cityam--2020-09-22--Transferwise profit doubles as global expansion boosts revenue

Profit at British fintech giant Transferwise more than doubled in the last 12 months , as investment in geographical expansion paid off .
The London payments firm said profit for the year ending March 2020 was £21.3m , up from £10.3m a year earlier and marking its third straight year in the black .
Meanwhile revenue jumped 70 per cent to £302.6m , rising from £179m in 2019 .
Read more : Transferwise to hit $ 5bn valuation in secondary share sale More than half of its sales last year came from Europe , while its operations in the US @ @ @ @ @ @ @ take .
The remaining 26 per cent came from divisions in the rest of the world , with the Asian Pacific region being its fastest-growing area .
Transferwise reported a total of £67bn in payments for the 12 months , £42bn of which was in cross currency transfers .
The figures do not take into account any impact from the coronavirus pandemic , as the year ended before lockdown measures took effect .
However Transferwise said it has seen an “ uplift in new customers , with overall transfer volumes continuing to grow @ @ @ @ @ @ @ upheld as one of the UK ’ s most successful startups thanks to its profitable track record , was valued at $ 5bn earlier this year after a secondary share sale .
It has now raised more than $ 1bn in primary and secondary funding .
Read more : Transferwise gets FCA authorisation for investing “ Transferwise is about building a new way to move money in the world , the numbers on the balance sheet are there to support that , ” said Kristo Kaarmann , the fintech firm ’ s chief @ @ @ @ @ @ @ as we grow is an essential proof point in this journey .
We need to be able to scale globally while building a business that people can trust will be here for the long term .
“ The numbers show that we ’ re continuing to do that , while staying focused on bringing our service to everyone that needs it.
” Transferwise now has 8m customers , with a staff of 2,200 people in 14 global offices .

Transferwise profit doubles as global expansion boosts revenue
Transferwise is set to list in London later this year.
Profit at British fintech giant Transferwise more than doubled in the last 12 months, as investment in geographical expansion paid off.
The London payments firm said profit for the year ending March 2020 was £21.3m, up from £10.3m a year earlier and marking its third straight year in the black.
Meanwhile revenue jumped 70 per cent to £302.6m, rising from £179m in 2019.
More than half of its sales last year came from Europe, while its operations in the US brought in 26 per cent of the take. The remaining 26 per cent came from divisions in the rest of the world, with the Asian Pacific region being its fastest-growing area.
Transferwise reported a total of £67bn in payments for the 12 months, £42bn of which was in cross currency transfers.
The figures do not take into account any impact from the coronavirus pandemic, as the year ended before lockdown measures took effect. However Transferwise said it has seen an “uplift in new customers, with overall transfer volumes continuing to grow”.
The company, which is upheld as one of the UK’s most successful startups thanks to its profitable track record, was valued at $5bn earlier this year after a secondary share sale. It has now raised more than $1bn in primary and secondary funding.
“Transferwise is about building a new way to move money in the world, the numbers on the balance sheet are there to support that,” said Kristo Kaarmann, the fintech firm’s chief executive and co-founder.
“Staying profitable as we grow is an essential proof point in this journey. We need to be able to scale globally while building a business that people can trust will be here for the long term.
“The numbers show that we’re continuing to do that, while staying focused on bringing our service to everyone that needs it.”
Transferwise now has 8m customers, with a staff of 2,200 people in 14 global offices.


cityam--2020-09-22--China pledges to go carbon neutral by 2060

China today sprung a major surprise after President Xi Jinping called for a “ green revolution ” and said his country would be carbon neutral by 2060 .
Addressing the UN general assembly today , Xi said that China would hit peak carbon emissions in 2030 and then begin to phase out emitting technologies .
Read more : Google reduces entire carbon footprint to zero “ China will scale up its intended Nationally Determined Contributions ( to the Paris agreement ) by adopting more vigorous policies and measures , ” the premier said .
It is the first time that @ @ @ @ @ @ @ pledged to end its contribution to climate change .
The move was welcomed by the EU , which has been negotiating with China to lay out a target for carbon neutrality .
The move is widely seen as heaping pressure on US President Donald Trump , who has previously called the Paris climate accords a one-sided agreement and attacked China ’ s “ rampant pollution ” .
“ Those who attack America ’ s exceptional environmental record while ignoring China ’ s rampant pollution are not interested in the environment .
They only @ @ @ @ @ @ @ will not stand for it , ” Trump said , a few minutes before Xi took to the virtual lectern .
Before the Open newsletter : Start your day with the City View podcast and key market data In 2017 , Trump pulled the US out of the Paris agreement and has subsequently rolled back hundreds of environmental protections .
He insisted that the US had reduced its climate emissions by more than any other country involved in the agreement .
Richard Black , director of the Energy and Climate Intelligence Unit ( @ @ @ @ @ @ @ ’ t just the world ’ s biggest emitter but the biggest energy financier and biggest market , so its decisions play a major role in shaping how the rest of the world progresses with its transition away from the fossil fuels that cause climate change .
“ The announcement today is also a major fillip for the European Union , whose leaders recently urged President Xi to take exactly this step as part of a joint push on lowering emissions , showing that international moves to curb climate change remain alive despite @ @ @ @ @ @ @ [ Brazilian president ] Jair Bolsonaro in the run-up to next year ’ s COP26 in Glasgow.
” Read more : What could a Biden presidency mean for climate change investing ?
Trump and Xi also exchanged blows over the coronavirus pandemic , with Trump calling for China to be held “ accountable ” for the crisis .
Xi hit back , saying China had “ no intention to enter a Cold War with any country ” .

China pledges to go carbon neutral by 2060
China today sprung a major surprise after President Xi Jinping called for a “green revolution” and said his country would be carbon neutral by 2060.
Addressing the UN general assembly today, Xi said that China would hit peak carbon emissions in 2030 and then begin to phase out emitting technologies.
“China will scale up its intended Nationally Determined Contributions (to the Paris agreement) by adopting more vigorous policies and measures,” the premier said.
It is the first time that the world’s largest polluter has pledged to end its contribution to climate change.
The move was welcomed by the EU, which has been negotiating with China to lay out a target for carbon neutrality.
The move is widely seen as heaping pressure on US President Donald Trump, who has previously called the Paris climate accords a one-sided agreement and attacked China’s “rampant pollution”.
“Those who attack America’s exceptional environmental record while ignoring China’s rampant pollution are not interested in the environment. They only want to punish America. And I will not stand for it,” Trump said, a few minutes before Xi took to the virtual lectern.
Before the Open newsletter: Start your day with the City View podcast and key market data
In 2017, Trump pulled the US out of the Paris agreement and has subsequently rolled back hundreds of environmental protections.
He insisted that the US had reduced its climate emissions by more than any other country involved in the agreement.
Richard Black, director of the Energy and Climate Intelligence Unit (ECIU) said: “China isn’t just the world’s biggest emitter but the biggest energy financier and biggest market, so its decisions play a major role in shaping how the rest of the world progresses with its transition away from the fossil fuels that cause climate change.
“The announcement today is also a major fillip for the European Union, whose leaders recently urged President Xi to take exactly this step as part of a joint push on lowering emissions, showing that international moves to curb climate change remain alive despite the best efforts of Donald Trump and [Brazilian president] Jair Bolsonaro in the run-up to next year’s COP26 in Glasgow.”
Trump and Xi also exchanged blows over the coronavirus pandemic, with Trump calling for China to be held “accountable” for the crisis.
Xi hit back, saying China had “no intention to enter a Cold War with any country”.


cityam--2020-09-22--Boris Johnson: We must work 'together' to avoid second full lockdown

Boris Johnson has warned that the country must follow the new coronavirus restrictions “ together ” if the country is to get through the winter without a second full lockdown .
In a televised address to the nation this evening , the Prime Minister said that “ now is the time for us all to summon the discipline , and the resolve , and the spirit of togetherness that will carry us through ” .
Read more : Coronavirus : Boris Johnson imposes stringent new restrictions for up to six months His speech came after he unveiled the new restrictions @ @ @ @ @ @ @ working from home advice and a 10pm curfew on hospitality businesses , in a statement to Parliament earlier today .
The measures could be in place for up to six months , he warned .
In his speech , Johnson said that although the government was working “ night and day ” to protect the country , responsibility also lay with people to obey the rules .
“ The single greatest weapon we bring to this fight is the common sense of the people themselves – the joint resolve of this country to @ @ @ @ @ @ @ , he said .
Repeating his words from the House of Commons earlier , he said that a “ stitch in time saves nine ” but reserved the right to implement more restrictions if necessary .
“ But if people don ’ t follow the rules we have set out , then we must reserve the right to go further .
“ We must take action now because a stitch in time saves nine ; and this way we can keep people in work , we can keep our shops and our schools @ @ @ @ @ @ @ country moving forward while we work together to suppress the virus ” , he said .
Before the Open newsletter : Start your day with the City View podcast and key market data “ That is our strategy , and if we can follow this package together , then I know we can succeed because in so many ways we are better prepared than before.
” Johnson ’ s speech came as a snap survey by pollster YouGov showed that 78 per cent of Brits supported the new restrictions .
However , 45 @ @ @ @ @ @ @ think they went far enough .
Despite the grim message , Johnson insisted that scientists were “ unanimous ” that the situation would be much improved by the spring .
By then , he said , the country would have the combined advantages of the hope of a vaccine and a mass testing programme .
“ That ’ s the hope ; that ’ s the dream .
It ’ s hard , but it ’ s attainable , and we are working as hard as we can to get there .
“ @ @ @ @ @ @ @ rely on our willingness to look out for each other , to protect each other .
Never in our history has our collective destiny and our collective health depended so completely on our individual behaviour ” , he added .
In addition to the curfew and working from home measures , other new rules mean a limit of 15 people are allowed to attend weddings , while all retail and hospitality workers will be forced to wear masks at all times .
Read more : City firms begin to send workers home after @ @ @ @ @ @ @ comply with Covid secure guidelines will be written into law , with higher fines for non-compliance .
Plans to allow crowds at sports stadiums and other similar events next month have also been scrapped .

Boris Johnson: We must work ‘together’ to avoid second full lockdown
The Prime Minister has vowed the UK will not see a return to austerity to pay for the post-pandemic economic recovery
Boris Johnson has warned that the country must follow the new coronavirus restrictions “together” if the country is to get through the winter without a second full lockdown.
In a televised address to the nation this evening, the Prime Minister said that “now is the time for us all to summon the discipline, and the resolve, and the spirit of togetherness that will carry us through”.
His speech came after he unveiled the new restrictions, which include a return to the working from home advice and a 10pm curfew on hospitality businesses, in a statement to Parliament earlier today.
The measures could be in place for up to six months, he warned.
In his speech, Johnson said that although the government was working “night and day” to protect the country, responsibility also lay with people to obey the rules.
“The single greatest weapon we bring to this fight is the common sense of the people themselves – the joint resolve of this country to work together to suppress Covid now”, he said.
Repeating his words from the House of Commons earlier, he said that a “stitch in time saves nine” but reserved the right to implement more restrictions if necessary.
“But if people don’t follow the rules we have set out, then we must reserve the right to go further.
“We must take action now because a stitch in time saves nine; and this way we can keep people in work, we can keep our shops and our schools open, and we can keep our country moving forward while we work together to suppress the virus”, he said.
Before the Open newsletter: Start your day with the City View podcast and key market data
“That is our strategy, and if we can follow this package together, then I know we can succeed because in so many ways we are better prepared than before.”
Johnson’s speech came as a snap survey by pollster YouGov showed that 78 per cent of Brits supported the new restrictions.
However, 45 per cent said that they did not think they went far enough.
Despite the grim message, Johnson insisted that scientists were “unanimous” that the situation would be much improved by the spring.
By then, he said, the country would have the combined advantages of the hope of a vaccine and a mass testing programme.
“That’s the hope; that’s the dream. It’s hard, but it’s attainable, and we are working as hard as we can to get there.
“But until we do, we must rely on our willingness to look out for each other, to protect each other. Never in our history has our collective destiny and our collective health depended so completely on our individual behaviour”, he added.
In addition to the curfew and working from home measures, other new rules mean a limit of 15 people are allowed to attend weddings, while all retail and hospitality workers will be forced to wear masks at all times.
Rules to make businesses comply with Covid secure guidelines will be written into law, with higher fines for non-compliance.
Plans to allow crowds at sports stadiums and other similar events next month have also been scrapped.


cityam--2020-09-22--City firms begin to send workers home after new government rules

City firms have begun to send workers home after the government today told people to begin working from home again where they can .
About 1,000 Barclays staff will revert to home working due to the new coronavirus advice , the bank said today .
Read more : Coronavirus : Boris Johnson imposes stringent new restrictions for up to six months Although around 22,000 employees had remained working from the lender ’ s offices during the pandemic as key workers , hundreds had begun to return to the office as lockdown restrictions were eased .
However , with the government @ @ @ @ @ @ @ today , they will resume previous arrangements , a spokesperson for the bank told Reuters .
Staff at insurance market Lloyd ’ s of London have also been asked to work from home , a spokesperson said , although its underwriting room will remain open .
The new advice comes just weeks after the government took steps to urge staff back to their places of work in a bid to rejuvenate the country ’ s abandoned city centres .
Prime Minister Boris Johnson announced a number of new restrictions , including a 10pm @ @ @ @ @ @ @ ministers seek to tackle a growing number of coronavirus cases .
Before the Open newsletter : Start your day with the City View podcast and key market data A number of other large banks are expected to follow Barclays ’ lead and send workers home under the new restrictions .
French lender Societe Generale said that it was “ adapting its position in line with UK government guidance ” , although it did not specify how many workers will be sent home .
Business groups were united in calls for the government to @ @ @ @ @ @ @ the change in guidance .
There are particular concerns over the job retention furlough scheme , which is due to come to an end at the end of next month .
The Bank of England , which previously had been opposed to extending the scheme , today said that it would do “ everything we can ” to help prop up the economy .
Meanwhile , chancellor Rishi Sunak is reportedly preparing to extend the country ’ s coronavirus loan schemes to the end of December .
But some have warned that businesses @ @ @ @ @ @ @ to survive a second lockdown .
Read more : Boris Johnson to tell Brits to work from home in lockdown U-turn The Federation of Small Businesses ( FSB ) warned that while many firms had cash reserves to carry them through the first lockdown , further restrictions could prove devastating .
Roger Barker , director of policy at the Institute of Directors ( IoD ) said : “ With the return of more restrictions , the onus is squarely on the Government to set out the next phase of its support .
”

City firms begin to send workers home after new government rules
City firms have begun to send workers home after the government today told people to begin working from home again where they can.
About 1,000 Barclays staff will revert to home working due to the new coronavirus advice, the bank said today.
Although around 22,000 employees had remained working from the lender’s offices during the pandemic as key workers, hundreds had begun to return to the office as lockdown restrictions were eased.
However, with the government’s u-turn on working from home today, they will resume previous arrangements, a spokesperson for the bank told Reuters.
Staff at insurance market Lloyd’s of London have also been asked to work from home, a spokesperson said, although its underwriting room will remain open.
The new advice comes just weeks after the government took steps to urge staff back to their places of work in a bid to rejuvenate the country’s abandoned city centres.
Prime Minister Boris Johnson announced a number of new restrictions, including a 10pm curfew on pubs and restaurants, as ministers seek to tackle a growing number of coronavirus cases.
Before the Open newsletter: Start your day with the City View podcast and key market data
A number of other large banks are expected to follow Barclays’ lead and send workers home under the new restrictions.
French lender Societe Generale said that it was “adapting its position in line with UK government guidance”, although it did not specify how many workers will be sent home.
Business groups were united in calls for the government to set out new support for companies after the change in guidance.
There are particular concerns over the job retention furlough scheme, which is due to come to an end at the end of next month.
The Bank of England, which previously had been opposed to extending the scheme, today said that it would do “everything we can” to help prop up the economy.
Meanwhile, chancellor Rishi Sunak is reportedly preparing to extend the country’s coronavirus loan schemes to the end of December.
But some have warned that businesses will need more support if they are to survive a second lockdown.
The Federation of Small Businesses (FSB) warned that while many firms had cash reserves to carry them through the first lockdown, further restrictions could prove devastating.
Roger Barker, director of policy at the Institute of Directors (IoD) said: “With the return of more restrictions, the onus is squarely on the Government to set out the next phase of its support.”


cityam--2020-09-22--UK records highest daily coronavirus cases since May

The UK has recorded the highest daily number of coronavirus infections in four months , as the Prime Minister today announced fresh measures to crack down on a second wave sweeping the country .
A further 4,926 people tested positive for coronavirus in the UK over the last 24 hours , marking the highest daily figure since 7 May .
Read more : Third of Wales to enter lockdown following spike in infections The UK also marked the highest daily death rate since 14 July today , after a further 37 coronavirus-related fatalities were recorded in the last 24 hours @ @ @ @ @ @ @ overall number of infections confirmed in the UK to 403,551 .
The official UK coronavirus death toll now stands at 41,825 , however separate figures show there have now been more than 57,500 deaths registered in Britain in which coronavirus was mentioned on the death certificate .
It comes after Boris Johnson today announced a swathe of new restrictions to tackle the rapid rise in infection rates across the country .
Speaking in the Commons this lunchtime , Johnson urged people in England to work from home where possible , and enforced a @ @ @ @ @ @ @ .
“ Unless we palpably make progress we should assume that the restrictions I have announced will remain in place for perhaps six months , ” said the PM .
Johnson added that the UK has reached a “ a perilous turning point ” , and that the government was “ acting on the principle that a stitch in time saves nine ” .
It comes after the UK ’ s top scientists yesterday warned that Britain could see around 50,000 infections a day by mid-October without urgent action .
Chief scientific adviser @ @ @ @ @ @ @ are currently doubling every seven days in the UK , while just eight per cent of Britons have any sort of immunity .
The Prime Minister will make a live address to the nation at 8pm this evening , in which he will outline new guidelines such as fines for breaking mandatory mask-wearing rules .
Read more : Boris Johnson to tell Brits to work from home in lockdown U-turn Mayor of London Sadiq Khan today said he is in discussions to enforce extra measures in the capital to meet its “ unique @ @ @ @ @ @ @ : “ Londoners have made monumental sacrifices during this pandemic and as I have further meetings with ministers and council leaders in the coming days I will continue to keep Londoners informed about the extra measures that may need to be implemented in the capital.
” Before the Open : Get the jump on the markets with our early morning newsletter

UK records highest daily coronavirus cases since May
The UK has recorded the highest daily number of coronavirus infections in four months, as the Prime Minister today announced fresh measures to crack down on a second wave sweeping the country.
A further 4,926 people tested positive for coronavirus in the UK over the last 24 hours, marking the highest daily figure since 7 May.
The UK also marked the highest daily death rate since 14 July today, after a further 37 coronavirus-related fatalities were recorded in the last 24 hours.
Today’s figure takes the overall number of infections confirmed in the UK to 403,551.
The official UK coronavirus death toll now stands at 41,825, however separate figures show there have now been more than 57,500 deaths registered in Britain in which coronavirus was mentioned on the death certificate.
It comes after Boris Johnson today announced a swathe of new restrictions to tackle the rapid rise in infection rates across the country.
Speaking in the Commons this lunchtime, Johnson urged people in England to work from home where possible, and enforced a 10pm curfew for hospitality and leisure venues.
“Unless we palpably make progress we should assume that the restrictions I have announced will remain in place for perhaps six months,” said the PM.
Johnson added that the UK has reached a “a perilous turning point”, and that the government was “acting on the principle that a stitch in time saves nine”.
It comes after the UK’s top scientists yesterday warned that Britain could see around 50,000 infections a day by mid-October without urgent action.
Chief scientific adviser Sir Patrick Vallance warned that coronavirus cases are currently doubling every seven days in the UK, while just eight per cent of Britons have any sort of immunity.
The Prime Minister will make a live address to the nation at 8pm this evening, in which he will outline new guidelines such as fines for breaking mandatory mask-wearing rules.
Mayor of London Sadiq Khan today said he is in discussions to enforce extra measures in the capital to meet its “unique needs and challenges”.
Khan said: “Londoners have made monumental sacrifices during this pandemic and as I have further meetings with ministers and council leaders in the coming days I will continue to keep Londoners informed about the extra measures that may need to be implemented in the capital.”
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-09-22--Coronavirus loans: Labour shadow minister calls for extra assistance

The government should look to alter its coronavirus emergency loan schemes to assist companies that may struggle to pay back their debts , according to a Labour shadow cabinet member .
Shadow chief secretary to the Treasury Bridget Phillipson told City A.M. in a wide-ranging interview that some firms are “ are in a much more fragile position than others ” and may not be able to pay back debts as they fall due .
Read more : Coronavirus : Boris Johnson imposes stringent new restrictions for up to six months UK companies have borrowed £58bn as a part of @ @ @ @ @ @ @ loan schemes , which sees the Treasury underwriting between 80 per cent and 100 per cent of each loan .
Companies will have to start paying back their loans after one year , meaning some businesses will be forced to start making repayments from March .
Some experts , including former chancellor George Osborne , have said the government will eventually have to provide some sort of debt relief to businesses that will not be able to pay back their coronavirus loans .
Phillipson said the government would have to make alterations of @ @ @ @ @ @ @ worst hit sectors by the crisis – hospitality , retail , leisure and tourism – do not get sunk by debt repayments .
“ We want the government to look at the situation facing many of our small businesses and design a scheme that meets those circumstances , ” Phillipson said .
Before the Open newsletter : Start your day with the City View podcast and key market data “ For some businesses that haven ’ t been able to trade , haven ’ t been able to operate – or operate at @ @ @ @ @ @ @ are very different from those companies that have been able to keep going or have had people working from home .
“ If you ’ re in manufacturing and you haven ’ t been able to bring people back to work that is a particular challenge and that ’ s part of our economy that will be central to the future challenges we face.
” Labour ’ s virtual conference ends tonight , after three days of speeches that largely tried to distance the party from former leader Jeremy Corbyn and his left-wing @ @ @ @ @ @ @ speech as leader today to say that Labour would be a more patriotic , family values-orientated party under him in a bid to win back working class voters .
Shadow chancellor Anneliese Dodds yesterday pitched Labour as a party of fiscal responsibility , while painting the government as being “ cavalier ” with public money .
The change in tone is a large shift away from the big-spending manifesto that Labour brought to the 2019 General Election , which ended in disaster for the party .
When asked what Dodds ’ statement meant @ @ @ @ @ @ @ : “ What people want to hear from us is the direction we will set , both from Keir and Anneliese as our shadow chancellor .
“ What Anneliese set out yesterday is that we believe government and business should work closely together in order to build a better , fairer Britain.
” Interestingly , Phillipson also used language that sounded Margaret Thatcher-esque when speaking about fiscal policy .
The former Prime Minister would often sell her monetarist economic platform by appealing to regular families and by invoking their efforts to balance their @ @ @ @ @ @ @ , Phillipson said : “ I think many of those voters that we lost in 2019 – or haven ’ t looked at Labour for some time – are people that understand the value of money .
“ If you grow up in a community , or live in a community , where there isn ’ t very much money you know that it ’ s important that it ’ s spent wisely.
” Read more : Anneliese Dodds pitches Labour as party of fiscal responsibility Starmer pledged during his victorious Labour leadership @ @ @ @ @ @ @ policies from the party ’ s 2019 manifesto in a bid to placate the left of the party .
These included raising income tax for the highest 5 per cent of earners and nationalising the country ’ s rail , mail , energy and water .
However , there are already signs that these are beginning to slip .
Foreign secretary Lisa Nandy said today that she “ expects ” the income tax pledge would be scrapped due to the recesion .
Phillipson , meanwhile , told City A.M. that no policies were @ @ @ @ @ @ @ may be willing to break his promise to the party ’ s Corbynite base .
“ We had a devastating result and that means we face a long parliament ahead of us , ” she said .
“ That gives us an opportunity to develop our policy and look carefuly at the manifesto we ’ ll be putting to the country in 2024 .
Read more : Keir Starmer lashes out at Jeremy Corbyn and invokes Labour PMs in conference speech “ In terms of tax policy right now , what we don @ @ @ @ @ @ @ pulled out of the economy at such a critical moment .
“ The recovery is far from guaranteed , we ’ ve seen this week just how much of a fragile situation we ’ re all in and we think it would be wrong to be putting forward rax rises at this point within the economy .
”

Coronavirus loans: Labour shadow minister calls for extra assistance
Shadow chief secretary to the Treasury Bridget Phillipson
The government should look to alter its coronavirus emergency loan schemes to assist companies that may struggle to pay back their debts, according to a Labour shadow cabinet member.
Shadow chief secretary to the Treasury Bridget Phillipson told City A.M. in a wide-ranging interview that some firms are “are in a much more fragile position than others” and may not be able to pay back debts as they fall due.
UK companies have borrowed £58bn as a part of the government’s package of coronavirus loan schemes, which sees the Treasury underwriting between 80 per cent and 100 per cent of each loan.
Companies will have to start paying back their loans after one year, meaning some businesses will be forced to start making repayments from March.
Some experts, including former chancellor George Osborne, have said the government will eventually have to provide some sort of debt relief to businesses that will not be able to pay back their coronavirus loans.
Phillipson said the government would have to make alterations of some sort to ensure industries in the worst hit sectors by the crisis – hospitality, retail, leisure and tourism – do not get sunk by debt repayments.
“We want the government to look at the situation facing many of our small businesses and design a scheme that meets those circumstances,” Phillipson said.
Before the Open newsletter: Start your day with the City View podcast and key market data
“For some businesses that haven’t been able to trade, haven’t been able to operate – or operate at a much reduced capacity – their circumstances are very different from those companies that have been able to keep going or have had people working from home.
“If you’re in manufacturing and you haven’t been able to bring people back to work that is a particular challenge and that’s part of our economy that will be central to the future challenges we face.”
Labour’s virtual conference ends tonight, after three days of speeches that largely tried to distance the party from former leader Jeremy Corbyn and his left-wing faction.
Starmer used his first conference speech as leader today to say that Labour would be a more patriotic, family values-orientated party under him in a bid to win back working class voters.
Shadow chancellor Anneliese Dodds yesterday pitched Labour as a party of fiscal responsibility, while painting the government as being “cavalier” with public money.
The change in tone is a large shift away from the big-spending manifesto that Labour brought to the 2019 General Election, which ended in disaster for the party.
When asked what Dodds’ statement meant in real policy terms, Phillipson said: “What people want to hear from us is the direction we will set, both from Keir and Anneliese as our shadow chancellor.
“What Anneliese set out yesterday is that we believe government and business should work closely together in order to build a better, fairer Britain.”
Interestingly, Phillipson also used language that sounded Margaret Thatcher-esque when speaking about fiscal policy.
The former Prime Minister would often sell her monetarist economic platform by appealing to regular families and by invoking their efforts to balance their own household budget.
Echoing these statements, Phillipson said: “I think many of those voters that we lost in 2019 – or haven’t looked at Labour for some time – are people that understand the value of money.
“If you grow up in a community, or live in a community, where there isn’t very much money you know that it’s important that it’s spent wisely.”
Starmer pledged during his victorious Labour leadership campaign that he would maintain 10 key policies from the party’s 2019 manifesto in a bid to placate the left of the party.
These included raising income tax for the highest 5 per cent of earners and nationalising the country’s rail, mail, energy and water.
However, there are already signs that these are beginning to slip.
Foreign secretary Lisa Nandy said today that she “expects” the income tax pledge would be scrapped due to the recesion.
Phillipson, meanwhile, told City A.M. that no policies were set in stone, indicating that Starmer may be willing to break his promise to the party’s Corbynite base.
“We had a devastating result and that means we face a long parliament ahead of us,” she said.
“That gives us an opportunity to develop our policy and look carefuly at the manifesto we’ll be putting to the country in 2024.
“In terms of tax policy right now, what we don’t want to see is demand pulled out of the economy at such a critical moment.
“The recovery is far from guaranteed, we’ve seen this week just how much of a fragile situation we’re all in and we think it would be wrong to be putting forward rax rises at this point within the economy.”


cityam--2020-09-22--IATA calls for worldwide airport testing to replace quarantine

Global airline body the International Air Transport Association ( IATA ) has said that all international passengers should be given coronavirus tests before departing in order to scrap current quarantine measures .
Speaking at an online briefing , IATA director Alexandre de Juniac said that there was no alternative solution that was “ less challenging or more effective ” .
Read more : Bring in airport testing by end of the month or risk ‘ ruin ’ , airline bosses warn He said that fast-acting , cheap antigen tests were expected to become available for use in the “ coming @ @ @ @ @ @ @ to deploy them at airports around the world .
De Juniac said that the body would push for the tests , some of which cost as little as $ 7 each , to be endorsed by the United Nation ’ s global aviation agency .
A global agreement on the tests would be necessary to ensure that they were accepted when passengers arrived at destinations around the world , he said .
“ It will also boost passenger confidence that everybody on the aircraft has been tested ” , he said .
Airlines @ @ @ @ @ @ @ governments to replace quarantine measures with airport testing regimes in order to get the battered industry going again .
Before the Open newsletter : Start your day with the City View podcast and key market data Earlier this month a who ’ s who of the UK ’ s airline bosses wrote an open letter to Boris Johnson saying that unless ministers put such a regime in place by the end of the month the industry faced “ ruin ” .
They also called for the government to trial a London to New @ @ @ @ @ @ @ the lucrative transatlantic market going again .
De Juniac ’ s comments came as another prominent personality in the aviation world warned that the industry would never go back to the way it was .
In an interview with Eurocontrol , Willie Walsh , the former boss of British Airways owner IAG said that in five years time the industry would be smaller with fewer carriers .
However , he also said that the crisis would make airlines more resilient .
“ Most airlines are restructuring in a very positive way : they @ @ @ @ @ @ @ and the cost base will be more variable , they ’ ll be able to respond to crises going forward , ” he said .
But , with the less profitable winter period ahead , he warned that the coming months could be “ very very tough ” for the already struggling sector .

IATA calls for worldwide airport testing to replace quarantine
Global airline body the International Air Transport Association (IATA) has said that all international passengers should be given coronavirus tests before departing in order to scrap current quarantine measures.
Speaking at an online briefing, IATA director Alexandre de Juniac said that there was no alternative solution that was “less challenging or more effective”.
He said that fast-acting, cheap antigen tests were expected to become available for use in the “coming weeks”, opening up the opportunity to deploy them at airports around the world.
De Juniac said that the body would push for the tests, some of which cost as little as $7 each, to be endorsed by the United Nation’s global aviation agency.
A global agreement on the tests would be necessary to ensure that they were accepted when passengers arrived at destinations around the world, he said.
“It will also boost passenger confidence that everybody on the aircraft has been tested”, he said.
Airlines around the world have been calling on governments to replace quarantine measures with airport testing regimes in order to get the battered industry going again.
Before the Open newsletter: Start your day with the City View podcast and key market data
Earlier this month a who’s who of the UK’s airline bosses wrote an open letter to Boris Johnson saying that unless ministers put such a regime in place by the end of the month the industry faced “ruin”.
They also called for the government to trial a London to New York air bridge in order to get the lucrative transatlantic market going again.
De Juniac’s comments came as another prominent personality in the aviation world warned that the industry would never go back to the way it was.
In an interview with Eurocontrol, Willie Walsh, the former boss of British Airways owner IAG said that in five years time the industry would be smaller with fewer carriers.
However, he also said that the crisis would make airlines more resilient. “Most airlines are restructuring in a very positive way: they’re going to be more efficient and the cost base will be more variable, they’ll be able to respond to crises going forward,” he said.
But, with the less profitable winter period ahead, he warned that the coming months could be “very very tough” for the already struggling sector.


cityam--2020-09-22--Ralph Lauren to cut 15 per cent of global workforce

Fashion magnate Ralph Lauren has said it will cut around 15 per cent of its global workforce , as it seeks to recover costs and streamlines its offering to focus more on digital channels .
The cuts , which will take place by the end of this fiscal year , could affect up to 3,700 jobs .
The layoffs could result in annual pre-tax savings of between $ 180m and $ 200m , the company said .
Read more : LVMH sales slump drags down other luxury stocks Luxury retailers and high-end designers have been particularly hard hit by the @ @ @ @ @ @ @ a stop to a lucrative chunk of their revenue .
However e-commerce sales have comparatively boomed as a result , prompting Ralph Lauren to invest in its online shopping division .
The company said it will also move some human resource and planning systems to online cloud platforms , and streamline reporting lines .
Read more : Tiffany wins expedited trial over LVMH ’ s bid to ditch $ 16bn takeover “ The changes happening in the world around us have accelerated the shifts we saw pre-Covid , and we are fast-tracking some @ @ @ @ @ @ @ ” chief executive Patrice Louvet said .
Ralph Lauren expects to incur one-time pre-tax charges of about $ 120m to $ 160m in fiscal 2021 , it added .
Ralph Lauren shares were up 1.6 per cent in early trading as markets opened on Wall Street this afternoon .

Ralph Lauren to cut 15 per cent of global workforce
Fashion magnate Ralph Lauren has said it will cut around 15 per cent of its global workforce, as it seeks to recover costs and streamlines its offering to focus more on digital channels.
The cuts, which will take place by the end of this fiscal year, could affect up to 3,700 jobs.
The layoffs could result in annual pre-tax savings of between $180m and $200m, the company said.
Luxury retailers and high-end designers have been particularly hard hit by the coronavirus pandemic, as travel restrictions put a stop to a lucrative chunk of their revenue.
However e-commerce sales have comparatively boomed as a result, prompting Ralph Lauren to invest in its online shopping division.
The company said it will also move some human resource and planning systems to online cloud platforms, and streamline reporting lines.
“The changes happening in the world around us have accelerated the shifts we saw pre-Covid, and we are fast-tracking some of our plans to match them,” chief executive Patrice Louvet said.
Ralph Lauren expects to incur one-time pre-tax charges of about $120m to $160m in fiscal 2021, it added.
Ralph Lauren shares were up 1.6 per cent in early trading as markets opened on Wall Street this afternoon.


cityam--2020-09-22--Night-time businesses slam 10pm curfew as 'devastating'

Businesses in the UK ’ s night-time economy have slammed the Prime Minister ’ s announcement of a 10pm curfew on venues for up to six months as “ devastating ” , and warned that it will lead to wide-scale business collapse and unemployment .
Boris Johnson today announced a 10pm curfew on all hospitality and leisure venues in England in a bid to tackle the rapid rise of coronavirus infections across the UK .
Read more : Coronavirus : Boris Johnson imposes stringent new restrictions for up to six months The PM told the Commons that “ unless we @ @ @ @ @ @ @ the restrictions I have announced will remain in place for perhaps six months ” .
The new restrictions will apply to businesses across the night-time economy , including pubs , restaurants , cinemas , theatres , night clubs and casinos .
Michael Kill , chief executive of the Night Time Industries Association ( NTIA ) , told City A.M : “ This announcement of a 10pm curfew for hospitality is yet another devastating blow to the already beleaguered night-time economy , struggling to survive and in desperate need of sector-specific financial support from @ @ @ @ @ @ @ the UK ’ s fifth-biggest industry , accounting for at least eight per cent of the UK ’ s employment and annual revenues of £66bn , according to data the NTIA .
But Kill said the fresh curfew “ will lead to the demise of many of our most beloved cultural and entertainment venues ” .
“ Businesses in the night-time economy are both shocked and disappointed by the government ’ s continued targeting of restrictions on late-night venues and bars , partially open at a fraction of their capacity , when they @ @ @ @ @ @ @ takes place in households , ” he added .
“ We foresee a surge of unregulated events and house parties which are the real hotbeds of infection , attended by frustrated young people denied access to safe and legitimate night-time hospitality venues.
” Months of planning ‘ up in the air ’ Live performance venues have already suffered after being forced to shutter for months over concerns that instruments , singing and loud music might exacerbate the spread of infection , while pubs and restaurants were allowed to reopen .
Colin Savage , @ @ @ @ @ @ @ Club in the West End , told City A.M. late night curfews will have a monumental effect on England ’ s hospitality venues while doing do little to stem the spread of infection .
“ Once again months of ticketing , marketing and planning for the live performance sector has been thrown up in the air within 24 hours , when it seems the government have misjudged the target , ” he said .
“ Late night curfews over the last few months in Bolton haven ’ t reduced the rate of infection @ @ @ @ @ @ @ being told by licensing that customers need to safely disperse over time [ to ] avoiding squeezes on public transport and crowded , busy streets , it does seem a little odd that the government thinks that a 10pm cliff edge for the hospitality industry will benefit public health .
“ It is now time for the furlough scheme for this sector to be extended for the next six months .
” Johnson will address the nation this evening to introduce a package of measures to curb the spread of the virus , @ @ @ @ @ @ @ yesterday warned Britain could see 50,000 new infections a day by mid-October without urgent action .
The PM will tell people to work from home where possible , and will introduce a £200 on-the-spot fine for those who fail to comply with mandatory face mask rules .
Johnson said the UK now stands at a “ perilous turning point ” , and warned that the police will now have the “ option to draw on military support where required ” .
The Federation of Small Businesses ( FSB ) , which represents more @ @ @ @ @ @ @ , called for more business support alongside the new measures .
Read more : Boris Johnson to tell Brits to work from home in lockdown U-turn FSB chairman Mike Cherry said : “ Many businesses — particularly those at the heart of our night-time economy and events industries — are now seriously fearing for their futures .
Having lost the summer , a lot of them would ’ ve been pinning their hopes to increased trade in the run-up to Christmas .
Their plans are now in disarray.
” “ Policymakers now urgently @ @ @ @ @ @ @ that will follow-on from the job retention scheme , cash grants announced earlier this month and emergency finance initiatives.
” Before the Open : Get the jump on the markets with our early morning newsletter

Night-time businesses slam 10pm curfew as ‘devastating’
Businesses in the UK’s night-time economy have slammed the Prime Minister’s announcement of a 10pm curfew on venues for up to six months as “devastating”, and warned that it will lead to wide-scale business collapse and unemployment.
Boris Johnson today announced a 10pm curfew on all hospitality and leisure venues in England in a bid to tackle the rapid rise of coronavirus infections across the UK.
The PM told the Commons that “unless we palpably make progress we should assume that the restrictions I have announced will remain in place for perhaps six months”.
“A stitch in time saves nine,” he added.
‘Shocked and disappointed’
The new restrictions will apply to businesses across the night-time economy, including pubs, restaurants, cinemas, theatres, night clubs and casinos.
Michael Kill, chief executive of the Night Time Industries Association (NTIA), told City A.M: “This announcement of a 10pm curfew for hospitality is yet another devastating blow to the already beleaguered night-time economy, struggling to survive and in desperate need of sector-specific financial support from the government.”
The night-time economy is the UK’s fifth-biggest industry, accounting for at least eight per cent of the UK’s employment and annual revenues of £66bn, according to data from the NTIA.
But Kill said the fresh curfew “will lead to the demise of many of our most beloved cultural and entertainment venues”.
“Businesses in the night-time economy are both shocked and disappointed by the government’s continued targeting of restrictions on late-night venues and bars, partially open at a fraction of their capacity, when they have admitted that the majority of transmission takes place in households,” he added.
“We foresee a surge of unregulated events and house parties which are the real hotbeds of infection, attended by frustrated young people denied access to safe and legitimate night-time hospitality venues.”
Months of planning ‘up in the air’
Live performance venues have already suffered after being forced to shutter for months over concerns that instruments, singing and loud music might exacerbate the spread of infection, while pubs and restaurants were allowed to reopen.
Colin Savage, co-owner of London’s Phoenix Arts Club in the West End, told City A.M. late night curfews will have a monumental effect on England’s hospitality venues while doing do little to stem the spread of infection.
“Once again months of ticketing, marketing and planning for the live performance sector has been thrown up in the air within 24 hours, when it seems the government have misjudged the target,” he said.
“Late night curfews over the last few months in Bolton haven’t reduced the rate of infection. And, after many years of being told by licensing that customers need to safely disperse over time [to] avoiding squeezes on public transport and crowded, busy streets, it does seem a little odd that the government thinks that a 10pm cliff edge for the hospitality industry will benefit public health.
“It is now time for the furlough scheme for this sector to be extended for the next six months. ”
Plans ‘in disarray’
Johnson will address the nation this evening to introduce a package of measures to curb the spread of the virus, after the UK’s top scientists yesterday warned Britain could see 50,000 new infections a day by mid-October without urgent action.
The PM will tell people to work from home where possible, and will introduce a £200 on-the-spot fine for those who fail to comply with mandatory face mask rules.
Johnson said the UK now stands at a “perilous turning point”, and warned that the police will now have the “option to draw on military support where required”.
The Federation of Small Businesses (FSB), which represents more than 5.8m small businesses in the UK, called for more business support alongside the new measures.
FSB chairman Mike Cherry said: “Many businesses — particularly those at the heart of our night-time economy and events industries — are now seriously fearing for their futures. Having lost the summer, a lot of them would’ve been pinning their hopes to increased trade in the run-up to Christmas. Their plans are now in disarray.”
“Policymakers now urgently need to map out the support measures that will follow-on from the job retention scheme, cash grants announced earlier this month and emergency finance initiatives.”
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cityam--2020-09-22--Sadiq Khan calls for emergency business support as London restrictions loom

Mayor of London Sadiq Khan has called on the Prime Minister to introduce emergency financial support for businesses affected by the new 10pm curfew and warned that extra restrictions lay on the horizon for the capital .
Khan said he has had “ constructive ” conversations with Boris Johnson today about the new 10pm curfew for hospitality and leisure venues , which is set to come into force on Thursday and could last for six months .
Read more : Sadiq Khan warns of ‘ new restrictions ’ for London However , he warned that “ the need for extra @ @ @ @ @ @ @ been more urgent ” .
“ It is essential that the government now come forward within days with a targeted package of financial support for the retail , hospitality and cultural sectors who will be hit hardest by further restrictions , alongside an immediate targeted extension of the furlough scheme ” , he said .
The furlough scheme , which has handed out 80 per cent of wages to employees unable to work during the pandemic , is set to wind down at the end of October .
Top industry figures , including @ @ @ @ @ @ @ have called for an immediate extension of the scheme to avoid mass redundancies .
Read more : Business groups call for further support as UK tightens restrictions Khan added that he has made clear to the PM that London “ has unique needs and challenges ” , and said additional measures now need to be considered for the capital .
“ Londoners have made monumental sacrifices during this pandemic and as I have further meetings with ministers and council leaders in the coming days I will continue to keep Londoners informed about the @ @ @ @ @ @ @ implemented.
” Read more : Second local lockdown could cost London more than £2bn Johnson today urged people in England to work at home where possible , and announced a £200 on-the-spot fine for those who fail to comply with mandatory face mask rules .
He added that the UK now stands at a “ perilous turning point ” , and warned that the police will now have the “ option to draw on military support where required ” .
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Sadiq Khan calls for emergency business support as London restrictions loom
The mayor of London joined calls for the furlough scheme to be extended until at least June
Mayor of London Sadiq Khan has called on the Prime Minister to introduce emergency financial support for businesses affected by the new 10pm curfew and warned that extra restrictions lay on the horizon for the capital.
Khan said he has had “constructive” conversations with Boris Johnson today about the new 10pm curfew for hospitality and leisure venues, which is set to come into force on Thursday and could last for six months.
However, he warned that “the need for extra financial support for these businesses has never been more urgent”.
“It is essential that the government now come forward within days with a targeted package of financial support for the retail, hospitality and cultural sectors who will be hit hardest by further restrictions, alongside an immediate targeted extension of the furlough scheme”, he said.
The furlough scheme, which has handed out 80 per cent of wages to employees unable to work during the pandemic, is set to wind down at the end of October.
Top industry figures, including UK Hospitality chief executive Kate Nicholls, have called for an immediate extension of the scheme to avoid mass redundancies.
London
Khan added that he has made clear to the PM that London “has unique needs and challenges”, and said additional measures now need to be considered for the capital.
“Londoners have made monumental sacrifices during this pandemic and as I have further meetings with ministers and council leaders in the coming days I will continue to keep Londoners informed about the extra measures that may need to be implemented.”
Johnson today urged people in England to work at home where possible, and announced a £200 on-the-spot fine for those who fail to comply with mandatory face mask rules.
He added that the UK now stands at a “perilous turning point”, and warned that the police will now have the “option to draw on military support where required”.
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cityam--2020-09-23--Mobile World Congress postponed to late June 2021

Mobile World Congress ( MWC ) , the world ’ s largest telecoms conference , has been pushed back further to late June next year .
Organisers GSMA said the event , which usually attracts more than 100,000 professionals , will be postponed to make it possible to gather safely .
MWC 2021 was originally scheduled for early March in Barcelona .
It will now be held between 28 June and 1 July , after MWC 2020 was cancelled due to the pandemic earlier this year .
Read more : MWC to offer refunds after conference scrapped due to coronavirus @ @ @ @ @ @ @ a thread of technology giants such as Amazon , Huawei and Ericsson pulling out of the conference as its date drew near , prompting requests for refunds from ticket-holders .
GSMA said it expects to have fewer attendees at the 2021 event .
“ It ’ s going to be physical .
It ’ s going to be face to face .
But it ’ s going to have a bigger virtual component , ” said Mats Granryd , director general of GSMA .
“ Having 110,000-plus events is less interesting — getting @ @ @ @ @ @ @ Granryd said the delay will allow GSMA more time to work on safety precautions surrounding hygiene , travel and social distancing .
He added that , by next summer , GSMA hopes quick coronavirus tests and vaccines will be available to help keep attendees safe .
The Chinese edition of MWC , held in Shanghai , will be brought forward to late February in a swap with the Barcelona event .
Granryd said in a written statement : “ With a continuously changing global outlook and following consultation with our board and membership @ @ @ @ @ @ @ taken the careful decision to reschedule MWC21 Shanghai in February , and MWC21 Barcelona in June .
‘ The health and safety of our exhibitors , attendees , staff and the people of Barcelona are of paramount importance .
”

Mobile World Congress postponed to late June 2021
MWC attracts more than 100,000 professionals each year
Mobile World Congress (MWC), the world’s largest telecoms conference, has been pushed back further to late June next year.
Organisers GSMA said the event, which usually attracts more than 100,000 professionals, will be postponed to make it possible to gather safely.
MWC 2021 was originally scheduled for early March in Barcelona. It will now be held between 28 June and 1 July, after MWC 2020 was cancelled due to the pandemic earlier this year.
The March 2020 edition was plagued by a thread of technology giants such as Amazon, Huawei and Ericsson pulling out of the conference as its date drew near, prompting requests for refunds from ticket-holders.
GSMA said it expects to have fewer attendees at the 2021 event.
“It’s going to be physical. It’s going to be face to face. But it’s going to have a bigger virtual component,” said Mats Granryd, director general of GSMA.
“Having 110,000-plus events is less interesting — getting the right people is more interesting.”
Granryd said the delay will allow GSMA more time to work on safety precautions surrounding hygiene, travel and social distancing.
He added that, by next summer, GSMA hopes quick coronavirus tests and vaccines will be available to help keep attendees safe.
The Chinese edition of MWC, held in Shanghai, will be brought forward to late February in a swap with the Barcelona event.
Granryd said in a written statement: “With a continuously changing global outlook and following consultation with our board and membership and our top exhibitors, we have taken the careful decision to reschedule MWC21 Shanghai in February, and MWC21 Barcelona in June.
‘The health and safety of our exhibitors, attendees, staff and the people of Barcelona are of paramount importance.”


cityam--2020-09-23--Betting firm 888 hires Lord Mendelsohn as chairman

Betting giant 888 Holdings has hired former Tony Blair adviser Lord Mendelsohn as its new chairman , marking the latest in a series of political appointments within the gambling industry .
In a notice filed with the London Stock Exchange this morning , the FTSE-250-listed company confirmed Mendelsohn will replace former chief executive and current chair Brian Mattingley as chairman .
Read more : Government cracks down on loot boxes in bid to curb child gambling Mendelsohn , who has more than two decades ’ experience in the industry , will take over the role after Mattingley ’ s departure @ @ @ @ @ @ @ May .
The Labour lobbyist co-founded corporate finance boutique Oakvale Capital in 2011 , which specialises in the gambling , gaming and sports sectors .
His move to 888 marks the second Labour Party affiliate to secure a senior role in the gambling industry in less than a week .
Last Thursday Tom Watson , the former deputy Labour leader , was named as a senior adviser to Paddy Power owner Flutter Entertainment .
It comes as the betting industry faces increasing regulatory scrutiny as ministers seek to clamp down on problem gambling @ @ @ @ @ @ @ on online slot machines soared 25 per cent in the first three months of lockdown , data from the Gambling Commission showed , while online poker swelled 38 per cent and betting on virtual sports jumped 40 per cent .
This week the government announced a full-scale review of the 2005 Gambling Act , following mounting criticism from both MPs and peers that current legislation is “ not fit for the digital age ” .
Gibraltar-headquartered 888 , which has a market capitalisation of almost £700m , has seen its shares rise roughly @ @ @ @ @ @ @ .
Shares in the gambling firm rose 1.8 per cent to 184.6p this morning on the news of Mendelsohn ’ s hire .
Read more : Gambling body cracks down on underage ad exposure In a statement on his new appointment , Mendelsohn commented : “ I am very excited to join the board of such a world-class gaming operator .
888 is a company that I have long admired during my more than 20 years working with companies in the gaming and gambling industries .
“ The group has a number of @ @ @ @ @ @ @ forward to working closely with the board and the management team to continue to deliver the group ’ s growth strategy and generate further stakeholder value.
” Before the Open : Get the jump on the markets with our early morning newsletter

Betting firm 888 hires Lord Mendelsohn as chairman
Betting giant 888 Holdings has hired former Tony Blair adviser Lord Mendelsohn as its new chairman, marking the latest in a series of political appointments within the gambling industry.
In a notice filed with the London Stock Exchange this morning, the FTSE-250-listed company confirmed Mendelsohn will replace former chief executive and current chair Brian Mattingley as chairman.
Mendelsohn, who has more than two decades’ experience in the industry, will take over the role after Mattingley’s departure at the next annual general meeting in May.
The Labour lobbyist co-founded corporate finance boutique Oakvale Capital in 2011, which specialises in the gambling, gaming and sports sectors.
His move to 888 marks the second Labour Party affiliate to secure a senior role in the gambling industry in less than a week.
Last Thursday Tom Watson, the former deputy Labour leader, was named as a senior adviser to Paddy Power owner Flutter Entertainment.
It comes as the betting industry faces increasing regulatory scrutiny as ministers seek to clamp down on problem gambling following a spike during lockdown.
Betting on online slot machines soared 25 per cent in the first three months of lockdown, data from the Gambling Commission showed, while online poker swelled 38 per cent and betting on virtual sports jumped 40 per cent.
This week the government announced a full-scale review of the 2005 Gambling Act, following mounting criticism from both MPs and peers that current legislation is “not fit for the digital age”.
Gibraltar-headquartered 888, which has a market capitalisation of almost £700m, has seen its shares rise roughly 13 per cent over the past year.
Shares in the gambling firm rose 1.8 per cent to 184.6p this morning on the news of Mendelsohn’s hire.
In a statement on his new appointment, Mendelsohn commented: “I am very excited to join the board of such a world-class gaming operator. 888 is a company that I have long admired during my more than 20 years working with companies in the gaming and gambling industries.
“The group has a number of very exciting opportunities and I am looking forward to working closely with the board and the management team to continue to deliver the group’s growth strategy and generate further stakeholder value.”
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-09-23--FTSE 100 surges after restrictions ‘not as tough’ as feared

The FTSE 100 jumped as it continued to recover from Monday ’ s slump , despite survey data showing economic growth cooled in September .
London ’ s blue-chip index was up 2.3 per cent at 5,962 points , edging it closer to the 6,000 threshold .
The FTSE 250 was up 1.6 per cent .
Read more : Coronavirus : Boris Johnson imposes stringent new restrictions for up to six months The FTSE crashed more than three per cent on Monday , as investors anticipated new restrictions in response to rising coronavirus cases .
However , it recovered around @ @ @ @ @ @ @ the UK ’ s new rules became clear .
Prime Minister Boris Johnson announced that pubs and restaurants would have to start closing from 10pm .
He banned indoor sports and said employees should work from home if possible .
Optimism also returned to Europe in morning trading .
Germany ’ s Dax was up 1.6 per cent and France ’ s CAC 40 was 1.8 per cent higher .
The continent-wide Stoxx 600 was 1.4 per cent higher .
“ Stocks on the FTSE 100 have reacted surprisingly well to Boris Johnson @ @ @ @ @ @ @ spread of coronavirus , ” said said Fiona Cincotta , market analyst at trading platform City Index .
“ The measures weren ’ t as drastic as some had feared which has offered some support to stocks , particularly in the retail and hospitality sector.
” It was a broad-based rally .
Airlines , banks , supermarkets , housebuilders , hospitality and energy stocks all showed gains .
It came despite survey data showing the UK economy lost momentum in September .
Jet engine-maker Rolls Royce was the biggest riser , climbing 6.6 @ @ @ @ @ @ @ Monday , so its rise is a sign that investors think they overreacted .
Housebuilders Barratt and Taylor Wimpey also did well , rising around five per cent .
Domestic retailer JD Sports was not far behind with a rise of 4.6 per cent .
David Madden , market analyst at trading platform CMC Markets , said : “ The rally in US stocks last night has lifted the mood in this part of the world.
” He added : “ European equities have been taking their cues from the US a lot @ @ @ @ @ @ @ UK “ stocks like Restaurant Group and Marstons are higher again as the new restrictions are not as tough as some people initially predicted ” .
US stocks set to rise as dollar climbs US stocks were set to open higher , according to futures prices .
The tech-heavy Nasdaq jumped 1.7 per cent yesterday while the benchmark S & P 500 rose 1.1 per cent .
The dollar was roughly flat against a basket of other currencies today .
Sterling was also flat .
It had recovered after being knocked by the @ @ @ @ @ @ @ under pressure over Brexit .
In after-hours trading in the US , Nike shares shot higher when it posted an 82 per cent rise in online sales .
Shares in Adidas and Puma were also lifted by the results .
Read more : Musk says $ 25,000 Tesla ‘ three years away ’ as investors wipe off $ 50bn Tesla shares fell over five per cent and extended their decline by a further seven per cent in after-hours trading .
Neil Wilson , market analyst at Markets.com , said Tesla ’ s “ @ @ @ @ @ @ @ cent more range and six times more power , but the company said production in volume is three years away ” .

FTSE 100 surges after restrictions ‘not as tough’ as feared but US stocks mixed
Workers were gradually returning to the City of London, but the new coronavirus restrictions could pause companies’ plans
The FTSE 100 jumped as it continued to recover from Monday’s rout, while US stocks were mixed as investors weighed up the chances of fresh stimulus.
London’s blue-chip index was up 1.7 per cent at 5,926 points, edging it closer to the 6,000 threshold. The FTSE 250 was up 1.05 per cent.
Read more: Coronavirus: Boris Johnson imposes stringent new restrictions for up to six months
The FTSE 100 crashed more than three per cent on Monday, as investors anticipated new restrictions in response to rising coronavirus cases.
However, it recovered around one per cent yesterday as details of the UK’s new rules became clear.
Prime Minister Boris Johnson announced that pubs and restaurants would have to start closing from 10pm. He banned indoor sports and said employees should work from home if possible.
The FTSE’s rebound came even as survey data showed economic growth had cooled in September.
The IHS Markit Flash PMI reading showed a reading of 55.7 this month, falling from 59.1 in August. Everything above 50 is considered growth.
It came in below forecasts with the slowdown particularly acute in services as activity rose at its weakest rate in three months.
Optimism also returned to Europe in morning trading. Germany’s Dax was up 1.6 per cent and France’s CAC 40 was 1.8 per cent higher. The continent-wide Stoxx 600 was 1.4 per cent higher.
FTSE 100 sees broad-based rally
“Stocks on the FTSE 100 have reacted surprisingly well to Boris Johnson’s increased restrictions to stem the spread of coronavirus,” said said Fiona Cincotta, market analyst at trading platform City Index.
“The measures weren’t as drastic as some had feared which has offered some support to stocks, particularly in the retail and hospitality sector.”
It was a broad-based rally. Airlines, banks, supermarkets, housebuilders, hospitality and energy stocks all showed gains. It came despite survey data showing the UK economy lost momentum in September.
Jet engine-maker Rolls Royce was the biggest riser, climbing 6.6 per cent. It was battered on Monday, so its rise is a sign that investors think they overreacted.
Housebuilders Barratt and Taylor Wimpey also did well, rising around five per cent. Domestic retailer JD Sports was not far behind with a rise of 4.6 per cent.
Read more: Rishi Sunak considers German-style wage subsidy scheme
David Madden, market analyst at trading platform CMC Markets, said: “The rally in US stocks last night has lifted the mood in this part of the world.” He added: “European equities have been taking their cues from the US a lot recently.”
Madden said that in the UK “stocks like Restaurant Group and Marstons are higher again as the new restrictions are not as tough as some people initially predicted”.
Stimulus hopes help to drive US stocks
The FTSE’s optimism was not mirrored across the Atlantic, as US stocks were subdued as investors considered the chances of further fiscal stimulus.
On Tuesday Federal Reserve chair Jerome Powell told a congressional panel that the economy had shown “marked improvement” but the path ahead remains uncertain.
Until then officials “remained committed to using our tools to do what we can, for as long as it takes, to ensure that the recovery will be as strong as possible, and to limit lasting damage to the economy”, he continued.
The Dow Jones inched up 0.2 per cent, while the S&P 500 opened flat before dropping 0.3 per cent despite a record open for Nike.
The world’s largest athletic shoe marker surged more than 12 per cent in premarket trading, after it reported an 82 per cent rise in online sales. Shares in Adidas and Puma were also lifted by the results.
“The only upside as far as markets are concerned is that more stimulus won’t be far behind”, said Craig Erlam, senior market analyst at Oanda Europe.
“This was certainly the message… from Powell and Treasury Secretary Steve Mnuchin, although the fiscal side of the equation is proving problematic and may not come until after the election. A lot of damage can occur in the interim.”
September’s flash reading for IHS Markit’s PMI came in slightly below expectations at 53.5 which did little for investors’ confidence.
The tech-heavy Nasdaq dropped 0.02 per cent as Tesla crashed more than six per cent.
Neil Wilson, market analyst at Markets.com, said Tesla’s “new battery tech would deliver 16 per cent more range and six times more power, but the company said production in volume is three years away”.


cityam--2020-09-23--Tesco boss warns against panic buying after new virus restrictions

Tesco chief executive Dave Lewis has said there is no need for customers to be panic buying groceries , following new restrictions imposed across the UK to combat a second wave of coronavirus infections .
Images have been shared on social media of supermarket shelves stripped of food staples such as pasta and flour , bringing back memories of similar shortages at the start of lockdown .
Supermarkets were forced to implement rationing on key items such as milk and eggs , with customers only permitted to buy up to three of a single item in some cases .
Read @ @ @ @ @ @ @ , says Chris Whitty “ The message would be one of reassurance .
I think the UK saw how well the food industry managed last time , so there ’ s very good supplies of food , ” Lewis told Sky News today .
The Tesco boss added : “ We just don ’ t want to see a return to unnecessary panic buying because that creates a tension in the supply chain that ’ s not necessary .
And therefore we would just encourage customers to continue to buy as normal.
” @ @ @ @ @ @ @ restrictions across England and Wales last night , which included a curfew on pubs and leisure venues of 10pm and advice to work from home where possible .
Read more : UK records highest daily coronavirus cases since May Aldi ’ s UK boss Giles Hurley espoused a similar message yesterday , emailing customers to reassure them there was no need to panic buy .
“ Our stores remain fully stocked and ask that you continue to shop considerately .
There is no need to buy more than you usually would , ” @ @ @

Tesco boss warns against panic buying after new virus restrictions
Tesco chief executive Dave Lewis has said there is no need for customers to be panic buying groceries, following new restrictions imposed across the UK to combat a second wave of coronavirus infections.
Images have been shared on social media of supermarket shelves stripped of food staples such as pasta and flour, bringing back memories of similar shortages at the start of lockdown.
Supermarkets were forced to implement rationing on key items such as milk and eggs, with customers only permitted to buy up to three of a single item in some cases.
“The message would be one of reassurance. I think the UK saw how well the food industry managed last time, so there’s very good supplies of food,” Lewis told Sky News today.
The Tesco boss added: “We just don’t want to see a return to unnecessary panic buying because that creates a tension in the supply chain that’s not necessary. And therefore we would just encourage customers to continue to buy as normal.”
Prime Minister Boris Johnson unveiled new coronavirus restrictions across England and Wales last night, which included a curfew on pubs and leisure venues of 10pm and advice to work from home where possible.
Aldi’s UK boss Giles Hurley espoused a similar message yesterday, emailing customers to reassure them there was no need to panic buy.
“Our stores remain fully stocked and ask that you continue to shop considerately. There is no need to buy more than you usually would,” said Hurley.


cityam--2020-09-23--More England coronavirus restrictions inevitable, says Chris Whitty

Boris Johnson has been warned by his chief medical adviser that England will soon be forced to ban visits between households to stop the country ’ s second coronavirus wave .
The Prime Minister announced a raft of stringent new measures yesterday , including a 10pm curfew for all hospitality venues , enforced table service at hospitality venues and requirements that all retail and hospitality workers wear face masks at all times .
Read more : Coronavirus : Boris Johnson imposes stringent new restrictions for up to six months Everyone who is not an essential worker and can work from @ @ @ @ @ @ @ , while indoor events – such as indoor sports – will be limited to six people .
Johnson said the new restrictions would have to be in place for six months unless a vaccine or new treatment for Covid-19 is discovered .
However , chief medical officer Chris Whitty does not think England ’ s new coronavirus restrictions will bring infection rates under control and believes further restrictions are inevitable , according to The Times .
Before the Open newsletter : Start your day with the City View podcast and key market data @ @ @ @ @ @ @ visits north of the border yesterday , while adding that experts “ advise that we must take account of the fact that household interaction is a key driver of transmission ” .
Whitty reportedly agreed with the Scottish chief medical officer Gregor Smith that househould visits should be banned when the two met with the Welsh and Northern Irish chief medical officers earlier this week .
The UK ’ s rate of infection is currently doubling every second day with increases seen in every age group , according to chief scientific adviser Sir @ @ @ @ @ @ @ of this rate would lead to 50,000 cases a day by next month and 200 deaths a day by November .
Whitty said on Monday that it was understandable that the country had to consider economic considerations when making decisions about further lockdowns .
Johnson said yesterday that a new national lockdown would “ threaten jobs and livelihoods ” , but that he “ would deploy greater firepower , with significantly greater restrictions ” if the R rate of infection kept rising .

More England coronavirus restrictions inevitable, says Chris Whitty
Boris Johnson has been warned by his chief medical adviser that England will soon be forced to ban visits between households to stop the country’s second coronavirus wave.
The Prime Minister announced a raft of stringent new measures yesterday, including a 10pm curfew for all hospitality venues, enforced table service at hospitality venues and requirements that all retail and hospitality workers wear face masks at all times.
Everyone who is not an essential worker and can work from home has been advised to do so, while indoor events – such as indoor sports – will be limited to six people.
Johnson said the new restrictions would have to be in place for six months unless a vaccine or new treatment for Covid-19 is discovered.
However, chief medical officer Chris Whitty does not think England’s new coronavirus restrictions will bring infection rates under control and believes further restrictions are inevitable, according to The Times.
Before the Open newsletter: Start your day with the City View podcast and key market data
Scottish first minister Nicola Sturgeon banned house visits north of the border yesterday, while adding that experts “advise that we must take account of the fact that household interaction is a key driver of transmission”.
Whitty reportedly agreed with the Scottish chief medical officer Gregor Smith that househould visits should be banned when the two met with the Welsh and Northern Irish chief medical officers earlier this week.
The UK’s rate of infection is currently doubling every second day with increases seen in every age group, according to chief scientific adviser Sir Patrick Vallance.
He said a continuing of this rate would lead to 50,000 cases a day by next month and 200 deaths a day by November.
Whitty said on Monday that it was understandable that the country had to consider economic considerations when making decisions about further lockdowns.
Johnson said yesterday that a new national lockdown would “threaten jobs and livelihoods”, but that he “would deploy greater firepower, with significantly greater restrictions” if the R rate of infection kept rising.


cityam--2020-09-23--HSBC, Citi, Goldman and Deutsche Bank pause plans to return to office

Banks have rushed to pause plans for staff to return to their UK offices following fresh government guidance on coronavirus .
Deutsche Bank and Citigroup have also encouraged staff to return to work remotely amid concerns over rising Covid-19 cases .
Read more : City firms begin to send workers home after new government rules The banks ’ changes in advice to staff come after Prime Minister Boris Johnson made a televised plea to the British public to take action now to limit the spread of coronavirus in the UK and prevent a second wave of infections overwhelming the country @ @ @ @ @ @ @ return of so-called phase one teams to its UK offices , according to a memo issued yesterday .
Staff were told that requests to enter the office for one-off reasons such as collecting equipment would no longer be allowed except in “ exceptional circumstances ” .
Critical workers who support customers in branches and those in a small number of open offices will continue to come into work , the lender said , but the majority of its staff would remain at home .
In a staff memo seen by City A.M. , @ @ @ @ @ @ @ the number of staff returning to its London office on pause , but the US banking giant said it would “ remain open ” for those who “ need to be in the office ” .
The lender had planned to bring back almost 2,500 staff return to the office on a rotating basis , but said it would put the plans on hold in a memo sent to staff last night .
“ Following the UK government ’ s announcement last night , we have taken the decision to suspend our plans @ @ @ @ @ @ @ , ” a Deutsche Bank spokesperson told City A.M .
The lender ’ s London headquarters will remain open for staff who need to work from the office , they added .
Citigroup has told staff based in London to “ exercise their own judgment ” in deciding whether they need to come into the office , according to an internal memo sent last night by David Livingstone , the lender ’ s head of EMEA .
Citi , which employs 5,000 staff in the capital , said its London office would remain @ @ @ @ @ @ @ personal or business need ” to be there , Bloomberg reported .
Read more : Coronavirus : Boris Johnson imposes stringent new restrictions for up to six months The UK recorded its highest number of new Covid-19 infections in four months yesterday , with a further 4,926 people testing positive for the virus .
Some 37 coronavirus-related deaths were also recorded – the highest number of daily fatalities since 14 July .
Financial firms have moved to reverse efforts to return staff to the office following the new government guidance .
Around 1,000 @ @ @ @ @ @ @ home , the bank announced yesterday , while staff at insurance market Lloyd ’ s of London have also been asked to remain at home .

HSBC, Citi, Goldman and Deutsche Bank pause plans to return to office
Banks have rushed to pause plans for staff to return to their UK offices following fresh government guidance on coronavirus.
Deutsche Bank and Citigroup have also encouraged staff to return to work remotely amid concerns over rising Covid-19 cases.
Read more: City firms begin to send workers home after new government rules
The banks’ changes in advice to staff come after Prime Minister Boris Johnson made a televised plea to the British public to take action now to limit the spread of coronavirus in the UK and prevent a second wave of infections overwhelming the country.
HSBC said it will stop the return of so-called phase one teams to its UK offices, according to a memo issued yesterday. Staff were told that requests to enter the office for one-off reasons such as collecting equipment would no longer be allowed except in “exceptional circumstances”.
Critical workers who support customers in branches and those in a small number of open offices will continue to come into work, the lender said, but the majority of its staff would remain at home.
In a staff memo seen by City A.M., Goldman Sachs also put plans to increase the number of staff returning to its London office on pause, but the US banking giant said it would “remain open” for those who “need to be in the office”.
The lender had planned to bring back almost 2,500 staff return to the office on a rotating basis, but said it would put the plans on hold in a memo sent to staff last night.
“Following the UK government’s announcement last night, we have taken the decision to suspend our plans to return more employees to the office,” a Deutsche Bank spokesperson told City A.M.
The lender’s London headquarters will remain open for staff who need to work from the office, they added.
Citigroup has told staff based in London to “exercise their own judgment” in deciding whether they need to come into the office, according to an internal memo sent last night by David Livingstone, the lender’s head of EMEA.
Citi, which employs 5,000 staff in the capital, said its London office would remain open for those that have a “personal or business need” to be there, Bloomberg reported.
Read more: Coronavirus: Boris Johnson imposes stringent new restrictions for up to six months
The UK recorded its highest number of new Covid-19 infections in four months yesterday, with a further 4,926 people testing positive for the virus. Some 37 coronavirus-related deaths were also recorded – the highest number of daily fatalities since 14 July.
Financial firms have moved to reverse efforts to return staff to the office following the new government guidance. Around 1,000 Barclays staff will return to working from home, the bank announced yesterday, while staff at insurance market Lloyd’s of London have also been asked to remain at home.


cityam--2020-09-23--Blackrock orders staff to disclose personal relationships

Blackrock has ordered its 16,000 employees to disclose their personal relationships as the global investment firm seeks to bolster its reputation following two high-profile dismissals last year .
In an internal memo to staff , the world ’ s largest asset manager has outlined a new “ relationships at work ” policy , which forces employees to disclose information relating to all sexual , romantic and other relationships with people who have dealings with Blackrock .
Read more : Blackrock votes against over 5,000 directors as investors step up demands Under the new policy , staff must report any relationship @ @ @ @ @ @ @ , even if it is with a person that works for a separate company .
The fresh guidelines state that employees must tell their managers “ all personal relationships with other Blackrock employees or contingent workers , as well as personal relationships with employees of a service provider , vendor , or other third party ( including a client ) , if the non-Blackrock employee is within a group that interacts with Blackrock ” .
It comes after two male Blackrock executives were dismissed from the firm last year after they failed to @ @ @ @ @ @ @ Smith , who previously served as Blackrock ’ s global head of human resources was forced to leave for failing to disclose a personal relationship with a subordinate .
Mark Wiseman , who served as global head of active equities at Blackrock , was sacked after it was found he was having an affair with a colleague while his wife worked at the company .
Read more : Scottish Widows becomes first investor in Blackrock climate fund A senior Blackrock executive told the NY Post the new policy amounts to the broadest dating @ @ @ @ @ @ @ date .
He said : “ It takes the assessment of what is or is not a conflict out of the employees ’ hands and puts it into the hands of HR and lawyers — which makes it eminently enforceable.
” Before the Open : Get the jump on the markets with our early morning newsletter

Blackrock orders staff to disclose personal relationships
Blackrock has ordered its 16,000 employees to disclose their personal relationships as the global investment firm seeks to bolster its reputation following two high-profile dismissals last year.
In an internal memo to staff, the world’s largest asset manager has outlined a new “relationships at work” policy, which forces employees to disclose information relating to all sexual, romantic and other relationships with people who have dealings with Blackrock.
Under the new policy, staff must report any relationship that might present a conflict of interest, even if it is with a person that works for a separate company.
The fresh guidelines state that employees must tell their managers “all personal relationships with other Blackrock employees or contingent workers, as well as personal relationships with employees of a service provider, vendor, or other third party (including a client), if the non-Blackrock employee is within a group that interacts with Blackrock”.
It comes after two male Blackrock executives were dismissed from the firm last year after they failed to report consensual relationships with staff.
Jeff Smith, who previously served as Blackrock’s global head of human resources was forced to leave for failing to disclose a personal relationship with a subordinate.
Mark Wiseman, who served as global head of active equities at Blackrock, was sacked after it was found he was having an affair with a colleague while his wife worked at the company.
A senior Blackrock executive told the NY Post the new policy amounts to the broadest dating disclosure requirement in the financial industry to date.
He said: “It takes the assessment of what is or is not a conflict out of the employees’ hands and puts it into the hands of HR and lawyers — which makes it eminently enforceable.”
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-09-23--Luke Johnson: 1m employees on furlough face redundancy

Former Pizza Express boss Luke Johnson has warned that at least a million jobs could be lost in the hospitality industry as the government tightens restrictions .
Speaking to BBC Newsnight , the restaurant mogul predicted that if the government cut all subsidies , “ of the 3m [ on furlough ] at least a million , maybe more , will be made redundant ” .
This week the government announced new restrictions on the hospitality industry , including a 10pm curfew , amid mounting concerns of a second wave of infections .
The industry said it was a “ @ @ @ @ @ @ @ struggling with fragile public confidence and reduced capacity due to social distancing guidelines .
Leading business groups and industry bodies have called on further government measures , including an extension of the furlough scheme , to help pubs and restaurants weather the storm .
The end of the government ’ s job retention scheme , on 31 October , is expected to be a cliff edge for many businesses who have relied on the scheme through the crisis .
Luke Johnson warned that many jobs are at risk within the sector “ if @ @ @ @ @ @ @ and if restrictions remain in place ” .
“ The companies will be feeling very demoralised and not confident about investing and rebuilding… [ they will possibly be ] insolvent so they close down all together ” , he added .
There were further signs this week that the UK is heading into a second lockdown as coronavirus cases rose to their highest level since May .
In a televised address to the nation on Tuesday , the Prime Minister said the country must follow the new restrictions or risk another lockdown .
@ @ @ @ @ @ @ devastating for the economy and the longer-term consequences ” , the former Patisserie Valerie boss told the BBC .
“ The costs of the debt that we owe and the jobs lost and the businesses shut and the general damage to investor confidence will take its toll over a longer period.
” But there are signs that the government will support struggling sectors through this period .
Read more : Business groups call for further support as UK tightens restrictions The Guardian and the Financial Times both reported today that Chancellor Rishi Sunak @ @ @ @ @ @ @ furlough scheme , as part of a wider emergency package .
Sunak is reported to have delayed an announcement today , which would have extended the existing loan guarantee schemes , to draw up a wider package following the restrictions announced yesterday .

Luke Johnson: 1m employees on furlough face redundancy
Former Pizza Express boss Luke Johnson has warned that at least a million jobs could be lost in the hospitality industry as the government tightens restrictions.
Speaking to BBC Newsnight, the restaurant mogul predicted that if the government cut all subsidies, “of the 3m [on furlough] at least a million, maybe more, will be made redundant”.
This week the government announced new restrictions on the hospitality industry, including a 10pm curfew, amid mounting concerns of a second wave of infections.
The industry said it was a “heartbreaking” decision for a sector already struggling with fragile public confidence and reduced capacity due to social distancing guidelines.
Leading business groups and industry bodies have called on further government measures, including an extension of the furlough scheme, to help pubs and restaurants weather the storm.
The end of the government’s job retention scheme, on 31 October, is expected to be a cliff edge for many businesses who have relied on the scheme through the crisis.
Luke Johnson warned that many jobs are at risk within the sector “if lockdowns in some form or fashion continue and if restrictions remain in place”.
“The companies will be feeling very demoralised and not confident about investing and rebuilding… [they will possibly be] insolvent so they close down all together”, he added.
There were further signs this week that the UK is heading into a second lockdown as coronavirus cases rose to their highest level since May.
In a televised address to the nation on Tuesday, the Prime Minister said the country must follow the new restrictions or risk another lockdown.
“I fear that lockdowns have been devastating for the economy and the longer-term consequences”, the former Patisserie Valerie boss told the BBC. “The costs of the debt that we owe and the jobs lost and the businesses shut and the general damage to investor confidence will take its toll over a longer period.”
But there are signs that the government will support struggling sectors through this period.
The Guardian and the Financial Times both reported today that Chancellor Rishi Sunak is considering German-style subsidies to replace the furlough scheme, as part of a wider emergency package.
Sunak is reported to have delayed an announcement today, which would have extended the existing loan guarantee schemes, to draw up a wider package following the restrictions announced yesterday.


cityam--2020-09-23--ING says transaction named in FinCEN files was an administrative error

ING has hit back at reports citing the FinCEN files that said a Polish subsidiary of the Dutch bank altered the name of a Russian sender on sanctions blacklists on a large payment in 2014 to conceal the sender ’ s identity .
In a statement issued this morning , the lender said the reports were misleading and that the name of a sanctioned entity had “ erroneously ” been added to one field of a transaction in 2014 .
“ After discovery of this administrative error , the correct payment transaction was executed .
This has been discussed with @ @ @ @ @ @ @ further action has been taken , ” ING said .
Buzzfeed News and the International Consortium of Investigative Journalists ( ICIJ ) published a series of articles earlier this week detailing how several international banks moved large sums of allegedly illicit funds for decades despite red flags .
The reports have sent bank stocks around the world tumbling on Monday , and have prompted calls for regulatory reform .
ING ’ s share price fell over nine per cent on Monday in the wake of the reports .
Shares in the Netherlands ’ @ @ @ @ @ @ @ this year .
Shares in the bank climbed just over two per cent this morning .
ING were fined €775m by Dutch prosecutors in 2018 after failing for years to identify money laundering and other criminal activity occurring through its accounts .
The Bank of Italy recently lifted a ban on ING taking on new customers in the country that was imposed last year over money laundering concerns .
“ Over the past years , ING has taken many steps to enhance the management of compliance risks and embed stronger awareness across the @ @ @ @ @ @ @ .
“ These steps are part of a global programme which we have been executing since 2017 in all markets that we are active in .
”

ING says transaction named in FinCEN files was an administrative error
The Netherlands’ largest back has hit back after a transaction made by its Polish subsidiary was identified in the FinCEN leak
ING has hit back at reports citing the FinCEN files that said a Polish subsidiary of the Dutch bank altered the name of a Russian sender on sanctions blacklists on a large payment in 2014 to conceal the sender’s identity.
In a statement issued this morning, the lender said the reports were misleading and that the name of a sanctioned entity had “erroneously” been added to one field of a transaction in 2014.
“After discovery of this administrative error, the correct payment transaction was executed. This has been discussed with relevant US authorities in 2014 and no further action has been taken,” ING said.
Buzzfeed News and the International Consortium of Investigative Journalists (ICIJ) published a series of articles earlier this week detailing how several international banks moved large sums of allegedly illicit funds for decades despite red flags.
The reports have sent bank stocks around the world tumbling on Monday, and have prompted calls for regulatory reform.
ING’s share price fell over nine per cent on Monday in the wake of the reports. Shares in the Netherlands’ largest lender have fallen 44 per cent this year.
Shares in the bank climbed just over two per cent this morning.
ING were fined €775m by Dutch prosecutors in 2018 after failing for years to identify money laundering and other criminal activity occurring through its accounts.
The Bank of Italy recently lifted a ban on ING taking on new customers in the country that was imposed last year over money laundering concerns.
“Over the past years, ING has taken many steps to enhance the management of compliance risks and embed stronger awareness across the whole organisation,” the lender said.
“These steps are part of a global programme which we have been executing since 2017 in all markets that we are active in.”