cityam--2020-08-14--Why investors should pay attention to sugar

Government action to promote healthy eating , especially in light of the spread of Covid-19 , and ongoing changes in consumer tastes will continue to create headwinds for the food and beverage industry , and increasingly for food retailers and hospitality companies too .
We ’ ve known for decades that obesity puts people at greater risk of serious and life-threatening illnesses such as cardiovascular diseases , diabetes and some cancers .
Now experts are adding Covid-19 to that list .
Evidence suggests that carrying excess weight increases the risks associated with Covid-19 ; it ’ s more likely that @ @ @ @ @ @ @ and intensive care .
In 2016 UK policymakers committed to reducing childhood obesity within the next ten years .
More recently they have introduced a raft of measures aimed at both children and adults ( nearly two thirds of adults are overweight or obese ) to encourage healthier behaviour .
The measures include ending “ buy one get one free ” deals for unhealthy food and limiting adverts for junk food to certain times of the day .
Sugar plays no small part in the rising prevalence of obesity and related diseases and @ @ @ @ @ @ @ as potentially problematic for the food and beverage industry .
We spoke to Elly Irving , Head of Engagement at Schroders , about sugar ’ s role in the obesity crisis and what this means for the food and beverage , and hospitality industries .
Discover more : – Read : Climate Progress Dashboard forecasts global warming of 3.9°C despite Covid-19 crisis – Learn : Everything you need to know about sustainable investing – How : Sustainability : six ways the corporate world will have to change The rise in obesity has been @ @ @ @ @ @ @ not least of which is an increase in physical inactivity .
However , there is also a major link to increasingly poor diets consisting of energy-dense foods .
While the role of fat and salt has been long understood , the role of sugar in contributing to energy-dense diets is a major area of emerging concern .
How does that affect investors ?
As investors , we are primarily concerned with the risks and opportunities created by the emerging debate over sugar , obesity and noncommunicable disease .
Since 2015 when we published @ @ @ @ @ @ @ it has become increasingly clear that the health concerns faced by the sector have become a material risk .
The UK government ’ s anti-obesity drive will serve to accelerate these risks and opportunities .
We believe that there have been three catalysts that could trigger lower sales , put pressure on margins and potentially expose companies in the industry to expensive legal disputes .
We identified these in 2015 and have seen mounting momentum behind all three in the past five years : Increasing awareness of the health effects of sugar is @ @ @ @ @ @ @ across the consumer staples sector , partly as a result of tougher regulations .
While soft drinks have shouldered the bulk of this burden , food producers have also been heavily impacted .
We now see rising pressure on food retailers and hospitality companies too .
Sugar is adding to governments ’ healthcare bills , thanks to the part it plays in the global prevalence of obesity , diabetes and other non-communicable diseases .
Covid-19 is only adding to this burden .
Governments around the world have reacted by introducing sugar taxes , @ @ @ @ @ @ @ for consumers .
Those companies that have already reformulated their ranges or have less exposed portfolios should benefit relative to slower peers .
New advertising restrictions will add further constraints on the sector .
Litigation risk remains material .
Despite challenges quantifying and attributing the damages caused by sugar consumption , we estimate the impact could be over 1 % of the consumer staples sector ’ s current earnings .
Companies with portfolios which are structurally less exposed to sugar are in the strongest positions .
What is the industry response ?
We @ @ @ @ @ @ @ of fronts from industry players .
M & A , divestment and the threat from activist investors Since 2015 we ’ ve seen the continued rise of smaller challenger brands creating a wide range of M & A opportunities for the food majors .
We have also seen the food majors themselves become a target of activism regarding their commitment to R & D into healthier products .
Food and beverage majors are also reformulating existing product portfolios to respond to consumer demand and the threat of sugar taxes .
But the results @ @ @ @ @ @ @ reformulation can be costly and can damage the brand if it doesn ’ t meet consumer expectations .
We are doing a number of things to drive change in the industry and to ensure we ’ re accurately assessing the risk sugar poses to client portfolios .
We have seen an improvement in corporate disclosure with greater coverage of the issues around sugar since we first began our research in 2015 and since the publication of our Investor Expectations : Sugar , Obesity and Non-communicable Diseases .
This research provides a framework for @ @ @ @ @ @ @ over 40 global food and beverage companies .
We ’ re encouraged to see that references to this specific research is evident in a number of our analysts ’ research and valuations .
That analysis is feeding into portfolio decisions across Schroders with teams adjusting their sector exposure to mitigate potential balance sheet risk faced by the affected sectors .
For example , at the corporate level , we have reduced our exposure to several soft drinks companies as a direct result of sugar taxes and slow or unsuccessful reformulation attempts .
What @ @ @ @ @ @ @ the risks identified in our original research piece in 2015 have materialised , and been accelerated by Covid-19 .
Sugar taxes have become more widespread than we had anticipated .
Since 2015 , 17 new sugar taxes have been introduced to take the global total to 42 .
This means more of the global population is covered by a sugar tax than by a carbon tax .
We believe that government action to promote healthy eating , especially in light of the spread of Covid-19 , including the implementation of sugar taxes , @ @ @ @ @ @ @ and ongoing changes in consumer tastes will continue to create headwinds for the food and beverage industry and increasingly for food retailers and hospitality companies too .
There is now greater pressure on these industries to reformulate and innovate to protect future earnings .
Improved corporate disclosure has helped us to more effectively identify industry leaders and laggards but we will continue to engage and monitor emerging best practice .
• You can discover more at Schroders insights and follow Schroders on twitter .
Important Information : This communication is marketing material .
@ @ @ @ @ @ @ those of the author ( s ) on this page , and may not necessarily represent views expressed or reflected in other Schroders communications , strategies or funds .
This material is intended to be for information purposes only and is not intended as promotional material in any respect .
The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument .
It is not intended to provide and should not be relied on for accounting , legal or tax advice , or investment recommendations @ @ @ @ @ @ @ the views and information in this document when taking individual investment and/or strategic decisions .
Past performance is not a reliable indicator of future results .
The value of an investment can go down as well as up and is not guaranteed .
All investments involve risks including the risk of possible loss of principal .
Information herein is believed to be reliable but Schroders does not warrant its completeness or accuracy .
Some information quoted was obtained from external sources we consider to be reliable .
No responsibility can be accepted for @ @ @ @ @ @ @ , and this data may change with market conditions .
This does not exclude any duty or liability that Schroders has to its customers under any regulatory system .
Regions/ sectors shown for illustrative purposes only and should not be viewed as a recommendation to buy/sell .
The opinions in this material include some forecasted views .
We believe we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know .
However , there is no guarantee than any forecasts or opinions will be realised .
@ @ @ @ @ @ @ To the extent that you are in North America , this content is issued by Schroder Investment Management North America Inc. , an indirect wholly owned subsidiary of Schroders plc and SEC registered adviser providing asset management products and services to clients in the US and Canada .
For all other users , this content is issued by Schroder Investment Management Limited , 1 London Wall Place , London EC2Y 5AU .
Registered No .
1893220 England .
Authorised and regulated by the Financial Conduct Authority .

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Why investors should pay attention to sugar
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Government action to promote healthy eating, especially in light of the spread of Covid-19, and ongoing changes in consumer tastes will continue to create headwinds for the food and beverage industry, and increasingly for food retailers and hospitality companies too.
We’ve known for decades that obesity puts people at greater risk of serious and life-threatening illnesses such as cardiovascular diseases, diabetes and some cancers.
Now experts are adding Covid-19 to that list.
Evidence suggests that carrying excess weight increases the risks associated with Covid-19; it’s more likely that those suffering from obesity will require hospitalisation and intensive care.
In 2016 UK policymakers committed to reducing childhood obesity within the next ten years. More recently they have introduced a raft of measures aimed at both children and adults (nearly two thirds of adults are overweight or obese) to encourage healthier behaviour. The measures include ending “buy one get one free” deals for unhealthy food and limiting adverts for junk food to certain times of the day.
Sugar plays no small part in the rising prevalence of obesity and related diseases and is an issue we have long identified as potentially problematic for the food and beverage industry.
We spoke to Elly Irving, Head of Engagement at Schroders, about sugar’s role in the obesity crisis and what this means for the food and beverage, and hospitality industries.
Discover more:
– Read: Climate Progress Dashboard forecasts global warming of 3.9°C despite Covid-19 crisis
– Learn: Everything you need to know about sustainable investing
– How: Sustainability: six ways the corporate world will have to change
What’s driving the obesity crisis?
The rise in obesity has been caused by a number of factors, not least of which is an increase in physical inactivity. However, there is also a major link to increasingly poor diets consisting of energy-dense foods. While the role of fat and salt has been long understood, the role of sugar in contributing to energy-dense diets is a major area of emerging concern.
How does that affect investors?
As investors, we are primarily concerned with the risks and opportunities created by the emerging debate over sugar, obesity and noncommunicable disease. Since 2015 when we published our first research on the issue, it has become increasingly clear that the health concerns faced by the sector have become a material risk. The UK government’s anti-obesity drive will serve to accelerate these risks and opportunities.
We believe that there have been three catalysts that could trigger lower sales, put pressure on margins and potentially expose companies in the industry to expensive legal disputes. We identified these in 2015 and have seen mounting momentum behind all three in the past five years:
Catalyst 1: Increasing awareness amongst consumers and public health bodies
Increasing awareness of the health effects of sugar is leading to volume and price growth declines across the consumer staples sector, partly as a result of tougher regulations. While soft drinks have shouldered the bulk of this burden, food producers have also been heavily impacted. We now see rising pressure on food retailers and hospitality companies too.
Catalyst 2: Rising healthcare costs
Sugar is adding to governments’ healthcare bills, thanks to the part it plays in the global prevalence of obesity, diabetes and other non-communicable diseases. Covid-19 is only adding to this burden.
Governments around the world have reacted by introducing sugar taxes, raising revenue and making products more expensive for consumers. Those companies that have already reformulated their ranges or have less exposed portfolios should benefit relative to slower peers. New advertising restrictions will add further constraints on the sector.
Catalyst 3: Increased possibility of large scale litigation
Litigation risk remains material. Despite challenges quantifying and attributing the damages caused by sugar consumption, we estimate the impact could be over 1% of the consumer staples sector’s current earnings. Companies with portfolios which are structurally less exposed to sugar are in the strongest positions.
To learn more visit Schroders’ sustainability hub
What is the industry response?
We’re seeing action on a number of fronts from industry players.
M&A, divestment and the threat from activist investors
Since 2015 we’ve seen the continued rise of smaller challenger brands creating a wide range of M&A opportunities for the food majors. We have also seen the food majors themselves become a target of activism regarding their commitment to R&D into healthier products.
Reformulation, reducing portion sizes and product innovation
Food and beverage majors are also reformulating existing product portfolios to respond to consumer demand and the threat of sugar taxes. But the results of their efforts have been mixed; reformulation can be costly and can damage the brand if it doesn’t meet consumer expectations.
How is Schroders mitigating risk?
We are doing a number of things to drive change in the industry and to ensure we’re accurately assessing the risk sugar poses to client portfolios.
Engaging for better disclosure
We have seen an improvement in corporate disclosure with greater coverage of the issues around sugar since we first began our research in 2015 and since the publication of our Investor Expectations: Sugar, Obesity and Non-communicable Diseases. This research provides a framework for company disclosure and has been distributed to over 40 global food and beverage companies.
Company research and stock recommendations
We’re encouraged to see that references to this specific research is evident in a number of our analysts’ research and valuations.
Portfolio construction
That analysis is feeding into portfolio decisions across Schroders with teams adjusting their sector exposure to mitigate potential balance sheet risk faced by the affected sectors. For example, at the corporate level, we have reduced our exposure to several soft drinks companies as a direct result of sugar taxes and slow or unsuccessful reformulation attempts.
What is the outlook?
The majority of the risks identified in our original research piece in 2015 have materialised, and been accelerated by Covid-19. Sugar taxes have become more widespread than we had anticipated. Since 2015, 17 new sugar taxes have been introduced to take the global total to 42. This means more of the global population is covered by a sugar tax than by a carbon tax.
We believe that government action to promote healthy eating, especially in light of the spread of Covid-19, including the implementation of sugar taxes, regulations regarding advertising and selling practices, and ongoing changes in consumer tastes will continue to create headwinds for the food and beverage industry and increasingly for food retailers and hospitality companies too. There is now greater pressure on these industries to reformulate and innovate to protect future earnings.
Improved corporate disclosure has helped us to more effectively identify industry leaders and laggards but we will continue to engage and monitor emerging best practice.
You can discover more at Schroders insights and follow Schroders on twitter.
Important Information: This communication is marketing material. The views and opinions contained herein are those of the author(s) on this page, and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds. This material is intended to be for information purposes only and is not intended as promotional material in any respect. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. It is not intended to provide and should not be relied on for accounting, legal or tax advice, or investment recommendations. Reliance should not be placed on the views and information in this document when taking individual investment and/or strategic decisions. Past performance is not a reliable indicator of future results. The value of an investment can go down as well as up and is not guaranteed. All investments involve risks including the risk of possible loss of principal. Information herein is believed to be reliable but Schroders does not warrant its completeness or accuracy. Some information quoted was obtained from external sources we consider to be reliable. No responsibility can be accepted for errors of fact obtained from third parties, and this data may change with market conditions. This does not exclude any duty or liability that Schroders has to its customers under any regulatory system. Regions/ sectors shown for illustrative purposes only and should not be viewed as a recommendation to buy/sell. The opinions in this material include some forecasted views. We believe we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know. However, there is no guarantee than any forecasts or opinions will be realised. These views and opinions may change. To the extent that you are in North America, this content is issued by Schroder Investment Management North America Inc., an indirect wholly owned subsidiary of Schroders plc and SEC registered adviser providing asset management products and services to clients in the US and Canada. For all other users, this content is issued by Schroder Investment Management Limited, 1 London Wall Place, London EC2Y 5AU. Registered No. 1893220 England. Authorised and regulated by the Financial Conduct Authority.


cityam--2020-08-14--Coronavirus: Casinos, theatres and bowling alleys welcome lockdown easing

The UK ’ s leisure industry got a much-needed boost this morning after the government announced a further easing of lockdown measures .
Theatres , music venues and casinos are among the sites that will be allowed to reopen from tomorrow as the final parts of the Covid-19 shutdown are lifted .
Sports arenas , bowling alleys , skating rinks and soft play centres have also been given the green light , while beauty salons will be able to offer all “ close-contact services ” .
The final stages of the lockdown easing were due to take place two weeks @ @ @ @ @ @ @ plans on hold due to rising concerns about a spike in coronavirus infections .
But ministers said the situation had now “ levelled off ” and further easing could go ahead .
The announcement was welcomed by the UK ’ s leisure sector , though businesses warned their industries were “ not out of the woods yet ” .
“ This is another welcome step returning to some sort of normality , ” said Kate Nicholls , chief executive of trade body UK Hospitality .
“ Lots of businesses like soft play and @ @ @ @ @ @ @ crisis .
It ’ s great to see they can now begin to get up and running .
It will help keep more businesses alive and valuable jobs open.
” She added : “ Opening up indoor performances is great news for theatres and music venues and the same goes for wedding receptions .
Even in reduced numbers , permitting couples to push ahead with weddings that will have taken no small amount of planning is very positive news.
” The Betting and Gaming Council ( BGC ) , which represents casinos across @ @ @ @ @ @ @ a “ welcome relief ” , but took aim at the government ’ s “ last-minute U-turn ” and complained of a “ lamentable ” and “ pointless ” two-week delay .
“ This belated good news will come as a welcome relief to the 12,000 people employed in the casino sector in England , ” said BGC chief executive Michael Dugher .
“ We regret that it has taken so long for staff to return to work — long after all manner of venues and activities , that don ’ t have @ @ @ @ @ @ @ see in any casino , were reopened.
” Tom Kiehl , acting chief executive of UK Music , said the announcement was a “ symbolic moment ” but warned the music industry still faced an “ extraordinarily difficult future ” .
“ Further easing of lockdown for live performance is a symbolic moment , yet it remains extraordinarily difficult to resume events and gigs in an economically viable way , ” he said .
“ The government must ensure support measures for all aspects of the sector – including venues , festivals , @ @ @ @ @ @ @ in place while many individuals and businesses in the sector still can not get back to work.
” Hollywood Bowl , which operates 60 bowling alleys across the UK , described the move as a “ great relief ” .
“ We ’ ve been ready to reopen in the fully government approved Covid-secure way for many weeks and our trained teams are eager to get back to work , ” said chief executive Stephen Burns .
“ We are all ready and very excited to welcome our customers back to once again @ @ @ @ @ @ @ fun.
” Read more : UK nightclubs make reopening plea ahead of ‘ make or break ’ period However , the sector raised concerns about the continued closure of nightclubs and called for urgent clarity over the plan for kickstarting the UK clubbing season .
“ Clubs all around the country are now at a very real risk of going out of business , ” said UK Hospitality boss Nicholls .
“ We need a plan for their reopening immediately.
” The trade body yesterday wrote to culture secretary Oliver Dowden calling for @ @ @ @ @ @ @ government may need to provide funding to prevent club closures and job losses .
Peter Marks , chief executive of nightclub owner The Deltic Group , warned the sector was approaching a “ potentially make or break ” period , with the clubbing season usually picking up in September .

Coronavirus: Casinos, theatres and bowling alleys welcome lockdown easing
The UK’s leisure industry got a much-needed boost this morning after the government announced a further easing of lockdown measures.
Theatres, music venues and casinos are among the sites that will be allowed to reopen from tomorrow as the final parts of the Covid-19 shutdown are lifted.
Sports arenas, bowling alleys, skating rinks and soft play centres have also been given the green light, while beauty salons will be able to offer all “close-contact services”.
The final stages of the lockdown easing were due to take place two weeks ago, but the government put the plans on hold due to rising concerns about a spike in coronavirus infections.
But ministers said the situation had now “levelled off” and further easing could go ahead.
‘Welcome step’
The announcement was welcomed by the UK’s leisure sector, though businesses warned their industries were “not out of the woods yet”.
“This is another welcome step returning to some sort of normality,” said Kate Nicholls, chief executive of trade body UK Hospitality.
“Lots of businesses like soft play and bowling alleys were feeling overlooked during this crisis. It’s great to see they can now begin to get up and running. It will help keep more businesses alive and valuable jobs open.”
She added: “Opening up indoor performances is great news for theatres and music venues and the same goes for wedding receptions. Even in reduced numbers, permitting couples to push ahead with weddings that will have taken no small amount of planning is very positive news.”
‘Lamentable delay’
The Betting and Gaming Council (BGC), which represents casinos across the UK, said the announcement was a “welcome relief”, but took aim at the government’s “last-minute U-turn” and complained of a “lamentable” and “pointless” two-week delay.
“This belated good news will come as a welcome relief to the 12,000 people employed in the casino sector in England,” said BGC chief executive Michael Dugher.
“We regret that it has taken so long for staff to return to work — long after all manner of venues and activities, that don’t have anything like the anti-Covid measures you will see in any casino, were reopened.”
Casinos blasted a “pointless” two-week delay to reopenings
Tom Kiehl, acting chief executive of UK Music, said the announcement was a “symbolic moment” but warned the music industry still faced an “extraordinarily difficult future”.
“Further easing of lockdown for live performance is a symbolic moment, yet it remains extraordinarily difficult to resume events and gigs in an economically viable way,” he said.
“The government must ensure support measures for all aspects of the sector – including venues, festivals, musicians, performers and crew – are in place while many individuals and businesses in the sector still cannot get back to work.”
Hollywood Bowl, which operates 60 bowling alleys across the UK, described the move as a “great relief”.
“We’ve been ready to reopen in the fully government approved Covid-secure way for many weeks and our trained teams are eager to get back to work,” said chief executive Stephen Burns.
“We are all ready and very excited to welcome our customers back to once again enjoy our unique offering of inclusive family fun.”
Nightclub fears
However, the sector raised concerns about the continued closure of nightclubs and called for urgent clarity over the plan for kickstarting the UK clubbing season.
“Clubs all around the country are now at a very real risk of going out of business,” said UK Hospitality boss Nicholls. “We need a plan for their reopening immediately.”
The trade body yesterday wrote to culture secretary Oliver Dowden calling for a timeline for reopening and warning the government may need to provide funding to prevent club closures and job losses.
Peter Marks, chief executive of nightclub owner The Deltic Group, warned the sector was approaching a “potentially make or break” period, with the clubbing season usually picking up in September.


cityam--2020-08-14--Labour call for government U-turn on A-levels ‘fiasco’

The Labour Party has called today for the government to scrap its system for allocating A-level results after thousands of students ’ results were downgraded by the statistical model used to moderate grades .
Labour leader Sir Keir Starmer tweeted : “ The unprecedented and chaotic circumstances created by the UK government ’ s mishandling of education during recent months mean that a return to teacher assessments is now the best option available .
“ No young person should be at a detriment due to government incompetence.
” Education secretary Gavin Williamson defended the government ’ s approach , saying @ @ @ @ @ @ @ for students – without it , we would see results that were substantially inflated , significantly undermining their value .
“ I know there are some really difficult cases , and we have already put support in place to help those students , including an enhanced appeal process .
In addition , our triple lock process means students will be able to accept their calculated grade , appeal on the basis of a valid mock result or sit an exam in the autumn.
” Read more : More than one third of A-level @ @ @ @ @ @ @ fire In Scotland , the SNP administration apologised after thousands of pupils had their Highers results downgraded after a statistical moderation .
The SNP said it would instead rely on teacher assessments after the moderation appeared to target pupils from more deprived backgrounds more harshly .
In England , the statistical moderation system introduced by the Department of Education and Office of Qualifications and Examinations Regulation ( Ofqual ) has also been accused of discriminating against bright pupils from deprived backgrounds .
Deputy Labour leader Angela Rayner told ITV that the system used @ @ @ @ @ @ @ from disadvantaged backgrounds ” and called for assessment to be based on pupils ’ predicted grades .
Read more : With five months to prepare , the A-level results fiasco is a scandal of the government ’ s own making A Department for Education spokesperson said : “ Ofqual have been clear that the standardisation model does not distinguish between different types of schools and colleges , and therefore contains no bias , either in favour or against , types of schools or institutions .
“ This year , a record number of @ @ @ @ @ @ @ backgrounds in England have been accepted into university – up 7.3 per cent from last year.
” Starmer also said the system used to moderate GCSE ’ s must be looked at before those results were released next week .
“ Time is running out .
We need action in days , not weeks .
That also means an urgent technical review of the standardisation model ahead of GCSE results next week .
“ We need to end this fiasco , ” he said .

Labour call for government U-turn on A-levels ‘fiasco’
DARLINGTON, ENGLAND – AUGUST 13: A student listens to Labour leader Keir Starmer as he meets with students at Queen Elizabeth Sixth Form College after receiving their A level results on August 13, 2020 in Darlington, England. Just over 35% of A level students in England, Wales and Northern Ireland have received one grade lower than their teacher predictions, with 3% receiving results two grades lower than expected. However overall results show a higher pass rate at A and A* level. (Photo by Christopher Furlong/Getty Images)
The Labour Party has called today for the government to scrap its system for allocating A-level results after thousands of students’ results were downgraded by the statistical model used to moderate grades.
Labour leader Sir Keir Starmer tweeted: “The unprecedented and chaotic circumstances created by the UK government’s mishandling of education during recent months mean that a return to teacher assessments is now the best option available.
“No young person should be at a detriment due to government incompetence.”
Education secretary Gavin Williamson defended the government’s approach, saying: “Standardisation ensures grades are fair for students – without it, we would see results that were substantially inflated, significantly undermining their value.
“I know there are some really difficult cases, and we have already put support in place to help those students, including an enhanced appeal process. In addition, our triple lock process means students will be able to accept their calculated grade, appeal on the basis of a valid mock result or sit an exam in the autumn.”
In Scotland, the SNP administration apologised after thousands of pupils had their Highers results downgraded after a statistical moderation.
The SNP said it would instead rely on teacher assessments after the moderation appeared to target pupils from more deprived backgrounds more harshly.
In England, the statistical moderation system introduced by the Department of Education and Office of Qualifications and Examinations Regulation (Ofqual) has also been accused of discriminating against bright pupils from deprived backgrounds.
Deputy Labour leader Angela Rayner told ITV that the system used had “a disproportionate impact on children from disadvantaged backgrounds” and called for assessment to be based on pupils’ predicted grades.
A Department for Education spokesperson said: “Ofqual have been clear that the standardisation model does not distinguish between different types of schools and colleges, and therefore contains no bias, either in favour or against, types of schools or institutions.
“This year, a record number of 18 year olds from the most disadvantaged backgrounds in England have been accepted into university – up 7.3 per cent from last year.”
Starmer also said the system used to moderate GCSE’s must be looked at before those results were released next week.
“Time is running out. We need action in days, not weeks. That also means an urgent technical review of the standardisation model ahead of GCSE results next week.
“We need to end this fiasco,” he said.


cityam--2020-08-14--River Island to cut a further 350 jobs in management restructure

River Island is set to cut up to 350 more jobs in a management shake-up .
It comes a month after the high street retailer unveiled plans to let go 250 head office staff as a cost-cutting measure due to the coronavirus pandemic and a significant reduction in footfall .
The company is now set to target jobs within its shops and as many as 350 store management and senior sales roles are at risk as part of a retail team restructure .
In an internal memo , chief executive Will Kernan told staff that River Island was in “ @ @ @ @ @ @ @ by simplifying our store management structures ” .
“ We need to make sure we have the right structures in place to deliver our omnichannel strategy , and to continue to deliver the amazing River Island in-store experience that our customers know and love , ” he said .
“ With a heavy heart , I can confirm that these changes will potentially impact up to 350 store management and senior sales roles .
“ Whilst this is an incredibly difficult decision , these actions are crucial to ensure that our stores continue @ @ @ @ @ @ @ in our omnichannel future .
“ By making these changes , we will create a flatter management structure with a greater emphasis on customer service and a seamless experience whether online or in-store.
” River Island said the latest restructure would allow it to simplify its store management structures and better deliver its multichannel strategy .
“ We need to make sure we have the right structures in place to deliver our omnichannel strategy , and to continue to deliver the amazing River Island in-store experience that our customers know and love , @ @ @ @ @ @ @ a internal memo to staff .
“ We are now in the process of restructuring our retail teams by simplifying our store management structures .
“ With a heavy heart , I can confirm that these changes will potentially impact up to 350 store management and senior sales roles .
“ Whilst this is an incredibly difficult decision , these actions are crucial to ensure that our stores continue to effectively play their hugely important role in our omnichannel future .
“ By making these changes , we will create a flatter management @ @ @ @ @ @ @ service and a seamless experience whether online or in-store.
” Read more : Two-in-five businesses expect to cut jobs in the next six months River Island has 300 stores across the UK and has reportedly considered a Company Voluntary Arrangement ( CVA ) or other form of administration .
The company has considered closing stores and slashing rent costs as a way to save money .
However , the board is uncertain whether creditors would approve a CVA due to its stable financial footing .
It would require at least 75 per cent @ @ @ @ @ @

River Island to cut a further 350 jobs in management restructure
River Island is set to cut 350 store-based roles
River Island is set to cut up to 350 more jobs in a management shake-up.
It comes a month after the high street retailer unveiled plans to let go 250 head office staff as a cost-cutting measure due to the coronavirus pandemic and a significant reduction in footfall.
The company is now set to target jobs within its shops and as many as 350 store management and senior sales roles are at risk as part of a retail team restructure.
In an internal memo, chief executive Will Kernan told staff that River Island was in “the process of restructuring our retail teams by simplifying our store management structures”.
“We need to make sure we have the right structures in place to deliver our omnichannel strategy, and to continue to deliver the amazing River Island in-store experience that our customers know and love,” he said.
“With a heavy heart, I can confirm that these changes will potentially impact up to 350 store management and senior sales roles.
“Whilst this is an incredibly difficult decision, these actions are crucial to ensure that our stores continue to effectively play their hugely important role in our omnichannel future.
“By making these changes, we will create a flatter management structure with a greater emphasis on customer service and a seamless experience whether online or in-store.”
River Island said the latest restructure would allow it to simplify its store management structures and better deliver its multichannel strategy.
“We need to make sure we have the right structures in place to deliver our omnichannel strategy, and to continue to deliver the amazing River Island in-store experience that our customers know and love,” chief executive Will Kernan said in a internal memo to staff.
“We are now in the process of restructuring our retail teams by simplifying our store management structures.
“With a heavy heart, I can confirm that these changes will potentially impact up to 350 store management and senior sales roles.
“Whilst this is an incredibly difficult decision, these actions are crucial to ensure that our stores continue to effectively play their hugely important role in our omnichannel future.
“By making these changes, we will create a flatter management structure with a greater emphasis on customer service and a seamless experience whether online or in-store.”
River Island has 300 stores across the UK and has reportedly considered a Company Voluntary Arrangement (CVA) or other form of administration.
The company has considered closing stores and slashing rent costs as a way to save money.
However, the board is uncertain whether creditors would approve a CVA due to its stable financial footing. It would require at least 75 per cent of them to approve it.


cityam--2020-08-14--Eurozone GDP contracts 12 per cent on coronavirus impact

The Eurozone economy shrank 12.1 per cent in the second quarter following the impact of the coronavirus pandemic , according to figures released today .
Year-on-year the Eurozone economy shrank 15 per cent in the second quarter , according to the figures from Eurostat , the statistical office of the European Union .
Eurostat also said the economy of the EU overall shrank 11.7 per cent in the second quarter compared to the previous quarter .
Read more : Eurozone business activity grows at fastest pace in two years These are by far the sharpest declines observed since the series @ @ @ @ @ @ @ In the first quarter of 2020 , GDP decreased 3.6 per cent in the euro area and 3.2 per cent in the EU .
Eurostat today reiterated the figures that showed how much the Eurozone had shrunk , having published preliminary figures two weeks ago .
The number of people employed in the euro area decreased 2.8 per cent and the number of people employed in the EU by 2.6 per cent in the second quarter of 2020 , compared with the previous quarter .
Read more : Eurozone economy shrinks by record @ @ @ @ @ @ @ were the sharpest declines observed since the series started in 1995 , Eurostat said .
In the first quarter of 2020 , employment had decreased by 0.2 per cent in the euro area and by 0.1 per cent in the EU .

Eurozone GDP contracts 12 per cent on coronavirus impact
The Eurozone economy shrank 12.1 per cent in the second quarter following the impact of the coronavirus pandemic, according to figures released today.
Year-on-year the Eurozone economy shrank 15 per cent in the second quarter, according to the figures from Eurostat, the statistical office of the European Union.
Eurostat also said the economy of the EU overall shrank 11.7 per cent in the second quarter compared to the previous quarter.
These are by far the sharpest declines observed since the series started in 1995, Eurostat said.
In the first quarter of 2020, GDP decreased 3.6 per cent in the euro area and 3.2 per cent in the EU.
Eurostat today reiterated the figures that showed how much the Eurozone had shrunk, having published preliminary figures two weeks ago.
The number of people employed in the euro area decreased 2.8 per cent and the number of people employed in the EU by 2.6 per cent in the second quarter of 2020, compared with the previous quarter.
These were the sharpest declines observed since the series started in 1995, Eurostat said.
In the first quarter of 2020, employment had decreased by 0.2 per cent in the euro area and by 0.1 per cent in the EU.


cityam--2020-08-14--Party poopers: Airbnb to limit UK bookings for under-25s

Airbnb is set to restrict under-25s from booking entire properties in the UK in a bid to crack down on rowdy parties and antisocial behaviour .
The trial scheme will prevent guests under the age of 25 with fewer than three positive ratings from booking entire homes near to where they live .
Read more : Airbnb to confidentially file to go public this month The measures , which are also being rolled out in France and Spain , follow similar pilots in the US Canada , which Airbnb said had reduced the number of unauthorised parties .
“ We @ @ @ @ @ @ @ and while the overwhelming majority of guests on our platform are responsible neighbours , we are absolutely determined to obstruct and weed out anyone intent on causing antisocial behaviour , ” said Patrick Robinson , Airbnb ’ s director of public policy .
“ We want to do everything we can to be good partners to the communities where hosts live and we hope that our new restriction will make it abundantly clear that there is no home for any unauthorised parties on Airbnb.
” The holiday rental site has come under pressure @ @ @ @ @ @ @ of incidents in the US and Canada that saw house parties in Airbnb properties descend into violence .
Last year the company banned all unauthorised parties and events at its listings and has since temporarily disabled the ‘ event friendly ’ search filter .
Read more : Revealed : The top 10 cities to be an Airbnb landlord The website has also tightened controls on bookings to ensure guests do not host gatherings that violate public health rules during the Covid-19 pandemic .
The trial measures will still allow under-25s to book private @ @ @ @ @ @ @ while younger users with at least three positive reviews and no negative reviews can still make entire property bookings .

Party poopers: Airbnb to limit UK bookings for under-25s
Airbnb is set to restrict under-25s from booking entire properties in the UK in a bid to crack down on rowdy parties and antisocial behaviour.
The trial scheme will prevent guests under the age of 25 with fewer than three positive ratings from booking entire homes near to where they live.
The measures, which are also being rolled out in France and Spain, follow similar pilots in the US Canada, which Airbnb said had reduced the number of unauthorised parties.
“We want everyone to enjoy the summer safely and while the overwhelming majority of guests on our platform are responsible neighbours, we are absolutely determined to obstruct and weed out anyone intent on causing antisocial behaviour,” said Patrick Robinson, Airbnb’s director of public policy.
“We want to do everything we can to be good partners to the communities where hosts live and we hope that our new restriction will make it abundantly clear that there is no home for any unauthorised parties on Airbnb.”
The holiday rental site has come under pressure to limit antisocial behaviour after a string of incidents in the US and Canada that saw house parties in Airbnb properties descend into violence.
Last year the company banned all unauthorised parties and events at its listings and has since temporarily disabled the ‘event friendly’ search filter.
The website has also tightened controls on bookings to ensure guests do not host gatherings that violate public health rules during the Covid-19 pandemic.
The trial measures will still allow under-25s to book private rooms and hotel rooms through Airbnb, while younger users with at least three positive reviews and no negative reviews can still make entire property bookings.


cityam--2020-08-14--Markets live: US stocks slip as retail sales miss target while FTSE 100 slumps

Wall Street opened lower after disappointing US retail data while the FTSE 100 languished in the red as the UK ’ s decision to add France to its quarantine list weighed down travel stocks .
The Dow Jones and S & P 500 slipped in early trading on Wall Street , but recovered to tick up 0.11 per cent and 0.01 per cent respectively .
But Nasdaq fell into the red and was down 0.33 per cent at 11,006 points .
Meanwhile , London ’ s blue-chip index closed 1.55 per cent lower at 6,090 points .
Read more : @ @ @ @ @ @ @ quarantine list Travel stocks dragged the FTSE lower this morning following the government ’ s announcement that all travellers returning to the UK from France , Malta and the Netherlands must quarantine for 14 days .
IAG and Ryanair were both trading down more than four per cent , while Tui and Easyjet were down five and six per cent respectively .
Neil Wilson , chief market analyst at Markets.com , warned the move would “ force a large swathe of cancellations right at the peak of the summer holiday season for one @ @ @ @ @ @ @ ” .
The announcement also had a knock-on effect on related stocks such as airport stalwart WHSmith , which fell almost five per cent .
“ Apart from the immediate damage this will do at the height of the school holidays and peak summer season , the quarantine decision also underlines the inherent risk you take in booking a holiday abroad right now , which will do nothing for consumer confidence , ” Wilson added .
But Michael Hewson , chief market analyst at CMC Markets , said the new rules had prompted @ @ @ @ @ @ @ ” for stocks .
“ Add in to that the even more juvenile retaliation by the French government , and the recipe for disaster is complete , as the travel sector has to absorb yet another headache , as the holiday season in Europe starts to unravel even further , against a backdrop of isolated infection flare ups across the entire region , ” he said .
“ If European governments were hoping to salvage something tangible from the 2020 summer holiday season these recent setbacks are unlikely to help , and with @ @ @ @ @ @ @ for buying time for the finances of countries like Spain , Italy and Greece is starting to close.
” Stocks elsewhere in Europe also felt the impact of the new quarantine rules .
France ’ s Cac 40 dropped 1.85 per cent to 4,949 points , while German Dax slipped 1.02 per cent to 12,861 .
Read more : Easyjet shares sink on France quarantine despite £203m aircraft sale US futures pulled back today as traders turned their attention to disappointing economic data .
US retail sales for July undershot expectations with growth @ @ @ @ @ @ @ the US Census Bureau .
Growth had been forecast at 2.1 per cent .
It came after sales bounced back strongly in May and June , rising 7.5 per cent in the latter month .
But Neil Wilson , chief market analyst at Markets.com , said growth had been expected to fall as the figures were skewed by unusually high pent-up demand during lockdown .
“ Going forward , the destruction in the labour market will force consumers to tighten purse strings – unless there is free money ad infinitum.
” The lacklustre @ @ @ @ @ @ @ to a recent bullish run on Wall Street .
The S & P had been edging towards record highs , but pulled back slightly in early trading to 3,365 points .
Markets have also been rattled by a shock fall in Chinese retail sales in July , suggesting the country is still feeling the impact of the coronavirus outbreak .
Industrial production rose 4.8 per cent last month , though this was also behind expectations .
“ Though an improvement on June ’ s -1.8 per cent , July ’ s -1.1 per @ @ @ @ @ @ @ a row that retail sales in the country had failed to climb back into positive territory as expected , ” said Connor Campbell , financial analyst at Spreadex .
“ Combine that with an industrial production reading that remained unchanged at 4.8 per cent , missing the forecast 5.1 per cent , and there are signs of a stalling recovery in the superpower.
” Asian stocks stumbled in this morning ’ s session on the back of the weak data .
Wall Street last night closed lower after better-than-expected jobless claims data failed @ @ @ @ @ @ @ progress on a US stimulus package .
It was also a lacklustre day for the FTSE 100 , which took its cue from faltering US confidence and felt the impact of a slate of stocks going ex-dividend .

Markets live: US stocks slip as retail sales miss target while FTSE 100 slumps
Wall Street opened lower after disappointing US retail data while the FTSE 100 languished in the red as the UK’s decision to add France to its quarantine list weighed down travel stocks.
The Dow Jones and S&P 500 slipped in early trading on Wall Street, but recovered to tick up 0.11 per cent and 0.01 per cent respectively.
But Nasdaq fell into the red and was down 0.33 per cent at 11,006 points.
Meanwhile, London’s blue-chip index closed 1.55 per cent lower at 6,090 points.
Travel stocks tumble
Travel stocks dragged the FTSE lower this morning following the government’s announcement that all travellers returning to the UK from France, Malta and the Netherlands must quarantine for 14 days.
IAG and Ryanair were both trading down more than four per cent, while Tui and Easyjet were down five and six per cent respectively.
Neil Wilson, chief market analyst at Markets.com, warned the move would “force a large swathe of cancellations right at the peak of the summer holiday season for one of the largest markets for UK tourists”.
The announcement also had a knock-on effect on related stocks such as airport stalwart WHSmith, which fell almost five per cent.
“Apart from the immediate damage this will do at the height of the school holidays and peak summer season, the quarantine decision also underlines the inherent risk you take in booking a holiday abroad right now, which will do nothing for consumer confidence,” Wilson added.
Stock Fall (%) IAG -4.82 Whitbread -3.28 Intercontinental Hotels Group -1.85 Easyjet -6.55 Ryanair -4.54 Tui -8.44 WHSmith -2.23
But Michael Hewson, chief market analyst at CMC Markets, said the new rules had prompted a “disappointing end to the week” for stocks.
“Add in to that the even more juvenile retaliation by the French government, and the recipe for disaster is complete, as the travel sector has to absorb yet another headache, as the holiday season in Europe starts to unravel even further, against a backdrop of isolated infection flare ups across the entire region,” he said.
“If European governments were hoping to salvage something tangible from the 2020 summer holiday season these recent setbacks are unlikely to help, and with the days getting shorter, the window for buying time for the finances of countries like Spain, Italy and Greece is starting to close.”
Stocks elsewhere in Europe also felt the impact of the new quarantine rules.
France’s Cac 40 dropped 1.85 per cent to 4,949 points, while German Dax slipped 1.02 per cent to 12,861.
Retail data weighs on Wall Street
US futures pulled back today as traders turned their attention to disappointing economic data.
US retail sales for July undershot expectations with growth of 1.2 per cent, according to the US Census Bureau. Growth had been forecast at 2.1 per cent.
It came after sales bounced back strongly in May and June, rising 7.5 per cent in the latter month.
But Neil Wilson, chief market analyst at Markets.com, said growth had been expected to fall as the figures were skewed by unusually high pent-up demand during lockdown.
“Going forward, the destruction in the labour market will force consumers to tighten purse strings – unless there is free money ad infinitum.”
The lacklustre figures appear to have put a halt to a recent bullish run on Wall Street.
The S&P had been edging towards record highs, but pulled back slightly in early trading to 3,365 points.
Chinese data disappoints
Markets have also been rattled by a shock fall in Chinese retail sales in July, suggesting the country is still feeling the impact of the coronavirus outbreak.
Industrial production rose 4.8 per cent last month, though this was also behind expectations.
“Though an improvement on June’s -1.8 per cent, July’s -1.1 per cent reading marked the second month in a row that retail sales in the country had failed to climb back into positive territory as expected,” said Connor Campbell, financial analyst at Spreadex.
“Combine that with an industrial production reading that remained unchanged at 4.8 per cent, missing the forecast 5.1 per cent, and there are signs of a stalling recovery in the superpower.”
Asian stocks stumbled in this morning’s session on the back of the weak data.
Wall Street last night closed lower after better-than-expected jobless claims data failed to offset jitters over the lack of progress on a US stimulus package.
It was also a lacklustre day for the FTSE 100, which took its cue from faltering US confidence and felt the impact of a slate of stocks going ex-dividend.


cityam--2020-08-14--Bank of England paper says banker bonus cap can reduce excessive risk-taking

The European Union ’ s cap on banker bonuses introduced after the financial crisis a decade ago can help to curb excessive risk-taking , a Bank of England study showed today .
Britain had unsuccessfully opposed the cap , but bankers in London have been nurturing hopes that it could be discarded now that the country has left the EU and no longer has to apply its rules from January .
Read more : US Federal Reserve sets out capital ratios for major banks Under the rule , a bonus can be no more than 100 per cent of a @ @ @ @ @ @ @ double that amount with shareholder approval .
The deferred non-cash portion of a bonus can also be clawed back if any misconduct emerges .
“ This finding supports the view that some appropriately designed restrictions on bonus payments could mitigate excessive risk-taking , ” the Bank of England staff working paper said .
Britain had argued that the cap would be counterproductive by bumping up fixed pay .
The central bank ’ s research said its “ lab experiment ” using university students showed a tendency to take greater risks when someone ’ @ @ @ @ @ @ @ relative to that of his or her peers – a common feature in financial firms – than when it depended on a person ’ s own performance only .
A separate Bank of England working paper today said the central bank ’ s asset purchase program during the financial crisis did not directly boost lending by banks to the economy even though some knock-on effect had been expected .
Read more : Will the Bank of England change its tune on the UK economy ?
This was probably due to banks not holding @ @ @ @ @ @ @ paper said .
In the current COVID-19 recession , the BoE revived asset purchases , though this time round banks are far better capitalized .

Bank of England paper says banker bonus cap can reduce excessive risk-taking
The European Union’s cap on banker bonuses introduced after the financial crisis a decade ago can help to curb excessive risk-taking, a Bank of England study showed today.
Britain had unsuccessfully opposed the cap, but bankers in London have been nurturing hopes that it could be discarded now that the country has left the EU and no longer has to apply its rules from January.
Under the rule, a bonus can be no more than 100 per cent of a banker’s fixed pay, or double that amount with shareholder approval. The deferred non-cash portion of a bonus can also be clawed back if any misconduct emerges.
“This finding supports the view that some appropriately designed restrictions on bonus payments could mitigate excessive risk-taking,” the Bank of England staff working paper said.
Britain had argued that the cap would be counterproductive by bumping up fixed pay.
The central bank’s research said its “lab experiment” using university students showed a tendency to take greater risks when someone’s bonus was linked to investment performance relative to that of his or her peers – a common feature in financial firms – than when it depended on a person’s own performance only.
A separate Bank of England working paper today said the central bank’s asset purchase program during the financial crisis did not directly boost lending by banks to the economy even though some knock-on effect had been expected.
This was probably due to banks not holding enough capital at the time, the paper said.
In the current COVID-19 recession, the BoE revived asset purchases, though this time round banks are far better capitalized.


cityam--2020-08-14--UK quarantine list: Which EU countries have the worst infection rates?

The UK will tomorrow add France , the Netherlands and Malta onto its quarantine list after the countries saw their infection rates rise .
They join Spain , Belgium , Serbia and Luxembourg , which have already seen restrictions reimposed after a spike in cases .
Read more : France and the Netherlands placed on UK quarantine list Travellers arriving in the UK from countries on the quarantine list must self-isolate for 14 days .
That has put many people off travelling altogether .
Transport secretary Grant Shapps has said countries risk being added to the list when their rate @ @ @ @ @ @ @ people over seven days .
The government is reportedly using data from the European Centre for Disease Prevention and Control ( ECDC ) .
The body measures countries ’ infection rates based on the 14-day number of Covid-19 cases per 100 000 people .
The UK currently has 18.5 cases per 100,000 people .
But France has jumped to 32.1 , the Netherlands has hit 40.2 and Malta 74.8 .
The majority of the 60 countries on the quarantine-free travel corridors list are in Europe .
But other countries such as Aruba and @ @ @ @ @ @ @ reimposed .
Paul Charles , travel consultant and chief executive of PR firm the PC Agency , told the Independent : “ Anything above 20 per 100,000 for a period of seven days or more is likely to lead to that country being added to the quarantine list.
” He added : “ It ’ s one statistic in particular that is being watched the most closely by Public Health England and the Joint Biosecurity Centre ; that is the cumulative number , over 7 days , of Covid-19 cases per 100,000 of @ @ @ @ @ @ @ added to the UK quarantine list ?
Based on that data , the European countries most likely to appear on the UK quarantine list next are Romania , which has an infection rate of 87.8 , and Bulgaria , which has a rate of 37.8 .
Read more : Grant Shapps : ‘ No choice ’ but to impose quarantine rules on France There are a host of other countries whose 14-day infection rates are currently above 20 .
If they fail to reduce their rates they may soon be added to the @ @ @ @ @ @ @ Republic , Poland , Croatia , Denmark and Portugal .
Government guidance for people returning from Portugal remains to self-isolate for 14 days back in the UK .

UK quarantine list: Which European countries have the worst infection rates?
Switzerland looks set to be added to the list of countries on the UK’s quarantine list after a surge in the number of coronavirus cases in the country.
Scotland has already reimposed self-isolation measures on travellers from the country, with ministers in England due to review its list today.
If it is added to the list, it will join France, the Netherlands, Malta, Spain, Belgium, Serbia and Luxembourg, all of which have already seen restrictions reimposed after a spike in cases.
Travellers arriving in the UK from countries on the quarantine list must self-isolate for 14 days. That has put many people off travelling altogether.
Transport secretary Grant Shapps has said countries risk being added to the list when their rate of infection exceeds 20 cases per 100,000 people over seven days.
The government is reportedly using data from the European Centre for Disease Prevention and Control (ECDC). The body measures countries’ infection rates based on the 14-day number of Covid-19 cases per 100 000 people.
The UK currently has 18.5 cases per 100,000 people. At the moment, Switzerland stands at 21.2 cases per 100,000, just inside the red zone.
Cases are also creeping up in the Czech Republic, leading to fears that it could soon follow Switzerland onto the list.
It is currently recording a seven-day rate of 19.4 cases per 100,000, up from 16 a week ago, the Telegraph reported.
The majority of the 60 countries on the quarantine-free travel corridors list are in Europe.
But other countries such as Aruba and Turks & Caicos have also seen restrictions reimposed.
Paul Charles, travel consultant and chief executive of PR firm the PC Agency, told the Independent: “Anything above 20 per 100,000 for a period of seven days or more is likely to lead to that country being added to the quarantine list.”
He added: “It’s one statistic in particular that is being watched the most closely by Public Health England and the Joint Biosecurity Centre; that is the cumulative number, over 7 days, of Covid-19 cases per 100,000 of the population.”
Which countries risk being added to the UK quarantine list?
Based on that data, the European countries most likely to appear on the UK quarantine list next are Romania, which has an infection rate of 87.8, and Bulgaria, which has a rate of 37.8.
There are a host of other countries whose 14-day infection rates are currently above 20. If they fail to reduce their rates they may soon be added to the list.
They include Iceland, Czech Republic, Poland, Croatia, Denmark and Portugal. Government guidance for people returning from Portugal remains to self-isolate for 14 days back in the UK.


cityam--2020-08-14--N26 staff to form works council after bank fails to break up meeting

Staff at N26 have made a major breakthrough in their efforts to form a trade union after the digital bank failed to break up a meeting of employees during a dramatic day of confrontation .
N26 workers today confirmed they had met and selected an electoral board , which will now begin the process of organising an election for a so-called works council .
Read more : N26 in stand-off with staff as confidence in founders hits ‘ all-time low ’ Representatives on the works council will then voice concerns about a range of issues at the company , including @ @ @ @ @ @ @ culture .
It came after a dramatic stand-off between staff and management during which the digital bank made desperate efforts to prevent this afternoon ’ s meeting from going ahead .
The founders of N26 took out two injunctions to block the gathering — which took place in a bar in Berlin — citing health and safety concerns .
But German union IG Metall stepped in this morning to chair the meeting , which went ahead as planned .
In a further dramatic twist , N26 staff reported that police were called to @ @ @ @ @ @ @ were said to have left the venue after finding no breach of safety measures .
The selection of an electoral board marks a significant step forward for N26 employees in a fierce row that has rocked the Berlin-based bank .
In an open letter published online staff said confidence in management had reached an “ all-time low ” .
Employees also accused the company of refusing to listen to feedback because the responses were too “ angry ” .
The digital bank ’ s founders Valentin Stalf and Maximilian Tayenthal are said to @ @ @ @ @ @ @ in which they said a works council would hinder its ability to achieve its goals .
N26 , valued at $ 3.5bn ( £2.7bn ) as one of Europe ’ s most valuable fintech firms , pulled out of the UK market citing Brexit concerns earlier this year .
N26 has been contacted for comment .

N26 staff to form works council after bank fails to break up meeting
Staff at N26 have made a major breakthrough in their efforts to form a trade union after the digital bank failed to break up a meeting of employees during a dramatic day of confrontation.
N26 workers today confirmed they had met and selected an electoral board, which will now begin the process of organising an election for a so-called works council.
Representatives on the works council will then voice concerns about a range of issues at the company, including uneven staff salaries and a toxic working culture.
It came after a dramatic stand-off between staff and management during which the digital bank made desperate efforts to prevent this afternoon’s meeting from going ahead.
The founders of N26 took out two injunctions to block the gathering — which took place in a bar in Berlin — citing health and safety concerns.
But German union IG Metall stepped in this morning to chair the meeting, which went ahead as planned.
In a further dramatic twist, N26 staff reported that police were called to the meeting. However, the police were said to have left the venue after finding no breach of safety measures.
A spokesperson for IG Metall said the organisation had intervened because of its belief in “solidarity between unions”.
“IG Metall Berlin has proven today that we‘re able and willing, even at very short notice, to take any necessary steps for workers to have their say and use their rights to organise their companies,” the spokesperson said.
The selection of an electoral board marks a significant step forward for N26 employees in a fierce row that has rocked the Berlin-based bank.
In an open letter published online staff said confidence in management had reached an “all-time low”.
Employees also accused the company of refusing to listen to feedback because the responses were too “angry”.
The digital bank’s founders Valentin Stalf and Maximilian Tayenthal are said to have written a memo to staff, in which they said a works council would hinder its ability to achieve its goals.
N26, valued at $3.5bn (£2.7bn) as one of Europe’s most valuable fintech firms, pulled out of the UK market citing Brexit concerns earlier this year.
A spokesperson for N26 said the injunctions were filed due to Covid-19 safety concerns, but denied the company had called the police.
“As the event was actually prohibited from taking place by the Berliner Arbeitsgericht (Berlin Labour Court) due to Covid-19 related concerns, we will wait for their official guidance on the validity of these results, and will respect the court’s decision on how we should proceed,” the spokesperson said.
“While we believe that there could be a more modern, digitally-enabled and globally inclusive alternative to a traditional works council, especially for a diverse international business like ours, N26 fully supports formal employee representation in all its forms, including a traditional works council.”


cityam--2020-08-14--UK mobile operators urge government to speed up mast reforms

The UK ’ s mobile operators have called on the government to accelerate planned reforms to ensure rural coverage is improved and networks can handle higher demand for data .
Mobile UK , the trade body that represents Vodafone , O2 , EE and Three , called on ministers to urgently remove barriers to expanding 4G and 5G coverage .
This included a relaxation of planning laws to allow telecoms firms to build larger masts and carry out improvements on existing infrastructure .
The operators said the urgency of the reforms had been thrown into even sharper relief by the @ @ @ @ @ @ @ network usage are set to continue even after lockdown ends .
Research carried out by Mobile UK and the British Chambers of Commerce ( BCC ) showed that nearly 80 per cent of businesses plan to either maintain or increase their lockdown levels of mobile network usage over the next year .
In addition , almost 60 per cent of respondents said that improved mobile coverage and data capacity would help their businesses resume operations after lockdown .
Gareth Elliot , Mobile UK head of policy and communications , said increased network usage @ @ @ @ @ @ @ the pan ” .
“ It is therefore all the more important that changes that will break down barriers to building the necessary 4G and 5G infrastructure are brought forward .
“ In particular , planning proposals must be translated into legislative change this year , so that the economic recovery from Covid can be supported by world-class digital infrastructure.
” BCC co-executive director Claire Walker added : “ With a majority of firms expecting to continue working from home for the foreseeable future , and fewer employees commuting to city centres , @ @ @ @ @ @ @ to improving areas with partial or no coverage to ensure that no business is left behind.
” Read more : Vodafone shares slide as operator ‘ calculates cost ’ of Huawei ban Earlier this year the government unveiled a £1bn plan designed to extend 4G mobile coverage to 95 per cent of the UK by 2025 .
But the scheme , which will enable operators to share masts in remote areas , is dependent on new laws to allow mobile firms to upgrade their equipment .

UK mobile operators urge government to speed up mast reforms
The UK’s mobile operators have called on the government to accelerate planned reforms to ensure rural coverage is improved and networks can handle higher demand for data.
Mobile UK, the trade body that represents Vodafone, O2, EE and Three, called on ministers to urgently remove barriers to expanding 4G and 5G coverage.
This included a relaxation of planning laws to allow telecoms firms to build larger masts and carry out improvements on existing infrastructure.
The operators said the urgency of the reforms had been thrown into even sharper relief by the coronavirus crisis, as higher levels of network usage are set to continue even after lockdown ends.
Research carried out by Mobile UK and the British Chambers of Commerce (BCC) showed that nearly 80 per cent of businesses plan to either maintain or increase their lockdown levels of mobile network usage over the next year.
In addition, almost 60 per cent of respondents said that improved mobile coverage and data capacity would help their businesses resume operations after lockdown.
Gareth Elliot, Mobile UK head of policy and communications, said increased network usage was “not simply a flash in the pan”.
“It is therefore all the more important that changes that will break down barriers to building the necessary 4G and 5G infrastructure are brought forward.
“In particular, planning proposals must be translated into legislative change this year, so that the economic recovery from Covid can be supported by world-class digital infrastructure.”
BCC co-executive director Claire Walker added: “With a majority of firms expecting to continue working from home for the foreseeable future, and fewer employees commuting to city centres, it will be critical to accelerate solutions to improving areas with partial or no coverage to ensure that no business is left behind.”
Earlier this year the government unveiled a £1bn plan designed to extend 4G mobile coverage to 95 per cent of the UK by 2025.
But the scheme, which will enable operators to share masts in remote areas, is dependent on new laws to allow mobile firms to upgrade their equipment.


cityam--2020-08-14--Coronavirus infection rate remains stable across England

Coronavirus infections across England are levelling off according to the latest figures from the Office for National Statistics ( ONS ) .
In its latest update , the ONS said the “ small increase ” seen in the rate of infection in July had stabilised .
Read more : What are the new lockdown rules as casinos and theatres prepare to reopen ?
Current estimates suggest that 1 in 1,900 people have coronavirus , or 28,300 people in England .
The ONS has been regularly testing large groups of people throughout the country since April whether they have symptoms or @ @ @ @ @ @ @ picture of virus ’ spread .
More coronavirus tests are conducted in areas of local outbreaks , such as those currently in local lockdowns .
While the government ’ s official confirmed cases appear to be rising slightly , this latest data suggests that more positive cases are just being uncovered rather than more prevalent .
Read more : Coronavirus : Casinos , theatres and bowling alleys welcome lockdown easing This is backed up the fact the trend has not been followed in hospitalisations or deaths .
However , the ONS data is @ @ @ @ @ @ @ the results that have been concluded are based on 58 positive tests from 122,000 people over the past six weeks .
Lockdown measures across England are set to be eased slightly from Saturday , with casinos , theatres and bowling alleys allowed to reopen .

Coronavirus infection rate remains stable across England
Coronavirus infection rate has remained stable according to the ONS
Coronavirus infections across England are levelling off according to the latest figures from the Office for National Statistics (ONS).
In its latest update, the ONS said the “small increase” seen in the rate of infection in July had stabilised.
Current estimates suggest that 1 in 1,900 people have coronavirus, or 28,300 people in England.
The ONS has been regularly testing large groups of people throughout the country since April whether they have symptoms or not in order to establish a clearer picture of virus’ spread.
More coronavirus tests are conducted in areas of local outbreaks, such as those currently in local lockdowns.
While the government’s official confirmed cases appear to be rising slightly, this latest data suggests that more positive cases are just being uncovered rather than more prevalent.
This is backed up the fact the trend has not been followed in hospitalisations or deaths.
However, the ONS data is still only based on a sample and the results that have been concluded are based on 58 positive tests from 122,000 people over the past six weeks.
Lockdown measures across England are set to be eased slightly from Saturday, with casinos, theatres and bowling alleys allowed to reopen.


cityam--2020-08-14--Why artificial intelligence needs an open, decentralised platform to serve the world

On the 15th of May 1911 , the US government moved to break the Standard Oil Corporation into what would eventually be 34 different companies .
The key resource at question then was oil .
A century later , we are at the cusp of wondering whether the organisations of our time hold a similar monopoly on the most critical resource of our times – data .
The question has been pressing enough to warrant guidance from the white house since as early as 2015 .
Yet , half a decade later we are still strangled between senate hearings and @ @ @ @ @ @ @ data monopolies may affect them in the future .
A key cause for this is the fact that the human mind has not yet made the mental shift towards seeing data as a “ resource ” yet .
Why does this matter Why do data monopolies matter ?
To begin with , they create uneven playing grounds for new firms .
As Tim Wu , the man behind the term “ net neutrality ” puts it – leaving data-sources unchecked to be monopolies can lead to a rise in misery , unfair markets @ @ @ @ @ @ @ firms can be reigned in .
One way this has manifested is with the instance of Cambridge Analytica in 2016 : a simple survey application was used to collect private data of users , transforming the way that interested parties could potentially manipulate modern elections and erode democracy through data .
In regions like India and Bangladesh , unchecked usage of WhatsApp has led to actual deaths due to the spread of fake news .
But most importantly – not understanding how platforms use the data of private individuals leaves them vulnerable to @ @ @ @ @ @ @ engineers at big-tech platforms , intentional or not .
In thinking about data , one has to understand that unlike other resources like oil or metals , a key source is the individual .
A living , breathing human whose rights to knowing who uses their data , where , and what for should be protected by the constitution .
Data is value , and the free , un-checked use of individuals ’ utility would be seen as theft if there was not a service provided in return in the form of “ @ @ @ @ @ @ @ This return is disproportionately low , and does not reflect the value extracted from our day to day lives .
Europe ’ s GDPR bill is one way nation-states are trying to make progress and empower citizens with better ownership of their data along with clear visibility on how it is used .
The key to ensuring individuals are genuinely empowered in this equation may lie with immutable ledgers that are time stamped .
These decentralised ledgers are also called blockchains , and they deliver self-service trust , where anyone can check what @ @ @ @ @ @ @ This incredible technology can ensure the provenance of a source of data is tracked , enables individuals to grant or revoke permission and customise business models to ensure individuals are rewarded .
What would be an instance for this ?
Consider Uber for example .
Individuals riding vehicles in the network are also unlocking millions of data points while travelling .
This could be used to train autonomous vehicles in the future , which in turn would put millions of drivers out of jobs .
The idea that people are creating resources that @ @ @ @ @ @ @ jobs in the future is a dark one .
However , if platforms allow drivers to own their driving route data and share the rewards through equity or cash compensation when it is used in the future , it could enable an easier transition to the “ new economy ” .
This is not a far off idea .
Airbnb has already been exploring how individuals leasing assets on their platform can be rewarded in equity for their activity within their sharing economy .
AI poses another challenge .
Not all data-sets can @ @ @ @ @ @ @ is ensured .
Firms would like to maintain ownership of proprietary data but many realise the benefits of a third party ’ s algorithm being run on it .
This is most atypical in financial markets where analysts routinely work with third party data but wish to hold on to their machine learning models .
In order to truly democratise machine learning and disrupt data monopolies , we will need to make both the machine learning models and that data itself accessible to the smaller businesses .
The future of our economies will @ @ @ @ @ @ @ being used only by Google , Facebook or Amazon but networks of data-sets ( supply side ) and algorithms ( demand side ) that interact with one another .
One tangent to draw here is with publishing .
Until the late 80s , consumers had to choose between a handful of publications who determined how discourse occurred .
The internet arrived and democratised that process .
Fetch.ai is positioning itself to be a critical infrastructure in the creation of this new economy .
One way the technology will empower small and medium businesses @ @ @ @ @ @ @ data and monetise it .
The exchange we have been designing for commodities ( Mettalex ) can power the trade of different forms of data such as real estate costs , frequency of dishes sold at a restaurant or sensor data .
Creating a global network for these data-forms will bridge the gap between researchers and where the data is currently through commercial incentives that benefit both parties .
On the other side , for more sensitive data such as medical data , Fetch.AI is structured to ensure regional nodes store the data @ @ @ @ @ @ @ .
This ensures that the possibility of a data leak is not high while making it possible for businesses to access both the hardware and algorithmic prowess of individual developers in an open-market .
What this new way of handling data and algorithms would do is ensure fairness across the ecosystem for each stakeholder .
Where today Amazon is the only vendor that knows how you browse the web and what goods may be most likely purchased by you , tomorrow a collective of SMEs would be able to better understand consumer demand @ @ @ @ @ @ @ it will give individuals the power to opt-out of certain data networks they find to be behaving badly .
As the CEOs of the largest firms in the United States gather for senate hearings to discuss whether their “ bigness ” is hurting the economy , it is time we explored what are the alternatives .
Fetch.ai is building one of the alternatives that can empower smaller firms and ensure fairness across the system .
To learn more , head over to : Fetch.ai

Sponsored Ad Feature is produced by an advertiser with the specific intent to promote a product and is not produced by the City A.M. team.
Why artificial intelligence needs an open, decentralised platform to serve the world
On the 15th of May 1911, the US government moved to break the Standard Oil Corporation into what would eventually be 34 different companies.
The key resource at question then was oil. A century later, we are at the cusp of wondering whether the organisations of our time hold a similar monopoly on the most critical resource of our times – data. The question has been pressing enough to warrant guidance from the white house since as early as 2015. Yet, half a decade later we are still strangled between senate hearings and a citizenry that understands little about how data monopolies may affect them in the future. A key cause for this is the fact that the human mind has not yet made the mental shift towards seeing data as a “resource” yet.
Why does this matter
Why do data monopolies matter? To begin with, they create uneven playing grounds for new firms. As Tim Wu, the man behind the term “net neutrality” puts it – leaving data-sources unchecked to be monopolies can lead to a rise in misery, unfair markets and increasing difficulty in seeing how these firms can be reigned in. One way this has manifested is with the instance of Cambridge Analytica in 2016: a simple survey application was used to collect private data of users, transforming the way that interested parties could potentially manipulate modern elections and erode democracy through data. In regions like India and Bangladesh, unchecked usage of WhatsApp has led to actual deaths due to the spread of fake news. But most importantly – not understanding how platforms use the data of private individuals leaves them vulnerable to the whims, mistakes and desires of engineers at big-tech platforms, intentional or not.
In thinking about data, one has to understand that unlike other resources like oil or metals, a key source is the individual. A living, breathing human whose rights to knowing who uses their data, where, and what for should be protected by the constitution. Data is value, and the free, un-checked use of individuals’ utility would be seen as theft if there was not a service provided in return in the form of “free” applications and web sites. This return is disproportionately low, and does not reflect the value extracted from our day to day lives.
Europe’s GDPR bill is one way nation-states are trying to make progress and empower citizens with better ownership of their data along with clear visibility on how it is used. The key to ensuring individuals are genuinely empowered in this equation may lie with immutable ledgers that are time stamped. These decentralised ledgers are also called blockchains, and they deliver self-service trust, where anyone can check what happened, between who and when. This incredible technology can ensure the provenance of a source of data is tracked, enables individuals to grant or revoke permission and customise business models to ensure individuals are rewarded.
Ownership is the future
What would be an instance for this? Consider Uber for example. Individuals riding vehicles in the network are also unlocking millions of data points while travelling. This could be used to train autonomous vehicles in the future, which in turn would put millions of drivers out of jobs. The idea that people are creating resources that will very likely put them out of jobs in the future is a dark one. However, if platforms allow drivers to own their driving route data and share the rewards through equity or cash compensation when it is used in the future, it could enable an easier transition to the “new economy”. This is not a far off idea. Airbnb has already been exploring how individuals leasing assets on their platform can be rewarded in equity for their activity within their sharing economy.
AI poses another challenge. Not all data-sets can be shared with everyone even when provenance is ensured. Firms would like to maintain ownership of proprietary data but many realise the benefits of a third party’s algorithm being run on it. This is most atypical in financial markets where analysts routinely work with third party data but wish to hold on to their machine learning models. In order to truly democratise machine learning and disrupt data monopolies, we will need to make both the machine learning models and that data itself accessible to the smaller businesses. The future of our economies will not be large siloed sets of data being used only by Google, Facebook or Amazon but networks of data-sets (supply side) and algorithms (demand side) that interact with one another. One tangent to draw here is with publishing. Until the late 80s, consumers had to choose between a handful of publications who determined how discourse occurred. The internet arrived and democratised that process.
Building railroads to tomorrow
Fetch.ai is positioning itself to be a critical infrastructure in the creation of this new economy. One way the technology will empower small and medium businesses is through creating simple interfaces to share data and monetise it. The exchange we have been designing for commodities (Mettalex) can power the trade of different forms of data such as real estate costs, frequency of dishes sold at a restaurant or sensor data. Creating a global network for these data-forms will bridge the gap between researchers and where the data is currently through commercial incentives that benefit both parties. On the other side, for more sensitive data such as medical data, Fetch.AI is structured to ensure regional nodes store the data while machine learning algorithms work on them. This ensures that the possibility of a data leak is not high while making it possible for businesses to access both the hardware and algorithmic prowess of individual developers in an open-market.
What this new way of handling data and algorithms would do is ensure fairness across the ecosystem for each stakeholder. Where today Amazon is the only vendor that knows how you browse the web and what goods may be most likely purchased by you, tomorrow a collective of SMEs would be able to better understand consumer demand through pooled data-sets. More importantly, it will give individuals the power to opt-out of certain data networks they find to be behaving badly. As the CEOs of the largest firms in the United States gather for senate hearings to discuss whether their “bigness” is hurting the economy, it is time we explored what are the alternatives. Fetch.ai is building one of the alternatives that can empower smaller firms and ensure fairness across the system.
To learn more, head over to : Fetch.ai


cityam--2020-08-14--Decentralized Finance in commodities markets

Decentralised Finance ( DeFi ) is a term used to refer to innovations in capital markets that rely on blockchains .
Instead of using conventional financial rails such as banks or credit transfer APIs , DeFi based projects work entirely on blockchains without the requirement of central clearing houses or banking personnel checking transactions .
This makes it possible for DeFi based ventures to be internet-scale , global ventures without having a presence in countries around the world .
The most prominent among this class of digital first , blockchain native ventures is MakerDAO .
It has over a billion @ @ @ @ @ @ @ digital assets such as Ethereum tied in it for lending – which is then used for trading or day-to-day purchases .
Similarly , KyberDAO has enabled digital assets worth over a billion dollars to be traded .
This growing , digital native infrastructure is empowering the next wave of financial applications to be built .
There is a catch though .
The current generation of DeFi ventures are restricted to using digital assets when it comes to trading and lending .
This means traditional instruments such as commodities swaps , futures or even @ @ @ @ @ @ @ a house is not possible .
This restricts the ability of the ecosystem to scale meaningfully enough to meet the needs of global financial markets today .
For a scale comparison , the total value locked in DeFi ventures today is around $ 5 billion .
The size of the global commodities market in comparison is approximately $ 2.5 trillion .
The race to plug off-chain assets such as physical goods to on-chain finance is at the crux of what will enable the next generation of DeFi applications .
There are a number @ @ @ @ @ @ @ through the approach of synthetic instruments .
Synthetic instruments on blockchain networks is one approach to representing real-life assets on these networks .
How does that work ?
The equivalent of the asset ’ s value is tied up in a smart contract and another token is issued to represent that asset .
Instruments like gold , foreign currencies and digital asset indices can be purchased on a project named Synthetix .
The risk here is if the underlying asset ( ie – the asset used as collateral ) fluctuates greatly in value @ @ @ @ @ @ @ .
Another approach to doing this is what UMA Protocol is currently doing .
Instead of tying up the value of the entire asset itself , a small fraction of the asset ’ s fluctuations are tied up in a smart contract .
The parties involved in buying the asset are responsible for seeing if the new synthetic instrument is backed by sufficient collateral or not .
The challenge here is that it requires constant monitoring of the asset ’ s price .
Commodities and real world assets as an avenue for DeFi @ @ @ @ @ @ @ number of problems – transparency , liquidity and the prevalence of margin calls in futures trading .
Furthermore , outside of the traditional commodities covered by the major exchanges such as CME .
The commodities market – one that moves over $ 2.5 trillion worth of assets each year , sees its share of front running , price manipulation and loss of value in the form of margin calls routinely .
Ethereum ’ s smart contract based “ decentralised finance ” ecosystem is the first step towards removing middle-men from complex financial products @ @ @ @ @ @ @ these contracts can be make it difficult to create the next generation of financial tools .
Fetch.ai proposes a new financial ecosystem one suited for the digital economy .
We lay a simple framework for how we envision it to be working .

Sponsored Ad Feature is produced by an advertiser with the specific intent to promote a product and is not produced by the City A.M. team.
Decentralized Finance in commodities markets
Decentralised Finance (DeFi) is a term used to refer to innovations in capital markets that rely on blockchains.
Instead of using conventional financial rails such as banks or credit transfer APIs, DeFi based projects work entirely on blockchains without the requirement of central clearing houses or banking personnel checking transactions. This makes it possible for DeFi based ventures to be internet-scale, global ventures without having a presence in countries around the world.
The most prominent among this class of digital first, blockchain native ventures is MakerDAO. It has over a billion dollars in collateral in the form of digital assets such as Ethereum tied in it for lending – which is then used for trading or day-to-day purchases. Similarly, KyberDAO has enabled digital assets worth over a billion dollars to be traded. This growing, digital native infrastructure is empowering the next wave of financial applications to be built.
There is a catch though. The current generation of DeFi ventures are restricted to using digital assets when it comes to trading and lending. This means traditional instruments such as commodities swaps, futures or even lending against real life assets such as a house is not possible. This restricts the ability of the ecosystem to scale meaningfully enough to meet the needs of global financial markets today.
For a scale comparison, the total value locked in DeFi ventures today is around $5 billion. The size of the global commodities market in comparison is approximately $2.5 trillion. The race to plug off-chain assets such as physical goods to on-chain finance is at the crux of what will enable the next generation of DeFi applications. There are a number of networks that are working towards this through the approach of synthetic instruments.
Beyond Blockchain Based Assets
Synthetic instruments on blockchain networks is one approach to representing real-life assets on these networks. How does that work? The equivalent of the asset’s value is tied up in a smart contract and another token is issued to represent that asset. Instruments like gold, foreign currencies and digital asset indices can be purchased on a project named Synthetix. The risk here is if the underlying asset (ie – the asset used as collateral) fluctuates greatly in value, the synthetic instrument can be liquidated. Another approach to doing this is what UMA Protocol is currently doing. Instead of tying up the value of the entire asset itself, a small fraction of the asset’s fluctuations are tied up in a smart contract. The parties involved in buying the asset are responsible for seeing if the new synthetic instrument is backed by sufficient collateral or not. The challenge here is that it requires constant monitoring of the asset’s price.
Commodities and real world assets as an avenue for DeFi
The traditional commodities market also has a number of problems – transparency, liquidity and the prevalence of margin calls in futures trading. Furthermore, outside of the traditional commodities covered by the major exchanges such as CME.
The commodities market – one that moves over $2.5 trillion worth of assets each year, sees its share of front running, price manipulation and loss of value in the form of margin calls routinely. Ethereum’s smart contract based “decentralised finance” ecosystem is the first step towards removing middle-men from complex financial products. However, limitations in how complex these contracts can be make it difficult to create the next generation of financial tools. Fetch.ai proposes a new financial ecosystem one suited for the digital economy. We lay a simple framework for how we envision it to be working.