cityam--2020-08-11--Two-in-five businesses expect to cut jobs in the next six months

Two-in-five finance chiefs at UK businesses expect to cut jobs in the next six months as a result of the coronavirus slowdown .
The survey of 800 senior finance executives at UK companies also found one third had already cut jobs since the start of lockdown and 54 per cent said their organisation had furloughed staff .
Read more : Four charts that show how badly the pandemic has hit UK jobs Nearly two-thirds of those that had cut job said it was because of a contraction in demand for products or services and 59 per cent said this was @ @ @ @ @ @ @ reduction .
Twenty eight per cent of respondents said their organisations were hiring , while 27 per cent said their firms had a recruitment freeze .
Finance chiefs broadly praised the measures taken by the government to protect jobs so far , with 76 per cent of respondents saying the government ’ s policy response had been “ very successful ” or “ fairly successful ” in mitigating a rise in unemployment as a result of COVID-19 .
Iain Wright , ICAEW director for business and industrial strategy , called for action from @ @ @ @ @ @ @ to help protect jobs and retrain workers who have been laid off .
Read more : UK unemployment : 730,000 Brits lose their jobs in lockdown “ Our members give government credit for preserving jobs so far , but they believe that a hard landing for the economy is only months away , and that employment will be badly hit .
Some of this will be because market demand is weaker , but the crisis is also driving companies to become more efficient .
This may improve productivity , but it will cost @ @ @ @ @ @ @ What we need to see in the chancellor ’ s autumn budget is a social , education and industrial strategy which combines protection and re-training for displaced workers over the short and medium term , with intervention and investment to create jobs with a future – especially in the green and scientific sectors.
” Yesterday the Office for National Statistics ( ONS ) said that around 730,000 people have lost their jobs in the UK since lockdown began in March , in the largest quarterly slump in employment since 2009 .
Since June @ @ @ @ @ @ @ , the ONS added .

Two-in-five businesses expect to cut jobs in the next six months
Two-in-five finance chiefs at UK businesses expect to cut jobs in the next six months as a result of the coronavirus slowdown.
The survey of 800 senior finance executives at UK companies also found one third had already cut jobs since the start of lockdown and 54 per cent said their organisation had furloughed staff.
Nearly two-thirds of those that had cut job said it was because of a contraction in demand for products or services and 59 per cent said this was to increase efficiencies or productivity by cost reduction.
Twenty eight per cent of respondents said their organisations were hiring, while 27 per cent said their firms had a recruitment freeze.
Finance chiefs broadly praised the measures taken by the government to protect jobs so far, with 76 per cent of respondents saying the government’s policy response had been “very successful” or “fairly successful” in mitigating a rise in unemployment as a result of COVID-19.
Iain Wright, ICAEW director for business and industrial strategy, called for action from chancellor Rishi Sunak in his autumn budget to help protect jobs and retrain workers who have been laid off.
“Our members give government credit for preserving jobs so far, but they believe that a hard landing for the economy is only months away, and that employment will be badly hit. Some of this will be because market demand is weaker, but the crisis is also driving companies to become more efficient. This may improve productivity, but it will cost jobs,” Wright said.
“What we need to see in the chancellor’s autumn budget is a social, education and industrial strategy which combines protection and re-training for displaced workers over the short and medium term, with intervention and investment to create jobs with a future – especially in the green and scientific sectors.”
Yesterday the Office for National Statistics (ONS) said that around 730,000 people have lost their jobs in the UK since lockdown began in March, in the largest quarterly slump in employment since 2009.
Since June, a further 114,000 people became unemployed, the ONS added.


cityam--2020-08-11--Government to crack down on online political campaigns

The government has today outlined proposals for new laws designed to improve the transparency of political advertising on social media .
The new measures would require political parties and campaigners to clearly state who they are when promoting campaign content online .
Read more : Facebook to allow users to turn off political adverts Under the plans , all campaigners would be required to include a digital imprint containing their identity and affiliations , regardless of which country it originates from or which platform it appears on .
The rules , which are now subject to a consultation , are @ @ @ @ @ @ @ not only during election periods .
However , they would only apply to election material and not to wider political advertising .
The government said the new rules would be aimed at all campaign material posted by registered political parties and third-party campaigners , whether paid or organic .
Other campaigners would only be required to use a digital imprint where the content has been paid for , ensuring that the press and members of the public can continue to exercise free speech online .
“ People want to engage with politics online @ @ @ @ @ @ @ with voters and is why ahead of elections , almost half of political advertising budgets are now spent on digital content and activity , ” said Chloe Smith , minister for the constitution & devolution .
“ But people want to know who is talking .
Voters value transparency , so we must ensure that there are clear rules to help them see who is behind campaign content online.
” The move follows heavy criticism of the government over its failure to take action against the spread of political misinformation online and a @ @ @ @ @ @ @ a long-awaited report published last month the intelligence and security committee said the government had “ badly underestimated ” the threat from Russia and had failed to investigate the country ’ s interference in the EU referendum .
The report , which covered cyber attacks as well as disinformation campaigns , said the UK was “ clearly a target ” during election periods .
Tech firms have also come under fire for their lack of regulation of online political advertising and the resulting spread of misinformation .
Read more : Twitter suffers advertising @ @ @ @ @ @ @ Last year Twitter opted to ban political adverts on its platform , with boss Jack Dorsey stating that “ reach should be earned , not bought ” .
By contrast , Facebook chief executive Mark Zuckerberg has resisted calls to crack down on political ads , arguing that private companies should not be the “ arbiters of truth ” .
However , the social media platform last month said users could choose to turn off political ads .

Government to crack down on online political campaigns
The government has today outlined proposals for new laws designed to improve the transparency of political advertising on social media.
The new measures would require political parties and campaigners to clearly state who they are when promoting campaign content online.
Under the plans, all campaigners would be required to include a digital imprint containing their identity and affiliations, regardless of which country it originates from or which platform it appears on.
The rules, which are now subject to a consultation, are intended to apply all year round, not only during election periods. However, they would only apply to election material and not to wider political advertising.
The government said the new rules would be aimed at all campaign material posted by registered political parties and third-party campaigners, whether paid or organic.
Other campaigners would only be required to use a digital imprint where the content has been paid for, ensuring that the press and members of the public can continue to exercise free speech online.
“People want to engage with politics online; that’s where campaigners connect with voters and is why ahead of elections, almost half of political advertising budgets are now spent on digital content and activity,” said Chloe Smith, minister for the constitution & devolution.
“But people want to know who is talking. Voters value transparency, so we must ensure that there are clear rules to help them see who is behind campaign content online.”
The move follows heavy criticism of the government over its failure to take action against the spread of political misinformation online and a lack of transparency over spending.
In a long-awaited report published last month the intelligence and security committee said the government had “badly underestimated” the threat from Russia and had failed to investigate the country’s interference in the EU referendum.
The report, which covered cyber attacks as well as disinformation campaigns, said the UK was “clearly a target” during election periods.
Tech firms have also come under fire for their lack of regulation of online political advertising and the resulting spread of misinformation.
Last year Twitter opted to ban political adverts on its platform, with boss Jack Dorsey stating that “reach should be earned, not bought”.
By contrast, Facebook chief executive Mark Zuckerberg has resisted calls to crack down on political ads, arguing that private companies should not be the “arbiters of truth”. However, the social media platform last month said users could choose to turn off political ads.
Currently, Facebook requires political advertisers to go through an authorisation process and include a ‘paid for’ disclaimer on their ads.
“We have long called for updated rules for the era of digital political campaigning and so we welcome the government’s consultation,” said Rebecca Stimson, head of UK public policy at Facebook.
“Facebook has led the way on online transparency by requiring all political ads on our platforms to have a ‘paid for by’ disclaimer and placing them into an Ad Library for everyone to see. We look forward to further engaging with the government on this important consultation.”


cityam--2020-08-11--Democratic presidential candidate Biden selects Kamala Harris as running mate

Joe Biden , the Democratic candidate for the upcoming US presidential election , has chosen US senator Kamala Harris as his running mate for the ballot .
Harris will be Biden ’ s pick for vice president at the 3 November election .
Earlier today Biden informed his close advisers of his decision , and began telling other contenders they had not been successful .
Biden , who served as vice president to former President Barack Obama , had pledged to select a woman as a running mate .
The move makes Harris the first African-American woman to be featured @ @ @ @ @ @ @ presidential ticket .
Read more : Republicans reject Trump ’ s call for US election delay Harris ’ most significant political experience comes from her time as govenor of California , as she is only a few months into her term as senator .
She rose to prominence within the Democratic Party as a result of her interrogations of Trump nominees during US Senate hearings , from former attorney general Jeff Sessions to supreme court justice Brett Kavanaugh .
Biden ’ s shortlist had included a number of female politicians and leaders , @ @ @ @ @ @ @ adviser Susan Rice .
Other contenders included congresswomen Karen Bass and Val Demings , Atlanta mayor Keisha Lance Bottoms , and Georgia governor candidate Stacey Abrams .
Biden had faced pressure from Democrats to choose a Black candidate to run alongside him for control of the White House , following months of anti-racism protests across America .
Aimee Allison , founder of activist group She the People , told Reuters she thought it would have been politically “ reckless ” if Joe Biden did not choose a woman of colour .
Read more @ @ @ @ @ @ @ of the brands “ It ’ s the most important decision the Biden camp can make to set the tone for the last 80 or so days , ” she said .
“ Picking a Black woman for the ticket is affirmation that we are included in the vision of governance.
” Biden and Harris will formally accept the party ’ s nomination at the upcoming Democratic National Convention in Wisconsin , which is scheduled for 17 to 20 August .
If he defeats Trump , Joe Biden would be 78 years old @ @ @ @ @ @ @ , making him the oldest US president in history and adding to the possibility he may only seek one four-year term .

Democratic presidential candidate Biden selects Kamala Harris as running mate
Joe Biden, the Democratic candidate for the upcoming US presidential election, has chosen US senator Kamala Harris as his running mate for the ballot.
Harris will be Biden’s pick for vice president at the 3 November election. Earlier today Biden informed his close advisers of his decision, and began telling other contenders they had not been successful.
I have the great honor to announce that I’ve picked @KamalaHarris — a fearless fighter for the little guy, and one of the country’s finest public servants — as my running mate. — Joe Biden (@JoeBiden) August 11, 2020
Biden, who served as vice president to former President Barack Obama, had pledged to select a woman as a running mate.
The move makes Harris the first African-American woman to be featured on a major US party’s presidential ticket.
Harris’ most significant political experience comes from her time as govenor of California, as she is only a few months into her term as senator.
She rose to prominence within the Democratic Party as a result of her interrogations of Trump nominees during US Senate hearings, from former attorney general Jeff Sessions to supreme court justice Brett Kavanaugh.
.@JoeBiden can unify the American people because he's spent his life fighting for us. And as president, he'll build an America that lives up to our ideals.
I'm honored to join him as our party's nominee for Vice President, and do what it takes to make him our Commander-in-Chief. — Kamala Harris (@KamalaHarris) August 11, 2020
Biden’s shortlist had included a number of female politicians and leaders, namely Harris and former US national security adviser Susan Rice.
Other contenders included congresswomen Karen Bass and Val Demings, Atlanta mayor Keisha Lance Bottoms, and Georgia governor candidate Stacey Abrams.
Biden had faced pressure from Democrats to choose a Black candidate to run alongside him for control of the White House, following months of anti-racism protests across America.
Aimee Allison, founder of activist group She the People, told Reuters she thought it would have been politically “reckless” if Joe Biden did not choose a woman of colour.
“It’s the most important decision the Biden camp can make to set the tone for the last 80 or so days,” she said. “Picking a Black woman for the ticket is affirmation that we are included in the vision of governance.”
Biden and Harris will formally accept the party’s nomination at the upcoming Democratic National Convention in Wisconsin, which is scheduled for 17 to 20 August.
If he defeats Trump, Joe Biden would be 78 years old on White House inauguration day next January, making him the oldest US president in history and adding to the possibility he may only seek one four-year term.


cityam--2020-08-11--Airbnb to confidentially file to go public this month

Airbnb is said to be preparing to confidentially filing paperwork for a listing with the US Securities and Exchange Commission later this month .
The move would pave the way for the short-term rentals company to go public on Wall Street later this year , the Wall Street Journal reported .
Airbnb was reported last year to be close to hiring Morgan Stanley and Goldman Sachs as joint lead advisers on the flotation .
However the coronavirus pandemic put a spanner in the works , forcing the rentals firm to put its plans on hold temporarily as the stock market @ @ @ @ @ @ @ it plans to go public in 2020 , despite a downturn in its business during the outbreak .
Earlier this year , Airbnb raised $ 2bn in funding from private equity firms Silver Lake and Sixth Street Partners .
Read more : Revealed : The top 10 cities to be an Airbnb landlord In February the company reported a $ 322m ( £248m ) loss , down from a $ 200m profit the year before .
Founder Brian Chesky told the Times last week that Airbnb received more than $ 1bn in cancellations @ @ @ @ @ @ @ to cough up $ 250m to provide support to hosts on its platform .

Airbnb to confidentially file to go public this month
Airbnb is said to be preparing to confidentially filing paperwork for a listing with the US Securities and Exchange Commission later this month.
The move would pave the way for the short-term rentals company to go public on Wall Street later this year, the Wall Street Journal reported.
Airbnb was reported last year to be close to hiring Morgan Stanley and Goldman Sachs as joint lead advisers on the flotation.
However the coronavirus pandemic put a spanner in the works, forcing the rentals firm to put its plans on hold temporarily as the stock market proved volatile.
Airbnb has consistently said it plans to go public in 2020, despite a downturn in its business during the outbreak.
Earlier this year, Airbnb raised $2bn in funding from private equity firms Silver Lake and Sixth Street Partners.
In February the company reported a $322m (£248m) loss, down from a $200m profit the year before.
Founder Brian Chesky told the Times last week that Airbnb received more than $1bn in cancellations as the pandemic hit, while having to cough up $250m to provide support to hosts on its platform.
An Airbnb spokesperson declined to comment.


cityam--2020-08-11--Half of businesses fear staff at risk of pandemic burnout

Almost half of managers at British businesses fear their staff are at risk of burnout , as the pandemic forces employers to adapt to new ways of working .
More than a third of employees surveyed by recruitment firm Robert Walters that their mental health and wellbeing had suffered as result of working longer hours during the outbreak .
Those working from home recorded a 35 per cent increase in productivity , as 87 per cent of respondents said they felt pressured to keep productivity levels consistently high .
Read more : Facebook staff to work from home until July @ @ @ @ @ @ @ burnout as a legitimate medical diagnosis in May , brought on by the rapid increase in people working remotely during the pandemic.feelings of energy depletion or exhaustion ; Symptoms include increased mental distance from one ’ s job , or feelings of negativism or cynicism related to one ’ s job ; and reduced professional efficacy .
“ There is no denying that mental health and wellbeing has been on the agenda for most employers — even pre-Covid , ” said Sam Walters , director of professional services at Robert Walters .
“ @ @ @ @ @ @ @ recognised condition which , unlike other mental health issues , can be directly linked to work .
As a result , employers have a crucial and central role to play in order to ensure their staff do not reach the point of burnout.
” Read more : The City View : Rachel Cunliffe on why working from home isn ’ t great for everyone Only a third of companies in the UK offer the level of support for mental health and wellness that is required by law , the recruiter said .
Factors @ @ @ @ @ @ @ included unmanageable workload expectations , lack of autonomy and recognition , and poor company culture .
It comes as workers prepare to head back to the office , as employers and local authorities work together to revitalise the City .

Half of businesses fear staff at risk of pandemic burnout
Almost half of managers at British businesses fear their staff are at risk of burnout, as the pandemic forces employers to adapt to new ways of working.
More than a third of employees surveyed by recruitment firm Robert Walters that their mental health and wellbeing had suffered as result of working longer hours during the outbreak.
Those working from home recorded a 35 per cent increase in productivity, as 87 per cent of respondents said they felt pressured to keep productivity levels consistently high.
The World Health Organization officially recognised burnout as a legitimate medical diagnosis in May, brought on by the rapid increase in people working remotely during the pandemic.feelings of energy depletion or exhaustion;
Symptoms include increased mental distance from one’s job, or feelings of negativism or cynicism related to one’s job; and reduced professional efficacy.
“There is no denying that mental health and wellbeing has been on the agenda for most employers — even pre-Covid,” said Sam Walters, director of professional services at Robert Walters.
“Burnout is an entirely different and recently recognised condition which, unlike other mental health issues, can be directly linked to work. As a result, employers have a crucial and central role to play in order to ensure their staff do not reach the point of burnout.”
Only a third of companies in the UK offer the level of support for mental health and wellness that is required by law, the recruiter said.
Factors leading to or worsening burnout among staff included unmanageable workload expectations, lack of autonomy and recognition, and poor company culture.
It comes as workers prepare to head back to the office, as employers and local authorities work together to revitalise the City.


cityam--2020-08-11--Eurostar blames coronavirus for scrapping wi-fi on most seats

Eurostar has blamed coronavirus for its decision to take away wi-fi from all seats , except for passengers in the premium section .
The decision had caused some anger on social media , causing a Eurostar spokesperson to explain the situatoin .
Read more : Eurostar to roll out facial verification technology from next year They said that Eurostar had to “ review and amend some of the services we offer ” and that one of these was the onboard internet connection .
The rail franchise told the BBC in a statement that it would now be reinstating wi-fi in @ @ @ @ @ @ @ Following an unprecedented fall in demand across the travel industry , we made some temporary changes to simplify our business .
This included the wi-fi connectivity offered on board , ” a spokesperson said .
“ We are pleased to say that wi-fi is now available on board and is free throughout all classes of service.
” Eurostar is also bracing for a potential government decision to impose a travel quarantine on Belgium , which would likely result in a dip in passenger numbers .
Currently , there is quarantine-free travel from Brussels @ @ @ @ @ @ @ in Belgium may change this as early as this week .

Eurostar blames coronavirus for scrapping wi-fi on most seats
Passengers wearing protective face masks, get off an Eurostar train at Amsterdam Central Station, on July 9, 2020. – After a stop due to the COVID-19 pandemic caused by the novel coronavirus, the high-speed train between London and Amsterdam runs daily again between the two capitals. (Photo by Sem VAN DER WAL / ANP / AFP) / Netherlands OUT (Photo by SEM VAN DER WAL/ANP/AFP via Getty Images)
Eurostar has blamed coronavirus for its decision to take away wi-fi from all seats, except for passengers in the premium section.
The decision had caused some anger on social media, causing a Eurostar spokesperson to explain the situatoin.
They said that Eurostar had to “review and amend some of the services we offer” and that one of these was the onboard internet connection.
The rail franchise told the BBC in a statement that it would now be reinstating wi-fi in all parts of its trains.
“Following an unprecedented fall in demand across the travel industry, we made some temporary changes to simplify our business. This included the wi-fi connectivity offered on board,” a spokesperson said.
“We are pleased to say that wi-fi is now available on board and is free throughout all classes of service.”
Eurostar is also bracing for a potential government decision to impose a travel quarantine on Belgium, which would likely result in a dip in passenger numbers.
Currently, there is quarantine-free travel from Brussels to London, however increasing Covid numbers in Belgium may change this as early as this week.


cityam--2020-08-11--Markets live: US stocks near record high on stimulus hopes as FTSE 100 soars

The FTSE 100 jumped today as US stimulus hopes offset bleak new data that showed a surge in UK job losses during the coronavirus crisis .
The blue-chip index was up 2.42 per cent at 6,197 points at midday , before closing up 1.71 per cent at 6,154 in a bullish day for western markets .
Read more : UK unemployment : 730,000 Brits have lost their jobs in lockdown since March The gains come after the FTSE closed up 0.31 per cent on Monday as traders pinned their hopes on positive signs of economic recovery .
This optimism prevailed @ @ @ @ @ @ @ have lost their jobs since March , marking the largest quarterly decrease in employment since 2009 .
Since June , a further 114,000 people have become unemployed , the Office for National Statistics added .
The unemployment figures come ahead of the latest economic growth data due tomorrow , which is expected to show that UK GDP crashed 21 per cent in the second quarter .
Instead traders appear to be taking their cue from more upbeat signs of economic recovery .
Last week Bank of England governor Andrew Bailey said the economic @ @ @ @ @ @ @ be as bad as previously feared .
Meanwhile markets were buoyed by improved economic data from both the US and China last week .
But the rally has largely been driven by rising hopes that US lawmakers can agree terms on a Covid-19 aid plan .
“ It might be that US political leaders are finally managing to make progress towards an actual deal , after President Trump ’ s move to steal the limelight with an executive order over the weekend , ” said Chris Beauchamp , chief market analyst at IG @ @ @ @ @ @ @ cuts has also lifted sentiment , resulting in substantial gains for European markets and a rise for US futures .
With earnings season now mostly done and dusted the focus shifts back to the prospect of more US stimulus and the geopolitical picture , which sees the US and China at loggerheads once more.
” Russ Mould , investment director at AJ Bell , agreed that “ hopes of bi-partisan agreement on a US fiscal stimulus package helped stoke the fires of a market rally ” .
“ The index took its cue @ @ @ @ @ @ @ the US overnight rather than backward-looking UK jobs data which , to the surprise of precisely no-one revealed a pretty bad picture through lockdown.
” But he added : “ The markets may well be keeping its powder dry ahead of the end of the furlough scheme in October , when the full scale of the unemployment crisis may be more apparent.
” Positive sentiment was rife across Europe this morning , with Germany ’ s Dax up 2.05 per cent at 12,948 and the French Cac 40 closing 2.41 per cent higher @ @ @ @ @ @ @ economy : Britain braced for GDP and jobs hit US stocks built on last night ’ s gains as markets opened in New York this afternoon .
The S & P 500 and Dow Jones rose 0.35 per cent and 1.20 per cent respectively .
However , the Nasdaq slipped 0.45 per cent .
The optimism builds on a bullish week of trading as Wall Street , with the S & P 500 on track to reach record highs .
Traders have been spurred on both by talks over a US stimulus package @ @ @ @ @ @ @ Confidence has also increased as the result of a better-than-expected earnings season , which increased hopes of recovery from the coronavirus crisis .
Connor Campbell , financial analyst at Spreadex , said US President Donald Trump had “ gone into white knight mode ” by pointing to a Covid-19 relief fund and capital gains tax .
“ Add onto that the ongoing negotiations regarding a second stimulus package from Congress , and investors were able to look beyond the US-China tensions that had caused a fair few jitters in the past week or @ @ @ @ @ @ @ boost following reports that Russia has approved the world ’ s first Covid-19 vaccine .
However , concerns have been raised about whether the vaccine — dubbed Sputnik-V — has undergone sufficient testing .
“ While it is easy to get carried away with the prospect of a vaccine , the speed at which it has been completed is a little concerning , given that there is little data on any possible long term side effects , ” said Michael Hewson at CMC Markets .
Campbell added that the day ’ s trading @ @ @ @ @ @ @ seems to fly in the face of the most recent string of headlines ” .
Tensions have been mounting between the US and China in recent weeks after Trump issued bans on Chinese-owned tech firms Tiktok and Wechat .
China last night imposed sanctions on several senior Republican senators in retaliation against US sanctions on 11 China and Hong Kong officials , including Carrie Lam .
However , traders appeared unperturbed , while Asia Pacific stocks also ticked up in this morning ’ s session .
British Airways owner IAG was flying high @ @ @ @ @ @ @ shares up 6.74 per cent .
It came after Russia announced it had approved the world ’ s first coronavirus vaccine for use .
The vaccine spurred on hopes that an effective vaccine can be found to bring the coronavirus crisis to an end .
Travel firms were most buoyed by the reports , with Norwegian Air and Carnival both pushing higher .
Intercontinental Hotels Group was also among the top FTSE 100 risers this morning as shares gained 6.6 per cent .
The Buckinghamshire-based hotels giant reported a hefty hit to its @ @ @ @ @ @ @ measures decimated bookings .
Revenue dropped 51 per cent to $ 488m ( £373m ) , while underlying operating profit slumped 83 per cent to $ 70m .
Despite this , investors showed hopes of a recovery for the hotel company as travel begins to pick up after the lockdown .
“ Lockdowns have hit hoteliers hard , but as IHG only owns 26 of its portfolio of nearly 6,000 hotels , it ’ s fared better many , ” said Emilie Stevens , equity analyst at Hargreaves Lansdown .
“ Despite the @ @ @ @ @ @ @ 25 per cent in the second quarter and revenue per room falling by half in the first half , the group remained profitable .
While it ’ s offered support to franchisees over the crisis , not being on the hook for hotel running costs has gone a long way .
”

Markets live: US stocks near record high on stimulus hopes as FTSE 100 soars
US stocks on Wall Street are closing in on record highs amid hopes of more US stimulus, which also buoyed the FTSE 100 and European stocks today
The FTSE 100 jumped today as US stimulus hopes offset bleak new data that showed a surge in UK job losses during the coronavirus crisis.
The blue-chip index was up 2.42 per cent at 6,197 points at midday, before closing up 1.71 per cent at 6,154 in a bullish day for western markets.
The gains come after the FTSE closed up 0.31 per cent on Monday as traders pinned their hopes on positive signs of economic recovery.
Employment woes
This optimism prevailed despite new figures that showed 730,000 Brits have lost their jobs since March, marking the largest quarterly decrease in employment since 2009.
Since June, a further 114,000 people have become unemployed, the Office for National Statistics added.
The unemployment figures come ahead of the latest economic growth data due tomorrow, which is expected to show that UK GDP crashed 21 per cent in the second quarter.
Stimulus hopes
Instead traders appear to be taking their cue from more upbeat signs of economic recovery.
Last week Bank of England governor Andrew Bailey said the economic fallout from the Covid-19 crisis may not be as bad as previously feared.
Meanwhile markets were buoyed by improved economic data from both the US and China last week.
But the rally has largely been driven by rising hopes that US lawmakers can agree terms on a Covid-19 aid plan.
“It might be that US political leaders are finally managing to make progress towards an actual deal, after President Trump’s move to steal the limelight with an executive order over the weekend,” said Chris Beauchamp, chief market analyst at IG.
“The possibility of more tax cuts has also lifted sentiment, resulting in substantial gains for European markets and a rise for US futures. With earnings season now mostly done and dusted the focus shifts back to the prospect of more US stimulus and the geopolitical picture, which sees the US and China at loggerheads once more.”
Russ Mould, investment director at AJ Bell, agreed that “hopes of bi-partisan agreement on a US fiscal stimulus package helped stoke the fires of a market rally”.
“The index took its cue from this news and strong trading in the US overnight rather than backward-looking UK jobs data which, to the surprise of precisely no-one revealed a pretty bad picture through lockdown.”
But he added: “The markets may well be keeping its powder dry ahead of the end of the furlough scheme in October, when the full scale of the unemployment crisis may be more apparent.”
Positive sentiment was rife across Europe this morning, with Germany’s Dax up 2.05 per cent at 12,948 and the French Cac 40 closing 2.41 per cent higher at 5,027.
US stocks push higher
US stocks built on last night’s gains as markets opened in New York this afternoon.
The S&P 500 and Dow Jones rose 0.35 per cent and 1.20 per cent respectively. However, the Nasdaq slipped 0.45 per cent.
The optimism builds on a bullish week of trading as Wall Street, with the S&P 500 on track to reach record highs.
Traders have been spurred on both by talks over a US stimulus package and a potential capital gains tax.
Confidence has also increased as the result of a better-than-expected earnings season, which increased hopes of recovery from the coronavirus crisis.
Connor Campbell, financial analyst at Spreadex, said US President Donald Trump had “gone into white knight mode” by pointing to a Covid-19 relief fund and capital gains tax.
“Add onto that the ongoing negotiations regarding a second stimulus package from Congress, and investors were able to look beyond the US-China tensions that had caused a fair few jitters in the past week or so.”
Wall Street also received a boost following reports that Russia has approved the world’s first Covid-19 vaccine.
However, concerns have been raised about whether the vaccine — dubbed Sputnik-V — has undergone sufficient testing.
“While it is easy to get carried away with the prospect of a vaccine, the speed at which it has been completed is a little concerning, given that there is little data on any possible long term side effects,” said Michael Hewson at CMC Markets.
US-China tensions
Campbell added that the day’s trading was “one of those sessions that seems to fly in the face of the most recent string of headlines”.
Tensions have been mounting between the US and China in recent weeks after Trump issued bans on Chinese-owned tech firms Tiktok and Wechat.
China last night imposed sanctions on several senior Republican senators in retaliation against US sanctions on 11 China and Hong Kong officials, including Carrie Lam.
However, traders appeared unperturbed, while Asia Pacific stocks also ticked up in this morning’s session.
FTSE 100 risers
British Airways owner IAG was flying high in today’s session, with shares up 6.74 per cent.
It came after Russia announced it had approved the world’s first coronavirus vaccine for use.
The vaccine spurred on hopes that an effective vaccine can be found to bring the coronavirus crisis to an end.
Travel firms were most buoyed by the reports, with Norwegian Air and Carnival both pushing higher.
Intercontinental Hotels Group was also among the top FTSE 100 risers this morning as shares gained 6.6 per cent.
The Buckinghamshire-based hotels giant reported a hefty hit to its performance in the first half as lockdown measures decimated bookings.
Revenue dropped 51 per cent to $488m (£373m), while underlying operating profit slumped 83 per cent to $70m.
Despite this, investors showed hopes of a recovery for the hotel company as travel begins to pick up after the lockdown.
“Lockdowns have hit hoteliers hard, but as IHG only owns 26 of its portfolio of nearly 6,000 hotels, it’s fared better many,” said Emilie Stevens, equity analyst at Hargreaves Lansdown.
“Despite the group’s global occupancy dropping to 25 per cent in the second quarter and revenue per room falling by half in the first half, the group remained profitable. While it’s offered support to franchisees over the crisis, not being on the hook for hotel running costs has gone a long way.”


cityam--2020-08-11--Tiktok under scrutiny by French privacy watchdog over data use

France ’ s privacy watchdog has opened a preliminary investigation into Tiktok , after it received a complaint against the short-form video app in May .
Tiktok is already under investigation over privacy concerns from EU and Dutch authorities .
It is also the subject of an EU-wide taskforce , as it attempts to transition its European data to be overseen by Ireland ’ s data regulator .
Read more : Twitter wades into bidding war for Tiktok ’ s US operations “ The CNIL began investigations into the tiktok.com website and the Tiktok application in May 2020 .
The @ @ @ @ @ @ @ that date , ” a spokesman for the watchdog said .
“ To date , the CNIL continues its investigations and participates in ongoing European work.
” The investigation is exploring the level of information provided to Tiktok ’ s users and how they can exercise their rights , the flow of data going out of the EU and measures taken to protect minors , the CNIL spokesman said .
He added that the complaint against the app has already been closed after it appeared the complainant , who was asking for a @ @ @ @ @ @ @ , didn ’ t first ask Tiktok to do so as required by EU rules .
Tiktok said : “ Protecting Tiktok users ’ privacy and safety is our top priority .
We are aware of the investigation by the CNIL and are fully cooperating with them.
” The app is currently under fire for its data handling practices in the US , after the Trump administration voiced concerns about its Chinese parent Bytedance and raised possible security fears .
US President Donald Trump has given Bytedance until 15 September to negotiate a @ @ @ @ @ @ @ operations to potential buyer Microsoft , or it faces being banned from app stores in the country .
The app has threatened to sue the administration if a ban is carried out .

Tiktok under scrutiny by French privacy watchdog over data use
Security fears
France’s privacy watchdog has opened a preliminary investigation into Tiktok, after it received a complaint against the short-form video app in May.
Tiktok is already under investigation over privacy concerns from EU and Dutch authorities.
It is also the subject of an EU-wide taskforce, as it attempts to transition its European data to be overseen by Ireland’s data regulator.
“The CNIL began investigations into the tiktok.com website and the Tiktok application in May 2020. The CNIL had indeed received a complaint at that date,” a spokesman for the watchdog said.
“To date, the CNIL continues its investigations and participates in ongoing European work.”
The investigation is exploring the level of information provided to Tiktok’s users and how they can exercise their rights, the flow of data going out of the EU and measures taken to protect minors, the CNIL spokesman said.
He added that the complaint against the app has already been closed after it appeared the complainant, who was asking for a removal of a video from the app, didn’t first ask Tiktok to do so as required by EU rules.
Tiktok said: “Protecting Tiktok users’ privacy and safety is our top priority. We are aware of the investigation by the CNIL and are fully cooperating with them.”
The app is currently under fire for its data handling practices in the US, after the Trump administration voiced concerns about its Chinese parent Bytedance and raised possible security fears.
US President Donald Trump has given Bytedance until 15 September to negotiate a sale of the app’s US operations to potential buyer Microsoft, or it faces being banned from app stores in the country.
The app has threatened to sue the administration if a ban is carried out.


cityam--2020-08-11--UK and France working 'at pace' to block Channel asylum seekers

The UK and France are working “ at pace ” to stop asylum seekers from illegally entering the UK by boat , according to immigration minister Chris Philp .
Philp was in Paris today to meet his French counterparts , telling reporters afterward that Emmanuel Macron agreed that something had to be done to stop migrants crossing the English Channel by boat .
“ It ’ s clear more needs to be done , ” Philp said .
“ If we can make this route unviable , which we are determined to do , then migrants will have no reason @ @ @ @ @ @ @ the first place .
“ If a shared plan can be agreed , we would be obviously be prepared to support that … in all the ways necessary to make it a success.
” Pictures of people travelling to Dover from Calais , often in small dinghies , have been leading this week ’ s media coverage , after increases in the number of migrants making the journey .
Before the Open newsletter : Start your day with the City View podcast and key market data About 4,000 asylum seekers have crossed the @ @ @ @ @ @ @ including 235 in just one day last week .
The Sun reported today that some of the people smugglers organising the journeys are offering “ kids go free ” deals and that the passage cost around £500 per person .
The EU ’ s Dublin Agreement states that asylum seekers should be settled in the first European country they arrive in , however this often does not happen .
The Prime Minister ’ s official spokesman said yesterday that the agreement should potentially be reviewed to better manage the flow of asylum seekers @ @ @ @ @ @ @ and inflexible ” .
“ One of the issues which is highlighted by the crossings is that asylum seekers are required to claim asylum in the first safe country they reach – that is clearly not happening in many places , ” he said .
Read more : Give people seeking asylum the right to work in Britain “ They are travelling onward and taking dangerous journeys to places like the UK and this is something that should be looked at.
” The increase in illegal arrivals has led to home secretary Priti @ @ @ @ @ @ @ to patrol the borders and send the migrants back to France , while other government figures have also called for stronger measures to prevent further arrivals .

UK and France working ‘at pace’ to block Channel asylum seekers
Channel migrants arriving in England
The UK and France are working “at pace” to stop asylum seekers from illegally entering the UK by boat, according to immigration minister Chris Philp.
Philp was in Paris today to meet his French counterparts, telling reporters afterward that Emmanuel Macron agreed that something had to be done to stop migrants crossing the English Channel by boat.
“It’s clear more needs to be done,” Philp said.
“If we can make this route unviable, which we are determined to do, then migrants will have no reason at all to come to France in the first place.
“If a shared plan can be agreed, we would be obviously be prepared to support that … in all the ways necessary to make it a success.”
Pictures of people travelling to Dover from Calais, often in small dinghies, have been leading this week’s media coverage, after increases in the number of migrants making the journey.
Before the Open newsletter: Start your day with the City View podcast and key market data
About 4,000 asylum seekers have crossed the Channel to the UK this year, including 235 in just one day last week.
The Sun reported today that some of the people smugglers organising the journeys are offering “kids go free” deals and that the passage cost around £500 per person.
The EU’s Dublin Agreement states that asylum seekers should be settled in the first European country they arrive in, however this often does not happen.
The Prime Minister’s official spokesman said yesterday that the agreement should potentially be reviewed to better manage the flow of asylum seekers, calling its current format “rigid and inflexible”.
“One of the issues which is highlighted by the crossings is that asylum seekers are required to claim asylum in the first safe country they reach – that is clearly not happening in many places,” he said.
“They are travelling onward and taking dangerous journeys to places like the UK and this is something that should be looked at.”
The increase in illegal arrivals has led to home secretary Priti Patel to call for the Royal Navy to patrol the borders and send the migrants back to France, while other government figures have also called for stronger measures to prevent further arrivals.


cityam--2020-08-12--M&G profit crashes as retail investors pull funds

M & G today posted a sharp fall in first-half profit after retail investors rushed to withdraw funds during the coronavirus crisis and it counted the costs of its demerger .
The insurer and asset manager saw its adjusted pre-tax profit slump 59 per cent to £309m in the six months to the end of June , though this was slightly ahead of expectations .
Read more : Gresham House reports spike in assets under management M & G ’ s net outflows were £4.1bn for the period as £7.7bn of withdrawals in its retail asset management division were partially @ @ @ @ @ @ @ asset management and £0.8bn into retail savings .
The firm ’ s assets under management slipped from £341bn to £339bn over the period , while fee-based revenue dropped from £637m to £580m .
The downbeat results come almost a year after M & G was spun out of Prudential to become an independent listed company .
In addition to market volatility , the asset manager ’ s profit was also dented by £157m in head office and debt interest costs linked to the demerger .
“ Obviously , this is not the backdrop @ @ @ @ @ @ @ independent company , ” said chief executive John Foley .
However , the boss praised his company ’ s “ resilient performance ” and announced an interim dividend of 6p per share .
Shares in M & G rose almost six per cent in early trading , before settling at a rise of just under three per cent .
Richard Hunter , head of markets at Interactive Investor , said it had been “ something of a baptism of fire ” for M & G following its demerger and pointed to the sharp @ @ @ @ @ @ @ Although the pace declined in the second quarter , the half-year total of £7.7bn of outflows is a concerning figure , not only in terms of lost business but also in being reflective of how some retail investors traditionally react to market volatility , namely by heading for the exit , which is also something for the company to consider in light of future downturns , ” he said .

M&G profit crashes as retail investors pull funds
M&G today posted a sharp fall in first-half profit after retail investors rushed to withdraw funds during the coronavirus crisis and it counted the costs of its demerger.
The insurer and asset manager saw its adjusted pre-tax profit slump 59 per cent to £309m in the six months to the end of June, though this was slightly ahead of expectations.
M&G’s net outflows were £4.1bn for the period as £7.7bn of withdrawals in its retail asset management division were partially offset by inflows of £2.8bn into institutional asset management and £0.8bn into retail savings.
The firm’s assets under management slipped from £341bn to £339bn over the period, while fee-based revenue dropped from £637m to £580m.
The downbeat results come almost a year after M&G was spun out of Prudential to become an independent listed company.
In addition to market volatility, the asset manager’s profit was also dented by £157m in head office and debt interest costs linked to the demerger.
“Obviously, this is not the backdrop we would have wished as a newly independent company,” said chief executive John Foley.
However, the boss praised his company’s “resilient performance” and announced an interim dividend of 6p per share.
Shares in M&G rose almost six per cent in early trading, before settling at a rise of just under three per cent.
Richard Hunter, head of markets at Interactive Investor, said it had been “something of a baptism of fire” for M&G following its demerger and pointed to the sharp outflows in retail asset management.
“Although the pace declined in the second quarter, the half-year total of £7.7bn of outflows is a concerning figure, not only in terms of lost business but also in being reflective of how some retail investors traditionally react to market volatility, namely by heading for the exit, which is also something for the company to consider in light of future downturns,” he said.


cityam--2020-08-12--FTSE 100 ticks up as UK crashes into recession

The FTSE 100 edged higher this morning despite new figures confirming the UK economy has been plunged into its worst recession on record .
The blue chip index was up 0.98 per cent to 6,214 points shortly before midday .
Read more : UK falls into worst ever recession after record 20.4 per cent GDP plunge It comes after official data showed UK GDP shrank 20.4 per cent in the second quarter as the impact of the coronavirus lockdown set in .
According to the Office of National Statistics ( ONS ) , the economy is now 22.1 per cent @ @ @ @ @ @ @ of 2019 .
The decline was largely driven by a 20 per cent fall in output in April — the biggest monthly decline on record .
However , traders may have been reassured by signs of recovery in May and June , with GDP picking up 8.7 per cent in the latter .
“ While that still leaves the UK way off where it was pre-pandemic , it has sparked hopes that the country can turn the ship around , ” said Connor Campbell , financial analyst at Spreadex .
Russ Mould , @ @ @ @ @ @ @ that the disastrous figures had been “ met with a shrug… as it had been widely anticipated ” .
Elsewhere Germany ’ s Dax slipped 0.05 per cent to 12,939 while the French Cac 40 was up a marginal 0.44 per cent at 5,050 .
Car insurance specialist Admiral led the FTSE risers this morning as shares picked up more than five per cent .
The Cardiff-based firm reported a 30 per cent rise in pre-tax profit to £286.1m for the first half despite turnover dropping four per cent .
Investors were also @ @ @ @ @ @ @ pay out a dividend of 70.5p per share .
Just Eat rose more than four per cent in morning trading after posting a huge 44 per cent rise in revenue thanks to increased takeaway sales during the coronavirus lockdown .
Chris Beauchamp , chief market analyst at IG , pointed to gains for key stocks such as Shell and HSBC .
“ The former has gained thanks to renewed strength in the oil price , while a lack of further developments in US-China tensions has allowed HSBC and Asian peer Standard Chartered to @ @ @ @ @ @ @ he said .
Read more : US economy adds 1.8m jobs but expansion slows sharply The optimistic start marks a continuation of a bullish run for the FTSE , which has been buoyed by optimism about a US stimulus package .
“ Continuing hopes for a vaccine and the prospect of a big stimulus package in the US are enabling investors to look past the global coronavirus crisis to the sunny uplands of recovery , ” Mould added .
But Wall Street also suffered a late night sell-off yesterday , pulling the S @ @ @ @ @ @ @ on previous record highs .
“ It wasn ’ t immediately apparent what the actual catalyst was for the sudden change in sentiment , but it soon became apparent that downbeat comments by Mitch McConnell , the Republican leader of the US Senate about the imminent prospect of an agreement on a stimulus deal , may well have played a part in the late sell-off , ” said Michael Hewson , chief market analyst at CMC Markets .

Markets live: Wall Street bull run resumes as FTSE 100 pushes higher
Wall Street continued its winning streak as markets opened this afternoon after the FTSE 100 shrugged off dour UK GDP data to push higher.
The blue chip index closed up 2.20 per cent at 6,289 points, marking a three-week high.
Traders shrug off recession
It comes after official data showed UK GDP shrank 20.4 per cent in the second quarter as the impact of the coronavirus lockdown set in.
According to the Office of National Statistics (ONS), the economy is now 22.1 per cent smaller than it was at the end of 2019.
The decline was largely driven by a 20 per cent fall in output in April — the biggest monthly decline on record.
However, traders may have been reassured by signs of recovery in May and June, with GDP picking up 8.7 per cent in the latter.
“While that still leaves the UK way off where it was pre-pandemic, it has sparked hopes that the country can turn the ship around,” said Connor Campbell, financial analyst at Spreadex.
Connor Campbell, financial analyst at Spreadex, said there were a number of reasons for the FTSE’s gains, including marginally better-than-expected GDP figures, strong performance by oil majors and a calming of US-Sino tensions.
“Vaccine chatter also provided an underlying cause for optimism,” he said.
“Though it was probably news the US has bought 100 million doses of Moderna’s potential covid-19 treatment for $1.5 billion, rather than the speculation over the safety or effectiveness of Russia’s reported vaccine.”
Russ Mould, investment director at AJ Bell, agreed that the disastrous figures had been “met with a shrug… as it had been widely anticipated”.
Neil Wilson, chief market analyst at Markets.com, said: “Having been out and about over the last three weeks, I can safely say there will be more recovery recorded in July and August.
“But getting back to 2019 levels of activity is going to take a very long time as we see permanent impairment in certain sectors of the economy, as well as behavioural and social changes.”
Elsewhere Germany’s Dax gained 0.86 per cent to hit 13,058 while the French Cac 40 rose 0.90 per cent to 5,073.
Wall Street marches on
The optimism carried over into New York trading this afternoon as the three major indices resumed their bullish run.
The S&P 500 picked up its ascent towards record highs, rising 1.27 per cent by mid-afternoon.
The Dow Jones and Nasdaq also started strongly, gaining 0.78 per cent and 2.02 per cent respectively.
Wall Street had stumbled with a late-night sell-off yesterday, when jitters in the tech-heavy Nasdaq pulled back Wall Street from its rampant run of good form.
But optimism about a US stimulus package and a potential capital gains tax cut from US President Trump appeared to return in today’s session.
“US markets appear to have shrugged off the last nights late concerns over the prospects of a stimulus deal with a fairly strong rebound on the open, with the focus still on the underlying earnings outlook, after the latest US CPI numbers for July showed that inflationary pressures in the US economy appear to be on the rise,” said Michael Hewson, chief market analyst at CMC Markets.
Mould added: “Continuing hopes for a vaccine and the prospect of a big stimulus package in the US are enabling investors to look past the global coronavirus crisis to the sunny uplands of recovery.”
FTSE risers
Car insurance specialist Admiral led the FTSE risers this morning as shares picked up more than five per cent.
The Cardiff-based firm reported a 30 per cent rise in pre-tax profit to £286.1m for the first half despite turnover dropping four per cent.
Investors were also cheered by Admiral’s decision to pay out a dividend of 70.5p per share.
Just Eat rose more than four per cent in morning trading after posting a huge 44 per cent rise in revenue thanks to increased takeaway sales during the coronavirus lockdown.
Chris Beauchamp, chief market analyst at IG, pointed to gains for key stocks such as Shell and HSBC.
“The former has gained thanks to renewed strength in the oil price, while a lack of further developments in US-China tensions has allowed HSBC and Asian peer Standard Chartered to make up some lost ground,” he said.


cityam--2020-08-12--Brand Veep: Kamala Harris could be exactly what Biden needs to secure the White House

Joe Biden has pulled away from Donald Trump and is now the favourite to win the US presidential election in November , leading nationally by around eight percentage points in most polls .
While we are still almost three months away from polling day in possibly the most unpredictable of election years ( and we should all remember what happened to Hillary Clinton ) , that is a sizeable gap .
Biden ’ s team would probably argue that he ’ s currently leading the polls because he offers what many believe Trump doesn ’ t : a sensible and @ @ @ @ @ @ @ divisive and polarising than the last four whirlwind years .
But it ’ s far more likely that he ’ s winning because the majority of Americans are outraged at President Trump ’ s shambolic handling of the Covid-19 crisis , and may also believe that he ’ s botched his response to the anti-racism protests across America .
In other words , Trump ’ s approval rating has plummeted , rather than Biden ’ s likeability ratings rising .
This makes Biden ’ s campaign planning slightly tricky , especially as he @ @ @ @ @ @ @ brand ” taking on the incumbent .
Everyone knows vice president Biden already .
Refreshing his image isn ’ t easy .
So while watching Trump implode , Biden would be wise to consider his campaign and his brand , looking at his potential weaknesses in the knowledge that future events before November may change public opinion again , and some form of economic recovery may give his Republican rival a real boost .
Anything can still happen .
Even the most passionate of mainstream Democrats must realise that their nominee is not @ @ @ @ @ @ @ 78 , he ’ d be the oldest ever President to enter the White House , and , understandably , he doesn ’ t seem as energetic as he used to be .
He ’ s prone to the odd gaff , and there are also questions about his relevance and popularity among the youthful and energetic liberal wing of the party , best symbolised by the meteoric rise of New York congresswomen Alexandria Ocasio-Cortez , as well as the Black Lives Matter ( BLM ) movement that swept the country .
In @ @ @ @ @ @ @ choice , but not an emotional or exciting one .
So while his brand is built from a solid base and has many positive “ average joe ” , “ soul of the nation ” and “ Obama legacy ” attributes , there are definitely weak spots , especially if Trump picks up momentum .
That ’ s why the reaction to Biden ’ s vice president pick and running mate , California senator Kamala Harris , which he announced yesterday , will be so fascinating to watch — and potentially so important @ @ @ @ @ @ @ vice president himself , you ’ d expect Biden to understand the impact of this selection better than anyone .
It was a hard decision to make for the frontrunner — to stick or to twist ?
Ultimately , the question was : how could the right choice make his brand stronger ?
Could it add a challenger mentality into the mix with more emotional charged enthusiasm ?
And who could best improve and refresh his brand and help secure him the White House ?
Biden had already confirmed that he would pick @ @ @ @ @ @ @ with him , but it ’ s still important to note the history of this selection .
Harris is the first black woman and the first Asian American ( her mother came from India ) to be a general election candidate for President or vice president for either of the two main political parties .
Putting her on the ticket is a big deal .
Biden hopes that Harris can inject serious energy and passion into his campaign .
Many Democrats were screaming for the party to better harness the momentum of the @ @ @ @ @ @ @ speaks so personally about racial issues , she has great potential to do this .
Critics of Harris on the left of the Democratic party may view her record as a prosecutor with suspicion , especially given protesters ’ calls to “ defund the police ” .
But as a former state attorney general , she could also help to push back on Trump ’ s law and order campaign messaging , mitigating accusations from the Republicans that Biden is “ weak on crime ” .
On the flip side , Trump now @ @ @ @ @ @ @ , and we all know he loves that .
The launch of the nickname took about an hour — “ Phony Kamala ” .
Trump may see this selection as his best chance to change the campaign narrative , by framing Harris as a scary liberal who will control the White House should Biden win .
Biden had some strong options for his VP pick .
He could have cemented his link with Barack Obama by picking Susan Rice , the legacy option .
He could have chosen the person best qualified for @ @ @ @ @ @ @ worst ever happened , who most people felt was Elizabeth Warren .
And who knows , maybe he could have tried to create a “ dream ticket ” , by persuading Michael Obama to be his running mate ( a non-starter , apparently , as she says she has no interest in going into politics ) .
But Biden has looked at what his brand needs the most : a sharp-thinking , capable figure , who offers something different to him and can engage a younger audience , add energy and passion , @ @ @ @ @ @ @ energy of the moment .
Kamala Harris could prove a very smart pick come November .
Read more : The duelling narratives that will define November ’ s US presidential election

Brand Veep: Kamala Harris could be exactly what Biden needs to secure the White House
Joe Biden hopes that Kamala Harris can inject some serious energy and passion into his campaign
Joe Biden has pulled away from Donald Trump and is now the favourite to win the US presidential election in November, leading nationally by around eight percentage points in most polls.
While we are still almost three months away from polling day in possibly the most unpredictable of election years (and we should all remember what happened to Hillary Clinton), that is a sizeable gap.
Biden’s team would probably argue that he’s currently leading the polls because he offers what many believe Trump doesn’t: a sensible and steady approach to government that is less divisive and polarising than the last four whirlwind years.
But it’s far more likely that he’s winning because the majority of Americans are outraged at President Trump’s shambolic handling of the Covid-19 crisis, and may also believe that he’s botched his response to the anti-racism protests across America.
In other words, Trump’s approval rating has plummeted, rather than Biden’s likeability ratings rising.
This makes Biden’s campaign planning slightly tricky, especially as he isn’t the usual “challenger brand” taking on the incumbent. Everyone knows vice president Biden already. Refreshing his image isn’t easy.
So while watching Trump implode, Biden would be wise to consider his campaign and his brand, looking at his potential weaknesses in the knowledge that future events before November may change public opinion again, and some form of economic recovery may give his Republican rival a real boost. Anything can still happen.
Even the most passionate of mainstream Democrats must realise that their nominee is not the perfect candidate for 2020. At 78, he’d be the oldest ever President to enter the White House, and, understandably, he doesn’t seem as energetic as he used to be. He’s prone to the odd gaff, and there are also questions about his relevance and popularity among the youthful and energetic liberal wing of the party, best symbolised by the meteoric rise of New York congresswomen Alexandria Ocasio-Cortez, as well as the Black Lives Matter (BLM) movement that swept the country.
In marketing terms, Biden seems a rational choice, but not an emotional or exciting one.
So while his brand is built from a solid base and has many positive “average joe”, “soul of the nation” and “Obama legacy” attributes, there are definitely weak spots, especially if Trump picks up momentum.
That’s why the reaction to Biden’s vice president pick and running mate, California senator Kamala Harris, which he announced yesterday, will be so fascinating to watch — and potentially so important in this election.
As a former vice president himself, you’d expect Biden to understand the impact of this selection better than anyone. It was a hard decision to make for the frontrunner — to stick or to twist?
Ultimately, the question was: how could the right choice make his brand stronger? Could it add a challenger mentality into the mix with more emotional charged enthusiasm? And who could best improve and refresh his brand and help secure him the White House?
Biden had already confirmed that he would pick a woman to run on the ticket with him, but it’s still important to note the history of this selection. Harris is the first black woman and the first Asian American (her mother came from India) to be a general election candidate for President or vice president for either of the two main political parties. Putting her on the ticket is a big deal.
Biden hopes that Harris can inject serious energy and passion into his campaign. Many Democrats were screaming for the party to better harness the momentum of the BLM movement, and as someone who speaks so personally about racial issues, she has great potential to do this.
Critics of Harris on the left of the Democratic party may view her record as a prosecutor with suspicion, especially given protesters’ calls to “defund the police”. But as a former state attorney general, she could also help to push back on Trump’s law and order campaign messaging, mitigating accusations from the Republicans that Biden is “weak on crime”.
On the flip side, Trump now has a fresh target to aim at, and we all know he loves that. The launch of the nickname took about an hour — “Phony Kamala”. Trump may see this selection as his best chance to change the campaign narrative, by framing Harris as a scary liberal who will control the White House should Biden win.
Biden had some strong options for his VP pick. He could have cemented his link with Barack Obama by picking Susan Rice, the legacy option. He could have chosen the person best qualified for actually standing in for him if the worst ever happened, who most people felt was Elizabeth Warren. And who knows, maybe he could have tried to create a “dream ticket”, by persuading Michael Obama to be his running mate (a non-starter, apparently, as she says she has no interest in going into politics).
But Biden has looked at what his brand needs the most: a sharp-thinking, capable figure, who offers something different to him and can engage a younger audience, add energy and passion, and tap into the cultural movements and energy of the moment.
Kamala Harris could prove a very smart pick come November.
Main image credit: Getty


cityam--2020-08-12--France on the verge of being added to UK quarantine list

High-ranking members of the government will today discuss whether to add France to the UK ’ s travel quarantine list as soon as next week .
France has seen increasing rates of coronavirus in recent weeks , prompting speculation that it could join Belgium and Spain on the quarantine list .
Read more : Could London be put into a second coronavirus lockdown ?
Recently published figures show that France had 4,854 new cases between 8 August and 10 August .
The Times reports that the government ’ s Covid cabinet – chaired by Cabinet Office minister Michael Gove – @ @ @ @ @ @ @ a quarantine on travellers arriving from France .
A source close to the Covid cabinet told The Times : “ As we speak now France is probably just shy of crossing the line but it ’ s certainly right on the cusp .
Before the Open newsletter : Start your day with the City View podcast and key market data “ It ’ s such a huge call it ’ s likely that they might want to wait a few more days and get some more data.
” France has a Covid-19 rate @ @ @ @ @ @ @ which is above the level that the Joint Biosecurity Centre considers “ high prevalence ” .
The government moved to place 14-day quarantines on travellers returning from Spain and Belgium , after they far exceeded this level .
The Netherlands , which has a rate of infection of 34 per 100,000 , could also be in line to be added to the quarantine list .
For comparison , the UK has a 17 per 100,000 rate .
Portgual , on the other hand , may be set quarantine-free travel with the UK as @ @ @ @ @ @ @ nation was one of the few Europen countries to not have the quarantine lifted when the UK changed its travel advice in July .

France on the verge of being added to UK quarantine list
People wearing face masks walk along Saint-Tropez harbour on August 8, 2020, as the city made wearing a protective mask mandatory in the town center. (Photo by Valery HACHE / AFP) (Photo by VALERY HACHE/AFP via Getty Images)
High-ranking members of the government will today discuss whether to add France to the UK’s travel quarantine list as soon as next week.
France has seen increasing rates of coronavirus in recent weeks, prompting speculation that it could join Belgium and Spain on the quarantine list.
Recently published figures show that France had 4,854 new cases between 8 August and 10 August.
The Times reports that the government’s Covid cabinet – chaired by Cabinet Office minister Michael Gove – will today discuss the possibility of slapping a quarantine on travellers arriving from France.
A source close to the Covid cabinet told The Times: “As we speak now France is probably just shy of crossing the line but it’s certainly right on the cusp.
Before the Open newsletter: Start your day with the City View podcast and key market data
“It’s such a huge call it’s likely that they might want to wait a few more days and get some more data.”
France has a Covid-19 rate of infection of 29 per 100,000, which is above the level that the Joint Biosecurity Centre considers “high prevalence”.
The government moved to place 14-day quarantines on travellers returning from Spain and Belgium, after they far exceeded this level.
The Netherlands, which has a rate of infection of 34 per 100,000, could also be in line to be added to the quarantine list.
For comparison, the UK has a 17 per 100,000 rate.
Portgual, on the other hand, may be set quarantine-free travel with the UK as cases continue to fall.
The Iberian nation was one of the few Europen countries to not have the quarantine lifted when the UK changed its travel advice in July.


cityam--2020-08-12--Tencent profit beats expectations as Wechat ban looms

Tencent today said it has smashed expectations for second-quarter revenue and profit as the Chinese tech giant enjoyed higher demand for its video games during the Covid-19 lockdown .
The world ’ s largest video game company posted revenue of 114.9bn yuan ( £12.7bn ) in the three months to the end of June — an increase of 29 per cent on the same period last year .
Profit attributable to equity holders also jumped 28 per cent to 33.1bn yuan .
But the results will be overshadowed by an impending US ban on Wechat , Tencent ’ s popular @ @ @ @ @ @ @ week signed an executive order banning US companies from doing business with Wechat and fellow Chinese app Tiktok .
The order is set to come into effect next month .
The announcement sparked panic among investors and Tencent ’ s market value dropped $ 66bn after a two-day sell-off .
Despite this , the company has benefited from the coronavirus lockdown as millions of homebound consumers look for sources of entertainment .
Tencent ’ s biggest boost came from its gaming division , where revenue grew 40 per cent to 38.3bn yuan .
@ @ @ @ @ @ @ China had decreased from the first quarter due to the easing of lockdown , though internationally revenue continued to rise thanks to new game launches and ongoing stay-at-home orders .
Tencent also reported a 30 per cent increase in its fintech and business services , which includes payments through Wechat , and a 13 per cent rise in online advertising revenue .
Read more : Trump issues executive order against Tiktok and Wechat over China links “ During this challenging time , we utilised our platforms and technologies to help users adapt to @ @ @ @ @ @ @ to support enterprises in conducting digital upgrades , and to broadly contribute to economic recovery , ” said Tencent chairman and chief executive Ma Huateng .
“ We achieved generally robust operating and financial results in the second quarter , testifying to the diligence of our teams and resilience of our business model .
”

Tencent profit beats expectations as Wechat ban looms
Tencent today said it has smashed expectations for second-quarter revenue and profit as the Chinese tech giant enjoyed higher demand for its video games during the Covid-19 lockdown.
The world’s largest video game company posted revenue of 114.9bn yuan (£12.7bn) in the three months to the end of June — an increase of 29 per cent on the same period last year.
Profit attributable to equity holders also jumped 28 per cent to 33.1bn yuan.
But the results will be overshadowed by an impending US ban on Wechat, Tencent’s popular messaging service.
President Donald Trump last week signed an executive order banning US companies from doing business with Wechat and fellow Chinese app Tiktok. The order is set to come into effect next month.
The announcement sparked panic among investors and Tencent’s market value dropped $66bn after a two-day sell-off.
Despite this, the company has benefited from the coronavirus lockdown as millions of homebound consumers look for sources of entertainment.
Tencent’s biggest boost came from its gaming division, where revenue grew 40 per cent to 38.3bn yuan.
The firm said smartphone game use in China had decreased from the first quarter due to the easing of lockdown, though internationally revenue continued to rise thanks to new game launches and ongoing stay-at-home orders.
Tencent also reported a 30 per cent increase in its fintech and business services, which includes payments through Wechat, and a 13 per cent rise in online advertising revenue.
“During this challenging time, we utilised our platforms and technologies to help users adapt to the new normal via online tools, to support enterprises in conducting digital upgrades, and to broadly contribute to economic recovery,” said Tencent chairman and chief executive Ma Huateng.
“We achieved generally robust operating and financial results in the second quarter, testifying to the diligence of our teams and resilience of our business model.”


cityam--2020-08-12--Dr Martens returns government furlough money after 'resilient' trading

British shoe brand Dr Martens has returned money from the government ’ s coronavirus job retention scheme due to resilient trading during the pandemic .
Dr Martens , which closed all of its stores in Europe , the Middle East , Africa and America from 16 March , said it had repaid the funds from the UK government furlough scheme .
Read more : Dr Martens owner snaps up luxury trainer brand Golden Goose for €1.3bn UK-based retail and manufacturing teams were temporarily laid off until stores were reopened in June , with the government covering 80 per cent of @ @ @ @ @ @ @ Martens said : “ Given the resilience in trading and financial strength of the business , the board took the decision to return the taxpayer funds utilised from the UK Government furlough scheme , and these funds have now been repaid.
” In the year ended 31 March , which covered the first few weeks of the coronavirus pandemic in the UK , Dr Martens said revenue jumped 48 per cent to £672.2m .
Underlying earnings before interest , tax , depreciation and amortisation ( Ebitda ) soared 93 per cent to £164.4m @ @ @ @ @ @ @ cent to £142.5m during the financial year .
Chief executive Kevin Wilson said : “ The last few months have been a very challenging time for everyone and I am extremely proud of the resilience and commitment our teams have shown , which has enabled us to continue delivering for our customers throughout the pandemic .
Read more : Permira prepares to appoint bankers to oversee sale or US IPO of British footwear brand Dr Martens “ Looking ahead , while we are currently in a volatile and uncertain trading environment , we @ @ @ @ @ @ @ supported by a strong brand and consumer connections , and I am confident in the outlook for the business .
”

Dr Martens returns government furlough money after ‘resilient’ trading
British shoe brand Dr Martens has returned money from the government’s coronavirus job retention scheme due to resilient trading during the pandemic.
Dr Martens, which closed all of its stores in Europe, the Middle East, Africa and America from 16 March, said it had repaid the funds from the UK government furlough scheme.
UK-based retail and manufacturing teams were temporarily laid off until stores were reopened in June, with the government covering 80 per cent of salaries.
In a statement today Dr Martens said: “Given the resilience in trading and financial strength of the business, the board took the decision to return the taxpayer funds utilised from the UK Government furlough scheme, and these funds have now been repaid.”
In the year ended 31 March, which covered the first few weeks of the coronavirus pandemic in the UK, Dr Martens said revenue jumped 48 per cent to £672.2m.
Underlying earnings before interest, tax, depreciation and amortisation (Ebitda) soared 93 per cent to £164.4m.
Operating profit was up 110 per cent to £142.5m during the financial year.
Chief executive Kevin Wilson said: “The last few months have been a very challenging time for everyone and I am extremely proud of the resilience and commitment our teams have shown, which has enabled us to continue delivering for our customers throughout the pandemic.
“Looking ahead, while we are currently in a volatile and uncertain trading environment, we have a very clear strategy in place supported by a strong brand and consumer connections, and I am confident in the outlook for the business.”


cityam--2020-08-12--Balfour Beatty swings to loss as coronavirus shuts down construction in UK

Shares in construction firm Balfour Beatty fell 4.4 per cent this morning after the company posted a £24m loss for the first half .
The FTSE 250 firm said that the coronavirus pandemic , which hampered work at its building sites , was behind the loss .
Read more : Balfour Beatty confirms delay to £200m share buyback due to coronavirus Balfour Beatty swung from a £64m underlying profit for the same period last year to a £24m loss this year .
However , underlying revenue increased to £4.1bn , up from £3.8bn last year .
The firm said that @ @ @ @ @ @ @ 20 per cent .
It now stands at £17.5bn , up from £14.3bn at the end of last year .
This is largely due to about £3bn in new contracts related to the HS2 rail line .
Cash flow performance was also positive with an increase in net cash to £563m from £425m .
This was helped by various cost saving measures , including the up to 20 per cent temporary salary reductions for senior management .
Balfour Beatty said it would look to reinstate its dividend , which it pulled earlier this @ @ @ @ @ @ @ Before the Open newsletter : Start your day with the City View podcast and key market data It added that it expected overall operating profit returning to levels roughly equivalent to that for 2019 next year .
This morning ’ s GDP figures from the Office of National Statistics showed that construction output dropped 35 per cent last quarter as the UK slumped into recession .
Although some construction sites were quickly reopened – at least partially – after the initial lockdown , social distancing requirements have slowed work on many sites .
@ @ @ @ @ @ @ as many sites open as it could , in line with government guidance .
However , sites were closed in London and Scotland , while aviation projects were paused during the lockdown period .
The firm said that the easing of lockdown across the geographies in which Balfour Beatty operates means that around 95 per cent of the group ’ s sites were open at the end of June .
“ The challenge is now to return sites to pre Covid-19 productivity as soon as possible ” , it added .
Chief executive @ @ @ @ @ @ @ impacts of COVID-19 are unavoidable ; but they will pass .
“ Since the start of Build to Last , our balance sheet , order book and expert capability are at record levels .
Read more : UK construction sector slashes more jobs despite post-lockdown boom “ We have preserved the disciplines , expert capability and financial strength we will need as markets move back to normal and then beyond , driven by fiscal stimulus for infrastructure .
“ We look forward with confidence to returning to profitable managed growth , and to @ @ @ @ @ @ @ .
”

Balfour Beatty swings to loss as coronavirus shuts down construction in UK
Shares in construction firm Balfour Beatty fell 4.4 per cent this morning after the company posted a £24m loss for the first half.
The FTSE 250 firm said that the coronavirus pandemic, which hampered work at its building sites, was behind the loss.
The figures
Balfour Beatty swung from a £64m underlying profit for the same period last year to a £24m loss this year.
However, underlying revenue increased to £4.1bn, up from £3.8bn last year.
The firm said that it had increased its order book by 20 per cent. It now stands at £17.5bn, up from £14.3bn at the end of last year.
This is largely due to about £3bn in new contracts related to the HS2 rail line.
Cash flow performance was also positive with an increase in net cash to £563m from £425m.
This was helped by various cost saving measures, including the up to 20 per cent temporary salary reductions for senior management.
Balfour Beatty said it would look to reinstate its dividend, which it pulled earlier this year, as soon as possible.
Before the Open newsletter: Start your day with the City View podcast and key market data
It added that it expected overall operating profit returning to levels roughly equivalent to that for 2019 next year.
Why it’s interesting
This morning’s GDP figures from the Office of National Statistics showed that construction output dropped 35 per cent last quarter as the UK slumped into recession.
Although some construction sites were quickly reopened – at least partially – after the initial lockdown, social distancing requirements have slowed work on many sites.
Balfour Beatty took the decision to keep as many sites open as it could, in line with government guidance.
However, sites were closed in London and Scotland, while aviation projects were paused during the lockdown period.
The firm said that the easing of lockdown across the geographies in which Balfour Beatty operates means that around 95 per cent of the group’s sites were open at the end of June.
“The challenge is now to return sites to pre Covid-19 productivity as soon as possible”, it added.
What Balfour Beatty said
Chief executive Leo Quinn said: “The financial impacts of COVID-19 are unavoidable; but they will pass.
“Since the start of Build to Last, our balance sheet, order book and expert capability are at record levels.
“We have preserved the disciplines, expert capability and financial strength we will need as markets move back to normal and then beyond, driven by fiscal stimulus for infrastructure.
“We look forward with confidence to returning to profitable managed growth, and to delivering ongoing value for all our stakeholders.”


cityam--2020-08-12--PwC boss Kevin Ellis: returning to work like ‘crossing the Rubicon for some people…you have got to m

The chair and senior partner of PwC UK Kevin Ellis said the Big Four firm had found it needed to overcome fear among some of its workers to help them return to the office .
Speaking on City A.M. ’ s The City View podcast , Ellis said : “ It is about crossing the Rubicon for some people…you have got to make them feel safe.
” Read more : The City View : PwC chairman Kevin Ellis on why the office matters Ellis said : “ When people have come into the office and I have chatted to them @ @ @ @ @ @ @ to working from home , they were more nervous about coming in , but now they have come in they have enjoyed it…and they have also said they will be back more often ” The firm moved its 22,000 UK staff to home working when the pandemic struck , but has since gradually moved to reopen , with 6,000 of its staff having worked in the office since lockdown lifted .
Ellis said he was keen to get workers back in the office to help reduce isolation among staff , to provide camaraderie @ @ @ @ @ @ @ Read more : PwC staff encouraged to return to work “ We are a learning based organisation .
You can learn from home , you can learn online , but a lot of the learning in a business like ours is team learning , as well as innovating by joint ideas and sharing ideas , ” he said .
Ellis also said the return to the office would help ancillary staff such as front-of-house workers and security as well as supporting jobs in city centres .
“ If we don ’ t go @ @ @ @ @ @ @ our support services , our security , our catering , the people who look after our offices , they can ’ t go back to work either , that is a challenge as well , as well as the local businesses , ” he said .
Read more : PwC to reopen UK offices from 8 June following coronavirus lockdown easing “ The local businesses are reliant on the footfall , in London you haven ’ t got the tourists , so without offices too there are going to be a lot of @ @ @ @ @ @ @ will follow , therefore we all have a responsibility to play our part .
Therefore the community aspect of reopening the offices and supporting people back to work safely is important , ” Ellis said .

PwC boss Kevin Ellis: returning to work like ‘crossing the Rubicon for some people…you have got to make them feel safe’
Average partner pay at the PwC surged to a record £868,000 earlier this year.
The chair and senior partner of PwC UK Kevin Ellis said the Big Four firm had found it needed to overcome fear among some of its workers to help them return to the office.
Speaking on City A.M.’s The City View podcast, Ellis said: “It is about crossing the Rubicon for some people…you have got to make them feel safe.”
Ellis said: “When people have come into the office and I have chatted to them they have said they have got used to working from home, they were more nervous about coming in, but now they have come in they have enjoyed it…and they have also said they will be back more often”
The firm moved its 22,000 UK staff to home working when the pandemic struck, but has since gradually moved to reopen, with 6,000 of its staff having worked in the office since lockdown lifted.
Ellis said he was keen to get workers back in the office to help reduce isolation among staff, to provide camaraderie and to foster learning and development.
“We are a learning based organisation. You can learn from home, you can learn online, but a lot of the learning in a business like ours is team learning, as well as innovating by joint ideas and sharing ideas,” he said.
Ellis also said the return to the office would help ancillary staff such as front-of-house workers and security as well as supporting jobs in city centres.
“If we don’t go back to work, then all of our support services, our security, our catering, the people who look after our offices, they can’t go back to work either, that is a challenge as well, as well as the local businesses,” he said.
“The local businesses are reliant on the footfall, in London you haven’t got the tourists, so without offices too there are going to be a lot of jobs lost in the covid-driven recession that will follow, therefore we all have a responsibility to play our part. Therefore the community aspect of reopening the offices and supporting people back to work safely is important,” Ellis said.


cityam--2020-08-12--Liberty Global snaps up Swiss telecoms group Sunrise for $7.4bn

Liberty Global today said it has acquired Swiss telecoms group Sunrise Communications in a deal worth 6.8bn Swiss francs ( $ 7.4bn ) .
Liberty , which is run by US cable mogul John Malone , said it had agreed to buy Sunrise for 110 Swiss francs a share , representing a 32 per cent premium on the company ’ s average share price in the 60 days to 11 August .
Read more : O2 and Virgin Media confirm merger to create £31bn telecoms player Sunrise ’ s board has unanimously recommended the offer while Germany ’ s Freenet @ @ @ @ @ @ @ per cent stake — has signed a binding , unconditional commitment to tender its shares at the offer price .
The deal comes less than a year after Sunrise ’ s 6.3bn franc attempt to take over Liberty ’ s Swiss cable business UPC fell through last year .
The takeover collapsed following opposition from shareholders including Freenet amid concerns it was too expensive and strategically flawed .
Today ’ s agreement is the latest in a string of deals for the US cable giant , which earlier this year agreed a tie-up @ @ @ @ @ @ @ O2 .
It also marks further consolidation in the telecoms market as companies look to bring together broadband and mobile assets .
“ The industrial logic of this merger is undeniable , ” said Liberty Global chief executive Mike Fries .
“ This transaction is another significant step on our path to create fixed-mobile champions in all of our core markets , crystallising the value of our superior broadband networks and driving long-term , sustainable free cash flow growth.
” Liberty said the tie-up would create a significant new converged challenger in the @ @ @ @ @ @ @ state-controlled Swisscom .
The combined business will boast 3.1bn francs in revenue , 2.1m post-paid subscribers , 1.2m broadband subscribers and 1.3m TV subscribers .
This represents a market share of roughly 30 per cent in each sector , Liberty said .
“ Fixed-mobile convergence is the future of the telecom sector in Europe , and now Switzerland will have a true national challenger to drive competition and innovation for years to come , ” Fries added .

Liberty Global snaps up Swiss telecoms group Sunrise for $7.4bn
Liberty Global today said it has acquired Swiss telecoms group Sunrise Communications in a deal worth 6.8bn Swiss francs ($7.4bn).
Liberty, which is run by US cable mogul John Malone, said it had agreed to buy Sunrise for 110 Swiss francs a share, representing a 32 per cent premium on the company’s average share price in the 60 days to 11 August.
Sunrise’s board has unanimously recommended the offer while Germany’s Freenet — the largest shareholder with a 24 per cent stake — has signed a binding, unconditional commitment to tender its shares at the offer price.
The deal comes less than a year after Sunrise’s 6.3bn franc attempt to take over Liberty’s Swiss cable business UPC fell through last year.
The takeover collapsed following opposition from shareholders including Freenet amid concerns it was too expensive and strategically flawed.
Today’s agreement is the latest in a string of deals for the US cable giant, which earlier this year agreed a tie-up with Telefonica to merge Virgin Media with O2.
It also marks further consolidation in the telecoms market as companies look to bring together broadband and mobile assets.
“The industrial logic of this merger is undeniable,” said Liberty Global chief executive Mike Fries.
“This transaction is another significant step on our path to create fixed-mobile champions in all of our core markets, crystallising the value of our superior broadband networks and driving long-term, sustainable free cash flow growth.”
Liberty said the tie-up would create a significant new converged challenger in the Swiss market, which is dominated by state-controlled Swisscom.
The combined business will boast 3.1bn francs in revenue, 2.1m post-paid subscribers, 1.2m broadband subscribers and 1.3m TV subscribers.
This represents a market share of roughly 30 per cent in each sector, Liberty said.
“Fixed-mobile convergence is the future of the telecom sector in Europe, and now Switzerland will have a true national challenger to drive competition and innovation for years to come,” Fries added.


cityam--2020-08-12--Asos shares jump as profit forecast raised due to online shopping boom

Shares in fast fashion retailer Asos jumped this morning after it announced that full-year sales and profit are expected to beat forecasts due to an online shopping boom during the UK coronavirus lockdown .
Asos said revenue growth is expected to be between 17 per cent and 19 per cent , with profit before tax of around £130m to £150m .
Asos ’ share price was up 6.02 per cent this morning at 4,474p after it hiked its profit and sales expectations .
Read more : Fast fashion firms Asos and Missguided call for action on UK worker exploitation The @ @ @ @ @ @ @ the coronavirus pandemic following the forced closure of non-essential stores for several months during the UK lockdown .
The e-commerce firm said this morning that there had been stronger than anticipated demand during lockdown .
There were also fewer returns as lockdown restrictions eased .
Asos had expected customers to return more items as restrictions on movement were lifted .
Read more : Asos shares jump after it raises £247m to beat coronavirus There has been a “ significant and sustained reduction ” in return rates since April , as consumers stocked up @ @ @ @ @ @ @ during lockdown .
However there has been a “ prolonged shift ” in customer behaviour towards “ more deliberate purchasing ” across all products .
Despite the acceleration of the shift to online shopping during lockdown , Asos said the consumer and economic outlook is still uncertain .
“ It is unclear how long the current favourable shopping behaviour will persist , ” the company said in a statement this morning .
Read more : Asos sales soar during lockdown as fashion firm looks set to smash forecasts The latest research by industry @ @ @ @ @ @ @ ) showed that online retail sales continued to soar during July as lockdown measures were lifted .
Online non-food sales soared 41 per cent last month , the analysis showed .
Meanwhile , the online penetration rate increased from 29.7 per cent last year to 42 per cent in 2020 .
Analysts at Shore Capital Markets said : “ We expect the shares to go better today but also highlight that the shares are up 27 per cent over the last month and up almost 50 per cent over the last three months @ @ @ @ @ @ @ .
“ The company has a strong balance sheet , having raised £240m through an equity raise back in April .
This together with momentum and the opportunity to leverage its global infrastructure leaves it well placed to fulfil its ambition to be a global leader in fashion .
”

Asos shares jump as profit forecast raised due to online shopping boom
Shares in fast fashion retailer Asos jumped this morning after it announced that full-year sales and profit are expected to beat forecasts due to an online shopping boom during the UK coronavirus lockdown.
Asos said revenue growth is expected to be between 17 per cent and 19 per cent, with profit before tax of around £130m to £150m.
Asos’ share price was up 6.02 per cent this morning at 4,474p after it hiked its profit and sales expectations.
The demand for online shopping has soared during the coronavirus pandemic following the forced closure of non-essential stores for several months during the UK lockdown.
The e-commerce firm said this morning that there had been stronger than anticipated demand during lockdown.
There were also fewer returns as lockdown restrictions eased. Asos had expected customers to return more items as restrictions on movement were lifted.
There has been a “significant and sustained reduction” in return rates since April, as consumers stocked up on activewear and face and body products during lockdown.
However there has been a “prolonged shift” in customer behaviour towards “more deliberate purchasing” across all products.
Despite the acceleration of the shift to online shopping during lockdown, Asos said the consumer and economic outlook is still uncertain.
“It is unclear how long the current favourable shopping behaviour will persist,” the company said in a statement this morning.
The latest research by industry body the British Retail Consortium (BRC) showed that online retail sales continued to soar during July as lockdown measures were lifted.
Online non-food sales soared 41 per cent last month, the analysis showed.
Meanwhile, the online penetration rate increased from 29.7 per cent last year to 42 per cent in 2020.
Analysts at Shore Capital Markets said: “We expect the shares to go better today but also highlight that the shares are up 27 per cent over the last month and up almost 50 per cent over the last three months, so have had an excellent run.
“The company has a strong balance sheet, having raised £240m through an equity raise back in April. This together with momentum and the opportunity to leverage its global infrastructure leaves it well placed to fulfil its ambition to be a global leader in fashion.”