cent of firms said the coronavirus pandemic had derailed their Brexit planning , the polling commissioned by logistics firm One World Express showed .
Read more : MPs ‘ seriously concerned ’ that British businesses are not ready for Brexit The UK and EU gave themselves less than a year to negotiate a free-trade agreement before the Brexit transition period ends on 31 December .
Talks have been fraught , however , and @ @ @ @ @ @ @ .
The two sides remain at odds over fishing and state aid policy , although negotiations resumed this week .
Just 11 per cent of businesses thought the UK and EU will agree a trade deal before the transition expires , according to the polling , which was carried out by market research agency Opinium .
It found that 43 per cent of firms said Brexit poses more of a long-term risk than Covid-19 .
The polling spoke to 534 decision-makers at companies .
Government says firms ‘ need to prepare ’ for @ @ @ @ @ @ @ Bhakta said the pandemic had “ understandably ” consumer companies ’ attention this year .
“ However , as the end of the transition period nears , it is clear that business leaders are also having significant concerns regarding Brexit.
” The polling echoed worries expressed last week by the Institute of Directors business group .
Its survey found almost half of businesses were not fully prepared for the end of the transition period .
If Britain crashes out with no deal , it would mean higher tariffs for some sectors .
For @ @ @ @ @ @ @ would be taxed at 10 per cent .
It could also mean more paperwork for businesses .
Read more : Brexit : UK-EU trade talks back on after week of sparring A government spokesperson said : “ We are leaving the EU single market and customs union at the end of the year… This will bring a number guaranteed changes for which we all need to prepare .
“ To make sure the country is ready , we have published the border operating model to give clarity to traders , provided £84m in @ @ @ @ @ @ @ and announced £705m in funding for jobs , infrastructure and technology at the border .
”

Exclusive: Just 16 per cent of firms trust government on Brexit, according to poll
Businesses have expressed concerns about dealing with a possible no-deal Brexit and coronavirus at the same time
Only 16 per cent of UK businesses trust the government to manage Brexit effectively, according to polling shared exclusively with City A.M.
Just over 40 per cent of firms said the coronavirus pandemic had derailed their Brexit planning, the polling commissioned by logistics firm One World Express showed.
The UK and EU gave themselves less than a year to negotiate a free-trade agreement before the Brexit transition period ends on 31 December.
Talks have been fraught, however, and made more difficult by the coronavirus pandemic. The two sides remain at odds over fishing and state aid policy, although negotiations resumed this week.
Just 11 per cent of businesses thought the UK and EU will agree a trade deal before the transition expires, according to the polling, which was carried out by market research agency Opinium.
It found that 43 per cent of firms said Brexit poses more of a long-term risk than Covid-19. The polling spoke to 534 decision-makers at companies.
Government says firms ‘need to prepare’ for Brexit
One World Express chief executive Atul Bhakta said the pandemic had “understandably” consumer companies’ attention this year.
“However, as the end of the transition period nears, it is clear that business leaders are also having significant concerns regarding Brexit.”
The polling echoed worries expressed last week by the Institute of Directors business group. Its survey found almost half of businesses were not fully prepared for the end of the transition period.
If Britain crashes out with no deal, it would mean higher tariffs for some sectors. For example, cars going to the EU would be taxed at 10 per cent. It could also mean more paperwork for businesses.
A government spokesperson said: “We are leaving the EU single market and customs union at the end of the year… This will bring a number guaranteed changes for which we all need to prepare.
“To make sure the country is ready, we have published the border operating model to give clarity to traders, provided £84m in grants to grow the customs intermediary sector and announced £705m in funding for jobs, infrastructure and technology at the border.”


cityam--2020-10-24--The City A.M. Weekend – how to have fun in the age of Covid

During these testing times it ’ s more important than ever to take pleasure in the things London still has to offer , and more important than ever to support the people out there offering us the chance .
In this new regular column , we update you on the ever-changing restrictions and give you a list of ways to spend a perfect , Covid-safe afternoon .
The advice : Going into the weekend , the government advice around galleries and museums remains unchanged .
This means no mixing between households in indoor areas , but most galleries are open @ @ @ @ @ @ @ to book before you go , however , with timed tickets , cashless payments and social distancing mandatory .
Bruce Nauman has been making pithy neons since before Tracey Emin , playful photographs exploring the human condition since since before Wolfgang Tillmans and intimate videos about 21st century life since before Steve McQueen .
The American artist has been a leading figure in contemporary art since the late 1960s , with his formidable oeuvre encompassing sculpture , photography , neon , video , drawing , printmaking , and performance .
This , the @ @ @ @ @ @ @ London in more than 20 years , takes the form of a series of social-distancing friendly immersive installations in which to lose yourself for a few hours .
Every year I write about how much I dislike the Royal Academy ’ s Summer Exhibition and every year I look forward to attending it .
Sure , it ’ s stacked high with more art than one person could fully appreciate in a dozen visits , but it ’ s also an integral part of the cultural calendar .
So it was a sad @ @ @ @ @ @ @ summer .
But now , for the first time , you can enjoy the summer exhibition in the winter , with the gallery hosting its flagship event until the end of the year .
Prepare to be overwhelmed , if not by joy at its return then by the sheer volume of the thing .
The advice : With major cinema chains either closing or offering screenings at weekends only , there are major disruptions to anything approaching a regular schedule over the weekend , with the silver lining being that you can @ @ @ @ @ @ @ on various streaming channels .
Beloved director François Ozon ( Frantz , By The Grace of God ) crafts a nostalgic flashback drama about young love , told through the prism of a dark event that happens in the present .
A more restrained take on a same-sex relationship than Call Me By Your Name , this is well worth your time this weekend .
With half term approaching , The Secret Garden may be the key to keeping the kids occupied over the next few days .
While it ’ s a @ @ @ @ @ @ @ holds a special magic , says James Luxford in our review .
The advice : The hospitality sector continues to be hard hit by Tier 2 restrictions , with no mixed groups allowed to meet indoors ( although there is a grey area over business lunches , which it seems are allowed ) .
Those hoping to catch up with friends should seek out places with outdoor heated terraces , such as those listed in our round-up .
Should you want to venture out within your household bubble , Andy Silvester heartily recommends @ @ @ @ @ @ @ by Will Lander and Chris Gillard , the former the brains behind Quality Chop House , Clipstone and Portland , and the former head chef of Clerkenwell institution St. John , respectively .
If you ’ re in the mood for drinks , Mark Hix ’ s new take on his speak-easy style Mark ’ s Bar concept is now open in the basement of 1 Lombard Street , where you can enjoy cocktails including his famous Temperley Sour .
Read about it here .

The City A.M. Weekend – how to have fun in the age of Covid
BRUCE NAUMAN at the Tate Modern
During these testing times it’s more important than ever to take pleasure in the things London still has to offer, and more important than ever to support the people out there offering us the chance. In this new regular column, we update you on the ever-changing restrictions and give you a list of ways to spend a perfect, Covid-safe afternoon.
Art
The advice: Going into the weekend, the government advice around galleries and museums remains unchanged. This means no mixing between households in indoor areas, but most galleries are open as usual. It is strongly advised to book before you go, however, with timed tickets, cashless payments and social distancing mandatory.
Leading contemporary artist Bruce Nauman is the focus of a new blockbuster exhibition
Bruce Nauman at the Tate Modern
Bruce Nauman has been making pithy neons since before Tracey Emin, playful photographs exploring the human condition since since before Wolfgang Tillmans and intimate videos about 21st century life since before Steve McQueen.
The American artist has been a leading figure in contemporary art since the late 1960s, with his formidable oeuvre encompassing sculpture, photography, neon, video, drawing, printmaking, and performance.
This, the first major exhibition of his work in London in more than 20 years, takes the form of a series of social-distancing friendly immersive installations in which to lose yourself for a few hours.
Book your tickets here.
The summer Exhibition may have been cancelled, but the Royal Academy is instead hosting a Winter Exhibition
The Royal Academy Winter Exhibition
Every year I write about how much I dislike the Royal Academy’s Summer Exhibition and every year I look forward to attending it. Sure, it’s stacked high with more art than one person could fully appreciate in a dozen visits, but it’s also an integral part of the cultural calendar.
So it was a sad day when it was deemed untenable this summer. But now, for the first time, you can enjoy the summer exhibition in the winter, with the gallery hosting its flagship event until the end of the year. Prepare to be overwhelmed, if not by joy at its return then by the sheer volume of the thing.
Book your tickets here.
Film
The advice: With major cinema chains either closing or offering screenings at weekends only, there are major disruptions to anything approaching a regular schedule over the weekend, with the silver lining being that you can catch these releases in a few days on various streaming channels.
François Ozon directs Summer of 85
Summer of 85
Beloved director François Ozon (Frantz, By The Grace of God) crafts a nostalgic flashback drama about young love, told through the prism of a dark event that happens in the present. A more restrained take on a same-sex relationship than Call Me By Your Name, this is well worth your time this weekend.
Read our full review here.
Yet another version of The Secret Garden
The Secret Garden
With half term approaching, The Secret Garden may be the key to keeping the kids occupied over the next few days. While it’s a fairly by-the-numbers adaptation, the story still holds a special magic, says James Luxford in our review.
Restaurants
The advice: The hospitality sector continues to be hard hit by Tier 2 restrictions, with no mixed groups allowed to meet indoors (although there is a grey area over business lunches, which it seems are allowed). Those hoping to catch up with friends should seek out places with outdoor heated terraces, such as those listed in our round-up.
High-end country fare cooked to perfection at Rondo in Holborn
Should you want to venture out within your household bubble, Andy Silvester heartily recommends Rondo, the new Holborn hotel restaurant by Will Lander and Chris Gillard, the former the brains behind Quality Chop House, Clipstone and Portland, and the former head chef of Clerkenwell institution St. John, respectively.
Check out the new Mark’s Bar at 1 Lombard Street
If you’re in the mood for drinks, Mark Hix’s new take on his speak-easy style Mark’s Bar concept is now open in the basement of 1 Lombard Street, where you can enjoy cocktails including his famous Temperley Sour. Read about it here.


cityam--2020-10-24--Astrazeneca and Johnson & Johnson to restart US Covid-19 vaccine trials

Regulators have given Astrazeneca the green light to resume its US trial of a Covid-19 vaccine , while Johnson & Johnson is preparing to restart next week .
Astrazeneca paused its trial on 6 September after reports of a neurological illness , believed to be transverse myelitis , in a participant in the pharmaceutical giant ’ s UK trial .
Read more : Astrazeneca partners up with Thailand for vaccine manufacture in Southeast Asia J & J halted its large , late-stage trial last week after a participant fell ill .
Both firms have contracts to provide the vaccine in @ @ @ @ @ @ @ are approved by regulators .
Officials and experts are concerned that the regulatory approval process overseen by the Food and Drug Administration ( FDA ) will be undermined by political pressure , and around a quarter of Americans say they are hesitant to take a Covid-19 vaccine .
“ As this trial resumes , I am hoping the message communicated to the public is that we are following procedures to highest ethical standard and not interfering with the FDA regulatory process , ” said Matthew Hepburn , head of vaccine development for Operation @ @ @ @ @ @ @ speed inoculation efforts .
J & J said on Friday that the safety panel , called a Data and Safety Monitoring Board , has recommended that the drugmaker resume trial recruitment after finding no evidence that the vaccine caused the volunteer to fall ill. Read more : Covid-19 : AstraZeneca vaccine trials resume in Japan but talks with US continue It said on Monday or Tuesday and remains on track to produce data from the trial on the vaccines ’ effectiveness by the end of 2020 or early 2021 , J & J @ @ @ @ @ @ @ said .
J & J is also in discussions with other regulators to resume a trial outside of the United States , the company said .

Astrazeneca and Johnson & Johnson to restart US Covid-19 vaccine trials
Regulators have given Astrazeneca the green light to resume its US trial of a Covid-19 vaccine, while Johnson & Johnson is preparing to restart next week.
Astrazeneca paused its trial on 6 September after reports of a neurological illness, believed to be transverse myelitis, in a participant in the pharmaceutical giant’s UK trial.
J&J halted its large, late-stage trial last week after a participant fell ill.
Both firms have contracts to provide the vaccine in the US and other countries if they are approved by regulators.
Officials and experts are concerned that the regulatory approval process overseen by the Food and Drug Administration (FDA) will be undermined by political pressure, and around a quarter of Americans say they are hesitant to take a Covid-19 vaccine.
“As this trial resumes, I am hoping the message communicated to the public is that we are following procedures to highest ethical standard and not interfering with the FDA regulatory process,” said Matthew Hepburn, head of vaccine development for Operation Warp Speed, a public-private partnership to speed inoculation efforts.
J&J said on Friday that the safety panel, called a Data and Safety Monitoring Board, has recommended that the drugmaker resume trial recruitment after finding no evidence that the vaccine caused the volunteer to fall ill.
It said on Monday or Tuesday and remains on track to produce data from the trial on the vaccines’ effectiveness by the end of 2020 or early 2021, J&J’s chief scientific officer Paul Stoffels said.
J&J is also in discussions with other regulators to resume a trial outside of the United States, the company said.


cityam--2020-10-24--Anti-lockdown protest: Thousands march in central London

Thousands of protesters are marching in central London this afternoon over coronavirus lockdown restrictions .
The anti-lockdown protest will be the fourth to take place in the capital since the start of the pandemic .
London has recently moved into Tier 2 restrictions , which bans people from socialising indoors with people they do not live with .
Read more : Covid-19 : Protesters clash with police at anti-restrictions rally in London Photos and videos posted on social media showed demonstrators marching through the West End towards Trafalgar Square , after gathering near Speaker ’ s Corner in Hyde Park @ @ @ @ @ @ @ introduced to slow the spread of infection , people in England are not allowed to gather in groups of more than six .
There are exemptions for political protests , but only if organisers follow guidelines to reduce the risk of the disease spreading .
Before the event the Metropolitan Police warned that protesters must stick to coronavirus restrictions , saying it will break up gatherings that are in breach of the rules .
Met commander Ade Adelekan said yesterday : “ I would urge those looking at attending a protest that these @ @ @ @ @ @ @ regulations if the organisers do not comply with the regulations and submit a satisfactory risk assessment .
“ This could result in crowds being dispersed or indeed enforcement action being taken by officers on scene .
“ Everybody has a personal responsibility to stick to the regulations and help prevent the transmission of Coronavirus .
We will not allow the health of Londoners to be put at risk and officers and we will take action against those groups or individuals who flagrantly and dangerously breach these rules .
”

Anti-lockdown protest: Thousands march in central London
Anti-lockdown demonstrators staged their fourth protest in London this afternoon
Thousands of protesters are marching in central London this afternoon over coronavirus lockdown restrictions.
The anti-lockdown protest will be the fourth to take place in the capital since the start of the pandemic. London has recently moved into Tier 2 restrictions, which bans people from socialising indoors with people they do not live with.
Photos and videos posted on social media showed demonstrators marching through the West End towards Trafalgar Square, after gathering near Speaker’s Corner in Hyde Park earlier in the afternoon.
Under laws introduced to slow the spread of infection, people in England are not allowed to gather in groups of more than six. There are exemptions for political protests, but only if organisers follow guidelines to reduce the risk of the disease spreading.
Before the event the Metropolitan Police warned that protesters must stick to coronavirus restrictions, saying it will break up gatherings that are in breach of the rules.
Met commander Ade Adelekan said yesterday: “I would urge those looking at attending a protest that these events may not be exempt from the regulations if the organisers do not comply with the regulations and submit a satisfactory risk assessment.
“This could result in crowds being dispersed or indeed enforcement action being taken by officers on scene.
“Everybody has a personal responsibility to stick to the regulations and help prevent the transmission of Coronavirus. We will not allow the health of Londoners to be put at risk and officers and we will take action against those groups or individuals who flagrantly and dangerously breach these rules.”


cityam--2020-10-24--Ant Group listing to be 'world's biggest', Alibaba founder says

The dual listing for Chinese fintech giant Ant Group will be the world ’ s biggest , Jack Ma , the billionaire founder of Alibaba , said .
“ It ’ s the first time that the pricing of such a big listing – the largest in human history – has been determined outside New York City ” he told the Bund Summit in the eastern financial hub of Shanghai .
Read more : Ant Group gets final approval for world ’ s biggest stock market float “ We didn ’ t dare to think about it five years ago @ @ @ @ @ @ @ But a miracle just occurred , ” he told the audience , according to Reuters .
Ma did not give exact details of the pricing , which is expected to be announced next week .
However , sources have said the listing could be worth $ 35bn , beating the record set by Saudi Aramco ’ s $ 29.4bn .
The firm , which is backed by Alibaba , is planning to list in Hong Kong and on Shanghai ’ s Star Market in the next few weeks .
Read more : Ant @ @ @ @ @ @ @ Hong Kong listing Ma also said the financial and regulatory system stifles innovation , calling for a revamp to extend financial services to more small firms and individuals on the basis of technology – an ethos that Ant is largely based on .
He said the global system established after World War II is outdated and too risk-averse , calling the Basel Committee on Banking Supervision “ an old men ’ s club ” and warning that risks are accumulating in the whole economy .

Ant Group listing to be ‘world’s biggest’, Alibaba founder says
The dual listing for Chinese fintech giant Ant Group will be the world’s biggest, Jack Ma, the billionaire founder of Alibaba, said.
“It’s the first time that the pricing of such a big listing – the largest in human history – has been determined outside New York City” he told the Bund Summit in the eastern financial hub of Shanghai.
“We didn’t dare to think about it five years ago, or even three years ago. But a miracle just occurred,” he told the audience, according to Reuters.
Ma did not give exact details of the pricing, which is expected to be announced next week. However, sources have said the listing could be worth $35bn, beating the record set by Saudi Aramco’s $29.4bn.
The firm, which is backed by Alibaba, is planning to list in Hong Kong and on Shanghai’s Star Market in the next few weeks.
Ma also said the financial and regulatory system stifles innovation, calling for a revamp to extend financial services to more small firms and individuals on the basis of technology – an ethos that Ant is largely based on.
He said the global system established after World War II is outdated and too risk-averse, calling the Basel Committee on Banking Supervision “an old men’s club” and warning that risks are accumulating in the whole economy.


cityam--2020-10-25--Heathrow owners told to boost funding or risk nationalisation

The airline watchdog has warned the owners of Heathrow that the airport may be nationalised if they do not provide fresh funding to help it weather the pandemic .
The Civil Aviation Authority ( CAA ) has said that without emergency cash from Heathrow ’ s shareholders , including the sovereign wealth funds of Singapore and Qatar , the airport may face a state takeover to save it from collapse .
Read more : Heathrow Airport passenger numbers plummet over 80 per cent in September The CAA rejected the airport ’ s demand to hike airline and passenger charges by @ @ @ @ @ @ @ pandemic , and instead urged it to shore up cash from its owners , including the Spanish infrastructure company Ferrovial and a Chinese sovereign wealth fund .
The watchdog warned Heathrow shareholders that without intervention , the airport ’ s fate would be similar to Railtrack , the FTSE-listed rail company that collapsed in 2001 with debts of £3.5bn .
The regulator said : “ Heathrow ’ s request set out a solution that would involve consumers bearing a significant proportion of the costs associated with the pandemic and providing additional protection for @ @ @ @ @ @ @ a relevant example of when a regulated company has faced severe financial issues.
” British Airways ’ owner IAG said it was “ staggered ” by the airport ’ s demands , adding that Heathrow is “ a wealthy , privately owned company , which should seek funds from its shareholders ” .
But Heathrow yesterday hit back at the claims , accusing the CAA of sending a “ terrible ” message to foreign investors and threatening legal action if regulators do not allow charge hikes .
Javier Echave , the airport ’ @ @ @ @ @ @ @ You are breaking the principle of the UK being a safe haven for investors ’ money.
” A Heathrow spokesman told the Telegraph the airport was “ completely different ” to Railtrack and there were “ a number of important differences in circumstances ” between the two .
It comes after the airport saw debts rise to £17bn during the pandemic , as quarantine measures hammered demand by almost 70 per cent between January and September , with little hope of an immediate rebound .
Heathrow ’ s warning that it may need @ @ @ @ @ @ @ due to coronavirus-related uncertainty caused trade union Unite to threaten industrial action .
Read more : Heathrow boss : PM told me airport testing will be in place ‘ in October ’ Unite cited claims that the airport is planning to “ fire and rehire ” employees and place them on inferior contracts in order to slash wage costs .
The CAA has ruled out a direct government bailout for the airport , and is instead consulting the industry on its proposed rejection of higher charges .

Heathrow owners told to boost funding or risk nationalisation
The airline watchdog has warned the owners of Heathrow that the airport may be nationalised if they do not provide fresh funding to help it weather the pandemic.
The Civil Aviation Authority (CAA) has said that without emergency cash from Heathrow’s shareholders, including the sovereign wealth funds of Singapore and Qatar, the airport may face a state takeover to save it from collapse.
The CAA rejected the airport’s demand to hike airline and passenger charges by £1.7bn to cover costs incurred by the pandemic, and instead urged it to shore up cash from its owners, including the Spanish infrastructure company Ferrovial and a Chinese sovereign wealth fund.
The watchdog warned Heathrow shareholders that without intervention, the airport’s fate would be similar to Railtrack, the FTSE-listed rail company that collapsed in 2001 with debts of £3.5bn.
The regulator said: “Heathrow’s request set out a solution that would involve consumers bearing a significant proportion of the costs associated with the pandemic and providing additional protection for shareholders. We have considered Railtrack as a relevant example of when a regulated company has faced severe financial issues.”
British Airways’ owner IAG said it was “staggered” by the airport’s demands, adding that Heathrow is “a wealthy, privately owned company, which should seek funds from its shareholders”.
But Heathrow yesterday hit back at the claims, accusing the CAA of sending a “terrible” message to foreign investors and threatening legal action if regulators do not allow charge hikes.
Javier Echave, the airport’s finance chief, said: “You are breaking the principle of the UK being a safe haven for investors’ money.”
A Heathrow spokesman told the Telegraph the airport was “completely different” to Railtrack and there were “a number of important differences in circumstances” between the two.
It comes after the airport saw debts rise to £17bn during the pandemic, as quarantine measures hammered demand by almost 70 per cent between January and September, with little hope of an immediate rebound.
Heathrow’s warning that it may need to axe upwards of a thousand jobs due to coronavirus-related uncertainty caused trade union Unite to threaten industrial action.
Unite cited claims that the airport is planning to “fire and rehire” employees and place them on inferior contracts in order to slash wage costs.
The CAA has ruled out a direct government bailout for the airport, and is instead consulting the industry on its proposed rejection of higher charges.


cityam--2020-10-25--First Woodford court battle could come this year

The first of what could be many legal claims relating to the collapse of the Woodford Equity Income fund is expected to be launched by the end of the year , reports emerged today .
London laywers Harcus Parker are co-ordinating a class action lawsuit and are believed to be ‘ further down the track ’ than rivals in preparing a case against Link , the firm ’ s ‘ authorised corporate director.
’ The Mail on Sunday first reported the news .
The legal firm have previously brought claims related to the Arch cru scandal against Link ’ s @ @ @ @ @ @ @ more : Woodford investors will have to wait longer for their money The fund was closed last year after a redemption request it couldn ’ t fulfil .
Star fund manager Neil Woodford ’ s reputation was left in tatters and a number of investors are still waiting on receiving what is left of their cash .
Harcus Parker state on their website : “ Link , as the Authorised Corporate Director of the Woodford Funds , has made millions in fees charged for adopting responsibility for safeguarding investors and ensuring that the @ @ @ @ @ @ @ Our clients will allege that it failed adequately to supervise the Woodford Funds .
This failure has proved to be catastrophic to those who invested their savings into the Woodford Fund and whose investments were locked into the Woodford Fund at suspension.
” It is understood by the Mail on Sunday that the key element of the claim will be that the firm did not ensure sufficient liquidity and that it had moved away from the objectives of the fund .
A spokesman for the firm told the Mail : It added : @ @ @ @ @ @ @ we expect to file soon on behalf of several thousand clients .
Some 15,000 investors have expressed an interest in supporting the claim , of which 3,000 have gone on to become Harcus clients.
” Read more : Stricken Woodford fund battle expected to end in court

First Woodford court battle could come this year
The first of what could be many legal claims relating to the collapse of the Woodford Equity Income fund is expected to be launched by the end of the year, reports emerged today.
London laywers Harcus Parker are co-ordinating a class action lawsuit and are believed to be ‘further down the track’ than rivals in preparing a case against Link, the firm’s ‘authorised corporate director.’
The Mail on Sunday first reported the news.
The legal firm have previously brought claims related to the Arch cru scandal against Link’s predecessor, Capita Financial Mangers.
Read more: Woodford investors will have to wait longer for their money
The fund was closed last year after a redemption request it couldn’t fulfil. Star fund manager Neil Woodford’s reputation was left in tatters and a number of investors are still waiting on receiving what is left of their cash.
Harcus Parker state on their website: “Link, as the Authorised Corporate Director of the Woodford Funds, has made millions in fees charged for adopting responsibility for safeguarding investors and ensuring that the Woodford Fund follows the rules.
“Our clients will allege that it failed adequately to supervise the Woodford Funds. This failure has proved to be catastrophic to those who invested their savings into the Woodford Fund and whose investments were locked into the Woodford Fund at suspension.”
It is understood by the Mail on Sunday that the key element of the claim will be that the firm did not ensure sufficient liquidity and that it had moved away from the objectives of the fund.
A spokesman for the firm told the Mail: It added: ‘The claim is going ahead and we expect to file soon on behalf of several thousand clients. Some 15,000 investors have expressed an interest in supporting the claim, of which 3,000 have gone on to become Harcus clients.”
Read more: Stricken Woodford fund battle expected to end in court


cityam--2020-10-25--High-flying City figures to be exempt from quarantine rules

City dealmakers , hedge fund managers and executives flying into the UK are set to be exempt from the current 14-day quarantine period in a bid to “ promote global Britain ” , according to reports .
Fresh guidelines being drawn up by the government would see the fortnight self-isolation period scrapped for senior bankers , hedge fund managers and executives involved in high-value deals , the Sunday Times reported .
Read more : Westminster City Council scraps plans to charge for pavement space Currently , only a short list of essential workers are exempt from the quarantine requirement , @ @ @ @ @ @ @ , and people who commute weekly overseas .
Business secretary Alok Sharma yesterday said he is “ sympathetic ” to an exemption for top City figures who regularly fly in and out of the UK , as the government seeks to “ promote global Britain ” ahead of the Brexit transition period deadline on 31 December .
It comes as ministers are drawing up plans to overhaul quarantine rules over fears the current guidelines are not being followed .
Prime Minister Boris Johnson is understood to have ordered Downing Street ’ s coronavirus @ @ @ @ @ @ @ slash the isolation period to a maximum of 10 days , with the regular isolation period cut to seven days .
Johnson was told that the 14-day period was a “ barrier ” to the public ’ s compliance with the rules , with the government ’ s private polling suggesting people are willing to self-isolate for a maximum of seven days .
It comes amid mounting concern within Tory backbencher circles about the effectiveness of the UK ’ s Test and Trace system , after official statistics showed just 63 per cent @ @ @ @ @ @ @ the virus were reached by contact tracers last week .
Lucy Powell , the shadow business minister , slammed the government for prioritising City figures in its redraft of the quarantine rules .
“ It beggars belief that ministers are focusing on bending the rules for high net worth individuals rather than fixing their broken test , track , trace and isolate system , ” Powell told the Times .
Northern Ireland Secretary Brandon Lewis told the BBC ’ s Andrew Marr that “ any changes that are made will apply to everybody @ @

High-flying City figures to be exempt from quarantine rules
City dealmakers, hedge fund managers and executives flying into the UK are set to be exempt from the current 14-day quarantine period in a bid to “promote global Britain”, according to reports.
Fresh guidelines being drawn up by the government would see the fortnight self-isolation period scrapped for senior bankers, hedge fund managers and executives involved in high-value deals, the Sunday Times reported.
Currently, only a short list of essential workers are exempt from the quarantine requirement, including sewage workers, the armed forces, and people who commute weekly overseas.
Business secretary Alok Sharma yesterday said he is “sympathetic” to an exemption for top City figures who regularly fly in and out of the UK, as the government seeks to “promote global Britain” ahead of the Brexit transition period deadline on 31 December.
It comes as ministers are drawing up plans to overhaul quarantine rules over fears the current guidelines are not being followed.
Prime Minister Boris Johnson is understood to have ordered Downing Street’s coronavirus taskforce to outline fresh guidelines that will slash the isolation period to a maximum of 10 days, with the regular isolation period cut to seven days.
Johnson was told that the 14-day period was a “barrier” to the public’s compliance with the rules, with the government’s private polling suggesting people are willing to self-isolate for a maximum of seven days.
It comes amid mounting concern within Tory backbencher circles about the effectiveness of the UK’s Test and Trace system, after official statistics showed just 63 per cent of people who came into contact with the virus were reached by contact tracers last week.
Lucy Powell, the shadow business minister, slammed the government for prioritising City figures in its redraft of the quarantine rules.
“It beggars belief that ministers are focusing on bending the rules for high net worth individuals rather than fixing their broken test, track, trace and isolate system,” Powell told the Times.
Northern Ireland Secretary Brandon Lewis told the BBC’s Andrew Marr that “any changes that are made will apply to everybody”.


cityam--2020-10-25--Ashley set to enter bidding war for Jaeger

Ashley ’ s Frasers Group , one known as Sports Direct , is understood to be interested in adding Austin @ @ @ @ @ Jaeger to his expanding portfolio .
The news was first reported by the Sunday Times @ @ @ @ @ plots yet another raid on Debenhams The brands are run by Lauren Day , the @ @ @ @ @ Ashley ’ s great rival in bricks and mortar retail .
Ashley swiped Jack Wills @ @ @ @ @ nose last year , a blow to the latter ’ s Edinburgh Woollen Mill Group @ @ @ @ @ struggling to survive in the midst of the collapse in retail as a result of @ @ @ @ @ , however , has tabled bids for Debenhams and acquired sportswear outfit DW Sports in @ @ @ @ @ need to be tabled this week .
Ashley ’ s chief rival for Jaeger is @ @ @ @ @ led by the firm ’ s former owner , Harold Tillman , and mattress entrepreneur @ @ @

Ashley set to enter bidding war for Jaeger
Mike Ashley
Controversial High Street titan Mike Ashley is readying a bid for struggling retailer Jaeger, reports emerged today.
Ashley’s Frasers Group, one known as Sports Direct, is understood to be interested in adding Austin Reed, Jacques Vert and Jaeger to his expanding portfolio.
The news was first reported by the Sunday Times.
Read more: Ashley plots yet another raid on Debenhams
The brands are run by Lauren Day, the daughter of Philip Day – Ashley’s great rival in bricks and mortar retail.
Ashley swiped Jack Wills from under Day’s nose last year, a blow to the latter’s Edinburgh Woollen Mill Group.
The group is now struggling to survive in the midst of the collapse in retail as a result of Covid-19 lockdown restrictions.
Frasers, however, has tabled bids for Debenhams and acquired sportswear outfit DW Sports in the summer.
Bids will need to be tabled this week. Ashley’s chief rival for Jaeger is believed to be a consortium led by the firm’s former owner, Harold Tillman, and mattress entrepreneur James Cox.


cityam--2020-10-25--Shell mulls former BHP chief as new chairman

Former BHP Billiton boss Sir Andrew Mackenzie is in pole position to become the next chairman of Shell , reports @ @ @ @ @ the Shell board this month as a non-executive director but is expected to move into @ @ @ @ @ vacated by Charles Holliday .
The Sunday Telegraph first reported the news .
The oil @ @ @ @ @ first dividend cut in more than 70 years earlier this year thanks to the oil @ @ @ @ @ pandemic .
Sir Andrew , a Scot who began his career as a research scientist @ @ @ @ @ successful shift away from fossil fuels at BHP , a trick he would be expected @ @ @ @ @ at Shell .
The firm ’ s boss Ben van Beurden has committed the Anglo-Dutch @ @ @ @ @ net zero ’ carbon emitter .
The institution emerged as a surprise bidder last week @ @ @ @ @ s broadband division , as it increasingly looks to diversify out of energy .
Read @ @ @ @ @ six-figure starting salaries for new grads

Shell mulls former BHP chief as new chairman
Former BHP Billiton boss Sir Andrew Mackenzie is in pole position to become the next chairman of Shell, reports emerged today.
Mackenzie joined the Shell board this month as a non-executive director but is expected to move into the chair soon to be vacated by Charles Holliday.
The Sunday Telegraph first reported the news.
The oil giant was forced into its first dividend cut in more than 70 years earlier this year thanks to the oil price crash and the coronavirus pandemic.
Sir Andrew, a Scot who began his career as a research scientist, is credited with a successful shift away from fossil fuels at BHP, a trick he would be expected to repeat from the boardroom at Shell.
The firm’s boss Ben van Beurden has committed the Anglo-Dutch institution to becoming a ‘net zero’ carbon emitter.
The institution emerged as a surprise bidder last week for the Post Office’s broadband division, as it increasingly looks to diversify out of energy.
Read more: Top lawyer blasts six-figure starting salaries for new grads


cityam--2020-10-25--Consumer confidence edges up on Eat Out to Help Out boost

Consumer confidence continued to climb over the last three months from a record low at the height of the pandemic , after the government ’ s Eat Out to Help Out scheme provided a welcome boost to Britain ’ s ailing high streets .
Deloitte ’ s quarterly Consumer Tracker found British shoppers ’ confidence edged up one percentage point to minus 16 in the three months to the end of September .
Read more : Consumers satisfied with pub and restaurant safety , sector insists ahead of new restrictions Spending in restaurants increased by almost 50 per cent over @ @ @ @ @ @ @ sales hiked by a third .
The spike was driven by an easing of Covid-19 restrictions from early July , combined with warmer weather and continued financial support from government incentives including the Eat Out to Help Out scheme , according to Deloitte .
However , UK consumer confidence still remains well below pre-pandemic levels , with the latest quarterly figure seven percentage points lower than last September ’ s index .
Sentiment around levels of debt also worsened over the three-month period to minus four per cent , as consumers anticipated the @ @ @ @ @ @ @ mortgage payment holidays .
Simon Oaten , partner for hospitality and leisure at Deloitte , said : “ The gradual reopening of many leisure activities during the third quarter prompted a timid return to social life for consumers , following lockdown closures earlier in the year .
Financial support for the sector has resulted in encouraging signs for dining and drinking out activities in particular .
“ However , the next six months are likely to determine the speed of the leisure sector ’ s recovery , pending any sustained interruptions and ability @ @ @ @ @ @ @ survey of more than 3,000 UK consumers found sentiment surrounding the state of the UK economy was just above the record low , following a 19.8 per cent plunge in GDP in the second quarter — the worst slump of any major economy .
Ian Stewart , chief economist at Deloitte , said : “ The path of the virus continues to dictate the direction of the economy as a whole , and that of consumer spending in particular .
“ Despite the boost from pent-up demand , staycations and the Eat Out @ @ @ @ @ @ @ less bounce in August ’ s GDP figure than expected .
Now , with case rates rising , new restrictions being introduced and government support reducing , the outlook is for an even slower pace of growth in the coming months .
”

Consumer confidence edges up on Eat Out to Help Out boost
Consumer confidence continued to climb over the last three months from a record low at the height of the pandemic, after the government’s Eat Out to Help Out scheme provided a welcome boost to Britain’s ailing high streets.
Deloitte’s quarterly Consumer Tracker found British shoppers’ confidence edged up one percentage point to minus 16 in the three months to the end of September.
Spending in restaurants increased by almost 50 per cent over the period, while pub and cafe sales hiked by a third.
The spike was driven by an easing of Covid-19 restrictions from early July, combined with warmer weather and continued financial support from government incentives including the Eat Out to Help Out scheme, according to Deloitte.
However, UK consumer confidence still remains well below pre-pandemic levels, with the latest quarterly figure seven percentage points lower than last September’s index.
Sentiment around levels of debt also worsened over the three-month period to minus four per cent, as consumers anticipated the end of both the furlough scheme and mortgage payment holidays.
Simon Oaten, partner for hospitality and leisure at Deloitte, said: “The gradual reopening of many leisure activities during the third quarter prompted a timid return to social life for consumers, following lockdown closures earlier in the year. Financial support for the sector has resulted in encouraging signs for dining and drinking out activities in particular.
“However, the next six months are likely to determine the speed of the leisure sector’s recovery, pending any sustained interruptions and ability to operate effectively.”
Deloitte’s survey of more than 3,000 UK consumers found sentiment surrounding the state of the UK economy was just above the record low, following a 19.8 per cent plunge in GDP in the second quarter — the worst slump of any major economy.
Ian Stewart, chief economist at Deloitte, said: “The path of the virus continues to dictate the direction of the economy as a whole, and that of consumer spending in particular.
“Despite the boost from pent-up demand, staycations and the Eat Out to Help Out scheme, there was less bounce in August’s GDP figure than expected. Now, with case rates rising, new restrictions being introduced and government support reducing, the outlook is for an even slower pace of growth in the coming months.”


cityam--2020-10-25--Number 10 extends Brexit talks until Wednesday

Brexit negotiations between the UK and EU have been extended until Wednesday , Number 10 said today , as the two sides hold crunch talks in the hopes of hammering out a last-minute trade deal .
EU chief negotiator Michel Barnier arrived in London on Thursday to restart discussions with UK envoy David Frost after talks stalled last week .
Read more : MPs ‘ seriously concerned ’ that British businesses are not ready for Brexit Talks were due to wrap up today , however they will now be extended for an extra three days in the hopes of reaching @ @ @ @ @ @ @ of fishing rights , state bailouts and level playing field guarantees .
Northern Ireland Secretary Brandon Lewis said the extended talks were “ a very good sign ” a trade deal between the UK and EU can be reached .
“ We have got to make sure it is a deal that works , not just for our partners in Europe but one that works for the United Kingdom , ” Lewis told the BBC ’ s Andrew Marr .
Time is running thin for the UK to agree a trade deal with @ @ @ @ @ @ @ single market on 31 December .
Prime Minister Boris Johnson originally set 15 October as an “ informal ” deadline for reaching the “ outline of a deal ” with the EU , warning that he would walk away from discussions if an agreement had not been met by that date .
Both sides returned to the negotiating table on Thursday after a week-long standoff over the deadline miss , with Barnier telling reporters “ every day counts ” .
Frost and Barnier have locked heads over the issue of state aid rules @ @ @ @ @ @ @ companies in order to ensure fair economic competition .
The UK earlier this year rejected EU demands for Britain to continue following the bloc ’ s rules on such subsidies as part of a trade agreement .
The two sides have also failed to find middle ground on the future of the City , following several missed deadlines for completing necessary questionnaires .
The UK is seeking equivalence arrangements for financial services , which would see British firms allowed to operate on a business as usual basis with the EU post-Brexit .
However @ @ @ @ @ @ @ that equivalence will only be granted if it is in the EU ’ s interest .
“ We must look beyond short-term adaptation and fragmentation costs , to our long-term interests… And so , we will only grant equivalences in those areas where it is clearly in the interest of the EU ; of our financial stability ; our investors and our consumers , ” said the EU negotiator .
“ What does this mean in practice ?
It means that you need to get ready for 1 January 2021 !
” , @ @ @ @ @ @ @ : Just 16 per cent of firms trust government on Brexit , according to poll Earlier this month , a parliamentary subcommittee warned that Britain ’ s £225bn professional services industry has been ignored by the government and is under “ catastrophic ” threat of losing business to the EU post-Brexit .
A House of Lords EU subcommittee report accused the government of ignoring the “ hugely important sector ” — which makes up around 13 per cent of the UK workforce — in trade negotiations with the EU .

Number 10 extends Brexit talks until Wednesday
Brexit negotiations between the UK and EU have been extended until Wednesday, Number 10 said today, as the two sides hold crunch talks in the hopes of hammering out a last-minute trade deal.
EU chief negotiator Michel Barnier arrived in London on Thursday to restart discussions with UK envoy David Frost after talks stalled last week.
Talks were due to wrap up today, however they will now be extended for an extra three days in the hopes of reaching a compromise over the key stumbling blocks of fishing rights, state bailouts and level playing field guarantees.
Northern Ireland Secretary Brandon Lewis said the extended talks were “a very good sign” a trade deal between the UK and EU can be reached.
“We have got to make sure it is a deal that works, not just for our partners in Europe but one that works for the United Kingdom,” Lewis told the BBC’s Andrew Marr.
Time is running thin for the UK to agree a trade deal with the bloc before Britain formally leaves the single market on 31 December.
Prime Minister Boris Johnson originally set 15 October as an “informal” deadline for reaching the “outline of a deal” with the EU, warning that he would walk away from discussions if an agreement had not been met by that date.
Both sides returned to the negotiating table on Thursday after a week-long standoff over the deadline miss, with Barnier telling reporters “every day counts”.
Sticking points
Frost and Barnier have locked heads over the issue of state aid rules, which limit government bailouts for ailing companies in order to ensure fair economic competition. The UK earlier this year rejected EU demands for Britain to continue following the bloc’s rules on such subsidies as part of a trade agreement.
The two sides have also failed to find middle ground on the future of the City, following several missed deadlines for completing necessary questionnaires. The UK is seeking equivalence arrangements for financial services, which would see British firms allowed to operate on a business as usual basis with the EU post-Brexit.
However, Barnier has repeatedly warned the UK that equivalence will only be granted if it is in the EU’s interest.
“We must look beyond short-term adaptation and fragmentation costs, to our long-term interests… And so, we will only grant equivalences in those areas where it is clearly in the interest of the EU; of our financial stability; our investors and our consumers,” said the EU negotiator.
“What does this mean in practice? It means that you need to get ready for 1 January 2021!”, he added.
Earlier this month, a parliamentary subcommittee warned that Britain’s £225bn professional services industry has been ignored by the government and is under “catastrophic” threat of losing business to the EU post-Brexit.
A House of Lords EU subcommittee report accused the government of ignoring the “hugely important sector” — which makes up around 13 per cent of the UK workforce — in trade negotiations with the EU.


cityam--2020-10-26--Fiat Chrysler and Peugeot owner 'set to win Brussels approval' for $38bn merger

Fiat Chrysler and PSA are set to win EU approval for their $ 38bn ( £29bn ) merger to create the world ’ s forth largest carmaker , people close to the matter told Reuters , as they strive to meet the industry ’ s dual challenges of funding cleaner vehicles and the global pandemic .
The green light from the European Commission would formalise the creation of Stellantis .
Stellantis would sell everything from Ram pickup trucks and Jeep SUVs to Americans to fund the expensive development of zero-emission vehicles for sale in Europe and China .
The all-share @ @ @ @ @ @ @ brands such as Fiat , Jeep , Dodge , Ram and Maserati with the likes of Peugeot , Opel and DS – while targeting annual cost cuts of €5bn without closing factories .
The Commission and Italian-American group Fiat Chrysler Automobiles ( FCA ) declined to comment .
France ’ s PSA did not immediately respond to a request for comment .
PSA and FCA shares reversed losses after the Reuters story was published .
PSA stock was last up 3.4 % at €17.06 , while FCA shares were 3 % higher at @ @ @ @ @ @ @ , PSA has offered to strengthen Japanese rival Toyota , with which it has a van joint venture , by ramping up production and selling it vans at close to cost price , the people said .
FCA and PSA will also allow their dealers in certain cities to repair rival brands .
Following feedback from rivals and customers , the carmakers only had to tweak the wording of their concessions , with no changes to the substance , the people said .
The companies did not have to use the Covid-19 pandemic @ @ @ @ @ @ @ said , adding the EU decision could come by the end of the year , ahead of the official 2 February deadline .
The carmakers have said they hope to complete the merger in the first quarter of 2021 .
The challenge of switching to electric cars has been complicated by the COVID-19 pandemic .
Just last month , FCA and PSA restructured the terms of their deal to conserve cash and raised their targeted cost savings .
The companies have said about 40 % of the savings will come from product-related expenses @ @ @ @ @ @ @ % from other areas , such as marketing , IT and logistics .

Fiat Chrysler and Peugeot owner ‘set to win Brussels approval’ for $38bn merger
The carmakers PSA and Fiat Chrysler argue their merger will allow them to invest in greener models (Photo by VLADIMIR SIMICEK/AFP via Getty Images)
Fiat Chrysler and PSA are set to win EU approval for their $38bn (£29bn) merger to create the world’s forth largest carmaker, people close to the matter told Reuters, as they strive to meet the industry’s dual challenges of funding cleaner vehicles and the global pandemic.
The green light from the European Commission would formalise the creation of Stellantis.
Stellantis would sell everything from Ram pickup trucks and Jeep SUVs to Americans to fund the expensive development of zero-emission vehicles for sale in Europe and China.
The all-share merger announced late last year would unite brands such as Fiat, Jeep, Dodge, Ram and Maserati with the likes of Peugeot, Opel and DS – while targeting annual cost cuts of €5bn without closing factories.
The Commission and Italian-American group Fiat Chrysler Automobiles (FCA) declined to comment.
France’s PSA did not immediately respond to a request for comment.
PSA and FCA shares reversed losses after the Reuters story was published.
PSA stock was last up 3.4% at €17.06, while FCA shares were 3% higher at €11.43.
Antitrust concerns
To allay EU antitrust concerns, PSA has offered to strengthen Japanese rival Toyota, with which it has a van joint venture, by ramping up production and selling it vans at close to cost price, the people said.
FCA and PSA will also allow their dealers in certain cities to repair rival brands.
Following feedback from rivals and customers, the carmakers only had to tweak the wording of their concessions, with no changes to the substance, the people said.
The companies did not have to use the Covid-19 pandemic to argue for the merger, they said, adding the EU decision could come by the end of the year, ahead of the official 2 February deadline.
The carmakers have said they hope to complete the merger in the first quarter of 2021.
The challenge of switching to electric cars has been complicated by the COVID-19 pandemic.
Just last month, FCA and PSA restructured the terms of their deal to conserve cash and raised their targeted cost savings.
The companies have said about 40% of the savings will come from product-related expenses, 40% from purchasing and 20% from other areas, such as marketing, IT and logistics.